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  "s8_notes__7__17": {
   "value": "1. GENERAL INFORMATIONFrontline plc (formerly Frontline Ltd.), the Company or Frontline, is an international shipping company formerly incorporated in  Bermuda  as  an  exempted  company  under  the  Bermuda  Companies  Law  of  1981  on  June  12,  1992.  At  a  Special  General Meeting  on  December  20,  2022,  the  Company's  shareholders  agreed  to  redomicile  the  Company  to  the  Republic  of  Cyprus under the name of Frontline plc (the \u201cRedomiciliation\u201d). The Company was officially redomiciled to Cyprus on December 30, 2022.The business, assets and liabilities of Frontline Ltd. and its subsidiaries prior to the Redomiciliation are the same as Frontline plc  immediately  after  the  Redomiciliation  on  a  consolidated  basis,  as  well  as  its  fiscal  year.  In  addition,  the  directors  and executive officers of the Frontline plc immediately after the Redomiciliation are the same individuals who were directors and executive officers, respectively, of Frontline Ltd. immediately prior to the Redomiciliation.Prior to the Redomiciliation, Frontline Ltd.\u2019s ordinary shares were listed on the New York Stock Exchange (\u201cNYSE\u201d) and Oslo Stock Exchange (\u201cOSE\u201d) under the symbol \u201cFRO.\u201d Upon effectiveness of the Redomiciliation, the Company\u2019s ordinary shares continue to be listed on  the NYSE and OSE  and commenced trading under  the new name Frontline plc  and the new CUSIP number M46528101 and the new ISIN CY0200352116 on the NYSE on January 3, 2023 and on the OSE on January 13, 2023. Frontline plc\u2019s Legal Entity Identifier number was not affected by the Redomiciliation and remains the same.The Company operates oil tankers of two sizes: VLCCs, which are between 200,000 and 320,000 dwt, and Suezmax tankers, which are vessels between 120,000 and 170,000 dwt, and operates LR2/Aframax tankers, which are clean product tankers, and range in size from 110,000 to 115,000 dwt. The Company operates through subsidiaries located in Cyprus, Bermuda, Liberia, the  Marshall  Islands,  Norway,  the  United  Kingdom,  Singapore  and  China.  The  Company  is  also  involved  in  the  charter, purchase and sale of vessels.As  of  December  31,  2022,  the  Company's  fleet  consisted  of  70  vessels,  with  an  aggregate  capacity  of  approximately  13.1 million DWT:(i) 66 vessels owned by the Company (21 VLCCs, 27 Suezmax tankers and 18 LR2/Aframax tankers); (ii) four vessels that are under the Company's commercial management (two Suezmax tankers and two Aframax tankers).As of  December  31, 2022,  the  Company\u2019s  newbuilding program  consisted of  two  scrubber-fitted VLCCs at  Hyundai  Heavy Industries (\"HHI\"), both of which were delivered in January 2023.",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__6": {
   "value": "1.<span class=\"_ _e8\"> </span>GENERAL INFORMATIONFrontline <span class=\"_ _d\"></span>plc <span class=\"_ _e\"></span>(formerly <span class=\"_ _d\"></span>Frontline <span class=\"_ _e\"></span>Ltd.), <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>Frontline, <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>international <span class=\"_ _d\"></span>shipping <span class=\"_ _e\"></span>company <span class=\"_ _e\"></span>formerly <span class=\"_ _d\"></span>incorporated in <span class=\"_ _11\"> </span>Bermuda <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>an <span class=\"_ _11\"> </span>exempted <span class=\"_ _11\"> </span>company <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Bermuda <span class=\"_ _11\"> </span>Companies <span class=\"_ _11\"> </span>Law <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>1981 <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>June <span class=\"_ _11\"> </span>12, <span class=\"_ _11\"> </span>1992. <span class=\"_ _11\"> </span>At <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>Special <span class=\"_ _11\"> </span>General Meeting <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>20, <span class=\"_ _11\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company's <span class=\"_ _11\"> </span>shareholders <span class=\"_ _11\"> </span>agreed <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>redomicile <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Republic <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>Cyprus under <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>name <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>plc <span class=\"_ _e\"></span>(the <span class=\"_ _d\"></span>\u201cRedomiciliation\u201d). <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>officially <span class=\"_ _d\"></span>redomiciled <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>Cyprus <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>30, 2022.The <span class=\"_ _e\"></span>business, <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>liabilities <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Frontline <span class=\"_ _e\"></span>Ltd. <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>subsidiaries <span class=\"_ _e\"></span>prior <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Redomiciliation <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>same <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>Frontline plc <span class=\"_ _f\"> </span>immediately <span class=\"_ _27\"> </span>after <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Redomiciliation <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>consolidated <span class=\"_ _f\"> </span>basis, <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>well <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>fiscal <span class=\"_ _f\"> </span>year. <span class=\"_ _27\"> </span>In <span class=\"_ _27\"> </span>addition, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>directors <span class=\"_ _27\"> </span>and executive <span class=\"_ _e\"></span>officers <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Frontline <span class=\"_ _e\"></span>plc <span class=\"_ _10\"></span>immediately <span class=\"_ _e\"></span>after <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Redomiciliation <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>same <span class=\"_ _e\"></span>individuals <span class=\"_ _10\"></span>who <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>directors <span class=\"_ _10\"></span>and executive officers, respectively, of Frontline Ltd. imme<span class=\"_ _1\"></span>diately prior to the Redomiciliation.Prior to the <span class=\"_ _d\"></span>Redomiciliation, Frontline Ltd.\u2019s ordinary <span class=\"_ _d\"></span>shares were listed <span class=\"_ _d\"></span>on the New <span class=\"_ _d\"></span>York Stock Exchange <span class=\"_ _d\"></span>(\u201cNYSE\u201d) and Oslo Stock <span class=\"_ _d\"></span>Exchange (\u201cOSE\u201d) <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>symbol <span class=\"_ _d\"></span>\u201cFRO.\u201d <span class=\"_ _d\"></span>Upon <span class=\"_ _d\"></span>effectiveness <span class=\"_ _d\"></span>of the <span class=\"_ _d\"></span>Redomiciliation, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _d\"></span>ordinary <span class=\"_ _d\"></span>shares continue <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>be <span class=\"_ _10\"></span>listed <span class=\"_ _10\"></span>on <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>NYSE <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>OSE <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>commenced <span class=\"_ _10\"></span>trading <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>new <span class=\"_ _10\"></span>name <span class=\"_ _10\"></span>Frontline <span class=\"_ _10\"></span>plc <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>new <span class=\"_ _10\"></span>CUSIP number <span class=\"_ _d\"></span>M46528101 and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>new <span class=\"_ _d\"></span>ISIN <span class=\"_ _d\"></span>CY0200352116 on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>NYSE <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>January 3, <span class=\"_ _d\"></span>2023 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the OSE <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>13, <span class=\"_ _d\"></span>2023. Frontline plc\u2019s Legal Entity Identifier number was not affec<span class=\"_ _1\"></span>ted by the Redomiciliation and remains the same.The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>operates <span class=\"_ _10\"></span>oil <span class=\"_ _e\"></span>tankers <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>two <span class=\"_ _e\"></span>sizes: <span class=\"_ _10\"></span>VLCCs, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>between <span class=\"_ _e\"></span>200,000 <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>320,000 <span class=\"_ _e\"></span>dwt, <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>Suezmax <span class=\"_ _e\"></span>tankers, which <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>between <span class=\"_ _d\"></span>120,000 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>170,000 <span class=\"_ _d\"></span>dwt, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>operates <span class=\"_ _d\"></span>LR2/Aframax <span class=\"_ _d\"></span>tankers, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>clean <span class=\"_ _d\"></span>product <span class=\"_ _d\"></span>tankers, <span class=\"_ _d\"></span>and range <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>size <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>110,000 <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>115,000 <span class=\"_ _10\"></span>dwt. <span class=\"_ _d\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _d\"></span>operates <span class=\"_ _e\"></span>through <span class=\"_ _10\"></span>subsidiaries <span class=\"_ _d\"></span>located <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>Cyprus, <span class=\"_ _10\"></span>Bermuda, <span class=\"_ _d\"></span>Liberia, the <span class=\"_ _28\"> </span>Marshall <span class=\"_ _27\"> </span>Islands, <span class=\"_ _28\"> </span>Norway, <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>United <span class=\"_ _28\"> </span>Kingdom, <span class=\"_ _27\"> </span>Singapore <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>China. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>Company <span class=\"_ _27\"> </span>is <span class=\"_ _28\"> </span>also <span class=\"_ _28\"> </span>involved <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>charter, purchase and sale of vessels.As <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company's <span class=\"_ _f\"> </span>fleet <span class=\"_ _27\"> </span>consisted <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>70 <span class=\"_ _f\"> </span>vessels, <span class=\"_ _27\"> </span>with <span class=\"_ _f\"> </span>an <span class=\"_ _27\"> </span>aggregate <span class=\"_ _f\"> </span>capacity <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>approximately <span class=\"_ _f\"> </span>13.1 million DWT:(i)<span class=\"_ _1e\"> </span>66 vessels owned by the Company (21 VLCCs, 27 Suezmax tanke<span class=\"_ _1\"></span>rs and 18 LR2/Aframax tankers); (ii)<span class=\"_ _46\"> </span>four vessels that<span class=\"_ _1\"></span> are under the Company's commercial management (two Suez<span class=\"_ _1\"></span>max tankers and two Aframax tankers).As <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _10\"></span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company\u2019s <span class=\"_ _11\"> </span>newbuilding <span class=\"_ _10\"></span>program <span class=\"_ _11\"> </span>consisted <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>scrubber-fitted <span class=\"_ _11\"></span>VLCCs <span class=\"_ _10\"></span>at <span class=\"_ _11\"> </span>Hyundai <span class=\"_ _11\"> </span>Heavy Industries (\"HHI\"), both of which were delivered in January 2023. 2.<span class=\"_ _e8\"> </span>SIGNIFICANT ACCOUNTING POLICIES1. Basis of presentationOur <span class=\"_ _d\"></span>consolidated <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>prepared <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>International <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>Reporting <span class=\"_ _d\"></span>Standards <span class=\"_ _d\"></span>(\"IFRS\") <span class=\"_ _d\"></span>as adopted by the European Union. See Note 3 for disclosures related to the fi<span class=\"_ _1\"></span>rst-time adoption of IFRS.The financial statements were approved by the Board of Direc<span class=\"_ _1\"></span>tors on April 27, 2023, and authorized for issue.2. Use of judgements and estimatesThe <span class=\"_ _10\"></span>preparation <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>consolidated <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>conformity <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>requires <span class=\"_ _10\"></span>management <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>make <span class=\"_ _10\"></span>judgements, estimates <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>affect <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>application <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company's <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>policies <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>reported <span class=\"_ _e\"></span>amounts <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>assets and <span class=\"_ _e\"></span>liabilities, <span class=\"_ _d\"></span>income <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>expenses. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>associated <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>experience <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>various other <span class=\"_ _27\"> </span>factors <span class=\"_ _f\"> </span>that <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>believed <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>be <span class=\"_ _27\"> </span>reasonable <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>circumstances, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>results <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>basis <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>making <span class=\"_ _f\"> </span>the judgements <span class=\"_ _e\"></span>about <span class=\"_ _e\"></span>carrying <span class=\"_ _10\"></span>values <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>assets <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>liabilities <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>readily <span class=\"_ _e\"></span>apparent <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>sources. <span class=\"_ _10\"></span>Actual <span class=\"_ _e\"></span>results <span class=\"_ _10\"></span>may differ from these estimates.The <span class=\"_ _11\"> </span>estimates <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>underlying <span class=\"_ _f\"> </span>assumptions <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>reviewed <span class=\"_ _f\"> </span>periodically. <span class=\"_ _11\"> </span>Revisions <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>estimates <span class=\"_ _f\"> </span>are <span class=\"_ _11\"> </span>recognized <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>in which <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimate <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>revised <span class=\"_ _e\"></span>if <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>revision <span class=\"_ _10\"></span>affects <span class=\"_ _e\"></span>only <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>period, <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>revision <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>future <span class=\"_ _e\"></span>periods <span class=\"_ _10\"></span>if <span class=\"_ _10\"></span>the revision affects both current and future periods.Information <span class=\"_ _e\"></span>about <span class=\"_ _e\"></span>judgements <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>area <span class=\"_ _e\"></span>where <span class=\"_ _e\"></span>significant <span class=\"_ _10\"></span>estimates <span class=\"_ _e\"></span>have <span class=\"_ _e\"></span>been <span class=\"_ _e\"></span>made <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>applying <span class=\"_ _e\"></span>accounting <span class=\"_ _10\"></span>policies <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>have the most significant effects on the amounts recognized in t<span class=\"_ _1\"></span>he consolidated financial statement is include<span class=\"_ _1\"></span>d in the following notes:\u2022<span class=\"_ _2c\"> </span>Note 13 - <span class=\"_ _d\"></span>Depreciation: The cost of <span class=\"_ _d\"></span>the vessels less <span class=\"_ _d\"></span>estimated residual value is <span class=\"_ _d\"></span>depreciated on a straight-line <span class=\"_ _d\"></span>basis over the <span class=\"_ _e\"></span>vessels' <span class=\"_ _e\"></span>estimated <span class=\"_ _10\"></span>remaining <span class=\"_ _e\"></span>economic <span class=\"_ _e\"></span>useful <span class=\"_ _e\"></span>lives. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>selection <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>appropriate <span class=\"_ _e\"></span>useful <span class=\"_ _10\"></span>economic <span class=\"_ _e\"></span>life <span class=\"_ _e\"></span>requires significant <span class=\"_ _e\"></span>estimation. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>addition, <span class=\"_ _e\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>may <span class=\"_ _e\"></span>vary <span class=\"_ _e\"></span>due <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>prices <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>scrap. <span class=\"_ _e\"></span>See <span class=\"_ _e\"></span>policy <span class=\"_ _e\"></span>8.3.<span class=\"ff1\"> </span>for further details.Change in useful life of vesselsHistorically <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>applied <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>25 <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>useful <span class=\"_ _10\"></span>economic <span class=\"_ _e\"></span>life <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _e\"></span>vessels. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>reviews <span class=\"_ _10\"></span>estimated useful <span class=\"_ _e\"></span>lives <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>residual <span class=\"_ _10\"></span>values <span class=\"_ _e\"></span>each <span class=\"_ _e\"></span>year. <span class=\"_ _e\"></span>Estimated <span class=\"_ _e\"></span>useful <span class=\"_ _10\"></span>lives <span class=\"_ _e\"></span>may <span class=\"_ _e\"></span>change <span class=\"_ _e\"></span>due <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>changed <span class=\"_ _e\"></span>end <span class=\"_ _e\"></span>user <span class=\"_ _10\"></span>requirements, costs <span class=\"_ _d4\"> </span>related <span class=\"_ _d4\"> </span>to <span class=\"_ _d4\"> </span>maintenance <span class=\"_ _d4\"> </span>and <span class=\"_ _d4\"> </span>upgrades, <span class=\"_ _d4\"> </span>technological <span class=\"_ _d4\"> </span>development <span class=\"_ _d4\"> </span>and <span class=\"_ _3f\"> </span>competition <span class=\"_ _36\"> </span>as <span class=\"_ _3f\"> </span>well <span class=\"_ _36\"> </span>as <span class=\"_ _3f\"> </span>industry, environmental and legal requirements. Specificall<span class=\"_ _1\"></span>y, the Company has noted that many of our customers apply stringent vetting requirements <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>to ensure <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>most rigorous <span class=\"_ _d\"></span>technical <span class=\"_ _d\"></span>standards <span class=\"_ _d\"></span>are adhered <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>their value <span class=\"_ _d\"></span>chain. As <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>result, <span class=\"_ _d\"></span>many <span class=\"_ _e\"></span>customers <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>age <span class=\"_ _d\"></span>criteria <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>they <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>willing <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>charter. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>recent <span class=\"_ _e\"></span>years, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company has <span class=\"_ _d\"></span>noted <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>two-tier <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>forming, <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>20 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>age, <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>lower, <span class=\"_ _d\"></span>favored <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>top <span class=\"_ _e\"></span>tier <span class=\"_ _e\"></span>charterers, <span class=\"_ _e\"></span>and vessels over 20 years <span class=\"_ _d\"></span>being considered candidates for recycling, or <span class=\"_ _d\"></span>being utilized in markets other <span class=\"_ _d\"></span>than the spot market in <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>we <span class=\"_ _f\"> </span>primarily <span class=\"_ _f\"> </span>compete. <span class=\"_ _f\"> </span>Furthermore, <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _f\"> </span>result <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>increased <span class=\"_ _f\"> </span>focus <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>environmental <span class=\"_ _f\"> </span>factors <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>both owners <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>investors <span class=\"_ _10\"></span>it <span class=\"_ _11\"></span>is <span class=\"_ _10\"></span>expected <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>competitive <span class=\"_ _10\"></span>age <span class=\"_ _11\"> </span>threshold <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"></span>may <span class=\"_ _10\"></span>decrease <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>costs <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>comply with <span class=\"_ _11\"> </span>upcoming <span class=\"_ _11\"> </span>regulations <span class=\"_ _11\"> </span>may <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>moving <span class=\"_ _11\"> </span>forward. <span class=\"_ _11\"> </span>As <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>has <span class=\"_ _11\"> </span>revised <span class=\"_ _11\"> </span>the estimated <span class=\"_ _e\"></span>useful <span class=\"_ _e\"></span>life <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>vessels <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>25 <span class=\"_ _e\"></span>years <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>20 <span class=\"_ _10\"></span>years <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>result <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>analysis <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>aforementioned <span class=\"_ _e\"></span>factors. This change in estimate will be applied prospectively from January 1, 2023 and will not result in any restatement to the current or <span class=\"_ _d\"></span>prior <span class=\"_ _d\"></span>year consolidated <span class=\"_ _d\"></span>financial statements. <span class=\"_ _d\"></span>Based <span class=\"_ _d\"></span>on the <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>fleet as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022, adjusted for <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>sale <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>Front <span class=\"_ _29\"> </span>Eminence <span class=\"_ _29\"> </span>and <span class=\"_ _29\"> </span>Front <span class=\"_ _29\"> </span>Balder, <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>change <span class=\"_ _29\"> </span>in <span class=\"_ _29\"> </span>estimated <span class=\"_ _29\"> </span>useful <span class=\"_ _29\"> </span>life <span class=\"_\"> </span>is <span class=\"_ _29\"> </span>expected <span class=\"_ _29\"> </span>to <span class=\"_ _29\"> </span>increase depreciation expense by approximately $59.0 million <span class=\"_ _d\"></span>for the year ended December 31, <span class=\"_ _d\"></span>2023. The change in estimate is unrelated to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>Note <span class=\"_ _d\"></span>13 - <span class=\"_ _d\"></span>Vessel <span class=\"_ _d\"></span>impairment: <span class=\"_ _d\"></span>The carrying <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the Company's <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>right-of-use assets <span class=\"_ _d\"></span>may <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>represent their <span class=\"_ _27\"> </span>fair <span class=\"_ _27\"> </span>market <span class=\"_ _27\"> </span>value <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>any <span class=\"_ _f\"> </span>point <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>time <span class=\"_ _27\"> </span>since <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>market <span class=\"_ _27\"> </span>prices <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>secondhand <span class=\"_ _f\"> </span>vessels <span class=\"_ _28\"> </span>tend <span class=\"_ _f\"> </span>to <span class=\"_ _28\"> </span>fluctuate <span class=\"_ _f\"> </span>with changes <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>newbuildings. <span class=\"_ _f\"> </span>Historically, <span class=\"_ _11\"> </span>both <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>vessel <span class=\"_ _11\"> </span>values <span class=\"_ _f\"> </span>tend <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>be cyclical. <span class=\"_ _d\"></span>When <span class=\"_ _d\"></span>events and <span class=\"_ _d\"></span>changes <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>circumstances <span class=\"_ _d\"></span>indicate <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>carrying <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>Cash <span class=\"_ _d\"></span>Generating Unit <span class=\"_ _d\"></span>(\"CGU\") <span class=\"_ _d\"></span>might <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>be <span class=\"_ _d\"></span>recovered, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>performs <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>test <span class=\"_ _d\"></span>whereby <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>carrying <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the asset or <span class=\"_ _d\"></span>CGU <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>compared to <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>recoverable amount, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>is the <span class=\"_ _d\"></span>greater <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its value <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>use, based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>discounted <span class=\"_ _d\"></span>cash flows, <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>sell. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>developing <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _d\"></span>in <span class=\"_ _10\"></span>order <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>assess <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use, the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>must <span class=\"_ _d\"></span>make <span class=\"_ _e\"></span>assumptions <span class=\"_ _d\"></span>about <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>performance, <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>significant <span class=\"_ _d\"></span>assumptions <span class=\"_ _e\"></span>being <span class=\"_ _d\"></span>related <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>charter rates, <span class=\"_ _11\"></span>ship <span class=\"_ _11\"> </span>operating <span class=\"_ _10\"></span>expenses, <span class=\"_ _11\"> </span>utilization, <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>other <span class=\"_ _11\"> </span>capital <span class=\"_ _11\"> </span>requirements, <span class=\"_ _11\"> </span>residual <span class=\"_ _11\"> </span>value, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>estimated remaining <span class=\"_ _2d\"> </span>useful <span class=\"_ _2d\"> </span>lives <span class=\"_ _36\"> </span>of <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>vessels <span class=\"_ _36\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>probability <span class=\"_ _36\"> </span>of <span class=\"_ _2d\"> </span>lease <span class=\"_ _2d\"> </span>terminations <span class=\"_ _36\"> </span>for <span class=\"_ _2d\"> </span>right-of-use <span class=\"_ _2d\"> </span>assets. <span class=\"_ _36\"> </span>These assumptions are based on historical trends as well as future expec<span class=\"_ _1\"></span>tations. See policy 10.2. for further details.\u2022<span class=\"_ _55\"> </span><span class=\"fs2\">Note <span class=\"_ _10\"></span>15 <span class=\"_ _10\"></span>- <span class=\"_ _e\"></span>Goodwill <span class=\"_ _10\"></span>impairment: <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>process <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>evaluating <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>potential <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>goodwill <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>highly <span class=\"_ _10\"></span>subjective </span>and <span class=\"_ _28\"> </span>requires <span class=\"_ _28\"> </span>significant <span class=\"_ _28\"> </span>judgment <span class=\"_ _27\"> </span>at <span class=\"_\"> </span>many <span class=\"_ _27\"> </span>points <span class=\"_\"> </span>during <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>anal<span class=\"_ _1\"></span>ysis. <span class=\"_ _28\"> </span>Our <span class=\"_ _28\"> </span>future <span class=\"_ _28\"> </span>operating <span class=\"_ _28\"> </span>performance <span class=\"_ _27\"> </span>may <span class=\"_\"> </span>be affected by <span class=\"_ _d\"></span>potential impairment charges <span class=\"_ _d\"></span>related to goodwill. <span class=\"_ _d\"></span>Events or <span class=\"_ _d\"></span>circumstances may <span class=\"_ _d\"></span>occur that could <span class=\"_ _d\"></span>negatively impact our ordinary share <span class=\"_ _d\"></span>price, including changes in our <span class=\"_ _d\"></span>anticipated revenues and profits and our <span class=\"_ _d\"></span>ability to execute on our strategies. See policy 10.2. for further details.Measurement of fair valuesA <span class=\"_ _d\"></span>number <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>disclosures <span class=\"_ _d\"></span>require <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>measurement <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>values, <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>and non-financial <span class=\"_\"> </span>assets <span class=\"_\"> </span>and <span class=\"_\"> </span>liabilities. <span class=\"_ _28\"> </span>When <span class=\"_\"> </span>measuring <span class=\"_\"> </span>the <span class=\"_\"> </span>fair <span class=\"_\"> </span>value <span class=\"_\"> </span>of <span class=\"_\"> </span>an <span class=\"_\"> </span>asset <span class=\"_\"> </span>or <span class=\"_\"> </span>a<span class=\"_ _1\"></span> <span class=\"_\"> </span>liability, <span class=\"_\"> </span>the <span class=\"_\"> </span>Company <span class=\"_\"> </span>uses <span class=\"_\"> </span>marke<span class=\"_ _1\"></span>t observable <span class=\"_ _d\"></span>data <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>far <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>possible. <span class=\"_ _e\"></span>Fair <span class=\"_ _d\"></span>values <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>categorized <span class=\"_ _d\"></span>into <span class=\"_ _e\"></span>different <span class=\"_ _d\"></span>levels <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>hierarchy <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>inputs used in the valuation techniques as follows.\u2022<span class=\"_ _2c\"> </span>Level 1: quoted prices (unadjusted) in active markets for ide<span class=\"_ _1\"></span>ntical assets or liabilities.\u2022<span class=\"_ _2c\"> </span>Level 2: <span class=\"_ _d\"></span>inputs other <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>quoted prices <span class=\"_ _d\"></span>included in <span class=\"_ _d\"></span>Level <span class=\"_ _d\"></span>1 that <span class=\"_ _d\"></span>are observable <span class=\"_ _d\"></span>for the <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>or liability, <span class=\"_ _d\"></span>either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022<span class=\"_ _2c\"> </span>Level 3: inputs for the asset or liability that are not ba<span class=\"_ _1\"></span>sed on observable market data (unobservable inputs).If <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>inputs <span class=\"_ _e\"></span>used <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>measure <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>asset <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>liability <span class=\"_ _10\"></span>might <span class=\"_ _10\"></span>be <span class=\"_ _10\"></span>categorized <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>different <span class=\"_ _10\"></span>levels <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value hierarchy, <span class=\"_ _11\"> </span>then <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>measurement <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>categorized <span class=\"_ _f\"> </span>in <span class=\"_ _11\"> </span>its <span class=\"_ _f\"> </span>entirety <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>same <span class=\"_ _11\"> </span>level <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>hierarchy <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>the lowest <span class=\"_ _10\"></span>level <span class=\"_ _10\"></span>input <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>significant <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>entire <span class=\"_ _10\"></span>measurement. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>recognizes <span class=\"_ _10\"></span>transfers <span class=\"_ _10\"></span>between <span class=\"_ _11\"></span>levels <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair value hierarchy at the end of the reporting period during which the cha<span class=\"_ _1\"></span>nge has occurred.Further information about the assumptions made in measuring fair va<span class=\"_ _1\"></span>lues is included in the following notes:\u2022<span class=\"_ _2c\"> </span>Note 10 - Marketable securities\u2022<span class=\"_ _2c\"> </span>Note 13 - Vessel impairment\u2022<span class=\"_ _2c\"> </span>Note 15 - Goodwill impairment\u2022<span class=\"_ _2c\"> </span>Note 20 - Financial instruments; and\u2022<span class=\"_ _2c\"> </span>Note 22 - Share options3. Principles of consolidationThe <span class=\"_ _36\"> </span>consolidated <span class=\"_ _d4\"> </span>financial <span class=\"_ _36\"> </span>statements <span class=\"_ _d4\"> </span>include <span class=\"_ _d4\"> </span>the <span class=\"_ _36\"> </span>accounts <span class=\"_ _d4\"> </span>for <span class=\"_ _d4\"> </span>us <span class=\"_ _36\"> </span>and <span class=\"_ _d4\"> </span>our <span class=\"_ _d4\"> </span>wholly <span class=\"_ _d4\"> </span>and <span class=\"_ _36\"> </span>majority <span class=\"_ _d4\"> </span>owned <span class=\"_ _d4\"> </span>subsidiaries. Intercompany accounts <span class=\"_ _d\"></span>and transactions <span class=\"_ _d\"></span>have been <span class=\"_ _d\"></span>eliminated on <span class=\"_ _d\"></span>consolidation. The <span class=\"_ _d\"></span>results of <span class=\"_ _d\"></span>acquired companies <span class=\"_ _d\"></span>are included in our Consolidated Statement of Profit or Loss from the date of acqui<span class=\"_ _1\"></span>sition.For <span class=\"_\"> </span>investments <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>which <span class=\"_\"> </span>we <span class=\"_ _28\"> </span>have <span class=\"_\"> </span>significant <span class=\"_\"> </span>influenc<span class=\"_ _1\"></span>e <span class=\"_\"> </span>over <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>operating <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>financial <span class=\"_\"> </span>policies, <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>equity <span class=\"_\"> </span>me<span class=\"_ _1\"></span>thod <span class=\"_\"> </span>of accounting <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>used. <span class=\"_ _d\"></span>Accordingly, <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>earnings <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>losses <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>these <span class=\"_ _d\"></span>companies <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>included <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>results <span class=\"_ _d\"></span>of associated company in the accompanying Consolidated Sta<span class=\"_ _1\"></span>tements<span class=\"ff1\"> </span>of Profit or Loss. 4. Foreign currencyOur <span class=\"_ _27\"> </span>functional <span class=\"_ _28\"> </span>currency <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>U.S. <span class=\"_ _28\"> </span>dollar. <span class=\"_ _27\"> </span>Transactions <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>foreign <span class=\"_ _27\"> </span>currencies <span class=\"_ _27\"> </span>are <span class=\"_ _28\"> </span>translated <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>U.S. <span class=\"_ _28\"> </span>dollars <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>foreign exchange <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>applicable <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>date <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>transaction. <span class=\"_ _d\"></span>Monetary <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>liabilities <span class=\"_ _d\"></span>denominated <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>foreign <span class=\"_ _e\"></span>currencies <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the statement <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>financial <span class=\"_ _f\"> </span>position <span class=\"_ _f\"> </span>date <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>translated <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>dollars <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>foreign <span class=\"_ _f\"> </span>exchange <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>applicable <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>date. <span class=\"_ _f\"> </span>Non-monetary <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>liabilities <span class=\"_ _f\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _f\"> </span>measured <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>terms <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>historical <span class=\"_ _28\"> </span>cost <span class=\"_ _f\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>foreign <span class=\"_ _27\"> </span>currency <span class=\"_ _27\"> </span>are <span class=\"_ _28\"> </span>translated <span class=\"_ _f\"> </span>using <span class=\"_ _28\"> </span>the exchange <span class=\"_ _11\"> </span>rate <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>date <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>transaction. <span class=\"_ _11\"> </span>Foreign <span class=\"_ _f\"> </span>exchange <span class=\"_ _11\"> </span>differences <span class=\"_ _11\"> </span>arising <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>translation <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>generally <span class=\"_ _11\"> </span>recognized <span class=\"_ _11\"> </span>in profit or loss.5. Financial InstrumentsRecognition and initial measurementTrade <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>receivables <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>trade <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>payables <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>initially <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>when <span class=\"_ _e\"></span>they <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>originated. <span class=\"_ _e\"></span>All <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>financial assets <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>financial<span class=\"_ _1\"></span> <span class=\"_ _28\"> </span>liabilities <span class=\"_\"> </span>(inc<span class=\"_ _1\"></span>luding <span class=\"_ _28\"> </span>financial <span class=\"_\"> </span>asset<span class=\"_ _1\"></span>s <span class=\"_ _28\"> </span>designated <span class=\"_\"> </span>as <span class=\"_ _28\"> </span>Fair <span class=\"_ _28\"> </span>Value <span class=\"_ _28\"> </span>through <span class=\"_\"> </span>Other <span class=\"_ _28\"> </span>Comprehensive <span class=\"_ _28\"> </span>Income (\"FVOCI\")) <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>initially <span class=\"_ _e\"></span>recognized <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>trade <span class=\"_ _10\"></span>date, <span class=\"_ _10\"></span>which <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>date <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>becomes <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>party <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>contractual provisions of the instrument.Financial <span class=\"_ _d\"></span>assets <span class=\"_ _e\"></span>(except <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>instruments <span class=\"_ _e\"></span>designated <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>Fair <span class=\"_ _e\"></span>Value <span class=\"_ _e\"></span>through <span class=\"_ _e\"></span>Profit <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>Loss <span class=\"_ _d\"></span>(\"FVTPL\") <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>FVOCI <span class=\"_ _10\"></span>which <span class=\"_ _d\"></span>are measured at fair value) are initially measured at<span class=\"_ _1\"></span> their transaction price.Financial liabilities are recognized initi<span class=\"_ _1\"></span>ally at their transaction price less any directly a<span class=\"_ _1\"></span>ttributable transaction costs.The fair values of equity investments are based on quoted prices.Financial <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>liabilities are <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>offset <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>gross <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>Position <span class=\"_ _d\"></span>unless the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.5.1. Financial assetsClassification and subsequent measurementOn <span class=\"_ _10\"></span>initial <span class=\"_ _10\"></span>recognition, <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>classified <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>measured <span class=\"_ _10\"></span>at: <span class=\"_ _10\"></span>amortized <span class=\"_ _11\"> </span>cost; <span class=\"_ _10\"></span>FVOCI- <span class=\"_ _10\"></span>equity <span class=\"_ _10\"></span>instrument; <span class=\"_ _11\"> </span>or <span class=\"_ _10\"></span>FVTPL. The <span class=\"_ _f\"> </span>classification <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>IFRS <span class=\"_ _27\"> </span>9 <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>generally <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>business <span class=\"_ _27\"> </span>model <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>financial <span class=\"_ _f\"> </span>asset <span class=\"_ _27\"> </span>is managed and its contractual cash flow characteristi<span class=\"_ _1\"></span>cs.Financial <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>reclassified <span class=\"_ _e\"></span>subsequent <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>their <span class=\"_ _e\"></span>initial <span class=\"_ _e\"></span>recognition <span class=\"_ _e\"></span>unless <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>business <span class=\"_ _e\"></span>model <span class=\"_ _e\"></span>for managing financial <span class=\"_ _d\"></span>assets, in <span class=\"_ _d\"></span>which case <span class=\"_ _d\"></span>all affected financial <span class=\"_ _d\"></span>assets are <span class=\"_ _d\"></span>reclassified on <span class=\"_ _d\"></span>the first <span class=\"_ _d\"></span>day of <span class=\"_ _d\"></span>the first <span class=\"_ _d\"></span>reporting period following the change in the business model.A financial asset is measured at amortized cost if i<span class=\"_ _1\"></span>t meets both of the following conditions and is not designated as a<span class=\"_ _1\"></span>t FVTPL:\u2022<span class=\"_ _15e\"> </span>It is held within a business model whose objectives is to hold asset<span class=\"_ _1\"></span>s to collect contractual cash flows; and\u2022<span class=\"_ _15e\"> </span>Its contractual <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>give rise <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>specified <span class=\"_ _d\"></span>dates to <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flows that <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>solely payments <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>principal and <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the principal amount outstanding.On <span class=\"_ _27\"> </span>initial <span class=\"_ _27\"> </span>recognition <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>an <span class=\"_ _f\"> </span>equity <span class=\"_ _28\"> </span>investment <span class=\"_ _f\"> </span>that <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>not <span class=\"_ _27\"> </span>held <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>trading, <span class=\"_ _28\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _28\"> </span>may <span class=\"_ _27\"> </span>irrevocably <span class=\"_ _27\"> </span>elect <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>present subsequent changes in the investment's fair value in OCI. This el<span class=\"_ _1\"></span>ection is made on an investment-by-investment basis.All <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>classified <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>amortized <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>FVOCI <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>described <span class=\"_ _10\"></span>above <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>FVTPL. <span class=\"_ _10\"></span>This includes <span class=\"_ _11\"> </span>all <span class=\"_ _11\"> </span>derivative <span class=\"_ _11\"> </span>financial <span class=\"_ _11\"> </span>assets. <span class=\"_ _f\"> </span>On <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>recognition, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _11\"> </span>may <span class=\"_ _11\"> </span>irrevocably <span class=\"_ _11\"> </span>designate <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>financial <span class=\"_ _11\"> </span>asset <span class=\"_ _11\"> </span>that otherwise <span class=\"_ _27\"> </span>meets <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>requirements <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>be <span class=\"_ _28\"> </span>measured <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>amortized <span class=\"_ _27\"> </span>cost <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>FVOCI <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>at <span class=\"_ _27\"> </span>FVTPL <span class=\"_ _28\"> </span>if <span class=\"_ _27\"> </span>doing <span class=\"_ _28\"> </span>so <span class=\"_ _27\"> </span>eliminates <span class=\"_ _28\"> </span>or significantly reduces an accounting mismatch that woul<span class=\"_ _1\"></span>d otherwise arise.Marketable securitiesMarketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>held <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>listed <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>securities <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>classified <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>measured <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>FVTPL <span class=\"_ _10\"></span>unless <span class=\"_ _11\"> </span>the election <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>present <span class=\"_ _d\"></span>subsequent changes <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>investment's <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>OCI <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>made. <span class=\"_ _d\"></span>No <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>elections <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>been <span class=\"_ _d\"></span>made <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the Company.DerecognitionThe <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>derecognizes <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>when <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>contractual <span class=\"_ _d\"></span>rights <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>cash <span class=\"_ _d\"></span>flows <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>expire, <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>transfers the <span class=\"_ _d\"></span>rights <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>receive <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>contractual <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flows <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>transaction <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>substantially <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>risks <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>rewards <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>ownership <span class=\"_ _d\"></span>of the financial asset are transferred or in <span class=\"_ _d\"></span>which the Company neither transfers nor <span class=\"_ _d\"></span>retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.5.2. Financial liabilitiesClassification and subsequent measurementFinancial liabilities are classified as me<span class=\"_ _1\"></span>asured at amortized cost or FVTPL.A <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>FVTPL <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>derivative. <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>FVTPL <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>and gains and losses are recognized in profit or loss.Other <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>liabilities <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>subsequently <span class=\"_ _e\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>amortized <span class=\"_ _10\"></span>cost <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>effective <span class=\"_ _e\"></span>interest <span class=\"_ _10\"></span>method. <span class=\"_ _e\"></span>Interest <span class=\"_ _10\"></span>expense <span class=\"_ _e\"></span>is recognized <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>profit <span class=\"_ _10\"></span>or <span class=\"_ _11\"> </span>loss <span class=\"_ _10\"></span>unless <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>interest <span class=\"_ _11\"> </span>is <span class=\"_ _10\"></span>capitalized <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>borrowing <span class=\"_ _11\"> </span>costs. <span class=\"_ _10\"></span>Non-derivative <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>liabilities <span class=\"_ _10\"></span>comprise loans and borrowings, lease liabilities and trade and other paya<span class=\"_ _1\"></span>bles.DerecognitionThe <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>derecognizes <span class=\"_ _f\"> </span>a <span class=\"_ _27\"> </span>financial <span class=\"_ _f\"> </span>liability <span class=\"_ _f\"> </span>when <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>contractual <span class=\"_ _f\"> </span>obligations <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>discharged, <span class=\"_ _f\"> </span>cancelled, <span class=\"_ _27\"> </span>or <span class=\"_ _f\"> </span>expired. <span class=\"_ _27\"> </span>The Company <span class=\"_ _10\"></span>also <span class=\"_ _10\"></span>derecognizes <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>financial <span class=\"_ _11\"> </span>liability <span class=\"_ _10\"></span>when <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>terms <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>modified <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>modified <span class=\"_ _10\"></span>liability <span class=\"_ _11\"> </span>are substantially different, in which case a new financial l<span class=\"_ _1\"></span>iability based on the modified terms is recognized.On <span class=\"_ _10\"></span>derecognition <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>liability, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>difference <span class=\"_ _10\"></span>between <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>extinguished <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>consideration <span class=\"_ _10\"></span>paid (including any non-cash assets transferred or liabilities assume<span class=\"_ _1\"></span>d) is recognized in profit or loss. 5.3. Derivative financial instrumentsThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>enters <span class=\"_ _10\"></span>into <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>bunker <span class=\"_ _11\"> </span>swap <span class=\"_ _11\"> </span>transactions <span class=\"_ _10\"></span>from <span class=\"_ _11\"> </span>time <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>time <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>hedge <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>exposure <span class=\"_ _10\"></span>to floating <span class=\"_ _10\"></span>interest <span class=\"_ _10\"></span>rates <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>movements <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>bunker <span class=\"_ _10\"></span>prices. <span class=\"_ _10\"></span>These <span class=\"_ _10\"></span>transactions <span class=\"_ _10\"></span>involve <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>conversion <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>floating <span class=\"_ _10\"></span>rates <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>fixed rates over the life of the transactions without an exchange of underlying principal. The fair values of <span class=\"_ _d\"></span>the interest rate and bunker swap <span class=\"_ _d\"></span>contracts <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>recognized <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>liabilities. <span class=\"_ _d\"></span>None <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>bunker <span class=\"_ _e\"></span>swaps <span class=\"_ _d\"></span>qualify <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>hedge <span class=\"_ _d\"></span>accounting. Changes in <span class=\"_ _d\"></span>fair values of <span class=\"_ _d\"></span>the interest <span class=\"_ _d\"></span>rate swap contracts <span class=\"_ _d\"></span>are recognized in <span class=\"_ _d\"></span>profit or <span class=\"_ _d\"></span>loss within <span class=\"_ _d\"></span>Finance expense. Cash <span class=\"_ _d\"></span>outflows and <span class=\"_ _10\"></span>inflows <span class=\"_ _e\"></span>resulting <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>derivative <span class=\"_ _10\"></span>contracts <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>operations <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Consolidated <span class=\"_ _10\"></span>Statement <span class=\"_ _10\"></span>of Cash Flows.6. Cash and cash equivalentsCash <span class=\"_ _d\"></span>comprises <span class=\"_ _d\"></span>cash <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>hand <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>demand <span class=\"_ _e\"></span>deposits. <span class=\"_ _d\"></span>Cash <span class=\"_ _e\"></span>equivalents <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>short-term, <span class=\"_ _d\"></span>highly <span class=\"_ _d\"></span>liquid <span class=\"_ _e\"></span>investments <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>readily convertible <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>known <span class=\"_ _28\"> </span>amounts <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>subject <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>insignificant <span class=\"_ _27\"> </span>risk <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>changes <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>value. <span class=\"_ _27\"> </span>Cash <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>cash equivalents <span class=\"_ _27\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>restricted <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>their <span class=\"_ _28\"> </span>use <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>Restricted <span class=\"_ _28\"> </span>cash <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Consolidated <span class=\"_ _27\"> </span>Statement <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Financial Position. <span class=\"_ _10\"></span>Changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>restricted <span class=\"_ _10\"></span>cash <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>classified <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Consolidated <span class=\"_ _10\"></span>Statement <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>Cash <span class=\"_ _10\"></span>Flows <span class=\"_ _11\"> </span>based <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the nature of the underlying transaction.7. InventoriesInventories comprise principally of bunkers <span class=\"_ _d\"></span>and lubricating oils and are stated at <span class=\"_ _d\"></span>the lower of cost and <span class=\"_ _d\"></span>net realizable value. Cost is <span class=\"_ _29\"> </span>determined <span class=\"_ _2d\"> </span>on <span class=\"_ _2d\"> </span>a <span class=\"_ _29\"> </span>first-in, <span class=\"_ _2d\"> </span>first-out <span class=\"_ _2d\"> </span>basis. <span class=\"_ _29\"> </span>Bunkers <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>lubricating <span class=\"_ _29\"> </span>oils <span class=\"_ _2d\"> </span>expense <span class=\"_ _2d\"> </span>is <span class=\"_ _29\"> </span>recognized <span class=\"_ _2d\"> </span>in <span class=\"_ _29\"> </span>profit <span class=\"_ _2d\"> </span>or <span class=\"_ _2d\"> </span>loss <span class=\"_ _2d\"> </span>upon consumption.8. Vessels and equipment8.1 Owned assetsVessels <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>items <span class=\"_ _29\"> </span>of <span class=\"_\"> </span>equipment <span class=\"_ _29\"> </span>are <span class=\"_ _29\"> </span>stated <span class=\"_\"> </span>at <span class=\"_ _29\"> </span>cost <span class=\"_\"> </span>less <span class=\"_ _29\"> </span>accumulated <span class=\"_ _29\"> </span>depreciation <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>impairment <span class=\"_\"> </span>losses. <span class=\"_ _29\"> </span>Cost <span class=\"_ _29\"> </span>includes expenditure that is directly attributable to the a<span class=\"_ _1\"></span>cquisition of the asset. The cost of assets includes;\u2022<span class=\"_ _2c\"> </span>The cost of materials and direct labour;\u2022<span class=\"_ _2c\"> </span>Any other costs directly attributable to bringing the assets t<span class=\"_ _1\"></span>o a working condition for their intended use; and\u2022<span class=\"_ _2c\"> </span>Capitalized borrowing costs.Gains <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>losses <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>disposal <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>another <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>determined <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>comparing <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>net <span class=\"_ _e\"></span>proceeds <span class=\"_ _e\"></span>from disposal <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>vessel <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>item <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>recognized <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>profit <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>loss. <span class=\"_ _e\"></span>For <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>sale <span class=\"_ _10\"></span>of vessels, transfer of risks and rewards usually occurs upon delivery of the vessel t<span class=\"_ _1\"></span>o the new owner.8.2 NewbuildingsNewbuildings <span class=\"_ _d\"></span>represent vessels <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>construction <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>carried <span class=\"_ _d\"></span>at the <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>paid <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>according <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the installments in <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>contract <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>capitalized <span class=\"_ _10\"></span>borrowing <span class=\"_ _11\"> </span>costs. <span class=\"_ _11\"> </span>Installments <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>often <span class=\"_ _10\"></span>linked <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>milestones <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>signing <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>contract, <span class=\"_ _10\"></span>steel cutting, <span class=\"_ _f\"> </span>keel <span class=\"_ _f\"> </span>laying, <span class=\"_ _f\"> </span>launching <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>delivery. <span class=\"_ _f\"> </span>Borrowing <span class=\"_ _f\"> </span>costs <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>capitalized <span class=\"_ _f\"> </span>during <span class=\"_ _f\"> </span>construction <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>newbuildings <span class=\"_ _f\"> </span>based <span class=\"_ _f\"> </span>on accumulated expenditures for the applicable project<span class=\"_ _1\"></span> at the Company's current weighted average rate of borrowing.Refer to accounting policy 10.2. for impairment considerations for owne<span class=\"_ _1\"></span>d vessels and newbuildings.8.3. DepreciationDepreciation <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>charged <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>profit <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>loss <span class=\"_ _28\"> </span>on <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>st<span class=\"_ _1\"></span>raight-line <span class=\"_ _28\"> </span>basis <span class=\"_ _28\"> </span>over <span class=\"_\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _28\"> </span>estimated <span class=\"_ _28\"> </span>useful <span class=\"_ _28\"> </span>lives <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>vessels <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>items <span class=\"_ _28\"> </span>of equipment. <span class=\"_ _10\"></span>Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>depreciated <span class=\"_ _10\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>straight-line <span class=\"_ _10\"></span>method <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>commencement <span class=\"_ _10\"></span>date <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>end <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the lease <span class=\"_ _e\"></span>term, <span class=\"_ _e\"></span>unless <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>reflects <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>will <span class=\"_ _e\"></span>exercise <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>purchase <span class=\"_ _10\"></span>option. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>case <span class=\"_ _e\"></span>the right-of-use asset will be depreciated over the useful life of t<span class=\"_ _1\"></span>he underlying asset.The cost <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the vessels <span class=\"_ _d\"></span>less <span class=\"_ _d\"></span>estimated residual <span class=\"_ _d\"></span>value is <span class=\"_ _d\"></span>depreciated on <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>straight-line basis <span class=\"_ _d\"></span>over the <span class=\"_ _d\"></span>vessels' <span class=\"_ _d\"></span>estimated remaining economic useful lives. The estimated economic useful life of the Company's vessels was 25 years. Depreciation methods, useful lives <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>residual <span class=\"_ _10\"></span>values <span class=\"_ _11\"> </span>are <span class=\"_ _10\"></span>reviewed <span class=\"_ _11\"> </span>annually <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>adjusted <span class=\"_ _10\"></span>prospectively, <span class=\"_ _10\"></span>if <span class=\"_ _11\"> </span>appropriate. <span class=\"_ _10\"></span>As <span class=\"_ _11\"> </span>explained <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>policy <span class=\"_ _11\"> </span>2.2., <span class=\"_ _10\"></span>as <span class=\"_ _11\"> </span>of December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>revised <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>estimated <span class=\"_ _d\"></span>useful <span class=\"_ _d\"></span>life <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>25 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>20 <span class=\"_ _e\"></span>years. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in estimate <span class=\"_ _e\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>applied <span class=\"_ _10\"></span>prospectively <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2023 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>will <span class=\"_ _10\"></span>not <span class=\"_ _e\"></span>result <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>any <span class=\"_ _10\"></span>restatement <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>current <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>prior <span class=\"_ _e\"></span>year consolidated <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>statements. <span class=\"_ _27\"> </span>Other <span class=\"_ _f\"> </span>equipment, <span class=\"_ _27\"> </span>excluding <span class=\"_ _27\"> </span>vessel <span class=\"_ _27\"> </span>upgrades, <span class=\"_ _f\"> </span>is <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>estimated <span class=\"_ _f\"> </span>remaining useful <span class=\"_ _f\"> </span>life, <span class=\"_ _f\"> </span>which <span class=\"_ _27\"> </span>approximates <span class=\"_ _f\"> </span>5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>residual <span class=\"_ _f\"> </span>value <span class=\"_ _27\"> </span>for <span class=\"_ _f\"> </span>owned <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>calculated <span class=\"_ _f\"> </span>by <span class=\"_ _27\"> </span>multiplying <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>lightweight tonnage of the vessel by the market price of scrap per tonne. The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>capitalizes <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>depreciates <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>costs <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>significant <span class=\"_ _e\"></span>replacements, <span class=\"_ _10\"></span>renewals <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>upgrades <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>vessels <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the shorter of the <span class=\"_ _d\"></span>vessel\u2019s remaining useful <span class=\"_ _d\"></span>life or the <span class=\"_ _d\"></span>life of the <span class=\"_ _d\"></span>renewal or upgrade. <span class=\"_ _d\"></span>Costs that are <span class=\"_ _d\"></span>not capitalized are recorded <span class=\"_ _d\"></span>as a component <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>direct <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"> </span>operating <span class=\"_ _11\"> </span>expenses <span class=\"_ _10\"></span>during <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _10\"></span>incurred. <span class=\"_ _11\"> </span>Expenses <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>routine <span class=\"_ _11\"> </span>maintenance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>repairs <span class=\"_ _11\"> </span>are expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred. <span class=\"_ _10\"></span>Advances <span class=\"_ _e\"></span>paid <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>respect <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>upgrades <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>exhaust <span class=\"_ _e\"></span>gas <span class=\"_ _10\"></span>cleaning <span class=\"_ _10\"></span>systems <span class=\"_ _e\"></span>(\"EGCS\") <span class=\"_ _10\"></span>and ballast <span class=\"_ _e\"></span>water <span class=\"_ _10\"></span>treatment <span class=\"_ _e\"></span>systems <span class=\"_ _10\"></span>(\"BWTS\") <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>included <span class=\"_ _e\"></span>within <span class=\"_ _10\"></span>\"other <span class=\"_ _e\"></span>non-current <span class=\"_ _10\"></span>assets\", <span class=\"_ _e\"></span>until <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>time <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>is installed on a vessel, at which point it is transferred to \"Vesse<span class=\"_ _1\"></span>ls and equipment\".8.4. Dry docking \u2013 component approachOur <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>their <span class=\"_ _10\"></span>respective <span class=\"_ _11\"> </span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _10\"></span>at <span class=\"_ _11\"> </span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>general, vessels <span class=\"_ _27\"> </span>below <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>age <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>15 <span class=\"_ _f\"> </span>years <span class=\"_ _28\"> </span>are <span class=\"_ _f\"> </span>docked <span class=\"_ _28\"> </span>every <span class=\"_ _f\"> </span>5 <span class=\"_ _28\"> </span>years <span class=\"_ _f\"> </span>and <span class=\"_ _28\"> </span>vessels <span class=\"_ _f\"> </span>older <span class=\"_ _28\"> </span>than <span class=\"_ _f\"> </span>15 <span class=\"_ _28\"> </span>years <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>docked <span class=\"_ _27\"> </span>every <span class=\"_ _27\"> </span>2.5 <span class=\"_ _27\"> </span>years.  Significant <span class=\"_ _29\"> </span>components <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>property, <span class=\"_ _29\"> </span>plant <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>equipment <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>differing <span class=\"_ _29\"> </span>depreciation <span class=\"_ _2d\"> </span>methods <span class=\"_ _2d\"> </span>or <span class=\"_ _29\"> </span>lives <span class=\"_ _2d\"> </span>are <span class=\"_ _2d\"> </span>depreciated separately. <span class=\"_ _e\"></span>Major <span class=\"_ _e\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking, <span class=\"_ _10\"></span>are <span class=\"_ _d\"></span>identified <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>separate <span class=\"_ _d\"></span>component and <span class=\"_ _10\"></span>depreciated <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _10\"></span>scheduled <span class=\"_ _10\"></span>dry <span class=\"_ _10\"></span>docking <span class=\"_ _11\"> </span>(2.5 <span class=\"_ _10\"></span>- <span class=\"_ _10\"></span>5 <span class=\"_ _10\"></span>years). <span class=\"_ _11\"> </span>A <span class=\"_ _10\"></span>portion <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>is allocated <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>dry <span class=\"_ _e\"></span>docking <span class=\"_ _d\"></span>component <span class=\"_ _d\"></span>upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>estimate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>expected <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>dock cost <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next <span class=\"_ _d\"></span>scheduled dry <span class=\"_ _d\"></span>docking. <span class=\"_ _d\"></span>When <span class=\"_ _d\"></span>a dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>performed, <span class=\"_ _d\"></span>the carrying <span class=\"_ _d\"></span>amount of any remaining <span class=\"_ _d\"></span>unamortized dry docking costs <span class=\"_ _d\"></span>related to previous dry <span class=\"_ _d\"></span>docks (due to <span class=\"_ _d\"></span>any difference between the estimated <span class=\"_ _d\"></span>and actual time between dry docks) is derecognized. Costs associated with routine repairs and <span class=\"_ _d\"></span>maintenance are expensed as incurred including routine maintenance performed while the vessel<span class=\"_ _1\"></span> is in dry dock.9. GoodwillWe <span class=\"_ _27\"> </span>allocate <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>cost <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>acquired <span class=\"_ _27\"> </span>companies <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>identifiable <span class=\"_ _27\"> </span>tangible <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>intangible <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>liabilities <span class=\"_ _27\"> </span>acquired, <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>the remaining amount being classified as goodwill. When the excess <span class=\"_ _d\"></span>is negative, a bargain purchase gain is recognized immediately in <span class=\"_ _d\"></span>profit <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>loss. <span class=\"_ _e\"></span>After <span class=\"_ _d\"></span>initial <span class=\"_ _e\"></span>recognition <span class=\"_ _d\"></span>goodwill <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>accumulated <span class=\"_ _d\"></span>impairment <span class=\"_ _e\"></span>losses, <span class=\"_ _d\"></span>refer <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>accounting policy 10.2.10. Impairment10.1 Non-derivative financial assetsFinancial instruments and contract assetsThe <span class=\"_\"> </span>gross <span class=\"_ _28\"> </span>carrying <span class=\"_ _28\"> </span>amount <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>a <span class=\"_ _28\"> </span>financial <span class=\"_ _28\"> </span>asset <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>contract <span class=\"_ _28\"> </span>assets <span class=\"_\"> </span>is <span class=\"_ _28\"> </span>written <span class=\"_ _28\"> </span>off <span class=\"_\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Company <span class=\"_\"> </span>has <span class=\"_ _28\"> </span>no <span class=\"_ _28\"> </span>reasonable expectations <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>recovering <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>financial <span class=\"_ _27\"> </span>asset <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>its <span class=\"_ _27\"> </span>entirety <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _27\"> </span>thereof. <span class=\"_ _28\"> </span>The <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>assesses <span class=\"_ _27\"> </span>allowances <span class=\"_ _28\"> </span>for <span class=\"_ _27\"> </span>its estimate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>expected <span class=\"_ _28\"> </span>credit <span class=\"_ _28\"> </span>losses <span class=\"_ _28\"> </span>based <span class=\"_\"> </span>on <span class=\"_ _28\"> </span>historical <span class=\"_ _28\"> </span>experience, <span class=\"_ _28\"> </span>other <span class=\"_\"> </span>currently <span class=\"_ _28\"> </span>available <span class=\"_ _28\"> </span>evidence, <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>reasonable <span class=\"_ _28\"> </span>and supportable forecasts <span class=\"_ _d\"></span>about the future, <span class=\"_ _d\"></span>including the <span class=\"_ _d\"></span>use of <span class=\"_ _d\"></span>credit default ratings <span class=\"_ _d\"></span>from third <span class=\"_ _d\"></span>party providers <span class=\"_ _d\"></span>of credit <span class=\"_ _d\"></span>rating data. The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>assesses <span class=\"_ _d\"></span>credit <span class=\"_ _d\"></span>risk <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>receivables <span class=\"_ _d\"></span>using <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>portfolio <span class=\"_ _d\"></span>approach. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>Company's <span class=\"_ _d\"></span>main <span class=\"_ _d\"></span>portfolio segments <span class=\"_ _e\"></span>include <span class=\"_ _10\"></span>(i) <span class=\"_ _e\"></span>state-owned <span class=\"_ _10\"></span>enterprises, <span class=\"_ _e\"></span>(ii) <span class=\"_ _10\"></span>oil <span class=\"_ _e\"></span>majors, <span class=\"_ _10\"></span>(iii) <span class=\"_ _e\"></span>commodities <span class=\"_ _10\"></span>traders <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>(iv) <span class=\"_ _e\"></span>related <span class=\"_ _10\"></span>parties. <span class=\"_ _e\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _e\"></span>the Company <span class=\"_\"> </span>performs <span class=\"_ _28\"> </span>individual <span class=\"_ _28\"> </span>assessments <span class=\"_\"> </span>for <span class=\"_ _28\"> </span>customers <span class=\"_\"> </span>that <span class=\"_ _28\"> </span>do <span class=\"_\"> </span>not <span class=\"_ _28\"> </span>share <span class=\"_\"> </span>risk <span class=\"_ _28\"> </span>characteristics <span class=\"_ _28\"> </span>with <span class=\"_\"> </span>other <span class=\"_ _28\"> </span>customers <span class=\"_\"> </span>(for example <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>customer <span class=\"_ _28\"> </span>under <span class=\"_ _28\"> </span>bankruptcy <span class=\"_ _28\"> </span>or <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>customer <span class=\"_\"> </span>wi<span class=\"_ _1\"></span>th <span class=\"_ _28\"> </span>known <span class=\"_ _28\"> </span>disputes <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>c<span class=\"_ _1\"></span>ollectability <span class=\"_ _27\"> </span>issues). <span class=\"_\"> </span>The <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>makes significant judgements and assumptions to estimate it<span class=\"_ _1\"></span>s expected losses.Debt issuance costsDebt issuance <span class=\"_ _d\"></span>costs, including <span class=\"_ _d\"></span>debt arrangement <span class=\"_ _d\"></span>fees, are <span class=\"_ _d\"></span>capitalized and <span class=\"_ _d\"></span>amortized using <span class=\"_ _d\"></span>the effective <span class=\"_ _d\"></span>interest method <span class=\"_ _d\"></span>over the term <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>relevant <span class=\"_ _11\"> </span>loan. <span class=\"_ _f\"> </span>Amortization <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>debt <span class=\"_ _f\"> </span>issuance <span class=\"_ _11\"> </span>costs <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>included <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>interest <span class=\"_ _11\"> </span>expense. <span class=\"_ _11\"> </span>If <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>repaid <span class=\"_ _f\"> </span>early, <span class=\"_ _11\"> </span>any unamortized portion <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>debt <span class=\"_ _d\"></span>issuance costs <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>expensed <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the period <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>is repaid. <span class=\"_ _d\"></span>Debt <span class=\"_ _d\"></span>modifications are <span class=\"_ _27\"> </span>accounted <span class=\"_ _28\"> </span>for <span class=\"_ _27\"> </span>prospectively <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>any <span class=\"_ _27\"> </span>applicable <span class=\"_ _27\"> </span>new <span class=\"_ _28\"> </span>debt <span class=\"_ _27\"> </span>issuance <span class=\"_ _27\"> </span>costs <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>deferred <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>amortized <span class=\"_ _27\"> </span>together <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>the existing unamortized <span class=\"_ _d\"></span>debt issuance <span class=\"_ _d\"></span>costs as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the date <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the modification. <span class=\"_ _d\"></span>The Company <span class=\"_ _d\"></span>has recorded <span class=\"_ _d\"></span>debt issuance <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>as a direct deduction from the carrying amount of the related debt<span class=\"_ _1\"></span>. 10.2. Non-financial assetsThe <span class=\"_ _10\"></span>carrying <span class=\"_ _11\"> </span>amounts <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company\u2019s <span class=\"_ _10\"></span>non-financial <span class=\"_ _11\"> </span>assets, <span class=\"_ _11\"> </span>other <span class=\"_ _11\"> </span>than <span class=\"_ _10\"></span>inventory <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>contract <span class=\"_ _11\"> </span>assets, <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>reviewed <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>each reporting <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>determine <span class=\"_ _d\"></span>whether <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>indication <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>impairment. <span class=\"_ _d\"></span>If <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>indication <span class=\"_ _d\"></span>exists, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>asset\u2019s <span class=\"_ _d\"></span>recoverable amount is estimated. Goodwill is tested annually for impa<span class=\"_ _1\"></span>irment.For <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>purpose <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>testing, <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>grouped <span class=\"_ _e\"></span>together <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>smallest <span class=\"_ _d\"></span>group <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>generates <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>inflows from <span class=\"_ _28\"> </span>continuing <span class=\"_ _28\"> </span>use <span class=\"_ _28\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>largely <span class=\"_ _27\"> </span>independent <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>cash <span class=\"_ _27\"> </span>inflows <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>other <span class=\"_\"> </span>assets <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>cash <span class=\"_ _27\"> </span>generating <span class=\"_\"> </span>units <span class=\"_ _27\"> </span>(\"CGUs\"). Goodwill <span class=\"_ _d\"></span>acquired <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>business <span class=\"_ _d\"></span>combination <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>groups <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>CGUs <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>expected <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>benefit <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>synergies <span class=\"_ _d\"></span>of the combination.The recoverable amount of an <span class=\"_ _d\"></span>asset or CGU is the <span class=\"_ _d\"></span>greater of its fair value less <span class=\"_ _d\"></span>cost to sell and value in <span class=\"_ _d\"></span>use. In assessing value in use, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>estimated <span class=\"_ _f\"> </span>future <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>flows <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>discounted <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>their <span class=\"_ _f\"> </span>present <span class=\"_ _f\"> </span>value <span class=\"_ _f\"> </span>using <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>pre-tax <span class=\"_ _f\"> </span>discount <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>that <span class=\"_ _11\"> </span>reflects <span class=\"_ _f\"> </span>current market <span class=\"_ _11\"> </span>assessments <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>money <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>risks <span class=\"_ _11\"> </span>specific <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>asset <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>CGU. <span class=\"_ _11\"> </span>Future <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>based <span class=\"_ _f\"> </span>on current market conditions, historical trends as well as future<span class=\"_ _1\"></span> expectations.An impairment loss <span class=\"_ _d\"></span>is recognized if <span class=\"_ _d\"></span>the carrying amount <span class=\"_ _d\"></span>of an asset <span class=\"_ _d\"></span>or CGU exceeds <span class=\"_ _d\"></span>its recoverable amount. Impairment <span class=\"_ _d\"></span>losses are recognized in profit or loss.An <span class=\"_ _d\"></span>impairment <span class=\"_ _e\"></span>loss <span class=\"_ _e\"></span>recognized <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>goodwill <span class=\"_ _e\"></span>shall <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>reversed. <span class=\"_ _d\"></span>For <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>assets, <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _d\"></span>loss <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>reversed <span class=\"_ _e\"></span>only <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the extent <span class=\"_\"> </span>that <span class=\"_\"> </span>the <span class=\"_\"> </span>asset\u2019s <span class=\"_\"> </span>carrying <span class=\"_ _29\"> </span>amount <span class=\"_\"> </span>does <span class=\"_\"> </span>not <span class=\"_\"> </span>exceed <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>carrying <span class=\"_\"> </span>amount <span class=\"_\"> </span>that <span class=\"_\"> </span>would <span class=\"_\"> </span>have <span class=\"_ _29\"> </span>been <span class=\"_\"> </span>determined, <span class=\"_\"> </span>net <span class=\"_\"> </span>of depreciation or amortization, if no impairment loss had be<span class=\"_ _1\"></span>en recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen <span class=\"_ _d\"></span>events <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>circumstances <span class=\"_ _e\"></span>indicate <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>asset <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>CGU <span class=\"_ _e\"></span>might <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>recovered, <span class=\"_ _e\"></span>the Company <span class=\"_ _27\"> </span>performs <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>impairment <span class=\"_ _27\"> </span>test <span class=\"_ _28\"> </span>whereby <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>asset <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>CGU <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>compared <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>recoverable amount, <span class=\"_ _d\"></span>which <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>greater <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use, <span class=\"_ _10\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>discounted <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>flows, <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell. <span class=\"_ _e\"></span>We <span class=\"_ _e\"></span>define our <span class=\"_ _e\"></span>CGU <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>single <span class=\"_ _10\"></span>vessel <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>each <span class=\"_ _e\"></span>vessel <span class=\"_ _10\"></span>generates <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>inflows <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>largely <span class=\"_ _e\"></span>independent <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>cash <span class=\"_ _e\"></span>inflows <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>other vessels. In assessing whether there <span class=\"_ _d\"></span>is any indication that a vessel <span class=\"_ _d\"></span>may be impaired, the Company considers <span class=\"_ _d\"></span>internal and external indicators, including but not limited to:\u2022<span class=\"_ _2c\"> </span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _10\"></span>market <span class=\"_ _e\"></span>values <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>our <span class=\"_ _10\"></span>vessels <span class=\"_ _10\"></span>received <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>independent <span class=\"_ _10\"></span>ship <span class=\"_ _10\"></span>brokers <span class=\"_ _10\"></span>have <span class=\"_ _10\"></span>declined <span class=\"_ _10\"></span>during <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period significantly more <span class=\"_ _d\"></span>than we <span class=\"_ _d\"></span>would expect <span class=\"_ _d\"></span>as a <span class=\"_ _d\"></span>result of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>passage of <span class=\"_ _d\"></span>time or <span class=\"_ _d\"></span>normal use. <span class=\"_ _d\"></span>The ship <span class=\"_ _d\"></span>brokers assess <span class=\"_ _d\"></span>each vessel based on, among others, age, yard, deadweight capacity and com<span class=\"_ _1\"></span>pare this to market transactions.\u2022<span class=\"_ _2c\"> </span>significant changes with an adverse <span class=\"_ _d\"></span>effect on the Company have taken <span class=\"_ _d\"></span>place during the period, or will <span class=\"_ _d\"></span>take place in the near <span class=\"_ _d\"></span>future, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>legal <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>regulatory <span class=\"_ _d\"></span>environment <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>operates, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>tanker <span class=\"_ _d\"></span>market, <span class=\"_ _e\"></span>including negative developments in actual and forecasted tim<span class=\"_ _1\"></span>e charter equivalent rates (\"TCE rates\").\u2022<span class=\"_ _2c\"> </span>market <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rates <span class=\"_ _11\"> </span>have <span class=\"_ _f\"> </span>increased <span class=\"_ _11\"> </span>during <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period, <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>increase <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>likely <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>affect <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>discount <span class=\"_ _11\"> </span>rate <span class=\"_ _f\"> </span>used <span class=\"_ _11\"> </span>in calculating a vessel\u2019s value in use and decrease the a<span class=\"_ _1\"></span>sset\u2019s recoverable amount materially.\u2022<span class=\"_ _2c\"> </span>the carrying amount of the net assets of the Company is more than i<span class=\"_ _1\"></span>ts market capitalization.\u2022<span class=\"_ _2c\"> </span>evidence is available of obsolescence or physical dama<span class=\"_ _1\"></span>ge of a vessel.\u2022<span class=\"_ _2c\"> </span>significant changes <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>adverse effect <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company have <span class=\"_ _d\"></span>taken <span class=\"_ _d\"></span>place <span class=\"_ _d\"></span>during the <span class=\"_ _d\"></span>period, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>expected to <span class=\"_ _d\"></span>take place in the near future, in the extent to which, or manner in whi<span class=\"_ _1\"></span>ch, a vessel is used or is expected to be used.\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">evidence that the economic performance of a vessel is, or wi<span class=\"_ _1\"></span>ll be, worse than expected, including:</span>\u25e6<span class=\"_ _2c\"> </span>actual or forecasted TCE rates are signific<span class=\"_ _1\"></span>antly worse than expected;\u25e6<span class=\"_ _2c\"> </span>cash <span class=\"_ _e\"></span>flows <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>acquiring <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>vessel, <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>subsequent <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>needs <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>maintaining <span class=\"_ _e\"></span>it, <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>significantly higher than expected;\u25e6<span class=\"_ _2c\"> </span>actual net cash flows or operating profit are signific<span class=\"_ _1\"></span>antly worse than expected;\u25e6<span class=\"_ _2c\"> </span>a significant decline in budgeted net cash flows or ope<span class=\"_ _1\"></span>rating profit; or\u25e6<span class=\"_ _2c\"> </span>operating losses or net cash outflows.If <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>impairment <span class=\"_ _11\"> </span>indicators <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>identified, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>vessel\u2019s <span class=\"_ _11\"> </span>recoverable <span class=\"_ _11\"> </span>amount <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>estimated. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>developing <span class=\"_ _11\"> </span>estimates <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>future cash <span class=\"_ _11\"></span>flows <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>order <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>assess <span class=\"_ _11\"> </span>value <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>use, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>must <span class=\"_ _11\"> </span>make <span class=\"_ _11\"> </span>assumptions <span class=\"_ _11\"> </span>about <span class=\"_ _11\"> </span>future <span class=\"_ _11\"> </span>performance, <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>significant assumptions <span class=\"_ _f\"> </span>being <span class=\"_ _f\"> </span>related <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates, <span class=\"_ _f\"> </span>ship <span class=\"_ _f\"> </span>operating <span class=\"_ _f\"> </span>expenses, <span class=\"_ _f\"> </span>utilization, <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>other <span class=\"_ _f\"> </span>capital <span class=\"_ _11\"> </span>requirements, residual <span class=\"_ _11\"> </span>value, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>estimated <span class=\"_ _11\"> </span>remaining <span class=\"_ _11\"> </span>useful <span class=\"_ _11\"> </span>lives <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>probability <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>lease <span class=\"_ _f\"> </span>terminations <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>vessels <span class=\"_ _f\"> </span>held under <span class=\"_ _e\"></span>lease. <span class=\"_ _e\"></span>These <span class=\"_ _e\"></span>assumptions <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>historical <span class=\"_ _e\"></span>trends <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>well <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>expectations. <span class=\"_ _e\"></span>Specifically, <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>estimating <span class=\"_ _e\"></span>future charter <span class=\"_ _e\"></span>rates, <span class=\"_ _e\"></span>management <span class=\"_ _e\"></span>takes <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>consideration <span class=\"_ _e\"></span>rates <span class=\"_ _e\"></span>currently <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>effect <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>existing <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>charters <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>daily <span class=\"_ _e\"></span>time charter equivalent <span class=\"_ _d\"></span>rates for <span class=\"_ _d\"></span>each <span class=\"_ _d\"></span>vessel class <span class=\"_ _d\"></span>for the <span class=\"_ _d\"></span>unfixed days <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the estimated <span class=\"_ _d\"></span>remaining lives <span class=\"_ _d\"></span>of each <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the vessels. <span class=\"_ _d\"></span>The estimated <span class=\"_ _f\"> </span>daily <span class=\"_ _f\"> </span>time <span class=\"_ _27\"> </span>charter <span class=\"_ _f\"> </span>equivalent <span class=\"_ _27\"> </span>rates <span class=\"_ _f\"> </span>used <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>unfixed <span class=\"_ _f\"> </span>days <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _27\"> </span>combination <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>(i) <span class=\"_ _f\"> </span>internally <span class=\"_ _27\"> </span>developed forecasts, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>(ii) <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>quarterly <span class=\"_ _e\"></span>average <span class=\"_ _e\"></span>rates <span class=\"_ _10\"></span>published <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>independent <span class=\"_ _10\"></span>third <span class=\"_ _e\"></span>party <span class=\"_ _e\"></span>maritime <span class=\"_ _10\"></span>research service, <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>historical <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>management's <span class=\"_ _d\"></span>judgment <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>past <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>ongoing <span class=\"_ _d\"></span>shipping <span class=\"_ _e\"></span>cycles. <span class=\"_ _d\"></span>Recognizing that <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>transportation <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>crude <span class=\"_ _27\"> </span>oil <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>cyclical <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>subject <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>significant <span class=\"_ _27\"> </span>volatility <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>factors <span class=\"_ _27\"> </span>beyond <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company's control, <span class=\"_ _d\"></span>management <span class=\"_ _e\"></span>believes <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>use <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>combination <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>internally <span class=\"_ _d\"></span>forecast <span class=\"_ _e\"></span>rates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>average rates calculated as of the reporting date to be reasonabl<span class=\"_ _1\"></span>e.Estimated <span class=\"_ _10\"></span>outflows <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>operating <span class=\"_ _10\"></span>expenses <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>dry <span class=\"_ _10\"></span>docking <span class=\"_ _11\"> </span>requirements <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>based <span class=\"_ _10\"></span>on <span class=\"_ _11\"> </span>historical <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>budgeted <span class=\"_ _10\"></span>costs <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>are adjusted <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>assumed <span class=\"_ _10\"></span>inflation. <span class=\"_ _10\"></span>Finally, <span class=\"_ _10\"></span>utilization <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>historical <span class=\"_ _10\"></span>levels <span class=\"_ _10\"></span>achieved <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>estimates <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>are consistent <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>pattern <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>scrap <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>used <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>management's <span class=\"_ _f\"> </span>evaluation <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>salvage <span class=\"_ _f\"> </span>value. <span class=\"_ _f\"> </span>Other <span class=\"_ _11\"> </span>capital <span class=\"_ _f\"> </span>requirements <span class=\"_ _f\"> </span>for newbuildings are primarily based on amounts payable according to t<span class=\"_ _1\"></span>he installments in the contract.The <span class=\"_ _e\"></span>weighted <span class=\"_ _e\"></span>average <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>capital <span class=\"_ _d\"></span>(\"WACC\") <span class=\"_ _10\"></span>used <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>calculate <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>use <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>been <span class=\"_ _e\"></span>calculated <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>reflect the industry-weighted average return on debt and equity using observable m<span class=\"_ _1\"></span>arket data.The <span class=\"_ _10\"></span>more <span class=\"_ _11\"> </span>significant <span class=\"_ _10\"></span>factors <span class=\"_ _11\"> </span>that <span class=\"_ _11\"> </span>could <span class=\"_ _10\"></span>impact <span class=\"_ _11\"> </span>management's <span class=\"_ _10\"></span>assumptions <span class=\"_ _11\"> </span>regarding <span class=\"_ _10\"></span>time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>equivalent <span class=\"_ _10\"></span>rates <span class=\"_ _11\"> </span>include <span class=\"_ _10\"></span>(i) loss <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>reduction <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>business <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>significant <span class=\"_ _10\"></span>customers, <span class=\"_ _10\"></span>(ii) <span class=\"_ _11\"></span>unanticipated <span class=\"_ _10\"></span>changes <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>demand <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>transportation <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>crude <span class=\"_ _10\"></span>oil and oil <span class=\"_ _d\"></span>products, (iii) changes <span class=\"_ _d\"></span>in production <span class=\"_ _d\"></span>of or <span class=\"_ _d\"></span>demand for oil, <span class=\"_ _d\"></span>generally or <span class=\"_ _d\"></span>in particular regions, <span class=\"_ _d\"></span>(iv) greater <span class=\"_ _d\"></span>than anticipated levels <span class=\"_\"> </span>of <span class=\"_\"> </span>tanker <span class=\"_\"> </span>newbuilding <span class=\"_\"> </span>orders <span class=\"_ _29\"> </span>or <span class=\"_\"> </span>lower <span class=\"_\"> </span>than <span class=\"_\"> </span>anticipated <span class=\"_\"> </span>levels <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>tanker <span class=\"_\"> </span>scrapping, <span class=\"_\"> </span>and <span class=\"_\"> </span>(v) <span class=\"_\"> </span>changes <span class=\"_\"> </span>in <span class=\"_ _29\"> </span>rules <span class=\"_\"> </span>and regulations <span class=\"_ _d\"></span>applicable <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>tanker <span class=\"_ _e\"></span>industry, <span class=\"_ _d\"></span>including <span class=\"_ _e\"></span>legislation <span class=\"_ _e\"></span>adopted <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>international <span class=\"_ _d\"></span>organizations <span class=\"_ _e\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>IMO <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the EU <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>individual <span class=\"_ _e\"></span>countries. <span class=\"_ _e\"></span>Although <span class=\"_ _e\"></span>management <span class=\"_ _e\"></span>believes <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>used <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>evaluate <span class=\"_ _e\"></span>potential <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>are reasonable <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>appropriate <span class=\"_ _e\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>they <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>made, <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>highly <span class=\"_ _10\"></span>subjective <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>likely <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>change, <span class=\"_ _e\"></span>possibly materially, <span class=\"_\"> </span>in <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>future. <span class=\"_\"> </span>Tanker <span class=\"_ _29\"> </span>charter <span class=\"_ _29\"> </span>rates <span class=\"_\"> </span>are <span class=\"_ _29\"> </span>volatile <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>can <span class=\"_ _29\"> </span>experience <span class=\"_ _29\"> </span>long <span class=\"_\"> </span>periods <span class=\"_ _29\"> </span>at <span class=\"_ _29\"> </span>depressed <span class=\"_ _29\"> </span>levels. <span class=\"_\"> </span>Future assessments of vessel impairment would be adversely affecte<span class=\"_ _1\"></span>d by reductions in vessel values and charter rates.GoodwillGoodwill <span class=\"_ _d\"></span>is not <span class=\"_ _d\"></span>amortized, <span class=\"_ _d\"></span>but <span class=\"_ _d\"></span>rather <span class=\"_ _d\"></span>reviewed <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>impairment annually, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>frequently <span class=\"_ _d\"></span>if impairment <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>arise. <span class=\"_ _d\"></span>The Company has <span class=\"_ _d\"></span>one group <span class=\"_ _d\"></span>of CGUs <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the purpose <span class=\"_ _d\"></span>of assessing <span class=\"_ _d\"></span>potential goodwill impairment <span class=\"_ _d\"></span>and has <span class=\"_ _d\"></span>selected September <span class=\"_ _d\"></span>30 as its annual goodwill impairment testing date. A CGU is impaired when <span class=\"_ _d\"></span>its carrying amount exceeds its recoverable amount. In <span class=\"_ _d\"></span>assessing whether the recoverable amount of a CGU <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>which <span class=\"_ _28\"> </span>goodwill <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_ _28\"> </span>allocated <span class=\"_ _28\"> </span>is <span class=\"_\"> </span>less <span class=\"_ _28\"> </span>than <span class=\"_ _28\"> </span>its <span class=\"_\"> </span>carrying <span class=\"_ _28\"> </span>amount, <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>Company <span class=\"_ _28\"> </span>assesses <span class=\"_ _28\"> </span>relevant <span class=\"_ _28\"> </span>events <span class=\"_\"> </span>and circumstances, <span class=\"_ _10\"></span>including <span class=\"_ _10\"></span>(i) <span class=\"_ _11\"> </span>macroeconomic <span class=\"_ _10\"></span>conditions; <span class=\"_ _11\"> </span>(ii) <span class=\"_ _11\"> </span>industry <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>market <span class=\"_ _10\"></span>conditions; <span class=\"_ _11\"> </span>(iii) <span class=\"_ _10\"></span>changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>cost <span class=\"_ _10\"></span>factors <span class=\"_ _11\"> </span>that may <span class=\"_ _11\"> </span>impact <span class=\"_ _f\"> </span>earnings <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows; <span class=\"_ _f\"> </span>(iv) <span class=\"_ _11\"> </span>overall <span class=\"_ _f\"> </span>financial <span class=\"_ _11\"> </span>performance; <span class=\"_ _f\"> </span>(v) <span class=\"_ _11\"> </span>other <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>specific <span class=\"_ _11\"> </span>events <span class=\"_ _f\"> </span>such <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>changes <span class=\"_ _11\"> </span>in management, <span class=\"_ _11\"> </span>strategy, <span class=\"_ _11\"> </span>customers <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>key <span class=\"_ _11\"> </span>personnel <span class=\"_ _11\"> </span>(vi) <span class=\"_ _f\"> </span>other <span class=\"_ _11\"> </span>events <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>(vii) <span class=\"_ _11\"> </span>if <span class=\"_ _f\"> </span>applicable, <span class=\"_ _11\"> </span>changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company's <span class=\"_ _11\"> </span>share price, both in absolute terms and relative to peers.The <span class=\"_ _e\"></span>recoverable <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _d\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>greater <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use. <span class=\"_ _e\"></span>We <span class=\"_ _10\"></span>estimate <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>fair value <span class=\"_ _d\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>capitalization <span class=\"_ _d\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>control <span class=\"_ _e\"></span>premium, <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>needed. <span class=\"_ _e\"></span>Control <span class=\"_ _d\"></span>premium assumptions <span class=\"_ _e\"></span>require <span class=\"_ _10\"></span>judgment <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>actual <span class=\"_ _e\"></span>results <span class=\"_ _10\"></span>may <span class=\"_ _e\"></span>differ <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>assumed <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>amounts. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>measurement takes into account <span class=\"_ _d\"></span>Level 1, <span class=\"_ _d\"></span>Level 2 and <span class=\"_ _d\"></span>Level 3 <span class=\"_ _d\"></span>inputs. In assessing <span class=\"_ _d\"></span>value in use, <span class=\"_ _d\"></span>the estimated <span class=\"_ _d\"></span>future cash flows <span class=\"_ _d\"></span>are discounted to <span class=\"_ _d\"></span>their <span class=\"_ _d\"></span>present <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>using <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>pre-tax <span class=\"_ _e\"></span>discount <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>reflects <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>market <span class=\"_ _e\"></span>assessments <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>money <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>the risks <span class=\"_ _11\"> </span>specific <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company. <span class=\"_ _f\"> </span>Future <span class=\"_ _11\"> </span>cash <span class=\"_ _11\"> </span>flows <span class=\"_ _11\"> </span>are <span class=\"_ _f\"> </span>based <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>current <span class=\"_ _11\"> </span>market <span class=\"_ _11\"> </span>conditions, <span class=\"_ _f\"> </span>historical <span class=\"_ _11\"> </span>trends <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>well <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>future expectations.11. Revenue and expense recognition11.1. Voyage chartersIn <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>voyage <span class=\"_ _10\"></span>charter <span class=\"_ _10\"></span>contract, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>hires <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>transport <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>specific <span class=\"_ _10\"></span>agreed-upon <span class=\"_ _10\"></span>cargo <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>voyage. <span class=\"_ _10\"></span>The consideration <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>freight <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>per <span class=\"_ _e\"></span>metric <span class=\"_ _d\"></span>ton <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>cargo <span class=\"_ _d\"></span>carried <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>occasionally <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a lump <span class=\"_ _28\"> </span>sum <span class=\"_ _27\"> </span>basis. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>charterer <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>responsible <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>any <span class=\"_ _28\"> </span>short <span class=\"_ _27\"> </span>loading <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>cargo <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>\"dead\" <span class=\"_\"> </span>freight<span class=\"_ _1\"></span>. <span class=\"_ _28\"> </span>The <span class=\"_ _27\"> </span>voyage <span class=\"_\"> </span>c<span class=\"_ _1\"></span>harter <span class=\"_ _28\"> </span>party generally <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>standard <span class=\"_ _e\"></span>payment <span class=\"_ _10\"></span>terms <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>freight <span class=\"_ _e\"></span>paid <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>completion <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>discharge. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>voyage <span class=\"_ _e\"></span>charter <span class=\"_ _10\"></span>party <span class=\"_ _e\"></span>generally <span class=\"_ _10\"></span>has <span class=\"_ _e\"></span>a \"demurrage\" <span class=\"_ _e\"></span>clause. <span class=\"_ _10\"></span>As <span class=\"_ _e\"></span>per <span class=\"_ _10\"></span>this <span class=\"_ _10\"></span>clause, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>reimburses <span class=\"_ _10\"></span>us <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>any <span class=\"_ _e\"></span>potential <span class=\"_ _10\"></span>delays <span class=\"_ _e\"></span>exceeding <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>allowed <span class=\"_ _10\"></span>laytime <span class=\"_ _e\"></span>as per the charter <span class=\"_ _d\"></span>party clause at the <span class=\"_ _d\"></span>ports visited, which is <span class=\"_ _d\"></span>recorded as voyage revenue. <span class=\"_ _d\"></span>As such, demurrage is <span class=\"_ _d\"></span>considered variable consideration <span class=\"_ _d\"></span>under <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>contract. <span class=\"_ _e\"></span>Estimates <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>judgments <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>required <span class=\"_ _10\"></span>in <span class=\"_ _d\"></span>ascertaining <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>most <span class=\"_ _10\"></span>likely <span class=\"_ _d\"></span>outcome <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _d\"></span>particular voyage <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>actual <span class=\"_ _e\"></span>outcomes <span class=\"_ _e\"></span>may <span class=\"_ _e\"></span>differ <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>estimates. <span class=\"_ _e\"></span>Such <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>reviewed <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>updated <span class=\"_ _e\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>term <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>voyage charter contract. In <span class=\"_ _d\"></span>a voyage <span class=\"_ _d\"></span>charter contract, <span class=\"_ _d\"></span>revenue recognition begins <span class=\"_ _d\"></span>to be <span class=\"_ _d\"></span>satisfied once <span class=\"_ _d\"></span>the vessel commences <span class=\"_ _d\"></span>loading the cargo.In <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>voyage <span class=\"_ _e\"></span>contract, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>bears <span class=\"_ _d\"></span>all <span class=\"_ _e\"></span>voyage <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>costs <span class=\"_ _e\"></span>such <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>fuel <span class=\"_ _d\"></span>costs, <span class=\"_ _d\"></span>port <span class=\"_ _e\"></span>charges <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>canal <span class=\"_ _d\"></span>tolls. <span class=\"_ _d\"></span>To <span class=\"_ _e\"></span>recognize costs <span class=\"_ _d\"></span>incurred <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>fulfill <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>asset, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>following <span class=\"_ _d\"></span>criteria <span class=\"_ _d\"></span>shall <span class=\"_ _d\"></span>be <span class=\"_ _d\"></span>met: <span class=\"_ _d\"></span>(i) <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>relate <span class=\"_ _d\"></span>directly <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contract, <span class=\"_ _d\"></span>(ii) the <span class=\"_ _e\"></span>costs <span class=\"_ _10\"></span>generate <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>enhance <span class=\"_ _e\"></span>resources <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>entity <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>used <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>satisfying <span class=\"_ _e\"></span>performance <span class=\"_ _10\"></span>obligations <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>future <span class=\"_ _10\"></span>and (iii) <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>expected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _d\"></span>recovered. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _d\"></span>during <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _d\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>commencement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>loading <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>cargo, primarily bunkers, are deferred as they represent setup costs and recorde<span class=\"_ _1\"></span>d as a current asset and are subsequently amortized on a straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>we <span class=\"_ _f\"> </span>satisfy <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>performance <span class=\"_ _f\"> </span>obligations <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>contract. <span class=\"_ _11\"> </span>Costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>obtain <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>contract, <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>as commissions, <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>also <span class=\"_ _f\"> </span>deferred <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>expensed <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>same <span class=\"_ _11\"> </span>period. <span class=\"_ _f\"> </span>Costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>during <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>performance <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>voyage <span class=\"_ _11\"> </span>are expensed as incurred.Voyage <span class=\"_ _d\"></span>charters <span class=\"_ _e\"></span>contain <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>component <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>contract <span class=\"_ _d\"></span>(i) <span class=\"_ _e\"></span>specifies <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>specific <span class=\"_ _e\"></span>vessel <span class=\"_ _d\"></span>asset; <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>(ii) <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>terms <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>allow <span class=\"_ _e\"></span>the charterer to <span class=\"_ _d\"></span>exercise <span class=\"_ _d\"></span>substantive decision-making <span class=\"_ _d\"></span>rights, which <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>economic value <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>and therefore <span class=\"_ _d\"></span>allow <span class=\"_ _d\"></span>the charterer <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>direct <span class=\"_ _e\"></span>how <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>what <span class=\"_ _10\"></span>purpose <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>used. <span class=\"_ _e\"></span>Voyage <span class=\"_ _e\"></span>charter <span class=\"_ _e\"></span>revenues <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>expenses <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>ratably over the estimated length of each voyage, which the Company ha<span class=\"_ _1\"></span>s assessed commence on loading of the cargo.Voyage and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>contracts not <span class=\"_ _d\"></span>qualifying <span class=\"_ _d\"></span>as leases <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>accounted for <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>the provisions <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>IFRS <span class=\"_ _d\"></span>15 <span class=\"ff3\">Revenue <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>Contracts </span>with <span class=\"_ _f\"> </span>Customers<span class=\"ff2\">. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>has <span class=\"_ _27\"> </span>determined <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>voyage <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>contracts <span class=\"_ _f\"> </span>that <span class=\"_ _27\"> </span>qualify <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>accounting <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>IFRS <span class=\"_ _27\"> </span>15 </span>consist <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>single <span class=\"_ _d\"></span>performance <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>transporting <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>cargo <span class=\"_ _d\"></span>within <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>specified <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>period. <span class=\"_ _d\"></span>Therefore, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>performance obligation <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>met <span class=\"_ _e\"></span>evenly <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>voyage <span class=\"_ _e\"></span>progresses, <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>revenue <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _e\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>voyage <span class=\"_ _e\"></span>days from the commencement of <span class=\"_ _d\"></span>loading to completion <span class=\"_ _d\"></span>of discharge. Contract assets <span class=\"_ _d\"></span>with regards to <span class=\"_ _d\"></span>voyage revenues are reported <span class=\"_ _d\"></span>as \"Voyages <span class=\"_ _d\"></span>in progress\" <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>performance obligation <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>satisfied <span class=\"_ _d\"></span>over time. <span class=\"_ _d\"></span>Voyage <span class=\"_ _d\"></span>revenues <span class=\"_ _d\"></span>typically become <span class=\"_ _d\"></span>billable <span class=\"_ _d\"></span>and due for <span class=\"_ _d\"></span>payment on <span class=\"_ _d\"></span>completion <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>voyage and <span class=\"_ _d\"></span>discharge <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>cargo, at <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>point <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>receivable is <span class=\"_ _d\"></span>recognized <span class=\"_ _d\"></span>within \"Trade and other receivables\". The <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>taken <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>practical <span class=\"_ _10\"></span>expedient <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>disclose <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>aggregate <span class=\"_ _e\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>transaction <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>allocated <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>the performance <span class=\"_ _e\"></span>obligations <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>unsatisfied <span class=\"_ _e\"></span>(or <span class=\"_ _10\"></span>partially <span class=\"_ _e\"></span>unsatisfied) <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>end <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>reporting <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>performance obligations are part of contracts having an original expecte<span class=\"_ _1\"></span>d duration of one year or less. 11.2. Time and bareboat chartersIn <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>charter <span class=\"_ _d\"></span>voyage, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>hired <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>specified <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>exchange <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>consideration <span class=\"_ _d\"></span>which is <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>daily <span class=\"_ _d\"></span>hire <span class=\"_ _d\"></span>rate. Generally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>discretion <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>ports <span class=\"_ _d\"></span>visited, <span class=\"_ _d\"></span>shipping <span class=\"_ _d\"></span>routes and <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>speed. The <span class=\"_ _d\"></span>contract/charter party <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>provides <span class=\"_ _d\"></span>typical warranties <span class=\"_ _d\"></span>regarding <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>speed <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>performance of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>charter party <span class=\"_ _d\"></span>generally has <span class=\"_ _d\"></span>some <span class=\"_ _d\"></span>owner <span class=\"_ _d\"></span>protective restrictions <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the vessel <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>sent <span class=\"_ _d\"></span>only <span class=\"_ _d\"></span>to safe <span class=\"_ _d\"></span>ports <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer and <span class=\"_ _d\"></span>carries only <span class=\"_ _11\"></span>lawful <span class=\"_ _10\"></span>or <span class=\"_ _11\"> </span>non-hazardous <span class=\"_ _11\"> </span>cargo. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>contract, <span class=\"_ _11\"> </span>we <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>responsible <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>all <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>running <span class=\"_ _11\"> </span>the vessel <span class=\"_ _10\"></span>such <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>crew <span class=\"_ _11\"> </span>costs, <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"> </span>insurance, <span class=\"_ _10\"></span>repairs <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>maintenance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>lubes. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>charterer <span class=\"_ _10\"></span>bears <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>voyage <span class=\"_ _11\"> </span>related <span class=\"_ _10\"></span>costs such <span class=\"_ _10\"></span>as <span class=\"_ _11\"> </span>bunker <span class=\"_ _10\"></span>expenses, <span class=\"_ _11\"> </span>port <span class=\"_ _11\"> </span>charges, <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>canal <span class=\"_ _10\"></span>tolls <span class=\"_ _11\"> </span>during <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>hire <span class=\"_ _11\"> </span>period. <span class=\"_ _11\"> </span>The <span class=\"_ _10\"></span>performance <span class=\"_ _11\"> </span>obligations <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>time <span class=\"_ _11\"> </span>charter contract <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>satisfied <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>term <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>beginning <span class=\"_ _e\"></span>when <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>delivered <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>until <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>redelivered back <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>us. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>generally <span class=\"_ _e\"></span>pays <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>charter <span class=\"_ _10\"></span>hire <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>advance <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>upcoming <span class=\"_ _e\"></span>contract <span class=\"_ _e\"></span>period. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>lease <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of time charter <span class=\"_ _d\"></span>contracts, bareboat <span class=\"_ _d\"></span>charter contracts and <span class=\"_ _d\"></span>voyage charter <span class=\"_ _d\"></span>contracts which <span class=\"_ _d\"></span>we consider <span class=\"_ _d\"></span>to be <span class=\"_ _d\"></span>leases are <span class=\"_ _d\"></span>accounted for under<span class=\"ff3\"> <span class=\"_ _10\"></span></span>IFRS <span class=\"_ _10\"></span>16 <span class=\"_ _10\"></span><span class=\"ff3\">Leases</span>, <span class=\"_ _10\"></span>and<span class=\"ff3\"> <span class=\"_ _11\"> </span></span>revenues <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>recorded <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>term <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>charter <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>service <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>provided. <span class=\"_ _11\"> </span>When <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>time <span class=\"_ _10\"></span>charter contract is linked to an index, we recognize revenue for the appl<span class=\"_ _1\"></span>icable period based on the actual index for that period.11.3. Administrative incomeAdministrative income primarily comprises income <span class=\"_ _d\"></span>earned from the commercial <span class=\"_ _d\"></span>and technical management of related <span class=\"_ _d\"></span>party and third <span class=\"_ _10\"></span>party <span class=\"_ _11\"> </span>vessels <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>newbuilding <span class=\"_ _10\"></span>supervision <span class=\"_ _11\"> </span>fees <span class=\"_ _10\"></span>derived <span class=\"_ _11\"> </span>from <span class=\"_ _10\"></span>related <span class=\"_ _11\"> </span>parties <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>third <span class=\"_ _10\"></span>parties. <span class=\"_ _11\"> </span>Administrative <span class=\"_ _10\"></span>income <span class=\"_ _10\"></span>is recognized <span class=\"_\"> </span>over <span class=\"_ _29\"> </span>time <span class=\"_ _29\"> </span>on <span class=\"_\"> </span>a <span class=\"_ _29\"> </span>straight-line <span class=\"_\"> </span>basis <span class=\"_ _29\"> </span>using <span class=\"_ _29\"> </span>the <span class=\"_\"> </span>accruals <span class=\"_ _29\"> </span>method <span class=\"_ _29\"> </span>as <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>services <span class=\"_ _29\"> </span>are <span class=\"_\"> </span>provided <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>performance obligations are met.12. Other incomeOther <span class=\"_\"> </span>income <span class=\"_ _28\"> </span>relates <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>(i) <span class=\"_\"> </span>gains <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>the <span class=\"_\"> </span>sale <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>vessels, <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>are <span class=\"_\"> </span>rec<span class=\"_ _1\"></span>ognized <span class=\"_\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>vessel <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_\"> </span>delive<span class=\"_ _1\"></span>red <span class=\"_\"> </span>and substantially <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>risks <span class=\"_ _e\"></span>have <span class=\"_ _d\"></span>been <span class=\"_ _e\"></span>transferred <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>comparing <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>proceeds <span class=\"_ _d\"></span>received <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>of the <span class=\"_ _10\"></span>vessel, <span class=\"_ _10\"></span>(ii) <span class=\"_ _11\"> </span>cash <span class=\"_ _10\"></span>inflows <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>relation <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>settlements <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>claims <span class=\"_ _10\"></span>(including <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>settlement <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>insurance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>legal <span class=\"_ _10\"></span>claims), <span class=\"_ _10\"></span>(iii) gains <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>losses <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>termination <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>leases <span class=\"_ _d\"></span>before <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>expiration <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>term, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>accounted <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>derecognizing the <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"></span>right-of-use <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>lease <span class=\"_ _10\"></span>obligation, <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>gain <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>loss <span class=\"_ _10\"></span>recognized <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>difference. <span class=\"_ _10\"></span>Gains <span class=\"_ _10\"></span>and losses <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>termination <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>when <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>terminated <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>redelivered <span class=\"_ _d\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>owners, and <span class=\"_ _d\"></span> <span class=\"_ _d\"></span>iv) <span class=\"_ _d\"></span>gains <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>losses <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>pooling <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>revenue <span class=\"_ _d\"></span>sharing <span class=\"_ _e\"></span>arrangements <span class=\"_ _d\"></span>where <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>considered <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>principal under <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charter <span class=\"_ _e\"></span>parties <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>records <span class=\"_ _d\"></span>voyage <span class=\"_ _d\"></span>revenues <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>costs <span class=\"_ _e\"></span>gross, <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>adjustments <span class=\"_ _d\"></span>required <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>result <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>revenue sharing arrangement being recognized as other operating gains or losse<span class=\"_ _1\"></span>s.13. LeasesAt inception <span class=\"_ _d\"></span>of a <span class=\"_ _d\"></span>contract, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>assesses whether <span class=\"_ _d\"></span>a contract <span class=\"_ _d\"></span>is, or <span class=\"_ _d\"></span>contains, a <span class=\"_ _d\"></span>lease. <span class=\"_ _d\"></span>A contract <span class=\"_ _d\"></span>is, or <span class=\"_ _d\"></span>contains, a <span class=\"_ _d\"></span>lease if the contract conveys the right to control the use of an identifi<span class=\"_ _1\"></span>ed asset for a period of time in exchange for consideration.13.1. As a lesseeThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>recognizes <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>right-of-use <span class=\"_ _10\"></span>asset <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>liability <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>commencement <span class=\"_ _10\"></span>date. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>right-of-use <span class=\"_ _11\"> </span>asset <span class=\"_ _10\"></span>is initially <span class=\"_ _d\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>equal <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _10\"></span>liability <span class=\"_ _d\"></span>adjusted <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>initial <span class=\"_ _e\"></span>direct <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lessee. <span class=\"_ _10\"></span>Adjustments may also be required for any payments made at or before the comme<span class=\"_ _1\"></span>ncement date, less any lease incentives receive<span class=\"_ _1\"></span>d.After <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>commencement, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>measures <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>right-of-use <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>using <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>model, <span class=\"_ _d\"></span>namely <span class=\"_ _e\"></span>at <span class=\"_ _d\"></span>cost <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>accumulated depreciation <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>accumulated <span class=\"_ _d\"></span>impairment. The <span class=\"_ _d\"></span>right-of-use <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>subsequently <span class=\"_ _d\"></span>depreciated <span class=\"_ _d\"></span>using <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>straight-line <span class=\"_ _d\"></span>method. <span class=\"_ _d\"></span>In addition, <span class=\"_ _d\"></span>the right-of-use <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>periodically <span class=\"_ _d\"></span>reduced by <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>losses, <span class=\"_ _d\"></span>if <span class=\"_ _d\"></span>any, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>adjusted for <span class=\"_ _d\"></span>certain <span class=\"_ _d\"></span>remeasurements <span class=\"_ _d\"></span>of the lease liability.The <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>liability <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>initially <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>present <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>payments <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>not <span class=\"_ _e\"></span>paid <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>commencement <span class=\"_ _d\"></span>date, discounted <span class=\"_ _d\"></span>using <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>implicit <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>or, <span class=\"_ _e\"></span>if <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>cannot <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>readily <span class=\"_ _e\"></span>determined, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company's <span class=\"_ _e\"></span>incremental borrowing <span class=\"_ _f\"> </span>rate. <span class=\"_ _27\"> </span>Generally, <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>uses <span class=\"_ _27\"> </span>its <span class=\"_ _f\"> </span>incremental <span class=\"_ _27\"> </span>borrowing <span class=\"_ _f\"> </span>rate <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>discount <span class=\"_ _27\"> </span>rate. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>lessee's <span class=\"_ _27\"> </span>incremental borrowing <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>lessee <span class=\"_ _d\"></span>would <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>pay <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>borrow <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>similar <span class=\"_ _d\"></span>term, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>similar <span class=\"_ _d\"></span>security, the funds necessary to obtain an asset of a similar value to the<span class=\"_ _1\"></span> right-of-use asset in a similar economic environment.Lease payments included in the measurement of the le<span class=\"_ _1\"></span>ase liability comprise the following:\u2022<span class=\"_ _2c\"> </span>Fixed payments;\u2022<span class=\"_ _2c\"> </span>Variable lease payments that depend on an index or a rate;\u2022<span class=\"_ _2c\"> </span>Amounts expected to be payable under a residual value guarante<span class=\"_ _1\"></span>e, and;\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>exercise <span class=\"_ _10\"></span>price <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>purchase <span class=\"_ _10\"></span>option <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>reasonably <span class=\"_ _10\"></span>certain <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>exercise, <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>payments <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>an optional <span class=\"_ _e\"></span>renewal <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>reasonably <span class=\"_ _10\"></span>certain <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>exercise <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>extension <span class=\"_ _10\"></span>option, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>penalties <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>early termination of a lease unless the Company is reasonably ce<span class=\"_ _1\"></span>rtain not to terminate early.The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>applied <span class=\"_ _e\"></span>judgement <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>determine <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>term <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>some <span class=\"_ _e\"></span>lease <span class=\"_ _10\"></span>contracts <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>it <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>lessee <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>include renewal options. The <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>liability is <span class=\"_ _d\"></span>subsequently <span class=\"_ _d\"></span>increased <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>cost <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the lease <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>decreased <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>payments made. <span class=\"_ _d\"></span>It is <span class=\"_ _d\"></span>remeasured <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>future <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>payments <span class=\"_ _d\"></span>arising <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>index <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>rate, <span class=\"_ _d\"></span>if <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>estimate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>amount <span class=\"_ _d\"></span>expected <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>payable <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>guarantee, <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>changes <span class=\"_ _d\"></span>its assessment <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>whethe<span class=\"_ _1\"></span>r <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>purchase <span class=\"_ _28\"> </span>or <span class=\"_ _28\"> </span>extension <span class=\"_ _28\"> </span>option <span class=\"_\"> </span>i<span class=\"_ _1\"></span>s <span class=\"_ _28\"> </span>reasonably <span class=\"_\"> </span>certai<span class=\"_ _1\"></span>n <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>be <span class=\"_ _28\"> </span>exercised <span class=\"_ _28\"> </span>or <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>termi<span class=\"_ _1\"></span>nation <span class=\"_ _28\"> </span>option <span class=\"_\"> </span>is reasonably <span class=\"_ _d\"></span>certain <span class=\"_ _e\"></span>not <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>exercised. <span class=\"_ _d\"></span>When <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>liability <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>remeasured <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>way, <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>corresponding <span class=\"_ _e\"></span>adjustment <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>made to <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>asset, <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>recorded <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>profit <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>loss <span class=\"_ _e\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>right-to-use <span class=\"_ _e\"></span>asset has been reduced to zero. Lease <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>non-lease <span class=\"_ _11\"> </span>components <span class=\"_ _f\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>contracts <span class=\"_ _11\"> </span>are <span class=\"_ _f\"> </span>separated <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>non-lease <span class=\"_ _11\"> </span>components <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>and classified based on the nature of the expense.Short-term leases and leases of low-value assetsThe <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>has <span class=\"_ _11\"> </span>elected <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>recognize <span class=\"_ _11\"> </span>certain <span class=\"_ _11\"> </span>right-of-use <span class=\"_ _11\"> </span>assets <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>liabilities <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>leases <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>low-value <span class=\"_ _11\"> </span>assets <span class=\"_ _11\"> </span>and short-term leases (i.e., <span class=\"_ _d\"></span>leases with <span class=\"_ _d\"></span>an original term <span class=\"_ _d\"></span>of 12-months or <span class=\"_ _d\"></span>less), including <span class=\"_ _d\"></span>IT equipment. The <span class=\"_ _d\"></span>Company recognizes the lease payments associated with these leases as an e<span class=\"_ _1\"></span>xpense on a straight-line basis over the lease term.Refer to accounting policy 10.2. for impairment considerations for ve<span class=\"_ _1\"></span>ssel right-of-use assets.13.2. As a lessorWhen the Company acts as a lessor, it determines at le<span class=\"_ _1\"></span>ase inception whether each lease is a finance or operat<span class=\"_ _1\"></span>ing lease.To classify each lease, the Company makes an overall assessment of <span class=\"_ _d\"></span>whether the lease transfers substantially all of the risks and rewards <span class=\"_ _d\"></span>incidental <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>ownership <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>underlying <span class=\"_ _d\"></span>asset. <span class=\"_ _e\"></span>If <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>case, <span class=\"_ _d\"></span>then <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>lease; <span class=\"_ _d\"></span>if <span class=\"_ _d\"></span>not, <span class=\"_ _e\"></span>then <span class=\"_ _d\"></span>it <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>an operating <span class=\"_ _d\"></span>lease. As <span class=\"_ _d\"></span>part <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>this <span class=\"_ _d\"></span>assessment, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company considers <span class=\"_ _d\"></span>certain <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>as whether <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>major part of the economic life of the asset.If <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>qualifies <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>operating <span class=\"_ _d\"></span>lease, <span class=\"_ _d\"></span>e.g. <span class=\"_ _e\"></span>time <span class=\"_ _d\"></span>charter <span class=\"_ _e\"></span>contracts <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>component <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>voyage <span class=\"_ _d\"></span>charter <span class=\"_ _e\"></span>contracts, <span class=\"_ _d\"></span>the leased <span class=\"_ _28\"> </span>asset <span class=\"_ _28\"> </span>remains <span class=\"_ _28\"> </span>on <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>statement <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>financial <span class=\"_ _28\"> </span>position <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>l<span class=\"_ _1\"></span>essor <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>continues <span class=\"_ _28\"> </span>being <span class=\"_ _28\"> </span>depreciated. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>Company separates the <span class=\"_ _d\"></span>lease and <span class=\"_ _d\"></span>non-lease <span class=\"_ _d\"></span>component in <span class=\"_ _d\"></span>the contract, <span class=\"_ _d\"></span>with the <span class=\"_ _d\"></span>lease component <span class=\"_ _d\"></span>qualified <span class=\"_ _d\"></span>as operating <span class=\"_ _d\"></span>lease and <span class=\"_ _d\"></span>the non-lease <span class=\"_ _e\"></span>component <span class=\"_ _10\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>makes <span class=\"_ _e\"></span>significant <span class=\"_ _10\"></span>judgments <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>assumptions <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>lease components from <span class=\"_ _d\"></span>non-lease components <span class=\"_ _d\"></span>of our <span class=\"_ _d\"></span>contracts. For <span class=\"_ _d\"></span>purposes <span class=\"_ _d\"></span>of determining <span class=\"_ _d\"></span>the standalone selling <span class=\"_ _d\"></span>price of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel lease <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>non-lease <span class=\"_ _d\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _e\"></span>time <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>voyage <span class=\"_ _e\"></span>charters, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>uses <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>residual <span class=\"_ _d\"></span>approach given <span class=\"_ _d\"></span>that vessel <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>highly <span class=\"_ _d\"></span>variable depending <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>shipping <span class=\"_ _d\"></span>market <span class=\"_ _d\"></span>conditions. The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>believes <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the standalone transaction <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>attributable <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>non-lease <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>is <span class=\"_ _11\"></span>more <span class=\"_ _10\"></span>readily <span class=\"_ _10\"></span>determinable <span class=\"_ _10\"></span>than <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>price <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>lease <span class=\"_ _10\"></span>component and, <span class=\"_ _d\"></span>accordingly, the <span class=\"_ _d\"></span>price <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>service <span class=\"_ _d\"></span>components <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>estimated using <span class=\"_ _d\"></span>cost <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>residual transaction <span class=\"_ _d\"></span>price <span class=\"_ _d\"></span>is attributed <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>component. <span class=\"_ _e\"></span>Refer <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Revenue <span class=\"_ _10\"></span>policy <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>further <span class=\"_ _10\"></span>details <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>accounting <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>non-lease component.14. Share-based compensation The <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>amount payable <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>beneficiaries <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>respect <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>synthetic <span class=\"_ _d\"></span>options, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>settled in <span class=\"_ _d\"></span>cash, <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>recognized <span class=\"_ _d\"></span>as an <span class=\"_ _10\"></span>expense <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>corresponding <span class=\"_ _11\"> </span>liability, <span class=\"_ _10\"></span>over <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>during <span class=\"_ _10\"></span>which <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>beneficiaries <span class=\"_ _10\"></span>become <span class=\"_ _11\"> </span>unconditionally <span class=\"_ _10\"></span>entitled <span class=\"_ _11\"> </span>to payment. The fair value of the liability is remeasure<span class=\"_ _1\"></span>d at each reporting period.15. Dividends receivedThe Company records dividends received in the period in which they a<span class=\"_ _1\"></span>re declared and receivable.16. New standards and interpretations not yet adoptedNew <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>amended <span class=\"_ _28\"> </span>standards <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>interpretations <span class=\"_ _28\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_\"> </span>issued, <span class=\"_ _28\"> </span>but <span class=\"_ _28\"> </span>not <span class=\"_ _28\"> </span>yet <span class=\"_\"> </span>effective<span class=\"_ _1\"></span>, <span class=\"_ _28\"> </span>up <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>issuance <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the Company\u2019s <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>statements <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>disclosed <span class=\"_ _27\"> </span>below. <span class=\"_ _27\"> </span>The <span class=\"_ _28\"> </span>below <span class=\"_ _27\"> </span>list <span class=\"_ _27\"> </span>includes <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>new <span class=\"_ _27\"> </span>standards <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>amendments <span class=\"_ _27\"> </span>that <span class=\"_ _27\"> </span>we believe are the most relevant for the Company:Amendments to IAS 1 Presentation of Financial statements: Classification of Liabilitie<span class=\"_ _1\"></span>s as Current or Non-currentIn <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>2020, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>IASB <span class=\"_ _f\"> </span>issued <span class=\"_ _11\"> </span>amendments <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>paragraphs <span class=\"_ _11\"> </span>69 <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>76 <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>IAS <span class=\"_ _11\"> </span>1 <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>specify <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>requirements <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>classifying liabilities as current or non-current. The amendments cl<span class=\"_ _1\"></span>arify:\u2022<span class=\"_ _2c\"> </span>What is meant by a right to defer settlement\u2022<span class=\"_ _2c\"> </span>That a right to defer must exist at the end of the reporting peri<span class=\"_ _1\"></span>od\u2022<span class=\"_ _2c\"> </span>That classification is unaffected by the likelihood t<span class=\"_ _1\"></span>hat an entity will exercise its deferral right\u2022<span class=\"_ _2c\"> </span>That <span class=\"_ _27\"> </span>only <span class=\"_ _f\"> </span>if <span class=\"_ _27\"> </span>an <span class=\"_ _27\"> </span>embedded <span class=\"_ _27\"> </span>derivative <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>convertible <span class=\"_ _27\"> </span>liability <span class=\"_ _f\"> </span>is <span class=\"_ _27\"> </span>itself <span class=\"_ _27\"> </span>an <span class=\"_ _27\"> </span>equity <span class=\"_ _27\"> </span>instrument <span class=\"_ _27\"> </span>would <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>terms <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>a liability not impact its classificationThe <span class=\"_\"> </span>amendments <span class=\"_ _28\"> </span>are <span class=\"_\"> </span>effective <span class=\"_ _28\"> </span>for <span class=\"_\"> </span>annual <span class=\"_\"> </span>reporti<span class=\"_ _1\"></span>ng <span class=\"_\"> </span>periods <span class=\"_ _28\"> </span>beginning <span class=\"_\"> </span>on <span class=\"_\"> </span>or <span class=\"_ _28\"> </span>after <span class=\"_\"> </span>January <span class=\"_ _28\"> </span>1, <span class=\"_\"> </span>2023 <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>must <span class=\"_\"> </span>be <span class=\"_\"> </span>applie<span class=\"_ _1\"></span>d retrospectively. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>currently <span class=\"_ _e\"></span>assessing <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>impact <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>amendments, <span class=\"_ _10\"></span>however, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>adoption <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>expected <span class=\"_ _10\"></span>to have a material impact on its consolidated financ<span class=\"_ _1\"></span>ial statements.Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2In <span class=\"_ _10\"></span>February <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>IASB <span class=\"_ _10\"></span>issued <span class=\"_ _10\"></span>amendments <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>IAS <span class=\"_ _10\"></span>1 <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>Practice <span class=\"_ _10\"></span>Statement <span class=\"_ _e\"></span>2 <span class=\"_ _10\"></span>Making <span class=\"_ _10\"></span>Materiality <span class=\"_ _10\"></span>Judgements, <span class=\"_ _10\"></span>in which <span class=\"_ _10\"></span>it <span class=\"_ _10\"></span>provides <span class=\"_ _10\"></span>guidance <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>examples <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>help <span class=\"_ _11\"> </span>entities <span class=\"_ _10\"></span>apply <span class=\"_ _10\"></span>materiality <span class=\"_ _10\"></span>judgements <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>accounting <span class=\"_ _11\"> </span>policy <span class=\"_ _10\"></span>disclosures. <span class=\"_ _10\"></span>The amendments <span class=\"_ _10\"></span>aim <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>help <span class=\"_ _10\"></span>entities <span class=\"_ _10\"></span>provide <span class=\"_ _10\"></span>accounting <span class=\"_ _10\"></span>policy <span class=\"_ _10\"></span>disclosures <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>more <span class=\"_ _10\"></span>useful <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>replacing <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>requirement <span class=\"_ _10\"></span>for entities <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>disclose <span class=\"_ _e\"></span>their <span class=\"_ _e\"></span>'significant' <span class=\"_ _e\"></span>accounting <span class=\"_ _10\"></span>policies <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>requirement <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>disclose <span class=\"_ _d\"></span>their <span class=\"_ _10\"></span>'material' <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>policies <span class=\"_ _e\"></span>and adding guidance on how entities apply the concept of materia<span class=\"_ _1\"></span>lity in making decisions about accounting policy disclosure<span class=\"_ _1\"></span>s.The <span class=\"_ _11\"> </span>amendments <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IAS <span class=\"_ _f\"> </span>1 <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>applicable <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>annual <span class=\"_ _f\"> </span>periods <span class=\"_ _f\"> </span>beginning <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>after <span class=\"_ _11\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2023 <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>earlier <span class=\"_ _f\"> </span>application permitted. <span class=\"_ _28\"> </span>Since <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>amendm<span class=\"_ _1\"></span>ents <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>Practice <span class=\"_ _28\"> </span>Statement <span class=\"_ _28\"> </span>2 <span class=\"_ _28\"> </span>provide <span class=\"_ _28\"> </span>non-mandatory <span class=\"_ _28\"> </span>guidance <span class=\"_\"> </span>on <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>application <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the definition of 'material' to accounting policy informati<span class=\"_ _1\"></span>on, an effective date for these amendments is not necessary.The <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>currently <span class=\"_ _f\"> </span>assessing <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>amendments <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>determine <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>impact <span class=\"_ _11\"> </span>they <span class=\"_ _11\"> </span>will <span class=\"_ _f\"> </span>have <span class=\"_ _f\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company\u2019s <span class=\"_ _11\"> </span>accounting policy disclosures.Amendments <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>IAS <span class=\"_ _27\"> </span>8 <span class=\"_ _27\"> </span>Accounting <span class=\"_ _27\"> </span>policies, <span class=\"_ _27\"> </span>Changes <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>Accounting <span class=\"_ _27\"> </span>Estimates <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>Errors: <span class=\"_ _27\"> </span>Definition <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>Accounting EstimatesIn <span class=\"_ _e\"></span>February, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>IASB <span class=\"_ _e\"></span>issued <span class=\"_ _e\"></span>amendments <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>IAS <span class=\"_ _e\"></span>8 <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>clarify <span class=\"_ _e\"></span>how <span class=\"_ _e\"></span>companies <span class=\"_ _e\"></span>should <span class=\"_ _e\"></span>distinguish <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>accounting policies from changes in <span class=\"_ _d\"></span>accounting estimates. The distinction is <span class=\"_ _d\"></span>important because changes in accounting estimates <span class=\"_ _d\"></span>are applied prospectively <span class=\"_ _d\"></span>only <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>transactions <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>events, <span class=\"_ _e\"></span>but <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>policies <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>generally <span class=\"_ _e\"></span>also <span class=\"_ _e\"></span>applied retrospectively to past transactions and other past events.The amendments are effective for annual periods beginning on or aft<span class=\"_ _1\"></span>er January 1, 2023 with early application permitted.3.<span class=\"_ _e8\"> </span>CHANGE IN ACCOUNTING POLICIESFirst-time adoption of IFRSThese <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>first <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>prepared <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with IFRS <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>adopted <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>European <span class=\"_ _d\"></span>Union. <span class=\"_ _e\"></span>Accordingly, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>prepared <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>comply <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>IFRS applicable <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>together <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>comparative <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis of <span class=\"_ _27\"> </span>preparation <span class=\"_ _f\"> </span>(Note <span class=\"_ _27\"> </span>2). <span class=\"_ _27\"> </span>In <span class=\"_ _27\"> </span>preparing <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>statements, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company\u2019s <span class=\"_ _27\"> </span>opening <span class=\"_ _27\"> </span>statement <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>position <span class=\"_ _27\"> </span>was prepared as of January 1, 2021, the Company\u2019s date of transition to IFRS. This <span class=\"_ _11\"> </span>note <span class=\"_ _f\"> </span>explains <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>principal <span class=\"_ _f\"> </span>adjustments <span class=\"_ _11\"> </span>made <span class=\"_ _f\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>when <span class=\"_ _11\"> </span>transitioning <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IFRS <span class=\"_ _11\"> </span>from <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>previous <span class=\"_ _11\"> </span>reporting framework, <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>principles <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>accepted <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>United <span class=\"_ _d\"></span>States <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>America <span class=\"_ _d\"></span>(\"U.S. <span class=\"_ _d\"></span>GAAP\") <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>as well as for the year ended December 31, 2021.Exemptions appliedIFRS <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span><span class=\"ff3\">First-Time <span class=\"_ _f\"> </span>Adoption <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>International <span class=\"_ _f\"> </span>Financial <span class=\"_ _f\"> </span>Reporting <span class=\"_ _f\"> </span>Standards</span>, <span class=\"_ _27\"> </span>allows <span class=\"_ _f\"> </span>first-time <span class=\"_ _f\"> </span>adopters <span class=\"_ _f\"> </span>certain <span class=\"_ _f\"> </span>exemptions from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>requirement <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>effective <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>retrospectively. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>availed <span class=\"_ _d\"></span>itself <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>certain of these exemptions as follows: \u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _e\"></span>elected <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>apply <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>3, <span class=\"_ _e\"></span><span class=\"ff3\">Business <span class=\"_ _e\"></span>Combinations,</span> <span class=\"_ _e\"></span>retrospectively <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>business <span class=\"_ _e\"></span>combinations <span class=\"_ _d\"></span>that occurred prior to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>elected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>use <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>practical <span class=\"_ _e\"></span>expedient <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15, <span class=\"_ _10\"></span><span class=\"ff3\">Revenue <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>Contracts <span class=\"_ _10\"></span>with <span class=\"_ _e\"></span>Customers,</span> <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>not restate <span class=\"_ _e\"></span>contracts <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>completed <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>transition <span class=\"_ _e\"></span>date, <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _e\"></span>2021. <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>1 <span class=\"_ _e\"></span>defines <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>completed <span class=\"_ _10\"></span>contract <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>a contract <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>has <span class=\"_ _f\"> </span>transferred <span class=\"_ _f\"> </span>all <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>goods <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>services <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>identified <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>accordance <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>previous GAAP.Effect of transition to IFRSThe main differences identified as a result of the transi<span class=\"_ _1\"></span>tion to IFRS are as follows:\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">Our <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _10\"></span>by <span class=\"_ _11\"> </span>their <span class=\"_ _11\"> </span>respective <span class=\"_ _10\"></span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _11\"> </span>at <span class=\"_ _10\"></span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In </span>general, <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>15 <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every <span class=\"_ _d\"></span>5 <span class=\"_ _e\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>older <span class=\"_ _e\"></span>than <span class=\"_ _d\"></span>15 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every 2.5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>Unlike <span class=\"_ _27\"> </span>Frontline's <span class=\"_ _27\"> </span>previous <span class=\"_ _f\"> </span>accounting <span class=\"_ _27\"> </span>policy <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>such <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _27\"> </span>as incurred, <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>requires <span class=\"_ _e\"></span>significant <span class=\"_ _e\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>property, <span class=\"_ _e\"></span>plant <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>differing <span class=\"_ _e\"></span>depreciation <span class=\"_ _e\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>depreciated <span class=\"_ _d\"></span>separately. <span class=\"_ _e\"></span>Under <span class=\"_ _d\"></span>IFRS, <span class=\"_ _e\"></span>major <span class=\"_ _d\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _d\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _d\"></span>docking, <span class=\"_ _e\"></span>should <span class=\"_ _d\"></span>be identified <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>accounted <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>separate <span class=\"_ _27\"> </span>component <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _28\"> </span>over <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>next <span class=\"_ _27\"> </span>scheduled <span class=\"_ _28\"> </span>dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery and <span class=\"_ _10\"></span>depreciated <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _11\"> </span>scheduled <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking. <span class=\"_ _11\"> </span>When <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>performed, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>carrying amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>remaining <span class=\"_ _d\"></span>unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>previous <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docks <span class=\"_ _d\"></span>(due <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>difference <span class=\"_ _d\"></span>between the <span class=\"_ _29\"> </span>estimated <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>actual <span class=\"_ _29\"> </span>time <span class=\"_ _2d\"> </span>between <span class=\"_ _29\"> </span>dry <span class=\"_ _2d\"> </span>docks) <span class=\"_ _2d\"> </span>is <span class=\"_ _2d\"> </span>derecognized. <span class=\"_ _29\"> </span>Costs <span class=\"_ _2d\"> </span>associated <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>routine <span class=\"_ _2d\"> </span>repairs <span class=\"_ _29\"> </span>and maintenance are expensed as incurred including routine ma<span class=\"_ _1\"></span>intenance performed while the vessel is in dry dock\u2022<span class=\"_ _2c\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one <span class=\"_ _27\"> </span>classification <span class=\"_ _27\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>is <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>lessee. <span class=\"_ _28\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _28\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>line <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>depending <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>nature <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>underlying <span class=\"_ _10\"></span>asset <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>recorded <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>a straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>whereas <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS, <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>amortization <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>are presented separately.\u2022<span class=\"_ _2c\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into a <span class=\"_ _d\"></span>financing agreement <span class=\"_ _d\"></span>before the <span class=\"_ _d\"></span>financial statements <span class=\"_ _d\"></span>are issued. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>accounting treatment is <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>permitted under IFRS.The impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated Statements <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial Position <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>transitioning from <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>detail <span class=\"_ _d\"></span>below. <span class=\"_ _d\"></span>Additionally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statements <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>Profit <span class=\"_ _11\"> </span>or <span class=\"_ _f\"> </span>Loss, <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statement <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>Comprehensive <span class=\"_ _f\"> </span>Income, <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Consolidated Statement <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>Cash <span class=\"_ _f\"> </span>Flows <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>described <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>detail <span class=\"_ _f\"> </span>further <span class=\"_ _f\"> </span>below. <span class=\"_ _11\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>figures presented <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>Annual <span class=\"_ _e\"></span>Report <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>Form <span class=\"_ _e\"></span>20-F <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>was filed with the Securities and Exchange Commission on March 17, 2022.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at January 1, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>174,721 Restricted cash <span class=\"_ _130\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 Marketable securities<span class=\"_ _c\"> </span>1<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,639 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,474 Marketable securities pledged to creditors<span class=\"_ _160\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,835) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Trade and other receivables<span class=\"_ _10d\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>63,924 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>63,924 Trade accounts receivable, net <span class=\"_ _61\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>40,974 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,974) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>13,255 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,255 Other receivables<span class=\"_ _161\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>22,950 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(22,950) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>57,858 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>57,858 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>34,705 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>34,705 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>7,725 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,725 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>2,729 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,729 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>378,319 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>378,319 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _b8\"> </span>48,498 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,498 Vessels and equipment<span class=\"_ _166\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,307,144 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,300,456 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>53,518 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(53,518) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>8,426 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(8,426) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>61,944 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>61,944 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _12\"> </span>1,279 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,279 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>7,197 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,197 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _16c\"> </span>6, 8<span class=\"_ _b1\"> </span> <span class=\"_ _cd\"> </span>167,082 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>67,805 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>234,887 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,810 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,810) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,548 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(4,548) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>19,853 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,853 Trade and other payables<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>55,002 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>55,002 Trade accounts payable <span class=\"_ _16f\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,860 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,860) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>5, 8<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,529 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,529) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(19,261) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _b8\"> </span>12,418 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(12,418) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>281,361 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>40,739 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>322,100 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _172\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>1,968,924 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,000) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>1,908,924 Obligations under finance leases<span class=\"_ _6b\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>48,467 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(48,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,177 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(4,177) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>4c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>52,644 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,644 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>19,261 Other non-current payables<span class=\"_ _174\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>3,739 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,739 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,306,668 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,306,668 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>197,692 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>197,692 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>402,021 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>402,021 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _73\"> </span>10<span class=\"_ _46\"> </span> <span class=\"_ _15\"> </span>200 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>200 Retained earnings<span class=\"_ _120\"> </span>3<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>8,018 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,330 Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,612,025 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,605,337 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,611,553 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,604,865 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>IFRS adjustments of Consolidated Statement of Financial Posit<span class=\"_ _1\"></span>ion as at January 1, 20211.<span class=\"_ _38\"> </span>\"Marketable securities <span class=\"_ _d\"></span>pledged <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>creditors\" of <span class=\"_ _d\"></span>$5.8 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP, were reclassified into \"Marketable securities\" under IFRS.2.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$41.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$23.0 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 3.<span class=\"_ _38\"> </span>Dry <span class=\"_ _e\"></span>docking <span class=\"_ _10\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _10\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred <span class=\"_ _e\"></span>within <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating <span class=\"_ _e\"></span>expense <span class=\"_ _10\"></span>under Frontline\u2019s <span class=\"_ _28\"> </span>historical <span class=\"_\"> </span>accounti<span class=\"_ _1\"></span>ng <span class=\"_\"> </span>pol<span class=\"_ _1\"></span>icy <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>U.S. <span class=\"_\"> </span>GAAP. <span class=\"_ _28\"> </span>Under <span class=\"_ _28\"> </span>IFRS, <span class=\"_\"> </span>significant<span class=\"_ _1\"></span> <span class=\"_\"> </span>com<span class=\"_ _1\"></span>ponents <span class=\"_ _28\"> </span>of property, plant and <span class=\"_ _d\"></span>equipment with differing depreciation <span class=\"_ _d\"></span>methods or lives are <span class=\"_ _d\"></span>required to be <span class=\"_ _d\"></span>depreciated separately. A portion of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>initial <span class=\"_ _d\"></span>cost of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>net <span class=\"_ _28\"> </span>measurement <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>recognition <span class=\"_ _28\"> </span>adjustment <span class=\"_ _27\"> </span>which decreased Vessels and equipment and Retained earnings by $6.7 mi<span class=\"_ _1\"></span>llion as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>Vessels <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>equipment <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _28\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>Retained <span class=\"_ _27\"> </span>earnings <span class=\"_ _28\"> </span>by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.4.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$53.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$8.4 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.8 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$4.5 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \u201cCurrent portion of obligations under leases\u201d under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$48.5 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$4.2 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.5.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$7.9 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.5 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $12.4 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\"Trade <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>other <span class=\"_ _e\"></span>payables\" under IFRS.6.<span class=\"_ _38\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>financing <span class=\"_ _10\"></span>agreement <span class=\"_ _10\"></span>before <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>issued. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company presented <span class=\"_ _11\"></span>the <span class=\"_ _11\"> </span>non-current <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>refinanced <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>February <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>long-term <span class=\"_ _11\"> </span>debt <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>1, 2021. <span class=\"_ _11\"> </span>This <span class=\"_ _11\"> </span>accounting <span class=\"_ _f\"> </span>treatment <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>permitted <span class=\"_ _f\"> </span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>reclassification <span class=\"_ _11\"> </span>adjustment <span class=\"_ _11\"> </span>which increased <span class=\"_ _d\"></span>Short-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>portion <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>long-term <span class=\"_ _e\"></span>debt <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>decreased <span class=\"_ _d\"></span>Long-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of January 1, 2021.7.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $3.7 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.8.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$7.8 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.9.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.10.<span class=\"_ _39\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>113,073 Marketable securities<span class=\"_ _179\"> </span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,435 Trade and other receivables<span class=\"_ _10d\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>73,532 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>73,532 Trade accounts receivable, net<span class=\"_ _17a\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>63,423 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(63,423) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>11,676 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>11,676 Other receivables<span class=\"_ _161\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>10,109 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,109) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>80,787 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,787 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>38,492 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>38,492 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>8,899 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,899 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>3,851 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,851 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>332,745 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>332,745 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _cd\"> </span>130,633 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>130,633 Vessels and equipment<span class=\"_ _166\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,477,801 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,467,300 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>44,880 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(44,880) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,914 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,914) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,794 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>48,794 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Derivative instrument receivable<span class=\"_ _72\"> </span> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,675 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _15\"> </span>555 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>555 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>3,055 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,055 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _17b\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,286 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>198,665 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,601 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,601) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>1,122 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(1,122) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>8,723 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,723 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>36,250 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>36,250 Trade and other payables<span class=\"_ _11d\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,364 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,364 Trade accounts payable<span class=\"_ _b5\"> </span>4<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,327 <span class=\"_ _37\"> </span> <span class=\"_ _b9\"> </span>(2,327) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>4, 7<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,836 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,836) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable <span class=\"_ _17c\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,580 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,580) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>292,675 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>287,002 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _108\"> </span> <span class=\"_ _e8\"> </span>2,126,910 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,126,910 Obligations under finance leases<span class=\"_ _6b\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>40,865 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,865) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,114 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,114) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>3c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,979 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,979 Derivative instruments payable<span class=\"_ _170\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 Other non-current payables<span class=\"_ _174\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>992 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>992 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,464,556 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,464,556 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>203,531 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>203,531 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>448,291 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>448,291 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _17d\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>228 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>228 Retained (deficit) earnings<span class=\"_ _17e\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(3,130) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(13,631) Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,653,014 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(10,501) <span class=\"_ _40\"> </span> <span class=\"_ _e8\"> </span>1,642,513 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,652,542 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,642,041 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>IFRS adjustments of the Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 20211.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$63.4 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$10.1 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _d\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>next <span class=\"_ _e\"></span>scheduled <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking. <span class=\"_ _e\"></span>This <span class=\"_ _e\"></span>resulted <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>net <span class=\"_ _e\"></span>measurement and <span class=\"_\"> </span>recognition <span class=\"_\"> </span>adjustm<span class=\"_ _1\"></span>ent <span class=\"_\"> </span>which <span class=\"_\"> </span>decrease<span class=\"_ _1\"></span>d <span class=\"_\"> </span>Vessels <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_\"> </span>and <span class=\"_\"> </span>Retained <span class=\"_ _28\"> </span>earnings <span class=\"_\"> </span>by <span class=\"_\"> </span>$10.5 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component of Vessels and equipment which increased Vessels and equipment and Retained earnings by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>capitalized <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate <span class=\"_ _f\"> </span>component <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>equipment <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _27\"> </span>Vessels <span class=\"_ _f\"> </span>and equipment and Retained earnings by $11.4 million.d.<span class=\"_ _38\"> </span>depreciation <span class=\"_ _2d\"> </span>expense <span class=\"_ _36\"> </span>on <span class=\"_ _36\"> </span>capitalized <span class=\"_ _36\"> </span>dry <span class=\"_ _36\"> </span>docking <span class=\"_ _36\"> </span>costs <span class=\"_ _36\"> </span>and <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>write <span class=\"_ _36\"> </span>off <span class=\"_ _36\"> </span>of <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>carrying <span class=\"_ _36\"> </span>amount <span class=\"_ _36\"> </span>of unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>vessels sold <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>resulted in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>decrease <span class=\"_ _d\"></span>in Vessels and equipment and Retained earnings of $13.3 million and $1.8 m<span class=\"_ _1\"></span>illion, respectively.3.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$44.9 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.9 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.6 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$1.1 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \"Current portion of obligations under leases\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$40.9 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.1 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.4.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$2.3 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.8 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $7.6 <span class=\"_ _10\"></span>million, <span class=\"_ _11\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>separately <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>reclassified <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>\"Trade <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>other <span class=\"_ _11\"> </span>payables\" under IFRS.5.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $1.0 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.6.<span class=\"_ _38\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.7.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$9.4 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.8.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.Reconciliation of Consolidated Statement of Profit or Loss<span class=\"ff2\"> </span>for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _ed\"> </span><span class=\"ff1\">Note<span class=\"_ _20\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSOperating revenues and other incomeVoyage charter revenues<span class=\"_ _17f\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _5a\"> </span>663,995 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(663,995) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Time charter revenues<span class=\"_ _180\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _12f\"> </span>71,236 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(71,236) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Revenues <span class=\"_ _148\"> </span>1a, 1b<span class=\"_ _11b\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>749,381 Other income<span class=\"_ _10f\"> </span>1b, 1c, 2c<span class=\"_ _9d\"> </span> <span class=\"_ _d1\"> </span>14,150 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,090) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>4,060 Total operating revenues and other income<span class=\"_ _182\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>4,060 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>753,441 </span>Other operating gains <span class=\"_ _7\"> </span><span class=\"ff2\">1c<span class=\"_ _183\"> </span> <span class=\"_ _b9\"> </span>5,893 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(5,893) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 </span>Operating expensesVoyage expenses and commission<span class=\"_ _6c\"> </span> <span class=\"_ _4a\"> </span>392,697 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>392,697 Contingent rental income<span class=\"_ _184\"> </span> <span class=\"_ _20\"> </span>(3,606) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Ship operating expenses<span class=\"_ _82\"> </span>2a<span class=\"_ _1a\"> </span> <span class=\"_ _cf\"> </span>175,607 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>164,246 Charter hire expenses<span class=\"_ _a6\"> </span>3a<span class=\"_ _1a\"> </span> <span class=\"_ _b9\"> </span>2,695 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(2,695) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Administrative expenses <span class=\"_ _14b\"> </span>3b<span class=\"_ _183\"> </span> <span class=\"_ _d1\"> </span>27,891 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>26,424 Depreciation<span class=\"_ _13\"> </span>2b, 3<span class=\"_ _185\"> </span> <span class=\"_ _cf\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>17,431 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>165,205 Total operating expenses<span class=\"_ _166\"> </span><span class=\"ff2\"> <span class=\"_ _4a\"> </span>743,058 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,908 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>744,966 </span>Net operating income<span class=\"_ _12d\"> </span><span class=\"ff2\"> <span class=\"_ _d1\"> </span>12,216 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,741) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>8,475 </span>Other income (expenses)<span class=\"_ _f4\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Finance income<span class=\"_ _118\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _15\"> </span>121 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>121 Interest income<span class=\"_ _135\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _26\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _1d\"> </span>(119) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Finance expense<span class=\"_ _186\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _a0\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(44,244) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(44,244) Interest expense<span class=\"_ _ed\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _187\"> </span>(61,435) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>61,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Gain on marketable securities<span class=\"_ _47\"> </span> <span class=\"_ _b9\"> </span>7,677 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,677 Share of results of associated company<span class=\"_ _188\"> </span> <span class=\"_ _53\"> </span>(724) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(724) Foreign currency exchange loss<span class=\"_ _189\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _53\"> </span>(116) <span class=\"_ _40\"> </span> <span class=\"_ _f6\"> </span>116 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Gain on derivatives<span class=\"_ _10b\"> </span>5<span class=\"_ _3c\"> </span> <span class=\"_ _88\"> </span>17,509 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(17,509) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Dividends received<span class=\"_ _b5\"> </span>6<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,367 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>18,367 Other non-operating items, net<span class=\"_ _86\"> </span>6<span class=\"_ _18a\"> </span> <span class=\"_ _d1\"> </span>18,239 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(18,239) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Net other expenses<span class=\"_ _cc\"> </span><span class=\"ff2\"> <span class=\"_ _41\"> </span>(18,731) <span class=\"_ _2a\"> </span> <span class=\"_ _a0\"> </span>(72) <span class=\"_ _40\"> </span> <span class=\"_ _d1\"> </span>(18,803) </span>Loss before income taxes<span class=\"_ _18b\"> </span><span class=\"ff2\"> <span class=\"_ _20\"> </span>(6,515) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(10,328) </span>Income tax expense<span class=\"_ _18c\"> </span> <span class=\"_ _20\"> </span>(4,633) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(4,633) Loss for the period<span class=\"_ _f1\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Loss attributable to the shareholders of the Company<span class=\"_ _18d\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Basic loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _4e\"> </span>$(0.02)<span class=\"_ _18f\"> </span>$(0.08)</span>Diluted loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _18f\"> </span>$(0.02)<span class=\"_ _4e\"> </span>$(0.08)</span>IFRS adjustments to the Consolidated Statement of Profit or Loss for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>The presentation of operating revenues and other income was adjust<span class=\"_ _1\"></span>ed as follows:a.<span class=\"_ _6f\"> </span>\"Voyage <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>\"Time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _11\"> </span>GAAP <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>\"Revenue\" under IFRS.b.<span class=\"_ _38\"> </span>\"Administrative <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$14.2 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\"Other <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _d\"></span>to \"Revenue\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Other operating gains\" of $5.9 million under U.S. GAAP was reclassified to \"Other income\" under IFRS. 2.<span class=\"_ _38\"> </span><span class=\"ff2\">Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as </span>incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _27\"> </span>delivery <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>period <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>following measurement and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>decreased <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating expense by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other income.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _e\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>two <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>leased <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>third <span class=\"_ _e\"></span>party on time charters that were classified as leases<span class=\"ff3\">,</span> was re<span class=\"_ _1\"></span>classified to Depreciation under IFRS.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation under IFRS.4.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _f\"> </span>income\" <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _f\"> </span>separately <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>\"Finance income\" under IFRS.5.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _e\"></span>expense\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$61.4 <span class=\"_ _e\"></span>million, <span class=\"_ _10\"></span>\"Gain <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>derivatives\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$17.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>\"Foreign <span class=\"_ _e\"></span>currency <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>loss\" <span class=\"_ _10\"></span>of $0.1 million, which were presented separately under U.S. GAAP, were recla<span class=\"_ _1\"></span>ssified to \"Finance expense\" under IFRS.6.<span class=\"_ _38\"> </span>\"Other <span class=\"_ _10\"></span>non-operating <span class=\"_ _10\"></span>items, <span class=\"_ _10\"></span>net\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$18.4 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>reclassified <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>\"Dividends <span class=\"_ _10\"></span>received\" <span class=\"_ _10\"></span>under IFRS.Reconciliation of Consolidated Comprehensive Income for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _190\"> </span><span class=\"ff1\">Note<span class=\"_ _8a\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSProfit (loss)<span class=\"_ _138\"> </span>1<span class=\"_ _185\"> </span> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) Items that may be reclassified to profit or loss:Foreign currency translation gain (loss)<span class=\"_ _6b\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Other comprehensive income (loss)<span class=\"_ _74\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Comprehensive income (loss)<span class=\"_ _166\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) Comprehensive income (loss) attributable to the shareholders of the Company<span class=\"_ _191\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) IFRS adjustments to the Consolidated Comprehensive Income for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.Reconciliation of Consolidated Statement of Cash Flows for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _192\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSNet loss for the period<span class=\"_ _184\"> </span><span class=\"ff2\">1<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(11,148) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(14,961) </span>Adjustments to reconcile loss for the period with net cash provided by operations:Net finance expense<span class=\"_ _193\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>44,123 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,123 Depreciation<span class=\"_ _194\"> </span>2b, 3<span class=\"_ _f0\"> </span> <span class=\"_ _cd\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>17,431 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>165,205 Amortization of deferred charges<span class=\"_ _c0\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12\"> </span>5,208 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,208) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other operating gains<span class=\"_ _10f\"> </span>2c<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(5,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,833 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,225) Amortization of acquired time charters<span class=\"_ _69\"> </span> <span class=\"_ _ab\"> </span>(5,045) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,045) Contingent rental income<span class=\"_ _195\"> </span> <span class=\"_ _c4\"> </span>(3,606) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Gain on marketable securities<span class=\"_ _16f\"> </span> <span class=\"_ _c4\"> </span>(7,677) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,677) Share of results from associated company<span class=\"_ _116\"> </span> <span class=\"_ _15\"> </span>724 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>724 Gain on derivatives<span class=\"_ _118\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12f\"> </span>(23,262) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>23,262 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Stock option expense<span class=\"_ _df\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 Other, net<span class=\"_ _d5\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>430 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(430) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Changes in operating assets and liabilities:Trade accounts receivable<span class=\"_ _ed\"> </span> <span class=\"_ _12f\"> </span>(22,449) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,449) Other receivables<span class=\"_ _196\"> </span> <span class=\"_ _12\"> </span>7,216 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,216 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _12f\"> </span>(22,929) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,929) Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _c4\"> </span>(3,787) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,787) Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _ab\"> </span>(1,174) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(1,174) Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _b9\"> </span>(1,128) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,128) Trade accounts payable<span class=\"_ _120\"> </span> <span class=\"_ _c4\"> </span>(5,533) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,533) Accrued expenses<span class=\"_ _11f\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(1,911) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(1,574) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,485) Related party balances<span class=\"_ _148\"> </span> <span class=\"_ _ce\"> </span>18,968 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,968 Other current liabilities<span class=\"_ _144\"> </span> <span class=\"_ _15\"> </span>135 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>135 Change in restricted cash<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,928 Other<span class=\"_ _197\"> </span> <span class=\"_ _c4\"> </span>(2,816) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(2,816) Interest paid<span class=\"_ _119\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,477) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(60,477) Debt issuance costs paid<span class=\"_ _166\"> </span>7<span class=\"_ _1e\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(8,050) Interest received<span class=\"_ _d0\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>119 Net cash provided by operating activities<span class=\"_ _e2\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>62,932 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,329 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>85,261 </span>Investing activities<span class=\"_ _198\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Additions to newbuildings, vessels and equipment<span class=\"_ _e0\"> </span>2a<span class=\"_ _46\"> </span> <span class=\"_ _5a\"> </span>(462,400) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(473,761) Purchase of shares<span class=\"_ _10e\"> </span> <span class=\"_ _1d\"> </span>(357) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(357) Net proceeds from sale of vessel<span class=\"_ _122\"> </span> <span class=\"_ _ce\"> </span>80,000 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,000 Net cash inflow on sale of subsidiary<span class=\"_ _7b\"> </span> <span class=\"_ _12\"> </span>5,625 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,625 Proceeds from sale of marketable securities<span class=\"_ _199\"> </span> <span class=\"_ _b8\"> </span>14,074 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,074 Net cash used in investing activities<span class=\"_ _67\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>(363,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(374,419) </span>Financing activities<span class=\"_ _19a\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Net proceeds from issuance of shares<span class=\"_ _83\"> </span> <span class=\"_ _ce\"> </span>52,447 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,447 Proceeds from issuance of debt<span class=\"_ _f8\"> </span> <span class=\"_ _cd\"> </span>403,868 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>403,868 Repayment of debt<span class=\"_ _19b\"> </span> <span class=\"_ _5a\"> </span>(219,521) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(219,521) Repayment of obligations under leases<span class=\"_ _19c\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(5,194) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(4,090) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(9,284) Debt fees paid <span class=\"_ _132\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _ab\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>8,050 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Net cash provided by financing activities<span class=\"_ _189\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>223,550 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,960 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>227,510 </span>Net change in cash and cash equivalents<span class=\"_ _19d\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(76,576) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(61,648) </span>Cash and cash equivalents at beginning of year<span class=\"_ _19e\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,649 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(14,928) <span class=\"_ _40\"> </span> <span class=\"_ _cd\"> </span>174,721 </span>Cash and cash equivalents at end of year<span class=\"_ _116\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>113,073 </span>IFRS adjustments to the Consolidated Statement of Cash Flows for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. Accordingly, the ca<span class=\"_ _1\"></span>rrying amount of unamortized dry docking costs at December 31, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _e\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the next scheduled dry docking (2.5 - 5). This resulted in the following measureme<span class=\"_ _1\"></span>nt and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs paid <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>capitalized <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>separate component <span class=\"_ _d\"></span>of Vessels and equipment which increased Additions to newbuildings, vesse<span class=\"_ _1\"></span>ls and equipment by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other operating gains.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>leased-in <span class=\"_ _e\"></span>vessels, <span class=\"_ _e\"></span><span class=\"ff3\">FPMC <span class=\"_ _e\"></span>Noble <span class=\"_ _e\"></span></span>and FPMC <span class=\"_ _10\"></span>Melody,<span class=\"ff2\"> <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>Depreciation <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>corresponding <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>in </span>Repayment of obligations under leases.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>IFRS <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>corresponding <span class=\"_ _28\"> </span>increase <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>Repayment <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _28\"> </span>under leases.4.<span class=\"_ _38\"> </span>\"Other, net\" of $0.2 million under U.S. GAAP was reclassified to \"Stock option expense<span class=\"_ _1\"></span>\" under IFRS.5.<span class=\"_ _38\"> </span>The \"Change in restricted cash\" of $14.9 million was presented wit<span class=\"_ _1\"></span>hin operating activities under IFRS.6.<span class=\"_ _38\"> </span>The presentation of net finance expenses was adjusted as follows:a.<span class=\"_ _6f\"> </span>\"Amortization <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>deferred <span class=\"_ _2d\"> </span>charges\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$5.2 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>\"Gain <span class=\"_ _29\"> </span>on <span class=\"_ _2d\"> </span>derivatives\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$23.3 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>were reclassified to \"Net finance expense\". b.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _27\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$60.5 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Interest <span class=\"_ _27\"> </span>received\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>separately, <span class=\"_ _27\"> </span>which resulted in an adjustment to accrued expenses of $1.6 million.7.<span class=\"_ _38\"> </span>\"Debt <span class=\"_ _27\"> </span>fees <span class=\"_ _28\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$8.1 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>within <span class=\"_ _28\"> </span>financing <span class=\"_ _27\"> </span>activities <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _28\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>\"Debt issuance costs paid\" within operating activities under IFRS.4.<span class=\"_ _e8\"> </span>SEGMENT INFORMATIONThe <span class=\"_ _d\"></span>Company and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>chief <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>decision <span class=\"_ _d\"></span>maker, or <span class=\"_ _d\"></span>CODM, <span class=\"_ _d\"></span>measure <span class=\"_ _d\"></span>performance <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the Company's <span class=\"_ _d\"></span>overall <span class=\"_ _d\"></span>return to <span class=\"_ _d\"></span>shareholders based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>consolidated <span class=\"_ _d\"></span>profit <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>loss. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>CODM <span class=\"_ _d\"></span>does <span class=\"_ _d\"></span>not review <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>measure <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>result <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>a lower <span class=\"_ _d\"></span>level than <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>consolidated <span class=\"_ _28\"> </span>group. <span class=\"_ _27\"> </span>Consequently, <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Company <span class=\"_ _27\"> </span>has <span class=\"_ _28\"> </span>only <span class=\"_ _28\"> </span>one <span class=\"_ _27\"> </span>reportable <span class=\"_ _28\"> </span>segment: <span class=\"_ _27\"> </span>tankers. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>tankers <span class=\"_ _27\"> </span>segment includes crude oil tankers and product tankers.The Group's internal organizational and management struct<span class=\"_ _1\"></span>ure does not distinguish any geographical segments.No <span class=\"_ _f\"> </span>customers <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>years <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>individually <span class=\"_ _f\"> </span>accounted <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>10% <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>more <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company's consolidated operating revenues.5.<span class=\"_ _e8\"> </span>REVENUE AND OTHER INCOMEThe accounting treatment of revenue is described in acc<span class=\"_ _1\"></span>ounting policies (Note 2).The lease and non-lease components of our revenues in the year ended De<span class=\"_ _1\"></span>cember 31, 2022 were as follows:(in thousands of $)Lease<span class=\"_ _19f\"> </span>Non-lease<span class=\"_ _b9\"> </span>TotalVoyage charter revenues <span class=\"_ _19f\"> </span>601,057 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>744,907 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _3f\"> </span>1,345,964 </span>Time charter revenues <span class=\"_ _11b\"> </span>45,515 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>26,276 <span class=\"_ _40\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>71,791 </span>Administrative income<span class=\"_ _1a0\"> </span> <span class=\"_ _1c\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>12,453 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>12,453 </span>Total revenues <span class=\"_ _19f\"> </span>646,572 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>783,636 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _3f\"> </span>1,430,208 </span>The lease and non-lease components of our revenues in the year ended De<span class=\"_ _1\"></span>cember 31, 2021 were as follows:(in thousands of $)Lease<span class=\"_ _19f\"> </span>Non-lease<span class=\"_ _b9\"> </span>TotalVoyage charter revenues <span class=\"_ _19f\"> </span>166,014 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>497,981 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _19f\"> </span>663,995 </span>Time charter revenues <span class=\"_ _11b\"> </span>49,785 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>21,451 <span class=\"_ _40\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>71,236 </span>Administrative income<span class=\"_ _1a0\"> </span> <span class=\"_ _1c\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>14,150 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>14,150 </span>Total revenues <span class=\"_ _19f\"> </span>215,799 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>533,582 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _19f\"> </span>749,381 </span>Certain voyage expenses are capitalized between the previous <span class=\"_ _d\"></span>discharge port, or contract date if later, and <span class=\"_ _d\"></span>the next load port and amortized between load port and discharge port. $5.3 million of contract assets were capita<span class=\"_ _1\"></span>lized in the year ended December 31, 2022 <span class=\"_ _e\"></span>(2021: <span class=\"_ _e\"></span>$5.2 <span class=\"_ _e\"></span>million) <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>Other <span class=\"_ _e\"></span>current <span class=\"_ _e\"></span>assets, <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>$2.5 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>amortized <span class=\"_ _e\"></span>up <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>(2021: <span class=\"_ _e\"></span>$2.6 million), <span class=\"_ _e\"></span>leaving <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>remaining <span class=\"_ _e\"></span>balance <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$2.9 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>(2021: <span class=\"_ _10\"></span>$2.6 <span class=\"_ _10\"></span>million) <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022. <span class=\"_ _10\"></span>$2.6 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>contract assets were amortized in the <span class=\"_ _d\"></span>year ended December 31, 2022 <span class=\"_ _d\"></span>in relation to voyages <span class=\"_ _d\"></span>in progress at the end <span class=\"_ _d\"></span>of December 31, 2021. No impairment losses were recognized in the period.Administrative income <span class=\"_ _d\"></span>primarily <span class=\"_ _d\"></span>comprises the <span class=\"_ _d\"></span>income <span class=\"_ _d\"></span>earned from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>technical and <span class=\"_ _d\"></span>commercial <span class=\"_ _d\"></span>management of <span class=\"_ _d\"></span>related party and third party vessels and newbuilding supervision fees derived from relat<span class=\"_ _1\"></span>ed parties. As <span class=\"_ _11\"> </span>at <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2022, <span class=\"_ _f\"> </span>2021 <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _f\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>reported <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>following <span class=\"_ _11\"> </span>contract <span class=\"_ _f\"> </span>assets <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>its contracts with customers:(in thousands of $)December 31, December 31, January 1, 202220212021Voyages in progress <span class=\"_ _17\"> </span>60,620 <span class=\"_ _40\"> </span><span class=\"ff2\"> <span class=\"_ _ab\"> </span>27,467 <span class=\"_ _40\"> </span> <span class=\"_ _15e\"> </span>23,559 </span>Trade accounts receivable <span class=\"_ _17\"> </span>67,397 <span class=\"_ _40\"> </span><span class=\"ff2\"> <span class=\"_ _ab\"> </span>45,258 <span class=\"_ _40\"> </span> <span class=\"_ _15e\"> </span>27,814 </span>Related party receivables <span class=\"_ _1a1\"> </span>9,913 <span class=\"_ _3f\"> </span><span class=\"ff2\"> <span class=\"_ _bb\"> </span>5,397 <span class=\"_ _3f\"> </span> <span class=\"_ _9c\"> </span>7,195 </span>Other current assets <span class=\"_ _1a1\"> </span>2,896 <span class=\"_ _3f\"> </span><span class=\"ff2\"> <span class=\"_ _bb\"> </span>2,748 <span class=\"_ _3f\"> </span> <span class=\"_ _9c\"> </span>1,853 </span>Total <span class=\"_ _18a\"> </span>140,826 <span class=\"_ _40\"> </span><span class=\"ff2\"> <span class=\"_ _ab\"> </span>80,870 <span class=\"_ _40\"> </span> <span class=\"_ _15e\"> </span>60,421 </span>Other income in the years ended December 31, 2022 and 2021 were as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Gain on settlement of claims<span class=\"_ _1a3\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,998 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Other gains<span class=\"_ _1a4\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>18 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>519 Gain on sale of vessels<span class=\"_ _1a5\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>4,596 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,226 Loss on termination of leased vessels<span class=\"_ _1a6\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(431) <span class=\"_ _2a\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Gain (loss) on pool arrangements<span class=\"_ _1a7\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(141) <span class=\"_ _2a\"> </span></span> <span class=\"_ _15\"> </span>315  Total<span class=\"_ _1a8\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>8,040 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>4,060 In the year ended December 31, <span class=\"_ _d\"></span>2022, the Company recorded other gains <span class=\"_ _d\"></span>of $0.02 million (2021: $0.5 million) in <span class=\"_ _d\"></span>relation to the settlement of miscellaneous claims.In <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>recorded <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>arbitration <span class=\"_ _d\"></span>award <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>$2.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>failed <span class=\"_ _d\"></span>sale of <span class=\"ff3\">Dewi Maeswara</span> and $1.5 million gain on the settlement of insuranc<span class=\"_ _1\"></span>e claims for <span class=\"ff3\">Front Altair</span>.In November <span class=\"_ _d\"></span>2021, the <span class=\"_ _d\"></span>Company announced <span class=\"_ _d\"></span>that it <span class=\"_ _d\"></span>had entered <span class=\"_ _d\"></span>into an <span class=\"_ _d\"></span>agreement to <span class=\"_ _d\"></span>sell four <span class=\"_ _d\"></span>of its <span class=\"_ _d\"></span>scrubber fitted <span class=\"_ _d\"></span>LR2 tankers for an aggregate sales price <span class=\"_ _d\"></span>of $160.0 million to SFL <span class=\"_ _d\"></span>Tanker Holding Ltd., a company related <span class=\"_ _d\"></span>to Hemen, its largest shareholder. Two <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>delivered <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>new <span class=\"_ _11\"> </span>owners <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>2021 <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>remaining <span class=\"_ _10\"></span>two <span class=\"_ _11\"> </span>vessels <span class=\"_ _10\"></span>were <span class=\"_ _11\"> </span>delivered <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>new owners <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>January <span class=\"_ _f\"> </span>2022. <span class=\"_ _11\"> </span>After <span class=\"_ _f\"> </span>repayment <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>debt <span class=\"_ _f\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>transaction <span class=\"_ _f\"> </span>generated <span class=\"_ _11\"> </span>total <span class=\"_ _11\"> </span>net <span class=\"_ _11\"> </span>cash <span class=\"_ _f\"> </span>proceeds <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$68.6 million, with <span class=\"_ _d\"></span>net <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>proceeds of <span class=\"_ _d\"></span>$35.1 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company recorded <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>gain on sale <span class=\"_ _d\"></span>in relation <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>first two <span class=\"_ _d\"></span>vessels of <span class=\"_ _d\"></span>$3.2 million in <span class=\"_ _d\"></span>the year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>and a <span class=\"_ _d\"></span>gain of <span class=\"_ _d\"></span>$4.6 million <span class=\"_ _d\"></span>in the year ended December 31, 2022.In <span class=\"_ _10\"></span>April <span class=\"_ _10\"></span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>announced <span class=\"_ _10\"></span>that <span class=\"_ _11\"> </span>its <span class=\"_ _10\"></span>subsidiary <span class=\"_ _10\"></span>Frontline <span class=\"_ _11\"> </span>Shipping <span class=\"_ _10\"></span>Limited <span class=\"_ _10\"></span>had <span class=\"_ _10\"></span>agreed <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>SFL <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>terminate <span class=\"_ _10\"></span>the long-term <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>2004-built <span class=\"_ _d\"></span>VLCCs, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Force</span> <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Energy</span>, <span class=\"_ _d\"></span>upon <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>sale <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>SFL to <span class=\"_ _11\"> </span>an <span class=\"_ _11\"> </span>unrelated <span class=\"_ _11\"> </span>third <span class=\"_ _11\"> </span>party. <span class=\"_ _f\"> </span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>recognized <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>non-cash <span class=\"_ _f\"> </span>reduction <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>obligations <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$46.6 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year ended <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>respect <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>these <span class=\"_ _10\"></span>vessels. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>agreed <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>total <span class=\"_ _10\"></span>compensation <span class=\"_ _10\"></span>payment <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>SFL <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$4.5 million <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the termination <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>charters. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>terminated and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>delivered <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>new <span class=\"_ _d\"></span>owners <span class=\"_ _d\"></span>in April 2022. The Company recorded a loss on termination of $0.4 million in t<span class=\"_ _1\"></span>he year ended December 31, 2022.In <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _f\"> </span>recorded <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _f\"> </span>million <span class=\"_ _27\"> </span>loss <span class=\"_ _27\"> </span>(2021: <span class=\"_ _f\"> </span>$0.3 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>gain) <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>the pooling <span class=\"_\"> </span>arrangement <span class=\"_ _28\"> </span>with <span class=\"_\"> </span>SFL <span class=\"_\"> </span>betwe<span class=\"_ _1\"></span>en <span class=\"_\"> </span>two <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>its <span class=\"_\"> </span>Suezmax <span class=\"_ _28\"> </span>tankers <span class=\"_\"> </span><span class=\"ff3\">Front <span class=\"_\"> </span>Odin</span> <span class=\"_ _28\"> </span>and <span class=\"_\"> </span><span class=\"ff3\">Front <span class=\"_ _28\"> </span>Njord</span> <span class=\"_\"> </span>and <span class=\"_\"> </span>two <span class=\"_ _28\"> </span>SFL <span class=\"_\"> </span>vessels Glorycrown<span class=\"ff2\"> and </span>Everbright<span class=\"ff2\">.</span>6.<span class=\"_ _e8\"> </span>OPERATING EXPENSESVoyage expenses and commissions(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Commissions<span class=\"_ _154\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>46,029 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>22,239 Bunkers<span class=\"_ _96\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>416,830 <span class=\"_ _a7\"> </span></span> <span class=\"_ _af\"> </span>237,166 Other voyage related expenses<span class=\"_ _1a9\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>142,685 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>133,292  <span class=\"_ _1aa\"> </span> <span class=\"_ _cd\"> </span>605,544 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>392,697 </span>For <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>operated <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>spot <span class=\"_ _d\"></span>market, <span class=\"_ _d\"></span>voyage <span class=\"_ _d\"></span>expenses are <span class=\"_ _d\"></span>paid <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>shipowner <span class=\"_ _d\"></span>while <span class=\"_ _d\"></span>voyage <span class=\"_ _d\"></span>expenses <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>a time charter contract, are paid by the charterer. No i<span class=\"_ _1\"></span>nventory write-downs were recognized as an expense in the period.The majority of <span class=\"_ _d\"></span>other voyage <span class=\"_ _d\"></span>expenses are <span class=\"_ _d\"></span>port costs, agency <span class=\"_ _d\"></span>fees and <span class=\"_ _d\"></span>agent fees paid <span class=\"_ _d\"></span>to operate <span class=\"_ _d\"></span>the vessels on <span class=\"_ _d\"></span>the spot <span class=\"_ _d\"></span>market. Port costs vary depending on the number of spot voyages performed, number and type of ports. Ship operating expenses(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Technical management expenses<span class=\"_ _9b\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>66,238 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>56,007 Crew costs<span class=\"_ _1ab\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>96,283 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>96,915 Insurances<span class=\"_ _1ac\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,643 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>11,324  <span class=\"_ _1aa\"> </span> <span class=\"_ _cd\"> </span>175,164 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>164,246 </span>Ship operating expenses are the direct costs associated with running a vessel and include crew costs, vessel supplies, repairs and maintenance, <span class=\"_\"> </span>lubricating <span class=\"_\"> </span>oils <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>insurances. <span class=\"_\"> </span>The <span class=\"_ _29\"> </span>technical <span class=\"_\"> </span>management <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>our <span class=\"_\"> </span>vessels <span class=\"_\"> </span>is <span class=\"_ _29\"> </span>provided <span class=\"_\"> </span>by <span class=\"_ _29\"> </span>third <span class=\"_\"> </span>party <span class=\"_\"> </span>ship management companies.Administrative expenses(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Total compensation to employees and directors<span class=\"_ _1ad\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>22,442 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>13,325 Office and administrative expenses<span class=\"_ _1ae\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,105 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>10,544 Audit, legal and consultancy<span class=\"_ _15a\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,827 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>2,555  <span class=\"_ _b8\"> </span>47,374 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>26,424 </span>The <span class=\"_ _e\"></span>statutory <span class=\"_ _10\"></span>auditor <span class=\"_ _10\"></span>charged <span class=\"_ _e\"></span>fees <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$0.1 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>respective <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>audit <span class=\"_ _e\"></span>services <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>audit <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>statements. <span class=\"_ _10\"></span>No other fees were charged by the statutory auditor.Total compensation to employees and directors:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Directors fees<span class=\"_ _1af\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>465 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>329 Wages and salaries<span class=\"_ _1b0\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>15,247 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>9,504 Stock option expense<span class=\"_ _1b1\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>4,700 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>153 Social security costs<span class=\"_ _18e\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,130 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>1,751 Pension costs<span class=\"_ _1b2\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>772 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,401 Other staff related costs<span class=\"_ _1b3\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>128 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>187  <span class=\"_ _b8\"> </span>22,442 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>13,325 </span>The average <span class=\"_ _d\"></span>number of employees <span class=\"_ _d\"></span>employed by <span class=\"_ _d\"></span>the Company and <span class=\"_ _d\"></span>its subsidiaries <span class=\"_ _d\"></span>in the year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, 2022 was <span class=\"_ _d\"></span>79 (2021: 82).7.<span class=\"_ _e8\"> </span>NET FINANCE EXPENSE(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Interest income<span class=\"_ _1b4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,463 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>119 Foreign exchange gains<span class=\"_ _f9\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>16 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Other financial income<span class=\"_ _11a\"> </span><span class=\"ff1\"> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _37\"> </span></span> <span class=\"_ _101\"> </span>2 Finance income<span class=\"_ _1b5\"> </span> <span class=\"_ _12\"> </span>1,479 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _15\"> </span>121 </span>Interest expense on financial liabilities measure<span class=\"_ _1\"></span>d at amortized cost<span class=\"_ _1b6\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>92,222 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>52,328 Interest leasing<span class=\"_ _1b7\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>937 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,968 Gain on interest rate swaps<span class=\"_ _f7\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(53,623) <span class=\"_ _40\"> </span></span> <span class=\"_ _d1\"> </span>(17,509) Foreign exchange losses<span class=\"_ _197\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>116 Amortization of debt issuance costs<span class=\"_ _a1\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,553 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>5,210 Other financial expenses<span class=\"_ _1b8\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>241 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>131 Finance expense<span class=\"_ _133\"> </span> <span class=\"_ _ce\"> </span>45,330 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>44,244 </span>Net finance expense<span class=\"_ _1b9\"> </span> <span class=\"_ _12f\"> </span>(43,851) <span class=\"_ _2a\"> </span><span class=\"ff2\"> <span class=\"_ _12f\"> </span>(44,123) </span>8.<span class=\"_ _e8\"> </span>INCOME TAXESCertain <span class=\"_ _d\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>subsidiaries <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>tax <span class=\"_ _10\"></span>resident <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>Cyprus, <span class=\"_ _10\"></span>Singapore, <span class=\"_ _d\"></span>China, <span class=\"_ _e\"></span>Norway <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>United <span class=\"_ _e\"></span>Kingdom <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>are subject <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>income <span class=\"_ _e\"></span>tax <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>their <span class=\"_ _e\"></span>respective <span class=\"_ _e\"></span>jurisdictions. <span class=\"_ _d\"></span>Such <span class=\"_ _e\"></span>taxes <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>material <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>consolidated <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _e\"></span>and related disclosures for the year ended December 31, 2022.CyprusUnder <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>provisions <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>Cyprus <span class=\"_ _d\"></span>tax <span class=\"_ _e\"></span>laws, <span class=\"_ _e\"></span>such <span class=\"_ _e\"></span>income <span class=\"_ _d\"></span>shall <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>included <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>estimation <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>taxable <span class=\"_ _d\"></span>income <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>taxed <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the rate of 12.5%.Frontline <span class=\"_ _11\"> </span>intends <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>apply <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>treatment <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Cypriot <span class=\"_ _f\"> </span>tonnage <span class=\"_ _f\"> </span>tax <span class=\"_ _f\"> </span>system. <span class=\"_ _f\"> </span>In <span class=\"_ _f\"> </span>line <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>tonnage <span class=\"_ _f\"> </span>tax <span class=\"_ _f\"> </span>legislation, <span class=\"_ _f\"> </span>the Company <span class=\"_ _f\"> </span>will <span class=\"_ _f\"> </span>pay <span class=\"_ _f\"> </span>tax <span class=\"_ _27\"> </span>calculated <span class=\"_ _11\"> </span>on <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>basis <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>net <span class=\"_ _f\"> </span>tonnage <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>qualifying <span class=\"_ _f\"> </span>vessels <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>owns, <span class=\"_ _f\"> </span>charters <span class=\"_ _f\"> </span>or manages. <span class=\"_ _f\"> </span>The <span class=\"_ _27\"> </span>option <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>tonnage <span class=\"_ _f\"> </span>tax <span class=\"_ _27\"> </span>should <span class=\"_ _27\"> </span>be <span class=\"_ _27\"> </span>valid <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>ten <span class=\"_ _27\"> </span>years. <span class=\"_ _27\"> </span>Tonnage <span class=\"_ _f\"> </span>tax <span class=\"_ _27\"> </span>payable <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>our <span class=\"_ _27\"> </span>vessel <span class=\"_ _f\"> </span>owning subsidiaries are recorded as ship operating expenses in the Consolida<span class=\"_ _1\"></span>ted Statements of Profit or Loss.United StatesFor <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>did <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>accrue <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>income <span class=\"_ _10\"></span>taxes <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>engaged <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>a U.S. trade or business and is exempted from a gross basis tax under Section 883 of the U.S. Int<span class=\"_ _1\"></span>ernal Revenue Code.Under <span class=\"_ _27\"> </span>Section <span class=\"_ _27\"> </span>863(c)(2)(A) <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Internal <span class=\"_ _27\"> </span>Revenue <span class=\"_ _27\"> </span>Code, <span class=\"_ _27\"> </span>50% <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>all <span class=\"_ _27\"> </span>transportation <span class=\"_ _27\"> </span>revenue <span class=\"_ _27\"> </span>attributable <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>transportation which <span class=\"_ _f\"> </span>begins <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>ends <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>United <span class=\"_ _f\"> </span>States <span class=\"_ _f\"> </span>shall <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>treated <span class=\"_ _f\"> </span>as <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>sources <span class=\"_ _11\"> </span>within <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>United <span class=\"_ _11\"> </span>States <span class=\"_ _f\"> </span>where <span class=\"_ _27\"> </span>no <span class=\"_ _f\"> </span>Section <span class=\"_ _f\"> </span>883 exemption <span class=\"_\"> </span>is <span class=\"_ _28\"> </span>available. <span class=\"_\"> </span>Such <span class=\"_\"> </span>revenue <span class=\"_ _28\"> </span>is <span class=\"_\"> </span>subject <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>4% <span class=\"_\"> </span>tax. <span class=\"_\"> </span>No <span class=\"_ _28\"> </span>revenue <span class=\"_\"> </span>tax <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_\"> </span>recorded <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>voyage <span class=\"_\"> </span>expenses <span class=\"_ _28\"> </span>and commissions in the year ended December 31, 2022 (2021: nil). Other JurisdictionsIn <span class=\"_\"> </span>the <span class=\"_\"> </span>year <span class=\"_ _28\"> </span>ended <span class=\"_\"> </span>December <span class=\"_\"> </span>31, <span class=\"_ _28\"> </span>2021, <span class=\"_\"> </span>the <span class=\"_\"> </span>Company <span class=\"_ _28\"> </span>received <span class=\"_\"> </span>a <span class=\"_\"> </span>distributi<span class=\"_ _1\"></span>on <span class=\"_\"> </span>from <span class=\"_\"> </span>Den <span class=\"_ _28\"> </span>Norske <span class=\"_\"> </span>Krigsforsikring <span class=\"_\"> </span>for <span class=\"_ _28\"> </span>Skib (\u201cDNK\u201d), <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Norwegian <span class=\"_ _27\"> </span>Shipowners <span class=\"_ _27\"> </span>Mutual <span class=\"_ _27\"> </span>War <span class=\"_ _f\"> </span>Risk <span class=\"_ _27\"> </span>Insurance <span class=\"_ _27\"> </span>Association, <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$17.9 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>which <span class=\"_ _f\"> </span>was subject <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>withholding <span class=\"_ _e\"></span>tax <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>$4.5 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>recognized <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>income <span class=\"_ _e\"></span>tax <span class=\"_ _d\"></span>expense <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December 31, 2021.The Company does not have any unrecognized tax benefits, materi<span class=\"_ _1\"></span>al accrued interest or penalties relating to incom<span class=\"_ _1\"></span>e taxes.9.<span class=\"_ _e8\"> </span>EARNINGS PER SHAREBasic earnings <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>is computed <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on the <span class=\"_ _d\"></span>income <span class=\"_ _d\"></span>available to <span class=\"_ _d\"></span>ordinary <span class=\"_ _d\"></span>shareholders and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>weighted average <span class=\"_ _d\"></span>number of <span class=\"_ _29\"> </span>shares <span class=\"_\"> </span>outstanding. <span class=\"_ _29\"> </span>Diluted <span class=\"_ _29\"> </span>earnings <span class=\"_\"> </span>per <span class=\"_ _29\"> </span>share <span class=\"_ _29\"> </span>includes <span class=\"_ _29\"> </span>the <span class=\"_\"> </span>effect <span class=\"_ _29\"> </span>of <span class=\"_ _29\"> </span>the <span class=\"_\"> </span>assumed <span class=\"_ _29\"> </span>conversion <span class=\"_ _29\"> </span>of <span class=\"_ _29\"> </span>potentially <span class=\"_\"> </span>dilutive instruments. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>impact <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>stock <span class=\"_ _10\"></span>options <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>treasury <span class=\"_ _10\"></span>stock <span class=\"_ _e\"></span>method <span class=\"_ _10\"></span>was <span class=\"_ _e\"></span>anti-dilutive <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>2021 <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>recorded net <span class=\"_ _e\"></span>losses <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>exercise <span class=\"_ _e\"></span>price <span class=\"_ _10\"></span>was <span class=\"_ _d\"></span>higher <span class=\"_ _10\"></span>than <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>average <span class=\"_ _10\"></span>share <span class=\"_ _d\"></span>price; <span class=\"_ _e\"></span>therefore <span class=\"_ _e\"></span>58,000 <span class=\"_ _10\"></span>options <span class=\"_ _d\"></span>were <span class=\"_ _10\"></span>excluded from the calculation in 2021.The <span class=\"_ _d\"></span>weighted <span class=\"_ _e\"></span>average <span class=\"_ _d\"></span>number <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>outstanding <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>purpose <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>calculating <span class=\"_ _d\"></span>basic <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>diluted <span class=\"_ _e\"></span>earnings <span class=\"_ _d\"></span>per <span class=\"_ _e\"></span>share <span class=\"_ _e\"></span>for <span class=\"_ _d\"></span>the year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>214,011,000, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>includes <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>impact <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>19,091,910 <span class=\"_ _d\"></span>shares <span class=\"_ _10\"></span>issued <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>Hemen <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>no cash consideration in connection with the Euronav NV (\"Euronav\") share ac<span class=\"_ _1\"></span>quisition.The components of the numerator and the denominator in the cal<span class=\"_ _1\"></span>culation of basic and diluted earnings per share are as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Profit (loss) attributable to the shareholders of the Company <span class=\"_ _cd\"> </span>475,537 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _d1\"> </span>(14,961) </span>(in thousands)Weighted average number of basic and diluted shares <span class=\"_ _cd\"> </span>214,011 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>198,965 </span>Cash dividends per share declared<span class=\"_ _1ba\"> </span><span class=\"ff1\">$0.15<span class=\"_ _d6\"> </span></span>$0.0010.<span class=\"_ _95\"> </span>MARKETABLE SECURITIESMarketable <span class=\"_ _10\"></span>securities <span class=\"_ _11\"> </span>held <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>listed <span class=\"_ _11\"> </span>equity <span class=\"_ _11\"> </span>securities. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _11\"> </span>2022 <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company received dividends of $1.6 million (2021: $0.5 million) from its investm<span class=\"_ _1\"></span>ents in marketable securities.A <span class=\"_ _10\"></span>summary <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>movements <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>marketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>years <span class=\"_ _10\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>2021 <span class=\"_ _10\"></span>is <span class=\"_ _11\"> </span>presented <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the table below:(in thousands of $)<span class=\"_ _ca\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Balance at the beginning of the year<span class=\"_ _119\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>8,475 Marketable securities acquired<span class=\"_ _0\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>167,709 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>357 Proceeds from sale of marketable securities<span class=\"_ _192\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12f\"> </span>(14,074) Gain on sale of marketable securities<span class=\"_ _137\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>7,881 Unrealized gain (loss) on marketable securities held at<span class=\"_ _1\"></span> end of the year<span class=\"_ _1bb\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>66,137 <span class=\"_ _a7\"> </span></span> <span class=\"_ _1d\"> </span>(204) Balance at the end of the year<span class=\"_ _139\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>236,281 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,435 Avance GasAs <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>2021, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>held <span class=\"_ _d\"></span>442,384 <span class=\"_ _e\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Avance <span class=\"_ _e\"></span>Gas. <span class=\"_ _e\"></span>In <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, the Company <span class=\"_ _d\"></span>recognized an <span class=\"_ _d\"></span>unrealized gain <span class=\"_ _d\"></span>of $0.9 <span class=\"_ _d\"></span>million (2021: <span class=\"_ _d\"></span>loss of <span class=\"_ _d\"></span>$0.4 <span class=\"_ _d\"></span>million) in <span class=\"_ _d\"></span>relation to <span class=\"_ _d\"></span>the shares <span class=\"_ _d\"></span>held in <span class=\"_ _d\"></span>Avance Gas.SFLAs <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _f\"> </span>held <span class=\"_ _f\"> </span>73,165 <span class=\"_ _27\"> </span>shares <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>SFL. <span class=\"_ _27\"> </span>In <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2022, <span class=\"_ _f\"> </span>the Company recognized an unrealized gain of $0.1 million (2021: gain of <span class=\"_ _1\"></span>$0.1 million) in relation to the shares held in SFL.Golden OceanAs of December 31, 2022 and 2021, the Company held 10,299 (2020: 1,270,657) shares in Golden Ocean.In <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>purchased <span class=\"_ _11\"> </span>55,959 <span class=\"_ _10\"></span>Golden <span class=\"_ _10\"></span>Ocean <span class=\"_ _11\"> </span>shares <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>$0.4 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>sold <span class=\"_ _11\"> </span>these shares for proceeds of $0.7 million.In the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, the <span class=\"_ _d\"></span>Company sold <span class=\"_ _d\"></span>1.3 <span class=\"_ _d\"></span>million shares <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>Golden Ocean <span class=\"_ _d\"></span>for proceeds <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$13.4 million <span class=\"_ _d\"></span>and recognized a gain on marketable securities sold of $7.9 mil<span class=\"_ _1\"></span>lion.In the <span class=\"_ _d\"></span>year ended December <span class=\"_ _d\"></span>31, 2022, the <span class=\"_ _d\"></span>Company recognized an <span class=\"_ _d\"></span>unrealized loss of <span class=\"_ _d\"></span>$0.01 million (2021: <span class=\"_ _d\"></span>gain of <span class=\"_ _d\"></span>$0.1 million) in relation to the shares still held in Golden Ocean.EuronavOn <span class=\"_ _e\"></span>May <span class=\"_ _10\"></span>28, <span class=\"_ _10\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>announced <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>it <span class=\"_ _e\"></span>agreed <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>acquire <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>privately <span class=\"_ _e\"></span>negotiated <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>transactions <span class=\"_ _10\"></span>with certain <span class=\"_ _28\"> </span>shareholders <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Euronav <span class=\"_\"> </span>a <span class=\"_ _27\"> </span>total <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>5,955,705 <span class=\"_\"> </span>shares <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>Euronav, <span class=\"_ _28\"> </span>representing <span class=\"_ _28\"> </span>2.95% <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>shares <span class=\"_ _27\"> </span>in Euronav as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>this date, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>exchange for <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>total of <span class=\"_ _d\"></span>8,337,986 <span class=\"_ _d\"></span>ordinary shares <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Frontline. Frontline <span class=\"_ _d\"></span>received the <span class=\"_ _d\"></span>$0.06 <span class=\"_ _d\"></span>dividend per share that was paid on June 8, 2022 by Euronav in respect of these 5,955,705 shares. On <span class=\"_ _29\"> </span>June <span class=\"_ _29\"> </span>10, <span class=\"_ _29\"> </span>2022, <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_ _29\"> </span>announced <span class=\"_ _29\"> </span>that <span class=\"_ _29\"> </span>it <span class=\"_ _29\"> </span>agreed <span class=\"_ _29\"> </span>to <span class=\"_ _29\"> </span>acquire <span class=\"_ _29\"> </span>in <span class=\"_ _29\"> </span>privately <span class=\"_ _29\"> </span>negotiated <span class=\"_ _29\"> </span>transactions <span class=\"_ _29\"> </span>with <span class=\"_ _29\"> </span>certain shareholders <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Euronav <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>total <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>7,708,908 <span class=\"_ _d\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Euronav, <span class=\"_ _d\"></span>representing <span class=\"_ _d\"></span>3.82% <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>outstanding <span class=\"_ _d\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Euronav <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of this date, in exchange for a total of 10,753,924 shares in Frontline. In connection with the above-referenced privately negotiated share exchange transactions, Frontline entered <span class=\"_ _d\"></span>into a share lending arrangement <span class=\"_ _27\"> </span>with <span class=\"_ _28\"> </span>Hemen <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>facilitate <span class=\"_ _27\"> </span>settlement <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>such <span class=\"_ _28\"> </span>transactions. <span class=\"_ _27\"> </span>Pursuant <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>such <span class=\"_ _28\"> </span>arrangement, <span class=\"_ _27\"> </span>Hemen <span class=\"_ _28\"> </span>delivered <span class=\"_ _27\"> </span>an aggregate <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>19,091,910 <span class=\"_ _f\"> </span>Frontline <span class=\"_ _f\"> </span>shares <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>exchanging <span class=\"_ _f\"> </span>Euronav <span class=\"_ _11\"> </span>holders <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>June <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>Frontline <span class=\"_ _f\"> </span>agreed <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>issue <span class=\"_ _11\"> </span>to Hemen <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>same <span class=\"_ _d\"></span>number <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>shares <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Frontline <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>full <span class=\"_ _e\"></span>satisfaction <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>share <span class=\"_ _d\"></span>lending <span class=\"_ _d\"></span>arrangement. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>issued <span class=\"_ _e\"></span>to Hemen in August 2022.As <span class=\"_ _d\"></span>of December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>held <span class=\"_ _d\"></span>13,664,613 <span class=\"_ _d\"></span>shares <span class=\"_ _d\"></span>in Euronav, <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>result of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>above <span class=\"_ _d\"></span>transactions. The <span class=\"_ _d\"></span>acquired shares were initially recognized at their fair value of $167.7 million and <span class=\"_ _d\"></span>the Company recorded a realized loss of $7.8 million in relation to these transactions, <span class=\"_ _d\"></span>being the difference between <span class=\"_ _d\"></span>the transaction price to acquire <span class=\"_ _d\"></span>these shares and their <span class=\"_ _d\"></span>fair value as <span class=\"_ _d\"></span>of the <span class=\"_ _10\"></span>transaction <span class=\"_ _11\"> </span>dates. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>transaction <span class=\"_ _11\"> </span>price <span class=\"_ _10\"></span>paid <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>acquire <span class=\"_ _10\"></span>these <span class=\"_ _11\"> </span>shares <span class=\"_ _11\"> </span>was <span class=\"_ _10\"></span>$175.5 <span class=\"_ _11\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _10\"></span>was <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the Frontline's shares as of the transaction dates.Based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Euronav <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>price <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>shares <span class=\"_ _e\"></span>held <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>Euronav <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>$232.8 <span class=\"_ _e\"></span>million, which resulted in an unrealized gain of $65.1 million.11.<span class=\"_ _95\"> </span>TRADE AND OTHER RECEIVABLESDecember 31, December 31, January 1, (in thousands of $)202220212021Receivables from contracts with customers<span class=\"_ _1bc\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>67,397 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>45,258 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>27,814 Lease receivables<span class=\"_ _1bd\"> </span> <span class=\"_ _b8\"> </span>55,608 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>18,165 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,160 Claims receivable<span class=\"_ _1ae\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,489 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>1,097 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,022 Advances<span class=\"_ _f7\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,959 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>1,263 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,911 Agent receivables<span class=\"_ _1ae\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>843 <span class=\"_ _37\"> </span></span> <span class=\"_ _f6\"> </span>149 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,229 Other receivables<span class=\"_ _155\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>11,171 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>7,600 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>15,788  <span class=\"_ _1be\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>139,467 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>73,532 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>63,924 Receivables <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>contracts <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>customers <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>lease <span class=\"_ _27\"> </span>receivables <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>net <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>allowances <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>doubtful <span class=\"_ _27\"> </span>accounts <span class=\"_ _f\"> </span>of $4.4 million as of December 31, 2022 (December 31, 2021: $1.9 million, January 1, 2021: $2.6 m<span class=\"_ _1\"></span>illion).Claims receivable is primarily attributable<span class=\"_ _1\"></span> to insurance claims.Other <span class=\"_ _d\"></span>receivables <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>net <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>allowances <span class=\"_ _e\"></span>for <span class=\"_ _d\"></span>doubtful <span class=\"_ _e\"></span>accounts <span class=\"_ _d\"></span>amounting <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>nil <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>(December 31, 2021: nil, January 1, 2021: nil).12.<span class=\"_ _95\"> </span>NEWBUILDINGSMovements in the two years ended December 31, 2022 are summarized a<span class=\"_ _1\"></span>s follows:(in thousands of $)<span class=\"_ _1bf\"> </span><span class=\"ff1\"> </span>Balance at January 1, 2021<span class=\"_ _1a4\"> </span> <span class=\"_ _ce\"> </span>48,498 Installments and other costs paid and payable<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>274,248 Transfer to Vessels and equipment<span class=\"_ _133\"> </span> <span class=\"_ _5a\"> </span>(194,162) Capitalized borrowing costs<span class=\"_ _1c0\"> </span> <span class=\"_ _12\"> </span>2,049 Balance at December 31, 2021<span class=\"_ _159\"> </span> <span class=\"_ _af\"> </span>130,633 Installments and other costs paid and payable<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>299,963 Transfer to Vessels and equipment<span class=\"_ _133\"> </span> <span class=\"_ _5a\"> </span>(386,241) Capitalized borrowing costs<span class=\"_ _1c0\"> </span> <span class=\"_ _12\"> </span>3,636 Balance at December 31, 2022<span class=\"_ _159\"> </span> <span class=\"_ _b8\"> </span>47,991 The following table sets forth certain details of our newbuildi<span class=\"_ _1\"></span>ngs delivered in the two years ended December 31, 2022:Vessel name<span class=\"_ _1c1\"> </span>Vessel type<span class=\"_ _15e\"> </span>Date of deliveryFront Gaula<span class=\"_ _1c2\"> </span>VLCC<span class=\"_ _48\"> </span>October 2022Front Tana<span class=\"_ _1c3\"> </span>VLCC<span class=\"_ _1c4\"> </span>August 2022Front Alta<span class=\"_ _1c5\"> </span>VLCC<span class=\"_ _e3\"> </span>April 2022Front Tweed<span class=\"_ _1b5\"> </span>VLCC<span class=\"_ _1c6\"> </span>June 2022Front Feature<span class=\"_ _1c7\"> </span>LR2<span class=\"_ _3a\"> </span>November 2021Front Favour<span class=\"_ _1c8\"> </span>LR2<span class=\"_ _b4\"> </span>September 2021Front Future<span class=\"_ _1c9\"> </span>LR2<span class=\"_ _1ca\"> </span>April 2021Front Fusion<span class=\"_ _1c9\"> </span>LR2<span class=\"_ _1cb\"> </span>March 2021As <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company's <span class=\"_ _10\"></span>newbuilding <span class=\"_ _10\"></span>program <span class=\"_ _10\"></span>comprised <span class=\"_ _10\"></span>four <span class=\"_ _10\"></span>LR2 <span class=\"_ _10\"></span>tankers, <span class=\"_ _10\"></span>all <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>delivered <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the year ended December 31, 2021.As <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>newbuilding <span class=\"_ _e\"></span>program <span class=\"_ _e\"></span>consisted <span class=\"_ _d\"></span>of <span class=\"_ _10\"></span>six <span class=\"_ _d\"></span>VLCCs, <span class=\"_ _e\"></span>four <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>delivered <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the year ended December 2022.As <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company\u2019s <span class=\"_ _11\"> </span>newbuilding <span class=\"_ _10\"></span>program <span class=\"_ _11\"> </span>consisted <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>VLCCs, <span class=\"_ _11\"> </span>which <span class=\"_ _10\"></span>were <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>January 2023.Refer to Note 13 for impairment considerations.13.VESSELS AND EQUIPMENTMovements in the two years ended December 31, 2022 are summarized a<span class=\"_ _1\"></span>s follows:Vessels and Dry dock (in thousands of $)equipmentcomponent<span class=\"_ _104\"> </span>TotalCostAs of January 1, 2022<span class=\"_ _12d\"> </span> <span class=\"_ _121\"> </span>4,089,351 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>107,616 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>4,196,967 Additions<span class=\"_ _f7\"> </span> <span class=\"_ _b8\"> </span>16,483 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>17,850 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>34,333 Transferred from new buildings<span class=\"_ _1cc\"> </span> <span class=\"_ _cd\"> </span>380,859 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,382 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>386,241 Disposals<span class=\"_ _106\"> </span> <span class=\"_ _12f\"> </span>(95,975) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(4,411) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(100,386) As of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _121\"> </span>4,390,718 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>126,437 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>4,517,155 Accumulated depreciationAs of January 1, 2022<span class=\"_ _12d\"> </span> <span class=\"_ _5a\"> </span>(666,860) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(62,807) <span class=\"_ _2a\"> </span> <span class=\"_ _cf\"> </span>(729,667) Charge for the period<span class=\"_ _12e\"> </span> <span class=\"_ _5a\"> </span>(145,623) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(16,324) <span class=\"_ _2a\"> </span> <span class=\"_ _cf\"> </span>(161,947) Disposals<span class=\"_ _106\"> </span> <span class=\"_ _b8\"> </span>22,137 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>2,974 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>25,111 As of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _5a\"> </span>(790,346) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(76,157) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(866,503) Net book valueAs of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _121\"> </span>3,600,372 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>50,280 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>3,650,652 CostAs of January 1, 2021<span class=\"_ _12d\"> </span> <span class=\"_ _121\"> </span>3,805,768 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>94,396 <span class=\"_ _37\"> </span> <span class=\"_ _e8\"> </span>3,900,164 Additions<span class=\"_ _f7\"> </span> <span class=\"_ _af\"> </span>189,193 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>12,740 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>201,933 Transferred from new buildings<span class=\"_ _1cc\"> </span> <span class=\"_ _cd\"> </span>189,035 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,127 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>194,162 Disposals<span class=\"_ _106\"> </span> <span class=\"_ _12f\"> </span>(94,645) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(4,647) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(99,292) As of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _121\"> </span>4,089,351 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>107,616 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>4,196,967 Accumulated depreciationAs of January 1, 2021<span class=\"_ _12d\"> </span> <span class=\"_ _5a\"> </span>(550,082) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(49,626) <span class=\"_ _2a\"> </span> <span class=\"_ _cf\"> </span>(599,708) Charge for the period<span class=\"_ _12e\"> </span> <span class=\"_ _5a\"> </span>(136,482) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(15,995) <span class=\"_ _2a\"> </span> <span class=\"_ _cf\"> </span>(152,477) Disposals<span class=\"_ _106\"> </span> <span class=\"_ _b8\"> </span>19,704 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>2,814 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,518 As of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _5a\"> </span>(666,860) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(62,807) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(729,667) Net book valueAs of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _121\"> </span>3,422,491 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>44,809 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>3,467,300 As of January 1, 2021<span class=\"_ _d3\"> </span> <span class=\"_ _e8\"> </span>3,255,686 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,770 <span class=\"_ _37\"> </span> <span class=\"_ _e8\"> </span>3,300,456 In the year ended December 31, 2022, the Company;\u2022<span class=\"_ _2c\"> </span>completed the installation of Exhaust Gas Cleaning Syst<span class=\"_ _1\"></span>ems on eight vessels;\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">took delivery of four VLCC newbuildings, </span>Front Alta, Front Tweed, Front Tana <span class=\"ff2\">and</span> F<span class=\"_ _1\"></span>ront Gaula;\u2022<span class=\"_ _2c\"> </span>sold two LR2 tankers, <span class=\"ff3\">Front Lion</span> and <span class=\"ff3\">Front Panther;</span> and\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">performed dry docks on 14 vessels.</span>In the year ended December 31, 2021, the Company;\u2022<span class=\"_ _2c\"> </span>completed the installation of EGCS on two vessels and the i<span class=\"_ _1\"></span>nstallation of BWTS on one vessel;\u2022<span class=\"_ _2c\"> </span>took delivery of two VLCCs, <span class=\"ff3\">Front Driva</span> and <span class=\"ff3\">Front Nausta;</span>\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">took delivery of four LR2 newbuildings, </span>Front Favour, Front Feature, Front Fusion <span class=\"_ _1\"></span><span class=\"ff2\">and<span class=\"ff3\"> Front Future</span>; </span>\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">sold two LR2 tankers, </span>Front Puma<span class=\"ff2\"> and </span>Front Tiger<span class=\"ff2\">; and</span>\u2022<span class=\"_ _2c\"> </span>performed dry docks on 11 vessels.ImpairmentAs of January 1, 2021To <span class=\"_ _e\"></span>determine <span class=\"_ _10\"></span>whether <span class=\"_ _e\"></span>detailed <span class=\"_ _10\"></span>impairment <span class=\"_ _e\"></span>testing <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>required <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>our <span class=\"_ _10\"></span>owned <span class=\"_ _e\"></span>vessels, <span class=\"_ _10\"></span>including <span class=\"_ _e\"></span>newbuildings, <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>date <span class=\"_ _e\"></span>of transition <span class=\"_ _d\"></span>to <span class=\"_ _10\"></span>IFRS, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>assessed <span class=\"_ _e\"></span>whether <span class=\"_ _e\"></span>there <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>any <span class=\"_ _e\"></span>indication <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>our <span class=\"_ _10\"></span>vessels <span class=\"_ _d\"></span>may <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>impaired <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, 2021 <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>considering <span class=\"_ _e\"></span>internal <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>external <span class=\"_ _e\"></span>indicators. <span class=\"_ _10\"></span>Based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>this <span class=\"_ _e\"></span>assessment, <span class=\"_ _e\"></span>we <span class=\"_ _10\"></span>observed <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>estimated <span class=\"_ _e\"></span>market <span class=\"_ _10\"></span>values received <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>independent <span class=\"_ _d\"></span>ship <span class=\"_ _e\"></span>brokers <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>less <span class=\"_ _e\"></span>than <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _d\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>majority <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>our <span class=\"_ _d\"></span>vessels. <span class=\"_ _e\"></span>This <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>considered to <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>indicator <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>such, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>recoverable <span class=\"_ _e\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>all <span class=\"_ _e\"></span>our <span class=\"_ _10\"></span>vessels <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>use calculation using cash flow projections. The <span class=\"_ _d\"></span>estimated recoverable amounts of all our vessels <span class=\"_ _d\"></span>were significantly greater than the carrying amounts and no impairment loss was recognized.As of December 31, 2021To <span class=\"_ _10\"></span>determine <span class=\"_ _10\"></span>whether <span class=\"_ _10\"></span>further <span class=\"_ _11\"> </span>detailed <span class=\"_ _10\"></span>impairment <span class=\"_ _10\"></span>testing <span class=\"_ _10\"></span>was <span class=\"_ _11\"> </span>required <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>our <span class=\"_ _11\"> </span>owned <span class=\"_ _10\"></span>vessels, <span class=\"_ _11\"> </span>including <span class=\"_ _10\"></span>newbuildings, <span class=\"_ _10\"></span>as <span class=\"_ _11\"> </span>of December 31, 2021, the Company assessed whether there was <span class=\"_ _d\"></span>any indication that our vessels may be impaired as of this date by considering <span class=\"_ _e\"></span>internal <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>external <span class=\"_ _e\"></span>indicators. <span class=\"_ _e\"></span>Based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>this <span class=\"_ _e\"></span>assessment, <span class=\"_ _e\"></span>we <span class=\"_ _e\"></span>observed <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>estimated <span class=\"_ _10\"></span>market <span class=\"_ _e\"></span>values <span class=\"_ _e\"></span>received from independent ship brokers continued to be less than the carrying amount of the majority of our vessels. This was considered to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _d\"></span>indicator <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>such, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>recoverable <span class=\"_ _e\"></span>amounts <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>all <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>estimated <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use calculation using <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flow <span class=\"_ _d\"></span>projections. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>estimated recoverable <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>vessels were <span class=\"_ _d\"></span>significantly <span class=\"_ _d\"></span>greater <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>the carrying amounts and no impairment loss was recognized.As of December 31, 2022To determine whether it was necessary to re-estimate the <span class=\"_ _d\"></span>recoverable amounts of our owned vessels, including newbuildings, as of <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>assessed <span class=\"_ _e\"></span>whether <span class=\"_ _e\"></span>any <span class=\"_ _d\"></span>events <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>occurred <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>would <span class=\"_ _e\"></span>eliminate <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>difference <span class=\"_ _e\"></span>calculated between <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _d\"></span>amounts <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>recoverable <span class=\"_ _d\"></span>amounts <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021. <span class=\"_ _e\"></span>Based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>assessment, <span class=\"_ _d\"></span>we <span class=\"_ _e\"></span>observed <span class=\"_ _e\"></span>that the <span class=\"_ _10\"></span>estimated <span class=\"_ _10\"></span>market <span class=\"_ _10\"></span>values <span class=\"_ _10\"></span>received <span class=\"_ _11\"> </span>from <span class=\"_ _10\"></span>independent <span class=\"_ _10\"></span>ship <span class=\"_ _11\"> </span>brokers <span class=\"_ _10\"></span>had <span class=\"_ _10\"></span>increased <span class=\"_ _10\"></span>significantly <span class=\"_ _11\"> </span>during <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>all <span class=\"_ _10\"></span>our vessels <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>actual <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>forecasted <span class=\"_ _e\"></span>TCE <span class=\"_ _10\"></span>rates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>results <span class=\"_ _e\"></span>had <span class=\"_ _10\"></span>also <span class=\"_ _d\"></span>improved <span class=\"_ _10\"></span>significantly. <span class=\"_ _d\"></span>Furthermore, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>estimated recoverable <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>sensitive <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>possible <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>including the <span class=\"_ _f\"> </span>change <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>useful <span class=\"_ _27\"> </span>life <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>our <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>25 <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>20 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>Accordingly, <span class=\"_ _f\"> </span>we <span class=\"_ _27\"> </span>did <span class=\"_ _f\"> </span>not <span class=\"_ _27\"> </span>re-estimate <span class=\"_ _f\"> </span>our <span class=\"_ _27\"> </span>vessel's <span class=\"_ _f\"> </span>recoverable amounts as of December 31, 2022 and no impairment loss was recognized.14.<span class=\"_ _95\"> </span>RIGHT OF USE ASSETSMovements in the two years ended December 31, 2022 are summarized a<span class=\"_ _1\"></span>s follows:(in thousands of $)<span class=\"_ _15a\"> </span><span class=\"ff1\">Offices<span class=\"_ _26\"> </span>Vessels<span class=\"_ _104\"> </span>Total</span>CostAs of January 1, 2022<span class=\"_ _12d\"> </span> <span class=\"_ _b8\"> </span>11,719 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>103,888 <span class=\"_ _a7\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>115,607 </span>Additions<span class=\"_ _f7\"> </span> <span class=\"_ _15\"> </span>159 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>159 </span>Lease termination<span class=\"_ _1ae\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cf\"> </span>(103,888) <span class=\"_ _40\"> </span><span class=\"ff1\"> <span class=\"_ _cf\"> </span>(103,888) </span>Disposals<span class=\"_ _106\"> </span> <span class=\"_ _9c\"> </span>(483) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span><span class=\"ff1\"> <span class=\"_ _9c\"> </span>(483) </span>As of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _b8\"> </span>11,395 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>11,395 Accumulated depreciationAs of January 1, 2022<span class=\"_ _12d\"> </span> <span class=\"_ _ab\"> </span>(7,805) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(59,008) <span class=\"_ _2a\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(66,813) </span>Depreciation charge for the period<span class=\"_ _174\"> </span> <span class=\"_ _1d\"> </span>(926) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(2,297) <span class=\"_ _2a\"> </span><span class=\"ff1\"> <span class=\"_ _c4\"> </span>(3,223) </span>Lease termination<span class=\"_ _1ae\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>61,305 <span class=\"_ _37\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>61,305 </span>Disposals<span class=\"_ _106\"> </span> <span class=\"_ _15\"> </span>483 <span class=\"_ _37\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>483 </span>Translation differences<span class=\"_ _d3\"> </span> <span class=\"_ _a0\"> </span>(39) <span class=\"_ _2a\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _a0\"> </span>(39) </span>As of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _c4\"> </span>(8,287) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(8,287) Net book valueAs of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _12\"> </span>3,108 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,108 CostAs of January 1, 2021<span class=\"_ _12d\"> </span> <span class=\"_ _b8\"> </span>11,719 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>113,329 <span class=\"_ _a7\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>125,048 </span>Lease termination<span class=\"_ _1ae\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(9,441) <span class=\"_ _2a\"> </span><span class=\"ff1\"> <span class=\"_ _c4\"> </span>(9,441) </span>As of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _b8\"> </span>11,719 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>103,888 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>115,607 Accumulated depreciationAs of January 1, 2021<span class=\"_ _12d\"> </span> <span class=\"_ _ab\"> </span>(5,916) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(57,188) <span class=\"_ _2a\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(63,104) </span>Depreciation charge for the period<span class=\"_ _174\"> </span> <span class=\"_ _c4\"> </span>(1,467) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,261) <span class=\"_ _2a\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(12,728) </span>Lease termination<span class=\"_ _1ae\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>9,441 <span class=\"_ _a7\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>9,441 </span>Translation differences<span class=\"_ _d3\"> </span> <span class=\"_ _5c\"> </span>(422) <span class=\"_ _2a\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(422) </span>As of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _c4\"> </span>(7,805) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(59,008) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(66,813) Net book valueAs of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _12\"> </span>3,914 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>44,880 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,794 As of January 1, 2021<span class=\"_ _d3\"> </span> <span class=\"_ _12\"> </span>5,803 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>56,141 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>61,944 As <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _27\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>leased <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>two <span class=\"_ _f\"> </span>vessels <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>SFL, <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>time <span class=\"_ _f\"> </span>charters <span class=\"_ _27\"> </span>that <span class=\"_ _f\"> </span>were classified <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>leases, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>2004-built <span class=\"_ _f\"> </span>VLCCs <span class=\"_ _11\"> </span><span class=\"ff3\">Front <span class=\"_ _f\"> </span>Force</span> <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span><span class=\"ff3\">Front <span class=\"_ _f\"> </span>Energy. <span class=\"_ _f\"> </span></span>In <span class=\"_ _11\"> </span>April <span class=\"_ _f\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>announced <span class=\"_ _f\"> </span>that <span class=\"_ _11\"> </span>its subsidiary <span class=\"_ _d\"></span>Frontline <span class=\"_ _e\"></span>Shipping <span class=\"_ _d\"></span>Limited <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>agreed <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>SFL <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>terminate <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>charters <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>these <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>upon <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>sale and delivery of the vessels by SFL to an unrelated third party. As <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>January <span class=\"_ _10\"></span>1, <span class=\"_ _11\"> </span>2021, <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>leased <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>two <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>from <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>third <span class=\"_ _10\"></span>party <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>time <span class=\"_ _10\"></span>charters <span class=\"_ _10\"></span>that <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>classified <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>leases  which were terminated in the year end December 31, 2021 when the ve<span class=\"_ _1\"></span>ssels were redelivered to the owners.The right-of-use assets for offices relate to lease agreeme<span class=\"_ _1\"></span>nts for office space.For further details on the Company's leases see note 19.15.<span class=\"_ _95\"> </span>GOODWILLAccumulated impairment Net Carrying (in thousands of $)<span class=\"_ _176\"> </span><span class=\"ff1\">Goodwill</span>lossesValueBalance as of January 1, 2021, December 31, 2021 and 2022<span class=\"_ _dc\"> </span> <span class=\"_ _cd\"> </span>225,273 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>(112,821) <span class=\"_ _10\"></span> <span class=\"_ _cd\"> </span>112,452 ImpairmentFor impairment testing purposes, goodwill was allocated to one<span class=\"_ _1\"></span> group of CGUs, the Company.As of January 1, 2021The <span class=\"_ _10\"></span>recoverable <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>determined <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value, <span class=\"_ _10\"></span>less <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>sell, <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>market capitalization <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>control <span class=\"_ _d\"></span>premium. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company's <span class=\"_ _d\"></span>market <span class=\"_ _d\"></span>capitalization <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>$1,229.6 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>(based on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>$6.22) <span class=\"_ _10\"></span>compared <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _e\"></span>carrying <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>approximately <span class=\"_ _e\"></span>$1,604.9 <span class=\"_ _10\"></span>million. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>reviewed <span class=\"_ _10\"></span>merger transactions in <span class=\"_ _d\"></span>North <span class=\"_ _d\"></span>America <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>values of <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>$25.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>12 <span class=\"_ _d\"></span>months <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>January 1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>global <span class=\"_ _d\"></span>deals <span class=\"_ _d\"></span>between public <span class=\"_ _e\"></span>companies <span class=\"_ _d\"></span>of <span class=\"_ _10\"></span>more <span class=\"_ _d\"></span>than <span class=\"_ _10\"></span>$100.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>last <span class=\"_ _e\"></span>3 <span class=\"_ _e\"></span>years <span class=\"_ _10\"></span>and <span class=\"_ _d\"></span>global <span class=\"_ _e\"></span>marine <span class=\"_ _e\"></span>transport <span class=\"_ _10\"></span>sector <span class=\"_ _d\"></span>transactions <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>more <span class=\"_ _e\"></span>than $100.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>last <span class=\"_ _d\"></span>5 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>calculated <span class=\"_ _d\"></span>average <span class=\"_ _d\"></span>control <span class=\"_ _d\"></span>premiums (based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>month <span class=\"_ _d\"></span>average <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>price <span class=\"_ _d\"></span>before the <span class=\"_ _11\"> </span>bid). <span class=\"_ _f\"> </span>Using <span class=\"_ _f\"> </span>32.5% <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>average <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>range <span class=\"_ _f\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fair <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>was <span class=\"_ _11\"> </span>calculated <span class=\"_ _f\"> </span>as $1,629.3 <span class=\"_ _e\"></span>million. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>excess <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>concluded that there was no requirement for an impairment.As of December 31, 2021The <span class=\"_ _10\"></span>recoverable <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>determined <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value, <span class=\"_ _10\"></span>less <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>sell, <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>market capitalization <span class=\"_ _10\"></span>plus <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>control <span class=\"_ _11\"> </span>premium. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>Company's <span class=\"_ _11\"> </span>market <span class=\"_ _11\"> </span>capitalization <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>$1,439.0 <span class=\"_ _f\"> </span>million (based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$7.07) <span class=\"_ _11\"> </span>compared <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>approximately <span class=\"_ _10\"></span>$1,642.0 <span class=\"_ _10\"></span>million. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>reviewed merger <span class=\"_ _10\"></span>transactions <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>North <span class=\"_ _11\"></span>America <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>values <span class=\"_ _10\"></span>of <span class=\"_ _11\"></span>over <span class=\"_ _10\"></span>$25.0 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _10\"></span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _11\"> </span>global deals <span class=\"_ _d\"></span>between <span class=\"_ _d\"></span>public <span class=\"_ _d\"></span>companies <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>$100.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>last <span class=\"_ _d\"></span>3 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>global <span class=\"_ _d\"></span>marine <span class=\"_ _d\"></span>transport <span class=\"_ _d\"></span>sector <span class=\"_ _d\"></span>transactions of more <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>$100.0 million <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the last <span class=\"_ _d\"></span>5 <span class=\"_ _d\"></span>years and <span class=\"_ _d\"></span>observed <span class=\"_ _d\"></span> average <span class=\"_ _d\"></span>control <span class=\"_ _d\"></span>premiums (based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the one <span class=\"_ _d\"></span>month average <span class=\"_ _d\"></span>share price <span class=\"_ _e\"></span>before <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>bid) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>between <span class=\"_ _e\"></span>29.3% <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>32.2%. <span class=\"_ _10\"></span>Using <span class=\"_ _e\"></span>30.7% <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>average <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>range <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>fair value <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>calculated <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>$1,880.7 <span class=\"_ _d\"></span>million. <span class=\"_ _d\"></span>The excess <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>over the <span class=\"_ _d\"></span>carrying <span class=\"_ _d\"></span>value was such that the Company concluded that there was no requirem<span class=\"_ _1\"></span>ent for an impairment.As of December 31, 2022The <span class=\"_ _10\"></span>recoverable <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>determined <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value, <span class=\"_ _10\"></span>less <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>sell, <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>market capitalization. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>Company's <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>capitalization <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>$2,702.6 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>(based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>share <span class=\"_ _e\"></span>price <span class=\"_ _d\"></span>of $12.14) compared to its carrying value of <span class=\"_ _d\"></span>approximately $2,259.9 million. The excess of the fair value <span class=\"_ _d\"></span>of the Company over the carrying value was such that the Company concluded that there<span class=\"_ _1\"></span> was no requirement for an impairment.If <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>ordinary <span class=\"_ _e\"></span>share <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>declines <span class=\"_ _e\"></span>this <span class=\"_ _e\"></span>could <span class=\"_ _e\"></span>result <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>some <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>all <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>$112.5 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>goodwill. <span class=\"_ _e\"></span>In <span class=\"_ _10\"></span>the absence of <span class=\"_ _d\"></span>a control <span class=\"_ _d\"></span>premium, a <span class=\"_ _d\"></span>share price <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$9.65 per <span class=\"_ _d\"></span>share as <span class=\"_ _d\"></span>of December <span class=\"_ _d\"></span>31, 2022 <span class=\"_ _d\"></span>would <span class=\"_ _d\"></span>have resulted <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>recoverable amount equaling the carrying amount.16.<span class=\"_ _95\"> </span>INVESTMENT IN ASSOCIATED COMPANIESFMS HoldcoAs <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _e\"></span>2021, <span class=\"_ _10\"></span>Frontline <span class=\"_ _e\"></span>owned <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>effective <span class=\"_ _e\"></span>17.34% <span class=\"_ _10\"></span>interest <span class=\"_ _d\"></span>in <span class=\"_ _10\"></span>Clean <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>AS <span class=\"_ _e\"></span>through <span class=\"_ _e\"></span>its 34.7% equity interest in FMS Holdco, which was accounted for under the equity m<span class=\"_ _1\"></span>ethod. In <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>agreement <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>subscribe <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>433 <span class=\"_ _d\"></span>shares <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>FMS <span class=\"_ _d\"></span>Holdco <span class=\"_ _e\"></span>for $1.5 million. <span class=\"_ _d\"></span>Furthermore, <span class=\"_ _d\"></span>FMS Holdco <span class=\"_ _d\"></span>entered <span class=\"_ _d\"></span>into a <span class=\"_ _d\"></span>sale <span class=\"_ _d\"></span>and purchase <span class=\"_ _d\"></span>agreement to <span class=\"_ _d\"></span>acquire <span class=\"_ _d\"></span>the remaining <span class=\"_ _d\"></span>50% <span class=\"_ _d\"></span>of the <span class=\"_ _d\"></span>issued share <span class=\"_ _d\"></span>capital <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>Clean <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>AS. <span class=\"_ _e\"></span>Following <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>transactions, <span class=\"_ _e\"></span>Frontline <span class=\"_ _e\"></span>owns <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>effective <span class=\"_ _e\"></span>43.6% <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>Clean <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>AS through its 43.6% equity interest in FMS Holdco, which is accounted for under the e<span class=\"_ _1\"></span>quity method.The <span class=\"_ _28\"> </span>carrying <span class=\"_ _27\"> </span>value <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>investment <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>December <span class=\"_ _28\"> </span>31, <span class=\"_ _27\"> </span>2022 <span class=\"_ _28\"> </span>was <span class=\"_ _28\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _28\"> </span>(2021: <span class=\"_ _28\"> </span>$0.6 <span class=\"_ _27\"> </span>million) <span class=\"_ _28\"> </span>as <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>result <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the additional <span class=\"_ _10\"></span>investment <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>2022. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>share <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>losses <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>Clean <span class=\"_ _11\"> </span>Marine <span class=\"_ _10\"></span>AS <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>$0.6 <span class=\"_ _11\"></span>million (2021: nil) was recognized. TFG MarineIn <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>2020, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>joint <span class=\"_ _e\"></span>venture <span class=\"_ _e\"></span>agreement <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>Golden <span class=\"_ _e\"></span>Ocean <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>companies <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Trafigura <span class=\"_ _e\"></span>Group <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>establish <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>leading global <span class=\"_ _10\"></span>supplier <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>marine <span class=\"_ _10\"></span>fuels <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>completed. <span class=\"_ _e\"></span>As <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>result, <span class=\"_ _10\"></span>Frontline <span class=\"_ _10\"></span>took <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>15% <span class=\"_ _e\"></span>interest <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>joint <span class=\"_ _10\"></span>venture <span class=\"_ _10\"></span>company, <span class=\"_ _e\"></span>TFG Marine, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>made <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>$1.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>shareholder <span class=\"_ _e\"></span>loan <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>TFG <span class=\"_ _e\"></span>Marine. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2020, <span class=\"_ _e\"></span>$0.1 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the shareholder <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>converted <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>equity. <span class=\"_ _f\"> </span>There <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>no <span class=\"_ _11\"> </span>change <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>ownership <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>result <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>this <span class=\"_ _11\"> </span>transaction <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>each shareholder <span class=\"_ _f\"> </span>converted <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>shareholder <span class=\"_ _27\"> </span>debt <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>equity <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>reference <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>their <span class=\"_ _f\"> </span>respective <span class=\"_ _27\"> </span>ownership <span class=\"_ _27\"> </span>interest. <span class=\"_ _27\"> </span>Frontline concluded <span class=\"_ _11\"> </span>that <span class=\"_ _11\"> </span>it <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>able <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>exercise <span class=\"_ _f\"> </span>significant <span class=\"_ _11\"> </span>influence <span class=\"_ _11\"> </span>over <span class=\"_ _f\"> </span>TFG <span class=\"_ _11\"> </span>Marine <span class=\"_ _f\"> </span>as <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>result <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>its <span class=\"_ _11\"> </span>equity <span class=\"_ _11\"> </span>shareholding <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>board representation and therefore its investment is accounte<span class=\"_ _1\"></span>d for under the equity method.The <span class=\"_ _10\"></span>carrying <span class=\"_ _11\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>investment <span class=\"_ _10\"></span>at <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022 <span class=\"_ _10\"></span>was <span class=\"_ _11\"> </span>$14.8 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>nil). <span class=\"_ _11\"> </span>In <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, 2022, a share of profits of TFG Marine of $14.8 million (2021: $0.7 million loss) was recogniz<span class=\"_ _1\"></span>ed.17.<span class=\"_ _95\"> </span>TRADE AND OTHER PAYABLESDecember 31, December 31, January 1, (in thousands of $)202220212021Trade payables<span class=\"_ _1ce\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>7,994 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,327 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,860 Accrued voyage expenses<span class=\"_ _143\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>38,617 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>18,306 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>16,582 Accrued ship operating expenses<span class=\"_ _eb\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>16,252 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>11,063 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>10,180 Accrued administrative expenses<span class=\"_ _1cf\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>9,359 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,773 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,293 Deferred charter revenue<span class=\"_ _c2\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,124 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>5,687 Other<span class=\"_ _1a5\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>9,311 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>4,771 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,400 Total current trade and other payables<span class=\"_ _6c\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>81,533 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>43,364 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>55,002 Other<span class=\"_ _1a5\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,053 <span class=\"_ _37\"> </span></span> <span class=\"_ _15\"> </span>992 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,739 Total other non-current payables<span class=\"_ _1d0\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,053 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>992 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>3,739 18.<span class=\"_ _95\"> </span>INTEREST BEARING LOANS AND BORROWINGSA summary of outstanding debt as of December 31, 2022 and 2021 and January 1, 2021 is as follows:December 31, December 31, January 1, (in thousands of $)202220212021U.S. dollar denominated floating rate debt  $252.4 million term loan facility <span class=\"_ _174\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>242,908 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>281,009 <span class=\"_ _1d1\"> </span> <span class=\"_ _cd\"> </span>319,112   $34.8 million term loan facility <span class=\"_ _1d2\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>34,814 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>39,348 <span class=\"_ _1d3\"> </span> <span class=\"_ _b8\"> </span>43,880   $250.7 million term loan facility <span class=\"_ _174\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>129,912 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>185,627 <span class=\"_ _1d1\"> </span> <span class=\"_ _cd\"> </span>250,738   $100.8 million term loan facility<span class=\"_ _1d4\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>85,399 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>93,075 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>100,750   $328.4 million term loan facility (CEXIM)<span class=\"_ _b0\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>184,981 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>200,255 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>215,529   $321.6 million term loan facility (CEXIM)<span class=\"_ _b0\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>184,183 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>203,163 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>222,145   $110.5 million term loan facility (ING)<span class=\"_ _1d5\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>84,469 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>91,709 <span class=\"_ _1d3\"> </span> <span class=\"_ _b8\"> </span>98,949   $104.0 million term loan facility (Credit Suisse)<span class=\"_ _1d6\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>100,141 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>98,166 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>105,178   $110.5 million term loan facility (Credit Suisse #2)<span class=\"_ _1d7\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>96,125 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>103,116 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>110,107   $544.0 million lease financing (ICBCL)<span class=\"_ _6a\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>459,918 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>490,500 <span class=\"_ _1d1\"> </span> <span class=\"_ _cd\"> </span>521,071   $42.9 million term loan facility (Credit Suisse)<span class=\"_ _1d8\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>36,942 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>39,325 <span class=\"_ _1d3\"> </span> <span class=\"_ _b8\"> </span>41,708   $62.5 million term loan facility (Credit Agricole)<span class=\"_ _1d9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>53,820 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>57,292 <span class=\"_ _1d3\"> </span> <span class=\"_ _b8\"> </span>60,764   $133.7 million term loan facility (CEXIM)<span class=\"_ _b0\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>123,367 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>131,229 <span class=\"_ _1d3\"> </span> <span class=\"_ _ba\"> </span>\u2014   $58.5 million term loan facility (SEB)<span class=\"_ _1da\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>55,250 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>58,500 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014   $58.5 million term loan facility (KFW)<span class=\"_ _1db\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>55,250 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>58,500 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014   $130.0 million term loan facility (DNB)<span class=\"_ _1dc\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>127,562 <span class=\"_ _37\"> </span></span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014   $65.0 million term loan facility (ABN)<span class=\"_ _1dd\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>65,000 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d1\"> </span> <span class=\"_ _104\"> </span>\u2014   $65.0 million term loan facility (ING)<span class=\"_ _52\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>64,187 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _ba\"> </span>\u2014 Total U.S. dollar denominated floating rate debt<span class=\"_ _152\"> </span> <span class=\"_ _121\"> </span>2,184,228 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>2,130,814 <span class=\"_ _1d3\"> </span> <span class=\"_ _121\"> </span>2,089,931 </span>U.S. dollar denominated fixed rate debt $275.0 million revolving credit facility <span class=\"_ _6b\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>209,700 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>209,700 <span class=\"_ _1d1\"> </span> <span class=\"_ _b8\"> </span>60,000 Total U.S. dollar denominated fixed rate debt<span class=\"_ _2e\"> </span> <span class=\"_ _af\"> </span>209,700 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>209,700 <span class=\"_ _1d3\"> </span> <span class=\"_ _ce\"> </span>60,000 </span>Secured borrowings<span class=\"_ _10e\"> </span><span class=\"ff1\"> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _12\"> </span>6,251 Debt issuance costs<span class=\"_ _137\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(23,113) <span class=\"_ _2a\"> </span></span> <span class=\"_ _12f\"> </span>(24,318) <span class=\"_ _39\"> </span> <span class=\"_ _12f\"> </span>(20,176) Accrued interest expense<span class=\"_ _120\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>19,499 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _1d1\"> </span> <span class=\"_ _12\"> </span>7,805 Total debt<span class=\"_ _1de\"> </span> <span class=\"_ _121\"> </span>2,390,314 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,325,575 <span class=\"_ _1d3\"> </span> <span class=\"_ _e8\"> </span>2,143,811 </span>Short-term debt and current portion of long-term debt<span class=\"_ _1df\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>277,854 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>198,665 <span class=\"_ _1d1\"> </span> <span class=\"_ _cd\"> </span>234,887 Long-term portion of debt<span class=\"_ _c9\"> </span> <span class=\"_ _e8\"> </span>2,112,460 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,126,910 <span class=\"_ _1d3\"> </span> <span class=\"_ _e8\"> </span>1,908,924 Movements in the year ended December 31, 2022 are summarized as fol<span class=\"_ _1\"></span>lows:December 31, December 31, (in thousands of $)2021<span class=\"_ _18f\"> </span>Proceeds<span class=\"_ _1a\"> </span>Repayments2022Total U.S. dollar denominated floating rate debt<span class=\"_ _12\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>2,130,814 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>651,248 <span class=\"_ _1d1\"> </span> <span class=\"_ _5a\"> </span>(597,834) <span class=\"_ _39\"> </span> <span class=\"_ _121\"> </span>2,184,228 </span>Total U.S. dollar denominated fixed rate debt<span class=\"_ _14\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>209,700 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d1\"> </span> <span class=\"_ _af\"> </span>209,700 </span>Secured borrowings<span class=\"_ _17a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d1\"> </span> <span class=\"_ _104\"> </span>\u2014 Debt issuance costs<span class=\"_ _71\"> </span> <span class=\"_ _12f\"> </span>(24,318) <span class=\"_ _77\"> </span> <span class=\"_ _12f\"> </span>(23,113) Accrued interest expense<span class=\"_ _188\"> </span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _1db\"> </span> <span class=\"_ _b8\"> </span>19,499 Total debt<span class=\"_ _df\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,325,575 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>651,248 <span class=\"_ _1d1\"> </span> <span class=\"_ _5a\"> </span>(597,834) <span class=\"_ _39\"> </span> <span class=\"_ _121\"> </span>2,390,314 </span>Short-term debt and current portion of long-term debt<span class=\"_ _1a\"> </span> <span class=\"_ _cd\"> </span>198,665 <span class=\"_ _69\"> </span> <span class=\"_ _cd\"> </span>277,854 Long-term portion of debt<span class=\"_ _1e0\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,126,910 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>651,248 <span class=\"_ _1d1\"> </span> <span class=\"_ _5a\"> </span>(597,834) <span class=\"_ _39\"> </span> <span class=\"_ _121\"> </span>2,112,460 </span>Movements in the year ended December 31, 2021 are summarized as fol<span class=\"_ _1\"></span>lows:January 1, December 31, (in thousands of $)2021<span class=\"_ _ce\"> </span>Proceeds<span class=\"_ _121\"> </span>Repayments<span class=\"_ _a8\"> </span>Other2021Total U.S. dollar denominated floating rate debt<span class=\"_ _23\"> </span><span class=\"ff2\"> <span class=\"_ _2a\"> </span>2,089,931 <span class=\"_ _a7\"> </span> <span class=\"_ _b1\"> </span>250,687 <span class=\"_ _1d3\"> </span> <span class=\"_ _46\"> </span>(209,804) <span class=\"_ _39\"> </span> <span class=\"_ _54\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _2c\"> </span>2,130,814 </span>Total U.S. dollar denominated fixed rate debt<span class=\"_ _43\"> </span><span class=\"ff2\"> <span class=\"_ _aa\"> </span>60,000 <span class=\"_ _a7\"> </span> <span class=\"_ _b1\"> </span>149,700 <span class=\"_ _1d3\"> </span> <span class=\"_ _15\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _54\"> </span>\u2014 <span class=\"_ _1d1\"> </span> <span class=\"_ _187\"> </span>209,700 </span>Secured borrowings<span class=\"_ _1e1\"> </span> <span class=\"_ _41\"> </span>6,251 <span class=\"_ _37\"> </span> <span class=\"_ _41\"> </span>3,481 <span class=\"_ _1d1\"> </span> <span class=\"_ _8d\"> </span>(9,717) <span class=\"_ _39\"> </span> <span class=\"_ _55\"> </span>(15) <span class=\"_ _39\"> </span> <span class=\"_ _1e2\"> </span>\u2014 Debt issuance costs<span class=\"_ _1d5\"> </span> <span class=\"_ _1e3\"> </span>(20,176) <span class=\"_ _66\"> </span> <span class=\"_ _cd\"> </span>(24,318) Accrued interest expense<span class=\"_ _1e4\"> </span> <span class=\"_ _41\"> </span>7,805 <span class=\"_ _174\"> </span> <span class=\"_ _15e\"> </span>9,379 Total debt<span class=\"_ _1e5\"> </span><span class=\"ff2\"> <span class=\"_ _2a\"> </span>2,143,811 <span class=\"_ _a7\"> </span> <span class=\"_ _b1\"> </span>403,868 <span class=\"_ _1d3\"> </span> <span class=\"_ _46\"> </span>(219,521) <span class=\"_ _39\"> </span> <span class=\"_ _55\"> </span>(15) <span class=\"_ _39\"> </span> <span class=\"_ _7e\"> </span>2,325,575 </span>Short-term debt and current portion of long-term debt<span class=\"_ _8b\"> </span> <span class=\"_ _b1\"> </span>234,887 <span class=\"_ _180\"> </span> <span class=\"_ _187\"> </span>198,665 Long-term portion of debt<span class=\"_ _1e6\"> </span><span class=\"ff2\"> <span class=\"_ _2a\"> </span>1,908,924 <span class=\"_ _a7\"> </span> <span class=\"_ _b1\"> </span>403,868 <span class=\"_ _1d3\"> </span> <span class=\"_ _46\"> </span>(219,521) <span class=\"_ _39\"> </span> <span class=\"_ _55\"> </span>(15) <span class=\"_ _39\"> </span> <span class=\"_ _7e\"> </span>2,126,910 </span>A summary of the Company's interest bearing loans and borrowings as of Decembe<span class=\"_ _1\"></span>r 31, 2022 is as follows:$252.4 million term loan facility In <span class=\"_ _11\"> </span>July <span class=\"_ _f\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>entered <span class=\"_ _11\"> </span>into <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>senior <span class=\"_ _11\"> </span>secured <span class=\"_ _f\"> </span>term <span class=\"_ _11\"> </span>loan <span class=\"_ _f\"> </span>facility <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>number <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>banks <span class=\"_ _f\"> </span>in <span class=\"_ _11\"> </span>an <span class=\"_ _f\"> </span>amount <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>up <span class=\"_ _f\"> </span>to $252.4 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>$328.6 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>maturing <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>February <span class=\"_ _d\"></span>2023. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>new <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>matures <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>September 2027, <span class=\"_\"> </span>carries <span class=\"_\"> </span>an <span class=\"_\"> </span>interest <span class=\"_\"> </span>rate <span class=\"_\"> </span>of <span class=\"_\"> </span>SOFR <span class=\"_\"> </span>plus <span class=\"_\"> </span>a <span class=\"_\"> </span>margin <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>180 <span class=\"_\"> </span>basis <span class=\"_\"> </span>points <span class=\"_\"> </span>and <span class=\"_\"> </span>has <span class=\"_\"> </span>an <span class=\"_\"> </span>amortization <span class=\"_\"> </span>profile <span class=\"_\"> </span>of <span class=\"_\"> </span>18 <span class=\"_\"> </span>years commencing <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>delivery <span class=\"_ _f\"> </span>date <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>yard. <span class=\"_ _f\"> </span>In <span class=\"_ _27\"> </span>August <span class=\"_ _f\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _f\"> </span>drew <span class=\"_ _f\"> </span>down <span class=\"_ _27\"> </span>$252.4 <span class=\"_ _f\"> </span>million <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>repaid <span class=\"_ _f\"> </span>the outstanding balance of the original facility of $262.0 milli<span class=\"_ _1\"></span>on. The facility is fully drawn down as of December 31, 2022. $34.8 million term loan facility In <span class=\"_ _d\"></span>October 2022, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>entered into <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>in an <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to $34.8 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance the <span class=\"_ _d\"></span>$50.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>maturing <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>March <span class=\"_ _e\"></span>2023. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>new <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>matures <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>2027, <span class=\"_ _d\"></span>carries <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>of SOFR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>180 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization <span class=\"_ _d\"></span>profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>20 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>the yard. <span class=\"_ _d\"></span>In <span class=\"_ _e\"></span>November <span class=\"_ _e\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$34.8 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>repaid <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>outstanding <span class=\"_ _e\"></span>balance <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>original <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>of $35.9 million. The facility is fully drawn down as of December 31, 2022.$250.7 million term loan facility In November <span class=\"_ _d\"></span>2020, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>entered <span class=\"_ _d\"></span>into a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility with <span class=\"_ _d\"></span>a number <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>banks in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amount of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to $250.7 <span class=\"_ _11\"></span>million <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>refinance <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>$466.5 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>loan <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>maturing <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>April <span class=\"_ _11\"> </span>2021. <span class=\"_ _11\"> </span>The <span class=\"_ _11\"> </span>new <span class=\"_ _11\"> </span>facility <span class=\"_ _10\"></span>matures <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>May <span class=\"_ _11\"> </span>2025, carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>190 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>18 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on the delivery date from the yard. In November 2020, the Company drew down $250.7 million and repaid the outstanding balance of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>original <span class=\"_ _11\"> </span>facility <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$252.4 <span class=\"_ _f\"> </span>million. <span class=\"_ _f\"> </span>In <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>sale <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>two <span class=\"_ _f\"> </span>LR2 <span class=\"_ _f\"> </span>tankers <span class=\"_ _f\"> </span>resulted <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>a prepayment of $46.5 million under the facility. The facili<span class=\"_ _1\"></span>ty is fully drawn down as of December 31, 2022.$100.8 million term loan facility In <span class=\"_ _d\"></span>November <span class=\"_ _e\"></span>2020, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>entered <span class=\"_ _e\"></span>into <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>senior <span class=\"_ _e\"></span>secured <span class=\"_ _e\"></span>term <span class=\"_ _e\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>ING <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>Credit <span class=\"_ _e\"></span>Suisse <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of up to <span class=\"_ _d\"></span>$100.8 million to <span class=\"_ _d\"></span>refinance the <span class=\"_ _d\"></span>$109.2 million loan <span class=\"_ _d\"></span>facility maturing <span class=\"_ _d\"></span>in June 2021. <span class=\"_ _d\"></span>The new <span class=\"_ _d\"></span>facility matures in <span class=\"_ _d\"></span>November 2025, <span class=\"_\"> </span>carries <span class=\"_ _28\"> </span>an <span class=\"_ _28\"> </span>interest <span class=\"_\"> </span>rate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>LIBOR<span class=\"_ _1\"></span> <span class=\"_\"> </span>plus <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>m<span class=\"_ _1\"></span>argin <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>190 <span class=\"_\"> </span>ba<span class=\"_ _1\"></span>sis <span class=\"_\"> </span>points <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>an <span class=\"_ _28\"> </span>amortization <span class=\"_\"> </span>profile<span class=\"_ _1\"></span> <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>17 <span class=\"_\"> </span>years commencing <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>delivery <span class=\"_ _10\"></span>date <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>yard. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>November <span class=\"_ _10\"></span>2020, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>drew <span class=\"_ _10\"></span>down <span class=\"_ _10\"></span>$100.8 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>repaid <span class=\"_ _10\"></span>the outstanding balance of the original facility of $84.3 milli<span class=\"_ _1\"></span>on. The facility is fully drawn down as of December 31, 2022.$328.4 million term loan facility (CEXIM)In August <span class=\"_ _d\"></span>2016, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>signed <span class=\"_ _d\"></span>a senior <span class=\"_ _d\"></span>secured term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility in <span class=\"_ _d\"></span>an amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>up to <span class=\"_ _d\"></span>$328.4 <span class=\"_ _d\"></span>million with <span class=\"_ _d\"></span>China Exim Bank. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>facility <span class=\"_ _10\"></span>matures <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>2029, <span class=\"_ _10\"></span>carries <span class=\"_ _10\"></span>an <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>LIBOR <span class=\"_ _10\"></span>plus <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>margin <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>line <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company\u2019s <span class=\"_ _11\"> </span>other <span class=\"_ _10\"></span>credit facilities and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an amortization <span class=\"_ _d\"></span>profile of <span class=\"_ _d\"></span>18 <span class=\"_ _d\"></span>years. The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>drew down <span class=\"_ _d\"></span>$109.0 <span class=\"_ _d\"></span>million in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2016 <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>connection <span class=\"_ _27\"> </span>with <span class=\"_\"> </span>one <span class=\"_ _27\"> </span>LR2 <span class=\"_\"> </span>ta<span class=\"_ _1\"></span>nker <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>two <span class=\"_ _28\"> </span>Suezmax <span class=\"_ _27\"> </span>tanker <span class=\"_\"> </span>newbuildi<span class=\"_ _1\"></span>ngs, <span class=\"_ _28\"> </span>which <span class=\"_ _28\"> </span>were <span class=\"_ _28\"> </span>delivered <span class=\"_ _27\"> </span>in <span class=\"_\"> </span>the <span class=\"_ _27\"> </span>year. <span class=\"_ _28\"> </span>The Company <span class=\"_ _e\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>further <span class=\"_ _e\"></span>$165.9 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2017 <span class=\"_ _d\"></span>in <span class=\"_ _10\"></span>connection <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>two <span class=\"_ _e\"></span>Suezmax <span class=\"_ _e\"></span>tankers and three LR2/Aframax tankers delivered in the year. The fa<span class=\"_ _1\"></span>cility is fully drawn down as of December 31, 2022.$321.6 million term loan facility (CEXIM)In <span class=\"_ _10\"></span>February <span class=\"_ _e\"></span>2017, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>signed <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>second <span class=\"_ _10\"></span>senior <span class=\"_ _10\"></span>secured <span class=\"_ _e\"></span>term <span class=\"_ _10\"></span>loan <span class=\"_ _10\"></span>facility <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>up <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>$321.6 <span class=\"_ _10\"></span>million. <span class=\"_ _10\"></span>The facility <span class=\"_ _10\"></span>provided <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>China <span class=\"_ _11\"> </span>Exim <span class=\"_ _10\"></span>Bank <span class=\"_ _10\"></span>is <span class=\"_ _11\"> </span>insured <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>China <span class=\"_ _11\"> </span>Export <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>Credit <span class=\"_ _10\"></span>Insurance <span class=\"_ _11\"> </span>Corporation. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>facility <span class=\"_ _10\"></span>matures <span class=\"_ _11\"> </span>in 2033, <span class=\"_ _d\"></span>carries an <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>rate of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a margin <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>line <span class=\"_ _d\"></span>with the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _d\"></span>other credit <span class=\"_ _d\"></span>facilities <span class=\"_ _d\"></span>and has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>15 <span class=\"_ _11\"> </span>years. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>drew <span class=\"_ _11\"> </span>down <span class=\"_ _10\"></span>$252.7 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>year <span class=\"_ _10\"></span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2017 <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>connection <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>four Suezmax <span class=\"_ _e\"></span>tankers <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>three <span class=\"_ _e\"></span>LR2/Aframax <span class=\"_ _e\"></span>tankers <span class=\"_ _10\"></span>delivered <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>drew <span class=\"_ _10\"></span>down <span class=\"_ _e\"></span>$32.0 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2018 <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>connection <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>one <span class=\"_ _10\"></span>LR2 <span class=\"_ _10\"></span>tanker <span class=\"_ _10\"></span>delivered <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>facility <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>fully <span class=\"_ _10\"></span>drawn <span class=\"_ _e\"></span>down <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>of December 31, 2022.$110.5 million term loan facility (ING)In <span class=\"_ _10\"></span>June <span class=\"_ _11\"> </span>2017, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>signed <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>senior <span class=\"_ _10\"></span>secured <span class=\"_ _11\"> </span>term <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>an <span class=\"_ _10\"></span>amount <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>up <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>$110.5 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>ING. <span class=\"_ _11\"> </span>The facility <span class=\"_ _d\"></span>matures <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>2023, <span class=\"_ _d\"></span>carries <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _e\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>190 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization <span class=\"_ _d\"></span>profile <span class=\"_ _e\"></span>of 18 <span class=\"_ _28\"> </span>years. <span class=\"_ _27\"> </span>The <span class=\"_ _28\"> </span>Company <span class=\"_ _28\"> </span>drew <span class=\"_ _28\"> </span>down <span class=\"_ _27\"> </span>$55.3 <span class=\"_\"> </span>mill<span class=\"_ _1\"></span>ion <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>ye<span class=\"_ _1\"></span>ar <span class=\"_ _28\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _28\"> </span>31, <span class=\"_ _28\"> </span>2017 <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>connection <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>one <span class=\"_ _28\"> </span>VLCC delivered <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$55.3 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2019 <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>connection <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>one VLCC <span class=\"_ _e\"></span>delivered <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>period. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>extended <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>$4.1 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2019 <span class=\"_ _10\"></span>and drew down <span class=\"_ _d\"></span>the $4.1 <span class=\"_ _d\"></span>million in connection <span class=\"_ _d\"></span>with the installation <span class=\"_ _d\"></span>of an <span class=\"_ _d\"></span>EGCS on <span class=\"_ _d\"></span>the VLCC delivered <span class=\"_ _d\"></span>in the period. <span class=\"_ _d\"></span>The facility <span class=\"_ _d\"></span>is fully drawn down as of December 31, 2022.$104.0 million term loan facility (Credit Suisse)In <span class=\"_\"> </span>April <span class=\"_ _29\"> </span>2022, <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_\"> </span>entered <span class=\"_ _29\"> </span>into <span class=\"_\"> </span>a <span class=\"_ _29\"> </span>senior <span class=\"_\"> </span>secured <span class=\"_\"> </span>term <span class=\"_ _29\"> </span>loan <span class=\"_\"> </span>facility <span class=\"_ _29\"> </span>with <span class=\"_\"> </span>Credit <span class=\"_ _29\"> </span>Suisse <span class=\"_\"> </span>AG <span class=\"_ _29\"> </span>in <span class=\"_\"> </span>an <span class=\"_ _29\"> </span>amount <span class=\"_\"> </span>of $104.0 million <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance the <span class=\"_ _d\"></span>$110.5 million <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility maturing <span class=\"_ _d\"></span>in 2023. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>new facility <span class=\"_ _d\"></span>matures in <span class=\"_ _d\"></span>May <span class=\"_ _d\"></span>2028, carries <span class=\"_ _d\"></span>an interest rate of <span class=\"_ _d\"></span>SOFR plus a <span class=\"_ _d\"></span>margin of 180 <span class=\"_ _d\"></span>basis points and <span class=\"_ _d\"></span>has an amortization <span class=\"_ _d\"></span>profile of 18 <span class=\"_ _d\"></span>years commencing on <span class=\"_ _d\"></span>the delivery date <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>yard. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>May <span class=\"_ _10\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>drew <span class=\"_ _10\"></span>down <span class=\"_ _e\"></span>$104.0 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>repaid <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>outstanding <span class=\"_ _e\"></span>balance <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>original facility of $96.4 million. The facility is fully drawn down as of Dec<span class=\"_ _1\"></span>ember 31, 2022.$110.5 million term loan facility (Credit Suisse #2)In <span class=\"_ _d\"></span>June <span class=\"_ _d\"></span>2017, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>signed <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>$110.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>Credit <span class=\"_ _d\"></span>Suisse. The facility matures in <span class=\"_ _d\"></span>2024, carries an interest rate <span class=\"_ _d\"></span>of LIBOR plus a <span class=\"_ _d\"></span>margin of 190 basis <span class=\"_ _d\"></span>points and has an <span class=\"_ _d\"></span>amortization profile of <span class=\"_ _11\"> </span>18 <span class=\"_ _f\"> </span>years. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>drew <span class=\"_ _f\"> </span>down <span class=\"_ _11\"> </span>$54.9 <span class=\"_ _f\"> </span>million <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2018 <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>connection <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>one <span class=\"_ _f\"> </span>VLCC delivered <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$55.3 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2019 <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>connection <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>one VLCC <span class=\"_ _d\"></span>delivered in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>extended the <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>$15.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2019. <span class=\"_ _d\"></span>The facility is fully drawn down as of December 31, 2022.$544.0 million lease financing (ICBCL)In March 2020, the <span class=\"_ _d\"></span>Company signed a sale-and-leaseback agreement in an <span class=\"_ _d\"></span>amount of $544.0 million with ICBCL <span class=\"_ _d\"></span>to finance the cash <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>upon <span class=\"_ _e\"></span>closing <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Acquisition, <span class=\"_ _e\"></span>which <span class=\"_ _d\"></span>took <span class=\"_ _d\"></span>place <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>March <span class=\"_ _d\"></span>16, <span class=\"_ _d\"></span>2020. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>financing <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>tenor <span class=\"_ _d\"></span>of seven <span class=\"_ _d\"></span>years, <span class=\"_ _e\"></span>carries <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>margin <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>230 <span class=\"_ _d\"></span>basis <span class=\"_ _e\"></span>points, <span class=\"_ _e\"></span>has <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>amortization <span class=\"_ _d\"></span>profile <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>17.8 <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>and includes <span class=\"_ _28\"> </span>purchase <span class=\"_ _28\"> </span>options <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Company <span class=\"_ _28\"> </span>throughout <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>te<span class=\"_ _1\"></span>rm <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>purchase <span class=\"_ _28\"> </span>obligation <span class=\"_ _28\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>e<span class=\"_ _1\"></span>nd <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>term. <span class=\"_ _28\"> </span>The Company <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>precluded <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>sale <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>due <span class=\"_ _10\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>purchase <span class=\"_ _d\"></span>obligation <span class=\"_ _e\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>end <span class=\"_ _10\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>term <span class=\"_ _d\"></span>which prevents <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>lessor <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>obtaining <span class=\"_ _d\"></span>control <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>such <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>has <span class=\"_ _d\"></span>been <span class=\"_ _e\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>secured <span class=\"_ _d\"></span>borrowing, with the vessels recorded under \"Vessels and equipment\". The facil<span class=\"_ _1\"></span>ity is fully drawn down as of December 31, 2022.$42.9 million term loan facility (Credit Suisse)In <span class=\"_ _10\"></span>November <span class=\"_ _10\"></span>2019, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>signed <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>senior <span class=\"_ _10\"></span>secured <span class=\"_ _10\"></span>term <span class=\"_ _10\"></span>loan <span class=\"_ _10\"></span>facility <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>up <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>$42.9 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>Credit Suisse <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>partially <span class=\"_ _e\"></span>finance <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>delivery <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>one <span class=\"_ _10\"></span>Suezmax <span class=\"_ _e\"></span>tanker. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>matures <span class=\"_ _10\"></span>five <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>after <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>vessel's <span class=\"_ _e\"></span>delivery <span class=\"_ _e\"></span>date, carries <span class=\"_ _d\"></span>an <span class=\"_ _10\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>LIBOR <span class=\"_ _e\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>margin <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>190 <span class=\"_ _d\"></span>basis <span class=\"_ _e\"></span>points <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>amortization <span class=\"_ _e\"></span>profile <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>18 <span class=\"_ _e\"></span>years. <span class=\"_ _10\"></span>In <span class=\"_ _d\"></span>May <span class=\"_ _e\"></span>2020, the Company <span class=\"_ _d\"></span>drew down <span class=\"_ _d\"></span>$42.9 million under <span class=\"_ _d\"></span>the facility <span class=\"_ _d\"></span>in connection <span class=\"_ _d\"></span>with the delivery <span class=\"_ _d\"></span>of one <span class=\"_ _d\"></span>Suezmax tanker. <span class=\"_ _d\"></span>The facility is fully drawn down as of December 31, 2022.$62.5 million term loan facility (Cr\u00e9dit Agricole)In <span class=\"_ _d\"></span>May 2020, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>signed a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>term <span class=\"_ _d\"></span>loan facility <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amount of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>$62.5 million <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>Cr\u00e9dit <span class=\"_ _d\"></span>Agricole to <span class=\"_ _d\"></span>partially finance <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>of one <span class=\"_ _d\"></span>VLCC. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>facility matures <span class=\"_ _d\"></span>five <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>after <span class=\"_ _d\"></span>the vessel's <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>date, <span class=\"_ _d\"></span>carries an <span class=\"_ _d\"></span>interest rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>190 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization <span class=\"_ _d\"></span>profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>18 <span class=\"_ _d\"></span>years. <span class=\"_ _d\"></span>In <span class=\"_ _e\"></span>June <span class=\"_ _d\"></span>2020, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>drew down <span class=\"_ _10\"></span>$62.5 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>connection <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>delivery <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>one <span class=\"_ _10\"></span>VLCC. <span class=\"_ _11\"> </span>The <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>fully <span class=\"_ _10\"></span>drawn <span class=\"_ _11\"> </span>down <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of December 31, 2022.$133.7 million term loan facility (CEXIM)In November <span class=\"_ _d\"></span>2020, the Company <span class=\"_ _d\"></span>entered into <span class=\"_ _d\"></span>a senior <span class=\"_ _d\"></span>secured term loan <span class=\"_ _d\"></span>facility with CEXIM <span class=\"_ _d\"></span>and Sinosure <span class=\"_ _d\"></span>in an <span class=\"_ _d\"></span>amount of up to <span class=\"_ _d\"></span>$133.7 million <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>partially finance <span class=\"_ _d\"></span>four <span class=\"_ _d\"></span>LR2 <span class=\"_ _d\"></span>tanker newbuildings. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>facility has <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tenor <span class=\"_ _d\"></span>of 12 <span class=\"_ _d\"></span>years, <span class=\"_ _d\"></span>carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate of <span class=\"_\"> </span>L<span class=\"_ _1\"></span>IBOR <span class=\"_ _28\"> </span>plus <span class=\"_\"> </span>a <span class=\"_ _28\"> </span>margin <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>line <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>Company\u2019s <span class=\"_ _28\"> </span>other <span class=\"_ _28\"> </span>credit <span class=\"_ _28\"> </span>facilities <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>an <span class=\"_\"> </span>a<span class=\"_ _1\"></span>mortization <span class=\"_ _28\"> </span>profile <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>17 <span class=\"_ _28\"> </span>years commencing on <span class=\"_ _d\"></span>the delivery date <span class=\"_ _d\"></span>from the <span class=\"_ _d\"></span>yard. The <span class=\"_ _d\"></span>Company drew <span class=\"_ _d\"></span>down $33.4 <span class=\"_ _d\"></span>million in March <span class=\"_ _d\"></span>2021, $33.4 <span class=\"_ _d\"></span>million in <span class=\"_ _d\"></span>April 2021, <span class=\"_ _d\"></span>$33.4 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>September <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>$33.4 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>November <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>delivery of four LR2 tankers. The facility is fully drawn down as of December 31, 2022.$58.5 million term loan facility (SEB)In September <span class=\"_ _d\"></span>2021, the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>entered into <span class=\"_ _d\"></span>a senior <span class=\"_ _d\"></span>secured term <span class=\"_ _d\"></span>loan facility <span class=\"_ _d\"></span>in an <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of up <span class=\"_ _d\"></span>to $58.5 <span class=\"_ _d\"></span>million with <span class=\"_ _d\"></span>SEB to <span class=\"_ _10\"></span>partially <span class=\"_ _10\"></span>finance <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>acquisition <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>one <span class=\"_ _11\"> </span>2019-built <span class=\"_ _10\"></span>VLCC. <span class=\"_ _11\"> </span>The <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>has <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>tenor <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>five <span class=\"_ _10\"></span>years, <span class=\"_ _11\"> </span>carries <span class=\"_ _10\"></span>an <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _11\"> </span>of LIBOR plus a <span class=\"_ _d\"></span>margin of 170 basis <span class=\"_ _d\"></span>points and has <span class=\"_ _d\"></span>an amortization profile of <span class=\"_ _d\"></span>20 years commencing on <span class=\"_ _d\"></span>the delivery date from <span class=\"_ _d\"></span>the yard. <span class=\"_ _10\"></span>In <span class=\"_ _11\"></span>October <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>took <span class=\"_ _11\"> </span>delivery <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>vessel <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>drew <span class=\"_ _10\"></span>down <span class=\"_ _11\"> </span>$58.5 <span class=\"_ _10\"></span>million <span class=\"_ _11\"> </span>under <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>partially finance the delivery. The facility is fully drawn down as of Dece<span class=\"_ _1\"></span>mber 31, 2022.$58.5 million term loan facility (KFW)In September 2021, the Company entered into a senior secured term loan facility in an amount of up to $58.5 million with KFW to <span class=\"_ _10\"></span>partially <span class=\"_ _10\"></span>finance <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>acquisition <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>one <span class=\"_ _11\"> </span>2019-built <span class=\"_ _10\"></span>VLCC. <span class=\"_ _11\"> </span>The <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>has <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>tenor <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>five <span class=\"_ _10\"></span>years, <span class=\"_ _11\"> </span>carries <span class=\"_ _10\"></span>an <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _11\"> </span>of LIBOR plus a <span class=\"_ _d\"></span>margin of 170 basis <span class=\"_ _d\"></span>points and has <span class=\"_ _d\"></span>an amortization profile of <span class=\"_ _d\"></span>20 years commencing on <span class=\"_ _d\"></span>the delivery date from <span class=\"_ _d\"></span>the yard. <span class=\"_ _d\"></span>In <span class=\"_ _e\"></span>November <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>took <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$58.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>facility <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>partially finance the delivery. The facility is fully drawn down as of Dece<span class=\"_ _1\"></span>mber 31, 2022.$130.0 million term loan facility (DNB)In <span class=\"_ _d\"></span>October <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>$130.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>DNB to <span class=\"_ _d\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>acquisition <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>two <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>six <span class=\"_ _e\"></span>resale <span class=\"_ _d\"></span>VLCC <span class=\"_ _e\"></span>newbuilding <span class=\"_ _d\"></span>contracts. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>facility <span class=\"_ _e\"></span>has <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>tenor <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>five <span class=\"_ _e\"></span>years, carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>170 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>20 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on the <span class=\"_ _f\"> </span>delivery <span class=\"_ _11\"> </span>date <span class=\"_ _f\"> </span>from <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>yard. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>drew <span class=\"_ _f\"> </span>down <span class=\"_ _27\"> </span>$65.0 <span class=\"_ _11\"> </span>million <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>April <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>$65.0 <span class=\"_ _11\"> </span>million <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>June <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>to partially <span class=\"_ _10\"></span>finance <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>delivery <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>2022 <span class=\"_ _10\"></span>built <span class=\"_ _11\"> </span>VLCCs, <span class=\"_ _10\"></span><span class=\"ff3\">Front <span class=\"_ _11\"> </span>Alta</span> <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span><span class=\"ff3\">Front <span class=\"_ _11\"> </span>Tweed</span>. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>facility <span class=\"_ _10\"></span>is <span class=\"_ _11\"> </span>fully <span class=\"_ _11\"> </span>drawn <span class=\"_ _10\"></span>down <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>of December 31, 2022.$65.0 million term loan facility (ABN)In December 2021, the <span class=\"_ _d\"></span>Company entered into a senior secured term <span class=\"_ _d\"></span>loan facility in an amount of <span class=\"_ _d\"></span>up to $65.0 million from <span class=\"_ _d\"></span>ABN AMRO <span class=\"_ _d\"></span>Bank <span class=\"_ _e\"></span>N.V. <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>acquisition <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>one <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>six <span class=\"_ _d\"></span>resale <span class=\"_ _e\"></span>VLCC <span class=\"_ _e\"></span>newbuilding <span class=\"_ _d\"></span>contracts. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>facility <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>a tenor <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>five <span class=\"_ _10\"></span>years, <span class=\"_ _10\"></span>carries <span class=\"_ _e\"></span>an <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>LIBOR <span class=\"_ _10\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>margin <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>170 <span class=\"_ _10\"></span>basis <span class=\"_ _10\"></span>points <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>amortization <span class=\"_ _e\"></span>profile <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>20 years <span class=\"_ _10\"></span>commencing <span class=\"_ _11\"> </span>on <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>delivery <span class=\"_ _10\"></span>date <span class=\"_ _11\"> </span>from <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>yard. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>October <span class=\"_ _10\"></span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>drew <span class=\"_ _11\"> </span>down <span class=\"_ _10\"></span>$65.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>partially finance the delivery of the 2022 built VLCC <span class=\"ff3\">Front Gaula</span>. The fac<span class=\"_ _1\"></span>ility is fully drawn down as of December 31, 2022.$65.0 million term loan facility (ING)In December <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>entered into <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>senior secured <span class=\"_ _d\"></span>term loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>in an <span class=\"_ _d\"></span>amount of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to $65.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>from ING Bank <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>partially <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>acquisition <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>one <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>six <span class=\"_ _d\"></span>resale <span class=\"_ _e\"></span>VLCC <span class=\"_ _10\"></span>newbuilding <span class=\"_ _d\"></span>contracts. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>a <span class=\"_ _d\"></span>tenor <span class=\"_ _10\"></span>of <span class=\"_ _d\"></span>five years, <span class=\"_ _28\"> </span>carries <span class=\"_\"> </span>an <span class=\"_ _28\"> </span>interest <span class=\"_ _28\"> </span>rate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>LIBOR <span class=\"_ _28\"> </span>plus <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>ma<span class=\"_ _1\"></span>rgin <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>170 <span class=\"_ _28\"> </span>basis <span class=\"_ _28\"> </span>points <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>an <span class=\"_\"> </span>amort<span class=\"_ _1\"></span>ization <span class=\"_ _28\"> </span>profile <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>20 <span class=\"_ _28\"> </span>years commencing <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>delivery <span class=\"_ _11\"> </span>date <span class=\"_ _11\"> </span>from <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>yard. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>facility <span class=\"_ _11\"> </span>includes <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>sustainability <span class=\"_ _11\"> </span>margin <span class=\"_ _11\"> </span>adjustment <span class=\"_ _f\"> </span>linked <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fleet sustainability <span class=\"_ _d\"></span>score. <span class=\"_ _e\"></span>In <span class=\"_ _d\"></span>August <span class=\"_ _e\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$65.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>delivery <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>2022 <span class=\"_ _d\"></span>built VLCC <span class=\"ff3\">Front Tana</span>. The facility is fully drawn down as of December 31, 2022.$65.0 million term loan facility (KFW)In December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from KFW to <span class=\"_ _10\"></span>partially <span class=\"_ _10\"></span>finance <span class=\"_ _11\"></span>the <span class=\"_ _10\"></span>acquisition <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>one <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>six <span class=\"_ _10\"></span>resale <span class=\"_ _11\"> </span>VLCC <span class=\"_ _10\"></span>newbuilding <span class=\"_ _10\"></span>contracts. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>facility <span class=\"_ _10\"></span>has <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>tenor <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>5 <span class=\"_ _10\"></span>years, carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>170 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>20 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on the <span class=\"_ _10\"></span>delivery <span class=\"_ _10\"></span>date <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>yard. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>facility <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>fully <span class=\"_ _10\"></span>undrawn <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>2023, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>took delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>VLCC <span class=\"_ _d\"></span>newbuilding, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Tyne</span>, <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>HHI <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>drew <span class=\"_ _d\"></span>down <span class=\"_ _e\"></span>$65.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>this <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>partially <span class=\"_ _d\"></span>finance the delivery. $65.0 million term loan facility (Cr\u00e9dit Agricole)In <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>2021, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>entered <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>senior <span class=\"_ _11\"> </span>secured <span class=\"_ _11\"> </span>term <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>an <span class=\"_ _11\"> </span>amount <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>up <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>$65.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>from Cr\u00e9dit Agricole to partially finance the acquisition of one of the six <span class=\"_ _d\"></span>resale VLCC newbuilding contracts. The facility has a tenor of <span class=\"_ _11\"> </span>5 <span class=\"_ _11\"> </span>years, <span class=\"_ _11\"> </span>carries <span class=\"_ _f\"> </span>an <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rate <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>LIBOR <span class=\"_ _11\"> </span>plus <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>margin <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>170 <span class=\"_ _f\"> </span>basis <span class=\"_ _11\"> </span>points <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>has <span class=\"_ _f\"> </span>an <span class=\"_ _11\"> </span>amortization <span class=\"_ _11\"> </span>profile <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>18 <span class=\"_ _11\"> </span>years commencing <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>delivery <span class=\"_ _e\"></span>date <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>yard. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>facility <span class=\"_ _d\"></span>is <span class=\"_ _10\"></span>fully <span class=\"_ _e\"></span>undrawn <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022. <span class=\"_ _e\"></span>In <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>2023, <span class=\"_ _e\"></span>the Company <span class=\"_ _d\"></span>took <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>VLCC <span class=\"_ _e\"></span>newbuilding, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _e\"></span>Orkla</span>, <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>HHI <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$65.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>facility <span class=\"_ _d\"></span>to partially finance the delivery.$275.0 million revolving credit facilityIn <span class=\"_ _28\"> </span>June <span class=\"_ _27\"> </span>2016, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>signed <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>$275.0 <span class=\"_ _28\"> </span>million <span class=\"_ _28\"> </span>senior <span class=\"_ _27\"> </span>unsecured <span class=\"_ _28\"> </span>facility <span class=\"_ _27\"> </span>agreement <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>affiliate <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Hemen, <span class=\"_ _28\"> </span>the Company's <span class=\"_ _e\"></span>largest <span class=\"_ _e\"></span>shareholder. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>original <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>carried <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>6.25% <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>was <span class=\"_ _e\"></span>available <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>a period of <span class=\"_ _d\"></span>18 months <span class=\"_ _d\"></span>from the <span class=\"_ _d\"></span>first utilization <span class=\"_ _d\"></span>date and was <span class=\"_ _d\"></span>repayable in <span class=\"_ _d\"></span>full on <span class=\"_ _d\"></span>the 18 <span class=\"_ _d\"></span>months anniversary <span class=\"_ _d\"></span>of the <span class=\"_ _d\"></span>first utilization date. There were no scheduled loan repayments before this date<span class=\"_ _1\"></span>. The facility does not include any financial covenants.As <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>had <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>outstanding <span class=\"_ _d\"></span>balance <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>up <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>$215.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>remained <span class=\"_ _d\"></span>available and undrawn under this facility. The balance outstanding was incl<span class=\"_ _1\"></span>uded in short-term debt as of January 1, 2021.In February 2021, the Company extended the terms of <span class=\"_ _d\"></span>the facility by 12 months to May 2022. In <span class=\"_ _d\"></span>November 2021, the Company extended <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>12 <span class=\"_ _d\"></span>months <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>May <span class=\"_ _d\"></span>2023. <span class=\"_ _d\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down $149.7 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>installments <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>six <span class=\"_ _e\"></span>VLCCs <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>construction, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>deposits <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>two <span class=\"_ _e\"></span>2019 <span class=\"_ _e\"></span>built VLCCs <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>general <span class=\"_ _10\"></span>corporate <span class=\"_ _10\"></span>purposes. <span class=\"_ _10\"></span>As <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>$65.3 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>remained <span class=\"_ _10\"></span>available <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>undrawn <span class=\"_ _10\"></span>under this facility. The balance outstanding of $209.7 million was i<span class=\"_ _1\"></span>ncluded in long-term debt as of December 31, 2021.In November <span class=\"_ _d\"></span>2022, the Company <span class=\"_ _d\"></span>extended the facility <span class=\"_ _d\"></span>by 12 <span class=\"_ _d\"></span>months to May <span class=\"_ _d\"></span>2024 at <span class=\"_ _d\"></span>an interest rate <span class=\"_ _d\"></span>of 8.50% <span class=\"_ _d\"></span>and otherwise on same terms. The balance outstanding of $209.7 million is inc<span class=\"_ _1\"></span>luded in long-term debt as of December 31, 2022. Secured borrowingsAs <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>had <span class=\"_ _d\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>forward <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>repurchase <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>1.3 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Golden <span class=\"_ _d\"></span>Ocean in <span class=\"_ _d\"></span>March 2021 <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>$6.2 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>the shares <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>marketable <span class=\"_ _d\"></span>securities and <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>as of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021 within <span class=\"_ _e\"></span>short-term <span class=\"_ _e\"></span>debt <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>$6.3 <span class=\"_ _10\"></span>million, <span class=\"_ _e\"></span>after <span class=\"_ _e\"></span>adjusting <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>effect <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>foreign <span class=\"_ _e\"></span>exchange. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>required <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>post collateral of <span class=\"_ _d\"></span>20% <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the total <span class=\"_ _d\"></span>repurchase <span class=\"_ _d\"></span>price for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>duration of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>agreement which <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>held <span class=\"_ _d\"></span>in restricted <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>as of <span class=\"_ _d\"></span>January 1, <span class=\"_ _11\"> </span>2021. <span class=\"_ _f\"> </span>In <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>sold <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Golden <span class=\"_ _f\"> </span>Ocean <span class=\"_ _f\"> </span>shares <span class=\"_ _11\"> </span>previously <span class=\"_ _f\"> </span>held <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>marketable securities. Debt restrictionsThe Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>borrowings <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>vessels <span class=\"_ _27\"> </span>securing <span class=\"_\"> </span>borrowings <span class=\"_ _27\"> </span>under <span class=\"_\"> </span>each <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>such agreements <span class=\"_ _d\"></span>decrease <span class=\"_ _10\"></span>below <span class=\"_ _d\"></span>required <span class=\"_ _10\"></span>levels. <span class=\"_ _d\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>contain <span class=\"_ _10\"></span>certain <span class=\"_ _d\"></span>financial <span class=\"_ _e\"></span>covenants, <span class=\"_ _e\"></span>including <span class=\"_ _e\"></span>the requirement <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>maintain <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>certain <span class=\"_ _e\"></span>level <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>free <span class=\"_ _10\"></span>cash, <span class=\"_ _e\"></span>positive <span class=\"_ _e\"></span>working <span class=\"_ _e\"></span>capital <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>adjusted <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>covenant. <span class=\"_ _e\"></span>Restricted cash <span class=\"_ _e\"></span>does <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>include <span class=\"_ _10\"></span>cash <span class=\"_ _e\"></span>balances <span class=\"_ _10\"></span>$54.4 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>(2021: <span class=\"_ _e\"></span>$67.0 <span class=\"_ _10\"></span>million, <span class=\"_ _10\"></span>2020: <span class=\"_ _10\"></span>$103.5 <span class=\"_ _e\"></span>million), <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>represents <span class=\"_ _10\"></span>50% <span class=\"_ _e\"></span>(2021: 64%, <span class=\"_ _e\"></span>2020: <span class=\"_ _10\"></span>100%) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>required <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>maintained <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>financial <span class=\"_ _e\"></span>covenants <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>our <span class=\"_ _10\"></span>loan <span class=\"_ _e\"></span>agreements. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>is permitted <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>satisfy <span class=\"_ _e\"></span>up <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>50% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>requirements <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>maintaining <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>committed <span class=\"_ _e\"></span>undrawn <span class=\"_ _10\"></span>credit <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>remaining availability of greater than 12 months. Failure <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>comply <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>any <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>covenants <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _d\"></span>could <span class=\"_ _d\"></span>result <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>default, <span class=\"_ _d\"></span>which <span class=\"_ _e\"></span>would <span class=\"_ _d\"></span>permit <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lender <span class=\"_ _d\"></span>to accelerate <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>maturity <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>debt <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>foreclose <span class=\"_ _27\"> </span>upon <span class=\"_ _27\"> </span>any <span class=\"_ _27\"> </span>collateral <span class=\"_ _27\"> </span>securing <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>debt. <span class=\"_ _27\"> </span>Under <span class=\"_ _27\"> </span>those <span class=\"_ _27\"> </span>circumstances, <span class=\"_ _27\"> </span>the Company might <span class=\"_ _d\"></span>not have <span class=\"_ _d\"></span>sufficient funds <span class=\"_ _d\"></span>or other <span class=\"_ _d\"></span>resources to satisfy <span class=\"_ _d\"></span>its obligations. <span class=\"_ _d\"></span>The Company <span class=\"_ _d\"></span>was in <span class=\"_ _d\"></span>compliance with all of the financial covenants contained in the Company's loan a<span class=\"_ _1\"></span>greements as of December 31, 2022 and 2021.Assets pledgedDecember 31, December 31, January 1, (in thousands of $)202220212021Vessels<span class=\"_ _1e7\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>3,650,325 <span class=\"_ _a7\"> </span></span> <span class=\"_ _121\"> </span>3,466,782 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>3,300,176 Debt issuance costsDecember 31, December 31, January 1, (in thousands of $)202220212021Debt issuance costs<span class=\"_ _137\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(46,039) <span class=\"_ _2a\"> </span></span> <span class=\"_ _12f\"> </span>(41,691) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(31,129) Accumulated amortization<span class=\"_ _1e8\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>22,926 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>17,373 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>10,953  <span class=\"_ _1be\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(23,113) <span class=\"_ _2a\"> </span></span> <span class=\"_ _12f\"> </span>(24,318) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(20,176) The Company paid $4.3 million of debt issuance costs in the year e<span class=\"_ _1\"></span>nded December 31, 2022 (2021: $8.1 million).19.<span class=\"_ _95\"> </span>LEASESAt <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>leased <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>two <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>SFL <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>charters <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>classified <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>leases, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>2004-built <span class=\"_ _11\"> </span>VLCCs <span class=\"_ _11\"> </span><span class=\"ff3\">Front <span class=\"_ _f\"> </span>Force</span> <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span><span class=\"ff3\">Front <span class=\"_ _f\"> </span>Energy</span>. <span class=\"_ _11\"> </span>In <span class=\"_ _f\"> </span>April <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _11\"> </span>announced <span class=\"_ _11\"> </span>that <span class=\"_ _f\"> </span>its <span class=\"_ _11\"> </span>subsidiary <span class=\"_ _f\"> </span>Frontline <span class=\"_ _11\"> </span>Shipping Limited <span class=\"_ _d\"></span>had <span class=\"_ _d\"></span>agreed <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>SFL <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>terminate <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>these <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>upon <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>sale <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>by SFL to an unrelated third party.As <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>January <span class=\"_ _10\"></span>1, <span class=\"_ _11\"> </span>2021, <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>leased <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>two <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>from <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>third <span class=\"_ _10\"></span>party <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>time <span class=\"_ _10\"></span>charters <span class=\"_ _10\"></span>that <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>classified <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>leases  which were terminated in the year end December 31, 2021 when the ve<span class=\"_ _1\"></span>ssels were redelivered to the owners.The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>also <span class=\"_ _f\"> </span>committed <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>make <span class=\"_ _f\"> </span>rental <span class=\"_ _f\"> </span>payments <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>office <span class=\"_ _f\"> </span>premises. <span class=\"_ _f\"> </span>Certain <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>these <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>include variable <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>elements <span class=\"_ _10\"></span>linked <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>inflation <span class=\"_ _10\"></span>indexes. <span class=\"_ _e\"></span>Such <span class=\"_ _10\"></span>variable <span class=\"_ _e\"></span>payments <span class=\"_ _e\"></span>have <span class=\"_ _10\"></span>been <span class=\"_ _e\"></span>estimated <span class=\"_ _e\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>recognition <span class=\"_ _e\"></span>on the index at that time and are included in the mini<span class=\"_ _1\"></span>mum lease payments.Rental expenseThe future minimum lease payments under the Company's lea<span class=\"_ _1\"></span>ses as at December 31, 2022 are as follows:(in thousands of $)<span class=\"_ _1bf\"> </span><span class=\"ff2\"> </span>2023<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,103 </span>2024<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,206 </span>2025<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,237 </span>Total minimum lease payments<span class=\"_ _1c5\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,546 </span>Less: Imputed interest<span class=\"_ _5\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(150) </span>Present value of obligations under leases<span class=\"_ _1ea\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,396 </span>The future minimum lease payments under the Company's lea<span class=\"_ _1\"></span>ses as at December 31, 2021 are as follows:(in thousands of $)<span class=\"_ _1bf\"> </span><span class=\"ff2\"> </span>2022<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,235 </span>2023<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,753 </span>2024<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,054 </span>2025<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,810 </span>2026<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>11,705 </span>Thereafter<span class=\"_ _1eb\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,641 </span>Total minimum lease payments<span class=\"_ _1c5\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>63,198 </span>Less: Imputed interest<span class=\"_ _5\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(10,496) </span>Present value of obligations under leases<span class=\"_ _1ea\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>52,702 </span>Total <span class=\"_\"> </span>cash <span class=\"_\"> </span>outflows <span class=\"_\"> </span>for <span class=\"_ _29\"> </span>leases <span class=\"_\"> </span>was <span class=\"_\"> </span>$2.9 <span class=\"_\"> </span>million <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>$11.8 <span class=\"_\"> </span>million <span class=\"_\"> </span>for <span class=\"_\"> </span>the <span class=\"_\"> </span>years <span class=\"_ _29\"> </span>ended <span class=\"_\"> </span>December <span class=\"_\"> </span>31, <span class=\"_\"> </span>2022 <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>2021, respectively. <span class=\"_ _10\"></span>Expense <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>office <span class=\"_ _10\"></span>leases <span class=\"_ _11\"> </span>was <span class=\"_ _10\"></span>$0.9 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>$1.5 <span class=\"_ _10\"></span>million <span class=\"_ _11\"> </span>for <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>years <span class=\"_ _10\"></span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _11\"> </span>2022 <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>2021, respectively. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>expenses <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>$2.2 <span class=\"_ _f\"> </span>million <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>$8.6 <span class=\"_ _11\"> </span>million) <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>relation <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>leased-in <span class=\"_ _11\"> </span>vessels, Front <span class=\"_ _10\"></span>Energy <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>Front <span class=\"_ _11\"> </span>Force<span class=\"ff2\">. <span class=\"_ _11\"> </span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>lease <span class=\"_ _10\"></span>expenses <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>nil <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>$2.7 <span class=\"_ _11\"> </span>million) <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>relation <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>vessels </span>leased <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>third <span class=\"_ _e\"></span>party <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>leases. <span class=\"_ _d\"></span>Interest <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>incurred <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>leased-in vessels is disclosed <span class=\"_ _d\"></span>in Note 7. <span class=\"_ _d\"></span>The weighted-average discount <span class=\"_ _d\"></span>rate based on <span class=\"_ _d\"></span>the Company's <span class=\"_ _d\"></span>incremental borrowing rate, or <span class=\"_ _d\"></span>IBR, in <span class=\"_ _10\"></span>relation <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>leases <span class=\"_ _11\"> </span>was <span class=\"_ _10\"></span>2.7% <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>7.1%) <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _10\"></span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>weighted-average <span class=\"_ _10\"></span>remaining lease term was three years (2021: five years) as of December 31, 2022.Rental incomeTwo <span class=\"_ _e\"></span>LR2 <span class=\"_ _10\"></span>tankers <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>fixed <span class=\"_ _10\"></span>rate <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>charters <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022. <span class=\"_ _e\"></span>One <span class=\"_ _10\"></span>LR2 <span class=\"_ _e\"></span>tanker <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>two <span class=\"_ _10\"></span>VLCCs <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>fixed rate <span class=\"_ _e\"></span>time <span class=\"_ _10\"></span>charters <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>terms <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>all <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>addition, <span class=\"_ _10\"></span>the Company agreed <span class=\"_ _d\"></span>to charter-out <span class=\"_ _d\"></span>five Suezmax <span class=\"_ _d\"></span>tankers to <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>unrelated third <span class=\"_ _d\"></span>party, for <span class=\"_ _d\"></span>a period <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>3 years <span class=\"_ _d\"></span>commencing in <span class=\"_ _d\"></span>August 2019, <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>daily <span class=\"_ _10\"></span>base <span class=\"_ _10\"></span>rate <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>$28,400 <span class=\"_ _10\"></span>plus <span class=\"_ _10\"></span>50% <span class=\"_ _e\"></span>profit <span class=\"_ _10\"></span>share. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>terms <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>five <span class=\"_ _10\"></span>Suezmax <span class=\"_ _e\"></span>tankers <span class=\"_ _10\"></span>ended <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _10\"></span>ended December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>minimum <span class=\"_ _e\"></span>future <span class=\"_ _10\"></span>revenues <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>be <span class=\"_ _e\"></span>received <span class=\"_ _10\"></span>under <span class=\"_ _10\"></span>fixed <span class=\"_ _10\"></span>rate <span class=\"_ _e\"></span>contracts <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>as follows:(in thousands of $)<span class=\"_ _1bf\"> </span><span class=\"ff2\"> </span>2023<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>24,090 </span>2024<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>24,156 </span>2025<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>15,954 </span>Total minimum lease payments<span class=\"_ _1c5\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>64,200 </span>The minimum future revenues to be received under fixed rate c<span class=\"_ _1\"></span>ontracts as of December 31, 2021 were as follows:(in thousands of $)<span class=\"_ _1ec\"> </span><span class=\"ff2\"> </span>2022<span class=\"_ _1ed\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>28,968 </span>Total minimum lease payments<span class=\"_ _1ee\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>28,968 </span>Profit <span class=\"_ _d\"></span>share <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>earned <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>chartering <span class=\"_ _e\"></span>arrangements <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>been <span class=\"_ _e\"></span>excluded <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>minimum <span class=\"_ _e\"></span>future <span class=\"_ _d\"></span>revenues <span class=\"_ _e\"></span>above. <span class=\"_ _e\"></span>Our revenues <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>these <span class=\"_ _10\"></span>leases <span class=\"_ _10\"></span>have <span class=\"_ _e\"></span>been <span class=\"_ _10\"></span>included <span class=\"_ _10\"></span>within <span class=\"_ _10\"></span>time <span class=\"_ _10\"></span>charter <span class=\"_ _10\"></span>revenues <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Consolidated <span class=\"_ _10\"></span>Statement <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Profit <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>Loss, which solely relates to leasing revenues.The two LR2 tankers on fixed rate time charters as of Decem<span class=\"_ _1\"></span>ber 31, 2022 have an option for a 1 year extension.The <span class=\"_ _11\"> </span>cost <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>accumulated <span class=\"_ _11\"> </span>depreciation <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>leased <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>third <span class=\"_ _11\"> </span>parties <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>charters <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022 <span class=\"_ _f\"> </span>were $100.1 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>$3.9 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>respectively <span class=\"_ _10\"></span>(December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2021: <span class=\"_ _10\"></span>$328.0 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>$21.0 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>respectively, <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, 2021:  $509.5 million and $49.4 million, respectively). In <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _f\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>recognized <span class=\"_ _10\"></span>profit <span class=\"_ _11\"> </span>share <span class=\"_ _11\"> </span>income <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$7.0 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>relation <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>five <span class=\"_ _11\"> </span>time charters (2021: nil), within Revenues in the Consolidated Stat<span class=\"_ _1\"></span>ements of Profit or Loss.For further details on the Company's right-of-use assets see note 14.20.<span class=\"_ _95\"> </span>FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENTAccounting classifications and fair valuesThe following tables show the carrying amounts <span class=\"_ _d\"></span>and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. <span class=\"_ _1a6\"> </span><span class=\"ff1\">December 31, 2022<span class=\"_ _e8\"> </span></span>December 31, 2021<span class=\"_ _12f\"> </span>January 1, 2021Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)ValueValueValueValueValueValueFinancial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _5c\"> </span><span class=\"ff1\"> <span class=\"_ _1d3\"> </span>53,993 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>53,993 <span class=\"_ _35\"> </span></span> <span class=\"_ _a8\"> </span>9,675 <span class=\"_ _1ef\"> </span> <span class=\"_ _a8\"> </span>9,675 <span class=\"_ _1ef\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _88\"> </span>\u2014 Marketable securities<span class=\"_ _60\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>236,281 <span class=\"_ _1ef\"> </span> <span class=\"_ _2d\"> </span>236,281 <span class=\"_ _35\"> </span></span> <span class=\"_ _55\"> </span>2,435 <span class=\"_ _90\"> </span> <span class=\"_ _55\"> </span>2,435 <span class=\"_ _90\"> </span> <span class=\"_ _55\"> </span>8,474 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>8,474 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _1f1\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>254,525 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>254,525 <span class=\"_ _35\"> </span></span> <span class=\"_ _2d\"> </span>113,073 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>113,073 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>174,721 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>174,721 Restricted cash<span class=\"_ _1f2\"> </span><span class=\"ff1\"> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span></span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _1ef\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>14,928 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>14,928 Receivables<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _29\"> </span>139,467 <span class=\"_ _1ef\"> </span> <span class=\"_ _2d\"> </span>139,467 <span class=\"_ _35\"> </span></span> <span class=\"_ _1d3\"> </span>73,532 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>73,532 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>63,924 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>63,924 Loan notes receivable<span class=\"_ _1f3\"> </span><span class=\"ff1\"> <span class=\"_ _a8\"> </span>1,388 <span class=\"_ _1ef\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span></span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _3a\"> </span><span class=\"ff1\"> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _3c\"> </span>\u2014 <span class=\"_ _35\"> </span></span> <span class=\"_ _1f0\"> </span>5,673 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>5,673 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>19,261 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>19,261 Financial liabilities not measured at fair valueTrade and other payables<span class=\"_ _117\"> </span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>81,533 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>81,533 <span class=\"_ _1ef\"> </span></span> <span class=\"_ _a7\"> </span>43,364 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>43,364 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>55,002 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>55,002 Floating rate debt <span class=\"_ _3d\"></span>2,201,543  <span class=\"_ _3d\"></span>2,201,543  <span class=\"_ _3d\"></span>2,138,009  <span class=\"_ _3d\"></span>2,138,009  <span class=\"_ _3d\"></span>2,097,110  <span class=\"_ _3d\"></span>2,097,110 Fixed rate debt<span class=\"_ _66\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>211,884 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>212,203 <span class=\"_ _35\"> </span></span> <span class=\"_ _36\"> </span>211,884 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>206,552 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>66,876 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>65,348 Dec 31, 2022 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _b3\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>53,993 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>53,993 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Marketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>236,281 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>236,281 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>254,525 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>254,525 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,201,543 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,201,543 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>212,203 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>212,203 Dec 31, 2021 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _b3\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>9,675 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Marketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>113,073 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _16c\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _37\"> </span></span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,138,009 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,138,009 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>206,552 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>206,552 Jan 1, 2021 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossMarketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>8,474 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>8,474 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>174,721 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Restricted cash<span class=\"_ _1f6\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _16c\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>19,261 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>19,261 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,097,110 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,097,110 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>65,348 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>6,251 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>59,097 Measurement of fair valuesValuation techniques and significant unobservable inputsThe <span class=\"_ _d\"></span>following <span class=\"_ _e\"></span>tables <span class=\"_ _d\"></span>show <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>valuation <span class=\"_ _e\"></span>techniques <span class=\"_ _d\"></span>used <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>measuring <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>1, <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>2 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>3 <span class=\"_ _d\"></span>fair <span class=\"_ _e\"></span>values, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>well <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>the significant unobservable inputs that were used.Financial instruments measured at fair valueType<span class=\"_ _10f\"> </span>Valuation Techniques<span class=\"_ _1f7\"> </span>Significant unobservable inputsInterest rate swapsFair value was determined based on Not applicable.the market value.Marketable securitiesFair value was determined based on Not applicable.the actual trading of the securities.Financial instruments not measured at fair valueType<span class=\"_ _10f\"> </span>Valuation Techniques<span class=\"_ _1f7\"> </span>Significant unobservable inputsFloating rate debt<span class=\"_ _1dc\"> </span>Di<span class=\"_ _1\"></span>scounted cash flow.<span class=\"_ _d8\"> </span>Not applicable<span class=\"_ _1\"></span>.Fixed rate debt<span class=\"_ _83\"> </span>Discounted cash flow.<span class=\"_ _d8\"> </span>Discount rate.Assets Measured at Fair Value on a Recurring BasisThe <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>(level <span class=\"_ _e\"></span>2) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>swaps <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>present <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>would receive <span class=\"_ _d\"></span>or <span class=\"_ _10\"></span>pay <span class=\"_ _d\"></span>to <span class=\"_ _10\"></span>terminate <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>agreements <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>statement <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>financial <span class=\"_ _e\"></span>position <span class=\"_ _e\"></span>date, <span class=\"_ _e\"></span>taking <span class=\"_ _e\"></span>into <span class=\"_ _e\"></span>account, <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>applicable, <span class=\"_ _d\"></span>fixed interest <span class=\"_ _e\"></span>rates <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swaps, <span class=\"_ _e\"></span>current <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>forward <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>curves <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>credit <span class=\"_ _e\"></span>worthiness <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>both <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company and the derivative counterparty.Marketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>listed <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>securities <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>which <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>fair <span class=\"_ _10\"></span>value <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>statement <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>position <span class=\"_ _10\"></span>date <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>the aggregate market value based on quoted market prices (leve<span class=\"_ _1\"></span>l 1).Transfers between Level 1, 2 and 3There were no transfers between these levels in 2022 and 2021.Financial risk managementIn the course of its normal business, the Company is exposed to the following ri<span class=\"_ _1\"></span>sks:\u2022<span class=\"_ _2c\"> </span>Credit risk\u2022<span class=\"_ _2c\"> </span>Liquidity risk\u2022<span class=\"_ _2c\"> </span>Market risk (interest rate risk, foreign currency risk, and price risk)The <span class=\"_ _28\"> </span>Company\u2019s <span class=\"_\"> </span>B<span class=\"_ _1\"></span>oard <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>Directors <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>overall <span class=\"_ _28\"> </span>responsibility <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>establishm<span class=\"_ _1\"></span>ent <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>oversight <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>Company's <span class=\"_ _28\"> </span>risk management framework.Credit riskTrade and other receivablesAt <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>balance sheet <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>trade <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>receivables were <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>(i) <span class=\"_ _d\"></span>state-owned <span class=\"_ _d\"></span>enterprises, <span class=\"_ _d\"></span>(ii) oil <span class=\"_ _d\"></span>majors, <span class=\"_ _d\"></span>(iii) <span class=\"_ _d\"></span>commodities traders and (iv) related parties. Based on past experience, there was <span class=\"_ _d\"></span>only a small impact on doubtful amounts at year-end. Based on <span class=\"_ _d\"></span>individual <span class=\"_ _e\"></span>analyses, <span class=\"_ _d\"></span>provisions <span class=\"_ _e\"></span>for <span class=\"_ _d\"></span>doubtful <span class=\"_ _e\"></span>debtors <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>material <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>2021. <span class=\"_ _d\"></span>In addition, <span class=\"_ _d\"></span>no <span class=\"_ _d\"></span>customers <span class=\"_ _d\"></span>individually <span class=\"_ _d\"></span>accounted <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>10% <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>total <span class=\"_ _d\"></span>revenue <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>(see <span class=\"_ _d\"></span>Note <span class=\"_ _d\"></span>4). <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>maximum exposure to credit risk is represented by the carrying amount of each fi<span class=\"_ _1\"></span>nancial asset.Past <span class=\"_ _28\"> </span>due <span class=\"_\"> </span>amounts <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>not <span class=\"_\"> </span>cre<span class=\"_ _1\"></span>dit <span class=\"_ _28\"> </span>impaired <span class=\"_\"> </span>as <span class=\"_ _28\"> </span>collection <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>still <span class=\"_\"> </span>considere<span class=\"_ _1\"></span>d <span class=\"_\"> </span>t<span class=\"_ _1\"></span>o <span class=\"_\"> </span>be<span class=\"_ _1\"></span> <span class=\"_\"> </span>l<span class=\"_ _1\"></span>ikely <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>management <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>confident <span class=\"_ _28\"> </span>the outstanding <span class=\"_ _f\"> </span>amounts <span class=\"_ _f\"> </span>can <span class=\"_ _f\"> </span>be <span class=\"_ _27\"> </span>recovered. <span class=\"_ _f\"> </span>Amounts <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>past <span class=\"_ _27\"> </span>due <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>also <span class=\"_ _27\"> </span>with <span class=\"_ _f\"> </span>customers <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>high <span class=\"_ _27\"> </span>credit <span class=\"_ _f\"> </span>worthiness <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>are therefore not credit impaired.Loan note receivablesLoan <span class=\"_ _d\"></span>note <span class=\"_ _e\"></span>receivables <span class=\"_ _e\"></span>consist <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>$1.4 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>loan <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>TFG <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>(see <span class=\"_ _e\"></span>Note <span class=\"_ _e\"></span>16). <span class=\"_ _d\"></span>As <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>December 31, 2021, this loan had no maturity date, and was not credit impaired a<span class=\"_ _1\"></span>s there is no credit risk exposure for the Company.Cash and cash equivalentsThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>held <span class=\"_ _11\"> </span>cash <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>cash <span class=\"_ _11\"> </span>equivalents <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>$254.5 <span class=\"_ _10\"></span>million <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>$113.1 <span class=\"_ _11\"> </span>million, <span class=\"_ _11\"> </span>2020: <span class=\"_ _10\"></span>$174.7 million). The cash and cash equivalents are held with Skandinaviska Enskilda Banken, or SEB, HSBC, Royal Bank of Scotland, DNB <span class=\"_ _d\"></span>Bank <span class=\"_ _d\"></span>ASA <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Nordea <span class=\"_ _d\"></span>Bank <span class=\"_ _e\"></span>Norge, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>Nordea, <span class=\"_ _d\"></span>Cr\u00e9dit <span class=\"_ _d\"></span>Agricole, <span class=\"_ _d\"></span>Credit <span class=\"_ _d\"></span>Suisse <span class=\"_ _e\"></span>AG, <span class=\"_ _d\"></span>Standard <span class=\"_ _d\"></span>Chartered <span class=\"_ _d\"></span>Bank <span class=\"_ _d\"></span>Singapore, and <span class=\"_ _11\"> </span>Citibank <span class=\"_ _f\"> </span>N.A. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company\u2019s <span class=\"_ _f\"> </span>concentration <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>credit <span class=\"_ _f\"> </span>risk <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>respect <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>equivalents <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>considered significant <span class=\"_\"> </span>as <span class=\"_\"> </span>substantially <span class=\"_\"> </span>all <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>amounts <span class=\"_\"> </span>are <span class=\"_\"> </span>carried <span class=\"_\"> </span>with <span class=\"_\"> </span>a <span class=\"_\"> </span>diversified <span class=\"_ _29\"> </span>portfolio <span class=\"_\"> </span>of <span class=\"_\"> </span>banks <span class=\"_\"> </span>and <span class=\"_\"> </span>financial <span class=\"_\"> </span>institution counterparties.Restricted cashOur interest rate swaps can require us to post cash as collateral based on their fair value which is classifi<span class=\"_ _1\"></span>ed as restricted cash. As of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>no <span class=\"_ _e\"></span>cash <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>posted <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>collateral <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>our <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>swaps <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>borrowings (January 1, 2021: $13.4 million).DerivativesThe <span class=\"_ _d\"></span>Company is <span class=\"_ _d\"></span>exposed <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the risk <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>credit <span class=\"_ _d\"></span>loss <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>event <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>non-performance by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>counterparty <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>swap agreements. <span class=\"_ _d\"></span>Interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swap <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>banks <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>financial <span class=\"_ _d\"></span>institution <span class=\"_ _e\"></span>counterparties, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>rated AA-, based on rating agency S&amp;P.Liquidity riskLiquidity <span class=\"_ _10\"></span>risk <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>risk <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>will <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>be <span class=\"_ _10\"></span>able <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>meet <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>obligations <span class=\"_ _e\"></span>if <span class=\"_ _10\"></span>they <span class=\"_ _10\"></span>fall <span class=\"_ _10\"></span>due. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company\u2019s approach <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>managing <span class=\"_ _d\"></span>liquidity <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>ensure, <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>far <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>possible, <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>it <span class=\"_ _e\"></span>will <span class=\"_ _d\"></span>always <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>sufficient <span class=\"_ _d\"></span>liquidity <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>meet <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>liabilities when due. The Company has entered into several loan facilit<span class=\"_ _1\"></span>ies whose maturities are spread over different years (see Note 18).The following are the remaining contractual maturit<span class=\"_ _1\"></span>ies of financial liabilities:Contractual cash flows at December 31, 2022Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span><span class=\"ff1\"> <span class=\"_ _55\"> </span>2,178,430 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,201,543 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>275,670 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,555,143 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>370,730 </span>Fixed rate debt<span class=\"_ _1f8\"> </span><span class=\"ff1\"> <span class=\"_ _8f\"> </span>211,884 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>211,884 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>2,184 <span class=\"_ _3f\"> </span> <span class=\"_ _8f\"> </span>209,700 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Obligations under leases<span class=\"_ _1d7\"> </span><span class=\"ff1\"> <span class=\"_ _17\"> </span>3,396 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>3,396 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>1,024 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>2,372 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Trade and other payables<span class=\"_ _16\"> </span><span class=\"ff1\"> <span class=\"_ _18a\"> </span>81,533 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>81,533 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>81,533 <span class=\"_ _40\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Contractual cash flows at December 31, 2021Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span> <span class=\"_ _55\"> </span>2,113,691 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,138,009 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>196,481 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,279,839 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>661,689 Fixed rate debt<span class=\"_ _1f8\"> </span> <span class=\"_ _8f\"> </span>211,884 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>211,884 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>2,184 <span class=\"_ _3f\"> </span> <span class=\"_ _8f\"> </span>209,700 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Obligations under leases<span class=\"_ _1d7\"> </span> <span class=\"_ _3c\"> </span>52,702 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>52,702 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>8,723 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>42,362 <span class=\"_ _3f\"> </span> <span class=\"_ _1a1\"> </span>1,617 Trade and other payables<span class=\"_ _16\"> </span> <span class=\"_ _18a\"> </span>43,364 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>43,364 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>43,364 <span class=\"_ _40\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Derivative financial liabilitiesInterest rate swaps<span class=\"_ _1f1\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Contractual cash flows at January 1, 2021Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span> <span class=\"_ _55\"> </span>2,076,935 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,097,111 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>168,011 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,294,494 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>634,606 Fixed rate debt<span class=\"_ _1f8\"> </span> <span class=\"_ _3c\"> </span>66,876 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>66,876 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>66,876 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Obligations under leases<span class=\"_ _1d7\"> </span> <span class=\"_ _3c\"> </span>65,002 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>65,002 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>12,358 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>39,949 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>12,695 Trade and other payables<span class=\"_ _16\"> </span> <span class=\"_ _18a\"> </span>55,002 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>55,002 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>55,002 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Derivative financial liabilitiesInterest rate swaps<span class=\"_ _1f1\"> </span> <span class=\"_ _18a\"> </span>19,261 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>19,261 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>2,991 <span class=\"_ _3f\"> </span> <span class=\"_ _42\"> </span>16,270 The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>secured <span class=\"_ _10\"></span>bank <span class=\"_ _e\"></span>loans <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>contain <span class=\"_ _10\"></span>loan <span class=\"_ _e\"></span>covenants. <span class=\"_ _10\"></span>A <span class=\"_ _10\"></span>future <span class=\"_ _10\"></span>breach <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>covenant <span class=\"_ _10\"></span>may <span class=\"_ _10\"></span>require <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>to repay the loan earlier than indicated in the above ta<span class=\"_ _1\"></span>ble. For more details on these covenants, see Note 18. Fixed and floa<span class=\"_ _1\"></span>ting rate debt include expected payments <span class=\"_ _d\"></span>of accrued interest <span class=\"_ _d\"></span>as at the reporting <span class=\"_ _d\"></span>date. It is <span class=\"_ _d\"></span>not expected that the <span class=\"_ _d\"></span>cash flows included <span class=\"_ _d\"></span>in the table above (the maturity analysis) could occur significa<span class=\"_ _1\"></span>ntly earlier, or at significantly different amounts than st<span class=\"_ _1\"></span>ated above.Market riskInterest rate riskThe <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>exposed <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>impact <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>changes <span class=\"_ _e\"></span>primarily <span class=\"_ _10\"></span>through <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>floating-rate <span class=\"_ _e\"></span>borrowings <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>require <span class=\"_ _10\"></span>the Company <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>make <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>payments <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>SOFR <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>LIBOR. <span class=\"_ _e\"></span>Significant <span class=\"_ _e\"></span>increases <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rates <span class=\"_ _e\"></span>could <span class=\"_ _e\"></span>adversely <span class=\"_ _e\"></span>affect operating margins, results of operations and ability to service debt. The <span class=\"_ _d\"></span>Company uses interest rate swaps to reduce its exposure to <span class=\"_ _f\"> </span>market <span class=\"_ _27\"> </span>risk <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>changes <span class=\"_ _f\"> </span>in <span class=\"_ _27\"> </span>interest <span class=\"_ _f\"> </span>rates. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>principal <span class=\"_ _27\"> </span>objective <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>these <span class=\"_ _f\"> </span>contracts <span class=\"_ _27\"> </span>is <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>minimize <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>risks <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>costs associated <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>its <span class=\"_ _d\"></span>floating-rate <span class=\"_ _e\"></span>debt. <span class=\"_ _e\"></span>On <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>swaps <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>place <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>approximately 25% (2021: 26%) of the floating interest rates were switched to fixed rat<span class=\"_ _1\"></span>e.Managing interest rate benchmark reform and associated risksA <span class=\"_ _27\"> </span>fundamental <span class=\"_ _f\"> </span>reform <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>major <span class=\"_ _27\"> </span>interest <span class=\"_ _27\"> </span>rate <span class=\"_ _27\"> </span>benchmarks <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>being <span class=\"_ _27\"> </span>undertaken <span class=\"_ _27\"> </span>globally, <span class=\"_ _27\"> </span>including <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>replacement <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>some interbank <span class=\"_ _d\"></span>offered rates <span class=\"_ _d\"></span>(IBORs) <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>alternative <span class=\"_ _d\"></span>nearly risk-free <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>(RFR) <span class=\"_ _d\"></span>(referred <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\u2018IBOR reform\u2019). <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has transitioned <span class=\"_ _10\"></span>certain <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>instruments <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>RFR <span class=\"_ _10\"></span>(see <span class=\"_ _10\"></span>Note <span class=\"_ _10\"></span>18) <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>has <span class=\"_ _10\"></span>exposures <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>IBORs <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>remaining <span class=\"_ _10\"></span>financial instruments <span class=\"_ _11\"> </span>that <span class=\"_ _f\"> </span>will <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>replaced <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>reformed <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>part <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>these <span class=\"_ _f\"> </span>market-wide <span class=\"_ _f\"> </span>initiatives. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>anticipates <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>IBOR reform will not materially impact its risk manage<span class=\"_ _1\"></span>ment strategy.Cash flow sensitivity analysis for variable rate instrumentsAs <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company's <span class=\"_ _10\"></span>outstanding <span class=\"_ _10\"></span>debt <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>variable <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>net <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>subject <span class=\"_ _10\"></span>to interest rate swap agreements, was $1,634.2 million. Based on this, a one percentage point increa<span class=\"_ _1\"></span>se in annual LIBOR and SOFR interest <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>would <span class=\"_ _e\"></span>increase <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>annual <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>expense <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>approximately <span class=\"_ _d\"></span>$16.3 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>excluding <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>effects <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>capitalization of interest.Interest rate swap agreements<span class=\"ff1\"> </span>In <span class=\"_ _d\"></span>February <span class=\"_ _e\"></span>2016, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>entered <span class=\"_ _e\"></span>into <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>swap <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>DNB <span class=\"_ _d\"></span>whereby <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>floating <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>notional <span class=\"_ _e\"></span>debt <span class=\"_ _e\"></span>of $150.0 million was switched to fixed rate. The contract had a forwa<span class=\"_ _1\"></span>rd start date of February 2019.In <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _11\"> </span>2020, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>entered <span class=\"_ _f\"> </span>into <span class=\"_ _11\"> </span>three <span class=\"_ _f\"> </span>interest <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>swaps <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>DNB <span class=\"_ _f\"> </span>whereby <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>floating interest rate on notional debt totaling $250.0 million wa<span class=\"_ _1\"></span>s switched to a fixed rate.In <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2020, <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>entered <span class=\"_ _27\"> </span>into <span class=\"_ _27\"> </span>two <span class=\"_ _27\"> </span>interest <span class=\"_ _27\"> </span>rate <span class=\"_ _27\"> </span>swaps <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>Nordea <span class=\"_ _27\"> </span>Bank <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>the floating interest rate on notional debt totaling $150.0 mil<span class=\"_ _1\"></span>lion was switched to a fixed rate.The reference rate for our interest rate swaps is LIBOR.The aggregate <span class=\"_ _d\"></span>fair value <span class=\"_ _d\"></span>of these <span class=\"_ _d\"></span>swaps at <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022 was <span class=\"_ _d\"></span>an asset <span class=\"_ _d\"></span>of $54.0 <span class=\"_ _d\"></span>million (December <span class=\"_ _d\"></span>31, 2021: <span class=\"_ _d\"></span>$9.7 million, January <span class=\"_ _e\"></span>1, <span class=\"_ _e\"></span>2021: <span class=\"_ _10\"></span>nil <span class=\"_ _e\"></span>) <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>liability <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>nil <span class=\"_ _e\"></span>(December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2021: <span class=\"_ _e\"></span>$5.7 <span class=\"_ _10\"></span>million, <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021: <span class=\"_ _e\"></span>$19.3 <span class=\"_ _e\"></span>million). <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value (Level <span class=\"_ _e\"></span>2) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swap <span class=\"_ _e\"></span>agreements <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>would <span class=\"_ _e\"></span>receive <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>pay <span class=\"_ _e\"></span>to terminate <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>agreements <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>reporting <span class=\"_ _11\"> </span>date, <span class=\"_ _11\"> </span>taking <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>account, <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>applicable, <span class=\"_ _11\"> </span>fixed <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rates <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rate <span class=\"_ _11\"> </span>swaps, current <span class=\"_ _2d\"> </span>interest <span class=\"_ _2d\"> </span>rates, <span class=\"_ _29\"> </span>forward <span class=\"_ _2d\"> </span>rate <span class=\"_ _2d\"> </span>curves <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>current <span class=\"_ _2d\"> </span>credit <span class=\"_ _2d\"> </span>worthiness <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>both <span class=\"_ _2d\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>derivative counterparty. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>estimated <span class=\"_ _11\"> </span>fair <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>present <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>future <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows. <span class=\"_ _f\"> </span>In <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _f\"> </span>the Company recorded a gain on these interest rate swaps of $53.6 milli<span class=\"_ _1\"></span>on (2021: gain of $17.5 million).The interest rate swaps are not designated as hedges and are sum<span class=\"_ _1\"></span>marized as of December 31, 2022 as follows:Notional Amount<span class=\"_ _17b\"> </span>Inception Date<span class=\"_ _1fa\"> </span>Maturity Date<span class=\"_ _cb\"> </span>Fixed Interest Rate($000s) <span class=\"_ _1fb\"> </span>150,000 <span class=\"_ _1fc\"> </span>February 2019<span class=\"_ _e6\"> </span>February 2026<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>2.1970 <span class=\"_ _10\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.9750 <span class=\"_ _e\"></span>% <span class=\"_ _200\"> </span>50,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.6000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2025<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.9000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _201\"> </span>April 2020<span class=\"_ _202\"> </span>April 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.5970 <span class=\"_ _e\"></span>% <span class=\"_ _200\"> </span>50,000 <span class=\"_ _201\"> </span>April 2020<span class=\"_ _202\"> </span>April 2025<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.5000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>550,000 Foreign currency riskThe <span class=\"_ _f\"> </span>majority <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company's <span class=\"_ _27\"> </span>transactions, <span class=\"_ _f\"> </span>assets <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>liabilities <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>denominated <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>dollars, <span class=\"_ _f\"> </span>its <span class=\"_ _27\"> </span>functional <span class=\"_ _27\"> </span>currency. Certain <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>its <span class=\"_ _10\"></span>subsidiaries <span class=\"_ _11\"> </span>report <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>British <span class=\"_ _11\"> </span>pounds, <span class=\"_ _11\"> </span>Norwegian <span class=\"_ _10\"></span>kroner <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>Singapore <span class=\"_ _10\"></span>dollars <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>risks <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>kinds <span class=\"_ _10\"></span>arise <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>a result: <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>transaction <span class=\"_ _f\"> </span>risk, <span class=\"_ _28\"> </span>that <span class=\"_ _f\"> </span>is, <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>risk <span class=\"_ _27\"> </span>that <span class=\"_ _27\"> </span>currency <span class=\"_ _27\"> </span>fluctuations <span class=\"_ _27\"> </span>will <span class=\"_ _27\"> </span>have <span class=\"_ _27\"> </span>an <span class=\"_ _27\"> </span>effect <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>flows; <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>a translation <span class=\"_ _11\"> </span>risk, <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>impact <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>currency <span class=\"_ _f\"> </span>fluctuations <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>translation <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>foreign <span class=\"_ _f\"> </span>operations <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>foreign <span class=\"_ _f\"> </span>assets <span class=\"_ _11\"> </span>and liabilities into U.S. dollars in the consolidated financ<span class=\"_ _1\"></span>ial statements.Price riskOur <span class=\"_ _11\"> </span>exposure <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>equity <span class=\"_ _f\"> </span>securities <span class=\"_ _11\"> </span>price <span class=\"_ _f\"> </span>risk <span class=\"_ _f\"> </span>arises <span class=\"_ _f\"> </span>from <span class=\"_ _f\"> </span>marketable <span class=\"_ _11\"> </span>securities <span class=\"_ _f\"> </span>held <span class=\"_ _f\"> </span>by <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>listed <span class=\"_ _f\"> </span>equity securities <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>carried <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>FVTPL <span class=\"_ _10\"></span>unless <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>election <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>present <span class=\"_ _10\"></span>subsequent <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>investment's <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>OCI <span class=\"_ _10\"></span>is made. See Note 10 for further details.Capital managementWe <span class=\"_ _d\"></span>operate in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>capital <span class=\"_ _d\"></span>intensive <span class=\"_ _d\"></span>industry <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>historically financed <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>purchase <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>tankers <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other capital <span class=\"_ _d\"></span>expenditures through a <span class=\"_ _d\"></span>combination of <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>generated from <span class=\"_ _d\"></span>operations, equity <span class=\"_ _d\"></span>capital and <span class=\"_ _d\"></span>borrowings <span class=\"_ _d\"></span>from commercial <span class=\"_ _d\"></span>banks. Our <span class=\"_ _d\"></span>ability to generate adequate cash flows <span class=\"_ _d\"></span>on a short <span class=\"_ _d\"></span>and medium term basis <span class=\"_ _d\"></span>depends substantially on the <span class=\"_ _d\"></span>trading performance of our <span class=\"_ _d\"></span>vessels in <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>market. <span class=\"_ _e\"></span>Our <span class=\"_ _d\"></span>funding <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>treasury <span class=\"_ _e\"></span>activities <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>conducted <span class=\"_ _d\"></span>within <span class=\"_ _e\"></span>corporate <span class=\"_ _e\"></span>policies <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>increase <span class=\"_ _e\"></span>investment <span class=\"_ _d\"></span>returns <span class=\"_ _e\"></span>while maintaining appropriate liquidity for our requirements.The Company\u2019s objectives when managing capital are to:\u2022<span class=\"_ _2c\"> </span>safeguard <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>ability <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>continue <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>going <span class=\"_ _e\"></span>concern, <span class=\"_ _e\"></span>so <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>we <span class=\"_ _e\"></span>can <span class=\"_ _10\"></span>continue <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>provide <span class=\"_ _10\"></span>returns <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>shareholders <span class=\"_ _10\"></span>and benefits for other stakeholders, and\u2022<span class=\"_ _2c\"> </span>maintain an optimal capital structure to reduce<span class=\"_ _1\"></span> the cost of capital.The Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>borrowings <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>vessels <span class=\"_ _27\"> </span>securing <span class=\"_\"> </span>borrowings <span class=\"_ _27\"> </span>under <span class=\"_\"> </span>each <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>such agreements <span class=\"_ _d\"></span>decrease <span class=\"_ _10\"></span>below <span class=\"_ _d\"></span>required <span class=\"_ _10\"></span>levels. <span class=\"_ _d\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>contain <span class=\"_ _10\"></span>certain <span class=\"_ _d\"></span>financial <span class=\"_ _e\"></span>covenants, <span class=\"_ _e\"></span>including <span class=\"_ _e\"></span>the requirement <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>maintain <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>certain <span class=\"_ _10\"></span>level <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>free <span class=\"_ _e\"></span>cash, <span class=\"_ _10\"></span>positive <span class=\"_ _e\"></span>working <span class=\"_ _10\"></span>capital <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>adjusted <span class=\"_ _10\"></span>equity <span class=\"_ _e\"></span>covenant. <span class=\"_ _10\"></span>Failure <span class=\"_ _e\"></span>to comply <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>covenants <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _d\"></span>could <span class=\"_ _d\"></span>result <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>default, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>would <span class=\"_ _d\"></span>permit <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lender <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>accelerate the maturity of the debt and to foreclose upon any collateral<span class=\"_ _1\"></span> securing the debt.21.<span class=\"_ _95\"> </span>SHARE CAPITALAuthorized capitalizationThe <span class=\"_ _11\"> </span>authorized <span class=\"_ _f\"> </span>share <span class=\"_ _f\"> </span>capital <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>as <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>$600,000,000 <span class=\"_ _f\"> </span>(2021: <span class=\"_ _f\"> </span>$500,000,000) <span class=\"_ _f\"> </span>divided <span class=\"_ _11\"> </span>into 600,000,000 <span class=\"_ _2d\"> </span>shares <span class=\"_ _2d\"> </span>(2021: <span class=\"_ _2d\"> </span>500,000,000) <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>$1.00 <span class=\"_ _2d\"> </span>par <span class=\"_ _29\"> </span>value <span class=\"_ _2d\"> </span>each, <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>which <span class=\"_ _2d\"> </span>222,622,889 <span class=\"_ _2d\"> </span>shares <span class=\"_ _2d\"> </span>(December <span class=\"_ _2d\"> </span>31, <span class=\"_ _2d\"> </span>2021: 203,530,979 shares and January 1, 2021: 197,692,321 shares) of $1.00 par value each are in issue and fully paid.ATM programIn <span class=\"_ _10\"></span>June <span class=\"_ _10\"></span>2020, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>entered <span class=\"_ _10\"></span>into <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>equity <span class=\"_ _10\"></span>distribution <span class=\"_ _e\"></span>agreement <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>Morgan <span class=\"_ _10\"></span>Stanley <span class=\"_ _10\"></span>&amp; <span class=\"_ _10\"></span>Co. <span class=\"_ _10\"></span>LLC <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>offer <span class=\"_ _10\"></span>and sale <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>up <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>$100.0 <span class=\"_ _28\"> </span>million <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>ordinary <span class=\"_ _28\"> </span>shares <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>C<span class=\"_ _1\"></span>ompany <span class=\"_\"> </span>through <span class=\"_ _28\"> </span>an <span class=\"_ _28\"> </span>at-the-market <span class=\"_\"> </span>offering <span class=\"_ _28\"> </span>program <span class=\"_ _28\"> </span>(the <span class=\"_\"> </span>\"ATM program\"). <span class=\"_ _27\"> </span>In <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _28\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2021, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>issued <span class=\"_ _27\"> </span>5,499,658 <span class=\"_ _28\"> </span>shares <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>combined <span class=\"_ _27\"> </span>gross <span class=\"_ _27\"> </span>proceeds <span class=\"_ _28\"> </span>of $51.2 million.Share optionsIn <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>issued <span class=\"_ _10\"></span>339,000 <span class=\"_ _e\"></span>ordinary <span class=\"_ _10\"></span>shares <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>its <span class=\"_ _e\"></span>share <span class=\"_ _10\"></span>option <span class=\"_ _e\"></span>scheme <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>strike price <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>$5.70 <span class=\"_ _10\"></span>per <span class=\"_ _10\"></span>share. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>shares <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>issued <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>John <span class=\"_ _10\"></span>Fredriksen <span class=\"_ _10\"></span>(198,000 <span class=\"_ _10\"></span>shares), <span class=\"_ _10\"></span>Inger <span class=\"_ _10\"></span>M. <span class=\"_ _10\"></span>Klemp <span class=\"_ _e\"></span>(120,000 <span class=\"_ _10\"></span>shares), <span class=\"_ _10\"></span>and Ola Lorentzon (21,000 shares). Euronav share acquisitionOn <span class=\"_ _e\"></span>May <span class=\"_ _10\"></span>28, <span class=\"_ _10\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>announced <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>it <span class=\"_ _e\"></span>agreed <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>acquire <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>privately <span class=\"_ _e\"></span>negotiated <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>transactions <span class=\"_ _10\"></span>with certain <span class=\"_ _28\"> </span>shareholders <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Euronav <span class=\"_\"> </span>a <span class=\"_ _27\"> </span>total <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>5,955,705 <span class=\"_\"> </span>shares <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>Euronav, <span class=\"_ _28\"> </span>representing <span class=\"_ _28\"> </span>2.95% <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>shares <span class=\"_ _27\"> </span>in Euronav as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>this date, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>exchange for <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>total of <span class=\"_ _d\"></span>8,337,986 <span class=\"_ _d\"></span>ordinary shares <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Frontline. Frontline <span class=\"_ _d\"></span>received the <span class=\"_ _d\"></span>$0.06 <span class=\"_ _d\"></span>dividend that was paid on June 8, 2022 by Euronav in respect of these 5,955,705 shares. On <span class=\"_ _29\"> </span>June <span class=\"_ _29\"> </span>10, <span class=\"_ _29\"> </span>2022, <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_ _29\"> </span>announced <span class=\"_ _29\"> </span>that <span class=\"_ _29\"> </span>it <span class=\"_ _29\"> </span>agreed <span class=\"_ _29\"> </span>to <span class=\"_ _29\"> </span>acquire <span class=\"_ _29\"> </span>in <span class=\"_ _29\"> </span>privately <span class=\"_ _29\"> </span>negotiated <span class=\"_ _29\"> </span>transactions <span class=\"_ _29\"> </span>with <span class=\"_ _29\"> </span>certain shareholders <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Euronav <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>total <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>7,708,908 <span class=\"_ _d\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Euronav, <span class=\"_ _d\"></span>representing <span class=\"_ _d\"></span>3.82% <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>outstanding <span class=\"_ _d\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Euronav <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of this date, in exchange for a total of 10,753,924 shares in Frontline. As <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>had <span class=\"_ _d\"></span>acquired <span class=\"_ _e\"></span>13,664,613 <span class=\"_ _e\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Euronav <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>result <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>above <span class=\"_ _e\"></span>transactions. <span class=\"_ _d\"></span>The transaction <span class=\"_ _11\"> </span>price <span class=\"_ _11\"> </span>paid <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>acquire <span class=\"_ _11\"> </span>these <span class=\"_ _11\"> </span>shares <span class=\"_ _f\"> </span>was <span class=\"_ _11\"> </span>$175.5 <span class=\"_ _11\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>shares <span class=\"_ _11\"> </span>acquired <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the transaction dates.In connection with the above-referenced privately negotiated share exchange transactions, Frontline entered <span class=\"_ _d\"></span>into a share lending arrangement <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>Hemen <span class=\"_ _28\"> </span>to <span class=\"_ _28\"> </span>facilitate <span class=\"_ _27\"> </span>settlement <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>such <span class=\"_ _28\"> </span>transactions. <span class=\"_ _28\"> </span>Pursuant <span class=\"_ _28\"> </span>to <span class=\"_ _28\"> </span>such <span class=\"_ _28\"> </span>arrangement <span class=\"_ _28\"> </span>Hemen <span class=\"_ _28\"> </span>delivered <span class=\"_ _28\"> </span>an aggregate <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>19,091,910 <span class=\"_ _f\"> </span>Frontline <span class=\"_ _f\"> </span>shares <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>exchanging <span class=\"_ _f\"> </span>Euronav <span class=\"_ _11\"> </span>holders <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>June <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>Frontline <span class=\"_ _f\"> </span>agreed <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>issue <span class=\"_ _11\"> </span>to Hemen the <span class=\"_ _d\"></span>same number of <span class=\"_ _d\"></span>Frontline shares <span class=\"_ _d\"></span>in full satisfaction <span class=\"_ _d\"></span>of the <span class=\"_ _d\"></span>share lending arrangement. <span class=\"_ _d\"></span>This share <span class=\"_ _d\"></span>issuance to Hemen was completed in August 2022.The following <span class=\"_ _d\"></span>table <span class=\"_ _d\"></span>summarizes <span class=\"_ _d\"></span>the movement <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the number <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>shares <span class=\"_ _d\"></span>outstanding during <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 and December 31, 2021:Outstanding shares at January 1, 2021<span class=\"_ _1b3\"> </span> <span class=\"_ _150\"> </span>197,692,321 Shares issued under ATM program<span class=\"_ _1be\"> </span> <span class=\"_ _121\"> </span>5,499,658 Shares issued on exercise of options<span class=\"_ _3\"> </span> <span class=\"_ _cd\"> </span>339,000 Outstanding shares at December 31, 2021<span class=\"_ _f7\"> </span> <span class=\"_ _150\"> </span>203,530,979 Shares issued in connection with Euronav share acquisition<span class=\"_ _144\"> </span> <span class=\"_ _6f\"> </span>19,091,910 Outstanding shares at December 31, 2022<span class=\"_ _f7\"> </span> <span class=\"_ _150\"> </span>222,622,889 22.<span class=\"_ _95\"> </span>SHARE OPTIONSThe <span class=\"_ _d\"></span>Company's <span class=\"_ _d\"></span>share <span class=\"_ _e\"></span>option <span class=\"_ _d\"></span>scheme, <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Frontline <span class=\"_ _d\"></span>Scheme, <span class=\"_ _d\"></span>permits <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Board <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Directors, <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>its <span class=\"_ _e\"></span>discretion, <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>grant <span class=\"_ _e\"></span>options <span class=\"_ _d\"></span>to acquire <span class=\"_ _10\"></span>shares <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>employees <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>directors <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>subsidiaries. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>subscription <span class=\"_ _11\"> </span>price <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>all options <span class=\"_ _e\"></span>granted <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>scheme <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>reduced <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>all <span class=\"_ _e\"></span>dividends <span class=\"_ _10\"></span>declared <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the date <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>grant <span class=\"_ _e\"></span>until <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>date <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>option <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>exercised, <span class=\"_ _e\"></span>provided <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>subscription <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>never <span class=\"_ _d\"></span>reduced <span class=\"_ _e\"></span>below <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>par <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the share. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>vesting <span class=\"_ _e\"></span>periods <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>options <span class=\"_ _e\"></span>granted <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Frontline <span class=\"_ _d\"></span>Scheme <span class=\"_ _d\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _d\"></span>specific <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>each <span class=\"_ _d\"></span>grant. <span class=\"_ _d\"></span>There <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>no <span class=\"_ _e\"></span>maximum number <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>shares <span class=\"_ _10\"></span>authorized <span class=\"_ _11\"> </span>for <span class=\"_ _10\"></span>awards <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>share <span class=\"_ _10\"></span>options <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>authorized, <span class=\"_ _10\"></span>unissued <span class=\"_ _11\"> </span>or <span class=\"_ _10\"></span>treasury <span class=\"_ _11\"> </span>shares <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company may be used to satisfy exercised options.In <span class=\"_ _d\"></span>July <span class=\"_ _d\"></span>2016, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company granted <span class=\"_ _d\"></span>1,170,000 <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>options, <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>exercise <span class=\"_ _d\"></span>price <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$8.00 <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>share, to <span class=\"_ _d\"></span>directors <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>officers in <span class=\"_ _d\"></span>accordance with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>Scheme. <span class=\"_ _d\"></span>One <span class=\"_ _d\"></span>third <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>options vested <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>year, <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>third <span class=\"_ _d\"></span>vested <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>two years and one third vested over three years. The options had a five year t<span class=\"_ _1\"></span>erm which expired in July 2021.In <span class=\"_ _10\"></span>November <span class=\"_ _11\"> </span>2018, <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>granted <span class=\"_ _11\"> </span>180,000 <span class=\"_ _11\"> </span>share <span class=\"_ _10\"></span>options, <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>an <span class=\"_ _11\"> </span>exercise <span class=\"_ _11\"></span>price <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>$7.40 <span class=\"_ _10\"></span>per <span class=\"_ _11\"> </span>share, <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>employees <span class=\"_ _11\"> </span>in accordance <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>Scheme. <span class=\"_ _d\"></span>All <span class=\"_ _d\"></span>options <span class=\"_ _d\"></span>vested <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>July <span class=\"_ _d\"></span>2019. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>options <span class=\"_ _d\"></span>had <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>thirty-three <span class=\"_ _d\"></span>month <span class=\"_ _d\"></span>term which expired in July 2021.In <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>the Board <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Directors <span class=\"_ _d\"></span>approved <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>grant <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>1,280,000 <span class=\"_ _d\"></span>synthetic <span class=\"_ _d\"></span>options <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>employees and <span class=\"_ _d\"></span>board <span class=\"_ _d\"></span>members according to <span class=\"_ _d\"></span>the rules of <span class=\"_ _d\"></span>the Company\u2019s <span class=\"_ _d\"></span>synthetic option <span class=\"_ _d\"></span>scheme approved on <span class=\"_ _d\"></span>December 7, <span class=\"_ _d\"></span>2021. The <span class=\"_ _d\"></span>synthetic options <span class=\"_ _d\"></span> have <span class=\"_ _d\"></span>a five <span class=\"_ _e\"></span>year <span class=\"_ _10\"></span>term <span class=\"_ _e\"></span>expiring <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>2026. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>vesting <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>first <span class=\"_ _10\"></span>27.5% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>options, <span class=\"_ _e\"></span>24 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the next <span class=\"_ _e\"></span>27.5% <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>options <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>36 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>final <span class=\"_ _10\"></span>45% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>options. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>synthetic <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>will <span class=\"_ _10\"></span>be <span class=\"_ _e\"></span>settled <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the difference <span class=\"_ _d\"></span>between <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>market <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>exercise <span class=\"_ _d\"></span>price <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>date <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>exercise, <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>such, <span class=\"_ _d\"></span>have been classified as a liability.The <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>granted <span class=\"_ _e\"></span>option <span class=\"_ _e\"></span>awards <span class=\"_ _10\"></span>was <span class=\"_ _e\"></span>estimated <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>date <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>grant <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>Black-Scholes <span class=\"_ _e\"></span>option <span class=\"_ _10\"></span>valuation <span class=\"_ _e\"></span>model with the following assumptions: <span class=\"_ _203\"> </span>July 2016<span class=\"_ _204\"> </span>November 2018<span class=\"_ _1ef\"> </span>December 2021Risk free interest rate<span class=\"_ _205\"> </span> <span class=\"_ _3d\"></span>0.69% <span class=\"_ _a0\"> </span> <span class=\"_ _a2\"></span>2.78% <span class=\"_ _a0\"> </span> <span class=\"_ _3d\"></span>1.04% Expected life (years)<span class=\"_ _206\"> </span>3.5<span class=\"_ _59\"> </span>1.6<span class=\"_ _59\"> </span>3.4Expected volatility<span class=\"_ _207\"> </span> <span class=\"_ _3d\"></span>79.80% <span class=\"_ _5c\"> </span> <span class=\"_ _3d\"></span>38.24% <span class=\"_ _26\"> </span> <span class=\"_ _3d\"></span>58.42% Expected dividend yield<span class=\"_ _d5\"> </span> <span class=\"_ _3d\"></span>0.00% <span class=\"_ _181\"> </span> <span class=\"_ _3d\"></span>0.00% <span class=\"_ _a0\"> </span> <span class=\"_ _a2\"></span>0.00% The <span class=\"_ _e\"></span>risk-free <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>three <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>treasury <span class=\"_ _10\"></span>zero <span class=\"_ _e\"></span>coupon <span class=\"_ _10\"></span>issues <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>options granted <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>July <span class=\"_ _d\"></span>2016 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>prorated <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>two <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>treasury <span class=\"_ _d\"></span>zero <span class=\"_ _d\"></span>coupon <span class=\"_ _d\"></span>issues <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>options granted <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>November <span class=\"_ _e\"></span>2018. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>volatility <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>estimated <span class=\"_ _e\"></span>using <span class=\"_ _e\"></span>historical <span class=\"_ _d\"></span>share <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>data. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>dividend <span class=\"_ _e\"></span>yield <span class=\"_ _d\"></span>was <span class=\"_ _e\"></span>estimated <span class=\"_ _e\"></span>at 0% as <span class=\"_ _d\"></span>the exercise price <span class=\"_ _d\"></span>is reduced <span class=\"_ _d\"></span>by all dividends <span class=\"_ _d\"></span>declared by <span class=\"_ _d\"></span>the Company from <span class=\"_ _d\"></span>the date <span class=\"_ _d\"></span>of grant <span class=\"_ _d\"></span>to the exercise <span class=\"_ _d\"></span>date. It <span class=\"_ _d\"></span>was assumed that all of the options granted in July 2016, November 2018 and Decem<span class=\"_ _1\"></span>ber 2021 will vest.Exercises and forfeitures of July 2016 and November 2018 grantsThe initial exercise price for the options granted in July 2016 and November 2018 <span class=\"_ _d\"></span>was reduced by the amount of dividends paid after <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>date <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>grants. <span class=\"_ _e\"></span>As <span class=\"_ _10\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>2021 <span class=\"_ _e\"></span>1,350,000 <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>these <span class=\"_ _e\"></span>options <span class=\"_ _10\"></span>had <span class=\"_ _e\"></span>vested. <span class=\"_ _e\"></span>As <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 and <span class=\"_ _e\"></span>2021 <span class=\"_ _e\"></span>43,000 <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>these <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>been <span class=\"_ _e\"></span>forfeited. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022, <span class=\"_ _e\"></span>no <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>exercised. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>the year <span class=\"_ _27\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2021, <span class=\"_ _28\"> </span>339,000 <span class=\"_ _27\"> </span>options <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>exercised <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>Company <span class=\"_ _f\"> </span>issued <span class=\"_ _28\"> </span>339,000 <span class=\"_ _27\"> </span>shares <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>proceeds <span class=\"_ _27\"> </span>of $1.9 <span class=\"_\"> </span>m<span class=\"_ _1\"></span>illion. <span class=\"_ _28\"> </span>In <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>year <span class=\"_ _28\"> </span>ended <span class=\"_\"> </span>De<span class=\"_ _1\"></span>cember <span class=\"_ _28\"> </span>31, <span class=\"_\"> </span>2021, <span class=\"_ _28\"> </span>130,000 <span class=\"_ _28\"> </span>options <span class=\"_\"> </span>were <span class=\"_ _28\"> </span>exercised <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>settled <span class=\"_\"> </span>for <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>cash <span class=\"_ _28\"> </span>payment <span class=\"_\"> </span>of $0.3 <span class=\"_ _d\"></span>million. <span class=\"_ _e\"></span>As <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>no <span class=\"_ _e\"></span>options <span class=\"_ _d\"></span>remained <span class=\"_ _e\"></span>exercisable. <span class=\"_ _d\"></span>As <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>there was <span class=\"_ _29\"> </span>no <span class=\"_ _2d\"> </span>unrecognized <span class=\"_ _29\"> </span>stock <span class=\"_ _2d\"> </span>compensation <span class=\"_ _29\"> </span>expense <span class=\"_ _2d\"> </span>related <span class=\"_ _29\"> </span>to <span class=\"_ _2d\"> </span>non-vested <span class=\"_ _29\"> </span>options. <span class=\"_ _2d\"> </span>No <span class=\"_ _29\"> </span>stock <span class=\"_ _2d\"> </span>compensation <span class=\"_ _29\"> </span>expense <span class=\"_ _2d\"> </span>was recognized in the years ended December 31, 2022 and 2021.The <span class=\"_ _11\"> </span>weighted <span class=\"_ _11\"> </span>average <span class=\"_ _f\"> </span>grant-date <span class=\"_ _11\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>options <span class=\"_ _f\"> </span>granted <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>2016 <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>$4.06 <span class=\"_ _f\"> </span>per <span class=\"_ _11\"> </span>share <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>$1.53 <span class=\"_ _f\"> </span>per <span class=\"_ _11\"> </span>share <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>the options granted in 2018.Exercises and forfeitures of December 2021 grantThe initial exercise price for the synthetic options granted <span class=\"_ _d\"></span>in December 2021 was reduced by the amount <span class=\"_ _d\"></span>of dividends paid after the date of grant. <span class=\"_ _d\"></span>As of December 31, <span class=\"_ _d\"></span>2022, 330,000 of <span class=\"_ _d\"></span>these options had vested. <span class=\"_ _d\"></span>As of December 31, <span class=\"_ _d\"></span>2022, 80,000 options had been forfeited and no <span class=\"_ _d\"></span>options were exercised. As <span class=\"_ _d\"></span>of December 31, 2022, <span class=\"_ _d\"></span>330,000 options remained exercisable. The <span class=\"_ _d\"></span>subsequent remeasurement <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>synthetic <span class=\"_ _10\"></span>options <span class=\"_ _10\"></span>resulted <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>expense <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>$4.7 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>(2021: <span class=\"_ _10\"></span>$0.2 <span class=\"_ _11\"> </span>million) <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year ended December 31, 2022.As <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>weighted <span class=\"_ _e\"></span>average <span class=\"_ _d\"></span>exercise <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>these <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>$7.64 <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company's <span class=\"_ _d\"></span>share <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>was $12.14.The <span class=\"_ _e\"></span>weighted <span class=\"_ _d\"></span>average <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>granted <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>2021 <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>$6.54 <span class=\"_ _10\"></span>per <span class=\"_ _d\"></span>share. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>synthetic <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>of $8.4 <span class=\"_ _27\"> </span>million <span class=\"_ _28\"> </span>(2021: <span class=\"_ _27\"> </span>$3.3 <span class=\"_ _28\"> </span>million) <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _28\"> </span>2022 <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>recorded <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>liability <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$4.9 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>(2021: $0.2 <span class=\"_ _10\"></span>million) <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Consolidated <span class=\"_ _10\"></span>Statements <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Financial <span class=\"_ _10\"></span>Position. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>intrinsic <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>liabilities which had vested as of December 31, 2022 was $1.7 million (2021: nil).23.<span class=\"_ _95\"> </span>RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIESWe <span class=\"_ _28\"> </span>transact <span class=\"_ _28\"> </span>business <span class=\"_\"> </span>with <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>following <span class=\"_ _28\"> </span>related <span class=\"_ _28\"> </span>parties <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>affiliat<span class=\"_ _1\"></span>ed <span class=\"_ _28\"> </span>companies, <span class=\"_\"> </span>be<span class=\"_ _1\"></span>ing <span class=\"_ _28\"> </span>companies <span class=\"_\"> </span>i<span class=\"_ _1\"></span>n <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>Hemen <span class=\"_ _28\"> </span>and companies associated <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>Hemen <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>significant influence <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>control: SFL, <span class=\"_ _d\"></span>Seatankers <span class=\"_ _d\"></span>Management <span class=\"_ _d\"></span>Norway <span class=\"_ _d\"></span>AS, Seatankers Management <span class=\"_ _d\"></span>Co. <span class=\"_ _d\"></span>Ltd, <span class=\"_ _d\"></span>Golden <span class=\"_ _d\"></span>Ocean, <span class=\"_ _d\"></span>Alta Trading <span class=\"_ _d\"></span>UK <span class=\"_ _d\"></span>Limited, <span class=\"_ _d\"></span>Archer <span class=\"_ _d\"></span>Limited, <span class=\"_ _d\"></span>Flex <span class=\"_ _d\"></span>LNG <span class=\"_ _d\"></span>Ltd, <span class=\"_ _d\"></span>Avance <span class=\"_ _d\"></span>Gas <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Front <span class=\"_ _d\"></span>Ocean Management AS. <span class=\"_ _d\"></span>We <span class=\"_ _d\"></span>also <span class=\"_ _d\"></span>own <span class=\"_ _d\"></span>interests in <span class=\"_ _d\"></span>TFG <span class=\"_ _d\"></span>Marine <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Clean Marine <span class=\"_ _d\"></span>AS <span class=\"_ _d\"></span>(through <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>interest in <span class=\"_ _d\"></span>FMS <span class=\"_ _d\"></span>Holdco) <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>are accounted for as equity method investments.SFL TransactionsSFL <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>counterparty <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>leases <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>2004-built <span class=\"_ _d\"></span>VLCCs, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _e\"></span>Force <span class=\"_ _d\"></span></span>and<span class=\"ff3\"> <span class=\"_ _d\"></span>Front <span class=\"_ _e\"></span>Energy,</span> <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company<span class=\"ff3\"> <span class=\"_ _d\"></span></span>held <span class=\"_ _e\"></span>as Right-of-use <span class=\"_ _27\"> </span>assets <span class=\"_ _28\"> </span>at <span class=\"_ _27\"> </span>December <span class=\"_ _28\"> </span>31, <span class=\"_ _27\"> </span>2021. <span class=\"_ _28\"> </span>In <span class=\"_ _28\"> </span>April <span class=\"_ _27\"> </span>2022, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>announced <span class=\"_ _27\"> </span>that <span class=\"_ _28\"> </span>its <span class=\"_ _27\"> </span>subsidiary <span class=\"_ _28\"> </span>Frontline <span class=\"_ _27\"> </span>Shipping Limited <span class=\"_ _d\"></span>had <span class=\"_ _d\"></span>agreed <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>SFL <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>terminate <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>these <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>upon <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>sale <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>by SFL <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>an <span class=\"_ _28\"> </span>unrelated <span class=\"_ _28\"> </span>third <span class=\"_\"> </span>pa<span class=\"_ _1\"></span>rty. <span class=\"_ _28\"> </span>The <span class=\"_\"> </span>Company <span class=\"_ _28\"> </span>agreed <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>a <span class=\"_ _28\"> </span>total <span class=\"_ _28\"> </span>compensation <span class=\"_ _28\"> </span>payment <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>SFL <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>$4.5 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>the termination <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>charters. <span class=\"_ _27\"> </span>The <span class=\"_ _27\"> </span>charters <span class=\"_ _f\"> </span>terminated <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>delivered <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>new <span class=\"_ _f\"> </span>owners <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>April <span class=\"_ _f\"> </span>2022. <span class=\"_ _27\"> </span>The Company recorded a loss on termination of $0.4 million in the year e<span class=\"_ _1\"></span>nded December 31, 2022.Furthermore, <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>Shipping <span class=\"_ _e\"></span>Limited <span class=\"_ _d\"></span>(\"FSL\"), <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>wholly <span class=\"_ _e\"></span>owned <span class=\"_ _d\"></span>subsidiary <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>chartering <span class=\"_ _d\"></span>counterparty with SFL had agreed to certain dividend restrictions. In order to make or pay any dividend or other distribution to the Company, FSL <span class=\"_ _27\"> </span>shall <span class=\"_ _27\"> </span>demonstrate <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>buffer <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>$2.0 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>per <span class=\"_ _28\"> </span>vessel <span class=\"_ _27\"> </span>both <span class=\"_ _27\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>following <span class=\"_ _27\"> </span>such <span class=\"_ _28\"> </span>payment, <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>following payment <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>next <span class=\"_ _10\"></span>monthly <span class=\"_ _e\"></span>hire <span class=\"_ _10\"></span>due <span class=\"_ _10\"></span>plus <span class=\"_ _10\"></span>any <span class=\"_ _e\"></span>profit <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>accrued <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>agreement. <span class=\"_ _e\"></span>As <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>cash held by <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>Shipping Limited, <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>respect to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>leases was <span class=\"_ _d\"></span>nil <span class=\"_ _d\"></span>(2021: $2.0 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>January 1, <span class=\"_ _d\"></span>2021: <span class=\"_ _d\"></span>$15.6 <span class=\"_ _d\"></span>million), and these amounts were included in \"Cash and cash equivalents\".A summary of leasing transactions with SFL in the years ended Dece<span class=\"_ _1\"></span>mber 31, 2022 and 2021 are as follows;(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Charter hire paid (principal and interest)<span class=\"_ _103\"> </span> <span class=\"_ _12\"> </span>1,980 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,830 Lease termination (receipts) payments<span class=\"_ _208\"> </span> <span class=\"_ _12\"> </span>4,456 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Lease interest expense<span class=\"_ _209\"> </span> <span class=\"_ _15\"> </span>937 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,895 Contingent rental income<span class=\"_ _20a\"> </span> <span class=\"_ _1d\"> </span>(623) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,606) Remaining lease obligation<span class=\"_ _20b\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>48,466 Contingent <span class=\"_ _11\"> </span>rental <span class=\"_ _f\"> </span>income <span class=\"_ _f\"> </span>recorded <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>primarily <span class=\"_ _f\"> </span>due <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fact <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>profit <span class=\"_ _11\"> </span>share <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>accrued <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>lease obligation <span class=\"_ _e\"></span>payable <span class=\"_ _e\"></span>when <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>recorded <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Frontline's <span class=\"_ _e\"></span>merger <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>Frontline <span class=\"_ _e\"></span>2012 <span class=\"_ _e\"></span>Ltd. <span class=\"_ _10\"></span>was $0.6 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>higher <span class=\"_ _11\"> </span>than <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>actual <span class=\"_ _11\"> </span>profit <span class=\"_ _11\"> </span>share <span class=\"_ _11\"> </span>expense <span class=\"_ _11\"> </span>payable <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>SFL, <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>no <span class=\"_ _11\"> </span>profit <span class=\"_ _11\"> </span>share <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>payable <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>period. <span class=\"_ _11\"> </span>The Company <span class=\"_ _27\"> </span>recorded <span class=\"_ _27\"> </span>contingent <span class=\"_ _27\"> </span>rental <span class=\"_ _27\"> </span>income <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$3.6 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>2021 <span class=\"_ _27\"> </span>primarily <span class=\"_ _27\"> </span>due <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>fact <span class=\"_ _27\"> </span>that <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>actual <span class=\"_ _27\"> </span>profit <span class=\"_ _28\"> </span>share expense <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$0.3 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>$3.6 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>less <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>amount <span class=\"_ _d\"></span>accrued <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>leases were recorded at fair value at the time of the merger be<span class=\"_ _1\"></span>tween the Company and Frontline 2012 Ltd.In <span class=\"_ _d\"></span>January <span class=\"_ _e\"></span>2014, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>commenced <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>pooling <span class=\"_ _e\"></span>arrangement <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>SFL, <span class=\"_ _e\"></span>between <span class=\"_ _e\"></span>two <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _d\"></span>Suezmax <span class=\"_ _e\"></span>tankers<span class=\"ff3\"> <span class=\"_ _e\"></span>Front</span> <span class=\"_ _e\"></span><span class=\"ff3\">Odin</span> and <span class=\"_ _27\"> </span><span class=\"ff3\">Front <span class=\"_ _28\"> </span>Njord</span> <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>two <span class=\"_ _28\"> </span>SFL <span class=\"_ _27\"> </span>vessels <span class=\"_ _28\"> </span><span class=\"ff3\">Glorycrown</span> <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span><span class=\"ff3\">Everbright.</span> <span class=\"_ _27\"> </span>In <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _28\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _28\"> </span>31, <span class=\"_ _27\"> </span>2022, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company recognized a loss of $0.1 million (2021: $0.3 million gain) in relati<span class=\"_ _1\"></span>on to the pooling arrangement which is payable from SFL. In November <span class=\"_ _d\"></span>2021, the <span class=\"_ _d\"></span>Company announced <span class=\"_ _d\"></span>that it <span class=\"_ _d\"></span>had entered <span class=\"_ _d\"></span>into an <span class=\"_ _d\"></span>agreement to <span class=\"_ _d\"></span>sell four <span class=\"_ _d\"></span>of its <span class=\"_ _d\"></span>scrubber fitted <span class=\"_ _d\"></span>LR2 tankers for <span class=\"_ _d\"></span>an aggregate <span class=\"_ _d\"></span>sale <span class=\"_ _d\"></span>price of <span class=\"_ _d\"></span>$160.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>to SFL <span class=\"_ _d\"></span>Tanker <span class=\"_ _d\"></span>Holding <span class=\"_ _d\"></span>Ltd., a <span class=\"_ _d\"></span>company <span class=\"_ _d\"></span>related to <span class=\"_ _d\"></span>Hemen, <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>largest shareholder. Two <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>delivered <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>new <span class=\"_ _11\"> </span>owners <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>2021 <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>remaining <span class=\"_ _10\"></span>two <span class=\"_ _11\"> </span>vessels <span class=\"_ _10\"></span>were <span class=\"_ _11\"> </span>delivered <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>new owners <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>January <span class=\"_ _f\"> </span>2022. <span class=\"_ _11\"> </span>After <span class=\"_ _f\"> </span>repayment <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>debt <span class=\"_ _f\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>transaction <span class=\"_ _f\"> </span>generated <span class=\"_ _11\"> </span>total <span class=\"_ _11\"> </span>net <span class=\"_ _11\"> </span>cash <span class=\"_ _f\"> </span>proceeds <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$68.6 million, <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>net <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>proceeds <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$35.1 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>company <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>gain on sale <span class=\"_ _d\"></span>in relation <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>first two <span class=\"_ _d\"></span>vessels of <span class=\"_ _d\"></span>$3.2 million in <span class=\"_ _d\"></span>the year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>and a <span class=\"_ _d\"></span>gain of <span class=\"_ _d\"></span>$4.6 million <span class=\"_ _d\"></span>in the year ended December 31, 2022.Transactions with associated companies In <span class=\"_ _10\"></span>September <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>increased <span class=\"_ _11\"> </span>its <span class=\"_ _11\"> </span>investment <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>Clean <span class=\"_ _11\"> </span>Marine <span class=\"_ _11\"> </span>AS <span class=\"_ _10\"></span>through <span class=\"_ _11\"> </span>FMS <span class=\"_ _11\"> </span>Holdco <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>$1.5 <span class=\"_ _11\"> </span>million. <span class=\"_ _10\"></span>FMS Holdco <span class=\"_ _11\"> </span>entered <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>sale <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>purchase <span class=\"_ _11\"> </span>agreement <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>Clue <span class=\"_ _f\"> </span>AS <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>purchase <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>Clue's <span class=\"_ _11\"> </span>equity <span class=\"_ _11\"> </span>share <span class=\"_ _f\"> </span>interests <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>Clean Marine Pte. Ltd. Following the transaction, Frontline <span class=\"_ _d\"></span>owns an effective 43.60% interest in Clean Marine <span class=\"_ _d\"></span>AS which is accounted for <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>method. <span class=\"_ _10\"></span>As <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>investment <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>Clean <span class=\"_ _10\"></span>Marine <span class=\"_ _e\"></span>AS <span class=\"_ _10\"></span>was <span class=\"_ _e\"></span>$1.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>(2021: $0.6 <span class=\"_ _10\"></span>million). <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>year <span class=\"_ _10\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>share <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>losses <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>Clean <span class=\"_ _10\"></span>Marine <span class=\"_ _10\"></span>AS <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>$0.6 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>(2021: <span class=\"_ _10\"></span>$<span class=\"_ _d\"></span>nil) <span class=\"_ _10\"></span>was recognized.The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>accounts <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>15% <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>share <span class=\"_ _e\"></span>capital <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>TFG <span class=\"_ _e\"></span>Marine <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>method. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December 31, 2022, a share of profits of <span class=\"_ _d\"></span>TFG Marine of $14.8 million (2021: $0.7 million losses) was <span class=\"_ _d\"></span>recognized. As a result of the losses up <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>advanced <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>shareholder <span class=\"_ _10\"></span>loan <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>$1.5 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>TFG <span class=\"_ _e\"></span>Marine <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>2021. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company subsequently <span class=\"_ _11\"> </span>converted <span class=\"_ _11\"> </span>$0.1 <span class=\"_ _11\"> </span>million <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>shareholder <span class=\"_ _11\"> </span>loan <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>equity. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _11\"> </span>has <span class=\"_ _11\"> </span>also <span class=\"_ _f\"> </span>entered <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>bunker <span class=\"_ _11\"> </span>supply arrangement with TFG <span class=\"_ _d\"></span>Marine, under <span class=\"_ _d\"></span>which it <span class=\"_ _d\"></span>has paid $434.4 <span class=\"_ _d\"></span>million (2021: <span class=\"_ _d\"></span>$240.5 million) to <span class=\"_ _d\"></span>TFG Marine <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>year ended December 31, <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and $14.8 <span class=\"_ _d\"></span>million (2021: <span class=\"_ _d\"></span>$20.6 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>January 1, <span class=\"_ _d\"></span>2021: <span class=\"_ _d\"></span>$5.4 million) <span class=\"_ _d\"></span>remains due <span class=\"_ _d\"></span>as of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2022. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>also <span class=\"_ _e\"></span>agreed <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>provide <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>guarantee <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>respect <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>performance <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>subsidiaries, <span class=\"_ _d\"></span>and two <span class=\"_ _d\"></span>subsidiaries of <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>affiliate of <span class=\"_ _d\"></span>Hemen, <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>a bunker <span class=\"_ _d\"></span>supply <span class=\"_ _d\"></span>arrangement <span class=\"_ _d\"></span>with TFG <span class=\"_ _d\"></span>Marine. <span class=\"_ _d\"></span>As <span class=\"_ _d\"></span>of December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and 2021, <span class=\"_ _f\"> </span>there <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>no <span class=\"_ _27\"> </span>amounts <span class=\"_ _f\"> </span>payable <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>this <span class=\"_ _27\"> </span>guarantee. <span class=\"_ _f\"> </span>In <span class=\"_ _f\"> </span>addition, <span class=\"_ _f\"> </span>should <span class=\"_ _f\"> </span>TFG <span class=\"_ _27\"> </span>Marine <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>required <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>provide <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>parent company <span class=\"_ _d\"></span>guarantee <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>its <span class=\"_ _d\"></span>bunker <span class=\"_ _d\"></span>suppliers <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>providers <span class=\"_ _d\"></span>then <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>any <span class=\"_ _d\"></span>guarantee <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>provided <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Trafigura <span class=\"_ _d\"></span>Group and becomes <span class=\"_ _d\"></span>payable, the <span class=\"_ _d\"></span>Company shall <span class=\"_ _d\"></span>pay a <span class=\"_ _d\"></span>pro-rata amount <span class=\"_ _d\"></span>based on <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>share of <span class=\"_ _d\"></span>the equity <span class=\"_ _d\"></span>in TFG <span class=\"_ _d\"></span>Marine. The <span class=\"_ _d\"></span>maximum liability <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>this <span class=\"_ _e\"></span>guarantee <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>$6.0 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>no <span class=\"_ _10\"></span>amounts <span class=\"_ _e\"></span>payable <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>this <span class=\"_ _10\"></span>guarantee <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022 and 2021.Transactions with other affiliates of HemenIn <span class=\"_ _28\"> </span>June <span class=\"_ _27\"> </span>2016, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>signed <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>$275.0 <span class=\"_ _28\"> </span>million <span class=\"_ _28\"> </span>senior <span class=\"_ _27\"> </span>unsecured <span class=\"_ _28\"> </span>facility <span class=\"_ _27\"> </span>agreement <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>affiliate <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Hemen, <span class=\"_ _28\"> </span>the Company's <span class=\"_ _10\"></span>largest <span class=\"_ _11\"> </span>shareholder. <span class=\"_ _11\"> </span>As <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021, <span class=\"_ _11\"> </span>up <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>$215.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>remained <span class=\"_ _11\"> </span>available <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>undrawn. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>November 2021, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>extended <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>terms <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>facility <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>May <span class=\"_ _e\"></span>2023. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the Company <span class=\"_ _27\"> </span>drew <span class=\"_ _27\"> </span>down <span class=\"_ _28\"> </span>$149.7 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>facility <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>installments <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>six <span class=\"_ _27\"> </span>VLCCs <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>construction, <span class=\"_ _27\"> </span>the deposits on <span class=\"_ _d\"></span>two <span class=\"_ _d\"></span>2019 <span class=\"_ _d\"></span>built VLCCs <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>for general <span class=\"_ _d\"></span>corporate <span class=\"_ _d\"></span>purposes. In <span class=\"_ _d\"></span>November <span class=\"_ _d\"></span>2022, the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>extended the <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>of the <span class=\"_ _10\"></span>facility <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>May <span class=\"_ _10\"></span>2024 <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>an <span class=\"_ _10\"></span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>8.50% <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>otherwise <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>same <span class=\"_ _10\"></span>terms. <span class=\"_ _10\"></span>As <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, $209.7 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>(2021: <span class=\"_\"> </span>$209.7 <span class=\"_ _28\"> </span>million) <span class=\"_\"> </span>drawn <span class=\"_\"> </span>from <span class=\"_ _28\"> </span>this <span class=\"_\"> </span>facility <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_ _28\"> </span>recorded <span class=\"_\"> </span>as <span class=\"_\"> </span>l<span class=\"_ _1\"></span>ong-term <span class=\"_\"> </span>debt. <span class=\"_ _28\"> </span>In <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>year <span class=\"_\"> </span>ended December 31, 2022, the Company recognized interest expense of $13.3 mil<span class=\"_ _1\"></span>lion (2021: $8.2 million). In <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>chartered <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>five) <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>its <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>an <span class=\"_ _11\"> </span>affiliate <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>Hemen. <span class=\"_ _11\"> </span>The charters <span class=\"_ _d\"></span>had <span class=\"_ _e\"></span>terms <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>less <span class=\"_ _d\"></span>than <span class=\"_ _e\"></span>6 <span class=\"_ _e\"></span>months. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>revenue <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>$5.6 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>(2021: <span class=\"_ _e\"></span>$2.9 <span class=\"_ _d\"></span>million) <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to these charters in the year ended December 31, 2022.SummaryA <span class=\"_ _f\"> </span>summary <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>income <span class=\"_ _f\"> </span>(expenses) <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>related <span class=\"_ _f\"> </span>party <span class=\"_ _f\"> </span>transactions <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>years <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span>2021</span>Seatankers Management Co. Ltd<span class=\"_ _165\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>866 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,810 SFL<span class=\"_ _99\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,751 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,555 Golden Ocean<span class=\"_ _20c\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,061 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,912 Seatankers Management Norway AS <span class=\"_ _20d\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(516) <span class=\"_ _2a\"> </span></span> <span class=\"_ _1d\"> </span>(461) Alta Trading UK Limited<span class=\"_ _20e\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,617 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,942 Seadrill Limited<span class=\"_ _1c7\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>277 Archer Limited <span class=\"_ _20f\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>143 Flex LNG Ltd<span class=\"_ _210\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,242 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,637 Avance Gas<span class=\"_ _211\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,191 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,404 TFG Marine<span class=\"_ _212\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>627 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>786 Front Ocean Management<span class=\"_ _213\"> </span><span class=\"ff1\"> <span class=\"_ _c4\"> </span>(1,966) <span class=\"_ _2a\"> </span></span> <span class=\"_ _1d\"> </span>(252) Other related parties<span class=\"_ _18e\"> </span><span class=\"ff1\"> <span class=\"_ _1c4\"> </span>9 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>208 Amounts <span class=\"_ _29\"> </span>earned <span class=\"_\"> </span>from <span class=\"_ _29\"> </span>other <span class=\"_ _29\"> </span>related <span class=\"_ _29\"> </span>parties <span class=\"_ _29\"> </span>comprise <span class=\"_\"> </span>office <span class=\"_ _29\"> </span>rental <span class=\"_ _29\"> </span>income, <span class=\"_ _29\"> </span>technical <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>commercial <span class=\"_ _29\"> </span>management <span class=\"_\"> </span>fees, newbuilding <span class=\"_ _10\"></span>supervision <span class=\"_ _10\"></span>fees, <span class=\"_ _10\"></span>freights, <span class=\"_ _10\"></span>administrative <span class=\"_ _10\"></span>services <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>interest <span class=\"_ _10\"></span>income. <span class=\"_ _10\"></span>Amounts <span class=\"_ _10\"></span>paid <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>related <span class=\"_ _10\"></span>parties <span class=\"_ _10\"></span>comprise primarily rental for office space, support staff costs, corporate adm<span class=\"_ _1\"></span>inistration and guarantee fees. Related party balancesA summary of balances due from related parties at Decembe<span class=\"_ _1\"></span>r 31, 2022 and 2021 and January 1, 2021 is as follows:December 31, December 31, January 1, (in thousands of $)202220212021SFL<span class=\"_ _214\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,505 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,886 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>4,835 Seatankers Management Co. Ltd<span class=\"_ _f8\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,368 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,546 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,578 Archer Limited<span class=\"_ _165\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>30 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>88 Golden Ocean<span class=\"_ _215\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>6,964 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,376 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,336 Seadrill Limited<span class=\"_ _216\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>625 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>25 Alta Trading UK Limited<span class=\"_ _18b\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>60 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>280 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,263 Flex LNG Ltd<span class=\"_ _217\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>303 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>425 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>366 TFG Marine<span class=\"_ _218\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>28 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>199 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>16 Avance Gas<span class=\"_ _219\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>695 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>737 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>540 Front Ocean Management<span class=\"_ _192\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>473 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>402 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Other related parties<span class=\"_ _a4\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>89 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>170 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>208  <span class=\"_ _1be\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>13,485 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>11,676 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,255 A summary of balances due to related parties at Decembe<span class=\"_ _1\"></span>r 31, 2022, 2021 and January 1, 2021 is as follows:December 31, December 31, January 1, (in thousands of $)202220212021SFL<span class=\"_ _214\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>6,702 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>6,878 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>8,978 Seatankers Management Co. Ltd<span class=\"_ _f8\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>351 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,226 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,147 Golden Ocean<span class=\"_ _215\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>8,470 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>6,016 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,040 Flex LNG Ltd<span class=\"_ _217\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>158 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>191 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>143 TFG Marine <span class=\"_ _0\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>14,831 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>20,605 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>5,369 Front Ocean Management<span class=\"_ _192\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>286 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Avance Gas<span class=\"_ _219\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>450 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>334 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>176  <span class=\"_ _1be\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>31,248 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>36,250 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>19,853 Transactions with key management personnelThe total amount of the remuneration earned by all direc<span class=\"_ _1\"></span>tors and key management personnel for their services as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Total remuneration<span class=\"_ _21a\"> </span> <span class=\"_ _12\"> </span>3,767 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _15\"> </span>784 </span>of which:Paid in capacity as directors<span class=\"_ _12c\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,678 <span class=\"_ _37\"> </span></span> <span class=\"_ _f6\"> </span>377 Other remuneration<span class=\"_ _1c1\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,089 <span class=\"_ _37\"> </span></span> <span class=\"_ _15\"> </span>407 The <span class=\"_ _10\"></span>Directors <span class=\"_ _10\"></span>annually <span class=\"_ _11\"> </span>review <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>remuneration <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>members <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>key <span class=\"_ _11\"> </span>management <span class=\"_ _10\"></span>personnel. <span class=\"_ _10\"></span>Directors' <span class=\"_ _10\"></span>fees <span class=\"_ _11\"> </span>are <span class=\"_ _10\"></span>approved annually <span class=\"_ _11\"> </span>at <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>AGM. <span class=\"_ _f\"> </span>No <span class=\"_ _f\"> </span>pensions <span class=\"_ _f\"> </span>were <span class=\"_ _11\"> </span>paid <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>directors <span class=\"_ _11\"> </span>or <span class=\"_ _f\"> </span>past <span class=\"_ _11\"> </span>directors. <span class=\"_ _f\"> </span>No <span class=\"_ _f\"> </span>compensation <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>paid <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>directors <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>past directors in respect of <span class=\"_ _d\"></span>loss of office. Total remuneration consists <span class=\"_ _d\"></span>of a fixed and <span class=\"_ _d\"></span>a variable component and can <span class=\"_ _d\"></span>be summarized as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Total fixed remuneration<span class=\"_ _106\"> </span> <span class=\"_ _15\"> </span>863 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _15\"> </span>689 </span>of which:Cost of pension<span class=\"_ _1c8\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>22 <span class=\"_ _37\"> </span></span> <span class=\"_ _ba\"> </span>24 Total variable remuneration<span class=\"_ _0\"> </span> <span class=\"_ _12\"> </span>2,904 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _104\"> </span>96 </span>of which:Share based payments<span class=\"_ _21b\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,679 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>96 In <span class=\"_ _e\"></span>July <span class=\"_ _10\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>issued <span class=\"_ _e\"></span>339,000 <span class=\"_ _10\"></span>ordinary <span class=\"_ _e\"></span>shares <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>share <span class=\"_ _e\"></span>option <span class=\"_ _10\"></span>scheme <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>strike <span class=\"_ _e\"></span>price <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>$5.70 <span class=\"_ _10\"></span>per <span class=\"_ _e\"></span>share. The <span class=\"_ _11\"> </span>shares <span class=\"_ _f\"> </span>were <span class=\"_ _11\"> </span>issued <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>John <span class=\"_ _f\"> </span>Fredriksen <span class=\"_ _11\"> </span>(198,000 <span class=\"_ _f\"> </span>shares), <span class=\"_ _11\"> </span>Inger <span class=\"_ _f\"> </span>M. <span class=\"_ _11\"> </span>Klemp <span class=\"_ _f\"> </span>(120,000 <span class=\"_ _11\"> </span>shares), <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>Ola <span class=\"_ _f\"> </span>Lorentzon <span class=\"_ _11\"> </span>(21,000 shares).In <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>the Board <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Directors <span class=\"_ _d\"></span>approved <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>grant <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>1,280,000 <span class=\"_ _d\"></span>synthetic <span class=\"_ _d\"></span>options <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>employees and <span class=\"_ _d\"></span>board <span class=\"_ _d\"></span>members according to <span class=\"_ _d\"></span>the rules of <span class=\"_ _d\"></span>the Company\u2019s <span class=\"_ _d\"></span>synthetic option <span class=\"_ _d\"></span>scheme approved on <span class=\"_ _d\"></span>December 7, <span class=\"_ _d\"></span>2021. The <span class=\"_ _d\"></span>synthetic options <span class=\"_ _d\"></span> have <span class=\"_ _d\"></span>a five <span class=\"_ _e\"></span>year <span class=\"_ _10\"></span>term <span class=\"_ _e\"></span>expiring <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>2026. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>vesting <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>first <span class=\"_ _10\"></span>27.5% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>options, <span class=\"_ _e\"></span>24 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the next <span class=\"_ _e\"></span>27.5% <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>options <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>36 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>final <span class=\"_ _10\"></span>45% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>options. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>synthetic <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>will <span class=\"_ _10\"></span>be <span class=\"_ _e\"></span>settled <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the difference <span class=\"_ _d\"></span>between <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>market <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>exercise <span class=\"_ _d\"></span>price <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>date <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>exercise, <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>such, <span class=\"_ _d\"></span>have been classified as a liability.See Note 5, Note 10, Note 16, Note 18,  Note 24 and Note 26 for details regarding other re<span class=\"_ _1\"></span>lated party transactions and balances.24.<span class=\"_ _95\"> </span>COMMITMENTS AND CONTINGENCIESAs <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>agreed <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>provide <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>guarantee <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>respect <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>performance <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>its subsidiaries, <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>two <span class=\"_ _27\"> </span>subsidiaries <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>affiliate <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>Hemen, <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>bunker <span class=\"_ _27\"> </span>supply <span class=\"_ _28\"> </span>arrangement <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>TFG <span class=\"_ _28\"> </span>Marine. <span class=\"_ _27\"> </span>As <span class=\"_ _28\"> </span>of December 31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>there are <span class=\"_ _d\"></span>no <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>payable under <span class=\"_ _d\"></span>this <span class=\"_ _d\"></span>guarantee. In <span class=\"_ _d\"></span>addition, should <span class=\"_ _d\"></span>TFG <span class=\"_ _d\"></span>Marine <span class=\"_ _d\"></span>be required <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>provide a parent company <span class=\"_ _d\"></span>guarantee to its bunker <span class=\"_ _d\"></span>suppliers or finance <span class=\"_ _d\"></span>providers then for <span class=\"_ _d\"></span>any guarantee that is <span class=\"_ _d\"></span>provided by the <span class=\"_ _d\"></span>Trafigura Group <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>becomes <span class=\"_ _27\"> </span>payable, <span class=\"_ _27\"> </span>Frontline <span class=\"_ _27\"> </span>shall <span class=\"_ _27\"> </span>pay <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>pro <span class=\"_ _27\"> </span>rata <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>share <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>equity <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>TFG <span class=\"_ _27\"> </span>Marine. <span class=\"_ _27\"> </span>The maximum <span class=\"_ _29\"> </span>liability <span class=\"_ _29\"> </span>under <span class=\"_ _2d\"> </span>this <span class=\"_ _29\"> </span>guarantee <span class=\"_ _2d\"> </span>is <span class=\"_ _29\"> </span>$6.0 <span class=\"_ _2d\"> </span>million <span class=\"_ _29\"> </span>and <span class=\"_ _2d\"> </span>there <span class=\"_ _29\"> </span>are <span class=\"_ _2d\"> </span>no <span class=\"_ _29\"> </span>amounts <span class=\"_ _29\"> </span>payable <span class=\"_ _2d\"> </span>under <span class=\"_ _29\"> </span>this <span class=\"_ _2d\"> </span>guarantee <span class=\"_ _29\"> </span>as <span class=\"_ _2d\"> </span>at December 31, 2022.As of December 31, <span class=\"_ _d\"></span>2022, the Company has committed to <span class=\"_ _d\"></span>the purchase of scrubber equipment from <span class=\"_ _d\"></span>Clean Marine AS, a related party, <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>two <span class=\"_ _e\"></span>vessels <span class=\"_ _10\"></span>owned <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company, <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>remaining <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>commitment <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>$0.7 <span class=\"_ _10\"></span>million, <span class=\"_ _e\"></span>excluding <span class=\"_ _e\"></span>installation costs, <span class=\"_ _28\"> </span>due <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>2023. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>Company <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>paid <span class=\"_ _28\"> </span>$6.5 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>to <span class=\"_\"> </span>Clean <span class=\"_ _27\"> </span>Marine <span class=\"_\"> </span>AS <span class=\"_ _27\"> </span>for <span class=\"_\"> </span>scrubber <span class=\"_ _27\"> </span>equipment <span class=\"_\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2022.As <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2022, <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>has <span class=\"_ _f\"> </span>entered <span class=\"_ _f\"> </span>into <span class=\"_ _f\"> </span>two <span class=\"_ _27\"> </span>forward <span class=\"_ _f\"> </span>bunker <span class=\"_ _f\"> </span>purchase <span class=\"_ _f\"> </span>arrangements <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>TFG <span class=\"_ _27\"> </span>Marine, <span class=\"_ _f\"> </span>a related <span class=\"_ _e\"></span>party, <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>delivery <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>1,000 <span class=\"_ _10\"></span>MT <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>low <span class=\"_ _e\"></span>sulfur <span class=\"_ _10\"></span>bunker <span class=\"_ _e\"></span>fuel <span class=\"_ _10\"></span>per <span class=\"_ _e\"></span>month <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>1,000 <span class=\"_ _10\"></span>MT <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>high <span class=\"_ _10\"></span>sulfur <span class=\"_ _e\"></span>bunker <span class=\"_ _10\"></span>fuel <span class=\"_ _e\"></span>per month for delivery in January 2023 to December 2023. The contracts obligate the Company to purchase and take delivery of the physical fuel <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>a price <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$650 per <span class=\"_ _d\"></span>MT <span class=\"_ _d\"></span>of low <span class=\"_ _d\"></span>sulfur <span class=\"_ _d\"></span>bunker fuel <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>$465 per <span class=\"_ _d\"></span>MT <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>high sulfur <span class=\"_ _d\"></span>bunker <span class=\"_ _d\"></span>fuel. As <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December 31, 2022, the remaining commitments amounted to $13.4 milli<span class=\"_ _1\"></span>on, all of which is expected to be paid in 2023.As <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2022, <span class=\"_ _27\"> </span>total <span class=\"_ _f\"> </span>installments <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>$45.1 <span class=\"_ _f\"> </span>million <span class=\"_ _f\"> </span>had <span class=\"_ _27\"> </span>been <span class=\"_ _f\"> </span>paid <span class=\"_ _f\"> </span>in <span class=\"_ _27\"> </span>connection <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company\u2019s <span class=\"_ _f\"> </span>remaining newbuilding <span class=\"_ _10\"></span>program, <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>remaining <span class=\"_ _11\"> </span>commitments <span class=\"_ _11\"> </span>amounted <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>$144.8 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>which <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>paid <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>2023, <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>which $130.0 million was financed by committed term loan facil<span class=\"_ _1\"></span>ities.The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>insures <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>legal liability <span class=\"_ _d\"></span>risks <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>shipping <span class=\"_ _d\"></span>activities <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>mutual <span class=\"_ _d\"></span>protection and <span class=\"_ _d\"></span>indemnity <span class=\"_ _d\"></span>associations, <span class=\"_ _d\"></span>who are <span class=\"_ _e\"></span>members <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>International <span class=\"_ _e\"></span>Group <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>P&amp;I <span class=\"_ _e\"></span>Clubs. <span class=\"_ _10\"></span>As <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>member <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>these <span class=\"_ _10\"></span>mutual <span class=\"_ _10\"></span>associations, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>subject <span class=\"_ _10\"></span>to calls payable to the <span class=\"_ _d\"></span>associations based on the <span class=\"_ _d\"></span>Company's claims record in addition <span class=\"_ _d\"></span>to the claims records of <span class=\"_ _d\"></span>all other members of the <span class=\"_ _11\"> </span>associations. <span class=\"_ _10\"></span>A <span class=\"_ _11\"> </span>contingent <span class=\"_ _11\"> </span>liability <span class=\"_ _11\"> </span>exists <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>extent <span class=\"_ _11\"> </span>that <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>claims <span class=\"_ _11\"> </span>records <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>members <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>associations <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>the aggregate show significant deterioration, which result in addi<span class=\"_ _1\"></span>tional calls on the members. The Company is a party, as plaintiff or <span class=\"_ _d\"></span>defendant, to several lawsuits in various jurisdictions for unpaid charter hire, demurrage, damages, <span class=\"_ _d\"></span>off-hire <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _d\"></span>claims <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>commercial <span class=\"_ _d\"></span>disputes <span class=\"_ _d\"></span>arising <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>operation <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>its <span class=\"_ _e\"></span>vessels, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>ordinary <span class=\"_ _d\"></span>course <span class=\"_ _e\"></span>of business or in connection with its acquisition activities. The Company believes that the resolution <span class=\"_ _d\"></span>of such claims will not have a material adverse effect on the Company's operations or financ<span class=\"_ _1\"></span>ial condition individually and in the aggregate.Following <span class=\"_ _d\"></span>assignments of <span class=\"_ _d\"></span>two <span class=\"_ _d\"></span>property <span class=\"_ _d\"></span>leases <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>2015, <span class=\"_ _d\"></span>each to <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>party, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company through <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>subsidiaries <span class=\"_ _d\"></span>has guaranteed <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>remaining <span class=\"_ _11\"> </span>outstanding <span class=\"_ _f\"> </span>payments <span class=\"_ _f\"> </span>due <span class=\"_ _f\"> </span>under <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.8 <span class=\"_ _11\"> </span>million <span class=\"_ _f\"> </span>as <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>(2021: <span class=\"_ _f\"> </span>$3.2 million). <span class=\"_ _11\"> </span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>does <span class=\"_ _f\"> </span>not <span class=\"_ _11\"> </span>believe <span class=\"_ _f\"> </span>that <span class=\"_ _11\"> </span>it <span class=\"_ _f\"> </span>will <span class=\"_ _11\"> </span>be <span class=\"_ _f\"> </span>required <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>make <span class=\"_ _11\"> </span>any <span class=\"_ _f\"> </span>payments <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>these <span class=\"_ _11\"> </span>guarantees <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>has <span class=\"_ _f\"> </span>not recorded a liability in the statement of financia<span class=\"_ _1\"></span>l position in this respect.25.<span class=\"_ _95\"> </span>GROUP ENTITIESCountry of Ownership and NameIncorporationVoting PercentageFrontline Management (Bermuda) Ltd<span class=\"_ _1da\"> </span>Bermuda<span class=\"_ _de\"> </span>100%Frontline Corporate Services Ltd<span class=\"_ _6e\"> </span>United Kingdom<span class=\"_ _21c\"> </span>100%Frontline Management AS<span class=\"_ _151\"> </span>Norway<span class=\"_ _11c\"> </span>100%Frontline 2012 Ltd.<span class=\"_ _19b\"> </span>Bermuda<span class=\"_ _de\"> </span>100%Frontline Chartering Services Inc.<span class=\"_ _122\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Frontline Shipping Singapore Pte Ltd.<span class=\"_ _21e\"> </span>Singapore<span class=\"_ _21f\"> </span>100%Frontfleet Ltd<span class=\"_ _12a\"> </span>Bermuda<span class=\"_ _de\"> </span>100%Frontfleet II Ltd<span class=\"_ _105\"> </span>Bermuda<span class=\"_ _de\"> </span>100%Front Thor Inc.<span class=\"_ _220\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Odin Inc.<span class=\"_ _165\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Loki Inc.<span class=\"_ _1ce\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Njord Inc.<span class=\"_ _216\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Ull Inc<span class=\"_ _fc\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Idun Inc<span class=\"_ _176\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front King Inc.<span class=\"_ _165\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Queen Inc.<span class=\"_ _d5\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Sovereign Inc.<span class=\"_ _222\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Monarch Inc.<span class=\"_ _137\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Eminence Inc.<span class=\"_ _19b\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Endurance Inc.<span class=\"_ _13a\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Duke Inc.<span class=\"_ _c\"> </span>Republic of the Marshall<span class=\"_ _1\"></span> Islands<span class=\"_ _1c4\"> </span>100%Front Brage Inc.<span class=\"_ _223\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Balder Inc.<span class=\"_ _108\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Challenger Inc.<span class=\"_ _224\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Crown Inc.<span class=\"_ _130\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Coral Inc.<span class=\"_ _191\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Crystal II Inc.<span class=\"_ _1a6\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Classic Inc.<span class=\"_ _1bd\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Clipper Inc.<span class=\"_ _225\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Cosmos Inc.<span class=\"_ _138\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Cascade Inc.<span class=\"_ _226\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Duchess Inc.<span class=\"_ _227\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Sea Hull L0037 Corp.<span class=\"_ _132\"> </span>Liberia<span class=\"_ _221\"> </span>100%Sea Hull L0044 Corp.<span class=\"_ _132\"> </span>Liberia<span class=\"_ _221\"> </span>100%Sea Hull L0045 Corp.<span class=\"_ _132\"> </span>Liberia<span class=\"_ _221\"> </span>100%Sea Hull L0046 Corp.<span class=\"_ _132\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Cheetah Inc.<span class=\"_ _119\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Cougar Inc.<span class=\"_ _1ae\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Aphrodite Inc.<span class=\"_ _222\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Athena Inc.<span class=\"_ _1bd\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Hebe Inc.<span class=\"_ _9\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Hera Inc.<span class=\"_ _220\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Altair Inc.<span class=\"_ _216\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Antares Inc<span class=\"_ _1bd\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Vega Inc.<span class=\"_ _9\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Sirius Inc.<span class=\"_ _216\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Castor Inc.<span class=\"_ _d5\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Pollux Inc.<span class=\"_ _d5\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Capella Inc.<span class=\"_ _229\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Polaris Inc.<span class=\"_ _ee\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Earl Inc.<span class=\"_ _22a\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Empire Inc.<span class=\"_ _1ae\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Prince I Inc.<span class=\"_ _a1\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Princess I Inc.<span class=\"_ _20d\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Defender Inc.<span class=\"_ _22b\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Discovery Inc.<span class=\"_ _156\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Cruiser Inc.<span class=\"_ _1ae\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Dynamic I Inc.<span class=\"_ _13a\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Favour Inc.<span class=\"_ _22c\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Front Feature Inc.<span class=\"_ _b5\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Front Future Inc.<span class=\"_ _d5\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Fusion Inc.<span class=\"_ _130\"> </span>Liberia<span class=\"_ _21d\"> </span>100%White Flag Ventures XXXVI LLC<span class=\"_ _22d\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XXXIX LLC<span class=\"_ _22d\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XL LLC<span class=\"_ _1f8\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLI LLC<span class=\"_ _22e\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLII LLC<span class=\"_ _5f\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLIII LLC<span class=\"_ _117\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLIV LLC<span class=\"_ _1e0\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLV LLC<span class=\"_ _22f\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLVI LLC<span class=\"_ _1e0\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLVII LLC<span class=\"_ _230\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3240 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3241 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3283 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3284 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3285 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3286 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Front Driva Inc.<span class=\"_ _184\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Front Nausta Inc.<span class=\"_ _166\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Frontfleet Chartering Inc.<span class=\"_ _170\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%26.<span class=\"_ _95\"> </span>SUBSEQUENT EVENTSIn <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>2023, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>took <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>VLCC <span class=\"_ _d\"></span>newbuilding, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _e\"></span>Orkla</span>, <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>HHI <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _d\"></span>$65.0 <span class=\"_ _e\"></span>million under <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>Cr\u00e9dit <span class=\"_ _d\"></span>Agricole <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>delivery. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tenor <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>five years, <span class=\"_ _28\"> </span>carries <span class=\"_\"> </span>an <span class=\"_ _28\"> </span>interest <span class=\"_ _28\"> </span>rate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>LIBOR <span class=\"_ _28\"> </span>plus <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>ma<span class=\"_ _1\"></span>rgin <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>170 <span class=\"_ _28\"> </span>basis <span class=\"_ _28\"> </span>points <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>an <span class=\"_\"> </span>amort<span class=\"_ _1\"></span>ization <span class=\"_ _28\"> </span>profile <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>18 <span class=\"_ _28\"> </span>years commencing on the delivery date from the yard. The facili<span class=\"_ _1\"></span>ty was fully drawn down in January 2023.In <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>2023, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>took <span class=\"_ _e\"></span>delivery <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>VLCC <span class=\"_ _e\"></span>newbuilding, <span class=\"_ _e\"></span><span class=\"ff3\">Front <span class=\"_ _10\"></span>Tyne</span>, <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>HHI <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>drew <span class=\"_ _10\"></span>down <span class=\"_ _e\"></span>$65.0 <span class=\"_ _e\"></span>million under <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>senior <span class=\"_ _10\"></span>secured <span class=\"_ _11\"> </span>term <span class=\"_ _10\"></span>loan <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>KFW <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>partially <span class=\"_ _11\"> </span>finance <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>delivery. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>facility <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>tenor <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>five <span class=\"_ _11\"> </span>years, carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>170 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>20 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on the delivery date from the yard. The facility was fully drawn down i<span class=\"_ _1\"></span>n January 2023.In <span class=\"_ _d\"></span>January <span class=\"_ _e\"></span>2023, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>sold <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>2009-built <span class=\"_ _e\"></span>VLCC, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _e\"></span>Eminence</span>, <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>2009-built <span class=\"_ _e\"></span>Suezmax <span class=\"_ _d\"></span>tanker, <span class=\"_ _e\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Balder</span>, for <span class=\"_ _27\"> </span>gross <span class=\"_ _f\"> </span>proceeds <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>approximately <span class=\"_ _27\"> </span>$61.0 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>$39.5 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>respectively. <span class=\"_ _f\"> </span>The <span class=\"_ _27\"> </span>vessels <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>delivered <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>new owners <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>February, <span class=\"_ _d\"></span>respectively. <span class=\"_ _d\"></span>After <span class=\"_ _d\"></span>repayment <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>existing <span class=\"_ _d\"></span>debt <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>vessels, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>transactions <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>expected <span class=\"_ _d\"></span>to generate net <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>proceeds of <span class=\"_ _d\"></span>approximately $63.6 <span class=\"_ _d\"></span>million, and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company expects <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>record a <span class=\"_ _d\"></span>gain on <span class=\"_ _d\"></span>sale <span class=\"_ _d\"></span>of approximately $9.7 million and $2.0 million, respectively, in the first quarte<span class=\"_ _1\"></span>r of 2023.In <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>2023, <span class=\"_ _28\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _28\"> </span>terminated <span class=\"_ _f\"> </span>a <span class=\"_ _28\"> </span>combination <span class=\"_ _f\"> </span>agreement <span class=\"_ _27\"> </span>(the <span class=\"_ _28\"> </span>\u201cCombination <span class=\"_ _f\"> </span>Agreement\u201d) <span class=\"_ _28\"> </span>for <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>stock-for-stock combination <span class=\"_ _28\"> </span>with <span class=\"_\"> </span>Euronav <span class=\"_ _28\"> </span>based <span class=\"_\"> </span>on <span class=\"_ _28\"> </span>an <span class=\"_\"> </span>excha<span class=\"_ _1\"></span>nge <span class=\"_\"> </span>ratio <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>1.45 <span class=\"_\"> </span>Frontline <span class=\"_ _28\"> </span>shares <span class=\"_\"> </span>for <span class=\"_ _28\"> </span>every <span class=\"_\"> </span>1.0 <span class=\"_ _28\"> </span>Euronav <span class=\"_ _28\"> </span>share, <span class=\"_\"> </span>as <span class=\"_ _28\"> </span>certain conditions <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>assumptions <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Agreement <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>not <span class=\"_ _f\"> </span>met. <span class=\"_ _27\"> </span>On <span class=\"_ _f\"> </span>January <span class=\"_ _27\"> </span>18, <span class=\"_ _f\"> </span>2023 <span class=\"_ _27\"> </span>Frontline <span class=\"_ _f\"> </span>received <span class=\"_ _27\"> </span>from <span class=\"_ _f\"> </span>Euronav <span class=\"_ _f\"> </span>an emergency <span class=\"_ _10\"></span>arbitration <span class=\"_ _10\"></span>request <span class=\"_ _11\"> </span>for <span class=\"_ _10\"></span>urgent <span class=\"_ _11\"> </span>interim <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>conservatory <span class=\"_ _10\"></span>measures. <span class=\"_ _11\"> </span>On <span class=\"_ _11\"> </span>February <span class=\"_ _10\"></span>7, <span class=\"_ _11\"> </span>2023 <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>emergency <span class=\"_ _10\"></span>arbitration claims <span class=\"_ _11\"> </span>filed <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>Euronav <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>fully <span class=\"_ _f\"> </span>dismissed <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Emergency <span class=\"_ _11\"> </span>Arbitrator <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>Euronav <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>ordered <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>reimburse <span class=\"_ _f\"> </span>all <span class=\"_ _11\"> </span>costs incurred by Frontline.On <span class=\"_\"> </span>January <span class=\"_\"> </span>28, <span class=\"_\"> </span>2023, <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>Company <span class=\"_\"> </span>received <span class=\"_\"> </span>from <span class=\"_\"> </span>Eurona<span class=\"_ _1\"></span>v <span class=\"_\"> </span>an <span class=\"_\"> </span>arbitration <span class=\"_ _28\"> </span>request <span class=\"_\"> </span>for <span class=\"_\"> </span>proceedings <span class=\"_\"> </span>on <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>merits <span class=\"_\"> </span>of <span class=\"_\"> </span>the termination. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>arbitral <span class=\"_ _e\"></span>tribunal <span class=\"_ _10\"></span>has <span class=\"_ _e\"></span>been <span class=\"_ _e\"></span>constituted <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>timetable <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>arbitration <span class=\"_ _e\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>set <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>principle <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>end <span class=\"_ _e\"></span>of April 2023. Frontline once again maintains that its decisi<span class=\"_ _1\"></span>on to terminate the Combination Agreement was entire<span class=\"_ _1\"></span>ly lawful.In February 2023, the Company received $1.4 million in loan repayment a<span class=\"_ _1\"></span>nd $7.3 million in dividends from TFG Marine. In <span class=\"_ _e\"></span>February <span class=\"_ _10\"></span>2023, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>repaid <span class=\"_ _10\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>$275.0 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>senior <span class=\"_ _e\"></span>unsecured <span class=\"_ _10\"></span>credit <span class=\"_ _e\"></span>facility <span class=\"_ _10\"></span>with <span class=\"_ _e\"></span>an <span class=\"_ _10\"></span>affiliate <span class=\"_ _e\"></span>of Hemen. Up to $125.3 million remains available following the re<span class=\"_ _1\"></span>payment. In <span class=\"_ _f\"> </span>March <span class=\"_ _f\"> </span>2023, <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>entered <span class=\"_ _27\"> </span>into <span class=\"_ _f\"> </span>eight <span class=\"_ _f\"> </span>forward <span class=\"_ _f\"> </span>bunker <span class=\"_ _27\"> </span>purchase <span class=\"_ _f\"> </span>arrangements <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>TFG <span class=\"_ _27\"> </span>Marine, <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>related <span class=\"_ _27\"> </span>party, which <span class=\"_ _d\"></span>obligate <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>purchase and <span class=\"_ _d\"></span>take <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>minimum <span class=\"_ _d\"></span>quantities <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>low <span class=\"_ _d\"></span>sulfur <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>high <span class=\"_ _d\"></span>sulfur <span class=\"_ _d\"></span>bunker <span class=\"_ _d\"></span>fuel, <span class=\"_ _d\"></span>at fixed <span class=\"_ _2d\"> </span>prices, <span class=\"_ _2d\"> </span>over <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>period <span class=\"_ _2d\"> </span>from <span class=\"_ _29\"> </span>June <span class=\"_ _2d\"> </span>2023 <span class=\"_ _2d\"> </span>to <span class=\"_ _2d\"> </span>December <span class=\"_ _2d\"> </span>2024. <span class=\"_ _2d\"> </span>The <span class=\"_ _2d\"> </span>total <span class=\"_ _2d\"> </span>commitment <span class=\"_ _2d\"> </span>amounted <span class=\"_ _2d\"> </span>to <span class=\"_ _2d\"> </span>$37.1 <span class=\"_ _2d\"> </span>million, $13.2 million of which is expected to be paid in 2023 and $23.9 million of whic<span class=\"_ _1\"></span>h is expected to be paid in 2024.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__5": {
   "value": "1.<span class=\"_ _e8\"> </span>GENERAL INFORMATIONFrontline <span class=\"_ _d\"></span>plc <span class=\"_ _e\"></span>(formerly <span class=\"_ _d\"></span>Frontline <span class=\"_ _e\"></span>Ltd.), <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>Frontline, <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>international <span class=\"_ _d\"></span>shipping <span class=\"_ _e\"></span>company <span class=\"_ _e\"></span>formerly <span class=\"_ _d\"></span>incorporated in <span class=\"_ _11\"> </span>Bermuda <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>an <span class=\"_ _11\"> </span>exempted <span class=\"_ _11\"> </span>company <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Bermuda <span class=\"_ _11\"> </span>Companies <span class=\"_ _11\"> </span>Law <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>1981 <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>June <span class=\"_ _11\"> </span>12, <span class=\"_ _11\"> </span>1992. <span class=\"_ _11\"> </span>At <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>Special <span class=\"_ _11\"> </span>General Meeting <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>20, <span class=\"_ _11\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company's <span class=\"_ _11\"> </span>shareholders <span class=\"_ _11\"> </span>agreed <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>redomicile <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Republic <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>Cyprus under <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>name <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>plc <span class=\"_ _e\"></span>(the <span class=\"_ _d\"></span>\u201cRedomiciliation\u201d). <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>officially <span class=\"_ _d\"></span>redomiciled <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>Cyprus <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>30, 2022.The <span class=\"_ _e\"></span>business, <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>liabilities <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Frontline <span class=\"_ _e\"></span>Ltd. <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>subsidiaries <span class=\"_ _e\"></span>prior <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Redomiciliation <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>same <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>Frontline plc <span class=\"_ _f\"> </span>immediately <span class=\"_ _27\"> </span>after <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Redomiciliation <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>consolidated <span class=\"_ _f\"> </span>basis, <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>well <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>fiscal <span class=\"_ _f\"> </span>year. <span class=\"_ _27\"> </span>In <span class=\"_ _27\"> </span>addition, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>directors <span class=\"_ _27\"> </span>and executive <span class=\"_ _e\"></span>officers <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Frontline <span class=\"_ _e\"></span>plc <span class=\"_ _10\"></span>immediately <span class=\"_ _e\"></span>after <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Redomiciliation <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>same <span class=\"_ _e\"></span>individuals <span class=\"_ _10\"></span>who <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>directors <span class=\"_ _10\"></span>and executive officers, respectively, of Frontline Ltd. imme<span class=\"_ _1\"></span>diately prior to the Redomiciliation.Prior to the <span class=\"_ _d\"></span>Redomiciliation, Frontline Ltd.\u2019s ordinary <span class=\"_ _d\"></span>shares were listed <span class=\"_ _d\"></span>on the New <span class=\"_ _d\"></span>York Stock Exchange <span class=\"_ _d\"></span>(\u201cNYSE\u201d) and Oslo Stock <span class=\"_ _d\"></span>Exchange (\u201cOSE\u201d) <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>symbol <span class=\"_ _d\"></span>\u201cFRO.\u201d <span class=\"_ _d\"></span>Upon <span class=\"_ _d\"></span>effectiveness <span class=\"_ _d\"></span>of the <span class=\"_ _d\"></span>Redomiciliation, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _d\"></span>ordinary <span class=\"_ _d\"></span>shares continue <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>be <span class=\"_ _10\"></span>listed <span class=\"_ _10\"></span>on <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>NYSE <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>OSE <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>commenced <span class=\"_ _10\"></span>trading <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>new <span class=\"_ _10\"></span>name <span class=\"_ _10\"></span>Frontline <span class=\"_ _10\"></span>plc <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>new <span class=\"_ _10\"></span>CUSIP number <span class=\"_ _d\"></span>M46528101 and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>new <span class=\"_ _d\"></span>ISIN <span class=\"_ _d\"></span>CY0200352116 on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>NYSE <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>January 3, <span class=\"_ _d\"></span>2023 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the OSE <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>13, <span class=\"_ _d\"></span>2023. Frontline plc\u2019s Legal Entity Identifier number was not affec<span class=\"_ _1\"></span>ted by the Redomiciliation and remains the same.The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>operates <span class=\"_ _10\"></span>oil <span class=\"_ _e\"></span>tankers <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>two <span class=\"_ _e\"></span>sizes: <span class=\"_ _10\"></span>VLCCs, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>between <span class=\"_ _e\"></span>200,000 <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>320,000 <span class=\"_ _e\"></span>dwt, <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>Suezmax <span class=\"_ _e\"></span>tankers, which <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>between <span class=\"_ _d\"></span>120,000 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>170,000 <span class=\"_ _d\"></span>dwt, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>operates <span class=\"_ _d\"></span>LR2/Aframax <span class=\"_ _d\"></span>tankers, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>clean <span class=\"_ _d\"></span>product <span class=\"_ _d\"></span>tankers, <span class=\"_ _d\"></span>and range <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>size <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>110,000 <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>115,000 <span class=\"_ _10\"></span>dwt. <span class=\"_ _d\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _d\"></span>operates <span class=\"_ _e\"></span>through <span class=\"_ _10\"></span>subsidiaries <span class=\"_ _d\"></span>located <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>Cyprus, <span class=\"_ _10\"></span>Bermuda, <span class=\"_ _d\"></span>Liberia, the <span class=\"_ _28\"> </span>Marshall <span class=\"_ _27\"> </span>Islands, <span class=\"_ _28\"> </span>Norway, <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>United <span class=\"_ _28\"> </span>Kingdom, <span class=\"_ _27\"> </span>Singapore <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>China. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>Company <span class=\"_ _27\"> </span>is <span class=\"_ _28\"> </span>also <span class=\"_ _28\"> </span>involved <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>charter, purchase and sale of vessels.As <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company's <span class=\"_ _f\"> </span>fleet <span class=\"_ _27\"> </span>consisted <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>70 <span class=\"_ _f\"> </span>vessels, <span class=\"_ _27\"> </span>with <span class=\"_ _f\"> </span>an <span class=\"_ _27\"> </span>aggregate <span class=\"_ _f\"> </span>capacity <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>approximately <span class=\"_ _f\"> </span>13.1 million DWT:(i)<span class=\"_ _1e\"> </span>66 vessels owned by the Company (21 VLCCs, 27 Suezmax tanke<span class=\"_ _1\"></span>rs and 18 LR2/Aframax tankers); (ii)<span class=\"_ _46\"> </span>four vessels that<span class=\"_ _1\"></span> are under the Company's commercial management (two Suez<span class=\"_ _1\"></span>max tankers and two Aframax tankers).As <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _10\"></span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company\u2019s <span class=\"_ _11\"> </span>newbuilding <span class=\"_ _10\"></span>program <span class=\"_ _11\"> </span>consisted <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>scrubber-fitted <span class=\"_ _11\"></span>VLCCs <span class=\"_ _10\"></span>at <span class=\"_ _11\"> </span>Hyundai <span class=\"_ _11\"> </span>Heavy Industries (\"HHI\"), both of which were delivered in January 2023. 2.<span class=\"_ _e8\"> </span>SIGNIFICANT ACCOUNTING POLICIES1. Basis of presentationOur <span class=\"_ _d\"></span>consolidated <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>prepared <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>International <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>Reporting <span class=\"_ _d\"></span>Standards <span class=\"_ _d\"></span>(\"IFRS\") <span class=\"_ _d\"></span>as adopted by the European Union. See Note 3 for disclosures related to the fi<span class=\"_ _1\"></span>rst-time adoption of IFRS.The financial statements were approved by the Board of Direc<span class=\"_ _1\"></span>tors on April 27, 2023, and authorized for issue.2. Use of judgements and estimatesThe <span class=\"_ _10\"></span>preparation <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>consolidated <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>conformity <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>requires <span class=\"_ _10\"></span>management <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>make <span class=\"_ _10\"></span>judgements, estimates <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>affect <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>application <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company's <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>policies <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>reported <span class=\"_ _e\"></span>amounts <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>assets and <span class=\"_ _e\"></span>liabilities, <span class=\"_ _d\"></span>income <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>expenses. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>associated <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>experience <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>various other <span class=\"_ _27\"> </span>factors <span class=\"_ _f\"> </span>that <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>believed <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>be <span class=\"_ _27\"> </span>reasonable <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>circumstances, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>results <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>basis <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>making <span class=\"_ _f\"> </span>the judgements <span class=\"_ _e\"></span>about <span class=\"_ _e\"></span>carrying <span class=\"_ _10\"></span>values <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>assets <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>liabilities <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>readily <span class=\"_ _e\"></span>apparent <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>sources. <span class=\"_ _10\"></span>Actual <span class=\"_ _e\"></span>results <span class=\"_ _10\"></span>may differ from these estimates.The <span class=\"_ _11\"> </span>estimates <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>underlying <span class=\"_ _f\"> </span>assumptions <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>reviewed <span class=\"_ _f\"> </span>periodically. <span class=\"_ _11\"> </span>Revisions <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>estimates <span class=\"_ _f\"> </span>are <span class=\"_ _11\"> </span>recognized <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>in which <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimate <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>revised <span class=\"_ _e\"></span>if <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>revision <span class=\"_ _10\"></span>affects <span class=\"_ _e\"></span>only <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>period, <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>revision <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>future <span class=\"_ _e\"></span>periods <span class=\"_ _10\"></span>if <span class=\"_ _10\"></span>the revision affects both current and future periods.Information <span class=\"_ _e\"></span>about <span class=\"_ _e\"></span>judgements <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>area <span class=\"_ _e\"></span>where <span class=\"_ _e\"></span>significant <span class=\"_ _10\"></span>estimates <span class=\"_ _e\"></span>have <span class=\"_ _e\"></span>been <span class=\"_ _e\"></span>made <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>applying <span class=\"_ _e\"></span>accounting <span class=\"_ _10\"></span>policies <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>have the most significant effects on the amounts recognized in t<span class=\"_ _1\"></span>he consolidated financial statement is include<span class=\"_ _1\"></span>d in the following notes:\u2022<span class=\"_ _2c\"> </span>Note 13 - <span class=\"_ _d\"></span>Depreciation: The cost of <span class=\"_ _d\"></span>the vessels less <span class=\"_ _d\"></span>estimated residual value is <span class=\"_ _d\"></span>depreciated on a straight-line <span class=\"_ _d\"></span>basis over the <span class=\"_ _e\"></span>vessels' <span class=\"_ _e\"></span>estimated <span class=\"_ _10\"></span>remaining <span class=\"_ _e\"></span>economic <span class=\"_ _e\"></span>useful <span class=\"_ _e\"></span>lives. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>selection <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>appropriate <span class=\"_ _e\"></span>useful <span class=\"_ _10\"></span>economic <span class=\"_ _e\"></span>life <span class=\"_ _e\"></span>requires significant <span class=\"_ _e\"></span>estimation. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>addition, <span class=\"_ _e\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>may <span class=\"_ _e\"></span>vary <span class=\"_ _e\"></span>due <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>prices <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>scrap. <span class=\"_ _e\"></span>See <span class=\"_ _e\"></span>policy <span class=\"_ _e\"></span>8.3.<span class=\"ff1\"> </span>for further details.Change in useful life of vesselsHistorically <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>applied <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>25 <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>useful <span class=\"_ _10\"></span>economic <span class=\"_ _e\"></span>life <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _e\"></span>vessels. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>reviews <span class=\"_ _10\"></span>estimated useful <span class=\"_ _e\"></span>lives <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>residual <span class=\"_ _10\"></span>values <span class=\"_ _e\"></span>each <span class=\"_ _e\"></span>year. <span class=\"_ _e\"></span>Estimated <span class=\"_ _e\"></span>useful <span class=\"_ _10\"></span>lives <span class=\"_ _e\"></span>may <span class=\"_ _e\"></span>change <span class=\"_ _e\"></span>due <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>changed <span class=\"_ _e\"></span>end <span class=\"_ _e\"></span>user <span class=\"_ _10\"></span>requirements, costs <span class=\"_ _d4\"> </span>related <span class=\"_ _d4\"> </span>to <span class=\"_ _d4\"> </span>maintenance <span class=\"_ _d4\"> </span>and <span class=\"_ _d4\"> </span>upgrades, <span class=\"_ _d4\"> </span>technological <span class=\"_ _d4\"> </span>development <span class=\"_ _d4\"> </span>and <span class=\"_ _3f\"> </span>competition <span class=\"_ _36\"> </span>as <span class=\"_ _3f\"> </span>well <span class=\"_ _36\"> </span>as <span class=\"_ _3f\"> </span>industry, environmental and legal requirements. Specificall<span class=\"_ _1\"></span>y, the Company has noted that many of our customers apply stringent vetting requirements <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>to ensure <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>most rigorous <span class=\"_ _d\"></span>technical <span class=\"_ _d\"></span>standards <span class=\"_ _d\"></span>are adhered <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>their value <span class=\"_ _d\"></span>chain. As <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>result, <span class=\"_ _d\"></span>many <span class=\"_ _e\"></span>customers <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>age <span class=\"_ _d\"></span>criteria <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>they <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>willing <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>charter. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>recent <span class=\"_ _e\"></span>years, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company has <span class=\"_ _d\"></span>noted <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>two-tier <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>forming, <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>20 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>age, <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>lower, <span class=\"_ _d\"></span>favored <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>top <span class=\"_ _e\"></span>tier <span class=\"_ _e\"></span>charterers, <span class=\"_ _e\"></span>and vessels over 20 years <span class=\"_ _d\"></span>being considered candidates for recycling, or <span class=\"_ _d\"></span>being utilized in markets other <span class=\"_ _d\"></span>than the spot market in <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>we <span class=\"_ _f\"> </span>primarily <span class=\"_ _f\"> </span>compete. <span class=\"_ _f\"> </span>Furthermore, <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _f\"> </span>result <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>increased <span class=\"_ _f\"> </span>focus <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>environmental <span class=\"_ _f\"> </span>factors <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>both owners <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>investors <span class=\"_ _10\"></span>it <span class=\"_ _11\"></span>is <span class=\"_ _10\"></span>expected <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>competitive <span class=\"_ _10\"></span>age <span class=\"_ _11\"> </span>threshold <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"></span>may <span class=\"_ _10\"></span>decrease <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>costs <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>comply with <span class=\"_ _11\"> </span>upcoming <span class=\"_ _11\"> </span>regulations <span class=\"_ _11\"> </span>may <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>moving <span class=\"_ _11\"> </span>forward. <span class=\"_ _11\"> </span>As <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>has <span class=\"_ _11\"> </span>revised <span class=\"_ _11\"> </span>the estimated <span class=\"_ _e\"></span>useful <span class=\"_ _e\"></span>life <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>vessels <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>25 <span class=\"_ _e\"></span>years <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>20 <span class=\"_ _10\"></span>years <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>result <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>analysis <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>aforementioned <span class=\"_ _e\"></span>factors. This change in estimate will be applied prospectively from January 1, 2023 and will not result in any restatement to the current or <span class=\"_ _d\"></span>prior <span class=\"_ _d\"></span>year consolidated <span class=\"_ _d\"></span>financial statements. <span class=\"_ _d\"></span>Based <span class=\"_ _d\"></span>on the <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>fleet as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022, adjusted for <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>sale <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>Front <span class=\"_ _29\"> </span>Eminence <span class=\"_ _29\"> </span>and <span class=\"_ _29\"> </span>Front <span class=\"_ _29\"> </span>Balder, <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>change <span class=\"_ _29\"> </span>in <span class=\"_ _29\"> </span>estimated <span class=\"_ _29\"> </span>useful <span class=\"_ _29\"> </span>life <span class=\"_\"> </span>is <span class=\"_ _29\"> </span>expected <span class=\"_ _29\"> </span>to <span class=\"_ _29\"> </span>increase depreciation expense by approximately $59.0 million <span class=\"_ _d\"></span>for the year ended December 31, <span class=\"_ _d\"></span>2023. The change in estimate is unrelated to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>Note <span class=\"_ _d\"></span>13 - <span class=\"_ _d\"></span>Vessel <span class=\"_ _d\"></span>impairment: <span class=\"_ _d\"></span>The carrying <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the Company's <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>right-of-use assets <span class=\"_ _d\"></span>may <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>represent their <span class=\"_ _27\"> </span>fair <span class=\"_ _27\"> </span>market <span class=\"_ _27\"> </span>value <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>any <span class=\"_ _f\"> </span>point <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>time <span class=\"_ _27\"> </span>since <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>market <span class=\"_ _27\"> </span>prices <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>secondhand <span class=\"_ _f\"> </span>vessels <span class=\"_ _28\"> </span>tend <span class=\"_ _f\"> </span>to <span class=\"_ _28\"> </span>fluctuate <span class=\"_ _f\"> </span>with changes <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>newbuildings. <span class=\"_ _f\"> </span>Historically, <span class=\"_ _11\"> </span>both <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>vessel <span class=\"_ _11\"> </span>values <span class=\"_ _f\"> </span>tend <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>be cyclical. <span class=\"_ _d\"></span>When <span class=\"_ _d\"></span>events and <span class=\"_ _d\"></span>changes <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>circumstances <span class=\"_ _d\"></span>indicate <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>carrying <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>Cash <span class=\"_ _d\"></span>Generating Unit <span class=\"_ _d\"></span>(\"CGU\") <span class=\"_ _d\"></span>might <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>be <span class=\"_ _d\"></span>recovered, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>performs <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>test <span class=\"_ _d\"></span>whereby <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>carrying <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the asset or <span class=\"_ _d\"></span>CGU <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>compared to <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>recoverable amount, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>is the <span class=\"_ _d\"></span>greater <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its value <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>use, based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>discounted <span class=\"_ _d\"></span>cash flows, <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>sell. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>developing <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _d\"></span>in <span class=\"_ _10\"></span>order <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>assess <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use, the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>must <span class=\"_ _d\"></span>make <span class=\"_ _e\"></span>assumptions <span class=\"_ _d\"></span>about <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>performance, <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>significant <span class=\"_ _d\"></span>assumptions <span class=\"_ _e\"></span>being <span class=\"_ _d\"></span>related <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>charter rates, <span class=\"_ _11\"></span>ship <span class=\"_ _11\"> </span>operating <span class=\"_ _10\"></span>expenses, <span class=\"_ _11\"> </span>utilization, <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>other <span class=\"_ _11\"> </span>capital <span class=\"_ _11\"> </span>requirements, <span class=\"_ _11\"> </span>residual <span class=\"_ _11\"> </span>value, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>estimated remaining <span class=\"_ _2d\"> </span>useful <span class=\"_ _2d\"> </span>lives <span class=\"_ _36\"> </span>of <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>vessels <span class=\"_ _36\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>probability <span class=\"_ _36\"> </span>of <span class=\"_ _2d\"> </span>lease <span class=\"_ _2d\"> </span>terminations <span class=\"_ _36\"> </span>for <span class=\"_ _2d\"> </span>right-of-use <span class=\"_ _2d\"> </span>assets. <span class=\"_ _36\"> </span>These assumptions are based on historical trends as well as future expec<span class=\"_ _1\"></span>tations. See policy 10.2. for further details.\u2022<span class=\"_ _55\"> </span><span class=\"fs2\">Note <span class=\"_ _10\"></span>15 <span class=\"_ _10\"></span>- <span class=\"_ _e\"></span>Goodwill <span class=\"_ _10\"></span>impairment: <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>process <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>evaluating <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>potential <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>goodwill <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>highly <span class=\"_ _10\"></span>subjective </span>and <span class=\"_ _28\"> </span>requires <span class=\"_ _28\"> </span>significant <span class=\"_ _28\"> </span>judgment <span class=\"_ _27\"> </span>at <span class=\"_\"> </span>many <span class=\"_ _27\"> </span>points <span class=\"_\"> </span>during <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>anal<span class=\"_ _1\"></span>ysis. <span class=\"_ _28\"> </span>Our <span class=\"_ _28\"> </span>future <span class=\"_ _28\"> </span>operating <span class=\"_ _28\"> </span>performance <span class=\"_ _27\"> </span>may <span class=\"_\"> </span>be affected by <span class=\"_ _d\"></span>potential impairment charges <span class=\"_ _d\"></span>related to goodwill. <span class=\"_ _d\"></span>Events or <span class=\"_ _d\"></span>circumstances may <span class=\"_ _d\"></span>occur that could <span class=\"_ _d\"></span>negatively impact our ordinary share <span class=\"_ _d\"></span>price, including changes in our <span class=\"_ _d\"></span>anticipated revenues and profits and our <span class=\"_ _d\"></span>ability to execute on our strategies. See policy 10.2. for further details.Measurement of fair valuesA <span class=\"_ _d\"></span>number <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>disclosures <span class=\"_ _d\"></span>require <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>measurement <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>values, <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>and non-financial <span class=\"_\"> </span>assets <span class=\"_\"> </span>and <span class=\"_\"> </span>liabilities. <span class=\"_ _28\"> </span>When <span class=\"_\"> </span>measuring <span class=\"_\"> </span>the <span class=\"_\"> </span>fair <span class=\"_\"> </span>value <span class=\"_\"> </span>of <span class=\"_\"> </span>an <span class=\"_\"> </span>asset <span class=\"_\"> </span>or <span class=\"_\"> </span>a<span class=\"_ _1\"></span> <span class=\"_\"> </span>liability, <span class=\"_\"> </span>the <span class=\"_\"> </span>Company <span class=\"_\"> </span>uses <span class=\"_\"> </span>marke<span class=\"_ _1\"></span>t observable <span class=\"_ _d\"></span>data <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>far <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>possible. <span class=\"_ _e\"></span>Fair <span class=\"_ _d\"></span>values <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>categorized <span class=\"_ _d\"></span>into <span class=\"_ _e\"></span>different <span class=\"_ _d\"></span>levels <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>hierarchy <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>inputs used in the valuation techniques as follows.\u2022<span class=\"_ _2c\"> </span>Level 1: quoted prices (unadjusted) in active markets for ide<span class=\"_ _1\"></span>ntical assets or liabilities.\u2022<span class=\"_ _2c\"> </span>Level 2: <span class=\"_ _d\"></span>inputs other <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>quoted prices <span class=\"_ _d\"></span>included in <span class=\"_ _d\"></span>Level <span class=\"_ _d\"></span>1 that <span class=\"_ _d\"></span>are observable <span class=\"_ _d\"></span>for the <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>or liability, <span class=\"_ _d\"></span>either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022<span class=\"_ _2c\"> </span>Level 3: inputs for the asset or liability that are not ba<span class=\"_ _1\"></span>sed on observable market data (unobservable inputs).If <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>inputs <span class=\"_ _e\"></span>used <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>measure <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>asset <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>liability <span class=\"_ _10\"></span>might <span class=\"_ _10\"></span>be <span class=\"_ _10\"></span>categorized <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>different <span class=\"_ _10\"></span>levels <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value hierarchy, <span class=\"_ _11\"> </span>then <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>measurement <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>categorized <span class=\"_ _f\"> </span>in <span class=\"_ _11\"> </span>its <span class=\"_ _f\"> </span>entirety <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>same <span class=\"_ _11\"> </span>level <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>hierarchy <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>the lowest <span class=\"_ _10\"></span>level <span class=\"_ _10\"></span>input <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>significant <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>entire <span class=\"_ _10\"></span>measurement. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>recognizes <span class=\"_ _10\"></span>transfers <span class=\"_ _10\"></span>between <span class=\"_ _11\"></span>levels <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair value hierarchy at the end of the reporting period during which the cha<span class=\"_ _1\"></span>nge has occurred.Further information about the assumptions made in measuring fair va<span class=\"_ _1\"></span>lues is included in the following notes:\u2022<span class=\"_ _2c\"> </span>Note 10 - Marketable securities\u2022<span class=\"_ _2c\"> </span>Note 13 - Vessel impairment\u2022<span class=\"_ _2c\"> </span>Note 15 - Goodwill impairment\u2022<span class=\"_ _2c\"> </span>Note 20 - Financial instruments; and\u2022<span class=\"_ _2c\"> </span>Note 22 - Share options3. Principles of consolidationThe <span class=\"_ _36\"> </span>consolidated <span class=\"_ _d4\"> </span>financial <span class=\"_ _36\"> </span>statements <span class=\"_ _d4\"> </span>include <span class=\"_ _d4\"> </span>the <span class=\"_ _36\"> </span>accounts <span class=\"_ _d4\"> </span>for <span class=\"_ _d4\"> </span>us <span class=\"_ _36\"> </span>and <span class=\"_ _d4\"> </span>our <span class=\"_ _d4\"> </span>wholly <span class=\"_ _d4\"> </span>and <span class=\"_ _36\"> </span>majority <span class=\"_ _d4\"> </span>owned <span class=\"_ _d4\"> </span>subsidiaries. Intercompany accounts <span class=\"_ _d\"></span>and transactions <span class=\"_ _d\"></span>have been <span class=\"_ _d\"></span>eliminated on <span class=\"_ _d\"></span>consolidation. The <span class=\"_ _d\"></span>results of <span class=\"_ _d\"></span>acquired companies <span class=\"_ _d\"></span>are included in our Consolidated Statement of Profit or Loss from the date of acqui<span class=\"_ _1\"></span>sition.For <span class=\"_\"> </span>investments <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>which <span class=\"_\"> </span>we <span class=\"_ _28\"> </span>have <span class=\"_\"> </span>significant <span class=\"_\"> </span>influenc<span class=\"_ _1\"></span>e <span class=\"_\"> </span>over <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>operating <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>financial <span class=\"_\"> </span>policies, <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>equity <span class=\"_\"> </span>me<span class=\"_ _1\"></span>thod <span class=\"_\"> </span>of accounting <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>used. <span class=\"_ _d\"></span>Accordingly, <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>earnings <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>losses <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>these <span class=\"_ _d\"></span>companies <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>included <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>results <span class=\"_ _d\"></span>of associated company in the accompanying Consolidated Sta<span class=\"_ _1\"></span>tements<span class=\"ff1\"> </span>of Profit or Loss. 4. Foreign currencyOur <span class=\"_ _27\"> </span>functional <span class=\"_ _28\"> </span>currency <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>U.S. <span class=\"_ _28\"> </span>dollar. <span class=\"_ _27\"> </span>Transactions <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>foreign <span class=\"_ _27\"> </span>currencies <span class=\"_ _27\"> </span>are <span class=\"_ _28\"> </span>translated <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>U.S. <span class=\"_ _28\"> </span>dollars <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>foreign exchange <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>applicable <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>date <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>transaction. <span class=\"_ _d\"></span>Monetary <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>liabilities <span class=\"_ _d\"></span>denominated <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>foreign <span class=\"_ _e\"></span>currencies <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the statement <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>financial <span class=\"_ _f\"> </span>position <span class=\"_ _f\"> </span>date <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>translated <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>dollars <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>foreign <span class=\"_ _f\"> </span>exchange <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>applicable <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>date. <span class=\"_ _f\"> </span>Non-monetary <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>liabilities <span class=\"_ _f\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _f\"> </span>measured <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>terms <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>historical <span class=\"_ _28\"> </span>cost <span class=\"_ _f\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>foreign <span class=\"_ _27\"> </span>currency <span class=\"_ _27\"> </span>are <span class=\"_ _28\"> </span>translated <span class=\"_ _f\"> </span>using <span class=\"_ _28\"> </span>the exchange <span class=\"_ _11\"> </span>rate <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>date <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>transaction. <span class=\"_ _11\"> </span>Foreign <span class=\"_ _f\"> </span>exchange <span class=\"_ _11\"> </span>differences <span class=\"_ _11\"> </span>arising <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>translation <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>generally <span class=\"_ _11\"> </span>recognized <span class=\"_ _11\"> </span>in profit or loss.5. Financial InstrumentsRecognition and initial measurementTrade <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>receivables <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>trade <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>payables <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>initially <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>when <span class=\"_ _e\"></span>they <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>originated. <span class=\"_ _e\"></span>All <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>financial assets <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>financial<span class=\"_ _1\"></span> <span class=\"_ _28\"> </span>liabilities <span class=\"_\"> </span>(inc<span class=\"_ _1\"></span>luding <span class=\"_ _28\"> </span>financial <span class=\"_\"> </span>asset<span class=\"_ _1\"></span>s <span class=\"_ _28\"> </span>designated <span class=\"_\"> </span>as <span class=\"_ _28\"> </span>Fair <span class=\"_ _28\"> </span>Value <span class=\"_ _28\"> </span>through <span class=\"_\"> </span>Other <span class=\"_ _28\"> </span>Comprehensive <span class=\"_ _28\"> </span>Income (\"FVOCI\")) <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>initially <span class=\"_ _e\"></span>recognized <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>trade <span class=\"_ _10\"></span>date, <span class=\"_ _10\"></span>which <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>date <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>becomes <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>party <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>contractual provisions of the instrument.Financial <span class=\"_ _d\"></span>assets <span class=\"_ _e\"></span>(except <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>instruments <span class=\"_ _e\"></span>designated <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>Fair <span class=\"_ _e\"></span>Value <span class=\"_ _e\"></span>through <span class=\"_ _e\"></span>Profit <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>Loss <span class=\"_ _d\"></span>(\"FVTPL\") <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>FVOCI <span class=\"_ _10\"></span>which <span class=\"_ _d\"></span>are measured at fair value) are initially measured at<span class=\"_ _1\"></span> their transaction price.Financial liabilities are recognized initi<span class=\"_ _1\"></span>ally at their transaction price less any directly a<span class=\"_ _1\"></span>ttributable transaction costs.The fair values of equity investments are based on quoted prices.Financial <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>liabilities are <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>offset <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>gross <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>Position <span class=\"_ _d\"></span>unless the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.5.1. Financial assetsClassification and subsequent measurementOn <span class=\"_ _10\"></span>initial <span class=\"_ _10\"></span>recognition, <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>classified <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>measured <span class=\"_ _10\"></span>at: <span class=\"_ _10\"></span>amortized <span class=\"_ _11\"> </span>cost; <span class=\"_ _10\"></span>FVOCI- <span class=\"_ _10\"></span>equity <span class=\"_ _10\"></span>instrument; <span class=\"_ _11\"> </span>or <span class=\"_ _10\"></span>FVTPL. The <span class=\"_ _f\"> </span>classification <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>IFRS <span class=\"_ _27\"> </span>9 <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>generally <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>business <span class=\"_ _27\"> </span>model <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>financial <span class=\"_ _f\"> </span>asset <span class=\"_ _27\"> </span>is managed and its contractual cash flow characteristi<span class=\"_ _1\"></span>cs.Financial <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>reclassified <span class=\"_ _e\"></span>subsequent <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>their <span class=\"_ _e\"></span>initial <span class=\"_ _e\"></span>recognition <span class=\"_ _e\"></span>unless <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>business <span class=\"_ _e\"></span>model <span class=\"_ _e\"></span>for managing financial <span class=\"_ _d\"></span>assets, in <span class=\"_ _d\"></span>which case <span class=\"_ _d\"></span>all affected financial <span class=\"_ _d\"></span>assets are <span class=\"_ _d\"></span>reclassified on <span class=\"_ _d\"></span>the first <span class=\"_ _d\"></span>day of <span class=\"_ _d\"></span>the first <span class=\"_ _d\"></span>reporting period following the change in the business model.A financial asset is measured at amortized cost if i<span class=\"_ _1\"></span>t meets both of the following conditions and is not designated as a<span class=\"_ _1\"></span>t FVTPL:\u2022<span class=\"_ _15e\"> </span>It is held within a business model whose objectives is to hold asset<span class=\"_ _1\"></span>s to collect contractual cash flows; and\u2022<span class=\"_ _15e\"> </span>Its contractual <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>give rise <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>specified <span class=\"_ _d\"></span>dates to <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flows that <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>solely payments <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>principal and <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the principal amount outstanding.On <span class=\"_ _27\"> </span>initial <span class=\"_ _27\"> </span>recognition <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>an <span class=\"_ _f\"> </span>equity <span class=\"_ _28\"> </span>investment <span class=\"_ _f\"> </span>that <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>not <span class=\"_ _27\"> </span>held <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>trading, <span class=\"_ _28\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _28\"> </span>may <span class=\"_ _27\"> </span>irrevocably <span class=\"_ _27\"> </span>elect <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>present subsequent changes in the investment's fair value in OCI. This el<span class=\"_ _1\"></span>ection is made on an investment-by-investment basis.All <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>classified <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>amortized <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>FVOCI <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>described <span class=\"_ _10\"></span>above <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>FVTPL. <span class=\"_ _10\"></span>This includes <span class=\"_ _11\"> </span>all <span class=\"_ _11\"> </span>derivative <span class=\"_ _11\"> </span>financial <span class=\"_ _11\"> </span>assets. <span class=\"_ _f\"> </span>On <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>recognition, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _11\"> </span>may <span class=\"_ _11\"> </span>irrevocably <span class=\"_ _11\"> </span>designate <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>financial <span class=\"_ _11\"> </span>asset <span class=\"_ _11\"> </span>that otherwise <span class=\"_ _27\"> </span>meets <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>requirements <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>be <span class=\"_ _28\"> </span>measured <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>amortized <span class=\"_ _27\"> </span>cost <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>FVOCI <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>at <span class=\"_ _27\"> </span>FVTPL <span class=\"_ _28\"> </span>if <span class=\"_ _27\"> </span>doing <span class=\"_ _28\"> </span>so <span class=\"_ _27\"> </span>eliminates <span class=\"_ _28\"> </span>or significantly reduces an accounting mismatch that woul<span class=\"_ _1\"></span>d otherwise arise.Marketable securitiesMarketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>held <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>listed <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>securities <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>classified <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>measured <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>FVTPL <span class=\"_ _10\"></span>unless <span class=\"_ _11\"> </span>the election <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>present <span class=\"_ _d\"></span>subsequent changes <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>investment's <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>OCI <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>made. <span class=\"_ _d\"></span>No <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>elections <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>been <span class=\"_ _d\"></span>made <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the Company.DerecognitionThe <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>derecognizes <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>when <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>contractual <span class=\"_ _d\"></span>rights <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>cash <span class=\"_ _d\"></span>flows <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>expire, <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>transfers the <span class=\"_ _d\"></span>rights <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>receive <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>contractual <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flows <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>transaction <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>substantially <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>risks <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>rewards <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>ownership <span class=\"_ _d\"></span>of the financial asset are transferred or in <span class=\"_ _d\"></span>which the Company neither transfers nor <span class=\"_ _d\"></span>retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.5.2. Financial liabilitiesClassification and subsequent measurementFinancial liabilities are classified as me<span class=\"_ _1\"></span>asured at amortized cost or FVTPL.A <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>FVTPL <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>derivative. <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>FVTPL <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>and gains and losses are recognized in profit or loss.Other <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>liabilities <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>subsequently <span class=\"_ _e\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>amortized <span class=\"_ _10\"></span>cost <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>effective <span class=\"_ _e\"></span>interest <span class=\"_ _10\"></span>method. <span class=\"_ _e\"></span>Interest <span class=\"_ _10\"></span>expense <span class=\"_ _e\"></span>is recognized <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>profit <span class=\"_ _10\"></span>or <span class=\"_ _11\"> </span>loss <span class=\"_ _10\"></span>unless <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>interest <span class=\"_ _11\"> </span>is <span class=\"_ _10\"></span>capitalized <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>borrowing <span class=\"_ _11\"> </span>costs. <span class=\"_ _10\"></span>Non-derivative <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>liabilities <span class=\"_ _10\"></span>comprise loans and borrowings, lease liabilities and trade and other paya<span class=\"_ _1\"></span>bles.DerecognitionThe <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>derecognizes <span class=\"_ _f\"> </span>a <span class=\"_ _27\"> </span>financial <span class=\"_ _f\"> </span>liability <span class=\"_ _f\"> </span>when <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>contractual <span class=\"_ _f\"> </span>obligations <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>discharged, <span class=\"_ _f\"> </span>cancelled, <span class=\"_ _27\"> </span>or <span class=\"_ _f\"> </span>expired. <span class=\"_ _27\"> </span>The Company <span class=\"_ _10\"></span>also <span class=\"_ _10\"></span>derecognizes <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>financial <span class=\"_ _11\"> </span>liability <span class=\"_ _10\"></span>when <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>terms <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>modified <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>modified <span class=\"_ _10\"></span>liability <span class=\"_ _11\"> </span>are substantially different, in which case a new financial l<span class=\"_ _1\"></span>iability based on the modified terms is recognized.On <span class=\"_ _10\"></span>derecognition <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>liability, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>difference <span class=\"_ _10\"></span>between <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>extinguished <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>consideration <span class=\"_ _10\"></span>paid (including any non-cash assets transferred or liabilities assume<span class=\"_ _1\"></span>d) is recognized in profit or loss. 5.3. Derivative financial instrumentsThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>enters <span class=\"_ _10\"></span>into <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>bunker <span class=\"_ _11\"> </span>swap <span class=\"_ _11\"> </span>transactions <span class=\"_ _10\"></span>from <span class=\"_ _11\"> </span>time <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>time <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>hedge <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>exposure <span class=\"_ _10\"></span>to floating <span class=\"_ _10\"></span>interest <span class=\"_ _10\"></span>rates <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>movements <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>bunker <span class=\"_ _10\"></span>prices. <span class=\"_ _10\"></span>These <span class=\"_ _10\"></span>transactions <span class=\"_ _10\"></span>involve <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>conversion <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>floating <span class=\"_ _10\"></span>rates <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>fixed rates over the life of the transactions without an exchange of underlying principal. The fair values of <span class=\"_ _d\"></span>the interest rate and bunker swap <span class=\"_ _d\"></span>contracts <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>recognized <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>liabilities. <span class=\"_ _d\"></span>None <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>bunker <span class=\"_ _e\"></span>swaps <span class=\"_ _d\"></span>qualify <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>hedge <span class=\"_ _d\"></span>accounting. Changes in <span class=\"_ _d\"></span>fair values of <span class=\"_ _d\"></span>the interest <span class=\"_ _d\"></span>rate swap contracts <span class=\"_ _d\"></span>are recognized in <span class=\"_ _d\"></span>profit or <span class=\"_ _d\"></span>loss within <span class=\"_ _d\"></span>Finance expense. Cash <span class=\"_ _d\"></span>outflows and <span class=\"_ _10\"></span>inflows <span class=\"_ _e\"></span>resulting <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>derivative <span class=\"_ _10\"></span>contracts <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>operations <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Consolidated <span class=\"_ _10\"></span>Statement <span class=\"_ _10\"></span>of Cash Flows.6. Cash and cash equivalentsCash <span class=\"_ _d\"></span>comprises <span class=\"_ _d\"></span>cash <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>hand <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>demand <span class=\"_ _e\"></span>deposits. <span class=\"_ _d\"></span>Cash <span class=\"_ _e\"></span>equivalents <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>short-term, <span class=\"_ _d\"></span>highly <span class=\"_ _d\"></span>liquid <span class=\"_ _e\"></span>investments <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>readily convertible <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>known <span class=\"_ _28\"> </span>amounts <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>subject <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>insignificant <span class=\"_ _27\"> </span>risk <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>changes <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>value. <span class=\"_ _27\"> </span>Cash <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>cash equivalents <span class=\"_ _27\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>restricted <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>their <span class=\"_ _28\"> </span>use <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>Restricted <span class=\"_ _28\"> </span>cash <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Consolidated <span class=\"_ _27\"> </span>Statement <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Financial Position. <span class=\"_ _10\"></span>Changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>restricted <span class=\"_ _10\"></span>cash <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>classified <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Consolidated <span class=\"_ _10\"></span>Statement <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>Cash <span class=\"_ _10\"></span>Flows <span class=\"_ _11\"> </span>based <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the nature of the underlying transaction.7. InventoriesInventories comprise principally of bunkers <span class=\"_ _d\"></span>and lubricating oils and are stated at <span class=\"_ _d\"></span>the lower of cost and <span class=\"_ _d\"></span>net realizable value. Cost is <span class=\"_ _29\"> </span>determined <span class=\"_ _2d\"> </span>on <span class=\"_ _2d\"> </span>a <span class=\"_ _29\"> </span>first-in, <span class=\"_ _2d\"> </span>first-out <span class=\"_ _2d\"> </span>basis. <span class=\"_ _29\"> </span>Bunkers <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>lubricating <span class=\"_ _29\"> </span>oils <span class=\"_ _2d\"> </span>expense <span class=\"_ _2d\"> </span>is <span class=\"_ _29\"> </span>recognized <span class=\"_ _2d\"> </span>in <span class=\"_ _29\"> </span>profit <span class=\"_ _2d\"> </span>or <span class=\"_ _2d\"> </span>loss <span class=\"_ _2d\"> </span>upon consumption.8. Vessels and equipment8.1 Owned assetsVessels <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>items <span class=\"_ _29\"> </span>of <span class=\"_\"> </span>equipment <span class=\"_ _29\"> </span>are <span class=\"_ _29\"> </span>stated <span class=\"_\"> </span>at <span class=\"_ _29\"> </span>cost <span class=\"_\"> </span>less <span class=\"_ _29\"> </span>accumulated <span class=\"_ _29\"> </span>depreciation <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>impairment <span class=\"_\"> </span>losses. <span class=\"_ _29\"> </span>Cost <span class=\"_ _29\"> </span>includes expenditure that is directly attributable to the a<span class=\"_ _1\"></span>cquisition of the asset. The cost of assets includes;\u2022<span class=\"_ _2c\"> </span>The cost of materials and direct labour;\u2022<span class=\"_ _2c\"> </span>Any other costs directly attributable to bringing the assets t<span class=\"_ _1\"></span>o a working condition for their intended use; and\u2022<span class=\"_ _2c\"> </span>Capitalized borrowing costs.Gains <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>losses <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>disposal <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>another <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>determined <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>comparing <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>net <span class=\"_ _e\"></span>proceeds <span class=\"_ _e\"></span>from disposal <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>vessel <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>item <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>recognized <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>profit <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>loss. <span class=\"_ _e\"></span>For <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>sale <span class=\"_ _10\"></span>of vessels, transfer of risks and rewards usually occurs upon delivery of the vessel t<span class=\"_ _1\"></span>o the new owner.8.2 NewbuildingsNewbuildings <span class=\"_ _d\"></span>represent vessels <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>construction <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>carried <span class=\"_ _d\"></span>at the <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>paid <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>according <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the installments in <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>contract <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>capitalized <span class=\"_ _10\"></span>borrowing <span class=\"_ _11\"> </span>costs. <span class=\"_ _11\"> </span>Installments <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>often <span class=\"_ _10\"></span>linked <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>milestones <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>signing <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>contract, <span class=\"_ _10\"></span>steel cutting, <span class=\"_ _f\"> </span>keel <span class=\"_ _f\"> </span>laying, <span class=\"_ _f\"> </span>launching <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>delivery. <span class=\"_ _f\"> </span>Borrowing <span class=\"_ _f\"> </span>costs <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>capitalized <span class=\"_ _f\"> </span>during <span class=\"_ _f\"> </span>construction <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>newbuildings <span class=\"_ _f\"> </span>based <span class=\"_ _f\"> </span>on accumulated expenditures for the applicable project<span class=\"_ _1\"></span> at the Company's current weighted average rate of borrowing.Refer to accounting policy 10.2. for impairment considerations for owne<span class=\"_ _1\"></span>d vessels and newbuildings.8.3. DepreciationDepreciation <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>charged <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>profit <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>loss <span class=\"_ _28\"> </span>on <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>st<span class=\"_ _1\"></span>raight-line <span class=\"_ _28\"> </span>basis <span class=\"_ _28\"> </span>over <span class=\"_\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _28\"> </span>estimated <span class=\"_ _28\"> </span>useful <span class=\"_ _28\"> </span>lives <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>vessels <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>items <span class=\"_ _28\"> </span>of equipment. <span class=\"_ _10\"></span>Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>depreciated <span class=\"_ _10\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>straight-line <span class=\"_ _10\"></span>method <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>commencement <span class=\"_ _10\"></span>date <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>end <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the lease <span class=\"_ _e\"></span>term, <span class=\"_ _e\"></span>unless <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>reflects <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>will <span class=\"_ _e\"></span>exercise <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>purchase <span class=\"_ _10\"></span>option. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>case <span class=\"_ _e\"></span>the right-of-use asset will be depreciated over the useful life of t<span class=\"_ _1\"></span>he underlying asset.The cost <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the vessels <span class=\"_ _d\"></span>less <span class=\"_ _d\"></span>estimated residual <span class=\"_ _d\"></span>value is <span class=\"_ _d\"></span>depreciated on <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>straight-line basis <span class=\"_ _d\"></span>over the <span class=\"_ _d\"></span>vessels' <span class=\"_ _d\"></span>estimated remaining economic useful lives. The estimated economic useful life of the Company's vessels was 25 years. Depreciation methods, useful lives <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>residual <span class=\"_ _10\"></span>values <span class=\"_ _11\"> </span>are <span class=\"_ _10\"></span>reviewed <span class=\"_ _11\"> </span>annually <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>adjusted <span class=\"_ _10\"></span>prospectively, <span class=\"_ _10\"></span>if <span class=\"_ _11\"> </span>appropriate. <span class=\"_ _10\"></span>As <span class=\"_ _11\"> </span>explained <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>policy <span class=\"_ _11\"> </span>2.2., <span class=\"_ _10\"></span>as <span class=\"_ _11\"> </span>of December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>revised <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>estimated <span class=\"_ _d\"></span>useful <span class=\"_ _d\"></span>life <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>25 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>20 <span class=\"_ _e\"></span>years. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in estimate <span class=\"_ _e\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>applied <span class=\"_ _10\"></span>prospectively <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2023 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>will <span class=\"_ _10\"></span>not <span class=\"_ _e\"></span>result <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>any <span class=\"_ _10\"></span>restatement <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>current <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>prior <span class=\"_ _e\"></span>year consolidated <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>statements. <span class=\"_ _27\"> </span>Other <span class=\"_ _f\"> </span>equipment, <span class=\"_ _27\"> </span>excluding <span class=\"_ _27\"> </span>vessel <span class=\"_ _27\"> </span>upgrades, <span class=\"_ _f\"> </span>is <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>estimated <span class=\"_ _f\"> </span>remaining useful <span class=\"_ _f\"> </span>life, <span class=\"_ _f\"> </span>which <span class=\"_ _27\"> </span>approximates <span class=\"_ _f\"> </span>5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>residual <span class=\"_ _f\"> </span>value <span class=\"_ _27\"> </span>for <span class=\"_ _f\"> </span>owned <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>calculated <span class=\"_ _f\"> </span>by <span class=\"_ _27\"> </span>multiplying <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>lightweight tonnage of the vessel by the market price of scrap per tonne. The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>capitalizes <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>depreciates <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>costs <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>significant <span class=\"_ _e\"></span>replacements, <span class=\"_ _10\"></span>renewals <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>upgrades <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>vessels <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the shorter of the <span class=\"_ _d\"></span>vessel\u2019s remaining useful <span class=\"_ _d\"></span>life or the <span class=\"_ _d\"></span>life of the <span class=\"_ _d\"></span>renewal or upgrade. <span class=\"_ _d\"></span>Costs that are <span class=\"_ _d\"></span>not capitalized are recorded <span class=\"_ _d\"></span>as a component <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>direct <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"> </span>operating <span class=\"_ _11\"> </span>expenses <span class=\"_ _10\"></span>during <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _10\"></span>incurred. <span class=\"_ _11\"> </span>Expenses <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>routine <span class=\"_ _11\"> </span>maintenance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>repairs <span class=\"_ _11\"> </span>are expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred. <span class=\"_ _10\"></span>Advances <span class=\"_ _e\"></span>paid <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>respect <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>upgrades <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>exhaust <span class=\"_ _e\"></span>gas <span class=\"_ _10\"></span>cleaning <span class=\"_ _10\"></span>systems <span class=\"_ _e\"></span>(\"EGCS\") <span class=\"_ _10\"></span>and ballast <span class=\"_ _e\"></span>water <span class=\"_ _10\"></span>treatment <span class=\"_ _e\"></span>systems <span class=\"_ _10\"></span>(\"BWTS\") <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>included <span class=\"_ _e\"></span>within <span class=\"_ _10\"></span>\"other <span class=\"_ _e\"></span>non-current <span class=\"_ _10\"></span>assets\", <span class=\"_ _e\"></span>until <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>time <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>is installed on a vessel, at which point it is transferred to \"Vesse<span class=\"_ _1\"></span>ls and equipment\".8.4. Dry docking \u2013 component approachOur <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>their <span class=\"_ _10\"></span>respective <span class=\"_ _11\"> </span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _10\"></span>at <span class=\"_ _11\"> </span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>general, vessels <span class=\"_ _27\"> </span>below <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>age <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>15 <span class=\"_ _f\"> </span>years <span class=\"_ _28\"> </span>are <span class=\"_ _f\"> </span>docked <span class=\"_ _28\"> </span>every <span class=\"_ _f\"> </span>5 <span class=\"_ _28\"> </span>years <span class=\"_ _f\"> </span>and <span class=\"_ _28\"> </span>vessels <span class=\"_ _f\"> </span>older <span class=\"_ _28\"> </span>than <span class=\"_ _f\"> </span>15 <span class=\"_ _28\"> </span>years <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>docked <span class=\"_ _27\"> </span>every <span class=\"_ _27\"> </span>2.5 <span class=\"_ _27\"> </span>years.  Significant <span class=\"_ _29\"> </span>components <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>property, <span class=\"_ _29\"> </span>plant <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>equipment <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>differing <span class=\"_ _29\"> </span>depreciation <span class=\"_ _2d\"> </span>methods <span class=\"_ _2d\"> </span>or <span class=\"_ _29\"> </span>lives <span class=\"_ _2d\"> </span>are <span class=\"_ _2d\"> </span>depreciated separately. <span class=\"_ _e\"></span>Major <span class=\"_ _e\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking, <span class=\"_ _10\"></span>are <span class=\"_ _d\"></span>identified <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>separate <span class=\"_ _d\"></span>component and <span class=\"_ _10\"></span>depreciated <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _10\"></span>scheduled <span class=\"_ _10\"></span>dry <span class=\"_ _10\"></span>docking <span class=\"_ _11\"> </span>(2.5 <span class=\"_ _10\"></span>- <span class=\"_ _10\"></span>5 <span class=\"_ _10\"></span>years). <span class=\"_ _11\"> </span>A <span class=\"_ _10\"></span>portion <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>is allocated <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>dry <span class=\"_ _e\"></span>docking <span class=\"_ _d\"></span>component <span class=\"_ _d\"></span>upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>estimate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>expected <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>dock cost <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next <span class=\"_ _d\"></span>scheduled dry <span class=\"_ _d\"></span>docking. <span class=\"_ _d\"></span>When <span class=\"_ _d\"></span>a dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>performed, <span class=\"_ _d\"></span>the carrying <span class=\"_ _d\"></span>amount of any remaining <span class=\"_ _d\"></span>unamortized dry docking costs <span class=\"_ _d\"></span>related to previous dry <span class=\"_ _d\"></span>docks (due to <span class=\"_ _d\"></span>any difference between the estimated <span class=\"_ _d\"></span>and actual time between dry docks) is derecognized. Costs associated with routine repairs and <span class=\"_ _d\"></span>maintenance are expensed as incurred including routine maintenance performed while the vessel<span class=\"_ _1\"></span> is in dry dock.9. GoodwillWe <span class=\"_ _27\"> </span>allocate <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>cost <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>acquired <span class=\"_ _27\"> </span>companies <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>identifiable <span class=\"_ _27\"> </span>tangible <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>intangible <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>liabilities <span class=\"_ _27\"> </span>acquired, <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>the remaining amount being classified as goodwill. When the excess <span class=\"_ _d\"></span>is negative, a bargain purchase gain is recognized immediately in <span class=\"_ _d\"></span>profit <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>loss. <span class=\"_ _e\"></span>After <span class=\"_ _d\"></span>initial <span class=\"_ _e\"></span>recognition <span class=\"_ _d\"></span>goodwill <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>accumulated <span class=\"_ _d\"></span>impairment <span class=\"_ _e\"></span>losses, <span class=\"_ _d\"></span>refer <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>accounting policy 10.2.10. Impairment10.1 Non-derivative financial assetsFinancial instruments and contract assetsThe <span class=\"_\"> </span>gross <span class=\"_ _28\"> </span>carrying <span class=\"_ _28\"> </span>amount <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>a <span class=\"_ _28\"> </span>financial <span class=\"_ _28\"> </span>asset <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>contract <span class=\"_ _28\"> </span>assets <span class=\"_\"> </span>is <span class=\"_ _28\"> </span>written <span class=\"_ _28\"> </span>off <span class=\"_\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Company <span class=\"_\"> </span>has <span class=\"_ _28\"> </span>no <span class=\"_ _28\"> </span>reasonable expectations <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>recovering <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>financial <span class=\"_ _27\"> </span>asset <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>its <span class=\"_ _27\"> </span>entirety <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _27\"> </span>thereof. <span class=\"_ _28\"> </span>The <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>assesses <span class=\"_ _27\"> </span>allowances <span class=\"_ _28\"> </span>for <span class=\"_ _27\"> </span>its estimate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>expected <span class=\"_ _28\"> </span>credit <span class=\"_ _28\"> </span>losses <span class=\"_ _28\"> </span>based <span class=\"_\"> </span>on <span class=\"_ _28\"> </span>historical <span class=\"_ _28\"> </span>experience, <span class=\"_ _28\"> </span>other <span class=\"_\"> </span>currently <span class=\"_ _28\"> </span>available <span class=\"_ _28\"> </span>evidence, <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>reasonable <span class=\"_ _28\"> </span>and supportable forecasts <span class=\"_ _d\"></span>about the future, <span class=\"_ _d\"></span>including the <span class=\"_ _d\"></span>use of <span class=\"_ _d\"></span>credit default ratings <span class=\"_ _d\"></span>from third <span class=\"_ _d\"></span>party providers <span class=\"_ _d\"></span>of credit <span class=\"_ _d\"></span>rating data. The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>assesses <span class=\"_ _d\"></span>credit <span class=\"_ _d\"></span>risk <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>receivables <span class=\"_ _d\"></span>using <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>portfolio <span class=\"_ _d\"></span>approach. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>Company's <span class=\"_ _d\"></span>main <span class=\"_ _d\"></span>portfolio segments <span class=\"_ _e\"></span>include <span class=\"_ _10\"></span>(i) <span class=\"_ _e\"></span>state-owned <span class=\"_ _10\"></span>enterprises, <span class=\"_ _e\"></span>(ii) <span class=\"_ _10\"></span>oil <span class=\"_ _e\"></span>majors, <span class=\"_ _10\"></span>(iii) <span class=\"_ _e\"></span>commodities <span class=\"_ _10\"></span>traders <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>(iv) <span class=\"_ _e\"></span>related <span class=\"_ _10\"></span>parties. <span class=\"_ _e\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _e\"></span>the Company <span class=\"_\"> </span>performs <span class=\"_ _28\"> </span>individual <span class=\"_ _28\"> </span>assessments <span class=\"_\"> </span>for <span class=\"_ _28\"> </span>customers <span class=\"_\"> </span>that <span class=\"_ _28\"> </span>do <span class=\"_\"> </span>not <span class=\"_ _28\"> </span>share <span class=\"_\"> </span>risk <span class=\"_ _28\"> </span>characteristics <span class=\"_ _28\"> </span>with <span class=\"_\"> </span>other <span class=\"_ _28\"> </span>customers <span class=\"_\"> </span>(for example <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>customer <span class=\"_ _28\"> </span>under <span class=\"_ _28\"> </span>bankruptcy <span class=\"_ _28\"> </span>or <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>customer <span class=\"_\"> </span>wi<span class=\"_ _1\"></span>th <span class=\"_ _28\"> </span>known <span class=\"_ _28\"> </span>disputes <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>c<span class=\"_ _1\"></span>ollectability <span class=\"_ _27\"> </span>issues). <span class=\"_\"> </span>The <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>makes significant judgements and assumptions to estimate it<span class=\"_ _1\"></span>s expected losses.Debt issuance costsDebt issuance <span class=\"_ _d\"></span>costs, including <span class=\"_ _d\"></span>debt arrangement <span class=\"_ _d\"></span>fees, are <span class=\"_ _d\"></span>capitalized and <span class=\"_ _d\"></span>amortized using <span class=\"_ _d\"></span>the effective <span class=\"_ _d\"></span>interest method <span class=\"_ _d\"></span>over the term <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>relevant <span class=\"_ _11\"> </span>loan. <span class=\"_ _f\"> </span>Amortization <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>debt <span class=\"_ _f\"> </span>issuance <span class=\"_ _11\"> </span>costs <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>included <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>interest <span class=\"_ _11\"> </span>expense. <span class=\"_ _11\"> </span>If <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>repaid <span class=\"_ _f\"> </span>early, <span class=\"_ _11\"> </span>any unamortized portion <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>debt <span class=\"_ _d\"></span>issuance costs <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>expensed <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the period <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>is repaid. <span class=\"_ _d\"></span>Debt <span class=\"_ _d\"></span>modifications are <span class=\"_ _27\"> </span>accounted <span class=\"_ _28\"> </span>for <span class=\"_ _27\"> </span>prospectively <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>any <span class=\"_ _27\"> </span>applicable <span class=\"_ _27\"> </span>new <span class=\"_ _28\"> </span>debt <span class=\"_ _27\"> </span>issuance <span class=\"_ _27\"> </span>costs <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>deferred <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>amortized <span class=\"_ _27\"> </span>together <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>the existing unamortized <span class=\"_ _d\"></span>debt issuance <span class=\"_ _d\"></span>costs as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the date <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the modification. <span class=\"_ _d\"></span>The Company <span class=\"_ _d\"></span>has recorded <span class=\"_ _d\"></span>debt issuance <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>as a direct deduction from the carrying amount of the related debt<span class=\"_ _1\"></span>. 10.2. Non-financial assetsThe <span class=\"_ _10\"></span>carrying <span class=\"_ _11\"> </span>amounts <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company\u2019s <span class=\"_ _10\"></span>non-financial <span class=\"_ _11\"> </span>assets, <span class=\"_ _11\"> </span>other <span class=\"_ _11\"> </span>than <span class=\"_ _10\"></span>inventory <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>contract <span class=\"_ _11\"> </span>assets, <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>reviewed <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>each reporting <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>determine <span class=\"_ _d\"></span>whether <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>indication <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>impairment. <span class=\"_ _d\"></span>If <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>indication <span class=\"_ _d\"></span>exists, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>asset\u2019s <span class=\"_ _d\"></span>recoverable amount is estimated. Goodwill is tested annually for impa<span class=\"_ _1\"></span>irment.For <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>purpose <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>testing, <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>grouped <span class=\"_ _e\"></span>together <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>smallest <span class=\"_ _d\"></span>group <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>generates <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>inflows from <span class=\"_ _28\"> </span>continuing <span class=\"_ _28\"> </span>use <span class=\"_ _28\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>largely <span class=\"_ _27\"> </span>independent <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>cash <span class=\"_ _27\"> </span>inflows <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>other <span class=\"_\"> </span>assets <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>cash <span class=\"_ _27\"> </span>generating <span class=\"_\"> </span>units <span class=\"_ _27\"> </span>(\"CGUs\"). Goodwill <span class=\"_ _d\"></span>acquired <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>business <span class=\"_ _d\"></span>combination <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>groups <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>CGUs <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>expected <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>benefit <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>synergies <span class=\"_ _d\"></span>of the combination.The recoverable amount of an <span class=\"_ _d\"></span>asset or CGU is the <span class=\"_ _d\"></span>greater of its fair value less <span class=\"_ _d\"></span>cost to sell and value in <span class=\"_ _d\"></span>use. In assessing value in use, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>estimated <span class=\"_ _f\"> </span>future <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>flows <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>discounted <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>their <span class=\"_ _f\"> </span>present <span class=\"_ _f\"> </span>value <span class=\"_ _f\"> </span>using <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>pre-tax <span class=\"_ _f\"> </span>discount <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>that <span class=\"_ _11\"> </span>reflects <span class=\"_ _f\"> </span>current market <span class=\"_ _11\"> </span>assessments <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>money <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>risks <span class=\"_ _11\"> </span>specific <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>asset <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>CGU. <span class=\"_ _11\"> </span>Future <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>based <span class=\"_ _f\"> </span>on current market conditions, historical trends as well as future<span class=\"_ _1\"></span> expectations.An impairment loss <span class=\"_ _d\"></span>is recognized if <span class=\"_ _d\"></span>the carrying amount <span class=\"_ _d\"></span>of an asset <span class=\"_ _d\"></span>or CGU exceeds <span class=\"_ _d\"></span>its recoverable amount. Impairment <span class=\"_ _d\"></span>losses are recognized in profit or loss.An <span class=\"_ _d\"></span>impairment <span class=\"_ _e\"></span>loss <span class=\"_ _e\"></span>recognized <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>goodwill <span class=\"_ _e\"></span>shall <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>reversed. <span class=\"_ _d\"></span>For <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>assets, <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _d\"></span>loss <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>reversed <span class=\"_ _e\"></span>only <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the extent <span class=\"_\"> </span>that <span class=\"_\"> </span>the <span class=\"_\"> </span>asset\u2019s <span class=\"_\"> </span>carrying <span class=\"_ _29\"> </span>amount <span class=\"_\"> </span>does <span class=\"_\"> </span>not <span class=\"_\"> </span>exceed <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>carrying <span class=\"_\"> </span>amount <span class=\"_\"> </span>that <span class=\"_\"> </span>would <span class=\"_\"> </span>have <span class=\"_ _29\"> </span>been <span class=\"_\"> </span>determined, <span class=\"_\"> </span>net <span class=\"_\"> </span>of depreciation or amortization, if no impairment loss had be<span class=\"_ _1\"></span>en recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen <span class=\"_ _d\"></span>events <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>circumstances <span class=\"_ _e\"></span>indicate <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>asset <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>CGU <span class=\"_ _e\"></span>might <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>recovered, <span class=\"_ _e\"></span>the Company <span class=\"_ _27\"> </span>performs <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>impairment <span class=\"_ _27\"> </span>test <span class=\"_ _28\"> </span>whereby <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>asset <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>CGU <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>compared <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>recoverable amount, <span class=\"_ _d\"></span>which <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>greater <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use, <span class=\"_ _10\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>discounted <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>flows, <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell. <span class=\"_ _e\"></span>We <span class=\"_ _e\"></span>define our <span class=\"_ _e\"></span>CGU <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>single <span class=\"_ _10\"></span>vessel <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>each <span class=\"_ _e\"></span>vessel <span class=\"_ _10\"></span>generates <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>inflows <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>largely <span class=\"_ _e\"></span>independent <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>cash <span class=\"_ _e\"></span>inflows <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>other vessels. In assessing whether there <span class=\"_ _d\"></span>is any indication that a vessel <span class=\"_ _d\"></span>may be impaired, the Company considers <span class=\"_ _d\"></span>internal and external indicators, including but not limited to:\u2022<span class=\"_ _2c\"> </span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _10\"></span>market <span class=\"_ _e\"></span>values <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>our <span class=\"_ _10\"></span>vessels <span class=\"_ _10\"></span>received <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>independent <span class=\"_ _10\"></span>ship <span class=\"_ _10\"></span>brokers <span class=\"_ _10\"></span>have <span class=\"_ _10\"></span>declined <span class=\"_ _10\"></span>during <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period significantly more <span class=\"_ _d\"></span>than we <span class=\"_ _d\"></span>would expect <span class=\"_ _d\"></span>as a <span class=\"_ _d\"></span>result of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>passage of <span class=\"_ _d\"></span>time or <span class=\"_ _d\"></span>normal use. <span class=\"_ _d\"></span>The ship <span class=\"_ _d\"></span>brokers assess <span class=\"_ _d\"></span>each vessel based on, among others, age, yard, deadweight capacity and com<span class=\"_ _1\"></span>pare this to market transactions.\u2022<span class=\"_ _2c\"> </span>significant changes with an adverse <span class=\"_ _d\"></span>effect on the Company have taken <span class=\"_ _d\"></span>place during the period, or will <span class=\"_ _d\"></span>take place in the near <span class=\"_ _d\"></span>future, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>legal <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>regulatory <span class=\"_ _d\"></span>environment <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>operates, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>tanker <span class=\"_ _d\"></span>market, <span class=\"_ _e\"></span>including negative developments in actual and forecasted tim<span class=\"_ _1\"></span>e charter equivalent rates (\"TCE rates\").\u2022<span class=\"_ _2c\"> </span>market <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rates <span class=\"_ _11\"> </span>have <span class=\"_ _f\"> </span>increased <span class=\"_ _11\"> </span>during <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period, <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>increase <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>likely <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>affect <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>discount <span class=\"_ _11\"> </span>rate <span class=\"_ _f\"> </span>used <span class=\"_ _11\"> </span>in calculating a vessel\u2019s value in use and decrease the a<span class=\"_ _1\"></span>sset\u2019s recoverable amount materially.\u2022<span class=\"_ _2c\"> </span>the carrying amount of the net assets of the Company is more than i<span class=\"_ _1\"></span>ts market capitalization.\u2022<span class=\"_ _2c\"> </span>evidence is available of obsolescence or physical dama<span class=\"_ _1\"></span>ge of a vessel.\u2022<span class=\"_ _2c\"> </span>significant changes <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>adverse effect <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company have <span class=\"_ _d\"></span>taken <span class=\"_ _d\"></span>place <span class=\"_ _d\"></span>during the <span class=\"_ _d\"></span>period, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>expected to <span class=\"_ _d\"></span>take place in the near future, in the extent to which, or manner in whi<span class=\"_ _1\"></span>ch, a vessel is used or is expected to be used.\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">evidence that the economic performance of a vessel is, or wi<span class=\"_ _1\"></span>ll be, worse than expected, including:</span>\u25e6<span class=\"_ _2c\"> </span>actual or forecasted TCE rates are signific<span class=\"_ _1\"></span>antly worse than expected;\u25e6<span class=\"_ _2c\"> </span>cash <span class=\"_ _e\"></span>flows <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>acquiring <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>vessel, <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>subsequent <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>needs <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>maintaining <span class=\"_ _e\"></span>it, <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>significantly higher than expected;\u25e6<span class=\"_ _2c\"> </span>actual net cash flows or operating profit are signific<span class=\"_ _1\"></span>antly worse than expected;\u25e6<span class=\"_ _2c\"> </span>a significant decline in budgeted net cash flows or ope<span class=\"_ _1\"></span>rating profit; or\u25e6<span class=\"_ _2c\"> </span>operating losses or net cash outflows.If <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>impairment <span class=\"_ _11\"> </span>indicators <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>identified, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>vessel\u2019s <span class=\"_ _11\"> </span>recoverable <span class=\"_ _11\"> </span>amount <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>estimated. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>developing <span class=\"_ _11\"> </span>estimates <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>future cash <span class=\"_ _11\"></span>flows <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>order <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>assess <span class=\"_ _11\"> </span>value <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>use, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>must <span class=\"_ _11\"> </span>make <span class=\"_ _11\"> </span>assumptions <span class=\"_ _11\"> </span>about <span class=\"_ _11\"> </span>future <span class=\"_ _11\"> </span>performance, <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>significant assumptions <span class=\"_ _f\"> </span>being <span class=\"_ _f\"> </span>related <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates, <span class=\"_ _f\"> </span>ship <span class=\"_ _f\"> </span>operating <span class=\"_ _f\"> </span>expenses, <span class=\"_ _f\"> </span>utilization, <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>other <span class=\"_ _f\"> </span>capital <span class=\"_ _11\"> </span>requirements, residual <span class=\"_ _11\"> </span>value, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>estimated <span class=\"_ _11\"> </span>remaining <span class=\"_ _11\"> </span>useful <span class=\"_ _11\"> </span>lives <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>probability <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>lease <span class=\"_ _f\"> </span>terminations <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>vessels <span class=\"_ _f\"> </span>held under <span class=\"_ _e\"></span>lease. <span class=\"_ _e\"></span>These <span class=\"_ _e\"></span>assumptions <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>historical <span class=\"_ _e\"></span>trends <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>well <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>expectations. <span class=\"_ _e\"></span>Specifically, <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>estimating <span class=\"_ _e\"></span>future charter <span class=\"_ _e\"></span>rates, <span class=\"_ _e\"></span>management <span class=\"_ _e\"></span>takes <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>consideration <span class=\"_ _e\"></span>rates <span class=\"_ _e\"></span>currently <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>effect <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>existing <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>charters <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>daily <span class=\"_ _e\"></span>time charter equivalent <span class=\"_ _d\"></span>rates for <span class=\"_ _d\"></span>each <span class=\"_ _d\"></span>vessel class <span class=\"_ _d\"></span>for the <span class=\"_ _d\"></span>unfixed days <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the estimated <span class=\"_ _d\"></span>remaining lives <span class=\"_ _d\"></span>of each <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the vessels. <span class=\"_ _d\"></span>The estimated <span class=\"_ _f\"> </span>daily <span class=\"_ _f\"> </span>time <span class=\"_ _27\"> </span>charter <span class=\"_ _f\"> </span>equivalent <span class=\"_ _27\"> </span>rates <span class=\"_ _f\"> </span>used <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>unfixed <span class=\"_ _f\"> </span>days <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _27\"> </span>combination <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>(i) <span class=\"_ _f\"> </span>internally <span class=\"_ _27\"> </span>developed forecasts, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>(ii) <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>quarterly <span class=\"_ _e\"></span>average <span class=\"_ _e\"></span>rates <span class=\"_ _10\"></span>published <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>independent <span class=\"_ _10\"></span>third <span class=\"_ _e\"></span>party <span class=\"_ _e\"></span>maritime <span class=\"_ _10\"></span>research service, <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>historical <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>management's <span class=\"_ _d\"></span>judgment <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>past <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>ongoing <span class=\"_ _d\"></span>shipping <span class=\"_ _e\"></span>cycles. <span class=\"_ _d\"></span>Recognizing that <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>transportation <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>crude <span class=\"_ _27\"> </span>oil <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>cyclical <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>subject <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>significant <span class=\"_ _27\"> </span>volatility <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>factors <span class=\"_ _27\"> </span>beyond <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company's control, <span class=\"_ _d\"></span>management <span class=\"_ _e\"></span>believes <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>use <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>combination <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>internally <span class=\"_ _d\"></span>forecast <span class=\"_ _e\"></span>rates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>average rates calculated as of the reporting date to be reasonabl<span class=\"_ _1\"></span>e.Estimated <span class=\"_ _10\"></span>outflows <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>operating <span class=\"_ _10\"></span>expenses <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>dry <span class=\"_ _10\"></span>docking <span class=\"_ _11\"> </span>requirements <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>based <span class=\"_ _10\"></span>on <span class=\"_ _11\"> </span>historical <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>budgeted <span class=\"_ _10\"></span>costs <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>are adjusted <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>assumed <span class=\"_ _10\"></span>inflation. <span class=\"_ _10\"></span>Finally, <span class=\"_ _10\"></span>utilization <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>historical <span class=\"_ _10\"></span>levels <span class=\"_ _10\"></span>achieved <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>estimates <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>are consistent <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>pattern <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>scrap <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>used <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>management's <span class=\"_ _f\"> </span>evaluation <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>salvage <span class=\"_ _f\"> </span>value. <span class=\"_ _f\"> </span>Other <span class=\"_ _11\"> </span>capital <span class=\"_ _f\"> </span>requirements <span class=\"_ _f\"> </span>for newbuildings are primarily based on amounts payable according to t<span class=\"_ _1\"></span>he installments in the contract.The <span class=\"_ _e\"></span>weighted <span class=\"_ _e\"></span>average <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>capital <span class=\"_ _d\"></span>(\"WACC\") <span class=\"_ _10\"></span>used <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>calculate <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>use <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>been <span class=\"_ _e\"></span>calculated <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>reflect the industry-weighted average return on debt and equity using observable m<span class=\"_ _1\"></span>arket data.The <span class=\"_ _10\"></span>more <span class=\"_ _11\"> </span>significant <span class=\"_ _10\"></span>factors <span class=\"_ _11\"> </span>that <span class=\"_ _11\"> </span>could <span class=\"_ _10\"></span>impact <span class=\"_ _11\"> </span>management's <span class=\"_ _10\"></span>assumptions <span class=\"_ _11\"> </span>regarding <span class=\"_ _10\"></span>time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>equivalent <span class=\"_ _10\"></span>rates <span class=\"_ _11\"> </span>include <span class=\"_ _10\"></span>(i) loss <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>reduction <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>business <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>significant <span class=\"_ _10\"></span>customers, <span class=\"_ _10\"></span>(ii) <span class=\"_ _11\"></span>unanticipated <span class=\"_ _10\"></span>changes <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>demand <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>transportation <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>crude <span class=\"_ _10\"></span>oil and oil <span class=\"_ _d\"></span>products, (iii) changes <span class=\"_ _d\"></span>in production <span class=\"_ _d\"></span>of or <span class=\"_ _d\"></span>demand for oil, <span class=\"_ _d\"></span>generally or <span class=\"_ _d\"></span>in particular regions, <span class=\"_ _d\"></span>(iv) greater <span class=\"_ _d\"></span>than anticipated levels <span class=\"_\"> </span>of <span class=\"_\"> </span>tanker <span class=\"_\"> </span>newbuilding <span class=\"_\"> </span>orders <span class=\"_ _29\"> </span>or <span class=\"_\"> </span>lower <span class=\"_\"> </span>than <span class=\"_\"> </span>anticipated <span class=\"_\"> </span>levels <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>tanker <span class=\"_\"> </span>scrapping, <span class=\"_\"> </span>and <span class=\"_\"> </span>(v) <span class=\"_\"> </span>changes <span class=\"_\"> </span>in <span class=\"_ _29\"> </span>rules <span class=\"_\"> </span>and regulations <span class=\"_ _d\"></span>applicable <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>tanker <span class=\"_ _e\"></span>industry, <span class=\"_ _d\"></span>including <span class=\"_ _e\"></span>legislation <span class=\"_ _e\"></span>adopted <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>international <span class=\"_ _d\"></span>organizations <span class=\"_ _e\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>IMO <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the EU <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>individual <span class=\"_ _e\"></span>countries. <span class=\"_ _e\"></span>Although <span class=\"_ _e\"></span>management <span class=\"_ _e\"></span>believes <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>used <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>evaluate <span class=\"_ _e\"></span>potential <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>are reasonable <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>appropriate <span class=\"_ _e\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>they <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>made, <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>highly <span class=\"_ _10\"></span>subjective <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>likely <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>change, <span class=\"_ _e\"></span>possibly materially, <span class=\"_\"> </span>in <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>future. <span class=\"_\"> </span>Tanker <span class=\"_ _29\"> </span>charter <span class=\"_ _29\"> </span>rates <span class=\"_\"> </span>are <span class=\"_ _29\"> </span>volatile <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>can <span class=\"_ _29\"> </span>experience <span class=\"_ _29\"> </span>long <span class=\"_\"> </span>periods <span class=\"_ _29\"> </span>at <span class=\"_ _29\"> </span>depressed <span class=\"_ _29\"> </span>levels. <span class=\"_\"> </span>Future assessments of vessel impairment would be adversely affecte<span class=\"_ _1\"></span>d by reductions in vessel values and charter rates.GoodwillGoodwill <span class=\"_ _d\"></span>is not <span class=\"_ _d\"></span>amortized, <span class=\"_ _d\"></span>but <span class=\"_ _d\"></span>rather <span class=\"_ _d\"></span>reviewed <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>impairment annually, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>frequently <span class=\"_ _d\"></span>if impairment <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>arise. <span class=\"_ _d\"></span>The Company has <span class=\"_ _d\"></span>one group <span class=\"_ _d\"></span>of CGUs <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the purpose <span class=\"_ _d\"></span>of assessing <span class=\"_ _d\"></span>potential goodwill impairment <span class=\"_ _d\"></span>and has <span class=\"_ _d\"></span>selected September <span class=\"_ _d\"></span>30 as its annual goodwill impairment testing date. A CGU is impaired when <span class=\"_ _d\"></span>its carrying amount exceeds its recoverable amount. In <span class=\"_ _d\"></span>assessing whether the recoverable amount of a CGU <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>which <span class=\"_ _28\"> </span>goodwill <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_ _28\"> </span>allocated <span class=\"_ _28\"> </span>is <span class=\"_\"> </span>less <span class=\"_ _28\"> </span>than <span class=\"_ _28\"> </span>its <span class=\"_\"> </span>carrying <span class=\"_ _28\"> </span>amount, <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>Company <span class=\"_ _28\"> </span>assesses <span class=\"_ _28\"> </span>relevant <span class=\"_ _28\"> </span>events <span class=\"_\"> </span>and circumstances, <span class=\"_ _10\"></span>including <span class=\"_ _10\"></span>(i) <span class=\"_ _11\"> </span>macroeconomic <span class=\"_ _10\"></span>conditions; <span class=\"_ _11\"> </span>(ii) <span class=\"_ _11\"> </span>industry <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>market <span class=\"_ _10\"></span>conditions; <span class=\"_ _11\"> </span>(iii) <span class=\"_ _10\"></span>changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>cost <span class=\"_ _10\"></span>factors <span class=\"_ _11\"> </span>that may <span class=\"_ _11\"> </span>impact <span class=\"_ _f\"> </span>earnings <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows; <span class=\"_ _f\"> </span>(iv) <span class=\"_ _11\"> </span>overall <span class=\"_ _f\"> </span>financial <span class=\"_ _11\"> </span>performance; <span class=\"_ _f\"> </span>(v) <span class=\"_ _11\"> </span>other <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>specific <span class=\"_ _11\"> </span>events <span class=\"_ _f\"> </span>such <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>changes <span class=\"_ _11\"> </span>in management, <span class=\"_ _11\"> </span>strategy, <span class=\"_ _11\"> </span>customers <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>key <span class=\"_ _11\"> </span>personnel <span class=\"_ _11\"> </span>(vi) <span class=\"_ _f\"> </span>other <span class=\"_ _11\"> </span>events <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>(vii) <span class=\"_ _11\"> </span>if <span class=\"_ _f\"> </span>applicable, <span class=\"_ _11\"> </span>changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company's <span class=\"_ _11\"> </span>share price, both in absolute terms and relative to peers.The <span class=\"_ _e\"></span>recoverable <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _d\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>greater <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use. <span class=\"_ _e\"></span>We <span class=\"_ _10\"></span>estimate <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>fair value <span class=\"_ _d\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>capitalization <span class=\"_ _d\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>control <span class=\"_ _e\"></span>premium, <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>needed. <span class=\"_ _e\"></span>Control <span class=\"_ _d\"></span>premium assumptions <span class=\"_ _e\"></span>require <span class=\"_ _10\"></span>judgment <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>actual <span class=\"_ _e\"></span>results <span class=\"_ _10\"></span>may <span class=\"_ _e\"></span>differ <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>assumed <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>amounts. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>measurement takes into account <span class=\"_ _d\"></span>Level 1, <span class=\"_ _d\"></span>Level 2 and <span class=\"_ _d\"></span>Level 3 <span class=\"_ _d\"></span>inputs. In assessing <span class=\"_ _d\"></span>value in use, <span class=\"_ _d\"></span>the estimated <span class=\"_ _d\"></span>future cash flows <span class=\"_ _d\"></span>are discounted to <span class=\"_ _d\"></span>their <span class=\"_ _d\"></span>present <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>using <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>pre-tax <span class=\"_ _e\"></span>discount <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>reflects <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>market <span class=\"_ _e\"></span>assessments <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>money <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>the risks <span class=\"_ _11\"> </span>specific <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company. <span class=\"_ _f\"> </span>Future <span class=\"_ _11\"> </span>cash <span class=\"_ _11\"> </span>flows <span class=\"_ _11\"> </span>are <span class=\"_ _f\"> </span>based <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>current <span class=\"_ _11\"> </span>market <span class=\"_ _11\"> </span>conditions, <span class=\"_ _f\"> </span>historical <span class=\"_ _11\"> </span>trends <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>well <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>future expectations.11. Revenue and expense recognition11.1. Voyage chartersIn <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>voyage <span class=\"_ _10\"></span>charter <span class=\"_ _10\"></span>contract, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>hires <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>transport <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>specific <span class=\"_ _10\"></span>agreed-upon <span class=\"_ _10\"></span>cargo <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>voyage. <span class=\"_ _10\"></span>The consideration <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>freight <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>per <span class=\"_ _e\"></span>metric <span class=\"_ _d\"></span>ton <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>cargo <span class=\"_ _d\"></span>carried <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>occasionally <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a lump <span class=\"_ _28\"> </span>sum <span class=\"_ _27\"> </span>basis. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>charterer <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>responsible <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>any <span class=\"_ _28\"> </span>short <span class=\"_ _27\"> </span>loading <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>cargo <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>\"dead\" <span class=\"_\"> </span>freight<span class=\"_ _1\"></span>. <span class=\"_ _28\"> </span>The <span class=\"_ _27\"> </span>voyage <span class=\"_\"> </span>c<span class=\"_ _1\"></span>harter <span class=\"_ _28\"> </span>party generally <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>standard <span class=\"_ _e\"></span>payment <span class=\"_ _10\"></span>terms <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>freight <span class=\"_ _e\"></span>paid <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>completion <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>discharge. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>voyage <span class=\"_ _e\"></span>charter <span class=\"_ _10\"></span>party <span class=\"_ _e\"></span>generally <span class=\"_ _10\"></span>has <span class=\"_ _e\"></span>a \"demurrage\" <span class=\"_ _e\"></span>clause. <span class=\"_ _10\"></span>As <span class=\"_ _e\"></span>per <span class=\"_ _10\"></span>this <span class=\"_ _10\"></span>clause, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>reimburses <span class=\"_ _10\"></span>us <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>any <span class=\"_ _e\"></span>potential <span class=\"_ _10\"></span>delays <span class=\"_ _e\"></span>exceeding <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>allowed <span class=\"_ _10\"></span>laytime <span class=\"_ _e\"></span>as per the charter <span class=\"_ _d\"></span>party clause at the <span class=\"_ _d\"></span>ports visited, which is <span class=\"_ _d\"></span>recorded as voyage revenue. <span class=\"_ _d\"></span>As such, demurrage is <span class=\"_ _d\"></span>considered variable consideration <span class=\"_ _d\"></span>under <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>contract. <span class=\"_ _e\"></span>Estimates <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>judgments <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>required <span class=\"_ _10\"></span>in <span class=\"_ _d\"></span>ascertaining <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>most <span class=\"_ _10\"></span>likely <span class=\"_ _d\"></span>outcome <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _d\"></span>particular voyage <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>actual <span class=\"_ _e\"></span>outcomes <span class=\"_ _e\"></span>may <span class=\"_ _e\"></span>differ <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>estimates. <span class=\"_ _e\"></span>Such <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>reviewed <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>updated <span class=\"_ _e\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>term <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>voyage charter contract. In <span class=\"_ _d\"></span>a voyage <span class=\"_ _d\"></span>charter contract, <span class=\"_ _d\"></span>revenue recognition begins <span class=\"_ _d\"></span>to be <span class=\"_ _d\"></span>satisfied once <span class=\"_ _d\"></span>the vessel commences <span class=\"_ _d\"></span>loading the cargo.In <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>voyage <span class=\"_ _e\"></span>contract, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>bears <span class=\"_ _d\"></span>all <span class=\"_ _e\"></span>voyage <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>costs <span class=\"_ _e\"></span>such <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>fuel <span class=\"_ _d\"></span>costs, <span class=\"_ _d\"></span>port <span class=\"_ _e\"></span>charges <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>canal <span class=\"_ _d\"></span>tolls. <span class=\"_ _d\"></span>To <span class=\"_ _e\"></span>recognize costs <span class=\"_ _d\"></span>incurred <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>fulfill <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>asset, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>following <span class=\"_ _d\"></span>criteria <span class=\"_ _d\"></span>shall <span class=\"_ _d\"></span>be <span class=\"_ _d\"></span>met: <span class=\"_ _d\"></span>(i) <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>relate <span class=\"_ _d\"></span>directly <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contract, <span class=\"_ _d\"></span>(ii) the <span class=\"_ _e\"></span>costs <span class=\"_ _10\"></span>generate <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>enhance <span class=\"_ _e\"></span>resources <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>entity <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>used <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>satisfying <span class=\"_ _e\"></span>performance <span class=\"_ _10\"></span>obligations <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>future <span class=\"_ _10\"></span>and (iii) <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>expected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _d\"></span>recovered. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _d\"></span>during <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _d\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>commencement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>loading <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>cargo, primarily bunkers, are deferred as they represent setup costs and recorde<span class=\"_ _1\"></span>d as a current asset and are subsequently amortized on a straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>we <span class=\"_ _f\"> </span>satisfy <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>performance <span class=\"_ _f\"> </span>obligations <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>contract. <span class=\"_ _11\"> </span>Costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>obtain <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>contract, <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>as commissions, <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>also <span class=\"_ _f\"> </span>deferred <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>expensed <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>same <span class=\"_ _11\"> </span>period. <span class=\"_ _f\"> </span>Costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>during <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>performance <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>voyage <span class=\"_ _11\"> </span>are expensed as incurred.Voyage <span class=\"_ _d\"></span>charters <span class=\"_ _e\"></span>contain <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>component <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>contract <span class=\"_ _d\"></span>(i) <span class=\"_ _e\"></span>specifies <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>specific <span class=\"_ _e\"></span>vessel <span class=\"_ _d\"></span>asset; <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>(ii) <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>terms <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>allow <span class=\"_ _e\"></span>the charterer to <span class=\"_ _d\"></span>exercise <span class=\"_ _d\"></span>substantive decision-making <span class=\"_ _d\"></span>rights, which <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>economic value <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>and therefore <span class=\"_ _d\"></span>allow <span class=\"_ _d\"></span>the charterer <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>direct <span class=\"_ _e\"></span>how <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>what <span class=\"_ _10\"></span>purpose <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>used. <span class=\"_ _e\"></span>Voyage <span class=\"_ _e\"></span>charter <span class=\"_ _e\"></span>revenues <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>expenses <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>ratably over the estimated length of each voyage, which the Company ha<span class=\"_ _1\"></span>s assessed commence on loading of the cargo.Voyage and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>contracts not <span class=\"_ _d\"></span>qualifying <span class=\"_ _d\"></span>as leases <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>accounted for <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>the provisions <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>IFRS <span class=\"_ _d\"></span>15 <span class=\"ff3\">Revenue <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>Contracts </span>with <span class=\"_ _f\"> </span>Customers<span class=\"ff2\">. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>has <span class=\"_ _27\"> </span>determined <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>voyage <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>contracts <span class=\"_ _f\"> </span>that <span class=\"_ _27\"> </span>qualify <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>accounting <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>IFRS <span class=\"_ _27\"> </span>15 </span>consist <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>single <span class=\"_ _d\"></span>performance <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>transporting <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>cargo <span class=\"_ _d\"></span>within <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>specified <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>period. <span class=\"_ _d\"></span>Therefore, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>performance obligation <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>met <span class=\"_ _e\"></span>evenly <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>voyage <span class=\"_ _e\"></span>progresses, <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>revenue <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _e\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>voyage <span class=\"_ _e\"></span>days from the commencement of <span class=\"_ _d\"></span>loading to completion <span class=\"_ _d\"></span>of discharge. Contract assets <span class=\"_ _d\"></span>with regards to <span class=\"_ _d\"></span>voyage revenues are reported <span class=\"_ _d\"></span>as \"Voyages <span class=\"_ _d\"></span>in progress\" <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>performance obligation <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>satisfied <span class=\"_ _d\"></span>over time. <span class=\"_ _d\"></span>Voyage <span class=\"_ _d\"></span>revenues <span class=\"_ _d\"></span>typically become <span class=\"_ _d\"></span>billable <span class=\"_ _d\"></span>and due for <span class=\"_ _d\"></span>payment on <span class=\"_ _d\"></span>completion <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>voyage and <span class=\"_ _d\"></span>discharge <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>cargo, at <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>point <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>receivable is <span class=\"_ _d\"></span>recognized <span class=\"_ _d\"></span>within \"Trade and other receivables\". The <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>taken <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>practical <span class=\"_ _10\"></span>expedient <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>disclose <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>aggregate <span class=\"_ _e\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>transaction <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>allocated <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>the performance <span class=\"_ _e\"></span>obligations <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>unsatisfied <span class=\"_ _e\"></span>(or <span class=\"_ _10\"></span>partially <span class=\"_ _e\"></span>unsatisfied) <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>end <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>reporting <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>performance obligations are part of contracts having an original expecte<span class=\"_ _1\"></span>d duration of one year or less. 11.2. Time and bareboat chartersIn <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>charter <span class=\"_ _d\"></span>voyage, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>hired <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>specified <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>exchange <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>consideration <span class=\"_ _d\"></span>which is <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>daily <span class=\"_ _d\"></span>hire <span class=\"_ _d\"></span>rate. Generally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>discretion <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>ports <span class=\"_ _d\"></span>visited, <span class=\"_ _d\"></span>shipping <span class=\"_ _d\"></span>routes and <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>speed. The <span class=\"_ _d\"></span>contract/charter party <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>provides <span class=\"_ _d\"></span>typical warranties <span class=\"_ _d\"></span>regarding <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>speed <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>performance of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>charter party <span class=\"_ _d\"></span>generally has <span class=\"_ _d\"></span>some <span class=\"_ _d\"></span>owner <span class=\"_ _d\"></span>protective restrictions <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the vessel <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>sent <span class=\"_ _d\"></span>only <span class=\"_ _d\"></span>to safe <span class=\"_ _d\"></span>ports <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer and <span class=\"_ _d\"></span>carries only <span class=\"_ _11\"></span>lawful <span class=\"_ _10\"></span>or <span class=\"_ _11\"> </span>non-hazardous <span class=\"_ _11\"> </span>cargo. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>contract, <span class=\"_ _11\"> </span>we <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>responsible <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>all <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>running <span class=\"_ _11\"> </span>the vessel <span class=\"_ _10\"></span>such <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>crew <span class=\"_ _11\"> </span>costs, <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"> </span>insurance, <span class=\"_ _10\"></span>repairs <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>maintenance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>lubes. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>charterer <span class=\"_ _10\"></span>bears <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>voyage <span class=\"_ _11\"> </span>related <span class=\"_ _10\"></span>costs such <span class=\"_ _10\"></span>as <span class=\"_ _11\"> </span>bunker <span class=\"_ _10\"></span>expenses, <span class=\"_ _11\"> </span>port <span class=\"_ _11\"> </span>charges, <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>canal <span class=\"_ _10\"></span>tolls <span class=\"_ _11\"> </span>during <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>hire <span class=\"_ _11\"> </span>period. <span class=\"_ _11\"> </span>The <span class=\"_ _10\"></span>performance <span class=\"_ _11\"> </span>obligations <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>time <span class=\"_ _11\"> </span>charter contract <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>satisfied <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>term <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>beginning <span class=\"_ _e\"></span>when <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>delivered <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>until <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>redelivered back <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>us. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>generally <span class=\"_ _e\"></span>pays <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>charter <span class=\"_ _10\"></span>hire <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>advance <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>upcoming <span class=\"_ _e\"></span>contract <span class=\"_ _e\"></span>period. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>lease <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of time charter <span class=\"_ _d\"></span>contracts, bareboat <span class=\"_ _d\"></span>charter contracts and <span class=\"_ _d\"></span>voyage charter <span class=\"_ _d\"></span>contracts which <span class=\"_ _d\"></span>we consider <span class=\"_ _d\"></span>to be <span class=\"_ _d\"></span>leases are <span class=\"_ _d\"></span>accounted for under<span class=\"ff3\"> <span class=\"_ _10\"></span></span>IFRS <span class=\"_ _10\"></span>16 <span class=\"_ _10\"></span><span class=\"ff3\">Leases</span>, <span class=\"_ _10\"></span>and<span class=\"ff3\"> <span class=\"_ _11\"> </span></span>revenues <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>recorded <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>term <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>charter <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>service <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>provided. <span class=\"_ _11\"> </span>When <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>time <span class=\"_ _10\"></span>charter contract is linked to an index, we recognize revenue for the appl<span class=\"_ _1\"></span>icable period based on the actual index for that period.11.3. Administrative incomeAdministrative income primarily comprises income <span class=\"_ _d\"></span>earned from the commercial <span class=\"_ _d\"></span>and technical management of related <span class=\"_ _d\"></span>party and third <span class=\"_ _10\"></span>party <span class=\"_ _11\"> </span>vessels <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>newbuilding <span class=\"_ _10\"></span>supervision <span class=\"_ _11\"> </span>fees <span class=\"_ _10\"></span>derived <span class=\"_ _11\"> </span>from <span class=\"_ _10\"></span>related <span class=\"_ _11\"> </span>parties <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>third <span class=\"_ _10\"></span>parties. <span class=\"_ _11\"> </span>Administrative <span class=\"_ _10\"></span>income <span class=\"_ _10\"></span>is recognized <span class=\"_\"> </span>over <span class=\"_ _29\"> </span>time <span class=\"_ _29\"> </span>on <span class=\"_\"> </span>a <span class=\"_ _29\"> </span>straight-line <span class=\"_\"> </span>basis <span class=\"_ _29\"> </span>using <span class=\"_ _29\"> </span>the <span class=\"_\"> </span>accruals <span class=\"_ _29\"> </span>method <span class=\"_ _29\"> </span>as <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>services <span class=\"_ _29\"> </span>are <span class=\"_\"> </span>provided <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>performance obligations are met.12. Other incomeOther <span class=\"_\"> </span>income <span class=\"_ _28\"> </span>relates <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>(i) <span class=\"_\"> </span>gains <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>the <span class=\"_\"> </span>sale <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>vessels, <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>are <span class=\"_\"> </span>rec<span class=\"_ _1\"></span>ognized <span class=\"_\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>vessel <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_\"> </span>delive<span class=\"_ _1\"></span>red <span class=\"_\"> </span>and substantially <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>risks <span class=\"_ _e\"></span>have <span class=\"_ _d\"></span>been <span class=\"_ _e\"></span>transferred <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>comparing <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>proceeds <span class=\"_ _d\"></span>received <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>of the <span class=\"_ _10\"></span>vessel, <span class=\"_ _10\"></span>(ii) <span class=\"_ _11\"> </span>cash <span class=\"_ _10\"></span>inflows <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>relation <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>settlements <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>claims <span class=\"_ _10\"></span>(including <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>settlement <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>insurance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>legal <span class=\"_ _10\"></span>claims), <span class=\"_ _10\"></span>(iii) gains <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>losses <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>termination <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>leases <span class=\"_ _d\"></span>before <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>expiration <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>term, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>accounted <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>derecognizing the <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"></span>right-of-use <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>lease <span class=\"_ _10\"></span>obligation, <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>gain <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>loss <span class=\"_ _10\"></span>recognized <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>difference. <span class=\"_ _10\"></span>Gains <span class=\"_ _10\"></span>and losses <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>termination <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>when <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>terminated <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>redelivered <span class=\"_ _d\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>owners, and <span class=\"_ _d\"></span> <span class=\"_ _d\"></span>iv) <span class=\"_ _d\"></span>gains <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>losses <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>pooling <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>revenue <span class=\"_ _d\"></span>sharing <span class=\"_ _e\"></span>arrangements <span class=\"_ _d\"></span>where <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>considered <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>principal under <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charter <span class=\"_ _e\"></span>parties <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>records <span class=\"_ _d\"></span>voyage <span class=\"_ _d\"></span>revenues <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>costs <span class=\"_ _e\"></span>gross, <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>adjustments <span class=\"_ _d\"></span>required <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>result <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>revenue sharing arrangement being recognized as other operating gains or losse<span class=\"_ _1\"></span>s.13. LeasesAt inception <span class=\"_ _d\"></span>of a <span class=\"_ _d\"></span>contract, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>assesses whether <span class=\"_ _d\"></span>a contract <span class=\"_ _d\"></span>is, or <span class=\"_ _d\"></span>contains, a <span class=\"_ _d\"></span>lease. <span class=\"_ _d\"></span>A contract <span class=\"_ _d\"></span>is, or <span class=\"_ _d\"></span>contains, a <span class=\"_ _d\"></span>lease if the contract conveys the right to control the use of an identifi<span class=\"_ _1\"></span>ed asset for a period of time in exchange for consideration.13.1. As a lesseeThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>recognizes <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>right-of-use <span class=\"_ _10\"></span>asset <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>liability <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>commencement <span class=\"_ _10\"></span>date. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>right-of-use <span class=\"_ _11\"> </span>asset <span class=\"_ _10\"></span>is initially <span class=\"_ _d\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>equal <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _10\"></span>liability <span class=\"_ _d\"></span>adjusted <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>initial <span class=\"_ _e\"></span>direct <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lessee. <span class=\"_ _10\"></span>Adjustments may also be required for any payments made at or before the comme<span class=\"_ _1\"></span>ncement date, less any lease incentives receive<span class=\"_ _1\"></span>d.After <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>commencement, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>measures <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>right-of-use <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>using <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>model, <span class=\"_ _d\"></span>namely <span class=\"_ _e\"></span>at <span class=\"_ _d\"></span>cost <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>accumulated depreciation <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>accumulated <span class=\"_ _d\"></span>impairment. The <span class=\"_ _d\"></span>right-of-use <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>subsequently <span class=\"_ _d\"></span>depreciated <span class=\"_ _d\"></span>using <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>straight-line <span class=\"_ _d\"></span>method. <span class=\"_ _d\"></span>In addition, <span class=\"_ _d\"></span>the right-of-use <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>periodically <span class=\"_ _d\"></span>reduced by <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>losses, <span class=\"_ _d\"></span>if <span class=\"_ _d\"></span>any, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>adjusted for <span class=\"_ _d\"></span>certain <span class=\"_ _d\"></span>remeasurements <span class=\"_ _d\"></span>of the lease liability.The <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>liability <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>initially <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>present <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>payments <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>not <span class=\"_ _e\"></span>paid <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>commencement <span class=\"_ _d\"></span>date, discounted <span class=\"_ _d\"></span>using <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>implicit <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>or, <span class=\"_ _e\"></span>if <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>cannot <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>readily <span class=\"_ _e\"></span>determined, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company's <span class=\"_ _e\"></span>incremental borrowing <span class=\"_ _f\"> </span>rate. <span class=\"_ _27\"> </span>Generally, <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>uses <span class=\"_ _27\"> </span>its <span class=\"_ _f\"> </span>incremental <span class=\"_ _27\"> </span>borrowing <span class=\"_ _f\"> </span>rate <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>discount <span class=\"_ _27\"> </span>rate. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>lessee's <span class=\"_ _27\"> </span>incremental borrowing <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>lessee <span class=\"_ _d\"></span>would <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>pay <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>borrow <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>similar <span class=\"_ _d\"></span>term, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>similar <span class=\"_ _d\"></span>security, the funds necessary to obtain an asset of a similar value to the<span class=\"_ _1\"></span> right-of-use asset in a similar economic environment.Lease payments included in the measurement of the le<span class=\"_ _1\"></span>ase liability comprise the following:\u2022<span class=\"_ _2c\"> </span>Fixed payments;\u2022<span class=\"_ _2c\"> </span>Variable lease payments that depend on an index or a rate;\u2022<span class=\"_ _2c\"> </span>Amounts expected to be payable under a residual value guarante<span class=\"_ _1\"></span>e, and;\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>exercise <span class=\"_ _10\"></span>price <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>purchase <span class=\"_ _10\"></span>option <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>reasonably <span class=\"_ _10\"></span>certain <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>exercise, <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>payments <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>an optional <span class=\"_ _e\"></span>renewal <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>reasonably <span class=\"_ _10\"></span>certain <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>exercise <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>extension <span class=\"_ _10\"></span>option, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>penalties <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>early termination of a lease unless the Company is reasonably ce<span class=\"_ _1\"></span>rtain not to terminate early.The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>applied <span class=\"_ _e\"></span>judgement <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>determine <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>term <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>some <span class=\"_ _e\"></span>lease <span class=\"_ _10\"></span>contracts <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>it <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>lessee <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>include renewal options. The <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>liability is <span class=\"_ _d\"></span>subsequently <span class=\"_ _d\"></span>increased <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>cost <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the lease <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>decreased <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>payments made. <span class=\"_ _d\"></span>It is <span class=\"_ _d\"></span>remeasured <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>future <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>payments <span class=\"_ _d\"></span>arising <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>index <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>rate, <span class=\"_ _d\"></span>if <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>estimate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>amount <span class=\"_ _d\"></span>expected <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>payable <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>guarantee, <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>changes <span class=\"_ _d\"></span>its assessment <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>whethe<span class=\"_ _1\"></span>r <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>purchase <span class=\"_ _28\"> </span>or <span class=\"_ _28\"> </span>extension <span class=\"_ _28\"> </span>option <span class=\"_\"> </span>i<span class=\"_ _1\"></span>s <span class=\"_ _28\"> </span>reasonably <span class=\"_\"> </span>certai<span class=\"_ _1\"></span>n <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>be <span class=\"_ _28\"> </span>exercised <span class=\"_ _28\"> </span>or <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>termi<span class=\"_ _1\"></span>nation <span class=\"_ _28\"> </span>option <span class=\"_\"> </span>is reasonably <span class=\"_ _d\"></span>certain <span class=\"_ _e\"></span>not <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>exercised. <span class=\"_ _d\"></span>When <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>liability <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>remeasured <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>way, <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>corresponding <span class=\"_ _e\"></span>adjustment <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>made to <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>asset, <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>recorded <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>profit <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>loss <span class=\"_ _e\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>right-to-use <span class=\"_ _e\"></span>asset has been reduced to zero. Lease <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>non-lease <span class=\"_ _11\"> </span>components <span class=\"_ _f\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>contracts <span class=\"_ _11\"> </span>are <span class=\"_ _f\"> </span>separated <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>non-lease <span class=\"_ _11\"> </span>components <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>and classified based on the nature of the expense.Short-term leases and leases of low-value assetsThe <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>has <span class=\"_ _11\"> </span>elected <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>recognize <span class=\"_ _11\"> </span>certain <span class=\"_ _11\"> </span>right-of-use <span class=\"_ _11\"> </span>assets <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>liabilities <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>leases <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>low-value <span class=\"_ _11\"> </span>assets <span class=\"_ _11\"> </span>and short-term leases (i.e., <span class=\"_ _d\"></span>leases with <span class=\"_ _d\"></span>an original term <span class=\"_ _d\"></span>of 12-months or <span class=\"_ _d\"></span>less), including <span class=\"_ _d\"></span>IT equipment. The <span class=\"_ _d\"></span>Company recognizes the lease payments associated with these leases as an e<span class=\"_ _1\"></span>xpense on a straight-line basis over the lease term.Refer to accounting policy 10.2. for impairment considerations for ve<span class=\"_ _1\"></span>ssel right-of-use assets.13.2. As a lessorWhen the Company acts as a lessor, it determines at le<span class=\"_ _1\"></span>ase inception whether each lease is a finance or operat<span class=\"_ _1\"></span>ing lease.To classify each lease, the Company makes an overall assessment of <span class=\"_ _d\"></span>whether the lease transfers substantially all of the risks and rewards <span class=\"_ _d\"></span>incidental <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>ownership <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>underlying <span class=\"_ _d\"></span>asset. <span class=\"_ _e\"></span>If <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>case, <span class=\"_ _d\"></span>then <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>lease; <span class=\"_ _d\"></span>if <span class=\"_ _d\"></span>not, <span class=\"_ _e\"></span>then <span class=\"_ _d\"></span>it <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>an operating <span class=\"_ _d\"></span>lease. As <span class=\"_ _d\"></span>part <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>this <span class=\"_ _d\"></span>assessment, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company considers <span class=\"_ _d\"></span>certain <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>as whether <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>major part of the economic life of the asset.If <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>qualifies <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>operating <span class=\"_ _d\"></span>lease, <span class=\"_ _d\"></span>e.g. <span class=\"_ _e\"></span>time <span class=\"_ _d\"></span>charter <span class=\"_ _e\"></span>contracts <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>component <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>voyage <span class=\"_ _d\"></span>charter <span class=\"_ _e\"></span>contracts, <span class=\"_ _d\"></span>the leased <span class=\"_ _28\"> </span>asset <span class=\"_ _28\"> </span>remains <span class=\"_ _28\"> </span>on <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>statement <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>financial <span class=\"_ _28\"> </span>position <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>l<span class=\"_ _1\"></span>essor <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>continues <span class=\"_ _28\"> </span>being <span class=\"_ _28\"> </span>depreciated. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>Company separates the <span class=\"_ _d\"></span>lease and <span class=\"_ _d\"></span>non-lease <span class=\"_ _d\"></span>component in <span class=\"_ _d\"></span>the contract, <span class=\"_ _d\"></span>with the <span class=\"_ _d\"></span>lease component <span class=\"_ _d\"></span>qualified <span class=\"_ _d\"></span>as operating <span class=\"_ _d\"></span>lease and <span class=\"_ _d\"></span>the non-lease <span class=\"_ _e\"></span>component <span class=\"_ _10\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>makes <span class=\"_ _e\"></span>significant <span class=\"_ _10\"></span>judgments <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>assumptions <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>lease components from <span class=\"_ _d\"></span>non-lease components <span class=\"_ _d\"></span>of our <span class=\"_ _d\"></span>contracts. For <span class=\"_ _d\"></span>purposes <span class=\"_ _d\"></span>of determining <span class=\"_ _d\"></span>the standalone selling <span class=\"_ _d\"></span>price of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel lease <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>non-lease <span class=\"_ _d\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _e\"></span>time <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>voyage <span class=\"_ _e\"></span>charters, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>uses <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>residual <span class=\"_ _d\"></span>approach given <span class=\"_ _d\"></span>that vessel <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>highly <span class=\"_ _d\"></span>variable depending <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>shipping <span class=\"_ _d\"></span>market <span class=\"_ _d\"></span>conditions. The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>believes <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the standalone transaction <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>attributable <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>non-lease <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>is <span class=\"_ _11\"></span>more <span class=\"_ _10\"></span>readily <span class=\"_ _10\"></span>determinable <span class=\"_ _10\"></span>than <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>price <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>lease <span class=\"_ _10\"></span>component and, <span class=\"_ _d\"></span>accordingly, the <span class=\"_ _d\"></span>price <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>service <span class=\"_ _d\"></span>components <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>estimated using <span class=\"_ _d\"></span>cost <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>residual transaction <span class=\"_ _d\"></span>price <span class=\"_ _d\"></span>is attributed <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>component. <span class=\"_ _e\"></span>Refer <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Revenue <span class=\"_ _10\"></span>policy <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>further <span class=\"_ _10\"></span>details <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>accounting <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>non-lease component.14. Share-based compensation The <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>amount payable <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>beneficiaries <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>respect <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>synthetic <span class=\"_ _d\"></span>options, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>settled in <span class=\"_ _d\"></span>cash, <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>recognized <span class=\"_ _d\"></span>as an <span class=\"_ _10\"></span>expense <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>corresponding <span class=\"_ _11\"> </span>liability, <span class=\"_ _10\"></span>over <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>during <span class=\"_ _10\"></span>which <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>beneficiaries <span class=\"_ _10\"></span>become <span class=\"_ _11\"> </span>unconditionally <span class=\"_ _10\"></span>entitled <span class=\"_ _11\"> </span>to payment. The fair value of the liability is remeasure<span class=\"_ _1\"></span>d at each reporting period.15. Dividends receivedThe Company records dividends received in the period in which they a<span class=\"_ _1\"></span>re declared and receivable.16. New standards and interpretations not yet adoptedNew <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>amended <span class=\"_ _28\"> </span>standards <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>interpretations <span class=\"_ _28\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_\"> </span>issued, <span class=\"_ _28\"> </span>but <span class=\"_ _28\"> </span>not <span class=\"_ _28\"> </span>yet <span class=\"_\"> </span>effective<span class=\"_ _1\"></span>, <span class=\"_ _28\"> </span>up <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>issuance <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the Company\u2019s <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>statements <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>disclosed <span class=\"_ _27\"> </span>below. <span class=\"_ _27\"> </span>The <span class=\"_ _28\"> </span>below <span class=\"_ _27\"> </span>list <span class=\"_ _27\"> </span>includes <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>new <span class=\"_ _27\"> </span>standards <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>amendments <span class=\"_ _27\"> </span>that <span class=\"_ _27\"> </span>we believe are the most relevant for the Company:Amendments to IAS 1 Presentation of Financial statements: Classification of Liabilitie<span class=\"_ _1\"></span>s as Current or Non-currentIn <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>2020, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>IASB <span class=\"_ _f\"> </span>issued <span class=\"_ _11\"> </span>amendments <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>paragraphs <span class=\"_ _11\"> </span>69 <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>76 <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>IAS <span class=\"_ _11\"> </span>1 <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>specify <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>requirements <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>classifying liabilities as current or non-current. The amendments cl<span class=\"_ _1\"></span>arify:\u2022<span class=\"_ _2c\"> </span>What is meant by a right to defer settlement\u2022<span class=\"_ _2c\"> </span>That a right to defer must exist at the end of the reporting peri<span class=\"_ _1\"></span>od\u2022<span class=\"_ _2c\"> </span>That classification is unaffected by the likelihood t<span class=\"_ _1\"></span>hat an entity will exercise its deferral right\u2022<span class=\"_ _2c\"> </span>That <span class=\"_ _27\"> </span>only <span class=\"_ _f\"> </span>if <span class=\"_ _27\"> </span>an <span class=\"_ _27\"> </span>embedded <span class=\"_ _27\"> </span>derivative <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>convertible <span class=\"_ _27\"> </span>liability <span class=\"_ _f\"> </span>is <span class=\"_ _27\"> </span>itself <span class=\"_ _27\"> </span>an <span class=\"_ _27\"> </span>equity <span class=\"_ _27\"> </span>instrument <span class=\"_ _27\"> </span>would <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>terms <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>a liability not impact its classificationThe <span class=\"_\"> </span>amendments <span class=\"_ _28\"> </span>are <span class=\"_\"> </span>effective <span class=\"_ _28\"> </span>for <span class=\"_\"> </span>annual <span class=\"_\"> </span>reporti<span class=\"_ _1\"></span>ng <span class=\"_\"> </span>periods <span class=\"_ _28\"> </span>beginning <span class=\"_\"> </span>on <span class=\"_\"> </span>or <span class=\"_ _28\"> </span>after <span class=\"_\"> </span>January <span class=\"_ _28\"> </span>1, <span class=\"_\"> </span>2023 <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>must <span class=\"_\"> </span>be <span class=\"_\"> </span>applie<span class=\"_ _1\"></span>d retrospectively. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>currently <span class=\"_ _e\"></span>assessing <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>impact <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>amendments, <span class=\"_ _10\"></span>however, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>adoption <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>expected <span class=\"_ _10\"></span>to have a material impact on its consolidated financ<span class=\"_ _1\"></span>ial statements.Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2In <span class=\"_ _10\"></span>February <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>IASB <span class=\"_ _10\"></span>issued <span class=\"_ _10\"></span>amendments <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>IAS <span class=\"_ _10\"></span>1 <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>Practice <span class=\"_ _10\"></span>Statement <span class=\"_ _e\"></span>2 <span class=\"_ _10\"></span>Making <span class=\"_ _10\"></span>Materiality <span class=\"_ _10\"></span>Judgements, <span class=\"_ _10\"></span>in which <span class=\"_ _10\"></span>it <span class=\"_ _10\"></span>provides <span class=\"_ _10\"></span>guidance <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>examples <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>help <span class=\"_ _11\"> </span>entities <span class=\"_ _10\"></span>apply <span class=\"_ _10\"></span>materiality <span class=\"_ _10\"></span>judgements <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>accounting <span class=\"_ _11\"> </span>policy <span class=\"_ _10\"></span>disclosures. <span class=\"_ _10\"></span>The amendments <span class=\"_ _10\"></span>aim <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>help <span class=\"_ _10\"></span>entities <span class=\"_ _10\"></span>provide <span class=\"_ _10\"></span>accounting <span class=\"_ _10\"></span>policy <span class=\"_ _10\"></span>disclosures <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>more <span class=\"_ _10\"></span>useful <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>replacing <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>requirement <span class=\"_ _10\"></span>for entities <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>disclose <span class=\"_ _e\"></span>their <span class=\"_ _e\"></span>'significant' <span class=\"_ _e\"></span>accounting <span class=\"_ _10\"></span>policies <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>requirement <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>disclose <span class=\"_ _d\"></span>their <span class=\"_ _10\"></span>'material' <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>policies <span class=\"_ _e\"></span>and adding guidance on how entities apply the concept of materia<span class=\"_ _1\"></span>lity in making decisions about accounting policy disclosure<span class=\"_ _1\"></span>s.The <span class=\"_ _11\"> </span>amendments <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IAS <span class=\"_ _f\"> </span>1 <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>applicable <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>annual <span class=\"_ _f\"> </span>periods <span class=\"_ _f\"> </span>beginning <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>after <span class=\"_ _11\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2023 <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>earlier <span class=\"_ _f\"> </span>application permitted. <span class=\"_ _28\"> </span>Since <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>amendm<span class=\"_ _1\"></span>ents <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>Practice <span class=\"_ _28\"> </span>Statement <span class=\"_ _28\"> </span>2 <span class=\"_ _28\"> </span>provide <span class=\"_ _28\"> </span>non-mandatory <span class=\"_ _28\"> </span>guidance <span class=\"_\"> </span>on <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>application <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the definition of 'material' to accounting policy informati<span class=\"_ _1\"></span>on, an effective date for these amendments is not necessary.The <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>currently <span class=\"_ _f\"> </span>assessing <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>amendments <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>determine <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>impact <span class=\"_ _11\"> </span>they <span class=\"_ _11\"> </span>will <span class=\"_ _f\"> </span>have <span class=\"_ _f\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company\u2019s <span class=\"_ _11\"> </span>accounting policy disclosures.Amendments <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>IAS <span class=\"_ _27\"> </span>8 <span class=\"_ _27\"> </span>Accounting <span class=\"_ _27\"> </span>policies, <span class=\"_ _27\"> </span>Changes <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>Accounting <span class=\"_ _27\"> </span>Estimates <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>Errors: <span class=\"_ _27\"> </span>Definition <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>Accounting EstimatesIn <span class=\"_ _e\"></span>February, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>IASB <span class=\"_ _e\"></span>issued <span class=\"_ _e\"></span>amendments <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>IAS <span class=\"_ _e\"></span>8 <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>clarify <span class=\"_ _e\"></span>how <span class=\"_ _e\"></span>companies <span class=\"_ _e\"></span>should <span class=\"_ _e\"></span>distinguish <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>accounting policies from changes in <span class=\"_ _d\"></span>accounting estimates. The distinction is <span class=\"_ _d\"></span>important because changes in accounting estimates <span class=\"_ _d\"></span>are applied prospectively <span class=\"_ _d\"></span>only <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>transactions <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>events, <span class=\"_ _e\"></span>but <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>policies <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>generally <span class=\"_ _e\"></span>also <span class=\"_ _e\"></span>applied retrospectively to past transactions and other past events.The amendments are effective for annual periods beginning on or aft<span class=\"_ _1\"></span>er January 1, 2023 with early application permitted.3.<span class=\"_ _e8\"> </span>CHANGE IN ACCOUNTING POLICIESFirst-time adoption of IFRSThese <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>first <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>prepared <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with IFRS <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>adopted <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>European <span class=\"_ _d\"></span>Union. <span class=\"_ _e\"></span>Accordingly, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>prepared <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>comply <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>IFRS applicable <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>together <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>comparative <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis of <span class=\"_ _27\"> </span>preparation <span class=\"_ _f\"> </span>(Note <span class=\"_ _27\"> </span>2). <span class=\"_ _27\"> </span>In <span class=\"_ _27\"> </span>preparing <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>statements, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company\u2019s <span class=\"_ _27\"> </span>opening <span class=\"_ _27\"> </span>statement <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>position <span class=\"_ _27\"> </span>was prepared as of January 1, 2021, the Company\u2019s date of transition to IFRS. This <span class=\"_ _11\"> </span>note <span class=\"_ _f\"> </span>explains <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>principal <span class=\"_ _f\"> </span>adjustments <span class=\"_ _11\"> </span>made <span class=\"_ _f\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>when <span class=\"_ _11\"> </span>transitioning <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IFRS <span class=\"_ _11\"> </span>from <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>previous <span class=\"_ _11\"> </span>reporting framework, <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>principles <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>accepted <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>United <span class=\"_ _d\"></span>States <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>America <span class=\"_ _d\"></span>(\"U.S. <span class=\"_ _d\"></span>GAAP\") <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>as well as for the year ended December 31, 2021.Exemptions appliedIFRS <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span><span class=\"ff3\">First-Time <span class=\"_ _f\"> </span>Adoption <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>International <span class=\"_ _f\"> </span>Financial <span class=\"_ _f\"> </span>Reporting <span class=\"_ _f\"> </span>Standards</span>, <span class=\"_ _27\"> </span>allows <span class=\"_ _f\"> </span>first-time <span class=\"_ _f\"> </span>adopters <span class=\"_ _f\"> </span>certain <span class=\"_ _f\"> </span>exemptions from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>requirement <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>effective <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>retrospectively. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>availed <span class=\"_ _d\"></span>itself <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>certain of these exemptions as follows: \u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _e\"></span>elected <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>apply <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>3, <span class=\"_ _e\"></span><span class=\"ff3\">Business <span class=\"_ _e\"></span>Combinations,</span> <span class=\"_ _e\"></span>retrospectively <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>business <span class=\"_ _e\"></span>combinations <span class=\"_ _d\"></span>that occurred prior to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>elected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>use <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>practical <span class=\"_ _e\"></span>expedient <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15, <span class=\"_ _10\"></span><span class=\"ff3\">Revenue <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>Contracts <span class=\"_ _10\"></span>with <span class=\"_ _e\"></span>Customers,</span> <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>not restate <span class=\"_ _e\"></span>contracts <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>completed <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>transition <span class=\"_ _e\"></span>date, <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _e\"></span>2021. <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>1 <span class=\"_ _e\"></span>defines <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>completed <span class=\"_ _10\"></span>contract <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>a contract <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>has <span class=\"_ _f\"> </span>transferred <span class=\"_ _f\"> </span>all <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>goods <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>services <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>identified <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>accordance <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>previous GAAP.Effect of transition to IFRSThe main differences identified as a result of the transi<span class=\"_ _1\"></span>tion to IFRS are as follows:\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">Our <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _10\"></span>by <span class=\"_ _11\"> </span>their <span class=\"_ _11\"> </span>respective <span class=\"_ _10\"></span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _11\"> </span>at <span class=\"_ _10\"></span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In </span>general, <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>15 <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every <span class=\"_ _d\"></span>5 <span class=\"_ _e\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>older <span class=\"_ _e\"></span>than <span class=\"_ _d\"></span>15 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every 2.5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>Unlike <span class=\"_ _27\"> </span>Frontline's <span class=\"_ _27\"> </span>previous <span class=\"_ _f\"> </span>accounting <span class=\"_ _27\"> </span>policy <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>such <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _27\"> </span>as incurred, <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>requires <span class=\"_ _e\"></span>significant <span class=\"_ _e\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>property, <span class=\"_ _e\"></span>plant <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>differing <span class=\"_ _e\"></span>depreciation <span class=\"_ _e\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>depreciated <span class=\"_ _d\"></span>separately. <span class=\"_ _e\"></span>Under <span class=\"_ _d\"></span>IFRS, <span class=\"_ _e\"></span>major <span class=\"_ _d\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _d\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _d\"></span>docking, <span class=\"_ _e\"></span>should <span class=\"_ _d\"></span>be identified <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>accounted <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>separate <span class=\"_ _27\"> </span>component <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _28\"> </span>over <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>next <span class=\"_ _27\"> </span>scheduled <span class=\"_ _28\"> </span>dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery and <span class=\"_ _10\"></span>depreciated <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _11\"> </span>scheduled <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking. <span class=\"_ _11\"> </span>When <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>performed, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>carrying amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>remaining <span class=\"_ _d\"></span>unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>previous <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docks <span class=\"_ _d\"></span>(due <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>difference <span class=\"_ _d\"></span>between the <span class=\"_ _29\"> </span>estimated <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>actual <span class=\"_ _29\"> </span>time <span class=\"_ _2d\"> </span>between <span class=\"_ _29\"> </span>dry <span class=\"_ _2d\"> </span>docks) <span class=\"_ _2d\"> </span>is <span class=\"_ _2d\"> </span>derecognized. <span class=\"_ _29\"> </span>Costs <span class=\"_ _2d\"> </span>associated <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>routine <span class=\"_ _2d\"> </span>repairs <span class=\"_ _29\"> </span>and maintenance are expensed as incurred including routine ma<span class=\"_ _1\"></span>intenance performed while the vessel is in dry dock\u2022<span class=\"_ _2c\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one <span class=\"_ _27\"> </span>classification <span class=\"_ _27\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>is <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>lessee. <span class=\"_ _28\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _28\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>line <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>depending <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>nature <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>underlying <span class=\"_ _10\"></span>asset <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>recorded <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>a straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>whereas <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS, <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>amortization <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>are presented separately.\u2022<span class=\"_ _2c\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into a <span class=\"_ _d\"></span>financing agreement <span class=\"_ _d\"></span>before the <span class=\"_ _d\"></span>financial statements <span class=\"_ _d\"></span>are issued. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>accounting treatment is <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>permitted under IFRS.The impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated Statements <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial Position <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>transitioning from <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>detail <span class=\"_ _d\"></span>below. <span class=\"_ _d\"></span>Additionally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statements <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>Profit <span class=\"_ _11\"> </span>or <span class=\"_ _f\"> </span>Loss, <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statement <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>Comprehensive <span class=\"_ _f\"> </span>Income, <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Consolidated Statement <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>Cash <span class=\"_ _f\"> </span>Flows <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>described <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>detail <span class=\"_ _f\"> </span>further <span class=\"_ _f\"> </span>below. <span class=\"_ _11\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>figures presented <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>Annual <span class=\"_ _e\"></span>Report <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>Form <span class=\"_ _e\"></span>20-F <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>was filed with the Securities and Exchange Commission on March 17, 2022.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at January 1, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>174,721 Restricted cash <span class=\"_ _130\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 Marketable securities<span class=\"_ _c\"> </span>1<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,639 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,474 Marketable securities pledged to creditors<span class=\"_ _160\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,835) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Trade and other receivables<span class=\"_ _10d\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>63,924 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>63,924 Trade accounts receivable, net <span class=\"_ _61\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>40,974 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,974) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>13,255 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,255 Other receivables<span class=\"_ _161\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>22,950 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(22,950) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>57,858 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>57,858 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>34,705 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>34,705 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>7,725 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,725 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>2,729 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,729 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>378,319 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>378,319 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _b8\"> </span>48,498 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,498 Vessels and equipment<span class=\"_ _166\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,307,144 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,300,456 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>53,518 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(53,518) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>8,426 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(8,426) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>61,944 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>61,944 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _12\"> </span>1,279 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,279 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>7,197 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,197 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _16c\"> </span>6, 8<span class=\"_ _b1\"> </span> <span class=\"_ _cd\"> </span>167,082 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>67,805 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>234,887 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,810 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,810) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,548 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(4,548) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>19,853 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,853 Trade and other payables<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>55,002 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>55,002 Trade accounts payable <span class=\"_ _16f\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,860 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,860) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>5, 8<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,529 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,529) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(19,261) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _b8\"> </span>12,418 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(12,418) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>281,361 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>40,739 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>322,100 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _172\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>1,968,924 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,000) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>1,908,924 Obligations under finance leases<span class=\"_ _6b\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>48,467 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(48,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,177 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(4,177) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>4c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>52,644 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,644 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>19,261 Other non-current payables<span class=\"_ _174\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>3,739 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,739 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,306,668 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,306,668 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>197,692 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>197,692 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>402,021 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>402,021 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _73\"> </span>10<span class=\"_ _46\"> </span> <span class=\"_ _15\"> </span>200 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>200 Retained earnings<span class=\"_ _120\"> </span>3<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>8,018 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,330 Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,612,025 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,605,337 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,611,553 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,604,865 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>IFRS adjustments of Consolidated Statement of Financial Posit<span class=\"_ _1\"></span>ion as at January 1, 20211.<span class=\"_ _38\"> </span>\"Marketable securities <span class=\"_ _d\"></span>pledged <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>creditors\" of <span class=\"_ _d\"></span>$5.8 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP, were reclassified into \"Marketable securities\" under IFRS.2.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$41.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$23.0 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 3.<span class=\"_ _38\"> </span>Dry <span class=\"_ _e\"></span>docking <span class=\"_ _10\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _10\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred <span class=\"_ _e\"></span>within <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating <span class=\"_ _e\"></span>expense <span class=\"_ _10\"></span>under Frontline\u2019s <span class=\"_ _28\"> </span>historical <span class=\"_\"> </span>accounti<span class=\"_ _1\"></span>ng <span class=\"_\"> </span>pol<span class=\"_ _1\"></span>icy <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>U.S. <span class=\"_\"> </span>GAAP. <span class=\"_ _28\"> </span>Under <span class=\"_ _28\"> </span>IFRS, <span class=\"_\"> </span>significant<span class=\"_ _1\"></span> <span class=\"_\"> </span>com<span class=\"_ _1\"></span>ponents <span class=\"_ _28\"> </span>of property, plant and <span class=\"_ _d\"></span>equipment with differing depreciation <span class=\"_ _d\"></span>methods or lives are <span class=\"_ _d\"></span>required to be <span class=\"_ _d\"></span>depreciated separately. A portion of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>initial <span class=\"_ _d\"></span>cost of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>net <span class=\"_ _28\"> </span>measurement <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>recognition <span class=\"_ _28\"> </span>adjustment <span class=\"_ _27\"> </span>which decreased Vessels and equipment and Retained earnings by $6.7 mi<span class=\"_ _1\"></span>llion as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>Vessels <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>equipment <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _28\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>Retained <span class=\"_ _27\"> </span>earnings <span class=\"_ _28\"> </span>by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.4.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$53.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$8.4 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.8 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$4.5 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \u201cCurrent portion of obligations under leases\u201d under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$48.5 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$4.2 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.5.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$7.9 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.5 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $12.4 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\"Trade <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>other <span class=\"_ _e\"></span>payables\" under IFRS.6.<span class=\"_ _38\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>financing <span class=\"_ _10\"></span>agreement <span class=\"_ _10\"></span>before <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>issued. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company presented <span class=\"_ _11\"></span>the <span class=\"_ _11\"> </span>non-current <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>refinanced <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>February <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>long-term <span class=\"_ _11\"> </span>debt <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>1, 2021. <span class=\"_ _11\"> </span>This <span class=\"_ _11\"> </span>accounting <span class=\"_ _f\"> </span>treatment <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>permitted <span class=\"_ _f\"> </span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>reclassification <span class=\"_ _11\"> </span>adjustment <span class=\"_ _11\"> </span>which increased <span class=\"_ _d\"></span>Short-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>portion <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>long-term <span class=\"_ _e\"></span>debt <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>decreased <span class=\"_ _d\"></span>Long-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of January 1, 2021.7.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $3.7 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.8.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$7.8 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.9.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.10.<span class=\"_ _39\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>113,073 Marketable securities<span class=\"_ _179\"> </span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,435 Trade and other receivables<span class=\"_ _10d\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>73,532 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>73,532 Trade accounts receivable, net<span class=\"_ _17a\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>63,423 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(63,423) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>11,676 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>11,676 Other receivables<span class=\"_ _161\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>10,109 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,109) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>80,787 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,787 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>38,492 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>38,492 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>8,899 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,899 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>3,851 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,851 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>332,745 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>332,745 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _cd\"> </span>130,633 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>130,633 Vessels and equipment<span class=\"_ _166\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,477,801 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,467,300 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>44,880 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(44,880) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,914 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,914) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,794 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>48,794 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Derivative instrument receivable<span class=\"_ _72\"> </span> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,675 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _15\"> </span>555 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>555 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>3,055 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,055 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _17b\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,286 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>198,665 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,601 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,601) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>1,122 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(1,122) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>8,723 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,723 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>36,250 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>36,250 Trade and other payables<span class=\"_ _11d\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,364 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,364 Trade accounts payable<span class=\"_ _b5\"> </span>4<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,327 <span class=\"_ _37\"> </span> <span class=\"_ _b9\"> </span>(2,327) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>4, 7<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,836 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,836) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable <span class=\"_ _17c\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,580 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,580) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>292,675 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>287,002 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _108\"> </span> <span class=\"_ _e8\"> </span>2,126,910 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,126,910 Obligations under finance leases<span class=\"_ _6b\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>40,865 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,865) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,114 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,114) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>3c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,979 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,979 Derivative instruments payable<span class=\"_ _170\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 Other non-current payables<span class=\"_ _174\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>992 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>992 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,464,556 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,464,556 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>203,531 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>203,531 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>448,291 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>448,291 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _17d\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>228 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>228 Retained (deficit) earnings<span class=\"_ _17e\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(3,130) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(13,631) Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,653,014 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(10,501) <span class=\"_ _40\"> </span> <span class=\"_ _e8\"> </span>1,642,513 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,652,542 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,642,041 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>IFRS adjustments of the Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 20211.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$63.4 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$10.1 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _d\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>next <span class=\"_ _e\"></span>scheduled <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking. <span class=\"_ _e\"></span>This <span class=\"_ _e\"></span>resulted <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>net <span class=\"_ _e\"></span>measurement and <span class=\"_\"> </span>recognition <span class=\"_\"> </span>adjustm<span class=\"_ _1\"></span>ent <span class=\"_\"> </span>which <span class=\"_\"> </span>decrease<span class=\"_ _1\"></span>d <span class=\"_\"> </span>Vessels <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_\"> </span>and <span class=\"_\"> </span>Retained <span class=\"_ _28\"> </span>earnings <span class=\"_\"> </span>by <span class=\"_\"> </span>$10.5 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component of Vessels and equipment which increased Vessels and equipment and Retained earnings by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>capitalized <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate <span class=\"_ _f\"> </span>component <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>equipment <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _27\"> </span>Vessels <span class=\"_ _f\"> </span>and equipment and Retained earnings by $11.4 million.d.<span class=\"_ _38\"> </span>depreciation <span class=\"_ _2d\"> </span>expense <span class=\"_ _36\"> </span>on <span class=\"_ _36\"> </span>capitalized <span class=\"_ _36\"> </span>dry <span class=\"_ _36\"> </span>docking <span class=\"_ _36\"> </span>costs <span class=\"_ _36\"> </span>and <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>write <span class=\"_ _36\"> </span>off <span class=\"_ _36\"> </span>of <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>carrying <span class=\"_ _36\"> </span>amount <span class=\"_ _36\"> </span>of unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>vessels sold <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>resulted in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>decrease <span class=\"_ _d\"></span>in Vessels and equipment and Retained earnings of $13.3 million and $1.8 m<span class=\"_ _1\"></span>illion, respectively.3.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$44.9 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.9 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.6 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$1.1 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \"Current portion of obligations under leases\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$40.9 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.1 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.4.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$2.3 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.8 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $7.6 <span class=\"_ _10\"></span>million, <span class=\"_ _11\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>separately <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>reclassified <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>\"Trade <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>other <span class=\"_ _11\"> </span>payables\" under IFRS.5.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $1.0 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.6.<span class=\"_ _38\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.7.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$9.4 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.8.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.Reconciliation of Consolidated Statement of Profit or Loss<span class=\"ff2\"> </span>for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _ed\"> </span><span class=\"ff1\">Note<span class=\"_ _20\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSOperating revenues and other incomeVoyage charter revenues<span class=\"_ _17f\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _5a\"> </span>663,995 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(663,995) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Time charter revenues<span class=\"_ _180\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _12f\"> </span>71,236 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(71,236) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Revenues <span class=\"_ _148\"> </span>1a, 1b<span class=\"_ _11b\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>749,381 Other income<span class=\"_ _10f\"> </span>1b, 1c, 2c<span class=\"_ _9d\"> </span> <span class=\"_ _d1\"> </span>14,150 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,090) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>4,060 Total operating revenues and other income<span class=\"_ _182\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>4,060 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>753,441 </span>Other operating gains <span class=\"_ _7\"> </span><span class=\"ff2\">1c<span class=\"_ _183\"> </span> <span class=\"_ _b9\"> </span>5,893 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(5,893) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 </span>Operating expensesVoyage expenses and commission<span class=\"_ _6c\"> </span> <span class=\"_ _4a\"> </span>392,697 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>392,697 Contingent rental income<span class=\"_ _184\"> </span> <span class=\"_ _20\"> </span>(3,606) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Ship operating expenses<span class=\"_ _82\"> </span>2a<span class=\"_ _1a\"> </span> <span class=\"_ _cf\"> </span>175,607 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>164,246 Charter hire expenses<span class=\"_ _a6\"> </span>3a<span class=\"_ _1a\"> </span> <span class=\"_ _b9\"> </span>2,695 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(2,695) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Administrative expenses <span class=\"_ _14b\"> </span>3b<span class=\"_ _183\"> </span> <span class=\"_ _d1\"> </span>27,891 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>26,424 Depreciation<span class=\"_ _13\"> </span>2b, 3<span class=\"_ _185\"> </span> <span class=\"_ _cf\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>17,431 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>165,205 Total operating expenses<span class=\"_ _166\"> </span><span class=\"ff2\"> <span class=\"_ _4a\"> </span>743,058 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,908 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>744,966 </span>Net operating income<span class=\"_ _12d\"> </span><span class=\"ff2\"> <span class=\"_ _d1\"> </span>12,216 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,741) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>8,475 </span>Other income (expenses)<span class=\"_ _f4\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Finance income<span class=\"_ _118\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _15\"> </span>121 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>121 Interest income<span class=\"_ _135\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _26\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _1d\"> </span>(119) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Finance expense<span class=\"_ _186\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _a0\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(44,244) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(44,244) Interest expense<span class=\"_ _ed\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _187\"> </span>(61,435) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>61,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Gain on marketable securities<span class=\"_ _47\"> </span> <span class=\"_ _b9\"> </span>7,677 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,677 Share of results of associated company<span class=\"_ _188\"> </span> <span class=\"_ _53\"> </span>(724) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(724) Foreign currency exchange loss<span class=\"_ _189\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _53\"> </span>(116) <span class=\"_ _40\"> </span> <span class=\"_ _f6\"> </span>116 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Gain on derivatives<span class=\"_ _10b\"> </span>5<span class=\"_ _3c\"> </span> <span class=\"_ _88\"> </span>17,509 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(17,509) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Dividends received<span class=\"_ _b5\"> </span>6<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,367 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>18,367 Other non-operating items, net<span class=\"_ _86\"> </span>6<span class=\"_ _18a\"> </span> <span class=\"_ _d1\"> </span>18,239 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(18,239) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Net other expenses<span class=\"_ _cc\"> </span><span class=\"ff2\"> <span class=\"_ _41\"> </span>(18,731) <span class=\"_ _2a\"> </span> <span class=\"_ _a0\"> </span>(72) <span class=\"_ _40\"> </span> <span class=\"_ _d1\"> </span>(18,803) </span>Loss before income taxes<span class=\"_ _18b\"> </span><span class=\"ff2\"> <span class=\"_ _20\"> </span>(6,515) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(10,328) </span>Income tax expense<span class=\"_ _18c\"> </span> <span class=\"_ _20\"> </span>(4,633) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(4,633) Loss for the period<span class=\"_ _f1\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Loss attributable to the shareholders of the Company<span class=\"_ _18d\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Basic loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _4e\"> </span>$(0.02)<span class=\"_ _18f\"> </span>$(0.08)</span>Diluted loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _18f\"> </span>$(0.02)<span class=\"_ _4e\"> </span>$(0.08)</span>IFRS adjustments to the Consolidated Statement of Profit or Loss for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>The presentation of operating revenues and other income was adjust<span class=\"_ _1\"></span>ed as follows:a.<span class=\"_ _6f\"> </span>\"Voyage <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>\"Time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _11\"> </span>GAAP <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>\"Revenue\" under IFRS.b.<span class=\"_ _38\"> </span>\"Administrative <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$14.2 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\"Other <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _d\"></span>to \"Revenue\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Other operating gains\" of $5.9 million under U.S. GAAP was reclassified to \"Other income\" under IFRS. 2.<span class=\"_ _38\"> </span><span class=\"ff2\">Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as </span>incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _27\"> </span>delivery <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>period <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>following measurement and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>decreased <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating expense by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other income.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _e\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>two <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>leased <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>third <span class=\"_ _e\"></span>party on time charters that were classified as leases<span class=\"ff3\">,</span> was re<span class=\"_ _1\"></span>classified to Depreciation under IFRS.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation under IFRS.4.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _f\"> </span>income\" <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _f\"> </span>separately <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>\"Finance income\" under IFRS.5.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _e\"></span>expense\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$61.4 <span class=\"_ _e\"></span>million, <span class=\"_ _10\"></span>\"Gain <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>derivatives\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$17.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>\"Foreign <span class=\"_ _e\"></span>currency <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>loss\" <span class=\"_ _10\"></span>of $0.1 million, which were presented separately under U.S. GAAP, were recla<span class=\"_ _1\"></span>ssified to \"Finance expense\" under IFRS.6.<span class=\"_ _38\"> </span>\"Other <span class=\"_ _10\"></span>non-operating <span class=\"_ _10\"></span>items, <span class=\"_ _10\"></span>net\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$18.4 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>reclassified <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>\"Dividends <span class=\"_ _10\"></span>received\" <span class=\"_ _10\"></span>under IFRS.Reconciliation of Consolidated Comprehensive Income for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _190\"> </span><span class=\"ff1\">Note<span class=\"_ _8a\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSProfit (loss)<span class=\"_ _138\"> </span>1<span class=\"_ _185\"> </span> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) Items that may be reclassified to profit or loss:Foreign currency translation gain (loss)<span class=\"_ _6b\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Other comprehensive income (loss)<span class=\"_ _74\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Comprehensive income (loss)<span class=\"_ _166\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) Comprehensive income (loss) attributable to the shareholders of the Company<span class=\"_ _191\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) IFRS adjustments to the Consolidated Comprehensive Income for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.Reconciliation of Consolidated Statement of Cash Flows for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _192\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSNet loss for the period<span class=\"_ _184\"> </span><span class=\"ff2\">1<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(11,148) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(14,961) </span>Adjustments to reconcile loss for the period with net cash provided by operations:Net finance expense<span class=\"_ _193\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>44,123 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,123 Depreciation<span class=\"_ _194\"> </span>2b, 3<span class=\"_ _f0\"> </span> <span class=\"_ _cd\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>17,431 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>165,205 Amortization of deferred charges<span class=\"_ _c0\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12\"> </span>5,208 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,208) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other operating gains<span class=\"_ _10f\"> </span>2c<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(5,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,833 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,225) Amortization of acquired time charters<span class=\"_ _69\"> </span> <span class=\"_ _ab\"> </span>(5,045) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,045) Contingent rental income<span class=\"_ _195\"> </span> <span class=\"_ _c4\"> </span>(3,606) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Gain on marketable securities<span class=\"_ _16f\"> </span> <span class=\"_ _c4\"> </span>(7,677) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,677) Share of results from associated company<span class=\"_ _116\"> </span> <span class=\"_ _15\"> </span>724 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>724 Gain on derivatives<span class=\"_ _118\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12f\"> </span>(23,262) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>23,262 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Stock option expense<span class=\"_ _df\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 Other, net<span class=\"_ _d5\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>430 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(430) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Changes in operating assets and liabilities:Trade accounts receivable<span class=\"_ _ed\"> </span> <span class=\"_ _12f\"> </span>(22,449) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,449) Other receivables<span class=\"_ _196\"> </span> <span class=\"_ _12\"> </span>7,216 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,216 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _12f\"> </span>(22,929) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,929) Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _c4\"> </span>(3,787) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,787) Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _ab\"> </span>(1,174) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(1,174) Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _b9\"> </span>(1,128) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,128) Trade accounts payable<span class=\"_ _120\"> </span> <span class=\"_ _c4\"> </span>(5,533) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,533) Accrued expenses<span class=\"_ _11f\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(1,911) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(1,574) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,485) Related party balances<span class=\"_ _148\"> </span> <span class=\"_ _ce\"> </span>18,968 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,968 Other current liabilities<span class=\"_ _144\"> </span> <span class=\"_ _15\"> </span>135 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>135 Change in restricted cash<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,928 Other<span class=\"_ _197\"> </span> <span class=\"_ _c4\"> </span>(2,816) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(2,816) Interest paid<span class=\"_ _119\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,477) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(60,477) Debt issuance costs paid<span class=\"_ _166\"> </span>7<span class=\"_ _1e\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(8,050) Interest received<span class=\"_ _d0\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>119 Net cash provided by operating activities<span class=\"_ _e2\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>62,932 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,329 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>85,261 </span>Investing activities<span class=\"_ _198\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Additions to newbuildings, vessels and equipment<span class=\"_ _e0\"> </span>2a<span class=\"_ _46\"> </span> <span class=\"_ _5a\"> </span>(462,400) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(473,761) Purchase of shares<span class=\"_ _10e\"> </span> <span class=\"_ _1d\"> </span>(357) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(357) Net proceeds from sale of vessel<span class=\"_ _122\"> </span> <span class=\"_ _ce\"> </span>80,000 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,000 Net cash inflow on sale of subsidiary<span class=\"_ _7b\"> </span> <span class=\"_ _12\"> </span>5,625 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,625 Proceeds from sale of marketable securities<span class=\"_ _199\"> </span> <span class=\"_ _b8\"> </span>14,074 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,074 Net cash used in investing activities<span class=\"_ _67\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>(363,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(374,419) </span>Financing activities<span class=\"_ _19a\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Net proceeds from issuance of shares<span class=\"_ _83\"> </span> <span class=\"_ _ce\"> </span>52,447 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,447 Proceeds from issuance of debt<span class=\"_ _f8\"> </span> <span class=\"_ _cd\"> </span>403,868 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>403,868 Repayment of debt<span class=\"_ _19b\"> </span> <span class=\"_ _5a\"> </span>(219,521) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(219,521) Repayment of obligations under leases<span class=\"_ _19c\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(5,194) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(4,090) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(9,284) Debt fees paid <span class=\"_ _132\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _ab\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>8,050 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Net cash provided by financing activities<span class=\"_ _189\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>223,550 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,960 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>227,510 </span>Net change in cash and cash equivalents<span class=\"_ _19d\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(76,576) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(61,648) </span>Cash and cash equivalents at beginning of year<span class=\"_ _19e\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,649 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(14,928) <span class=\"_ _40\"> </span> <span class=\"_ _cd\"> </span>174,721 </span>Cash and cash equivalents at end of year<span class=\"_ _116\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>113,073 </span>IFRS adjustments to the Consolidated Statement of Cash Flows for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. Accordingly, the ca<span class=\"_ _1\"></span>rrying amount of unamortized dry docking costs at December 31, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _e\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the next scheduled dry docking (2.5 - 5). This resulted in the following measureme<span class=\"_ _1\"></span>nt and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs paid <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>capitalized <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>separate component <span class=\"_ _d\"></span>of Vessels and equipment which increased Additions to newbuildings, vesse<span class=\"_ _1\"></span>ls and equipment by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other operating gains.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>leased-in <span class=\"_ _e\"></span>vessels, <span class=\"_ _e\"></span><span class=\"ff3\">FPMC <span class=\"_ _e\"></span>Noble <span class=\"_ _e\"></span></span>and FPMC <span class=\"_ _10\"></span>Melody,<span class=\"ff2\"> <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>Depreciation <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>corresponding <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>in </span>Repayment of obligations under leases.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>IFRS <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>corresponding <span class=\"_ _28\"> </span>increase <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>Repayment <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _28\"> </span>under leases.4.<span class=\"_ _38\"> </span>\"Other, net\" of $0.2 million under U.S. GAAP was reclassified to \"Stock option expense<span class=\"_ _1\"></span>\" under IFRS.5.<span class=\"_ _38\"> </span>The \"Change in restricted cash\" of $14.9 million was presented wit<span class=\"_ _1\"></span>hin operating activities under IFRS.6.<span class=\"_ _38\"> </span>The presentation of net finance expenses was adjusted as follows:a.<span class=\"_ _6f\"> </span>\"Amortization <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>deferred <span class=\"_ _2d\"> </span>charges\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$5.2 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>\"Gain <span class=\"_ _29\"> </span>on <span class=\"_ _2d\"> </span>derivatives\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$23.3 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>were reclassified to \"Net finance expense\". b.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _27\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$60.5 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Interest <span class=\"_ _27\"> </span>received\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>separately, <span class=\"_ _27\"> </span>which resulted in an adjustment to accrued expenses of $1.6 million.7.<span class=\"_ _38\"> </span>\"Debt <span class=\"_ _27\"> </span>fees <span class=\"_ _28\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$8.1 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>within <span class=\"_ _28\"> </span>financing <span class=\"_ _27\"> </span>activities <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _28\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>\"Debt issuance costs paid\" within operating activities under IFRS.4.<span class=\"_ _e8\"> </span>SEGMENT INFORMATIONThe <span class=\"_ _d\"></span>Company and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>chief <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>decision <span class=\"_ _d\"></span>maker, or <span class=\"_ _d\"></span>CODM, <span class=\"_ _d\"></span>measure <span class=\"_ _d\"></span>performance <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the Company's <span class=\"_ _d\"></span>overall <span class=\"_ _d\"></span>return to <span class=\"_ _d\"></span>shareholders based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>consolidated <span class=\"_ _d\"></span>profit <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>loss. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>CODM <span class=\"_ _d\"></span>does <span class=\"_ _d\"></span>not review <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>measure <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>result <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>a lower <span class=\"_ _d\"></span>level than <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>consolidated <span class=\"_ _28\"> </span>group. <span class=\"_ _27\"> </span>Consequently, <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Company <span class=\"_ _27\"> </span>has <span class=\"_ _28\"> </span>only <span class=\"_ _28\"> </span>one <span class=\"_ _27\"> </span>reportable <span class=\"_ _28\"> </span>segment: <span class=\"_ _27\"> </span>tankers. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>tankers <span class=\"_ _27\"> </span>segment includes crude oil tankers and product tankers.The Group's internal organizational and management struct<span class=\"_ _1\"></span>ure does not distinguish any geographical segments.No <span class=\"_ _f\"> </span>customers <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>years <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>individually <span class=\"_ _f\"> </span>accounted <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>10% <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>more <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company's consolidated operating revenues.5.<span class=\"_ _e8\"> </span>REVENUE AND OTHER INCOMEThe accounting treatment of revenue is described in acc<span class=\"_ _1\"></span>ounting policies (Note 2).The lease and non-lease components of our revenues in the year ended De<span class=\"_ _1\"></span>cember 31, 2022 were as follows:(in thousands of $)Lease<span class=\"_ _19f\"> </span>Non-lease<span class=\"_ _b9\"> </span>TotalVoyage charter revenues <span class=\"_ _19f\"> </span>601,057 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>744,907 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _3f\"> </span>1,345,964 </span>Time charter revenues <span class=\"_ _11b\"> </span>45,515 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>26,276 <span class=\"_ _40\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>71,791 </span>Administrative income<span class=\"_ _1a0\"> </span> <span class=\"_ _1c\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>12,453 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>12,453 </span>Total revenues <span class=\"_ _19f\"> </span>646,572 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>783,636 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _3f\"> </span>1,430,208 </span>The lease and non-lease components of our revenues in the year ended De<span class=\"_ _1\"></span>cember 31, 2021 were as follows:(in thousands of $)Lease<span class=\"_ _19f\"> </span>Non-lease<span class=\"_ _b9\"> </span>TotalVoyage charter revenues <span class=\"_ _19f\"> </span>166,014 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>497,981 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _19f\"> </span>663,995 </span>Time charter revenues <span class=\"_ _11b\"> </span>49,785 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>21,451 <span class=\"_ _40\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>71,236 </span>Administrative income<span class=\"_ _1a0\"> </span> <span class=\"_ _1c\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>14,150 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>14,150 </span>Total revenues <span class=\"_ _19f\"> </span>215,799 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>533,582 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _19f\"> </span>749,381 </span>Certain voyage expenses are capitalized between the previous <span class=\"_ _d\"></span>discharge port, or contract date if later, and <span class=\"_ _d\"></span>the next load port and amortized between load port and discharge port. $5.3 million of contract assets were capita<span class=\"_ _1\"></span>lized in the year ended December 31, 2022 <span class=\"_ _e\"></span>(2021: <span class=\"_ _e\"></span>$5.2 <span class=\"_ _e\"></span>million) <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>Other <span class=\"_ _e\"></span>current <span class=\"_ _e\"></span>assets, <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>$2.5 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>amortized <span class=\"_ _e\"></span>up <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>(2021: <span class=\"_ _e\"></span>$2.6 million), <span class=\"_ _e\"></span>leaving <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>remaining <span class=\"_ _e\"></span>balance <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$2.9 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>(2021: <span class=\"_ _10\"></span>$2.6 <span class=\"_ _10\"></span>million) <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022. <span class=\"_ _10\"></span>$2.6 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>contract assets were amortized in the <span class=\"_ _d\"></span>year ended December 31, 2022 <span class=\"_ _d\"></span>in relation to voyages <span class=\"_ _d\"></span>in progress at the end <span class=\"_ _d\"></span>of December 31, 2021. No impairment losses were recognized in the period.Administrative income <span class=\"_ _d\"></span>primarily <span class=\"_ _d\"></span>comprises the <span class=\"_ _d\"></span>income <span class=\"_ _d\"></span>earned from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>technical and <span class=\"_ _d\"></span>commercial <span class=\"_ _d\"></span>management of <span class=\"_ _d\"></span>related party and third party vessels and newbuilding supervision fees derived from relat<span class=\"_ _1\"></span>ed parties. As <span class=\"_ _11\"> </span>at <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2022, <span class=\"_ _f\"> </span>2021 <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _f\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>reported <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>following <span class=\"_ _11\"> </span>contract <span class=\"_ _f\"> </span>assets <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>its contracts with customers:(in thousands of $)December 31, December 31, January 1, 202220212021Voyages in progress <span class=\"_ _17\"> </span>60,620 <span class=\"_ _40\"> </span><span class=\"ff2\"> <span class=\"_ _ab\"> </span>27,467 <span class=\"_ _40\"> </span> <span class=\"_ _15e\"> </span>23,559 </span>Trade accounts receivable <span class=\"_ _17\"> </span>67,397 <span class=\"_ _40\"> </span><span class=\"ff2\"> <span class=\"_ _ab\"> </span>45,258 <span class=\"_ _40\"> </span> <span class=\"_ _15e\"> </span>27,814 </span>Related party receivables <span class=\"_ _1a1\"> </span>9,913 <span class=\"_ _3f\"> </span><span class=\"ff2\"> <span class=\"_ _bb\"> </span>5,397 <span class=\"_ _3f\"> </span> <span class=\"_ _9c\"> </span>7,195 </span>Other current assets <span class=\"_ _1a1\"> </span>2,896 <span class=\"_ _3f\"> </span><span class=\"ff2\"> <span class=\"_ _bb\"> </span>2,748 <span class=\"_ _3f\"> </span> <span class=\"_ _9c\"> </span>1,853 </span>Total <span class=\"_ _18a\"> </span>140,826 <span class=\"_ _40\"> </span><span class=\"ff2\"> <span class=\"_ _ab\"> </span>80,870 <span class=\"_ _40\"> </span> <span class=\"_ _15e\"> </span>60,421 </span>Other income in the years ended December 31, 2022 and 2021 were as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Gain on settlement of claims<span class=\"_ _1a3\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,998 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Other gains<span class=\"_ _1a4\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>18 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>519 Gain on sale of vessels<span class=\"_ _1a5\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>4,596 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,226 Loss on termination of leased vessels<span class=\"_ _1a6\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(431) <span class=\"_ _2a\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Gain (loss) on pool arrangements<span class=\"_ _1a7\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(141) <span class=\"_ _2a\"> </span></span> <span class=\"_ _15\"> </span>315  Total<span class=\"_ _1a8\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>8,040 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>4,060 In the year ended December 31, <span class=\"_ _d\"></span>2022, the Company recorded other gains <span class=\"_ _d\"></span>of $0.02 million (2021: $0.5 million) in <span class=\"_ _d\"></span>relation to the settlement of miscellaneous claims.In <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>recorded <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>arbitration <span class=\"_ _d\"></span>award <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>$2.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>failed <span class=\"_ _d\"></span>sale of <span class=\"ff3\">Dewi Maeswara</span> and $1.5 million gain on the settlement of insuranc<span class=\"_ _1\"></span>e claims for <span class=\"ff3\">Front Altair</span>.In November <span class=\"_ _d\"></span>2021, the <span class=\"_ _d\"></span>Company announced <span class=\"_ _d\"></span>that it <span class=\"_ _d\"></span>had entered <span class=\"_ _d\"></span>into an <span class=\"_ _d\"></span>agreement to <span class=\"_ _d\"></span>sell four <span class=\"_ _d\"></span>of its <span class=\"_ _d\"></span>scrubber fitted <span class=\"_ _d\"></span>LR2 tankers for an aggregate sales price <span class=\"_ _d\"></span>of $160.0 million to SFL <span class=\"_ _d\"></span>Tanker Holding Ltd., a company related <span class=\"_ _d\"></span>to Hemen, its largest shareholder. Two <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>delivered <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>new <span class=\"_ _11\"> </span>owners <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>2021 <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>remaining <span class=\"_ _10\"></span>two <span class=\"_ _11\"> </span>vessels <span class=\"_ _10\"></span>were <span class=\"_ _11\"> </span>delivered <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>new owners <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>January <span class=\"_ _f\"> </span>2022. <span class=\"_ _11\"> </span>After <span class=\"_ _f\"> </span>repayment <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>debt <span class=\"_ _f\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>transaction <span class=\"_ _f\"> </span>generated <span class=\"_ _11\"> </span>total <span class=\"_ _11\"> </span>net <span class=\"_ _11\"> </span>cash <span class=\"_ _f\"> </span>proceeds <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$68.6 million, with <span class=\"_ _d\"></span>net <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>proceeds of <span class=\"_ _d\"></span>$35.1 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company recorded <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>gain on sale <span class=\"_ _d\"></span>in relation <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>first two <span class=\"_ _d\"></span>vessels of <span class=\"_ _d\"></span>$3.2 million in <span class=\"_ _d\"></span>the year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>and a <span class=\"_ _d\"></span>gain of <span class=\"_ _d\"></span>$4.6 million <span class=\"_ _d\"></span>in the year ended December 31, 2022.In <span class=\"_ _10\"></span>April <span class=\"_ _10\"></span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>announced <span class=\"_ _10\"></span>that <span class=\"_ _11\"> </span>its <span class=\"_ _10\"></span>subsidiary <span class=\"_ _10\"></span>Frontline <span class=\"_ _11\"> </span>Shipping <span class=\"_ _10\"></span>Limited <span class=\"_ _10\"></span>had <span class=\"_ _10\"></span>agreed <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>SFL <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>terminate <span class=\"_ _10\"></span>the long-term <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>2004-built <span class=\"_ _d\"></span>VLCCs, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Force</span> <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Energy</span>, <span class=\"_ _d\"></span>upon <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>sale <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>SFL to <span class=\"_ _11\"> </span>an <span class=\"_ _11\"> </span>unrelated <span class=\"_ _11\"> </span>third <span class=\"_ _11\"> </span>party. <span class=\"_ _f\"> </span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>recognized <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>non-cash <span class=\"_ _f\"> </span>reduction <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>obligations <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$46.6 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year ended <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>respect <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>these <span class=\"_ _10\"></span>vessels. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>agreed <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>total <span class=\"_ _10\"></span>compensation <span class=\"_ _10\"></span>payment <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>SFL <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$4.5 million <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the termination <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>charters. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>terminated and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>delivered <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>new <span class=\"_ _d\"></span>owners <span class=\"_ _d\"></span>in April 2022. The Company recorded a loss on termination of $0.4 million in t<span class=\"_ _1\"></span>he year ended December 31, 2022.In <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _f\"> </span>recorded <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _f\"> </span>million <span class=\"_ _27\"> </span>loss <span class=\"_ _27\"> </span>(2021: <span class=\"_ _f\"> </span>$0.3 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>gain) <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>the pooling <span class=\"_\"> </span>arrangement <span class=\"_ _28\"> </span>with <span class=\"_\"> </span>SFL <span class=\"_\"> </span>betwe<span class=\"_ _1\"></span>en <span class=\"_\"> </span>two <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>its <span class=\"_\"> </span>Suezmax <span class=\"_ _28\"> </span>tankers <span class=\"_\"> </span><span class=\"ff3\">Front <span class=\"_\"> </span>Odin</span> <span class=\"_ _28\"> </span>and <span class=\"_\"> </span><span class=\"ff3\">Front <span class=\"_ _28\"> </span>Njord</span> <span class=\"_\"> </span>and <span class=\"_\"> </span>two <span class=\"_ _28\"> </span>SFL <span class=\"_\"> </span>vessels Glorycrown<span class=\"ff2\"> and </span>Everbright<span class=\"ff2\">.</span>6.<span class=\"_ _e8\"> </span>OPERATING EXPENSESVoyage expenses and commissions(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Commissions<span class=\"_ _154\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>46,029 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>22,239 Bunkers<span class=\"_ _96\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>416,830 <span class=\"_ _a7\"> </span></span> <span class=\"_ _af\"> </span>237,166 Other voyage related expenses<span class=\"_ _1a9\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>142,685 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>133,292  <span class=\"_ _1aa\"> </span> <span class=\"_ _cd\"> </span>605,544 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>392,697 </span>For <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>operated <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>spot <span class=\"_ _d\"></span>market, <span class=\"_ _d\"></span>voyage <span class=\"_ _d\"></span>expenses are <span class=\"_ _d\"></span>paid <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>shipowner <span class=\"_ _d\"></span>while <span class=\"_ _d\"></span>voyage <span class=\"_ _d\"></span>expenses <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>a time charter contract, are paid by the charterer. No i<span class=\"_ _1\"></span>nventory write-downs were recognized as an expense in the period.The majority of <span class=\"_ _d\"></span>other voyage <span class=\"_ _d\"></span>expenses are <span class=\"_ _d\"></span>port costs, agency <span class=\"_ _d\"></span>fees and <span class=\"_ _d\"></span>agent fees paid <span class=\"_ _d\"></span>to operate <span class=\"_ _d\"></span>the vessels on <span class=\"_ _d\"></span>the spot <span class=\"_ _d\"></span>market. Port costs vary depending on the number of spot voyages performed, number and type of ports. Ship operating expenses(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Technical management expenses<span class=\"_ _9b\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>66,238 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>56,007 Crew costs<span class=\"_ _1ab\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>96,283 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>96,915 Insurances<span class=\"_ _1ac\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,643 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>11,324  <span class=\"_ _1aa\"> </span> <span class=\"_ _cd\"> </span>175,164 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>164,246 </span>Ship operating expenses are the direct costs associated with running a vessel and include crew costs, vessel supplies, repairs and maintenance, <span class=\"_\"> </span>lubricating <span class=\"_\"> </span>oils <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>insurances. <span class=\"_\"> </span>The <span class=\"_ _29\"> </span>technical <span class=\"_\"> </span>management <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>our <span class=\"_\"> </span>vessels <span class=\"_\"> </span>is <span class=\"_ _29\"> </span>provided <span class=\"_\"> </span>by <span class=\"_ _29\"> </span>third <span class=\"_\"> </span>party <span class=\"_\"> </span>ship management companies.Administrative expenses(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Total compensation to employees and directors<span class=\"_ _1ad\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>22,442 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>13,325 Office and administrative expenses<span class=\"_ _1ae\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,105 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>10,544 Audit, legal and consultancy<span class=\"_ _15a\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,827 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>2,555  <span class=\"_ _b8\"> </span>47,374 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>26,424 </span>The <span class=\"_ _e\"></span>statutory <span class=\"_ _10\"></span>auditor <span class=\"_ _10\"></span>charged <span class=\"_ _e\"></span>fees <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$0.1 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>respective <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>audit <span class=\"_ _e\"></span>services <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>audit <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>statements. <span class=\"_ _10\"></span>No other fees were charged by the statutory auditor.Total compensation to employees and directors:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Directors fees<span class=\"_ _1af\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>465 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>329 Wages and salaries<span class=\"_ _1b0\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>15,247 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>9,504 Stock option expense<span class=\"_ _1b1\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>4,700 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>153 Social security costs<span class=\"_ _18e\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,130 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>1,751 Pension costs<span class=\"_ _1b2\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>772 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,401 Other staff related costs<span class=\"_ _1b3\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>128 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>187  <span class=\"_ _b8\"> </span>22,442 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>13,325 </span>The average <span class=\"_ _d\"></span>number of employees <span class=\"_ _d\"></span>employed by <span class=\"_ _d\"></span>the Company and <span class=\"_ _d\"></span>its subsidiaries <span class=\"_ _d\"></span>in the year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, 2022 was <span class=\"_ _d\"></span>79 (2021: 82).7.<span class=\"_ _e8\"> </span>NET FINANCE EXPENSE(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Interest income<span class=\"_ _1b4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,463 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>119 Foreign exchange gains<span class=\"_ _f9\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>16 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Other financial income<span class=\"_ _11a\"> </span><span class=\"ff1\"> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _37\"> </span></span> <span class=\"_ _101\"> </span>2 Finance income<span class=\"_ _1b5\"> </span> <span class=\"_ _12\"> </span>1,479 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _15\"> </span>121 </span>Interest expense on financial liabilities measure<span class=\"_ _1\"></span>d at amortized cost<span class=\"_ _1b6\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>92,222 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>52,328 Interest leasing<span class=\"_ _1b7\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>937 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,968 Gain on interest rate swaps<span class=\"_ _f7\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(53,623) <span class=\"_ _40\"> </span></span> <span class=\"_ _d1\"> </span>(17,509) Foreign exchange losses<span class=\"_ _197\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>116 Amortization of debt issuance costs<span class=\"_ _a1\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,553 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>5,210 Other financial expenses<span class=\"_ _1b8\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>241 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>131 Finance expense<span class=\"_ _133\"> </span> <span class=\"_ _ce\"> </span>45,330 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>44,244 </span>Net finance expense<span class=\"_ _1b9\"> </span> <span class=\"_ _12f\"> </span>(43,851) <span class=\"_ _2a\"> </span><span class=\"ff2\"> <span class=\"_ _12f\"> </span>(44,123) </span>8.<span class=\"_ _e8\"> </span>INCOME TAXESCertain <span class=\"_ _d\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>subsidiaries <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>tax <span class=\"_ _10\"></span>resident <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>Cyprus, <span class=\"_ _10\"></span>Singapore, <span class=\"_ _d\"></span>China, <span class=\"_ _e\"></span>Norway <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>United <span class=\"_ _e\"></span>Kingdom <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>are subject <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>income <span class=\"_ _e\"></span>tax <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>their <span class=\"_ _e\"></span>respective <span class=\"_ _e\"></span>jurisdictions. <span class=\"_ _d\"></span>Such <span class=\"_ _e\"></span>taxes <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>material <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>consolidated <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _e\"></span>and related disclosures for the year ended December 31, 2022.CyprusUnder <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>provisions <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>Cyprus <span class=\"_ _d\"></span>tax <span class=\"_ _e\"></span>laws, <span class=\"_ _e\"></span>such <span class=\"_ _e\"></span>income <span class=\"_ _d\"></span>shall <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>included <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>estimation <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>taxable <span class=\"_ _d\"></span>income <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>taxed <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the rate of 12.5%.Frontline <span class=\"_ _11\"> </span>intends <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>apply <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>treatment <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Cypriot <span class=\"_ _f\"> </span>tonnage <span class=\"_ _f\"> </span>tax <span class=\"_ _f\"> </span>system. <span class=\"_ _f\"> </span>In <span class=\"_ _f\"> </span>line <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>tonnage <span class=\"_ _f\"> </span>tax <span class=\"_ _f\"> </span>legislation, <span class=\"_ _f\"> </span>the Company <span class=\"_ _f\"> </span>will <span class=\"_ _f\"> </span>pay <span class=\"_ _f\"> </span>tax <span class=\"_ _27\"> </span>calculated <span class=\"_ _11\"> </span>on <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>basis <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>net <span class=\"_ _f\"> </span>tonnage <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>qualifying <span class=\"_ _f\"> </span>vessels <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>owns, <span class=\"_ _f\"> </span>charters <span class=\"_ _f\"> </span>or manages. <span class=\"_ _f\"> </span>The <span class=\"_ _27\"> </span>option <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>tonnage <span class=\"_ _f\"> </span>tax <span class=\"_ _27\"> </span>should <span class=\"_ _27\"> </span>be <span class=\"_ _27\"> </span>valid <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>ten <span class=\"_ _27\"> </span>years. <span class=\"_ _27\"> </span>Tonnage <span class=\"_ _f\"> </span>tax <span class=\"_ _27\"> </span>payable <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>our <span class=\"_ _27\"> </span>vessel <span class=\"_ _f\"> </span>owning subsidiaries are recorded as ship operating expenses in the Consolida<span class=\"_ _1\"></span>ted Statements of Profit or Loss.United StatesFor <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>did <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>accrue <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>income <span class=\"_ _10\"></span>taxes <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>engaged <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>a U.S. trade or business and is exempted from a gross basis tax under Section 883 of the U.S. Int<span class=\"_ _1\"></span>ernal Revenue Code.Under <span class=\"_ _27\"> </span>Section <span class=\"_ _27\"> </span>863(c)(2)(A) <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Internal <span class=\"_ _27\"> </span>Revenue <span class=\"_ _27\"> </span>Code, <span class=\"_ _27\"> </span>50% <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>all <span class=\"_ _27\"> </span>transportation <span class=\"_ _27\"> </span>revenue <span class=\"_ _27\"> </span>attributable <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>transportation which <span class=\"_ _f\"> </span>begins <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>ends <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>United <span class=\"_ _f\"> </span>States <span class=\"_ _f\"> </span>shall <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>treated <span class=\"_ _f\"> </span>as <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>sources <span class=\"_ _11\"> </span>within <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>United <span class=\"_ _11\"> </span>States <span class=\"_ _f\"> </span>where <span class=\"_ _27\"> </span>no <span class=\"_ _f\"> </span>Section <span class=\"_ _f\"> </span>883 exemption <span class=\"_\"> </span>is <span class=\"_ _28\"> </span>available. <span class=\"_\"> </span>Such <span class=\"_\"> </span>revenue <span class=\"_ _28\"> </span>is <span class=\"_\"> </span>subject <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>4% <span class=\"_\"> </span>tax. <span class=\"_\"> </span>No <span class=\"_ _28\"> </span>revenue <span class=\"_\"> </span>tax <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_\"> </span>recorded <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>voyage <span class=\"_\"> </span>expenses <span class=\"_ _28\"> </span>and commissions in the year ended December 31, 2022 (2021: nil). Other JurisdictionsIn <span class=\"_\"> </span>the <span class=\"_\"> </span>year <span class=\"_ _28\"> </span>ended <span class=\"_\"> </span>December <span class=\"_\"> </span>31, <span class=\"_ _28\"> </span>2021, <span class=\"_\"> </span>the <span class=\"_\"> </span>Company <span class=\"_ _28\"> </span>received <span class=\"_\"> </span>a <span class=\"_\"> </span>distributi<span class=\"_ _1\"></span>on <span class=\"_\"> </span>from <span class=\"_\"> </span>Den <span class=\"_ _28\"> </span>Norske <span class=\"_\"> </span>Krigsforsikring <span class=\"_\"> </span>for <span class=\"_ _28\"> </span>Skib (\u201cDNK\u201d), <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Norwegian <span class=\"_ _27\"> </span>Shipowners <span class=\"_ _27\"> </span>Mutual <span class=\"_ _27\"> </span>War <span class=\"_ _f\"> </span>Risk <span class=\"_ _27\"> </span>Insurance <span class=\"_ _27\"> </span>Association, <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$17.9 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>which <span class=\"_ _f\"> </span>was subject <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>withholding <span class=\"_ _e\"></span>tax <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>$4.5 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>recognized <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>income <span class=\"_ _e\"></span>tax <span class=\"_ _d\"></span>expense <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December 31, 2021.The Company does not have any unrecognized tax benefits, materi<span class=\"_ _1\"></span>al accrued interest or penalties relating to incom<span class=\"_ _1\"></span>e taxes.9.<span class=\"_ _e8\"> </span>EARNINGS PER SHAREBasic earnings <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>is computed <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on the <span class=\"_ _d\"></span>income <span class=\"_ _d\"></span>available to <span class=\"_ _d\"></span>ordinary <span class=\"_ _d\"></span>shareholders and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>weighted average <span class=\"_ _d\"></span>number of <span class=\"_ _29\"> </span>shares <span class=\"_\"> </span>outstanding. <span class=\"_ _29\"> </span>Diluted <span class=\"_ _29\"> </span>earnings <span class=\"_\"> </span>per <span class=\"_ _29\"> </span>share <span class=\"_ _29\"> </span>includes <span class=\"_ _29\"> </span>the <span class=\"_\"> </span>effect <span class=\"_ _29\"> </span>of <span class=\"_ _29\"> </span>the <span class=\"_\"> </span>assumed <span class=\"_ _29\"> </span>conversion <span class=\"_ _29\"> </span>of <span class=\"_ _29\"> </span>potentially <span class=\"_\"> </span>dilutive instruments. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>impact <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>stock <span class=\"_ _10\"></span>options <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>treasury <span class=\"_ _10\"></span>stock <span class=\"_ _e\"></span>method <span class=\"_ _10\"></span>was <span class=\"_ _e\"></span>anti-dilutive <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>2021 <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>recorded net <span class=\"_ _e\"></span>losses <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>exercise <span class=\"_ _e\"></span>price <span class=\"_ _10\"></span>was <span class=\"_ _d\"></span>higher <span class=\"_ _10\"></span>than <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>average <span class=\"_ _10\"></span>share <span class=\"_ _d\"></span>price; <span class=\"_ _e\"></span>therefore <span class=\"_ _e\"></span>58,000 <span class=\"_ _10\"></span>options <span class=\"_ _d\"></span>were <span class=\"_ _10\"></span>excluded from the calculation in 2021.The <span class=\"_ _d\"></span>weighted <span class=\"_ _e\"></span>average <span class=\"_ _d\"></span>number <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>outstanding <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>purpose <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>calculating <span class=\"_ _d\"></span>basic <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>diluted <span class=\"_ _e\"></span>earnings <span class=\"_ _d\"></span>per <span class=\"_ _e\"></span>share <span class=\"_ _e\"></span>for <span class=\"_ _d\"></span>the year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>214,011,000, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>includes <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>impact <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>19,091,910 <span class=\"_ _d\"></span>shares <span class=\"_ _10\"></span>issued <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>Hemen <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>no cash consideration in connection with the Euronav NV (\"Euronav\") share ac<span class=\"_ _1\"></span>quisition.The components of the numerator and the denominator in the cal<span class=\"_ _1\"></span>culation of basic and diluted earnings per share are as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Profit (loss) attributable to the shareholders of the Company <span class=\"_ _cd\"> </span>475,537 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _d1\"> </span>(14,961) </span>(in thousands)Weighted average number of basic and diluted shares <span class=\"_ _cd\"> </span>214,011 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>198,965 </span>Cash dividends per share declared<span class=\"_ _1ba\"> </span><span class=\"ff1\">$0.15<span class=\"_ _d6\"> </span></span>$0.0010.<span class=\"_ _95\"> </span>MARKETABLE SECURITIESMarketable <span class=\"_ _10\"></span>securities <span class=\"_ _11\"> </span>held <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>listed <span class=\"_ _11\"> </span>equity <span class=\"_ _11\"> </span>securities. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _11\"> </span>2022 <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company received dividends of $1.6 million (2021: $0.5 million) from its investm<span class=\"_ _1\"></span>ents in marketable securities.A <span class=\"_ _10\"></span>summary <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>movements <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>marketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>years <span class=\"_ _10\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>2021 <span class=\"_ _10\"></span>is <span class=\"_ _11\"> </span>presented <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the table below:(in thousands of $)<span class=\"_ _ca\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Balance at the beginning of the year<span class=\"_ _119\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>8,475 Marketable securities acquired<span class=\"_ _0\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>167,709 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>357 Proceeds from sale of marketable securities<span class=\"_ _192\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12f\"> </span>(14,074) Gain on sale of marketable securities<span class=\"_ _137\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>7,881 Unrealized gain (loss) on marketable securities held at<span class=\"_ _1\"></span> end of the year<span class=\"_ _1bb\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>66,137 <span class=\"_ _a7\"> </span></span> <span class=\"_ _1d\"> </span>(204) Balance at the end of the year<span class=\"_ _139\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>236,281 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,435 Avance GasAs <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>2021, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>held <span class=\"_ _d\"></span>442,384 <span class=\"_ _e\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Avance <span class=\"_ _e\"></span>Gas. <span class=\"_ _e\"></span>In <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, the Company <span class=\"_ _d\"></span>recognized an <span class=\"_ _d\"></span>unrealized gain <span class=\"_ _d\"></span>of $0.9 <span class=\"_ _d\"></span>million (2021: <span class=\"_ _d\"></span>loss of <span class=\"_ _d\"></span>$0.4 <span class=\"_ _d\"></span>million) in <span class=\"_ _d\"></span>relation to <span class=\"_ _d\"></span>the shares <span class=\"_ _d\"></span>held in <span class=\"_ _d\"></span>Avance Gas.SFLAs <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _f\"> </span>held <span class=\"_ _f\"> </span>73,165 <span class=\"_ _27\"> </span>shares <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>SFL. <span class=\"_ _27\"> </span>In <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2022, <span class=\"_ _f\"> </span>the Company recognized an unrealized gain of $0.1 million (2021: gain of <span class=\"_ _1\"></span>$0.1 million) in relation to the shares held in SFL.Golden OceanAs of December 31, 2022 and 2021, the Company held 10,299 (2020: 1,270,657) shares in Golden Ocean.In <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>purchased <span class=\"_ _11\"> </span>55,959 <span class=\"_ _10\"></span>Golden <span class=\"_ _10\"></span>Ocean <span class=\"_ _11\"> </span>shares <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>$0.4 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>sold <span class=\"_ _11\"> </span>these shares for proceeds of $0.7 million.In the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, the <span class=\"_ _d\"></span>Company sold <span class=\"_ _d\"></span>1.3 <span class=\"_ _d\"></span>million shares <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>Golden Ocean <span class=\"_ _d\"></span>for proceeds <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$13.4 million <span class=\"_ _d\"></span>and recognized a gain on marketable securities sold of $7.9 mil<span class=\"_ _1\"></span>lion.In the <span class=\"_ _d\"></span>year ended December <span class=\"_ _d\"></span>31, 2022, the <span class=\"_ _d\"></span>Company recognized an <span class=\"_ _d\"></span>unrealized loss of <span class=\"_ _d\"></span>$0.01 million (2021: <span class=\"_ _d\"></span>gain of <span class=\"_ _d\"></span>$0.1 million) in relation to the shares still held in Golden Ocean.EuronavOn <span class=\"_ _e\"></span>May <span class=\"_ _10\"></span>28, <span class=\"_ _10\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>announced <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>it <span class=\"_ _e\"></span>agreed <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>acquire <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>privately <span class=\"_ _e\"></span>negotiated <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>transactions <span class=\"_ _10\"></span>with certain <span class=\"_ _28\"> </span>shareholders <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Euronav <span class=\"_\"> </span>a <span class=\"_ _27\"> </span>total <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>5,955,705 <span class=\"_\"> </span>shares <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>Euronav, <span class=\"_ _28\"> </span>representing <span class=\"_ _28\"> </span>2.95% <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>shares <span class=\"_ _27\"> </span>in Euronav as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>this date, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>exchange for <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>total of <span class=\"_ _d\"></span>8,337,986 <span class=\"_ _d\"></span>ordinary shares <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Frontline. Frontline <span class=\"_ _d\"></span>received the <span class=\"_ _d\"></span>$0.06 <span class=\"_ _d\"></span>dividend per share that was paid on June 8, 2022 by Euronav in respect of these 5,955,705 shares. On <span class=\"_ _29\"> </span>June <span class=\"_ _29\"> </span>10, <span class=\"_ _29\"> </span>2022, <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_ _29\"> </span>announced <span class=\"_ _29\"> </span>that <span class=\"_ _29\"> </span>it <span class=\"_ _29\"> </span>agreed <span class=\"_ _29\"> </span>to <span class=\"_ _29\"> </span>acquire <span class=\"_ _29\"> </span>in <span class=\"_ _29\"> </span>privately <span class=\"_ _29\"> </span>negotiated <span class=\"_ _29\"> </span>transactions <span class=\"_ _29\"> </span>with <span class=\"_ _29\"> </span>certain shareholders <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Euronav <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>total <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>7,708,908 <span class=\"_ _d\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Euronav, <span class=\"_ _d\"></span>representing <span class=\"_ _d\"></span>3.82% <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>outstanding <span class=\"_ _d\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Euronav <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of this date, in exchange for a total of 10,753,924 shares in Frontline. In connection with the above-referenced privately negotiated share exchange transactions, Frontline entered <span class=\"_ _d\"></span>into a share lending arrangement <span class=\"_ _27\"> </span>with <span class=\"_ _28\"> </span>Hemen <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>facilitate <span class=\"_ _27\"> </span>settlement <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>such <span class=\"_ _28\"> </span>transactions. <span class=\"_ _27\"> </span>Pursuant <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>such <span class=\"_ _28\"> </span>arrangement, <span class=\"_ _27\"> </span>Hemen <span class=\"_ _28\"> </span>delivered <span class=\"_ _27\"> </span>an aggregate <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>19,091,910 <span class=\"_ _f\"> </span>Frontline <span class=\"_ _f\"> </span>shares <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>exchanging <span class=\"_ _f\"> </span>Euronav <span class=\"_ _11\"> </span>holders <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>June <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>Frontline <span class=\"_ _f\"> </span>agreed <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>issue <span class=\"_ _11\"> </span>to Hemen <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>same <span class=\"_ _d\"></span>number <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>shares <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Frontline <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>full <span class=\"_ _e\"></span>satisfaction <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>share <span class=\"_ _d\"></span>lending <span class=\"_ _d\"></span>arrangement. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>issued <span class=\"_ _e\"></span>to Hemen in August 2022.As <span class=\"_ _d\"></span>of December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>held <span class=\"_ _d\"></span>13,664,613 <span class=\"_ _d\"></span>shares <span class=\"_ _d\"></span>in Euronav, <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>result of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>above <span class=\"_ _d\"></span>transactions. The <span class=\"_ _d\"></span>acquired shares were initially recognized at their fair value of $167.7 million and <span class=\"_ _d\"></span>the Company recorded a realized loss of $7.8 million in relation to these transactions, <span class=\"_ _d\"></span>being the difference between <span class=\"_ _d\"></span>the transaction price to acquire <span class=\"_ _d\"></span>these shares and their <span class=\"_ _d\"></span>fair value as <span class=\"_ _d\"></span>of the <span class=\"_ _10\"></span>transaction <span class=\"_ _11\"> </span>dates. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>transaction <span class=\"_ _11\"> </span>price <span class=\"_ _10\"></span>paid <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>acquire <span class=\"_ _10\"></span>these <span class=\"_ _11\"> </span>shares <span class=\"_ _11\"> </span>was <span class=\"_ _10\"></span>$175.5 <span class=\"_ _11\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _10\"></span>was <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the Frontline's shares as of the transaction dates.Based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Euronav <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>price <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>shares <span class=\"_ _e\"></span>held <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>Euronav <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>$232.8 <span class=\"_ _e\"></span>million, which resulted in an unrealized gain of $65.1 million.11.<span class=\"_ _95\"> </span>TRADE AND OTHER RECEIVABLESDecember 31, December 31, January 1, (in thousands of $)202220212021Receivables from contracts with customers<span class=\"_ _1bc\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>67,397 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>45,258 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>27,814 Lease receivables<span class=\"_ _1bd\"> </span> <span class=\"_ _b8\"> </span>55,608 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>18,165 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,160 Claims receivable<span class=\"_ _1ae\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,489 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>1,097 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,022 Advances<span class=\"_ _f7\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,959 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>1,263 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,911 Agent receivables<span class=\"_ _1ae\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>843 <span class=\"_ _37\"> </span></span> <span class=\"_ _f6\"> </span>149 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,229 Other receivables<span class=\"_ _155\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>11,171 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>7,600 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>15,788  <span class=\"_ _1be\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>139,467 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>73,532 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>63,924 Receivables <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>contracts <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>customers <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>lease <span class=\"_ _27\"> </span>receivables <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>net <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>allowances <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>doubtful <span class=\"_ _27\"> </span>accounts <span class=\"_ _f\"> </span>of $4.4 million as of December 31, 2022 (December 31, 2021: $1.9 million, January 1, 2021: $2.6 m<span class=\"_ _1\"></span>illion).Claims receivable is primarily attributable<span class=\"_ _1\"></span> to insurance claims.Other <span class=\"_ _d\"></span>receivables <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>net <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>allowances <span class=\"_ _e\"></span>for <span class=\"_ _d\"></span>doubtful <span class=\"_ _e\"></span>accounts <span class=\"_ _d\"></span>amounting <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>nil <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>(December 31, 2021: nil, January 1, 2021: nil).12.<span class=\"_ _95\"> </span>NEWBUILDINGSMovements in the two years ended December 31, 2022 are summarized a<span class=\"_ _1\"></span>s follows:(in thousands of $)<span class=\"_ _1bf\"> </span><span class=\"ff1\"> </span>Balance at January 1, 2021<span class=\"_ _1a4\"> </span> <span class=\"_ _ce\"> </span>48,498 Installments and other costs paid and payable<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>274,248 Transfer to Vessels and equipment<span class=\"_ _133\"> </span> <span class=\"_ _5a\"> </span>(194,162) Capitalized borrowing costs<span class=\"_ _1c0\"> </span> <span class=\"_ _12\"> </span>2,049 Balance at December 31, 2021<span class=\"_ _159\"> </span> <span class=\"_ _af\"> </span>130,633 Installments and other costs paid and payable<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>299,963 Transfer to Vessels and equipment<span class=\"_ _133\"> </span> <span class=\"_ _5a\"> </span>(386,241) Capitalized borrowing costs<span class=\"_ _1c0\"> </span> <span class=\"_ _12\"> </span>3,636 Balance at December 31, 2022<span class=\"_ _159\"> </span> <span class=\"_ _b8\"> </span>47,991 The following table sets forth certain details of our newbuildi<span class=\"_ _1\"></span>ngs delivered in the two years ended December 31, 2022:Vessel name<span class=\"_ _1c1\"> </span>Vessel type<span class=\"_ _15e\"> </span>Date of deliveryFront Gaula<span class=\"_ _1c2\"> </span>VLCC<span class=\"_ _48\"> </span>October 2022Front Tana<span class=\"_ _1c3\"> </span>VLCC<span class=\"_ _1c4\"> </span>August 2022Front Alta<span class=\"_ _1c5\"> </span>VLCC<span class=\"_ _e3\"> </span>April 2022Front Tweed<span class=\"_ _1b5\"> </span>VLCC<span class=\"_ _1c6\"> </span>June 2022Front Feature<span class=\"_ _1c7\"> </span>LR2<span class=\"_ _3a\"> </span>November 2021Front Favour<span class=\"_ _1c8\"> </span>LR2<span class=\"_ _b4\"> </span>September 2021Front Future<span class=\"_ _1c9\"> </span>LR2<span class=\"_ _1ca\"> </span>April 2021Front Fusion<span class=\"_ _1c9\"> </span>LR2<span class=\"_ _1cb\"> </span>March 2021As <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company's <span class=\"_ _10\"></span>newbuilding <span class=\"_ _10\"></span>program <span class=\"_ _10\"></span>comprised <span class=\"_ _10\"></span>four <span class=\"_ _10\"></span>LR2 <span class=\"_ _10\"></span>tankers, <span class=\"_ _10\"></span>all <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>delivered <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the year ended December 31, 2021.As <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>newbuilding <span class=\"_ _e\"></span>program <span class=\"_ _e\"></span>consisted <span class=\"_ _d\"></span>of <span class=\"_ _10\"></span>six <span class=\"_ _d\"></span>VLCCs, <span class=\"_ _e\"></span>four <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>delivered <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the year ended December 2022.As <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company\u2019s <span class=\"_ _11\"> </span>newbuilding <span class=\"_ _10\"></span>program <span class=\"_ _11\"> </span>consisted <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>VLCCs, <span class=\"_ _11\"> </span>which <span class=\"_ _10\"></span>were <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>January 2023.Refer to Note 13 for impairment considerations.13.VESSELS AND EQUIPMENTMovements in the two years ended December 31, 2022 are summarized a<span class=\"_ _1\"></span>s follows:Vessels and Dry dock (in thousands of $)equipmentcomponent<span class=\"_ _104\"> </span>TotalCostAs of January 1, 2022<span class=\"_ _12d\"> </span> <span class=\"_ _121\"> </span>4,089,351 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>107,616 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>4,196,967 Additions<span class=\"_ _f7\"> </span> <span class=\"_ _b8\"> </span>16,483 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>17,850 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>34,333 Transferred from new buildings<span class=\"_ _1cc\"> </span> <span class=\"_ _cd\"> </span>380,859 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,382 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>386,241 Disposals<span class=\"_ _106\"> </span> <span class=\"_ _12f\"> </span>(95,975) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(4,411) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(100,386) As of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _121\"> </span>4,390,718 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>126,437 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>4,517,155 Accumulated depreciationAs of January 1, 2022<span class=\"_ _12d\"> </span> <span class=\"_ _5a\"> </span>(666,860) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(62,807) <span class=\"_ _2a\"> </span> <span class=\"_ _cf\"> </span>(729,667) Charge for the period<span class=\"_ _12e\"> </span> <span class=\"_ _5a\"> </span>(145,623) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(16,324) <span class=\"_ _2a\"> </span> <span class=\"_ _cf\"> </span>(161,947) Disposals<span class=\"_ _106\"> </span> <span class=\"_ _b8\"> </span>22,137 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>2,974 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>25,111 As of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _5a\"> </span>(790,346) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(76,157) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(866,503) Net book valueAs of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _121\"> </span>3,600,372 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>50,280 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>3,650,652 CostAs of January 1, 2021<span class=\"_ _12d\"> </span> <span class=\"_ _121\"> </span>3,805,768 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>94,396 <span class=\"_ _37\"> </span> <span class=\"_ _e8\"> </span>3,900,164 Additions<span class=\"_ _f7\"> </span> <span class=\"_ _af\"> </span>189,193 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>12,740 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>201,933 Transferred from new buildings<span class=\"_ _1cc\"> </span> <span class=\"_ _cd\"> </span>189,035 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,127 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>194,162 Disposals<span class=\"_ _106\"> </span> <span class=\"_ _12f\"> </span>(94,645) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(4,647) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(99,292) As of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _121\"> </span>4,089,351 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>107,616 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>4,196,967 Accumulated depreciationAs of January 1, 2021<span class=\"_ _12d\"> </span> <span class=\"_ _5a\"> </span>(550,082) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(49,626) <span class=\"_ _2a\"> </span> <span class=\"_ _cf\"> </span>(599,708) Charge for the period<span class=\"_ _12e\"> </span> <span class=\"_ _5a\"> </span>(136,482) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(15,995) <span class=\"_ _2a\"> </span> <span class=\"_ _cf\"> </span>(152,477) Disposals<span class=\"_ _106\"> </span> <span class=\"_ _b8\"> </span>19,704 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>2,814 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,518 As of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _5a\"> </span>(666,860) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(62,807) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(729,667) Net book valueAs of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _121\"> </span>3,422,491 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>44,809 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>3,467,300 As of January 1, 2021<span class=\"_ _d3\"> </span> <span class=\"_ _e8\"> </span>3,255,686 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,770 <span class=\"_ _37\"> </span> <span class=\"_ _e8\"> </span>3,300,456 In the year ended December 31, 2022, the Company;\u2022<span class=\"_ _2c\"> </span>completed the installation of Exhaust Gas Cleaning Syst<span class=\"_ _1\"></span>ems on eight vessels;\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">took delivery of four VLCC newbuildings, </span>Front Alta, Front Tweed, Front Tana <span class=\"ff2\">and</span> F<span class=\"_ _1\"></span>ront Gaula;\u2022<span class=\"_ _2c\"> </span>sold two LR2 tankers, <span class=\"ff3\">Front Lion</span> and <span class=\"ff3\">Front Panther;</span> and\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">performed dry docks on 14 vessels.</span>In the year ended December 31, 2021, the Company;\u2022<span class=\"_ _2c\"> </span>completed the installation of EGCS on two vessels and the i<span class=\"_ _1\"></span>nstallation of BWTS on one vessel;\u2022<span class=\"_ _2c\"> </span>took delivery of two VLCCs, <span class=\"ff3\">Front Driva</span> and <span class=\"ff3\">Front Nausta;</span>\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">took delivery of four LR2 newbuildings, </span>Front Favour, Front Feature, Front Fusion <span class=\"_ _1\"></span><span class=\"ff2\">and<span class=\"ff3\"> Front Future</span>; </span>\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">sold two LR2 tankers, </span>Front Puma<span class=\"ff2\"> and </span>Front Tiger<span class=\"ff2\">; and</span>\u2022<span class=\"_ _2c\"> </span>performed dry docks on 11 vessels.ImpairmentAs of January 1, 2021To <span class=\"_ _e\"></span>determine <span class=\"_ _10\"></span>whether <span class=\"_ _e\"></span>detailed <span class=\"_ _10\"></span>impairment <span class=\"_ _e\"></span>testing <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>required <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>our <span class=\"_ _10\"></span>owned <span class=\"_ _e\"></span>vessels, <span class=\"_ _10\"></span>including <span class=\"_ _e\"></span>newbuildings, <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>date <span class=\"_ _e\"></span>of transition <span class=\"_ _d\"></span>to <span class=\"_ _10\"></span>IFRS, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>assessed <span class=\"_ _e\"></span>whether <span class=\"_ _e\"></span>there <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>any <span class=\"_ _e\"></span>indication <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>our <span class=\"_ _10\"></span>vessels <span class=\"_ _d\"></span>may <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>impaired <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, 2021 <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>considering <span class=\"_ _e\"></span>internal <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>external <span class=\"_ _e\"></span>indicators. <span class=\"_ _10\"></span>Based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>this <span class=\"_ _e\"></span>assessment, <span class=\"_ _e\"></span>we <span class=\"_ _10\"></span>observed <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>estimated <span class=\"_ _e\"></span>market <span class=\"_ _10\"></span>values received <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>independent <span class=\"_ _d\"></span>ship <span class=\"_ _e\"></span>brokers <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>less <span class=\"_ _e\"></span>than <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _d\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>majority <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>our <span class=\"_ _d\"></span>vessels. <span class=\"_ _e\"></span>This <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>considered to <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>indicator <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>such, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>recoverable <span class=\"_ _e\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>all <span class=\"_ _e\"></span>our <span class=\"_ _10\"></span>vessels <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>use calculation using cash flow projections. The <span class=\"_ _d\"></span>estimated recoverable amounts of all our vessels <span class=\"_ _d\"></span>were significantly greater than the carrying amounts and no impairment loss was recognized.As of December 31, 2021To <span class=\"_ _10\"></span>determine <span class=\"_ _10\"></span>whether <span class=\"_ _10\"></span>further <span class=\"_ _11\"> </span>detailed <span class=\"_ _10\"></span>impairment <span class=\"_ _10\"></span>testing <span class=\"_ _10\"></span>was <span class=\"_ _11\"> </span>required <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>our <span class=\"_ _11\"> </span>owned <span class=\"_ _10\"></span>vessels, <span class=\"_ _11\"> </span>including <span class=\"_ _10\"></span>newbuildings, <span class=\"_ _10\"></span>as <span class=\"_ _11\"> </span>of December 31, 2021, the Company assessed whether there was <span class=\"_ _d\"></span>any indication that our vessels may be impaired as of this date by considering <span class=\"_ _e\"></span>internal <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>external <span class=\"_ _e\"></span>indicators. <span class=\"_ _e\"></span>Based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>this <span class=\"_ _e\"></span>assessment, <span class=\"_ _e\"></span>we <span class=\"_ _e\"></span>observed <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>estimated <span class=\"_ _10\"></span>market <span class=\"_ _e\"></span>values <span class=\"_ _e\"></span>received from independent ship brokers continued to be less than the carrying amount of the majority of our vessels. This was considered to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _d\"></span>indicator <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>such, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>recoverable <span class=\"_ _e\"></span>amounts <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>all <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>estimated <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use calculation using <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flow <span class=\"_ _d\"></span>projections. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>estimated recoverable <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>vessels were <span class=\"_ _d\"></span>significantly <span class=\"_ _d\"></span>greater <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>the carrying amounts and no impairment loss was recognized.As of December 31, 2022To determine whether it was necessary to re-estimate the <span class=\"_ _d\"></span>recoverable amounts of our owned vessels, including newbuildings, as of <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>assessed <span class=\"_ _e\"></span>whether <span class=\"_ _e\"></span>any <span class=\"_ _d\"></span>events <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>occurred <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>would <span class=\"_ _e\"></span>eliminate <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>difference <span class=\"_ _e\"></span>calculated between <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _d\"></span>amounts <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>recoverable <span class=\"_ _d\"></span>amounts <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021. <span class=\"_ _e\"></span>Based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>assessment, <span class=\"_ _d\"></span>we <span class=\"_ _e\"></span>observed <span class=\"_ _e\"></span>that the <span class=\"_ _10\"></span>estimated <span class=\"_ _10\"></span>market <span class=\"_ _10\"></span>values <span class=\"_ _10\"></span>received <span class=\"_ _11\"> </span>from <span class=\"_ _10\"></span>independent <span class=\"_ _10\"></span>ship <span class=\"_ _11\"> </span>brokers <span class=\"_ _10\"></span>had <span class=\"_ _10\"></span>increased <span class=\"_ _10\"></span>significantly <span class=\"_ _11\"> </span>during <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>all <span class=\"_ _10\"></span>our vessels <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>actual <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>forecasted <span class=\"_ _e\"></span>TCE <span class=\"_ _10\"></span>rates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>results <span class=\"_ _e\"></span>had <span class=\"_ _10\"></span>also <span class=\"_ _d\"></span>improved <span class=\"_ _10\"></span>significantly. <span class=\"_ _d\"></span>Furthermore, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>estimated recoverable <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>sensitive <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>possible <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>including the <span class=\"_ _f\"> </span>change <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>useful <span class=\"_ _27\"> </span>life <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>our <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>25 <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>20 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>Accordingly, <span class=\"_ _f\"> </span>we <span class=\"_ _27\"> </span>did <span class=\"_ _f\"> </span>not <span class=\"_ _27\"> </span>re-estimate <span class=\"_ _f\"> </span>our <span class=\"_ _27\"> </span>vessel's <span class=\"_ _f\"> </span>recoverable amounts as of December 31, 2022 and no impairment loss was recognized.14.<span class=\"_ _95\"> </span>RIGHT OF USE ASSETSMovements in the two years ended December 31, 2022 are summarized a<span class=\"_ _1\"></span>s follows:(in thousands of $)<span class=\"_ _15a\"> </span><span class=\"ff1\">Offices<span class=\"_ _26\"> </span>Vessels<span class=\"_ _104\"> </span>Total</span>CostAs of January 1, 2022<span class=\"_ _12d\"> </span> <span class=\"_ _b8\"> </span>11,719 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>103,888 <span class=\"_ _a7\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>115,607 </span>Additions<span class=\"_ _f7\"> </span> <span class=\"_ _15\"> </span>159 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>159 </span>Lease termination<span class=\"_ _1ae\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cf\"> </span>(103,888) <span class=\"_ _40\"> </span><span class=\"ff1\"> <span class=\"_ _cf\"> </span>(103,888) </span>Disposals<span class=\"_ _106\"> </span> <span class=\"_ _9c\"> </span>(483) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span><span class=\"ff1\"> <span class=\"_ _9c\"> </span>(483) </span>As of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _b8\"> </span>11,395 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>11,395 Accumulated depreciationAs of January 1, 2022<span class=\"_ _12d\"> </span> <span class=\"_ _ab\"> </span>(7,805) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(59,008) <span class=\"_ _2a\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(66,813) </span>Depreciation charge for the period<span class=\"_ _174\"> </span> <span class=\"_ _1d\"> </span>(926) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(2,297) <span class=\"_ _2a\"> </span><span class=\"ff1\"> <span class=\"_ _c4\"> </span>(3,223) </span>Lease termination<span class=\"_ _1ae\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>61,305 <span class=\"_ _37\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>61,305 </span>Disposals<span class=\"_ _106\"> </span> <span class=\"_ _15\"> </span>483 <span class=\"_ _37\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>483 </span>Translation differences<span class=\"_ _d3\"> </span> <span class=\"_ _a0\"> </span>(39) <span class=\"_ _2a\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _a0\"> </span>(39) </span>As of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _c4\"> </span>(8,287) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(8,287) Net book valueAs of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _12\"> </span>3,108 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,108 CostAs of January 1, 2021<span class=\"_ _12d\"> </span> <span class=\"_ _b8\"> </span>11,719 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>113,329 <span class=\"_ _a7\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>125,048 </span>Lease termination<span class=\"_ _1ae\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(9,441) <span class=\"_ _2a\"> </span><span class=\"ff1\"> <span class=\"_ _c4\"> </span>(9,441) </span>As of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _b8\"> </span>11,719 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>103,888 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>115,607 Accumulated depreciationAs of January 1, 2021<span class=\"_ _12d\"> </span> <span class=\"_ _ab\"> </span>(5,916) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(57,188) <span class=\"_ _2a\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(63,104) </span>Depreciation charge for the period<span class=\"_ _174\"> </span> <span class=\"_ _c4\"> </span>(1,467) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,261) <span class=\"_ _2a\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(12,728) </span>Lease termination<span class=\"_ _1ae\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>9,441 <span class=\"_ _a7\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>9,441 </span>Translation differences<span class=\"_ _d3\"> </span> <span class=\"_ _5c\"> </span>(422) <span class=\"_ _2a\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(422) </span>As of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _c4\"> </span>(7,805) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(59,008) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(66,813) Net book valueAs of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _12\"> </span>3,914 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>44,880 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,794 As of January 1, 2021<span class=\"_ _d3\"> </span> <span class=\"_ _12\"> </span>5,803 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>56,141 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>61,944 As <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _27\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>leased <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>two <span class=\"_ _f\"> </span>vessels <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>SFL, <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>time <span class=\"_ _f\"> </span>charters <span class=\"_ _27\"> </span>that <span class=\"_ _f\"> </span>were classified <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>leases, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>2004-built <span class=\"_ _f\"> </span>VLCCs <span class=\"_ _11\"> </span><span class=\"ff3\">Front <span class=\"_ _f\"> </span>Force</span> <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span><span class=\"ff3\">Front <span class=\"_ _f\"> </span>Energy. <span class=\"_ _f\"> </span></span>In <span class=\"_ _11\"> </span>April <span class=\"_ _f\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>announced <span class=\"_ _f\"> </span>that <span class=\"_ _11\"> </span>its subsidiary <span class=\"_ _d\"></span>Frontline <span class=\"_ _e\"></span>Shipping <span class=\"_ _d\"></span>Limited <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>agreed <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>SFL <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>terminate <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>charters <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>these <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>upon <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>sale and delivery of the vessels by SFL to an unrelated third party. As <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>January <span class=\"_ _10\"></span>1, <span class=\"_ _11\"> </span>2021, <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>leased <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>two <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>from <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>third <span class=\"_ _10\"></span>party <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>time <span class=\"_ _10\"></span>charters <span class=\"_ _10\"></span>that <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>classified <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>leases  which were terminated in the year end December 31, 2021 when the ve<span class=\"_ _1\"></span>ssels were redelivered to the owners.The right-of-use assets for offices relate to lease agreeme<span class=\"_ _1\"></span>nts for office space.For further details on the Company's leases see note 19.15.<span class=\"_ _95\"> </span>GOODWILLAccumulated impairment Net Carrying (in thousands of $)<span class=\"_ _176\"> </span><span class=\"ff1\">Goodwill</span>lossesValueBalance as of January 1, 2021, December 31, 2021 and 2022<span class=\"_ _dc\"> </span> <span class=\"_ _cd\"> </span>225,273 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>(112,821) <span class=\"_ _10\"></span> <span class=\"_ _cd\"> </span>112,452 ImpairmentFor impairment testing purposes, goodwill was allocated to one<span class=\"_ _1\"></span> group of CGUs, the Company.As of January 1, 2021The <span class=\"_ _10\"></span>recoverable <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>determined <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value, <span class=\"_ _10\"></span>less <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>sell, <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>market capitalization <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>control <span class=\"_ _d\"></span>premium. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company's <span class=\"_ _d\"></span>market <span class=\"_ _d\"></span>capitalization <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>$1,229.6 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>(based on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>$6.22) <span class=\"_ _10\"></span>compared <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _e\"></span>carrying <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>approximately <span class=\"_ _e\"></span>$1,604.9 <span class=\"_ _10\"></span>million. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>reviewed <span class=\"_ _10\"></span>merger transactions in <span class=\"_ _d\"></span>North <span class=\"_ _d\"></span>America <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>values of <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>$25.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>12 <span class=\"_ _d\"></span>months <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>January 1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>global <span class=\"_ _d\"></span>deals <span class=\"_ _d\"></span>between public <span class=\"_ _e\"></span>companies <span class=\"_ _d\"></span>of <span class=\"_ _10\"></span>more <span class=\"_ _d\"></span>than <span class=\"_ _10\"></span>$100.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>last <span class=\"_ _e\"></span>3 <span class=\"_ _e\"></span>years <span class=\"_ _10\"></span>and <span class=\"_ _d\"></span>global <span class=\"_ _e\"></span>marine <span class=\"_ _e\"></span>transport <span class=\"_ _10\"></span>sector <span class=\"_ _d\"></span>transactions <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>more <span class=\"_ _e\"></span>than $100.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>last <span class=\"_ _d\"></span>5 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>calculated <span class=\"_ _d\"></span>average <span class=\"_ _d\"></span>control <span class=\"_ _d\"></span>premiums (based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>month <span class=\"_ _d\"></span>average <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>price <span class=\"_ _d\"></span>before the <span class=\"_ _11\"> </span>bid). <span class=\"_ _f\"> </span>Using <span class=\"_ _f\"> </span>32.5% <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>average <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>range <span class=\"_ _f\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fair <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>was <span class=\"_ _11\"> </span>calculated <span class=\"_ _f\"> </span>as $1,629.3 <span class=\"_ _e\"></span>million. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>excess <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>concluded that there was no requirement for an impairment.As of December 31, 2021The <span class=\"_ _10\"></span>recoverable <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>determined <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value, <span class=\"_ _10\"></span>less <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>sell, <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>market capitalization <span class=\"_ _10\"></span>plus <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>control <span class=\"_ _11\"> </span>premium. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>Company's <span class=\"_ _11\"> </span>market <span class=\"_ _11\"> </span>capitalization <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>$1,439.0 <span class=\"_ _f\"> </span>million (based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$7.07) <span class=\"_ _11\"> </span>compared <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>approximately <span class=\"_ _10\"></span>$1,642.0 <span class=\"_ _10\"></span>million. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>reviewed merger <span class=\"_ _10\"></span>transactions <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>North <span class=\"_ _11\"></span>America <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>values <span class=\"_ _10\"></span>of <span class=\"_ _11\"></span>over <span class=\"_ _10\"></span>$25.0 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _10\"></span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _11\"> </span>global deals <span class=\"_ _d\"></span>between <span class=\"_ _d\"></span>public <span class=\"_ _d\"></span>companies <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>$100.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>last <span class=\"_ _d\"></span>3 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>global <span class=\"_ _d\"></span>marine <span class=\"_ _d\"></span>transport <span class=\"_ _d\"></span>sector <span class=\"_ _d\"></span>transactions of more <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>$100.0 million <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the last <span class=\"_ _d\"></span>5 <span class=\"_ _d\"></span>years and <span class=\"_ _d\"></span>observed <span class=\"_ _d\"></span> average <span class=\"_ _d\"></span>control <span class=\"_ _d\"></span>premiums (based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the one <span class=\"_ _d\"></span>month average <span class=\"_ _d\"></span>share price <span class=\"_ _e\"></span>before <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>bid) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>between <span class=\"_ _e\"></span>29.3% <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>32.2%. <span class=\"_ _10\"></span>Using <span class=\"_ _e\"></span>30.7% <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>average <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>range <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>fair value <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>calculated <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>$1,880.7 <span class=\"_ _d\"></span>million. <span class=\"_ _d\"></span>The excess <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>over the <span class=\"_ _d\"></span>carrying <span class=\"_ _d\"></span>value was such that the Company concluded that there was no requirem<span class=\"_ _1\"></span>ent for an impairment.As of December 31, 2022The <span class=\"_ _10\"></span>recoverable <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>determined <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value, <span class=\"_ _10\"></span>less <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>sell, <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>market capitalization. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>Company's <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>capitalization <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>$2,702.6 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>(based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>share <span class=\"_ _e\"></span>price <span class=\"_ _d\"></span>of $12.14) compared to its carrying value of <span class=\"_ _d\"></span>approximately $2,259.9 million. The excess of the fair value <span class=\"_ _d\"></span>of the Company over the carrying value was such that the Company concluded that there<span class=\"_ _1\"></span> was no requirement for an impairment.If <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>ordinary <span class=\"_ _e\"></span>share <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>declines <span class=\"_ _e\"></span>this <span class=\"_ _e\"></span>could <span class=\"_ _e\"></span>result <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>some <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>all <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>$112.5 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>goodwill. <span class=\"_ _e\"></span>In <span class=\"_ _10\"></span>the absence of <span class=\"_ _d\"></span>a control <span class=\"_ _d\"></span>premium, a <span class=\"_ _d\"></span>share price <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$9.65 per <span class=\"_ _d\"></span>share as <span class=\"_ _d\"></span>of December <span class=\"_ _d\"></span>31, 2022 <span class=\"_ _d\"></span>would <span class=\"_ _d\"></span>have resulted <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>recoverable amount equaling the carrying amount.16.<span class=\"_ _95\"> </span>INVESTMENT IN ASSOCIATED COMPANIESFMS HoldcoAs <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _e\"></span>2021, <span class=\"_ _10\"></span>Frontline <span class=\"_ _e\"></span>owned <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>effective <span class=\"_ _e\"></span>17.34% <span class=\"_ _10\"></span>interest <span class=\"_ _d\"></span>in <span class=\"_ _10\"></span>Clean <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>AS <span class=\"_ _e\"></span>through <span class=\"_ _e\"></span>its 34.7% equity interest in FMS Holdco, which was accounted for under the equity m<span class=\"_ _1\"></span>ethod. In <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>agreement <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>subscribe <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>433 <span class=\"_ _d\"></span>shares <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>FMS <span class=\"_ _d\"></span>Holdco <span class=\"_ _e\"></span>for $1.5 million. <span class=\"_ _d\"></span>Furthermore, <span class=\"_ _d\"></span>FMS Holdco <span class=\"_ _d\"></span>entered <span class=\"_ _d\"></span>into a <span class=\"_ _d\"></span>sale <span class=\"_ _d\"></span>and purchase <span class=\"_ _d\"></span>agreement to <span class=\"_ _d\"></span>acquire <span class=\"_ _d\"></span>the remaining <span class=\"_ _d\"></span>50% <span class=\"_ _d\"></span>of the <span class=\"_ _d\"></span>issued share <span class=\"_ _d\"></span>capital <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>Clean <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>AS. <span class=\"_ _e\"></span>Following <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>transactions, <span class=\"_ _e\"></span>Frontline <span class=\"_ _e\"></span>owns <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>effective <span class=\"_ _e\"></span>43.6% <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>Clean <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>AS through its 43.6% equity interest in FMS Holdco, which is accounted for under the e<span class=\"_ _1\"></span>quity method.The <span class=\"_ _28\"> </span>carrying <span class=\"_ _27\"> </span>value <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>investment <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>December <span class=\"_ _28\"> </span>31, <span class=\"_ _27\"> </span>2022 <span class=\"_ _28\"> </span>was <span class=\"_ _28\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _28\"> </span>(2021: <span class=\"_ _28\"> </span>$0.6 <span class=\"_ _27\"> </span>million) <span class=\"_ _28\"> </span>as <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>result <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the additional <span class=\"_ _10\"></span>investment <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>2022. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>share <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>losses <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>Clean <span class=\"_ _11\"> </span>Marine <span class=\"_ _10\"></span>AS <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>$0.6 <span class=\"_ _11\"></span>million (2021: nil) was recognized. TFG MarineIn <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>2020, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>joint <span class=\"_ _e\"></span>venture <span class=\"_ _e\"></span>agreement <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>Golden <span class=\"_ _e\"></span>Ocean <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>companies <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Trafigura <span class=\"_ _e\"></span>Group <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>establish <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>leading global <span class=\"_ _10\"></span>supplier <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>marine <span class=\"_ _10\"></span>fuels <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>completed. <span class=\"_ _e\"></span>As <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>result, <span class=\"_ _10\"></span>Frontline <span class=\"_ _10\"></span>took <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>15% <span class=\"_ _e\"></span>interest <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>joint <span class=\"_ _10\"></span>venture <span class=\"_ _10\"></span>company, <span class=\"_ _e\"></span>TFG Marine, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>made <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>$1.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>shareholder <span class=\"_ _e\"></span>loan <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>TFG <span class=\"_ _e\"></span>Marine. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2020, <span class=\"_ _e\"></span>$0.1 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the shareholder <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>converted <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>equity. <span class=\"_ _f\"> </span>There <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>no <span class=\"_ _11\"> </span>change <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>ownership <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>result <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>this <span class=\"_ _11\"> </span>transaction <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>each shareholder <span class=\"_ _f\"> </span>converted <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>shareholder <span class=\"_ _27\"> </span>debt <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>equity <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>reference <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>their <span class=\"_ _f\"> </span>respective <span class=\"_ _27\"> </span>ownership <span class=\"_ _27\"> </span>interest. <span class=\"_ _27\"> </span>Frontline concluded <span class=\"_ _11\"> </span>that <span class=\"_ _11\"> </span>it <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>able <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>exercise <span class=\"_ _f\"> </span>significant <span class=\"_ _11\"> </span>influence <span class=\"_ _11\"> </span>over <span class=\"_ _f\"> </span>TFG <span class=\"_ _11\"> </span>Marine <span class=\"_ _f\"> </span>as <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>result <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>its <span class=\"_ _11\"> </span>equity <span class=\"_ _11\"> </span>shareholding <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>board representation and therefore its investment is accounte<span class=\"_ _1\"></span>d for under the equity method.The <span class=\"_ _10\"></span>carrying <span class=\"_ _11\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>investment <span class=\"_ _10\"></span>at <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022 <span class=\"_ _10\"></span>was <span class=\"_ _11\"> </span>$14.8 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>nil). <span class=\"_ _11\"> </span>In <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, 2022, a share of profits of TFG Marine of $14.8 million (2021: $0.7 million loss) was recogniz<span class=\"_ _1\"></span>ed.17.<span class=\"_ _95\"> </span>TRADE AND OTHER PAYABLESDecember 31, December 31, January 1, (in thousands of $)202220212021Trade payables<span class=\"_ _1ce\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>7,994 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,327 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,860 Accrued voyage expenses<span class=\"_ _143\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>38,617 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>18,306 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>16,582 Accrued ship operating expenses<span class=\"_ _eb\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>16,252 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>11,063 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>10,180 Accrued administrative expenses<span class=\"_ _1cf\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>9,359 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,773 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,293 Deferred charter revenue<span class=\"_ _c2\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,124 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>5,687 Other<span class=\"_ _1a5\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>9,311 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>4,771 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,400 Total current trade and other payables<span class=\"_ _6c\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>81,533 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>43,364 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>55,002 Other<span class=\"_ _1a5\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,053 <span class=\"_ _37\"> </span></span> <span class=\"_ _15\"> </span>992 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,739 Total other non-current payables<span class=\"_ _1d0\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,053 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>992 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>3,739 18.<span class=\"_ _95\"> </span>INTEREST BEARING LOANS AND BORROWINGSA summary of outstanding debt as of December 31, 2022 and 2021 and January 1, 2021 is as follows:December 31, December 31, January 1, (in thousands of $)202220212021U.S. dollar denominated floating rate debt  $252.4 million term loan facility <span class=\"_ _174\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>242,908 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>281,009 <span class=\"_ _1d1\"> </span> <span class=\"_ _cd\"> </span>319,112   $34.8 million term loan facility <span class=\"_ _1d2\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>34,814 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>39,348 <span class=\"_ _1d3\"> </span> <span class=\"_ _b8\"> </span>43,880   $250.7 million term loan facility <span class=\"_ _174\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>129,912 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>185,627 <span class=\"_ _1d1\"> </span> <span class=\"_ _cd\"> </span>250,738   $100.8 million term loan facility<span class=\"_ _1d4\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>85,399 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>93,075 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>100,750   $328.4 million term loan facility (CEXIM)<span class=\"_ _b0\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>184,981 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>200,255 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>215,529   $321.6 million term loan facility (CEXIM)<span class=\"_ _b0\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>184,183 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>203,163 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>222,145   $110.5 million term loan facility (ING)<span class=\"_ _1d5\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>84,469 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>91,709 <span class=\"_ _1d3\"> </span> <span class=\"_ _b8\"> </span>98,949   $104.0 million term loan facility (Credit Suisse)<span class=\"_ _1d6\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>100,141 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>98,166 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>105,178   $110.5 million term loan facility (Credit Suisse #2)<span class=\"_ _1d7\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>96,125 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>103,116 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>110,107   $544.0 million lease financing (ICBCL)<span class=\"_ _6a\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>459,918 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>490,500 <span class=\"_ _1d1\"> </span> <span class=\"_ _cd\"> </span>521,071   $42.9 million term loan facility (Credit Suisse)<span class=\"_ _1d8\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>36,942 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>39,325 <span class=\"_ _1d3\"> </span> <span class=\"_ _b8\"> </span>41,708   $62.5 million term loan facility (Credit Agricole)<span class=\"_ _1d9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>53,820 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>57,292 <span class=\"_ _1d3\"> </span> <span class=\"_ _b8\"> </span>60,764   $133.7 million term loan facility (CEXIM)<span class=\"_ _b0\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>123,367 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>131,229 <span class=\"_ _1d3\"> </span> <span class=\"_ _ba\"> </span>\u2014   $58.5 million term loan facility (SEB)<span class=\"_ _1da\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>55,250 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>58,500 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014   $58.5 million term loan facility (KFW)<span class=\"_ _1db\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>55,250 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>58,500 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014   $130.0 million term loan facility (DNB)<span class=\"_ _1dc\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>127,562 <span class=\"_ _37\"> </span></span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014   $65.0 million term loan facility (ABN)<span class=\"_ _1dd\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>65,000 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d1\"> </span> <span class=\"_ _104\"> </span>\u2014   $65.0 million term loan facility (ING)<span class=\"_ _52\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>64,187 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _ba\"> </span>\u2014 Total U.S. dollar denominated floating rate debt<span class=\"_ _152\"> </span> <span class=\"_ _121\"> </span>2,184,228 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>2,130,814 <span class=\"_ _1d3\"> </span> <span class=\"_ _121\"> </span>2,089,931 </span>U.S. dollar denominated fixed rate debt $275.0 million revolving credit facility <span class=\"_ _6b\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>209,700 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>209,700 <span class=\"_ _1d1\"> </span> <span class=\"_ _b8\"> </span>60,000 Total U.S. dollar denominated fixed rate debt<span class=\"_ _2e\"> </span> <span class=\"_ _af\"> </span>209,700 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>209,700 <span class=\"_ _1d3\"> </span> <span class=\"_ _ce\"> </span>60,000 </span>Secured borrowings<span class=\"_ _10e\"> </span><span class=\"ff1\"> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _12\"> </span>6,251 Debt issuance costs<span class=\"_ _137\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(23,113) <span class=\"_ _2a\"> </span></span> <span class=\"_ _12f\"> </span>(24,318) <span class=\"_ _39\"> </span> <span class=\"_ _12f\"> </span>(20,176) Accrued interest expense<span class=\"_ _120\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>19,499 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _1d1\"> </span> <span class=\"_ _12\"> </span>7,805 Total debt<span class=\"_ _1de\"> </span> <span class=\"_ _121\"> </span>2,390,314 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,325,575 <span class=\"_ _1d3\"> </span> <span class=\"_ _e8\"> </span>2,143,811 </span>Short-term debt and current portion of long-term debt<span class=\"_ _1df\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>277,854 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>198,665 <span class=\"_ _1d1\"> </span> <span class=\"_ _cd\"> </span>234,887 Long-term portion of debt<span class=\"_ _c9\"> </span> <span class=\"_ _e8\"> </span>2,112,460 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,126,910 <span class=\"_ _1d3\"> </span> <span class=\"_ _e8\"> </span>1,908,924 Movements in the year ended December 31, 2022 are summarized as fol<span class=\"_ _1\"></span>lows:December 31, December 31, (in thousands of $)2021<span class=\"_ _18f\"> </span>Proceeds<span class=\"_ _1a\"> </span>Repayments2022Total U.S. dollar denominated floating rate debt<span class=\"_ _12\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>2,130,814 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>651,248 <span class=\"_ _1d1\"> </span> <span class=\"_ _5a\"> </span>(597,834) <span class=\"_ _39\"> </span> <span class=\"_ _121\"> </span>2,184,228 </span>Total U.S. dollar denominated fixed rate debt<span class=\"_ _14\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>209,700 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d1\"> </span> <span class=\"_ _af\"> </span>209,700 </span>Secured borrowings<span class=\"_ _17a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d1\"> </span> <span class=\"_ _104\"> </span>\u2014 Debt issuance costs<span class=\"_ _71\"> </span> <span class=\"_ _12f\"> </span>(24,318) <span class=\"_ _77\"> </span> <span class=\"_ _12f\"> </span>(23,113) Accrued interest expense<span class=\"_ _188\"> </span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _1db\"> </span> <span class=\"_ _b8\"> </span>19,499 Total debt<span class=\"_ _df\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,325,575 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>651,248 <span class=\"_ _1d1\"> </span> <span class=\"_ _5a\"> </span>(597,834) <span class=\"_ _39\"> </span> <span class=\"_ _121\"> </span>2,390,314 </span>Short-term debt and current portion of long-term debt<span class=\"_ _1a\"> </span> <span class=\"_ _cd\"> </span>198,665 <span class=\"_ _69\"> </span> <span class=\"_ _cd\"> </span>277,854 Long-term portion of debt<span class=\"_ _1e0\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,126,910 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>651,248 <span class=\"_ _1d1\"> </span> <span class=\"_ _5a\"> </span>(597,834) <span class=\"_ _39\"> </span> <span class=\"_ _121\"> </span>2,112,460 </span>Movements in the year ended December 31, 2021 are summarized as fol<span class=\"_ _1\"></span>lows:January 1, December 31, (in thousands of $)2021<span class=\"_ _ce\"> </span>Proceeds<span class=\"_ _121\"> </span>Repayments<span class=\"_ _a8\"> </span>Other2021Total U.S. dollar denominated floating rate debt<span class=\"_ _23\"> </span><span class=\"ff2\"> <span class=\"_ _2a\"> </span>2,089,931 <span class=\"_ _a7\"> </span> <span class=\"_ _b1\"> </span>250,687 <span class=\"_ _1d3\"> </span> <span class=\"_ _46\"> </span>(209,804) <span class=\"_ _39\"> </span> <span class=\"_ _54\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _2c\"> </span>2,130,814 </span>Total U.S. dollar denominated fixed rate debt<span class=\"_ _43\"> </span><span class=\"ff2\"> <span class=\"_ _aa\"> </span>60,000 <span class=\"_ _a7\"> </span> <span class=\"_ _b1\"> </span>149,700 <span class=\"_ _1d3\"> </span> <span class=\"_ _15\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _54\"> </span>\u2014 <span class=\"_ _1d1\"> </span> <span class=\"_ _187\"> </span>209,700 </span>Secured borrowings<span class=\"_ _1e1\"> </span> <span class=\"_ _41\"> </span>6,251 <span class=\"_ _37\"> </span> <span class=\"_ _41\"> </span>3,481 <span class=\"_ _1d1\"> </span> <span class=\"_ _8d\"> </span>(9,717) <span class=\"_ _39\"> </span> <span class=\"_ _55\"> </span>(15) <span class=\"_ _39\"> </span> <span class=\"_ _1e2\"> </span>\u2014 Debt issuance costs<span class=\"_ _1d5\"> </span> <span class=\"_ _1e3\"> </span>(20,176) <span class=\"_ _66\"> </span> <span class=\"_ _cd\"> </span>(24,318) Accrued interest expense<span class=\"_ _1e4\"> </span> <span class=\"_ _41\"> </span>7,805 <span class=\"_ _174\"> </span> <span class=\"_ _15e\"> </span>9,379 Total debt<span class=\"_ _1e5\"> </span><span class=\"ff2\"> <span class=\"_ _2a\"> </span>2,143,811 <span class=\"_ _a7\"> </span> <span class=\"_ _b1\"> </span>403,868 <span class=\"_ _1d3\"> </span> <span class=\"_ _46\"> </span>(219,521) <span class=\"_ _39\"> </span> <span class=\"_ _55\"> </span>(15) <span class=\"_ _39\"> </span> <span class=\"_ _7e\"> </span>2,325,575 </span>Short-term debt and current portion of long-term debt<span class=\"_ _8b\"> </span> <span class=\"_ _b1\"> </span>234,887 <span class=\"_ _180\"> </span> <span class=\"_ _187\"> </span>198,665 Long-term portion of debt<span class=\"_ _1e6\"> </span><span class=\"ff2\"> <span class=\"_ _2a\"> </span>1,908,924 <span class=\"_ _a7\"> </span> <span class=\"_ _b1\"> </span>403,868 <span class=\"_ _1d3\"> </span> <span class=\"_ _46\"> </span>(219,521) <span class=\"_ _39\"> </span> <span class=\"_ _55\"> </span>(15) <span class=\"_ _39\"> </span> <span class=\"_ _7e\"> </span>2,126,910 </span>A summary of the Company's interest bearing loans and borrowings as of Decembe<span class=\"_ _1\"></span>r 31, 2022 is as follows:$252.4 million term loan facility In <span class=\"_ _11\"> </span>July <span class=\"_ _f\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>entered <span class=\"_ _11\"> </span>into <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>senior <span class=\"_ _11\"> </span>secured <span class=\"_ _f\"> </span>term <span class=\"_ _11\"> </span>loan <span class=\"_ _f\"> </span>facility <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>number <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>banks <span class=\"_ _f\"> </span>in <span class=\"_ _11\"> </span>an <span class=\"_ _f\"> </span>amount <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>up <span class=\"_ _f\"> </span>to $252.4 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>$328.6 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>maturing <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>February <span class=\"_ _d\"></span>2023. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>new <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>matures <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>September 2027, <span class=\"_\"> </span>carries <span class=\"_\"> </span>an <span class=\"_\"> </span>interest <span class=\"_\"> </span>rate <span class=\"_\"> </span>of <span class=\"_\"> </span>SOFR <span class=\"_\"> </span>plus <span class=\"_\"> </span>a <span class=\"_\"> </span>margin <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>180 <span class=\"_\"> </span>basis <span class=\"_\"> </span>points <span class=\"_\"> </span>and <span class=\"_\"> </span>has <span class=\"_\"> </span>an <span class=\"_\"> </span>amortization <span class=\"_\"> </span>profile <span class=\"_\"> </span>of <span class=\"_\"> </span>18 <span class=\"_\"> </span>years commencing <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>delivery <span class=\"_ _f\"> </span>date <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>yard. <span class=\"_ _f\"> </span>In <span class=\"_ _27\"> </span>August <span class=\"_ _f\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _f\"> </span>drew <span class=\"_ _f\"> </span>down <span class=\"_ _27\"> </span>$252.4 <span class=\"_ _f\"> </span>million <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>repaid <span class=\"_ _f\"> </span>the outstanding balance of the original facility of $262.0 milli<span class=\"_ _1\"></span>on. The facility is fully drawn down as of December 31, 2022. $34.8 million term loan facility In <span class=\"_ _d\"></span>October 2022, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>entered into <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>in an <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to $34.8 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance the <span class=\"_ _d\"></span>$50.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>maturing <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>March <span class=\"_ _e\"></span>2023. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>new <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>matures <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>2027, <span class=\"_ _d\"></span>carries <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>of SOFR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>180 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization <span class=\"_ _d\"></span>profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>20 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>the yard. <span class=\"_ _d\"></span>In <span class=\"_ _e\"></span>November <span class=\"_ _e\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$34.8 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>repaid <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>outstanding <span class=\"_ _e\"></span>balance <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>original <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>of $35.9 million. The facility is fully drawn down as of December 31, 2022.$250.7 million term loan facility In November <span class=\"_ _d\"></span>2020, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>entered <span class=\"_ _d\"></span>into a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility with <span class=\"_ _d\"></span>a number <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>banks in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amount of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to $250.7 <span class=\"_ _11\"></span>million <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>refinance <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>$466.5 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>loan <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>maturing <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>April <span class=\"_ _11\"> </span>2021. <span class=\"_ _11\"> </span>The <span class=\"_ _11\"> </span>new <span class=\"_ _11\"> </span>facility <span class=\"_ _10\"></span>matures <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>May <span class=\"_ _11\"> </span>2025, carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>190 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>18 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on the delivery date from the yard. In November 2020, the Company drew down $250.7 million and repaid the outstanding balance of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>original <span class=\"_ _11\"> </span>facility <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$252.4 <span class=\"_ _f\"> </span>million. <span class=\"_ _f\"> </span>In <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>sale <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>two <span class=\"_ _f\"> </span>LR2 <span class=\"_ _f\"> </span>tankers <span class=\"_ _f\"> </span>resulted <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>a prepayment of $46.5 million under the facility. The facili<span class=\"_ _1\"></span>ty is fully drawn down as of December 31, 2022.$100.8 million term loan facility In <span class=\"_ _d\"></span>November <span class=\"_ _e\"></span>2020, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>entered <span class=\"_ _e\"></span>into <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>senior <span class=\"_ _e\"></span>secured <span class=\"_ _e\"></span>term <span class=\"_ _e\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>ING <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>Credit <span class=\"_ _e\"></span>Suisse <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of up to <span class=\"_ _d\"></span>$100.8 million to <span class=\"_ _d\"></span>refinance the <span class=\"_ _d\"></span>$109.2 million loan <span class=\"_ _d\"></span>facility maturing <span class=\"_ _d\"></span>in June 2021. <span class=\"_ _d\"></span>The new <span class=\"_ _d\"></span>facility matures in <span class=\"_ _d\"></span>November 2025, <span class=\"_\"> </span>carries <span class=\"_ _28\"> </span>an <span class=\"_ _28\"> </span>interest <span class=\"_\"> </span>rate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>LIBOR<span class=\"_ _1\"></span> <span class=\"_\"> </span>plus <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>m<span class=\"_ _1\"></span>argin <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>190 <span class=\"_\"> </span>ba<span class=\"_ _1\"></span>sis <span class=\"_\"> </span>points <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>an <span class=\"_ _28\"> </span>amortization <span class=\"_\"> </span>profile<span class=\"_ _1\"></span> <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>17 <span class=\"_\"> </span>years commencing <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>delivery <span class=\"_ _10\"></span>date <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>yard. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>November <span class=\"_ _10\"></span>2020, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>drew <span class=\"_ _10\"></span>down <span class=\"_ _10\"></span>$100.8 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>repaid <span class=\"_ _10\"></span>the outstanding balance of the original facility of $84.3 milli<span class=\"_ _1\"></span>on. The facility is fully drawn down as of December 31, 2022.$328.4 million term loan facility (CEXIM)In August <span class=\"_ _d\"></span>2016, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>signed <span class=\"_ _d\"></span>a senior <span class=\"_ _d\"></span>secured term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility in <span class=\"_ _d\"></span>an amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>up to <span class=\"_ _d\"></span>$328.4 <span class=\"_ _d\"></span>million with <span class=\"_ _d\"></span>China Exim Bank. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>facility <span class=\"_ _10\"></span>matures <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>2029, <span class=\"_ _10\"></span>carries <span class=\"_ _10\"></span>an <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>LIBOR <span class=\"_ _10\"></span>plus <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>margin <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>line <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company\u2019s <span class=\"_ _11\"> </span>other <span class=\"_ _10\"></span>credit facilities and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an amortization <span class=\"_ _d\"></span>profile of <span class=\"_ _d\"></span>18 <span class=\"_ _d\"></span>years. The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>drew down <span class=\"_ _d\"></span>$109.0 <span class=\"_ _d\"></span>million in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2016 <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>connection <span class=\"_ _27\"> </span>with <span class=\"_\"> </span>one <span class=\"_ _27\"> </span>LR2 <span class=\"_\"> </span>ta<span class=\"_ _1\"></span>nker <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>two <span class=\"_ _28\"> </span>Suezmax <span class=\"_ _27\"> </span>tanker <span class=\"_\"> </span>newbuildi<span class=\"_ _1\"></span>ngs, <span class=\"_ _28\"> </span>which <span class=\"_ _28\"> </span>were <span class=\"_ _28\"> </span>delivered <span class=\"_ _27\"> </span>in <span class=\"_\"> </span>the <span class=\"_ _27\"> </span>year. <span class=\"_ _28\"> </span>The Company <span class=\"_ _e\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>further <span class=\"_ _e\"></span>$165.9 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2017 <span class=\"_ _d\"></span>in <span class=\"_ _10\"></span>connection <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>two <span class=\"_ _e\"></span>Suezmax <span class=\"_ _e\"></span>tankers and three LR2/Aframax tankers delivered in the year. The fa<span class=\"_ _1\"></span>cility is fully drawn down as of December 31, 2022.$321.6 million term loan facility (CEXIM)In <span class=\"_ _10\"></span>February <span class=\"_ _e\"></span>2017, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>signed <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>second <span class=\"_ _10\"></span>senior <span class=\"_ _10\"></span>secured <span class=\"_ _e\"></span>term <span class=\"_ _10\"></span>loan <span class=\"_ _10\"></span>facility <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>up <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>$321.6 <span class=\"_ _10\"></span>million. <span class=\"_ _10\"></span>The facility <span class=\"_ _10\"></span>provided <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>China <span class=\"_ _11\"> </span>Exim <span class=\"_ _10\"></span>Bank <span class=\"_ _10\"></span>is <span class=\"_ _11\"> </span>insured <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>China <span class=\"_ _11\"> </span>Export <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>Credit <span class=\"_ _10\"></span>Insurance <span class=\"_ _11\"> </span>Corporation. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>facility <span class=\"_ _10\"></span>matures <span class=\"_ _11\"> </span>in 2033, <span class=\"_ _d\"></span>carries an <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>rate of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a margin <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>line <span class=\"_ _d\"></span>with the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _d\"></span>other credit <span class=\"_ _d\"></span>facilities <span class=\"_ _d\"></span>and has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>15 <span class=\"_ _11\"> </span>years. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>drew <span class=\"_ _11\"> </span>down <span class=\"_ _10\"></span>$252.7 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>year <span class=\"_ _10\"></span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2017 <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>connection <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>four Suezmax <span class=\"_ _e\"></span>tankers <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>three <span class=\"_ _e\"></span>LR2/Aframax <span class=\"_ _e\"></span>tankers <span class=\"_ _10\"></span>delivered <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>drew <span class=\"_ _10\"></span>down <span class=\"_ _e\"></span>$32.0 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2018 <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>connection <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>one <span class=\"_ _10\"></span>LR2 <span class=\"_ _10\"></span>tanker <span class=\"_ _10\"></span>delivered <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>facility <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>fully <span class=\"_ _10\"></span>drawn <span class=\"_ _e\"></span>down <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>of December 31, 2022.$110.5 million term loan facility (ING)In <span class=\"_ _10\"></span>June <span class=\"_ _11\"> </span>2017, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>signed <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>senior <span class=\"_ _10\"></span>secured <span class=\"_ _11\"> </span>term <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>an <span class=\"_ _10\"></span>amount <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>up <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>$110.5 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>ING. <span class=\"_ _11\"> </span>The facility <span class=\"_ _d\"></span>matures <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>2023, <span class=\"_ _d\"></span>carries <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _e\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>190 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization <span class=\"_ _d\"></span>profile <span class=\"_ _e\"></span>of 18 <span class=\"_ _28\"> </span>years. <span class=\"_ _27\"> </span>The <span class=\"_ _28\"> </span>Company <span class=\"_ _28\"> </span>drew <span class=\"_ _28\"> </span>down <span class=\"_ _27\"> </span>$55.3 <span class=\"_\"> </span>mill<span class=\"_ _1\"></span>ion <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>ye<span class=\"_ _1\"></span>ar <span class=\"_ _28\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _28\"> </span>31, <span class=\"_ _28\"> </span>2017 <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>connection <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>one <span class=\"_ _28\"> </span>VLCC delivered <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$55.3 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2019 <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>connection <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>one VLCC <span class=\"_ _e\"></span>delivered <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>period. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>extended <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>$4.1 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2019 <span class=\"_ _10\"></span>and drew down <span class=\"_ _d\"></span>the $4.1 <span class=\"_ _d\"></span>million in connection <span class=\"_ _d\"></span>with the installation <span class=\"_ _d\"></span>of an <span class=\"_ _d\"></span>EGCS on <span class=\"_ _d\"></span>the VLCC delivered <span class=\"_ _d\"></span>in the period. <span class=\"_ _d\"></span>The facility <span class=\"_ _d\"></span>is fully drawn down as of December 31, 2022.$104.0 million term loan facility (Credit Suisse)In <span class=\"_\"> </span>April <span class=\"_ _29\"> </span>2022, <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_\"> </span>entered <span class=\"_ _29\"> </span>into <span class=\"_\"> </span>a <span class=\"_ _29\"> </span>senior <span class=\"_\"> </span>secured <span class=\"_\"> </span>term <span class=\"_ _29\"> </span>loan <span class=\"_\"> </span>facility <span class=\"_ _29\"> </span>with <span class=\"_\"> </span>Credit <span class=\"_ _29\"> </span>Suisse <span class=\"_\"> </span>AG <span class=\"_ _29\"> </span>in <span class=\"_\"> </span>an <span class=\"_ _29\"> </span>amount <span class=\"_\"> </span>of $104.0 million <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance the <span class=\"_ _d\"></span>$110.5 million <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility maturing <span class=\"_ _d\"></span>in 2023. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>new facility <span class=\"_ _d\"></span>matures in <span class=\"_ _d\"></span>May <span class=\"_ _d\"></span>2028, carries <span class=\"_ _d\"></span>an interest rate of <span class=\"_ _d\"></span>SOFR plus a <span class=\"_ _d\"></span>margin of 180 <span class=\"_ _d\"></span>basis points and <span class=\"_ _d\"></span>has an amortization <span class=\"_ _d\"></span>profile of 18 <span class=\"_ _d\"></span>years commencing on <span class=\"_ _d\"></span>the delivery date <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>yard. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>May <span class=\"_ _10\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>drew <span class=\"_ _10\"></span>down <span class=\"_ _e\"></span>$104.0 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>repaid <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>outstanding <span class=\"_ _e\"></span>balance <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>original facility of $96.4 million. The facility is fully drawn down as of Dec<span class=\"_ _1\"></span>ember 31, 2022.$110.5 million term loan facility (Credit Suisse #2)In <span class=\"_ _d\"></span>June <span class=\"_ _d\"></span>2017, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>signed <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>$110.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>Credit <span class=\"_ _d\"></span>Suisse. The facility matures in <span class=\"_ _d\"></span>2024, carries an interest rate <span class=\"_ _d\"></span>of LIBOR plus a <span class=\"_ _d\"></span>margin of 190 basis <span class=\"_ _d\"></span>points and has an <span class=\"_ _d\"></span>amortization profile of <span class=\"_ _11\"> </span>18 <span class=\"_ _f\"> </span>years. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>drew <span class=\"_ _f\"> </span>down <span class=\"_ _11\"> </span>$54.9 <span class=\"_ _f\"> </span>million <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2018 <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>connection <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>one <span class=\"_ _f\"> </span>VLCC delivered <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$55.3 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2019 <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>connection <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>one VLCC <span class=\"_ _d\"></span>delivered in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>extended the <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>$15.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2019. <span class=\"_ _d\"></span>The facility is fully drawn down as of December 31, 2022.$544.0 million lease financing (ICBCL)In March 2020, the <span class=\"_ _d\"></span>Company signed a sale-and-leaseback agreement in an <span class=\"_ _d\"></span>amount of $544.0 million with ICBCL <span class=\"_ _d\"></span>to finance the cash <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>upon <span class=\"_ _e\"></span>closing <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Acquisition, <span class=\"_ _e\"></span>which <span class=\"_ _d\"></span>took <span class=\"_ _d\"></span>place <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>March <span class=\"_ _d\"></span>16, <span class=\"_ _d\"></span>2020. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>financing <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>tenor <span class=\"_ _d\"></span>of seven <span class=\"_ _d\"></span>years, <span class=\"_ _e\"></span>carries <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>margin <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>230 <span class=\"_ _d\"></span>basis <span class=\"_ _e\"></span>points, <span class=\"_ _e\"></span>has <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>amortization <span class=\"_ _d\"></span>profile <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>17.8 <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>and includes <span class=\"_ _28\"> </span>purchase <span class=\"_ _28\"> </span>options <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Company <span class=\"_ _28\"> </span>throughout <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>te<span class=\"_ _1\"></span>rm <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>purchase <span class=\"_ _28\"> </span>obligation <span class=\"_ _28\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>e<span class=\"_ _1\"></span>nd <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>term. <span class=\"_ _28\"> </span>The Company <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>precluded <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>sale <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>due <span class=\"_ _10\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>purchase <span class=\"_ _d\"></span>obligation <span class=\"_ _e\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>end <span class=\"_ _10\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>term <span class=\"_ _d\"></span>which prevents <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>lessor <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>obtaining <span class=\"_ _d\"></span>control <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>such <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>has <span class=\"_ _d\"></span>been <span class=\"_ _e\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>secured <span class=\"_ _d\"></span>borrowing, with the vessels recorded under \"Vessels and equipment\". The facil<span class=\"_ _1\"></span>ity is fully drawn down as of December 31, 2022.$42.9 million term loan facility (Credit Suisse)In <span class=\"_ _10\"></span>November <span class=\"_ _10\"></span>2019, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>signed <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>senior <span class=\"_ _10\"></span>secured <span class=\"_ _10\"></span>term <span class=\"_ _10\"></span>loan <span class=\"_ _10\"></span>facility <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>up <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>$42.9 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>Credit Suisse <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>partially <span class=\"_ _e\"></span>finance <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>delivery <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>one <span class=\"_ _10\"></span>Suezmax <span class=\"_ _e\"></span>tanker. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>matures <span class=\"_ _10\"></span>five <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>after <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>vessel's <span class=\"_ _e\"></span>delivery <span class=\"_ _e\"></span>date, carries <span class=\"_ _d\"></span>an <span class=\"_ _10\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>LIBOR <span class=\"_ _e\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>margin <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>190 <span class=\"_ _d\"></span>basis <span class=\"_ _e\"></span>points <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>amortization <span class=\"_ _e\"></span>profile <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>18 <span class=\"_ _e\"></span>years. <span class=\"_ _10\"></span>In <span class=\"_ _d\"></span>May <span class=\"_ _e\"></span>2020, the Company <span class=\"_ _d\"></span>drew down <span class=\"_ _d\"></span>$42.9 million under <span class=\"_ _d\"></span>the facility <span class=\"_ _d\"></span>in connection <span class=\"_ _d\"></span>with the delivery <span class=\"_ _d\"></span>of one <span class=\"_ _d\"></span>Suezmax tanker. <span class=\"_ _d\"></span>The facility is fully drawn down as of December 31, 2022.$62.5 million term loan facility (Cr\u00e9dit Agricole)In <span class=\"_ _d\"></span>May 2020, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>signed a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>term <span class=\"_ _d\"></span>loan facility <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amount of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>$62.5 million <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>Cr\u00e9dit <span class=\"_ _d\"></span>Agricole to <span class=\"_ _d\"></span>partially finance <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>of one <span class=\"_ _d\"></span>VLCC. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>facility matures <span class=\"_ _d\"></span>five <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>after <span class=\"_ _d\"></span>the vessel's <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>date, <span class=\"_ _d\"></span>carries an <span class=\"_ _d\"></span>interest rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>190 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization <span class=\"_ _d\"></span>profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>18 <span class=\"_ _d\"></span>years. <span class=\"_ _d\"></span>In <span class=\"_ _e\"></span>June <span class=\"_ _d\"></span>2020, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>drew down <span class=\"_ _10\"></span>$62.5 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>connection <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>delivery <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>one <span class=\"_ _10\"></span>VLCC. <span class=\"_ _11\"> </span>The <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>fully <span class=\"_ _10\"></span>drawn <span class=\"_ _11\"> </span>down <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of December 31, 2022.$133.7 million term loan facility (CEXIM)In November <span class=\"_ _d\"></span>2020, the Company <span class=\"_ _d\"></span>entered into <span class=\"_ _d\"></span>a senior <span class=\"_ _d\"></span>secured term loan <span class=\"_ _d\"></span>facility with CEXIM <span class=\"_ _d\"></span>and Sinosure <span class=\"_ _d\"></span>in an <span class=\"_ _d\"></span>amount of up to <span class=\"_ _d\"></span>$133.7 million <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>partially finance <span class=\"_ _d\"></span>four <span class=\"_ _d\"></span>LR2 <span class=\"_ _d\"></span>tanker newbuildings. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>facility has <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tenor <span class=\"_ _d\"></span>of 12 <span class=\"_ _d\"></span>years, <span class=\"_ _d\"></span>carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate of <span class=\"_\"> </span>L<span class=\"_ _1\"></span>IBOR <span class=\"_ _28\"> </span>plus <span class=\"_\"> </span>a <span class=\"_ _28\"> </span>margin <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>line <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>Company\u2019s <span class=\"_ _28\"> </span>other <span class=\"_ _28\"> </span>credit <span class=\"_ _28\"> </span>facilities <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>an <span class=\"_\"> </span>a<span class=\"_ _1\"></span>mortization <span class=\"_ _28\"> </span>profile <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>17 <span class=\"_ _28\"> </span>years commencing on <span class=\"_ _d\"></span>the delivery date <span class=\"_ _d\"></span>from the <span class=\"_ _d\"></span>yard. The <span class=\"_ _d\"></span>Company drew <span class=\"_ _d\"></span>down $33.4 <span class=\"_ _d\"></span>million in March <span class=\"_ _d\"></span>2021, $33.4 <span class=\"_ _d\"></span>million in <span class=\"_ _d\"></span>April 2021, <span class=\"_ _d\"></span>$33.4 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>September <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>$33.4 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>November <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>delivery of four LR2 tankers. The facility is fully drawn down as of December 31, 2022.$58.5 million term loan facility (SEB)In September <span class=\"_ _d\"></span>2021, the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>entered into <span class=\"_ _d\"></span>a senior <span class=\"_ _d\"></span>secured term <span class=\"_ _d\"></span>loan facility <span class=\"_ _d\"></span>in an <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of up <span class=\"_ _d\"></span>to $58.5 <span class=\"_ _d\"></span>million with <span class=\"_ _d\"></span>SEB to <span class=\"_ _10\"></span>partially <span class=\"_ _10\"></span>finance <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>acquisition <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>one <span class=\"_ _11\"> </span>2019-built <span class=\"_ _10\"></span>VLCC. <span class=\"_ _11\"> </span>The <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>has <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>tenor <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>five <span class=\"_ _10\"></span>years, <span class=\"_ _11\"> </span>carries <span class=\"_ _10\"></span>an <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _11\"> </span>of LIBOR plus a <span class=\"_ _d\"></span>margin of 170 basis <span class=\"_ _d\"></span>points and has <span class=\"_ _d\"></span>an amortization profile of <span class=\"_ _d\"></span>20 years commencing on <span class=\"_ _d\"></span>the delivery date from <span class=\"_ _d\"></span>the yard. <span class=\"_ _10\"></span>In <span class=\"_ _11\"></span>October <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>took <span class=\"_ _11\"> </span>delivery <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>vessel <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>drew <span class=\"_ _10\"></span>down <span class=\"_ _11\"> </span>$58.5 <span class=\"_ _10\"></span>million <span class=\"_ _11\"> </span>under <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>partially finance the delivery. The facility is fully drawn down as of Dece<span class=\"_ _1\"></span>mber 31, 2022.$58.5 million term loan facility (KFW)In September 2021, the Company entered into a senior secured term loan facility in an amount of up to $58.5 million with KFW to <span class=\"_ _10\"></span>partially <span class=\"_ _10\"></span>finance <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>acquisition <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>one <span class=\"_ _11\"> </span>2019-built <span class=\"_ _10\"></span>VLCC. <span class=\"_ _11\"> </span>The <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>has <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>tenor <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>five <span class=\"_ _10\"></span>years, <span class=\"_ _11\"> </span>carries <span class=\"_ _10\"></span>an <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _11\"> </span>of LIBOR plus a <span class=\"_ _d\"></span>margin of 170 basis <span class=\"_ _d\"></span>points and has <span class=\"_ _d\"></span>an amortization profile of <span class=\"_ _d\"></span>20 years commencing on <span class=\"_ _d\"></span>the delivery date from <span class=\"_ _d\"></span>the yard. <span class=\"_ _d\"></span>In <span class=\"_ _e\"></span>November <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>took <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$58.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>facility <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>partially finance the delivery. The facility is fully drawn down as of Dece<span class=\"_ _1\"></span>mber 31, 2022.$130.0 million term loan facility (DNB)In <span class=\"_ _d\"></span>October <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>$130.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>DNB to <span class=\"_ _d\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>acquisition <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>two <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>six <span class=\"_ _e\"></span>resale <span class=\"_ _d\"></span>VLCC <span class=\"_ _e\"></span>newbuilding <span class=\"_ _d\"></span>contracts. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>facility <span class=\"_ _e\"></span>has <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>tenor <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>five <span class=\"_ _e\"></span>years, carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>170 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>20 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on the <span class=\"_ _f\"> </span>delivery <span class=\"_ _11\"> </span>date <span class=\"_ _f\"> </span>from <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>yard. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>drew <span class=\"_ _f\"> </span>down <span class=\"_ _27\"> </span>$65.0 <span class=\"_ _11\"> </span>million <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>April <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>$65.0 <span class=\"_ _11\"> </span>million <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>June <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>to partially <span class=\"_ _10\"></span>finance <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>delivery <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>2022 <span class=\"_ _10\"></span>built <span class=\"_ _11\"> </span>VLCCs, <span class=\"_ _10\"></span><span class=\"ff3\">Front <span class=\"_ _11\"> </span>Alta</span> <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span><span class=\"ff3\">Front <span class=\"_ _11\"> </span>Tweed</span>. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>facility <span class=\"_ _10\"></span>is <span class=\"_ _11\"> </span>fully <span class=\"_ _11\"> </span>drawn <span class=\"_ _10\"></span>down <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>of December 31, 2022.$65.0 million term loan facility (ABN)In December 2021, the <span class=\"_ _d\"></span>Company entered into a senior secured term <span class=\"_ _d\"></span>loan facility in an amount of <span class=\"_ _d\"></span>up to $65.0 million from <span class=\"_ _d\"></span>ABN AMRO <span class=\"_ _d\"></span>Bank <span class=\"_ _e\"></span>N.V. <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>acquisition <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>one <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>six <span class=\"_ _d\"></span>resale <span class=\"_ _e\"></span>VLCC <span class=\"_ _e\"></span>newbuilding <span class=\"_ _d\"></span>contracts. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>facility <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>a tenor <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>five <span class=\"_ _10\"></span>years, <span class=\"_ _10\"></span>carries <span class=\"_ _e\"></span>an <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>LIBOR <span class=\"_ _10\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>margin <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>170 <span class=\"_ _10\"></span>basis <span class=\"_ _10\"></span>points <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>amortization <span class=\"_ _e\"></span>profile <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>20 years <span class=\"_ _10\"></span>commencing <span class=\"_ _11\"> </span>on <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>delivery <span class=\"_ _10\"></span>date <span class=\"_ _11\"> </span>from <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>yard. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>October <span class=\"_ _10\"></span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>drew <span class=\"_ _11\"> </span>down <span class=\"_ _10\"></span>$65.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>partially finance the delivery of the 2022 built VLCC <span class=\"ff3\">Front Gaula</span>. The fac<span class=\"_ _1\"></span>ility is fully drawn down as of December 31, 2022.$65.0 million term loan facility (ING)In December <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>entered into <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>senior secured <span class=\"_ _d\"></span>term loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>in an <span class=\"_ _d\"></span>amount of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to $65.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>from ING Bank <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>partially <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>acquisition <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>one <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>six <span class=\"_ _d\"></span>resale <span class=\"_ _e\"></span>VLCC <span class=\"_ _10\"></span>newbuilding <span class=\"_ _d\"></span>contracts. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>a <span class=\"_ _d\"></span>tenor <span class=\"_ _10\"></span>of <span class=\"_ _d\"></span>five years, <span class=\"_ _28\"> </span>carries <span class=\"_\"> </span>an <span class=\"_ _28\"> </span>interest <span class=\"_ _28\"> </span>rate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>LIBOR <span class=\"_ _28\"> </span>plus <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>ma<span class=\"_ _1\"></span>rgin <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>170 <span class=\"_ _28\"> </span>basis <span class=\"_ _28\"> </span>points <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>an <span class=\"_\"> </span>amort<span class=\"_ _1\"></span>ization <span class=\"_ _28\"> </span>profile <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>20 <span class=\"_ _28\"> </span>years commencing <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>delivery <span class=\"_ _11\"> </span>date <span class=\"_ _11\"> </span>from <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>yard. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>facility <span class=\"_ _11\"> </span>includes <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>sustainability <span class=\"_ _11\"> </span>margin <span class=\"_ _11\"> </span>adjustment <span class=\"_ _f\"> </span>linked <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fleet sustainability <span class=\"_ _d\"></span>score. <span class=\"_ _e\"></span>In <span class=\"_ _d\"></span>August <span class=\"_ _e\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$65.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>delivery <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>2022 <span class=\"_ _d\"></span>built VLCC <span class=\"ff3\">Front Tana</span>. The facility is fully drawn down as of December 31, 2022.$65.0 million term loan facility (KFW)In December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from KFW to <span class=\"_ _10\"></span>partially <span class=\"_ _10\"></span>finance <span class=\"_ _11\"></span>the <span class=\"_ _10\"></span>acquisition <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>one <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>six <span class=\"_ _10\"></span>resale <span class=\"_ _11\"> </span>VLCC <span class=\"_ _10\"></span>newbuilding <span class=\"_ _10\"></span>contracts. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>facility <span class=\"_ _10\"></span>has <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>tenor <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>5 <span class=\"_ _10\"></span>years, carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>170 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>20 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on the <span class=\"_ _10\"></span>delivery <span class=\"_ _10\"></span>date <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>yard. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>facility <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>fully <span class=\"_ _10\"></span>undrawn <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>2023, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>took delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>VLCC <span class=\"_ _d\"></span>newbuilding, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Tyne</span>, <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>HHI <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>drew <span class=\"_ _d\"></span>down <span class=\"_ _e\"></span>$65.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>this <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>partially <span class=\"_ _d\"></span>finance the delivery. $65.0 million term loan facility (Cr\u00e9dit Agricole)In <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>2021, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>entered <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>senior <span class=\"_ _11\"> </span>secured <span class=\"_ _11\"> </span>term <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>an <span class=\"_ _11\"> </span>amount <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>up <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>$65.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>from Cr\u00e9dit Agricole to partially finance the acquisition of one of the six <span class=\"_ _d\"></span>resale VLCC newbuilding contracts. The facility has a tenor of <span class=\"_ _11\"> </span>5 <span class=\"_ _11\"> </span>years, <span class=\"_ _11\"> </span>carries <span class=\"_ _f\"> </span>an <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rate <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>LIBOR <span class=\"_ _11\"> </span>plus <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>margin <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>170 <span class=\"_ _f\"> </span>basis <span class=\"_ _11\"> </span>points <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>has <span class=\"_ _f\"> </span>an <span class=\"_ _11\"> </span>amortization <span class=\"_ _11\"> </span>profile <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>18 <span class=\"_ _11\"> </span>years commencing <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>delivery <span class=\"_ _e\"></span>date <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>yard. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>facility <span class=\"_ _d\"></span>is <span class=\"_ _10\"></span>fully <span class=\"_ _e\"></span>undrawn <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022. <span class=\"_ _e\"></span>In <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>2023, <span class=\"_ _e\"></span>the Company <span class=\"_ _d\"></span>took <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>VLCC <span class=\"_ _e\"></span>newbuilding, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _e\"></span>Orkla</span>, <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>HHI <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$65.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>facility <span class=\"_ _d\"></span>to partially finance the delivery.$275.0 million revolving credit facilityIn <span class=\"_ _28\"> </span>June <span class=\"_ _27\"> </span>2016, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>signed <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>$275.0 <span class=\"_ _28\"> </span>million <span class=\"_ _28\"> </span>senior <span class=\"_ _27\"> </span>unsecured <span class=\"_ _28\"> </span>facility <span class=\"_ _27\"> </span>agreement <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>affiliate <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Hemen, <span class=\"_ _28\"> </span>the Company's <span class=\"_ _e\"></span>largest <span class=\"_ _e\"></span>shareholder. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>original <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>carried <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>6.25% <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>was <span class=\"_ _e\"></span>available <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>a period of <span class=\"_ _d\"></span>18 months <span class=\"_ _d\"></span>from the <span class=\"_ _d\"></span>first utilization <span class=\"_ _d\"></span>date and was <span class=\"_ _d\"></span>repayable in <span class=\"_ _d\"></span>full on <span class=\"_ _d\"></span>the 18 <span class=\"_ _d\"></span>months anniversary <span class=\"_ _d\"></span>of the <span class=\"_ _d\"></span>first utilization date. There were no scheduled loan repayments before this date<span class=\"_ _1\"></span>. The facility does not include any financial covenants.As <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>had <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>outstanding <span class=\"_ _d\"></span>balance <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>up <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>$215.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>remained <span class=\"_ _d\"></span>available and undrawn under this facility. The balance outstanding was incl<span class=\"_ _1\"></span>uded in short-term debt as of January 1, 2021.In February 2021, the Company extended the terms of <span class=\"_ _d\"></span>the facility by 12 months to May 2022. In <span class=\"_ _d\"></span>November 2021, the Company extended <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>12 <span class=\"_ _d\"></span>months <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>May <span class=\"_ _d\"></span>2023. <span class=\"_ _d\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down $149.7 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>installments <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>six <span class=\"_ _e\"></span>VLCCs <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>construction, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>deposits <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>two <span class=\"_ _e\"></span>2019 <span class=\"_ _e\"></span>built VLCCs <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>general <span class=\"_ _10\"></span>corporate <span class=\"_ _10\"></span>purposes. <span class=\"_ _10\"></span>As <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>$65.3 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>remained <span class=\"_ _10\"></span>available <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>undrawn <span class=\"_ _10\"></span>under this facility. The balance outstanding of $209.7 million was i<span class=\"_ _1\"></span>ncluded in long-term debt as of December 31, 2021.In November <span class=\"_ _d\"></span>2022, the Company <span class=\"_ _d\"></span>extended the facility <span class=\"_ _d\"></span>by 12 <span class=\"_ _d\"></span>months to May <span class=\"_ _d\"></span>2024 at <span class=\"_ _d\"></span>an interest rate <span class=\"_ _d\"></span>of 8.50% <span class=\"_ _d\"></span>and otherwise on same terms. The balance outstanding of $209.7 million is inc<span class=\"_ _1\"></span>luded in long-term debt as of December 31, 2022. Secured borrowingsAs <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>had <span class=\"_ _d\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>forward <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>repurchase <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>1.3 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Golden <span class=\"_ _d\"></span>Ocean in <span class=\"_ _d\"></span>March 2021 <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>$6.2 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>the shares <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>marketable <span class=\"_ _d\"></span>securities and <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>as of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021 within <span class=\"_ _e\"></span>short-term <span class=\"_ _e\"></span>debt <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>$6.3 <span class=\"_ _10\"></span>million, <span class=\"_ _e\"></span>after <span class=\"_ _e\"></span>adjusting <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>effect <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>foreign <span class=\"_ _e\"></span>exchange. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>required <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>post collateral of <span class=\"_ _d\"></span>20% <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the total <span class=\"_ _d\"></span>repurchase <span class=\"_ _d\"></span>price for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>duration of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>agreement which <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>held <span class=\"_ _d\"></span>in restricted <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>as of <span class=\"_ _d\"></span>January 1, <span class=\"_ _11\"> </span>2021. <span class=\"_ _f\"> </span>In <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>sold <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Golden <span class=\"_ _f\"> </span>Ocean <span class=\"_ _f\"> </span>shares <span class=\"_ _11\"> </span>previously <span class=\"_ _f\"> </span>held <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>marketable securities. Debt restrictionsThe Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>borrowings <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>vessels <span class=\"_ _27\"> </span>securing <span class=\"_\"> </span>borrowings <span class=\"_ _27\"> </span>under <span class=\"_\"> </span>each <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>such agreements <span class=\"_ _d\"></span>decrease <span class=\"_ _10\"></span>below <span class=\"_ _d\"></span>required <span class=\"_ _10\"></span>levels. <span class=\"_ _d\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>contain <span class=\"_ _10\"></span>certain <span class=\"_ _d\"></span>financial <span class=\"_ _e\"></span>covenants, <span class=\"_ _e\"></span>including <span class=\"_ _e\"></span>the requirement <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>maintain <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>certain <span class=\"_ _e\"></span>level <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>free <span class=\"_ _10\"></span>cash, <span class=\"_ _e\"></span>positive <span class=\"_ _e\"></span>working <span class=\"_ _e\"></span>capital <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>adjusted <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>covenant. <span class=\"_ _e\"></span>Restricted cash <span class=\"_ _e\"></span>does <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>include <span class=\"_ _10\"></span>cash <span class=\"_ _e\"></span>balances <span class=\"_ _10\"></span>$54.4 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>(2021: <span class=\"_ _e\"></span>$67.0 <span class=\"_ _10\"></span>million, <span class=\"_ _10\"></span>2020: <span class=\"_ _10\"></span>$103.5 <span class=\"_ _e\"></span>million), <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>represents <span class=\"_ _10\"></span>50% <span class=\"_ _e\"></span>(2021: 64%, <span class=\"_ _e\"></span>2020: <span class=\"_ _10\"></span>100%) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>required <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>maintained <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>financial <span class=\"_ _e\"></span>covenants <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>our <span class=\"_ _10\"></span>loan <span class=\"_ _e\"></span>agreements. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>is permitted <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>satisfy <span class=\"_ _e\"></span>up <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>50% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>requirements <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>maintaining <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>committed <span class=\"_ _e\"></span>undrawn <span class=\"_ _10\"></span>credit <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>remaining availability of greater than 12 months. Failure <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>comply <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>any <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>covenants <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _d\"></span>could <span class=\"_ _d\"></span>result <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>default, <span class=\"_ _d\"></span>which <span class=\"_ _e\"></span>would <span class=\"_ _d\"></span>permit <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lender <span class=\"_ _d\"></span>to accelerate <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>maturity <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>debt <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>foreclose <span class=\"_ _27\"> </span>upon <span class=\"_ _27\"> </span>any <span class=\"_ _27\"> </span>collateral <span class=\"_ _27\"> </span>securing <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>debt. <span class=\"_ _27\"> </span>Under <span class=\"_ _27\"> </span>those <span class=\"_ _27\"> </span>circumstances, <span class=\"_ _27\"> </span>the Company might <span class=\"_ _d\"></span>not have <span class=\"_ _d\"></span>sufficient funds <span class=\"_ _d\"></span>or other <span class=\"_ _d\"></span>resources to satisfy <span class=\"_ _d\"></span>its obligations. <span class=\"_ _d\"></span>The Company <span class=\"_ _d\"></span>was in <span class=\"_ _d\"></span>compliance with all of the financial covenants contained in the Company's loan a<span class=\"_ _1\"></span>greements as of December 31, 2022 and 2021.Assets pledgedDecember 31, December 31, January 1, (in thousands of $)202220212021Vessels<span class=\"_ _1e7\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>3,650,325 <span class=\"_ _a7\"> </span></span> <span class=\"_ _121\"> </span>3,466,782 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>3,300,176 Debt issuance costsDecember 31, December 31, January 1, (in thousands of $)202220212021Debt issuance costs<span class=\"_ _137\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(46,039) <span class=\"_ _2a\"> </span></span> <span class=\"_ _12f\"> </span>(41,691) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(31,129) Accumulated amortization<span class=\"_ _1e8\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>22,926 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>17,373 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>10,953  <span class=\"_ _1be\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(23,113) <span class=\"_ _2a\"> </span></span> <span class=\"_ _12f\"> </span>(24,318) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(20,176) The Company paid $4.3 million of debt issuance costs in the year e<span class=\"_ _1\"></span>nded December 31, 2022 (2021: $8.1 million).19.<span class=\"_ _95\"> </span>LEASESAt <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>leased <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>two <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>SFL <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>charters <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>classified <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>leases, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>2004-built <span class=\"_ _11\"> </span>VLCCs <span class=\"_ _11\"> </span><span class=\"ff3\">Front <span class=\"_ _f\"> </span>Force</span> <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span><span class=\"ff3\">Front <span class=\"_ _f\"> </span>Energy</span>. <span class=\"_ _11\"> </span>In <span class=\"_ _f\"> </span>April <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _11\"> </span>announced <span class=\"_ _11\"> </span>that <span class=\"_ _f\"> </span>its <span class=\"_ _11\"> </span>subsidiary <span class=\"_ _f\"> </span>Frontline <span class=\"_ _11\"> </span>Shipping Limited <span class=\"_ _d\"></span>had <span class=\"_ _d\"></span>agreed <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>SFL <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>terminate <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>these <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>upon <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>sale <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>by SFL to an unrelated third party.As <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>January <span class=\"_ _10\"></span>1, <span class=\"_ _11\"> </span>2021, <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>leased <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>two <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>from <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>third <span class=\"_ _10\"></span>party <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>time <span class=\"_ _10\"></span>charters <span class=\"_ _10\"></span>that <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>classified <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>leases  which were terminated in the year end December 31, 2021 when the ve<span class=\"_ _1\"></span>ssels were redelivered to the owners.The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>also <span class=\"_ _f\"> </span>committed <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>make <span class=\"_ _f\"> </span>rental <span class=\"_ _f\"> </span>payments <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>office <span class=\"_ _f\"> </span>premises. <span class=\"_ _f\"> </span>Certain <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>these <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>include variable <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>elements <span class=\"_ _10\"></span>linked <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>inflation <span class=\"_ _10\"></span>indexes. <span class=\"_ _e\"></span>Such <span class=\"_ _10\"></span>variable <span class=\"_ _e\"></span>payments <span class=\"_ _e\"></span>have <span class=\"_ _10\"></span>been <span class=\"_ _e\"></span>estimated <span class=\"_ _e\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>recognition <span class=\"_ _e\"></span>on the index at that time and are included in the mini<span class=\"_ _1\"></span>mum lease payments.Rental expenseThe future minimum lease payments under the Company's lea<span class=\"_ _1\"></span>ses as at December 31, 2022 are as follows:(in thousands of $)<span class=\"_ _1bf\"> </span><span class=\"ff2\"> </span>2023<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,103 </span>2024<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,206 </span>2025<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,237 </span>Total minimum lease payments<span class=\"_ _1c5\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,546 </span>Less: Imputed interest<span class=\"_ _5\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(150) </span>Present value of obligations under leases<span class=\"_ _1ea\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,396 </span>The future minimum lease payments under the Company's lea<span class=\"_ _1\"></span>ses as at December 31, 2021 are as follows:(in thousands of $)<span class=\"_ _1bf\"> </span><span class=\"ff2\"> </span>2022<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,235 </span>2023<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,753 </span>2024<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,054 </span>2025<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,810 </span>2026<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>11,705 </span>Thereafter<span class=\"_ _1eb\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,641 </span>Total minimum lease payments<span class=\"_ _1c5\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>63,198 </span>Less: Imputed interest<span class=\"_ _5\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(10,496) </span>Present value of obligations under leases<span class=\"_ _1ea\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>52,702 </span>Total <span class=\"_\"> </span>cash <span class=\"_\"> </span>outflows <span class=\"_\"> </span>for <span class=\"_ _29\"> </span>leases <span class=\"_\"> </span>was <span class=\"_\"> </span>$2.9 <span class=\"_\"> </span>million <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>$11.8 <span class=\"_\"> </span>million <span class=\"_\"> </span>for <span class=\"_\"> </span>the <span class=\"_\"> </span>years <span class=\"_ _29\"> </span>ended <span class=\"_\"> </span>December <span class=\"_\"> </span>31, <span class=\"_\"> </span>2022 <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>2021, respectively. <span class=\"_ _10\"></span>Expense <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>office <span class=\"_ _10\"></span>leases <span class=\"_ _11\"> </span>was <span class=\"_ _10\"></span>$0.9 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>$1.5 <span class=\"_ _10\"></span>million <span class=\"_ _11\"> </span>for <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>years <span class=\"_ _10\"></span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _11\"> </span>2022 <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>2021, respectively. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>expenses <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>$2.2 <span class=\"_ _f\"> </span>million <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>$8.6 <span class=\"_ _11\"> </span>million) <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>relation <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>leased-in <span class=\"_ _11\"> </span>vessels, Front <span class=\"_ _10\"></span>Energy <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>Front <span class=\"_ _11\"> </span>Force<span class=\"ff2\">. <span class=\"_ _11\"> </span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>lease <span class=\"_ _10\"></span>expenses <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>nil <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>$2.7 <span class=\"_ _11\"> </span>million) <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>relation <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>vessels </span>leased <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>third <span class=\"_ _e\"></span>party <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>leases. <span class=\"_ _d\"></span>Interest <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>incurred <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>leased-in vessels is disclosed <span class=\"_ _d\"></span>in Note 7. <span class=\"_ _d\"></span>The weighted-average discount <span class=\"_ _d\"></span>rate based on <span class=\"_ _d\"></span>the Company's <span class=\"_ _d\"></span>incremental borrowing rate, or <span class=\"_ _d\"></span>IBR, in <span class=\"_ _10\"></span>relation <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>leases <span class=\"_ _11\"> </span>was <span class=\"_ _10\"></span>2.7% <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>7.1%) <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _10\"></span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>weighted-average <span class=\"_ _10\"></span>remaining lease term was three years (2021: five years) as of December 31, 2022.Rental incomeTwo <span class=\"_ _e\"></span>LR2 <span class=\"_ _10\"></span>tankers <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>fixed <span class=\"_ _10\"></span>rate <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>charters <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022. <span class=\"_ _e\"></span>One <span class=\"_ _10\"></span>LR2 <span class=\"_ _e\"></span>tanker <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>two <span class=\"_ _10\"></span>VLCCs <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>fixed rate <span class=\"_ _e\"></span>time <span class=\"_ _10\"></span>charters <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>terms <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>all <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>addition, <span class=\"_ _10\"></span>the Company agreed <span class=\"_ _d\"></span>to charter-out <span class=\"_ _d\"></span>five Suezmax <span class=\"_ _d\"></span>tankers to <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>unrelated third <span class=\"_ _d\"></span>party, for <span class=\"_ _d\"></span>a period <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>3 years <span class=\"_ _d\"></span>commencing in <span class=\"_ _d\"></span>August 2019, <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>daily <span class=\"_ _10\"></span>base <span class=\"_ _10\"></span>rate <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>$28,400 <span class=\"_ _10\"></span>plus <span class=\"_ _10\"></span>50% <span class=\"_ _e\"></span>profit <span class=\"_ _10\"></span>share. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>terms <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>five <span class=\"_ _10\"></span>Suezmax <span class=\"_ _e\"></span>tankers <span class=\"_ _10\"></span>ended <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _10\"></span>ended December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>minimum <span class=\"_ _e\"></span>future <span class=\"_ _10\"></span>revenues <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>be <span class=\"_ _e\"></span>received <span class=\"_ _10\"></span>under <span class=\"_ _10\"></span>fixed <span class=\"_ _10\"></span>rate <span class=\"_ _e\"></span>contracts <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>as follows:(in thousands of $)<span class=\"_ _1bf\"> </span><span class=\"ff2\"> </span>2023<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>24,090 </span>2024<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>24,156 </span>2025<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>15,954 </span>Total minimum lease payments<span class=\"_ _1c5\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>64,200 </span>The minimum future revenues to be received under fixed rate c<span class=\"_ _1\"></span>ontracts as of December 31, 2021 were as follows:(in thousands of $)<span class=\"_ _1ec\"> </span><span class=\"ff2\"> </span>2022<span class=\"_ _1ed\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>28,968 </span>Total minimum lease payments<span class=\"_ _1ee\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>28,968 </span>Profit <span class=\"_ _d\"></span>share <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>earned <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>chartering <span class=\"_ _e\"></span>arrangements <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>been <span class=\"_ _e\"></span>excluded <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>minimum <span class=\"_ _e\"></span>future <span class=\"_ _d\"></span>revenues <span class=\"_ _e\"></span>above. <span class=\"_ _e\"></span>Our revenues <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>these <span class=\"_ _10\"></span>leases <span class=\"_ _10\"></span>have <span class=\"_ _e\"></span>been <span class=\"_ _10\"></span>included <span class=\"_ _10\"></span>within <span class=\"_ _10\"></span>time <span class=\"_ _10\"></span>charter <span class=\"_ _10\"></span>revenues <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Consolidated <span class=\"_ _10\"></span>Statement <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Profit <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>Loss, which solely relates to leasing revenues.The two LR2 tankers on fixed rate time charters as of Decem<span class=\"_ _1\"></span>ber 31, 2022 have an option for a 1 year extension.The <span class=\"_ _11\"> </span>cost <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>accumulated <span class=\"_ _11\"> </span>depreciation <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>leased <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>third <span class=\"_ _11\"> </span>parties <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>charters <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022 <span class=\"_ _f\"> </span>were $100.1 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>$3.9 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>respectively <span class=\"_ _10\"></span>(December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2021: <span class=\"_ _10\"></span>$328.0 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>$21.0 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>respectively, <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, 2021:  $509.5 million and $49.4 million, respectively). In <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _f\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>recognized <span class=\"_ _10\"></span>profit <span class=\"_ _11\"> </span>share <span class=\"_ _11\"> </span>income <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$7.0 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>relation <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>five <span class=\"_ _11\"> </span>time charters (2021: nil), within Revenues in the Consolidated Stat<span class=\"_ _1\"></span>ements of Profit or Loss.For further details on the Company's right-of-use assets see note 14.20.<span class=\"_ _95\"> </span>FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENTAccounting classifications and fair valuesThe following tables show the carrying amounts <span class=\"_ _d\"></span>and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. <span class=\"_ _1a6\"> </span><span class=\"ff1\">December 31, 2022<span class=\"_ _e8\"> </span></span>December 31, 2021<span class=\"_ _12f\"> </span>January 1, 2021Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)ValueValueValueValueValueValueFinancial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _5c\"> </span><span class=\"ff1\"> <span class=\"_ _1d3\"> </span>53,993 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>53,993 <span class=\"_ _35\"> </span></span> <span class=\"_ _a8\"> </span>9,675 <span class=\"_ _1ef\"> </span> <span class=\"_ _a8\"> </span>9,675 <span class=\"_ _1ef\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _88\"> </span>\u2014 Marketable securities<span class=\"_ _60\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>236,281 <span class=\"_ _1ef\"> </span> <span class=\"_ _2d\"> </span>236,281 <span class=\"_ _35\"> </span></span> <span class=\"_ _55\"> </span>2,435 <span class=\"_ _90\"> </span> <span class=\"_ _55\"> </span>2,435 <span class=\"_ _90\"> </span> <span class=\"_ _55\"> </span>8,474 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>8,474 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _1f1\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>254,525 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>254,525 <span class=\"_ _35\"> </span></span> <span class=\"_ _2d\"> </span>113,073 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>113,073 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>174,721 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>174,721 Restricted cash<span class=\"_ _1f2\"> </span><span class=\"ff1\"> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span></span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _1ef\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>14,928 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>14,928 Receivables<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _29\"> </span>139,467 <span class=\"_ _1ef\"> </span> <span class=\"_ _2d\"> </span>139,467 <span class=\"_ _35\"> </span></span> <span class=\"_ _1d3\"> </span>73,532 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>73,532 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>63,924 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>63,924 Loan notes receivable<span class=\"_ _1f3\"> </span><span class=\"ff1\"> <span class=\"_ _a8\"> </span>1,388 <span class=\"_ _1ef\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span></span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _3a\"> </span><span class=\"ff1\"> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _3c\"> </span>\u2014 <span class=\"_ _35\"> </span></span> <span class=\"_ _1f0\"> </span>5,673 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>5,673 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>19,261 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>19,261 Financial liabilities not measured at fair valueTrade and other payables<span class=\"_ _117\"> </span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>81,533 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>81,533 <span class=\"_ _1ef\"> </span></span> <span class=\"_ _a7\"> </span>43,364 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>43,364 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>55,002 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>55,002 Floating rate debt <span class=\"_ _3d\"></span>2,201,543  <span class=\"_ _3d\"></span>2,201,543  <span class=\"_ _3d\"></span>2,138,009  <span class=\"_ _3d\"></span>2,138,009  <span class=\"_ _3d\"></span>2,097,110  <span class=\"_ _3d\"></span>2,097,110 Fixed rate debt<span class=\"_ _66\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>211,884 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>212,203 <span class=\"_ _35\"> </span></span> <span class=\"_ _36\"> </span>211,884 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>206,552 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>66,876 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>65,348 Dec 31, 2022 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _b3\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>53,993 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>53,993 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Marketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>236,281 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>236,281 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>254,525 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>254,525 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,201,543 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,201,543 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>212,203 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>212,203 Dec 31, 2021 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _b3\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>9,675 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Marketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>113,073 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _16c\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _37\"> </span></span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,138,009 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,138,009 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>206,552 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>206,552 Jan 1, 2021 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossMarketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>8,474 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>8,474 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>174,721 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Restricted cash<span class=\"_ _1f6\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _16c\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>19,261 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>19,261 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,097,110 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,097,110 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>65,348 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>6,251 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>59,097 Measurement of fair valuesValuation techniques and significant unobservable inputsThe <span class=\"_ _d\"></span>following <span class=\"_ _e\"></span>tables <span class=\"_ _d\"></span>show <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>valuation <span class=\"_ _e\"></span>techniques <span class=\"_ _d\"></span>used <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>measuring <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>1, <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>2 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>3 <span class=\"_ _d\"></span>fair <span class=\"_ _e\"></span>values, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>well <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>the significant unobservable inputs that were used.Financial instruments measured at fair valueType<span class=\"_ _10f\"> </span>Valuation Techniques<span class=\"_ _1f7\"> </span>Significant unobservable inputsInterest rate swapsFair value was determined based on Not applicable.the market value.Marketable securitiesFair value was determined based on Not applicable.the actual trading of the securities.Financial instruments not measured at fair valueType<span class=\"_ _10f\"> </span>Valuation Techniques<span class=\"_ _1f7\"> </span>Significant unobservable inputsFloating rate debt<span class=\"_ _1dc\"> </span>Di<span class=\"_ _1\"></span>scounted cash flow.<span class=\"_ _d8\"> </span>Not applicable<span class=\"_ _1\"></span>.Fixed rate debt<span class=\"_ _83\"> </span>Discounted cash flow.<span class=\"_ _d8\"> </span>Discount rate.Assets Measured at Fair Value on a Recurring BasisThe <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>(level <span class=\"_ _e\"></span>2) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>swaps <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>present <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>would receive <span class=\"_ _d\"></span>or <span class=\"_ _10\"></span>pay <span class=\"_ _d\"></span>to <span class=\"_ _10\"></span>terminate <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>agreements <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>statement <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>financial <span class=\"_ _e\"></span>position <span class=\"_ _e\"></span>date, <span class=\"_ _e\"></span>taking <span class=\"_ _e\"></span>into <span class=\"_ _e\"></span>account, <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>applicable, <span class=\"_ _d\"></span>fixed interest <span class=\"_ _e\"></span>rates <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swaps, <span class=\"_ _e\"></span>current <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>forward <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>curves <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>credit <span class=\"_ _e\"></span>worthiness <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>both <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company and the derivative counterparty.Marketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>listed <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>securities <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>which <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>fair <span class=\"_ _10\"></span>value <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>statement <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>position <span class=\"_ _10\"></span>date <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>the aggregate market value based on quoted market prices (leve<span class=\"_ _1\"></span>l 1).Transfers between Level 1, 2 and 3There were no transfers between these levels in 2022 and 2021.Financial risk managementIn the course of its normal business, the Company is exposed to the following ri<span class=\"_ _1\"></span>sks:\u2022<span class=\"_ _2c\"> </span>Credit risk\u2022<span class=\"_ _2c\"> </span>Liquidity risk\u2022<span class=\"_ _2c\"> </span>Market risk (interest rate risk, foreign currency risk, and price risk)The <span class=\"_ _28\"> </span>Company\u2019s <span class=\"_\"> </span>B<span class=\"_ _1\"></span>oard <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>Directors <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>overall <span class=\"_ _28\"> </span>responsibility <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>establishm<span class=\"_ _1\"></span>ent <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>oversight <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>Company's <span class=\"_ _28\"> </span>risk management framework.Credit riskTrade and other receivablesAt <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>balance sheet <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>trade <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>receivables were <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>(i) <span class=\"_ _d\"></span>state-owned <span class=\"_ _d\"></span>enterprises, <span class=\"_ _d\"></span>(ii) oil <span class=\"_ _d\"></span>majors, <span class=\"_ _d\"></span>(iii) <span class=\"_ _d\"></span>commodities traders and (iv) related parties. Based on past experience, there was <span class=\"_ _d\"></span>only a small impact on doubtful amounts at year-end. Based on <span class=\"_ _d\"></span>individual <span class=\"_ _e\"></span>analyses, <span class=\"_ _d\"></span>provisions <span class=\"_ _e\"></span>for <span class=\"_ _d\"></span>doubtful <span class=\"_ _e\"></span>debtors <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>material <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>2021. <span class=\"_ _d\"></span>In addition, <span class=\"_ _d\"></span>no <span class=\"_ _d\"></span>customers <span class=\"_ _d\"></span>individually <span class=\"_ _d\"></span>accounted <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>10% <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>total <span class=\"_ _d\"></span>revenue <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>(see <span class=\"_ _d\"></span>Note <span class=\"_ _d\"></span>4). <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>maximum exposure to credit risk is represented by the carrying amount of each fi<span class=\"_ _1\"></span>nancial asset.Past <span class=\"_ _28\"> </span>due <span class=\"_\"> </span>amounts <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>not <span class=\"_\"> </span>cre<span class=\"_ _1\"></span>dit <span class=\"_ _28\"> </span>impaired <span class=\"_\"> </span>as <span class=\"_ _28\"> </span>collection <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>still <span class=\"_\"> </span>considere<span class=\"_ _1\"></span>d <span class=\"_\"> </span>t<span class=\"_ _1\"></span>o <span class=\"_\"> </span>be<span class=\"_ _1\"></span> <span class=\"_\"> </span>l<span class=\"_ _1\"></span>ikely <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>management <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>confident <span class=\"_ _28\"> </span>the outstanding <span class=\"_ _f\"> </span>amounts <span class=\"_ _f\"> </span>can <span class=\"_ _f\"> </span>be <span class=\"_ _27\"> </span>recovered. <span class=\"_ _f\"> </span>Amounts <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>past <span class=\"_ _27\"> </span>due <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>also <span class=\"_ _27\"> </span>with <span class=\"_ _f\"> </span>customers <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>high <span class=\"_ _27\"> </span>credit <span class=\"_ _f\"> </span>worthiness <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>are therefore not credit impaired.Loan note receivablesLoan <span class=\"_ _d\"></span>note <span class=\"_ _e\"></span>receivables <span class=\"_ _e\"></span>consist <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>$1.4 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>loan <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>TFG <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>(see <span class=\"_ _e\"></span>Note <span class=\"_ _e\"></span>16). <span class=\"_ _d\"></span>As <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>December 31, 2021, this loan had no maturity date, and was not credit impaired a<span class=\"_ _1\"></span>s there is no credit risk exposure for the Company.Cash and cash equivalentsThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>held <span class=\"_ _11\"> </span>cash <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>cash <span class=\"_ _11\"> </span>equivalents <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>$254.5 <span class=\"_ _10\"></span>million <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>$113.1 <span class=\"_ _11\"> </span>million, <span class=\"_ _11\"> </span>2020: <span class=\"_ _10\"></span>$174.7 million). The cash and cash equivalents are held with Skandinaviska Enskilda Banken, or SEB, HSBC, Royal Bank of Scotland, DNB <span class=\"_ _d\"></span>Bank <span class=\"_ _d\"></span>ASA <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Nordea <span class=\"_ _d\"></span>Bank <span class=\"_ _e\"></span>Norge, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>Nordea, <span class=\"_ _d\"></span>Cr\u00e9dit <span class=\"_ _d\"></span>Agricole, <span class=\"_ _d\"></span>Credit <span class=\"_ _d\"></span>Suisse <span class=\"_ _e\"></span>AG, <span class=\"_ _d\"></span>Standard <span class=\"_ _d\"></span>Chartered <span class=\"_ _d\"></span>Bank <span class=\"_ _d\"></span>Singapore, and <span class=\"_ _11\"> </span>Citibank <span class=\"_ _f\"> </span>N.A. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company\u2019s <span class=\"_ _f\"> </span>concentration <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>credit <span class=\"_ _f\"> </span>risk <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>respect <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>equivalents <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>considered significant <span class=\"_\"> </span>as <span class=\"_\"> </span>substantially <span class=\"_\"> </span>all <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>amounts <span class=\"_\"> </span>are <span class=\"_\"> </span>carried <span class=\"_\"> </span>with <span class=\"_\"> </span>a <span class=\"_\"> </span>diversified <span class=\"_ _29\"> </span>portfolio <span class=\"_\"> </span>of <span class=\"_\"> </span>banks <span class=\"_\"> </span>and <span class=\"_\"> </span>financial <span class=\"_\"> </span>institution counterparties.Restricted cashOur interest rate swaps can require us to post cash as collateral based on their fair value which is classifi<span class=\"_ _1\"></span>ed as restricted cash. As of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>no <span class=\"_ _e\"></span>cash <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>posted <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>collateral <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>our <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>swaps <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>borrowings (January 1, 2021: $13.4 million).DerivativesThe <span class=\"_ _d\"></span>Company is <span class=\"_ _d\"></span>exposed <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the risk <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>credit <span class=\"_ _d\"></span>loss <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>event <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>non-performance by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>counterparty <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>swap agreements. <span class=\"_ _d\"></span>Interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swap <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>banks <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>financial <span class=\"_ _d\"></span>institution <span class=\"_ _e\"></span>counterparties, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>rated AA-, based on rating agency S&amp;P.Liquidity riskLiquidity <span class=\"_ _10\"></span>risk <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>risk <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>will <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>be <span class=\"_ _10\"></span>able <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>meet <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>obligations <span class=\"_ _e\"></span>if <span class=\"_ _10\"></span>they <span class=\"_ _10\"></span>fall <span class=\"_ _10\"></span>due. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company\u2019s approach <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>managing <span class=\"_ _d\"></span>liquidity <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>ensure, <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>far <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>possible, <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>it <span class=\"_ _e\"></span>will <span class=\"_ _d\"></span>always <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>sufficient <span class=\"_ _d\"></span>liquidity <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>meet <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>liabilities when due. The Company has entered into several loan facilit<span class=\"_ _1\"></span>ies whose maturities are spread over different years (see Note 18).The following are the remaining contractual maturit<span class=\"_ _1\"></span>ies of financial liabilities:Contractual cash flows at December 31, 2022Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span><span class=\"ff1\"> <span class=\"_ _55\"> </span>2,178,430 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,201,543 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>275,670 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,555,143 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>370,730 </span>Fixed rate debt<span class=\"_ _1f8\"> </span><span class=\"ff1\"> <span class=\"_ _8f\"> </span>211,884 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>211,884 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>2,184 <span class=\"_ _3f\"> </span> <span class=\"_ _8f\"> </span>209,700 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Obligations under leases<span class=\"_ _1d7\"> </span><span class=\"ff1\"> <span class=\"_ _17\"> </span>3,396 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>3,396 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>1,024 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>2,372 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Trade and other payables<span class=\"_ _16\"> </span><span class=\"ff1\"> <span class=\"_ _18a\"> </span>81,533 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>81,533 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>81,533 <span class=\"_ _40\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Contractual cash flows at December 31, 2021Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span> <span class=\"_ _55\"> </span>2,113,691 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,138,009 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>196,481 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,279,839 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>661,689 Fixed rate debt<span class=\"_ _1f8\"> </span> <span class=\"_ _8f\"> </span>211,884 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>211,884 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>2,184 <span class=\"_ _3f\"> </span> <span class=\"_ _8f\"> </span>209,700 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Obligations under leases<span class=\"_ _1d7\"> </span> <span class=\"_ _3c\"> </span>52,702 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>52,702 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>8,723 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>42,362 <span class=\"_ _3f\"> </span> <span class=\"_ _1a1\"> </span>1,617 Trade and other payables<span class=\"_ _16\"> </span> <span class=\"_ _18a\"> </span>43,364 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>43,364 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>43,364 <span class=\"_ _40\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Derivative financial liabilitiesInterest rate swaps<span class=\"_ _1f1\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Contractual cash flows at January 1, 2021Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span> <span class=\"_ _55\"> </span>2,076,935 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,097,111 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>168,011 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,294,494 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>634,606 Fixed rate debt<span class=\"_ _1f8\"> </span> <span class=\"_ _3c\"> </span>66,876 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>66,876 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>66,876 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Obligations under leases<span class=\"_ _1d7\"> </span> <span class=\"_ _3c\"> </span>65,002 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>65,002 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>12,358 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>39,949 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>12,695 Trade and other payables<span class=\"_ _16\"> </span> <span class=\"_ _18a\"> </span>55,002 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>55,002 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>55,002 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Derivative financial liabilitiesInterest rate swaps<span class=\"_ _1f1\"> </span> <span class=\"_ _18a\"> </span>19,261 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>19,261 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>2,991 <span class=\"_ _3f\"> </span> <span class=\"_ _42\"> </span>16,270 The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>secured <span class=\"_ _10\"></span>bank <span class=\"_ _e\"></span>loans <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>contain <span class=\"_ _10\"></span>loan <span class=\"_ _e\"></span>covenants. <span class=\"_ _10\"></span>A <span class=\"_ _10\"></span>future <span class=\"_ _10\"></span>breach <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>covenant <span class=\"_ _10\"></span>may <span class=\"_ _10\"></span>require <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>to repay the loan earlier than indicated in the above ta<span class=\"_ _1\"></span>ble. For more details on these covenants, see Note 18. Fixed and floa<span class=\"_ _1\"></span>ting rate debt include expected payments <span class=\"_ _d\"></span>of accrued interest <span class=\"_ _d\"></span>as at the reporting <span class=\"_ _d\"></span>date. It is <span class=\"_ _d\"></span>not expected that the <span class=\"_ _d\"></span>cash flows included <span class=\"_ _d\"></span>in the table above (the maturity analysis) could occur significa<span class=\"_ _1\"></span>ntly earlier, or at significantly different amounts than st<span class=\"_ _1\"></span>ated above.Market riskInterest rate riskThe <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>exposed <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>impact <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>changes <span class=\"_ _e\"></span>primarily <span class=\"_ _10\"></span>through <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>floating-rate <span class=\"_ _e\"></span>borrowings <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>require <span class=\"_ _10\"></span>the Company <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>make <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>payments <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>SOFR <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>LIBOR. <span class=\"_ _e\"></span>Significant <span class=\"_ _e\"></span>increases <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rates <span class=\"_ _e\"></span>could <span class=\"_ _e\"></span>adversely <span class=\"_ _e\"></span>affect operating margins, results of operations and ability to service debt. The <span class=\"_ _d\"></span>Company uses interest rate swaps to reduce its exposure to <span class=\"_ _f\"> </span>market <span class=\"_ _27\"> </span>risk <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>changes <span class=\"_ _f\"> </span>in <span class=\"_ _27\"> </span>interest <span class=\"_ _f\"> </span>rates. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>principal <span class=\"_ _27\"> </span>objective <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>these <span class=\"_ _f\"> </span>contracts <span class=\"_ _27\"> </span>is <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>minimize <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>risks <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>costs associated <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>its <span class=\"_ _d\"></span>floating-rate <span class=\"_ _e\"></span>debt. <span class=\"_ _e\"></span>On <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>swaps <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>place <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>approximately 25% (2021: 26%) of the floating interest rates were switched to fixed rat<span class=\"_ _1\"></span>e.Managing interest rate benchmark reform and associated risksA <span class=\"_ _27\"> </span>fundamental <span class=\"_ _f\"> </span>reform <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>major <span class=\"_ _27\"> </span>interest <span class=\"_ _27\"> </span>rate <span class=\"_ _27\"> </span>benchmarks <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>being <span class=\"_ _27\"> </span>undertaken <span class=\"_ _27\"> </span>globally, <span class=\"_ _27\"> </span>including <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>replacement <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>some interbank <span class=\"_ _d\"></span>offered rates <span class=\"_ _d\"></span>(IBORs) <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>alternative <span class=\"_ _d\"></span>nearly risk-free <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>(RFR) <span class=\"_ _d\"></span>(referred <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\u2018IBOR reform\u2019). <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has transitioned <span class=\"_ _10\"></span>certain <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>instruments <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>RFR <span class=\"_ _10\"></span>(see <span class=\"_ _10\"></span>Note <span class=\"_ _10\"></span>18) <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>has <span class=\"_ _10\"></span>exposures <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>IBORs <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>remaining <span class=\"_ _10\"></span>financial instruments <span class=\"_ _11\"> </span>that <span class=\"_ _f\"> </span>will <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>replaced <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>reformed <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>part <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>these <span class=\"_ _f\"> </span>market-wide <span class=\"_ _f\"> </span>initiatives. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>anticipates <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>IBOR reform will not materially impact its risk manage<span class=\"_ _1\"></span>ment strategy.Cash flow sensitivity analysis for variable rate instrumentsAs <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company's <span class=\"_ _10\"></span>outstanding <span class=\"_ _10\"></span>debt <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>variable <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>net <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>subject <span class=\"_ _10\"></span>to interest rate swap agreements, was $1,634.2 million. Based on this, a one percentage point increa<span class=\"_ _1\"></span>se in annual LIBOR and SOFR interest <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>would <span class=\"_ _e\"></span>increase <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>annual <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>expense <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>approximately <span class=\"_ _d\"></span>$16.3 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>excluding <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>effects <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>capitalization of interest.Interest rate swap agreements<span class=\"ff1\"> </span>In <span class=\"_ _d\"></span>February <span class=\"_ _e\"></span>2016, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>entered <span class=\"_ _e\"></span>into <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>swap <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>DNB <span class=\"_ _d\"></span>whereby <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>floating <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>notional <span class=\"_ _e\"></span>debt <span class=\"_ _e\"></span>of $150.0 million was switched to fixed rate. The contract had a forwa<span class=\"_ _1\"></span>rd start date of February 2019.In <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _11\"> </span>2020, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>entered <span class=\"_ _f\"> </span>into <span class=\"_ _11\"> </span>three <span class=\"_ _f\"> </span>interest <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>swaps <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>DNB <span class=\"_ _f\"> </span>whereby <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>floating interest rate on notional debt totaling $250.0 million wa<span class=\"_ _1\"></span>s switched to a fixed rate.In <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2020, <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>entered <span class=\"_ _27\"> </span>into <span class=\"_ _27\"> </span>two <span class=\"_ _27\"> </span>interest <span class=\"_ _27\"> </span>rate <span class=\"_ _27\"> </span>swaps <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>Nordea <span class=\"_ _27\"> </span>Bank <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>the floating interest rate on notional debt totaling $150.0 mil<span class=\"_ _1\"></span>lion was switched to a fixed rate.The reference rate for our interest rate swaps is LIBOR.The aggregate <span class=\"_ _d\"></span>fair value <span class=\"_ _d\"></span>of these <span class=\"_ _d\"></span>swaps at <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022 was <span class=\"_ _d\"></span>an asset <span class=\"_ _d\"></span>of $54.0 <span class=\"_ _d\"></span>million (December <span class=\"_ _d\"></span>31, 2021: <span class=\"_ _d\"></span>$9.7 million, January <span class=\"_ _e\"></span>1, <span class=\"_ _e\"></span>2021: <span class=\"_ _10\"></span>nil <span class=\"_ _e\"></span>) <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>liability <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>nil <span class=\"_ _e\"></span>(December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2021: <span class=\"_ _e\"></span>$5.7 <span class=\"_ _10\"></span>million, <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021: <span class=\"_ _e\"></span>$19.3 <span class=\"_ _e\"></span>million). <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value (Level <span class=\"_ _e\"></span>2) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swap <span class=\"_ _e\"></span>agreements <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>would <span class=\"_ _e\"></span>receive <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>pay <span class=\"_ _e\"></span>to terminate <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>agreements <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>reporting <span class=\"_ _11\"> </span>date, <span class=\"_ _11\"> </span>taking <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>account, <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>applicable, <span class=\"_ _11\"> </span>fixed <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rates <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rate <span class=\"_ _11\"> </span>swaps, current <span class=\"_ _2d\"> </span>interest <span class=\"_ _2d\"> </span>rates, <span class=\"_ _29\"> </span>forward <span class=\"_ _2d\"> </span>rate <span class=\"_ _2d\"> </span>curves <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>current <span class=\"_ _2d\"> </span>credit <span class=\"_ _2d\"> </span>worthiness <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>both <span class=\"_ _2d\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>derivative counterparty. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>estimated <span class=\"_ _11\"> </span>fair <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>present <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>future <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows. <span class=\"_ _f\"> </span>In <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _f\"> </span>the Company recorded a gain on these interest rate swaps of $53.6 milli<span class=\"_ _1\"></span>on (2021: gain of $17.5 million).The interest rate swaps are not designated as hedges and are sum<span class=\"_ _1\"></span>marized as of December 31, 2022 as follows:Notional Amount<span class=\"_ _17b\"> </span>Inception Date<span class=\"_ _1fa\"> </span>Maturity Date<span class=\"_ _cb\"> </span>Fixed Interest Rate($000s) <span class=\"_ _1fb\"> </span>150,000 <span class=\"_ _1fc\"> </span>February 2019<span class=\"_ _e6\"> </span>February 2026<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>2.1970 <span class=\"_ _10\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.9750 <span class=\"_ _e\"></span>% <span class=\"_ _200\"> </span>50,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.6000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2025<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.9000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _201\"> </span>April 2020<span class=\"_ _202\"> </span>April 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.5970 <span class=\"_ _e\"></span>% <span class=\"_ _200\"> </span>50,000 <span class=\"_ _201\"> </span>April 2020<span class=\"_ _202\"> </span>April 2025<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.5000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>550,000 Foreign currency riskThe <span class=\"_ _f\"> </span>majority <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company's <span class=\"_ _27\"> </span>transactions, <span class=\"_ _f\"> </span>assets <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>liabilities <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>denominated <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>dollars, <span class=\"_ _f\"> </span>its <span class=\"_ _27\"> </span>functional <span class=\"_ _27\"> </span>currency. Certain <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>its <span class=\"_ _10\"></span>subsidiaries <span class=\"_ _11\"> </span>report <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>British <span class=\"_ _11\"> </span>pounds, <span class=\"_ _11\"> </span>Norwegian <span class=\"_ _10\"></span>kroner <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>Singapore <span class=\"_ _10\"></span>dollars <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>risks <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>kinds <span class=\"_ _10\"></span>arise <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>a result: <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>transaction <span class=\"_ _f\"> </span>risk, <span class=\"_ _28\"> </span>that <span class=\"_ _f\"> </span>is, <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>risk <span class=\"_ _27\"> </span>that <span class=\"_ _27\"> </span>currency <span class=\"_ _27\"> </span>fluctuations <span class=\"_ _27\"> </span>will <span class=\"_ _27\"> </span>have <span class=\"_ _27\"> </span>an <span class=\"_ _27\"> </span>effect <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>flows; <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>a translation <span class=\"_ _11\"> </span>risk, <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>impact <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>currency <span class=\"_ _f\"> </span>fluctuations <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>translation <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>foreign <span class=\"_ _f\"> </span>operations <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>foreign <span class=\"_ _f\"> </span>assets <span class=\"_ _11\"> </span>and liabilities into U.S. dollars in the consolidated financ<span class=\"_ _1\"></span>ial statements.Price riskOur <span class=\"_ _11\"> </span>exposure <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>equity <span class=\"_ _f\"> </span>securities <span class=\"_ _11\"> </span>price <span class=\"_ _f\"> </span>risk <span class=\"_ _f\"> </span>arises <span class=\"_ _f\"> </span>from <span class=\"_ _f\"> </span>marketable <span class=\"_ _11\"> </span>securities <span class=\"_ _f\"> </span>held <span class=\"_ _f\"> </span>by <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>listed <span class=\"_ _f\"> </span>equity securities <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>carried <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>FVTPL <span class=\"_ _10\"></span>unless <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>election <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>present <span class=\"_ _10\"></span>subsequent <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>investment's <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>OCI <span class=\"_ _10\"></span>is made. See Note 10 for further details.Capital managementWe <span class=\"_ _d\"></span>operate in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>capital <span class=\"_ _d\"></span>intensive <span class=\"_ _d\"></span>industry <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>historically financed <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>purchase <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>tankers <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other capital <span class=\"_ _d\"></span>expenditures through a <span class=\"_ _d\"></span>combination of <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>generated from <span class=\"_ _d\"></span>operations, equity <span class=\"_ _d\"></span>capital and <span class=\"_ _d\"></span>borrowings <span class=\"_ _d\"></span>from commercial <span class=\"_ _d\"></span>banks. Our <span class=\"_ _d\"></span>ability to generate adequate cash flows <span class=\"_ _d\"></span>on a short <span class=\"_ _d\"></span>and medium term basis <span class=\"_ _d\"></span>depends substantially on the <span class=\"_ _d\"></span>trading performance of our <span class=\"_ _d\"></span>vessels in <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>market. <span class=\"_ _e\"></span>Our <span class=\"_ _d\"></span>funding <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>treasury <span class=\"_ _e\"></span>activities <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>conducted <span class=\"_ _d\"></span>within <span class=\"_ _e\"></span>corporate <span class=\"_ _e\"></span>policies <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>increase <span class=\"_ _e\"></span>investment <span class=\"_ _d\"></span>returns <span class=\"_ _e\"></span>while maintaining appropriate liquidity for our requirements.The Company\u2019s objectives when managing capital are to:\u2022<span class=\"_ _2c\"> </span>safeguard <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>ability <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>continue <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>going <span class=\"_ _e\"></span>concern, <span class=\"_ _e\"></span>so <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>we <span class=\"_ _e\"></span>can <span class=\"_ _10\"></span>continue <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>provide <span class=\"_ _10\"></span>returns <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>shareholders <span class=\"_ _10\"></span>and benefits for other stakeholders, and\u2022<span class=\"_ _2c\"> </span>maintain an optimal capital structure to reduce<span class=\"_ _1\"></span> the cost of capital.The Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>borrowings <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>vessels <span class=\"_ _27\"> </span>securing <span class=\"_\"> </span>borrowings <span class=\"_ _27\"> </span>under <span class=\"_\"> </span>each <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>such agreements <span class=\"_ _d\"></span>decrease <span class=\"_ _10\"></span>below <span class=\"_ _d\"></span>required <span class=\"_ _10\"></span>levels. <span class=\"_ _d\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>contain <span class=\"_ _10\"></span>certain <span class=\"_ _d\"></span>financial <span class=\"_ _e\"></span>covenants, <span class=\"_ _e\"></span>including <span class=\"_ _e\"></span>the requirement <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>maintain <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>certain <span class=\"_ _10\"></span>level <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>free <span class=\"_ _e\"></span>cash, <span class=\"_ _10\"></span>positive <span class=\"_ _e\"></span>working <span class=\"_ _10\"></span>capital <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>adjusted <span class=\"_ _10\"></span>equity <span class=\"_ _e\"></span>covenant. <span class=\"_ _10\"></span>Failure <span class=\"_ _e\"></span>to comply <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>covenants <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _d\"></span>could <span class=\"_ _d\"></span>result <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>default, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>would <span class=\"_ _d\"></span>permit <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lender <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>accelerate the maturity of the debt and to foreclose upon any collateral<span class=\"_ _1\"></span> securing the debt.21.<span class=\"_ _95\"> </span>SHARE CAPITALAuthorized capitalizationThe <span class=\"_ _11\"> </span>authorized <span class=\"_ _f\"> </span>share <span class=\"_ _f\"> </span>capital <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>as <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>$600,000,000 <span class=\"_ _f\"> </span>(2021: <span class=\"_ _f\"> </span>$500,000,000) <span class=\"_ _f\"> </span>divided <span class=\"_ _11\"> </span>into 600,000,000 <span class=\"_ _2d\"> </span>shares <span class=\"_ _2d\"> </span>(2021: <span class=\"_ _2d\"> </span>500,000,000) <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>$1.00 <span class=\"_ _2d\"> </span>par <span class=\"_ _29\"> </span>value <span class=\"_ _2d\"> </span>each, <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>which <span class=\"_ _2d\"> </span>222,622,889 <span class=\"_ _2d\"> </span>shares <span class=\"_ _2d\"> </span>(December <span class=\"_ _2d\"> </span>31, <span class=\"_ _2d\"> </span>2021: 203,530,979 shares and January 1, 2021: 197,692,321 shares) of $1.00 par value each are in issue and fully paid.ATM programIn <span class=\"_ _10\"></span>June <span class=\"_ _10\"></span>2020, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>entered <span class=\"_ _10\"></span>into <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>equity <span class=\"_ _10\"></span>distribution <span class=\"_ _e\"></span>agreement <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>Morgan <span class=\"_ _10\"></span>Stanley <span class=\"_ _10\"></span>&amp; <span class=\"_ _10\"></span>Co. <span class=\"_ _10\"></span>LLC <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>offer <span class=\"_ _10\"></span>and sale <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>up <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>$100.0 <span class=\"_ _28\"> </span>million <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>ordinary <span class=\"_ _28\"> </span>shares <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>C<span class=\"_ _1\"></span>ompany <span class=\"_\"> </span>through <span class=\"_ _28\"> </span>an <span class=\"_ _28\"> </span>at-the-market <span class=\"_\"> </span>offering <span class=\"_ _28\"> </span>program <span class=\"_ _28\"> </span>(the <span class=\"_\"> </span>\"ATM program\"). <span class=\"_ _27\"> </span>In <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _28\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2021, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>issued <span class=\"_ _27\"> </span>5,499,658 <span class=\"_ _28\"> </span>shares <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>combined <span class=\"_ _27\"> </span>gross <span class=\"_ _27\"> </span>proceeds <span class=\"_ _28\"> </span>of $51.2 million.Share optionsIn <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>issued <span class=\"_ _10\"></span>339,000 <span class=\"_ _e\"></span>ordinary <span class=\"_ _10\"></span>shares <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>its <span class=\"_ _e\"></span>share <span class=\"_ _10\"></span>option <span class=\"_ _e\"></span>scheme <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>strike price <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>$5.70 <span class=\"_ _10\"></span>per <span class=\"_ _10\"></span>share. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>shares <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>issued <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>John <span class=\"_ _10\"></span>Fredriksen <span class=\"_ _10\"></span>(198,000 <span class=\"_ _10\"></span>shares), <span class=\"_ _10\"></span>Inger <span class=\"_ _10\"></span>M. <span class=\"_ _10\"></span>Klemp <span class=\"_ _e\"></span>(120,000 <span class=\"_ _10\"></span>shares), <span class=\"_ _10\"></span>and Ola Lorentzon (21,000 shares). Euronav share acquisitionOn <span class=\"_ _e\"></span>May <span class=\"_ _10\"></span>28, <span class=\"_ _10\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>announced <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>it <span class=\"_ _e\"></span>agreed <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>acquire <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>privately <span class=\"_ _e\"></span>negotiated <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>transactions <span class=\"_ _10\"></span>with certain <span class=\"_ _28\"> </span>shareholders <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Euronav <span class=\"_\"> </span>a <span class=\"_ _27\"> </span>total <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>5,955,705 <span class=\"_\"> </span>shares <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>Euronav, <span class=\"_ _28\"> </span>representing <span class=\"_ _28\"> </span>2.95% <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>shares <span class=\"_ _27\"> </span>in Euronav as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>this date, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>exchange for <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>total of <span class=\"_ _d\"></span>8,337,986 <span class=\"_ _d\"></span>ordinary shares <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Frontline. Frontline <span class=\"_ _d\"></span>received the <span class=\"_ _d\"></span>$0.06 <span class=\"_ _d\"></span>dividend that was paid on June 8, 2022 by Euronav in respect of these 5,955,705 shares. On <span class=\"_ _29\"> </span>June <span class=\"_ _29\"> </span>10, <span class=\"_ _29\"> </span>2022, <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_ _29\"> </span>announced <span class=\"_ _29\"> </span>that <span class=\"_ _29\"> </span>it <span class=\"_ _29\"> </span>agreed <span class=\"_ _29\"> </span>to <span class=\"_ _29\"> </span>acquire <span class=\"_ _29\"> </span>in <span class=\"_ _29\"> </span>privately <span class=\"_ _29\"> </span>negotiated <span class=\"_ _29\"> </span>transactions <span class=\"_ _29\"> </span>with <span class=\"_ _29\"> </span>certain shareholders <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Euronav <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>total <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>7,708,908 <span class=\"_ _d\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Euronav, <span class=\"_ _d\"></span>representing <span class=\"_ _d\"></span>3.82% <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>outstanding <span class=\"_ _d\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Euronav <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of this date, in exchange for a total of 10,753,924 shares in Frontline. As <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>had <span class=\"_ _d\"></span>acquired <span class=\"_ _e\"></span>13,664,613 <span class=\"_ _e\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Euronav <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>result <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>above <span class=\"_ _e\"></span>transactions. <span class=\"_ _d\"></span>The transaction <span class=\"_ _11\"> </span>price <span class=\"_ _11\"> </span>paid <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>acquire <span class=\"_ _11\"> </span>these <span class=\"_ _11\"> </span>shares <span class=\"_ _f\"> </span>was <span class=\"_ _11\"> </span>$175.5 <span class=\"_ _11\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>shares <span class=\"_ _11\"> </span>acquired <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the transaction dates.In connection with the above-referenced privately negotiated share exchange transactions, Frontline entered <span class=\"_ _d\"></span>into a share lending arrangement <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>Hemen <span class=\"_ _28\"> </span>to <span class=\"_ _28\"> </span>facilitate <span class=\"_ _27\"> </span>settlement <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>such <span class=\"_ _28\"> </span>transactions. <span class=\"_ _28\"> </span>Pursuant <span class=\"_ _28\"> </span>to <span class=\"_ _28\"> </span>such <span class=\"_ _28\"> </span>arrangement <span class=\"_ _28\"> </span>Hemen <span class=\"_ _28\"> </span>delivered <span class=\"_ _28\"> </span>an aggregate <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>19,091,910 <span class=\"_ _f\"> </span>Frontline <span class=\"_ _f\"> </span>shares <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>exchanging <span class=\"_ _f\"> </span>Euronav <span class=\"_ _11\"> </span>holders <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>June <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>Frontline <span class=\"_ _f\"> </span>agreed <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>issue <span class=\"_ _11\"> </span>to Hemen the <span class=\"_ _d\"></span>same number of <span class=\"_ _d\"></span>Frontline shares <span class=\"_ _d\"></span>in full satisfaction <span class=\"_ _d\"></span>of the <span class=\"_ _d\"></span>share lending arrangement. <span class=\"_ _d\"></span>This share <span class=\"_ _d\"></span>issuance to Hemen was completed in August 2022.The following <span class=\"_ _d\"></span>table <span class=\"_ _d\"></span>summarizes <span class=\"_ _d\"></span>the movement <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the number <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>shares <span class=\"_ _d\"></span>outstanding during <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 and December 31, 2021:Outstanding shares at January 1, 2021<span class=\"_ _1b3\"> </span> <span class=\"_ _150\"> </span>197,692,321 Shares issued under ATM program<span class=\"_ _1be\"> </span> <span class=\"_ _121\"> </span>5,499,658 Shares issued on exercise of options<span class=\"_ _3\"> </span> <span class=\"_ _cd\"> </span>339,000 Outstanding shares at December 31, 2021<span class=\"_ _f7\"> </span> <span class=\"_ _150\"> </span>203,530,979 Shares issued in connection with Euronav share acquisition<span class=\"_ _144\"> </span> <span class=\"_ _6f\"> </span>19,091,910 Outstanding shares at December 31, 2022<span class=\"_ _f7\"> </span> <span class=\"_ _150\"> </span>222,622,889 22.<span class=\"_ _95\"> </span>SHARE OPTIONSThe <span class=\"_ _d\"></span>Company's <span class=\"_ _d\"></span>share <span class=\"_ _e\"></span>option <span class=\"_ _d\"></span>scheme, <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Frontline <span class=\"_ _d\"></span>Scheme, <span class=\"_ _d\"></span>permits <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Board <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Directors, <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>its <span class=\"_ _e\"></span>discretion, <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>grant <span class=\"_ _e\"></span>options <span class=\"_ _d\"></span>to acquire <span class=\"_ _10\"></span>shares <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>employees <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>directors <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>subsidiaries. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>subscription <span class=\"_ _11\"> </span>price <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>all options <span class=\"_ _e\"></span>granted <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>scheme <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>reduced <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>all <span class=\"_ _e\"></span>dividends <span class=\"_ _10\"></span>declared <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the date <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>grant <span class=\"_ _e\"></span>until <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>date <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>option <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>exercised, <span class=\"_ _e\"></span>provided <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>subscription <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>never <span class=\"_ _d\"></span>reduced <span class=\"_ _e\"></span>below <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>par <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the share. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>vesting <span class=\"_ _e\"></span>periods <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>options <span class=\"_ _e\"></span>granted <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Frontline <span class=\"_ _d\"></span>Scheme <span class=\"_ _d\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _d\"></span>specific <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>each <span class=\"_ _d\"></span>grant. <span class=\"_ _d\"></span>There <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>no <span class=\"_ _e\"></span>maximum number <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>shares <span class=\"_ _10\"></span>authorized <span class=\"_ _11\"> </span>for <span class=\"_ _10\"></span>awards <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>share <span class=\"_ _10\"></span>options <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>authorized, <span class=\"_ _10\"></span>unissued <span class=\"_ _11\"> </span>or <span class=\"_ _10\"></span>treasury <span class=\"_ _11\"> </span>shares <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company may be used to satisfy exercised options.In <span class=\"_ _d\"></span>July <span class=\"_ _d\"></span>2016, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company granted <span class=\"_ _d\"></span>1,170,000 <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>options, <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>exercise <span class=\"_ _d\"></span>price <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$8.00 <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>share, to <span class=\"_ _d\"></span>directors <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>officers in <span class=\"_ _d\"></span>accordance with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>Scheme. <span class=\"_ _d\"></span>One <span class=\"_ _d\"></span>third <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>options vested <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>year, <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>third <span class=\"_ _d\"></span>vested <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>two years and one third vested over three years. The options had a five year t<span class=\"_ _1\"></span>erm which expired in July 2021.In <span class=\"_ _10\"></span>November <span class=\"_ _11\"> </span>2018, <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>granted <span class=\"_ _11\"> </span>180,000 <span class=\"_ _11\"> </span>share <span class=\"_ _10\"></span>options, <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>an <span class=\"_ _11\"> </span>exercise <span class=\"_ _11\"></span>price <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>$7.40 <span class=\"_ _10\"></span>per <span class=\"_ _11\"> </span>share, <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>employees <span class=\"_ _11\"> </span>in accordance <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>Scheme. <span class=\"_ _d\"></span>All <span class=\"_ _d\"></span>options <span class=\"_ _d\"></span>vested <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>July <span class=\"_ _d\"></span>2019. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>options <span class=\"_ _d\"></span>had <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>thirty-three <span class=\"_ _d\"></span>month <span class=\"_ _d\"></span>term which expired in July 2021.In <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>the Board <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Directors <span class=\"_ _d\"></span>approved <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>grant <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>1,280,000 <span class=\"_ _d\"></span>synthetic <span class=\"_ _d\"></span>options <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>employees and <span class=\"_ _d\"></span>board <span class=\"_ _d\"></span>members according to <span class=\"_ _d\"></span>the rules of <span class=\"_ _d\"></span>the Company\u2019s <span class=\"_ _d\"></span>synthetic option <span class=\"_ _d\"></span>scheme approved on <span class=\"_ _d\"></span>December 7, <span class=\"_ _d\"></span>2021. The <span class=\"_ _d\"></span>synthetic options <span class=\"_ _d\"></span> have <span class=\"_ _d\"></span>a five <span class=\"_ _e\"></span>year <span class=\"_ _10\"></span>term <span class=\"_ _e\"></span>expiring <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>2026. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>vesting <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>first <span class=\"_ _10\"></span>27.5% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>options, <span class=\"_ _e\"></span>24 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the next <span class=\"_ _e\"></span>27.5% <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>options <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>36 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>final <span class=\"_ _10\"></span>45% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>options. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>synthetic <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>will <span class=\"_ _10\"></span>be <span class=\"_ _e\"></span>settled <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the difference <span class=\"_ _d\"></span>between <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>market <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>exercise <span class=\"_ _d\"></span>price <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>date <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>exercise, <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>such, <span class=\"_ _d\"></span>have been classified as a liability.The <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>granted <span class=\"_ _e\"></span>option <span class=\"_ _e\"></span>awards <span class=\"_ _10\"></span>was <span class=\"_ _e\"></span>estimated <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>date <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>grant <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>Black-Scholes <span class=\"_ _e\"></span>option <span class=\"_ _10\"></span>valuation <span class=\"_ _e\"></span>model with the following assumptions: <span class=\"_ _203\"> </span>July 2016<span class=\"_ _204\"> </span>November 2018<span class=\"_ _1ef\"> </span>December 2021Risk free interest rate<span class=\"_ _205\"> </span> <span class=\"_ _3d\"></span>0.69% <span class=\"_ _a0\"> </span> <span class=\"_ _a2\"></span>2.78% <span class=\"_ _a0\"> </span> <span class=\"_ _3d\"></span>1.04% Expected life (years)<span class=\"_ _206\"> </span>3.5<span class=\"_ _59\"> </span>1.6<span class=\"_ _59\"> </span>3.4Expected volatility<span class=\"_ _207\"> </span> <span class=\"_ _3d\"></span>79.80% <span class=\"_ _5c\"> </span> <span class=\"_ _3d\"></span>38.24% <span class=\"_ _26\"> </span> <span class=\"_ _3d\"></span>58.42% Expected dividend yield<span class=\"_ _d5\"> </span> <span class=\"_ _3d\"></span>0.00% <span class=\"_ _181\"> </span> <span class=\"_ _3d\"></span>0.00% <span class=\"_ _a0\"> </span> <span class=\"_ _a2\"></span>0.00% The <span class=\"_ _e\"></span>risk-free <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>three <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>treasury <span class=\"_ _10\"></span>zero <span class=\"_ _e\"></span>coupon <span class=\"_ _10\"></span>issues <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>options granted <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>July <span class=\"_ _d\"></span>2016 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>prorated <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>two <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>treasury <span class=\"_ _d\"></span>zero <span class=\"_ _d\"></span>coupon <span class=\"_ _d\"></span>issues <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>options granted <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>November <span class=\"_ _e\"></span>2018. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>volatility <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>estimated <span class=\"_ _e\"></span>using <span class=\"_ _e\"></span>historical <span class=\"_ _d\"></span>share <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>data. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>dividend <span class=\"_ _e\"></span>yield <span class=\"_ _d\"></span>was <span class=\"_ _e\"></span>estimated <span class=\"_ _e\"></span>at 0% as <span class=\"_ _d\"></span>the exercise price <span class=\"_ _d\"></span>is reduced <span class=\"_ _d\"></span>by all dividends <span class=\"_ _d\"></span>declared by <span class=\"_ _d\"></span>the Company from <span class=\"_ _d\"></span>the date <span class=\"_ _d\"></span>of grant <span class=\"_ _d\"></span>to the exercise <span class=\"_ _d\"></span>date. It <span class=\"_ _d\"></span>was assumed that all of the options granted in July 2016, November 2018 and Decem<span class=\"_ _1\"></span>ber 2021 will vest.Exercises and forfeitures of July 2016 and November 2018 grantsThe initial exercise price for the options granted in July 2016 and November 2018 <span class=\"_ _d\"></span>was reduced by the amount of dividends paid after <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>date <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>grants. <span class=\"_ _e\"></span>As <span class=\"_ _10\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>2021 <span class=\"_ _e\"></span>1,350,000 <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>these <span class=\"_ _e\"></span>options <span class=\"_ _10\"></span>had <span class=\"_ _e\"></span>vested. <span class=\"_ _e\"></span>As <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 and <span class=\"_ _e\"></span>2021 <span class=\"_ _e\"></span>43,000 <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>these <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>been <span class=\"_ _e\"></span>forfeited. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022, <span class=\"_ _e\"></span>no <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>exercised. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>the year <span class=\"_ _27\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2021, <span class=\"_ _28\"> </span>339,000 <span class=\"_ _27\"> </span>options <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>exercised <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>Company <span class=\"_ _f\"> </span>issued <span class=\"_ _28\"> </span>339,000 <span class=\"_ _27\"> </span>shares <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>proceeds <span class=\"_ _27\"> </span>of $1.9 <span class=\"_\"> </span>m<span class=\"_ _1\"></span>illion. <span class=\"_ _28\"> </span>In <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>year <span class=\"_ _28\"> </span>ended <span class=\"_\"> </span>De<span class=\"_ _1\"></span>cember <span class=\"_ _28\"> </span>31, <span class=\"_\"> </span>2021, <span class=\"_ _28\"> </span>130,000 <span class=\"_ _28\"> </span>options <span class=\"_\"> </span>were <span class=\"_ _28\"> </span>exercised <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>settled <span class=\"_\"> </span>for <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>cash <span class=\"_ _28\"> </span>payment <span class=\"_\"> </span>of $0.3 <span class=\"_ _d\"></span>million. <span class=\"_ _e\"></span>As <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>no <span class=\"_ _e\"></span>options <span class=\"_ _d\"></span>remained <span class=\"_ _e\"></span>exercisable. <span class=\"_ _d\"></span>As <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>there was <span class=\"_ _29\"> </span>no <span class=\"_ _2d\"> </span>unrecognized <span class=\"_ _29\"> </span>stock <span class=\"_ _2d\"> </span>compensation <span class=\"_ _29\"> </span>expense <span class=\"_ _2d\"> </span>related <span class=\"_ _29\"> </span>to <span class=\"_ _2d\"> </span>non-vested <span class=\"_ _29\"> </span>options. <span class=\"_ _2d\"> </span>No <span class=\"_ _29\"> </span>stock <span class=\"_ _2d\"> </span>compensation <span class=\"_ _29\"> </span>expense <span class=\"_ _2d\"> </span>was recognized in the years ended December 31, 2022 and 2021.The <span class=\"_ _11\"> </span>weighted <span class=\"_ _11\"> </span>average <span class=\"_ _f\"> </span>grant-date <span class=\"_ _11\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>options <span class=\"_ _f\"> </span>granted <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>2016 <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>$4.06 <span class=\"_ _f\"> </span>per <span class=\"_ _11\"> </span>share <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>$1.53 <span class=\"_ _f\"> </span>per <span class=\"_ _11\"> </span>share <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>the options granted in 2018.Exercises and forfeitures of December 2021 grantThe initial exercise price for the synthetic options granted <span class=\"_ _d\"></span>in December 2021 was reduced by the amount <span class=\"_ _d\"></span>of dividends paid after the date of grant. <span class=\"_ _d\"></span>As of December 31, <span class=\"_ _d\"></span>2022, 330,000 of <span class=\"_ _d\"></span>these options had vested. <span class=\"_ _d\"></span>As of December 31, <span class=\"_ _d\"></span>2022, 80,000 options had been forfeited and no <span class=\"_ _d\"></span>options were exercised. As <span class=\"_ _d\"></span>of December 31, 2022, <span class=\"_ _d\"></span>330,000 options remained exercisable. The <span class=\"_ _d\"></span>subsequent remeasurement <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>synthetic <span class=\"_ _10\"></span>options <span class=\"_ _10\"></span>resulted <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>expense <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>$4.7 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>(2021: <span class=\"_ _10\"></span>$0.2 <span class=\"_ _11\"> </span>million) <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year ended December 31, 2022.As <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>weighted <span class=\"_ _e\"></span>average <span class=\"_ _d\"></span>exercise <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>these <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>$7.64 <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company's <span class=\"_ _d\"></span>share <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>was $12.14.The <span class=\"_ _e\"></span>weighted <span class=\"_ _d\"></span>average <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>granted <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>2021 <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>$6.54 <span class=\"_ _10\"></span>per <span class=\"_ _d\"></span>share. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>synthetic <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>of $8.4 <span class=\"_ _27\"> </span>million <span class=\"_ _28\"> </span>(2021: <span class=\"_ _27\"> </span>$3.3 <span class=\"_ _28\"> </span>million) <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _28\"> </span>2022 <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>recorded <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>liability <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$4.9 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>(2021: $0.2 <span class=\"_ _10\"></span>million) <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Consolidated <span class=\"_ _10\"></span>Statements <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Financial <span class=\"_ _10\"></span>Position. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>intrinsic <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>liabilities which had vested as of December 31, 2022 was $1.7 million (2021: nil).23.<span class=\"_ _95\"> </span>RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIESWe <span class=\"_ _28\"> </span>transact <span class=\"_ _28\"> </span>business <span class=\"_\"> </span>with <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>following <span class=\"_ _28\"> </span>related <span class=\"_ _28\"> </span>parties <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>affiliat<span class=\"_ _1\"></span>ed <span class=\"_ _28\"> </span>companies, <span class=\"_\"> </span>be<span class=\"_ _1\"></span>ing <span class=\"_ _28\"> </span>companies <span class=\"_\"> </span>i<span class=\"_ _1\"></span>n <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>Hemen <span class=\"_ _28\"> </span>and companies associated <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>Hemen <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>significant influence <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>control: SFL, <span class=\"_ _d\"></span>Seatankers <span class=\"_ _d\"></span>Management <span class=\"_ _d\"></span>Norway <span class=\"_ _d\"></span>AS, Seatankers Management <span class=\"_ _d\"></span>Co. <span class=\"_ _d\"></span>Ltd, <span class=\"_ _d\"></span>Golden <span class=\"_ _d\"></span>Ocean, <span class=\"_ _d\"></span>Alta Trading <span class=\"_ _d\"></span>UK <span class=\"_ _d\"></span>Limited, <span class=\"_ _d\"></span>Archer <span class=\"_ _d\"></span>Limited, <span class=\"_ _d\"></span>Flex <span class=\"_ _d\"></span>LNG <span class=\"_ _d\"></span>Ltd, <span class=\"_ _d\"></span>Avance <span class=\"_ _d\"></span>Gas <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Front <span class=\"_ _d\"></span>Ocean Management AS. <span class=\"_ _d\"></span>We <span class=\"_ _d\"></span>also <span class=\"_ _d\"></span>own <span class=\"_ _d\"></span>interests in <span class=\"_ _d\"></span>TFG <span class=\"_ _d\"></span>Marine <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Clean Marine <span class=\"_ _d\"></span>AS <span class=\"_ _d\"></span>(through <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>interest in <span class=\"_ _d\"></span>FMS <span class=\"_ _d\"></span>Holdco) <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>are accounted for as equity method investments.SFL TransactionsSFL <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>counterparty <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>leases <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>2004-built <span class=\"_ _d\"></span>VLCCs, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _e\"></span>Force <span class=\"_ _d\"></span></span>and<span class=\"ff3\"> <span class=\"_ _d\"></span>Front <span class=\"_ _e\"></span>Energy,</span> <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company<span class=\"ff3\"> <span class=\"_ _d\"></span></span>held <span class=\"_ _e\"></span>as Right-of-use <span class=\"_ _27\"> </span>assets <span class=\"_ _28\"> </span>at <span class=\"_ _27\"> </span>December <span class=\"_ _28\"> </span>31, <span class=\"_ _27\"> </span>2021. <span class=\"_ _28\"> </span>In <span class=\"_ _28\"> </span>April <span class=\"_ _27\"> </span>2022, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>announced <span class=\"_ _27\"> </span>that <span class=\"_ _28\"> </span>its <span class=\"_ _27\"> </span>subsidiary <span class=\"_ _28\"> </span>Frontline <span class=\"_ _27\"> </span>Shipping Limited <span class=\"_ _d\"></span>had <span class=\"_ _d\"></span>agreed <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>SFL <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>terminate <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>these <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>upon <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>sale <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>by SFL <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>an <span class=\"_ _28\"> </span>unrelated <span class=\"_ _28\"> </span>third <span class=\"_\"> </span>pa<span class=\"_ _1\"></span>rty. <span class=\"_ _28\"> </span>The <span class=\"_\"> </span>Company <span class=\"_ _28\"> </span>agreed <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>a <span class=\"_ _28\"> </span>total <span class=\"_ _28\"> </span>compensation <span class=\"_ _28\"> </span>payment <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>SFL <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>$4.5 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>the termination <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>charters. <span class=\"_ _27\"> </span>The <span class=\"_ _27\"> </span>charters <span class=\"_ _f\"> </span>terminated <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>delivered <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>new <span class=\"_ _f\"> </span>owners <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>April <span class=\"_ _f\"> </span>2022. <span class=\"_ _27\"> </span>The Company recorded a loss on termination of $0.4 million in the year e<span class=\"_ _1\"></span>nded December 31, 2022.Furthermore, <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>Shipping <span class=\"_ _e\"></span>Limited <span class=\"_ _d\"></span>(\"FSL\"), <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>wholly <span class=\"_ _e\"></span>owned <span class=\"_ _d\"></span>subsidiary <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>chartering <span class=\"_ _d\"></span>counterparty with SFL had agreed to certain dividend restrictions. In order to make or pay any dividend or other distribution to the Company, FSL <span class=\"_ _27\"> </span>shall <span class=\"_ _27\"> </span>demonstrate <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>buffer <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>$2.0 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>per <span class=\"_ _28\"> </span>vessel <span class=\"_ _27\"> </span>both <span class=\"_ _27\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>following <span class=\"_ _27\"> </span>such <span class=\"_ _28\"> </span>payment, <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>following payment <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>next <span class=\"_ _10\"></span>monthly <span class=\"_ _e\"></span>hire <span class=\"_ _10\"></span>due <span class=\"_ _10\"></span>plus <span class=\"_ _10\"></span>any <span class=\"_ _e\"></span>profit <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>accrued <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>agreement. <span class=\"_ _e\"></span>As <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>cash held by <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>Shipping Limited, <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>respect to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>leases was <span class=\"_ _d\"></span>nil <span class=\"_ _d\"></span>(2021: $2.0 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>January 1, <span class=\"_ _d\"></span>2021: <span class=\"_ _d\"></span>$15.6 <span class=\"_ _d\"></span>million), and these amounts were included in \"Cash and cash equivalents\".A summary of leasing transactions with SFL in the years ended Dece<span class=\"_ _1\"></span>mber 31, 2022 and 2021 are as follows;(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Charter hire paid (principal and interest)<span class=\"_ _103\"> </span> <span class=\"_ _12\"> </span>1,980 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,830 Lease termination (receipts) payments<span class=\"_ _208\"> </span> <span class=\"_ _12\"> </span>4,456 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Lease interest expense<span class=\"_ _209\"> </span> <span class=\"_ _15\"> </span>937 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,895 Contingent rental income<span class=\"_ _20a\"> </span> <span class=\"_ _1d\"> </span>(623) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,606) Remaining lease obligation<span class=\"_ _20b\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>48,466 Contingent <span class=\"_ _11\"> </span>rental <span class=\"_ _f\"> </span>income <span class=\"_ _f\"> </span>recorded <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>primarily <span class=\"_ _f\"> </span>due <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fact <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>profit <span class=\"_ _11\"> </span>share <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>accrued <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>lease obligation <span class=\"_ _e\"></span>payable <span class=\"_ _e\"></span>when <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>recorded <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Frontline's <span class=\"_ _e\"></span>merger <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>Frontline <span class=\"_ _e\"></span>2012 <span class=\"_ _e\"></span>Ltd. <span class=\"_ _10\"></span>was $0.6 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>higher <span class=\"_ _11\"> </span>than <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>actual <span class=\"_ _11\"> </span>profit <span class=\"_ _11\"> </span>share <span class=\"_ _11\"> </span>expense <span class=\"_ _11\"> </span>payable <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>SFL, <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>no <span class=\"_ _11\"> </span>profit <span class=\"_ _11\"> </span>share <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>payable <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>period. <span class=\"_ _11\"> </span>The Company <span class=\"_ _27\"> </span>recorded <span class=\"_ _27\"> </span>contingent <span class=\"_ _27\"> </span>rental <span class=\"_ _27\"> </span>income <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$3.6 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>2021 <span class=\"_ _27\"> </span>primarily <span class=\"_ _27\"> </span>due <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>fact <span class=\"_ _27\"> </span>that <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>actual <span class=\"_ _27\"> </span>profit <span class=\"_ _28\"> </span>share expense <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$0.3 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>$3.6 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>less <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>amount <span class=\"_ _d\"></span>accrued <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>leases were recorded at fair value at the time of the merger be<span class=\"_ _1\"></span>tween the Company and Frontline 2012 Ltd.In <span class=\"_ _d\"></span>January <span class=\"_ _e\"></span>2014, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>commenced <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>pooling <span class=\"_ _e\"></span>arrangement <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>SFL, <span class=\"_ _e\"></span>between <span class=\"_ _e\"></span>two <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _d\"></span>Suezmax <span class=\"_ _e\"></span>tankers<span class=\"ff3\"> <span class=\"_ _e\"></span>Front</span> <span class=\"_ _e\"></span><span class=\"ff3\">Odin</span> and <span class=\"_ _27\"> </span><span class=\"ff3\">Front <span class=\"_ _28\"> </span>Njord</span> <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>two <span class=\"_ _28\"> </span>SFL <span class=\"_ _27\"> </span>vessels <span class=\"_ _28\"> </span><span class=\"ff3\">Glorycrown</span> <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span><span class=\"ff3\">Everbright.</span> <span class=\"_ _27\"> </span>In <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _28\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _28\"> </span>31, <span class=\"_ _27\"> </span>2022, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company recognized a loss of $0.1 million (2021: $0.3 million gain) in relati<span class=\"_ _1\"></span>on to the pooling arrangement which is payable from SFL. In November <span class=\"_ _d\"></span>2021, the <span class=\"_ _d\"></span>Company announced <span class=\"_ _d\"></span>that it <span class=\"_ _d\"></span>had entered <span class=\"_ _d\"></span>into an <span class=\"_ _d\"></span>agreement to <span class=\"_ _d\"></span>sell four <span class=\"_ _d\"></span>of its <span class=\"_ _d\"></span>scrubber fitted <span class=\"_ _d\"></span>LR2 tankers for <span class=\"_ _d\"></span>an aggregate <span class=\"_ _d\"></span>sale <span class=\"_ _d\"></span>price of <span class=\"_ _d\"></span>$160.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>to SFL <span class=\"_ _d\"></span>Tanker <span class=\"_ _d\"></span>Holding <span class=\"_ _d\"></span>Ltd., a <span class=\"_ _d\"></span>company <span class=\"_ _d\"></span>related to <span class=\"_ _d\"></span>Hemen, <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>largest shareholder. Two <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>delivered <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>new <span class=\"_ _11\"> </span>owners <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>2021 <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>remaining <span class=\"_ _10\"></span>two <span class=\"_ _11\"> </span>vessels <span class=\"_ _10\"></span>were <span class=\"_ _11\"> </span>delivered <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>new owners <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>January <span class=\"_ _f\"> </span>2022. <span class=\"_ _11\"> </span>After <span class=\"_ _f\"> </span>repayment <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>debt <span class=\"_ _f\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>transaction <span class=\"_ _f\"> </span>generated <span class=\"_ _11\"> </span>total <span class=\"_ _11\"> </span>net <span class=\"_ _11\"> </span>cash <span class=\"_ _f\"> </span>proceeds <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$68.6 million, <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>net <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>proceeds <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$35.1 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>company <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>gain on sale <span class=\"_ _d\"></span>in relation <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>first two <span class=\"_ _d\"></span>vessels of <span class=\"_ _d\"></span>$3.2 million in <span class=\"_ _d\"></span>the year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>and a <span class=\"_ _d\"></span>gain of <span class=\"_ _d\"></span>$4.6 million <span class=\"_ _d\"></span>in the year ended December 31, 2022.Transactions with associated companies In <span class=\"_ _10\"></span>September <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>increased <span class=\"_ _11\"> </span>its <span class=\"_ _11\"> </span>investment <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>Clean <span class=\"_ _11\"> </span>Marine <span class=\"_ _11\"> </span>AS <span class=\"_ _10\"></span>through <span class=\"_ _11\"> </span>FMS <span class=\"_ _11\"> </span>Holdco <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>$1.5 <span class=\"_ _11\"> </span>million. <span class=\"_ _10\"></span>FMS Holdco <span class=\"_ _11\"> </span>entered <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>sale <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>purchase <span class=\"_ _11\"> </span>agreement <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>Clue <span class=\"_ _f\"> </span>AS <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>purchase <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>Clue's <span class=\"_ _11\"> </span>equity <span class=\"_ _11\"> </span>share <span class=\"_ _f\"> </span>interests <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>Clean Marine Pte. Ltd. Following the transaction, Frontline <span class=\"_ _d\"></span>owns an effective 43.60% interest in Clean Marine <span class=\"_ _d\"></span>AS which is accounted for <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>method. <span class=\"_ _10\"></span>As <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>investment <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>Clean <span class=\"_ _10\"></span>Marine <span class=\"_ _e\"></span>AS <span class=\"_ _10\"></span>was <span class=\"_ _e\"></span>$1.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>(2021: $0.6 <span class=\"_ _10\"></span>million). <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>year <span class=\"_ _10\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>share <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>losses <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>Clean <span class=\"_ _10\"></span>Marine <span class=\"_ _10\"></span>AS <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>$0.6 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>(2021: <span class=\"_ _10\"></span>$<span class=\"_ _d\"></span>nil) <span class=\"_ _10\"></span>was recognized.The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>accounts <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>15% <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>share <span class=\"_ _e\"></span>capital <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>TFG <span class=\"_ _e\"></span>Marine <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>method. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December 31, 2022, a share of profits of <span class=\"_ _d\"></span>TFG Marine of $14.8 million (2021: $0.7 million losses) was <span class=\"_ _d\"></span>recognized. As a result of the losses up <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>advanced <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>shareholder <span class=\"_ _10\"></span>loan <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>$1.5 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>TFG <span class=\"_ _e\"></span>Marine <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>2021. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company subsequently <span class=\"_ _11\"> </span>converted <span class=\"_ _11\"> </span>$0.1 <span class=\"_ _11\"> </span>million <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>shareholder <span class=\"_ _11\"> </span>loan <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>equity. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _11\"> </span>has <span class=\"_ _11\"> </span>also <span class=\"_ _f\"> </span>entered <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>bunker <span class=\"_ _11\"> </span>supply arrangement with TFG <span class=\"_ _d\"></span>Marine, under <span class=\"_ _d\"></span>which it <span class=\"_ _d\"></span>has paid $434.4 <span class=\"_ _d\"></span>million (2021: <span class=\"_ _d\"></span>$240.5 million) to <span class=\"_ _d\"></span>TFG Marine <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>year ended December 31, <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and $14.8 <span class=\"_ _d\"></span>million (2021: <span class=\"_ _d\"></span>$20.6 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>January 1, <span class=\"_ _d\"></span>2021: <span class=\"_ _d\"></span>$5.4 million) <span class=\"_ _d\"></span>remains due <span class=\"_ _d\"></span>as of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2022. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>also <span class=\"_ _e\"></span>agreed <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>provide <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>guarantee <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>respect <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>performance <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>subsidiaries, <span class=\"_ _d\"></span>and two <span class=\"_ _d\"></span>subsidiaries of <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>affiliate of <span class=\"_ _d\"></span>Hemen, <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>a bunker <span class=\"_ _d\"></span>supply <span class=\"_ _d\"></span>arrangement <span class=\"_ _d\"></span>with TFG <span class=\"_ _d\"></span>Marine. <span class=\"_ _d\"></span>As <span class=\"_ _d\"></span>of December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and 2021, <span class=\"_ _f\"> </span>there <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>no <span class=\"_ _27\"> </span>amounts <span class=\"_ _f\"> </span>payable <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>this <span class=\"_ _27\"> </span>guarantee. <span class=\"_ _f\"> </span>In <span class=\"_ _f\"> </span>addition, <span class=\"_ _f\"> </span>should <span class=\"_ _f\"> </span>TFG <span class=\"_ _27\"> </span>Marine <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>required <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>provide <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>parent company <span class=\"_ _d\"></span>guarantee <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>its <span class=\"_ _d\"></span>bunker <span class=\"_ _d\"></span>suppliers <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>providers <span class=\"_ _d\"></span>then <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>any <span class=\"_ _d\"></span>guarantee <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>provided <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Trafigura <span class=\"_ _d\"></span>Group and becomes <span class=\"_ _d\"></span>payable, the <span class=\"_ _d\"></span>Company shall <span class=\"_ _d\"></span>pay a <span class=\"_ _d\"></span>pro-rata amount <span class=\"_ _d\"></span>based on <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>share of <span class=\"_ _d\"></span>the equity <span class=\"_ _d\"></span>in TFG <span class=\"_ _d\"></span>Marine. The <span class=\"_ _d\"></span>maximum liability <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>this <span class=\"_ _e\"></span>guarantee <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>$6.0 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>no <span class=\"_ _10\"></span>amounts <span class=\"_ _e\"></span>payable <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>this <span class=\"_ _10\"></span>guarantee <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022 and 2021.Transactions with other affiliates of HemenIn <span class=\"_ _28\"> </span>June <span class=\"_ _27\"> </span>2016, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>signed <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>$275.0 <span class=\"_ _28\"> </span>million <span class=\"_ _28\"> </span>senior <span class=\"_ _27\"> </span>unsecured <span class=\"_ _28\"> </span>facility <span class=\"_ _27\"> </span>agreement <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>affiliate <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Hemen, <span class=\"_ _28\"> </span>the Company's <span class=\"_ _10\"></span>largest <span class=\"_ _11\"> </span>shareholder. <span class=\"_ _11\"> </span>As <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021, <span class=\"_ _11\"> </span>up <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>$215.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>remained <span class=\"_ _11\"> </span>available <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>undrawn. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>November 2021, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>extended <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>terms <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>facility <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>May <span class=\"_ _e\"></span>2023. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the Company <span class=\"_ _27\"> </span>drew <span class=\"_ _27\"> </span>down <span class=\"_ _28\"> </span>$149.7 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>facility <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>installments <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>six <span class=\"_ _27\"> </span>VLCCs <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>construction, <span class=\"_ _27\"> </span>the deposits on <span class=\"_ _d\"></span>two <span class=\"_ _d\"></span>2019 <span class=\"_ _d\"></span>built VLCCs <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>for general <span class=\"_ _d\"></span>corporate <span class=\"_ _d\"></span>purposes. In <span class=\"_ _d\"></span>November <span class=\"_ _d\"></span>2022, the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>extended the <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>of the <span class=\"_ _10\"></span>facility <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>May <span class=\"_ _10\"></span>2024 <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>an <span class=\"_ _10\"></span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>8.50% <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>otherwise <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>same <span class=\"_ _10\"></span>terms. <span class=\"_ _10\"></span>As <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, $209.7 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>(2021: <span class=\"_\"> </span>$209.7 <span class=\"_ _28\"> </span>million) <span class=\"_\"> </span>drawn <span class=\"_\"> </span>from <span class=\"_ _28\"> </span>this <span class=\"_\"> </span>facility <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_ _28\"> </span>recorded <span class=\"_\"> </span>as <span class=\"_\"> </span>l<span class=\"_ _1\"></span>ong-term <span class=\"_\"> </span>debt. <span class=\"_ _28\"> </span>In <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>year <span class=\"_\"> </span>ended December 31, 2022, the Company recognized interest expense of $13.3 mil<span class=\"_ _1\"></span>lion (2021: $8.2 million). In <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>chartered <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>five) <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>its <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>an <span class=\"_ _11\"> </span>affiliate <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>Hemen. <span class=\"_ _11\"> </span>The charters <span class=\"_ _d\"></span>had <span class=\"_ _e\"></span>terms <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>less <span class=\"_ _d\"></span>than <span class=\"_ _e\"></span>6 <span class=\"_ _e\"></span>months. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>revenue <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>$5.6 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>(2021: <span class=\"_ _e\"></span>$2.9 <span class=\"_ _d\"></span>million) <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to these charters in the year ended December 31, 2022.SummaryA <span class=\"_ _f\"> </span>summary <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>income <span class=\"_ _f\"> </span>(expenses) <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>related <span class=\"_ _f\"> </span>party <span class=\"_ _f\"> </span>transactions <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>years <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span>2021</span>Seatankers Management Co. Ltd<span class=\"_ _165\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>866 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,810 SFL<span class=\"_ _99\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,751 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,555 Golden Ocean<span class=\"_ _20c\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,061 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,912 Seatankers Management Norway AS <span class=\"_ _20d\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(516) <span class=\"_ _2a\"> </span></span> <span class=\"_ _1d\"> </span>(461) Alta Trading UK Limited<span class=\"_ _20e\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,617 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,942 Seadrill Limited<span class=\"_ _1c7\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>277 Archer Limited <span class=\"_ _20f\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>143 Flex LNG Ltd<span class=\"_ _210\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,242 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,637 Avance Gas<span class=\"_ _211\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,191 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,404 TFG Marine<span class=\"_ _212\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>627 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>786 Front Ocean Management<span class=\"_ _213\"> </span><span class=\"ff1\"> <span class=\"_ _c4\"> </span>(1,966) <span class=\"_ _2a\"> </span></span> <span class=\"_ _1d\"> </span>(252) Other related parties<span class=\"_ _18e\"> </span><span class=\"ff1\"> <span class=\"_ _1c4\"> </span>9 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>208 Amounts <span class=\"_ _29\"> </span>earned <span class=\"_\"> </span>from <span class=\"_ _29\"> </span>other <span class=\"_ _29\"> </span>related <span class=\"_ _29\"> </span>parties <span class=\"_ _29\"> </span>comprise <span class=\"_\"> </span>office <span class=\"_ _29\"> </span>rental <span class=\"_ _29\"> </span>income, <span class=\"_ _29\"> </span>technical <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>commercial <span class=\"_ _29\"> </span>management <span class=\"_\"> </span>fees, newbuilding <span class=\"_ _10\"></span>supervision <span class=\"_ _10\"></span>fees, <span class=\"_ _10\"></span>freights, <span class=\"_ _10\"></span>administrative <span class=\"_ _10\"></span>services <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>interest <span class=\"_ _10\"></span>income. <span class=\"_ _10\"></span>Amounts <span class=\"_ _10\"></span>paid <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>related <span class=\"_ _10\"></span>parties <span class=\"_ _10\"></span>comprise primarily rental for office space, support staff costs, corporate adm<span class=\"_ _1\"></span>inistration and guarantee fees. Related party balancesA summary of balances due from related parties at Decembe<span class=\"_ _1\"></span>r 31, 2022 and 2021 and January 1, 2021 is as follows:December 31, December 31, January 1, (in thousands of $)202220212021SFL<span class=\"_ _214\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,505 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,886 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>4,835 Seatankers Management Co. Ltd<span class=\"_ _f8\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,368 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,546 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,578 Archer Limited<span class=\"_ _165\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>30 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>88 Golden Ocean<span class=\"_ _215\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>6,964 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,376 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,336 Seadrill Limited<span class=\"_ _216\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>625 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>25 Alta Trading UK Limited<span class=\"_ _18b\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>60 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>280 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,263 Flex LNG Ltd<span class=\"_ _217\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>303 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>425 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>366 TFG Marine<span class=\"_ _218\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>28 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>199 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>16 Avance Gas<span class=\"_ _219\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>695 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>737 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>540 Front Ocean Management<span class=\"_ _192\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>473 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>402 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Other related parties<span class=\"_ _a4\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>89 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>170 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>208  <span class=\"_ _1be\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>13,485 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>11,676 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,255 A summary of balances due to related parties at Decembe<span class=\"_ _1\"></span>r 31, 2022, 2021 and January 1, 2021 is as follows:December 31, December 31, January 1, (in thousands of $)202220212021SFL<span class=\"_ _214\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>6,702 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>6,878 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>8,978 Seatankers Management Co. Ltd<span class=\"_ _f8\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>351 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,226 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,147 Golden Ocean<span class=\"_ _215\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>8,470 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>6,016 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,040 Flex LNG Ltd<span class=\"_ _217\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>158 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>191 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>143 TFG Marine <span class=\"_ _0\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>14,831 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>20,605 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>5,369 Front Ocean Management<span class=\"_ _192\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>286 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Avance Gas<span class=\"_ _219\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>450 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>334 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>176  <span class=\"_ _1be\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>31,248 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>36,250 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>19,853 Transactions with key management personnelThe total amount of the remuneration earned by all direc<span class=\"_ _1\"></span>tors and key management personnel for their services as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Total remuneration<span class=\"_ _21a\"> </span> <span class=\"_ _12\"> </span>3,767 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _15\"> </span>784 </span>of which:Paid in capacity as directors<span class=\"_ _12c\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,678 <span class=\"_ _37\"> </span></span> <span class=\"_ _f6\"> </span>377 Other remuneration<span class=\"_ _1c1\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,089 <span class=\"_ _37\"> </span></span> <span class=\"_ _15\"> </span>407 The <span class=\"_ _10\"></span>Directors <span class=\"_ _10\"></span>annually <span class=\"_ _11\"> </span>review <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>remuneration <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>members <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>key <span class=\"_ _11\"> </span>management <span class=\"_ _10\"></span>personnel. <span class=\"_ _10\"></span>Directors' <span class=\"_ _10\"></span>fees <span class=\"_ _11\"> </span>are <span class=\"_ _10\"></span>approved annually <span class=\"_ _11\"> </span>at <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>AGM. <span class=\"_ _f\"> </span>No <span class=\"_ _f\"> </span>pensions <span class=\"_ _f\"> </span>were <span class=\"_ _11\"> </span>paid <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>directors <span class=\"_ _11\"> </span>or <span class=\"_ _f\"> </span>past <span class=\"_ _11\"> </span>directors. <span class=\"_ _f\"> </span>No <span class=\"_ _f\"> </span>compensation <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>paid <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>directors <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>past directors in respect of <span class=\"_ _d\"></span>loss of office. Total remuneration consists <span class=\"_ _d\"></span>of a fixed and <span class=\"_ _d\"></span>a variable component and can <span class=\"_ _d\"></span>be summarized as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Total fixed remuneration<span class=\"_ _106\"> </span> <span class=\"_ _15\"> </span>863 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _15\"> </span>689 </span>of which:Cost of pension<span class=\"_ _1c8\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>22 <span class=\"_ _37\"> </span></span> <span class=\"_ _ba\"> </span>24 Total variable remuneration<span class=\"_ _0\"> </span> <span class=\"_ _12\"> </span>2,904 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _104\"> </span>96 </span>of which:Share based payments<span class=\"_ _21b\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,679 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>96 In <span class=\"_ _e\"></span>July <span class=\"_ _10\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>issued <span class=\"_ _e\"></span>339,000 <span class=\"_ _10\"></span>ordinary <span class=\"_ _e\"></span>shares <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>share <span class=\"_ _e\"></span>option <span class=\"_ _10\"></span>scheme <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>strike <span class=\"_ _e\"></span>price <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>$5.70 <span class=\"_ _10\"></span>per <span class=\"_ _e\"></span>share. The <span class=\"_ _11\"> </span>shares <span class=\"_ _f\"> </span>were <span class=\"_ _11\"> </span>issued <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>John <span class=\"_ _f\"> </span>Fredriksen <span class=\"_ _11\"> </span>(198,000 <span class=\"_ _f\"> </span>shares), <span class=\"_ _11\"> </span>Inger <span class=\"_ _f\"> </span>M. <span class=\"_ _11\"> </span>Klemp <span class=\"_ _f\"> </span>(120,000 <span class=\"_ _11\"> </span>shares), <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>Ola <span class=\"_ _f\"> </span>Lorentzon <span class=\"_ _11\"> </span>(21,000 shares).In <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>the Board <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Directors <span class=\"_ _d\"></span>approved <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>grant <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>1,280,000 <span class=\"_ _d\"></span>synthetic <span class=\"_ _d\"></span>options <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>employees and <span class=\"_ _d\"></span>board <span class=\"_ _d\"></span>members according to <span class=\"_ _d\"></span>the rules of <span class=\"_ _d\"></span>the Company\u2019s <span class=\"_ _d\"></span>synthetic option <span class=\"_ _d\"></span>scheme approved on <span class=\"_ _d\"></span>December 7, <span class=\"_ _d\"></span>2021. The <span class=\"_ _d\"></span>synthetic options <span class=\"_ _d\"></span> have <span class=\"_ _d\"></span>a five <span class=\"_ _e\"></span>year <span class=\"_ _10\"></span>term <span class=\"_ _e\"></span>expiring <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>2026. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>vesting <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>first <span class=\"_ _10\"></span>27.5% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>options, <span class=\"_ _e\"></span>24 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the next <span class=\"_ _e\"></span>27.5% <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>options <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>36 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>final <span class=\"_ _10\"></span>45% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>options. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>synthetic <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>will <span class=\"_ _10\"></span>be <span class=\"_ _e\"></span>settled <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the difference <span class=\"_ _d\"></span>between <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>market <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>exercise <span class=\"_ _d\"></span>price <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>date <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>exercise, <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>such, <span class=\"_ _d\"></span>have been classified as a liability.See Note 5, Note 10, Note 16, Note 18,  Note 24 and Note 26 for details regarding other re<span class=\"_ _1\"></span>lated party transactions and balances.24.<span class=\"_ _95\"> </span>COMMITMENTS AND CONTINGENCIESAs <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>agreed <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>provide <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>guarantee <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>respect <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>performance <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>its subsidiaries, <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>two <span class=\"_ _27\"> </span>subsidiaries <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>affiliate <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>Hemen, <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>bunker <span class=\"_ _27\"> </span>supply <span class=\"_ _28\"> </span>arrangement <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>TFG <span class=\"_ _28\"> </span>Marine. <span class=\"_ _27\"> </span>As <span class=\"_ _28\"> </span>of December 31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>there are <span class=\"_ _d\"></span>no <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>payable under <span class=\"_ _d\"></span>this <span class=\"_ _d\"></span>guarantee. In <span class=\"_ _d\"></span>addition, should <span class=\"_ _d\"></span>TFG <span class=\"_ _d\"></span>Marine <span class=\"_ _d\"></span>be required <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>provide a parent company <span class=\"_ _d\"></span>guarantee to its bunker <span class=\"_ _d\"></span>suppliers or finance <span class=\"_ _d\"></span>providers then for <span class=\"_ _d\"></span>any guarantee that is <span class=\"_ _d\"></span>provided by the <span class=\"_ _d\"></span>Trafigura Group <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>becomes <span class=\"_ _27\"> </span>payable, <span class=\"_ _27\"> </span>Frontline <span class=\"_ _27\"> </span>shall <span class=\"_ _27\"> </span>pay <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>pro <span class=\"_ _27\"> </span>rata <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>share <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>equity <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>TFG <span class=\"_ _27\"> </span>Marine. <span class=\"_ _27\"> </span>The maximum <span class=\"_ _29\"> </span>liability <span class=\"_ _29\"> </span>under <span class=\"_ _2d\"> </span>this <span class=\"_ _29\"> </span>guarantee <span class=\"_ _2d\"> </span>is <span class=\"_ _29\"> </span>$6.0 <span class=\"_ _2d\"> </span>million <span class=\"_ _29\"> </span>and <span class=\"_ _2d\"> </span>there <span class=\"_ _29\"> </span>are <span class=\"_ _2d\"> </span>no <span class=\"_ _29\"> </span>amounts <span class=\"_ _29\"> </span>payable <span class=\"_ _2d\"> </span>under <span class=\"_ _29\"> </span>this <span class=\"_ _2d\"> </span>guarantee <span class=\"_ _29\"> </span>as <span class=\"_ _2d\"> </span>at December 31, 2022.As of December 31, <span class=\"_ _d\"></span>2022, the Company has committed to <span class=\"_ _d\"></span>the purchase of scrubber equipment from <span class=\"_ _d\"></span>Clean Marine AS, a related party, <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>two <span class=\"_ _e\"></span>vessels <span class=\"_ _10\"></span>owned <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company, <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>remaining <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>commitment <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>$0.7 <span class=\"_ _10\"></span>million, <span class=\"_ _e\"></span>excluding <span class=\"_ _e\"></span>installation costs, <span class=\"_ _28\"> </span>due <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>2023. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>Company <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>paid <span class=\"_ _28\"> </span>$6.5 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>to <span class=\"_\"> </span>Clean <span class=\"_ _27\"> </span>Marine <span class=\"_\"> </span>AS <span class=\"_ _27\"> </span>for <span class=\"_\"> </span>scrubber <span class=\"_ _27\"> </span>equipment <span class=\"_\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2022.As <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2022, <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>has <span class=\"_ _f\"> </span>entered <span class=\"_ _f\"> </span>into <span class=\"_ _f\"> </span>two <span class=\"_ _27\"> </span>forward <span class=\"_ _f\"> </span>bunker <span class=\"_ _f\"> </span>purchase <span class=\"_ _f\"> </span>arrangements <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>TFG <span class=\"_ _27\"> </span>Marine, <span class=\"_ _f\"> </span>a related <span class=\"_ _e\"></span>party, <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>delivery <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>1,000 <span class=\"_ _10\"></span>MT <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>low <span class=\"_ _e\"></span>sulfur <span class=\"_ _10\"></span>bunker <span class=\"_ _e\"></span>fuel <span class=\"_ _10\"></span>per <span class=\"_ _e\"></span>month <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>1,000 <span class=\"_ _10\"></span>MT <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>high <span class=\"_ _10\"></span>sulfur <span class=\"_ _e\"></span>bunker <span class=\"_ _10\"></span>fuel <span class=\"_ _e\"></span>per month for delivery in January 2023 to December 2023. The contracts obligate the Company to purchase and take delivery of the physical fuel <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>a price <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$650 per <span class=\"_ _d\"></span>MT <span class=\"_ _d\"></span>of low <span class=\"_ _d\"></span>sulfur <span class=\"_ _d\"></span>bunker fuel <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>$465 per <span class=\"_ _d\"></span>MT <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>high sulfur <span class=\"_ _d\"></span>bunker <span class=\"_ _d\"></span>fuel. As <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December 31, 2022, the remaining commitments amounted to $13.4 milli<span class=\"_ _1\"></span>on, all of which is expected to be paid in 2023.As <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2022, <span class=\"_ _27\"> </span>total <span class=\"_ _f\"> </span>installments <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>$45.1 <span class=\"_ _f\"> </span>million <span class=\"_ _f\"> </span>had <span class=\"_ _27\"> </span>been <span class=\"_ _f\"> </span>paid <span class=\"_ _f\"> </span>in <span class=\"_ _27\"> </span>connection <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company\u2019s <span class=\"_ _f\"> </span>remaining newbuilding <span class=\"_ _10\"></span>program, <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>remaining <span class=\"_ _11\"> </span>commitments <span class=\"_ _11\"> </span>amounted <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>$144.8 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>which <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>paid <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>2023, <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>which $130.0 million was financed by committed term loan facil<span class=\"_ _1\"></span>ities.The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>insures <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>legal liability <span class=\"_ _d\"></span>risks <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>shipping <span class=\"_ _d\"></span>activities <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>mutual <span class=\"_ _d\"></span>protection and <span class=\"_ _d\"></span>indemnity <span class=\"_ _d\"></span>associations, <span class=\"_ _d\"></span>who are <span class=\"_ _e\"></span>members <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>International <span class=\"_ _e\"></span>Group <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>P&amp;I <span class=\"_ _e\"></span>Clubs. <span class=\"_ _10\"></span>As <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>member <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>these <span class=\"_ _10\"></span>mutual <span class=\"_ _10\"></span>associations, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>subject <span class=\"_ _10\"></span>to calls payable to the <span class=\"_ _d\"></span>associations based on the <span class=\"_ _d\"></span>Company's claims record in addition <span class=\"_ _d\"></span>to the claims records of <span class=\"_ _d\"></span>all other members of the <span class=\"_ _11\"> </span>associations. <span class=\"_ _10\"></span>A <span class=\"_ _11\"> </span>contingent <span class=\"_ _11\"> </span>liability <span class=\"_ _11\"> </span>exists <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>extent <span class=\"_ _11\"> </span>that <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>claims <span class=\"_ _11\"> </span>records <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>members <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>associations <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>the aggregate show significant deterioration, which result in addi<span class=\"_ _1\"></span>tional calls on the members. The Company is a party, as plaintiff or <span class=\"_ _d\"></span>defendant, to several lawsuits in various jurisdictions for unpaid charter hire, demurrage, damages, <span class=\"_ _d\"></span>off-hire <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _d\"></span>claims <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>commercial <span class=\"_ _d\"></span>disputes <span class=\"_ _d\"></span>arising <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>operation <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>its <span class=\"_ _e\"></span>vessels, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>ordinary <span class=\"_ _d\"></span>course <span class=\"_ _e\"></span>of business or in connection with its acquisition activities. The Company believes that the resolution <span class=\"_ _d\"></span>of such claims will not have a material adverse effect on the Company's operations or financ<span class=\"_ _1\"></span>ial condition individually and in the aggregate.Following <span class=\"_ _d\"></span>assignments of <span class=\"_ _d\"></span>two <span class=\"_ _d\"></span>property <span class=\"_ _d\"></span>leases <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>2015, <span class=\"_ _d\"></span>each to <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>party, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company through <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>subsidiaries <span class=\"_ _d\"></span>has guaranteed <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>remaining <span class=\"_ _11\"> </span>outstanding <span class=\"_ _f\"> </span>payments <span class=\"_ _f\"> </span>due <span class=\"_ _f\"> </span>under <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.8 <span class=\"_ _11\"> </span>million <span class=\"_ _f\"> </span>as <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>(2021: <span class=\"_ _f\"> </span>$3.2 million). <span class=\"_ _11\"> </span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>does <span class=\"_ _f\"> </span>not <span class=\"_ _11\"> </span>believe <span class=\"_ _f\"> </span>that <span class=\"_ _11\"> </span>it <span class=\"_ _f\"> </span>will <span class=\"_ _11\"> </span>be <span class=\"_ _f\"> </span>required <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>make <span class=\"_ _11\"> </span>any <span class=\"_ _f\"> </span>payments <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>these <span class=\"_ _11\"> </span>guarantees <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>has <span class=\"_ _f\"> </span>not recorded a liability in the statement of financia<span class=\"_ _1\"></span>l position in this respect.25.<span class=\"_ _95\"> </span>GROUP ENTITIESCountry of Ownership and NameIncorporationVoting PercentageFrontline Management (Bermuda) Ltd<span class=\"_ _1da\"> </span>Bermuda<span class=\"_ _de\"> </span>100%Frontline Corporate Services Ltd<span class=\"_ _6e\"> </span>United Kingdom<span class=\"_ _21c\"> </span>100%Frontline Management AS<span class=\"_ _151\"> </span>Norway<span class=\"_ _11c\"> </span>100%Frontline 2012 Ltd.<span class=\"_ _19b\"> </span>Bermuda<span class=\"_ _de\"> </span>100%Frontline Chartering Services Inc.<span class=\"_ _122\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Frontline Shipping Singapore Pte Ltd.<span class=\"_ _21e\"> </span>Singapore<span class=\"_ _21f\"> </span>100%Frontfleet Ltd<span class=\"_ _12a\"> </span>Bermuda<span class=\"_ _de\"> </span>100%Frontfleet II Ltd<span class=\"_ _105\"> </span>Bermuda<span class=\"_ _de\"> </span>100%Front Thor Inc.<span class=\"_ _220\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Odin Inc.<span class=\"_ _165\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Loki Inc.<span class=\"_ _1ce\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Njord Inc.<span class=\"_ _216\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Ull Inc<span class=\"_ _fc\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Idun Inc<span class=\"_ _176\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front King Inc.<span class=\"_ _165\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Queen Inc.<span class=\"_ _d5\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Sovereign Inc.<span class=\"_ _222\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Monarch Inc.<span class=\"_ _137\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Eminence Inc.<span class=\"_ _19b\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Endurance Inc.<span class=\"_ _13a\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Duke Inc.<span class=\"_ _c\"> </span>Republic of the Marshall<span class=\"_ _1\"></span> Islands<span class=\"_ _1c4\"> </span>100%Front Brage Inc.<span class=\"_ _223\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Balder Inc.<span class=\"_ _108\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Challenger Inc.<span class=\"_ _224\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Crown Inc.<span class=\"_ _130\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Coral Inc.<span class=\"_ _191\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Crystal II Inc.<span class=\"_ _1a6\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Classic Inc.<span class=\"_ _1bd\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Clipper Inc.<span class=\"_ _225\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Cosmos Inc.<span class=\"_ _138\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Cascade Inc.<span class=\"_ _226\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Duchess Inc.<span class=\"_ _227\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Sea Hull L0037 Corp.<span class=\"_ _132\"> </span>Liberia<span class=\"_ _221\"> </span>100%Sea Hull L0044 Corp.<span class=\"_ _132\"> </span>Liberia<span class=\"_ _221\"> </span>100%Sea Hull L0045 Corp.<span class=\"_ _132\"> </span>Liberia<span class=\"_ _221\"> </span>100%Sea Hull L0046 Corp.<span class=\"_ _132\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Cheetah Inc.<span class=\"_ _119\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Cougar Inc.<span class=\"_ _1ae\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Aphrodite Inc.<span class=\"_ _222\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Athena Inc.<span class=\"_ _1bd\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Hebe Inc.<span class=\"_ _9\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Hera Inc.<span class=\"_ _220\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Altair Inc.<span class=\"_ _216\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Antares Inc<span class=\"_ _1bd\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Vega Inc.<span class=\"_ _9\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Sirius Inc.<span class=\"_ _216\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Castor Inc.<span class=\"_ _d5\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Pollux Inc.<span class=\"_ _d5\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Capella Inc.<span class=\"_ _229\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Polaris Inc.<span class=\"_ _ee\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Earl Inc.<span class=\"_ _22a\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Empire Inc.<span class=\"_ _1ae\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Prince I Inc.<span class=\"_ _a1\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Princess I Inc.<span class=\"_ _20d\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Defender Inc.<span class=\"_ _22b\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Discovery Inc.<span class=\"_ _156\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Cruiser Inc.<span class=\"_ _1ae\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Dynamic I Inc.<span class=\"_ _13a\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Favour Inc.<span class=\"_ _22c\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Front Feature Inc.<span class=\"_ _b5\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Front Future Inc.<span class=\"_ _d5\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Fusion Inc.<span class=\"_ _130\"> </span>Liberia<span class=\"_ _21d\"> </span>100%White Flag Ventures XXXVI LLC<span class=\"_ _22d\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XXXIX LLC<span class=\"_ _22d\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XL LLC<span class=\"_ _1f8\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLI LLC<span class=\"_ _22e\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLII LLC<span class=\"_ _5f\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLIII LLC<span class=\"_ _117\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLIV LLC<span class=\"_ _1e0\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLV LLC<span class=\"_ _22f\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLVI LLC<span class=\"_ _1e0\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLVII LLC<span class=\"_ _230\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3240 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3241 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3283 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3284 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3285 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3286 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Front Driva Inc.<span class=\"_ _184\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Front Nausta Inc.<span class=\"_ _166\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Frontfleet Chartering Inc.<span class=\"_ _170\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%26.<span class=\"_ _95\"> </span>SUBSEQUENT EVENTSIn <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>2023, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>took <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>VLCC <span class=\"_ _d\"></span>newbuilding, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _e\"></span>Orkla</span>, <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>HHI <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _d\"></span>$65.0 <span class=\"_ _e\"></span>million under <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>Cr\u00e9dit <span class=\"_ _d\"></span>Agricole <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>delivery. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tenor <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>five years, <span class=\"_ _28\"> </span>carries <span class=\"_\"> </span>an <span class=\"_ _28\"> </span>interest <span class=\"_ _28\"> </span>rate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>LIBOR <span class=\"_ _28\"> </span>plus <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>ma<span class=\"_ _1\"></span>rgin <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>170 <span class=\"_ _28\"> </span>basis <span class=\"_ _28\"> </span>points <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>an <span class=\"_\"> </span>amort<span class=\"_ _1\"></span>ization <span class=\"_ _28\"> </span>profile <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>18 <span class=\"_ _28\"> </span>years commencing on the delivery date from the yard. The facili<span class=\"_ _1\"></span>ty was fully drawn down in January 2023.In <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>2023, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>took <span class=\"_ _e\"></span>delivery <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>VLCC <span class=\"_ _e\"></span>newbuilding, <span class=\"_ _e\"></span><span class=\"ff3\">Front <span class=\"_ _10\"></span>Tyne</span>, <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>HHI <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>drew <span class=\"_ _10\"></span>down <span class=\"_ _e\"></span>$65.0 <span class=\"_ _e\"></span>million under <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>senior <span class=\"_ _10\"></span>secured <span class=\"_ _11\"> </span>term <span class=\"_ _10\"></span>loan <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>KFW <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>partially <span class=\"_ _11\"> </span>finance <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>delivery. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>facility <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>tenor <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>five <span class=\"_ _11\"> </span>years, carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>170 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>20 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on the delivery date from the yard. The facility was fully drawn down i<span class=\"_ _1\"></span>n January 2023.In <span class=\"_ _d\"></span>January <span class=\"_ _e\"></span>2023, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>sold <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>2009-built <span class=\"_ _e\"></span>VLCC, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _e\"></span>Eminence</span>, <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>2009-built <span class=\"_ _e\"></span>Suezmax <span class=\"_ _d\"></span>tanker, <span class=\"_ _e\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Balder</span>, for <span class=\"_ _27\"> </span>gross <span class=\"_ _f\"> </span>proceeds <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>approximately <span class=\"_ _27\"> </span>$61.0 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>$39.5 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>respectively. <span class=\"_ _f\"> </span>The <span class=\"_ _27\"> </span>vessels <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>delivered <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>new owners <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>February, <span class=\"_ _d\"></span>respectively. <span class=\"_ _d\"></span>After <span class=\"_ _d\"></span>repayment <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>existing <span class=\"_ _d\"></span>debt <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>vessels, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>transactions <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>expected <span class=\"_ _d\"></span>to generate net <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>proceeds of <span class=\"_ _d\"></span>approximately $63.6 <span class=\"_ _d\"></span>million, and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company expects <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>record a <span class=\"_ _d\"></span>gain on <span class=\"_ _d\"></span>sale <span class=\"_ _d\"></span>of approximately $9.7 million and $2.0 million, respectively, in the first quarte<span class=\"_ _1\"></span>r of 2023.In <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>2023, <span class=\"_ _28\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _28\"> </span>terminated <span class=\"_ _f\"> </span>a <span class=\"_ _28\"> </span>combination <span class=\"_ _f\"> </span>agreement <span class=\"_ _27\"> </span>(the <span class=\"_ _28\"> </span>\u201cCombination <span class=\"_ _f\"> </span>Agreement\u201d) <span class=\"_ _28\"> </span>for <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>stock-for-stock combination <span class=\"_ _28\"> </span>with <span class=\"_\"> </span>Euronav <span class=\"_ _28\"> </span>based <span class=\"_\"> </span>on <span class=\"_ _28\"> </span>an <span class=\"_\"> </span>excha<span class=\"_ _1\"></span>nge <span class=\"_\"> </span>ratio <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>1.45 <span class=\"_\"> </span>Frontline <span class=\"_ _28\"> </span>shares <span class=\"_\"> </span>for <span class=\"_ _28\"> </span>every <span class=\"_\"> </span>1.0 <span class=\"_ _28\"> </span>Euronav <span class=\"_ _28\"> </span>share, <span class=\"_\"> </span>as <span class=\"_ _28\"> </span>certain conditions <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>assumptions <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Agreement <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>not <span class=\"_ _f\"> </span>met. <span class=\"_ _27\"> </span>On <span class=\"_ _f\"> </span>January <span class=\"_ _27\"> </span>18, <span class=\"_ _f\"> </span>2023 <span class=\"_ _27\"> </span>Frontline <span class=\"_ _f\"> </span>received <span class=\"_ _27\"> </span>from <span class=\"_ _f\"> </span>Euronav <span class=\"_ _f\"> </span>an emergency <span class=\"_ _10\"></span>arbitration <span class=\"_ _10\"></span>request <span class=\"_ _11\"> </span>for <span class=\"_ _10\"></span>urgent <span class=\"_ _11\"> </span>interim <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>conservatory <span class=\"_ _10\"></span>measures. <span class=\"_ _11\"> </span>On <span class=\"_ _11\"> </span>February <span class=\"_ _10\"></span>7, <span class=\"_ _11\"> </span>2023 <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>emergency <span class=\"_ _10\"></span>arbitration claims <span class=\"_ _11\"> </span>filed <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>Euronav <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>fully <span class=\"_ _f\"> </span>dismissed <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Emergency <span class=\"_ _11\"> </span>Arbitrator <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>Euronav <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>ordered <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>reimburse <span class=\"_ _f\"> </span>all <span class=\"_ _11\"> </span>costs incurred by Frontline.On <span class=\"_\"> </span>January <span class=\"_\"> </span>28, <span class=\"_\"> </span>2023, <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>Company <span class=\"_\"> </span>received <span class=\"_\"> </span>from <span class=\"_\"> </span>Eurona<span class=\"_ _1\"></span>v <span class=\"_\"> </span>an <span class=\"_\"> </span>arbitration <span class=\"_ _28\"> </span>request <span class=\"_\"> </span>for <span class=\"_\"> </span>proceedings <span class=\"_\"> </span>on <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>merits <span class=\"_\"> </span>of <span class=\"_\"> </span>the termination. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>arbitral <span class=\"_ _e\"></span>tribunal <span class=\"_ _10\"></span>has <span class=\"_ _e\"></span>been <span class=\"_ _e\"></span>constituted <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>timetable <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>arbitration <span class=\"_ _e\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>set <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>principle <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>end <span class=\"_ _e\"></span>of April 2023. Frontline once again maintains that its decisi<span class=\"_ _1\"></span>on to terminate the Combination Agreement was entire<span class=\"_ _1\"></span>ly lawful.In February 2023, the Company received $1.4 million in loan repayment a<span class=\"_ _1\"></span>nd $7.3 million in dividends from TFG Marine. In <span class=\"_ _e\"></span>February <span class=\"_ _10\"></span>2023, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>repaid <span class=\"_ _10\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>$275.0 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>senior <span class=\"_ _e\"></span>unsecured <span class=\"_ _10\"></span>credit <span class=\"_ _e\"></span>facility <span class=\"_ _10\"></span>with <span class=\"_ _e\"></span>an <span class=\"_ _10\"></span>affiliate <span class=\"_ _e\"></span>of Hemen. Up to $125.3 million remains available following the re<span class=\"_ _1\"></span>payment. In <span class=\"_ _f\"> </span>March <span class=\"_ _f\"> </span>2023, <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>entered <span class=\"_ _27\"> </span>into <span class=\"_ _f\"> </span>eight <span class=\"_ _f\"> </span>forward <span class=\"_ _f\"> </span>bunker <span class=\"_ _27\"> </span>purchase <span class=\"_ _f\"> </span>arrangements <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>TFG <span class=\"_ _27\"> </span>Marine, <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>related <span class=\"_ _27\"> </span>party, which <span class=\"_ _d\"></span>obligate <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>purchase and <span class=\"_ _d\"></span>take <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>minimum <span class=\"_ _d\"></span>quantities <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>low <span class=\"_ _d\"></span>sulfur <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>high <span class=\"_ _d\"></span>sulfur <span class=\"_ _d\"></span>bunker <span class=\"_ _d\"></span>fuel, <span class=\"_ _d\"></span>at fixed <span class=\"_ _2d\"> </span>prices, <span class=\"_ _2d\"> </span>over <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>period <span class=\"_ _2d\"> </span>from <span class=\"_ _29\"> </span>June <span class=\"_ _2d\"> </span>2023 <span class=\"_ _2d\"> </span>to <span class=\"_ _2d\"> </span>December <span class=\"_ _2d\"> </span>2024. <span class=\"_ _2d\"> </span>The <span class=\"_ _2d\"> </span>total <span class=\"_ _2d\"> </span>commitment <span class=\"_ _2d\"> </span>amounted <span class=\"_ _2d\"> </span>to <span class=\"_ _2d\"> </span>$37.1 <span class=\"_ _2d\"> </span>million, $13.2 million of which is expected to be paid in 2023 and $23.9 million of whic<span class=\"_ _1\"></span>h is expected to be paid in 2024.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__9": {
   "value": "Frontline plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__8": {
   "value": "Frontline plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__7": {
   "value": "Frontline plc",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__12": {
   "value": "plc",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__16": {
   "value": "international shipping company",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__15": {
   "value": "Cyprus",
   "dimensions": {
    "concept": "ifrs-full:PrincipalPlaceOfBusiness",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__13": {
   "value": "Cyprus",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__10": {
   "value": "Cyprus",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__26": {
   "value": "2.<span class=\"_ _e8\"> </span>SIGNIFICANT ACCOUNTING POLICIES1. Basis of presentationOur <span class=\"_ _d\"></span>consolidated <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>prepared <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>International <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>Reporting <span class=\"_ _d\"></span>Standards <span class=\"_ _d\"></span>(\"IFRS\") <span class=\"_ _d\"></span>as adopted by the European Union. See Note 3 for disclosures related to the fi<span class=\"_ _1\"></span>rst-time adoption of IFRS.The financial statements were approved by the Board of Direc<span class=\"_ _1\"></span>tors on April 27, 2023, and authorized for issue.2. Use of judgements and estimatesThe <span class=\"_ _10\"></span>preparation <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>consolidated <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>conformity <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>requires <span class=\"_ _10\"></span>management <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>make <span class=\"_ _10\"></span>judgements, estimates <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>affect <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>application <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company's <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>policies <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>reported <span class=\"_ _e\"></span>amounts <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>assets and <span class=\"_ _e\"></span>liabilities, <span class=\"_ _d\"></span>income <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>expenses. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>associated <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>experience <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>various other <span class=\"_ _27\"> </span>factors <span class=\"_ _f\"> </span>that <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>believed <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>be <span class=\"_ _27\"> </span>reasonable <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>circumstances, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>results <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>basis <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>making <span class=\"_ _f\"> </span>the judgements <span class=\"_ _e\"></span>about <span class=\"_ _e\"></span>carrying <span class=\"_ _10\"></span>values <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>assets <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>liabilities <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>readily <span class=\"_ _e\"></span>apparent <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>sources. <span class=\"_ _10\"></span>Actual <span class=\"_ _e\"></span>results <span class=\"_ _10\"></span>may differ from these estimates.The <span class=\"_ _11\"> </span>estimates <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>underlying <span class=\"_ _f\"> </span>assumptions <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>reviewed <span class=\"_ _f\"> </span>periodically. <span class=\"_ _11\"> </span>Revisions <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>estimates <span class=\"_ _f\"> </span>are <span class=\"_ _11\"> </span>recognized <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>in which <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimate <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>revised <span class=\"_ _e\"></span>if <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>revision <span class=\"_ _10\"></span>affects <span class=\"_ _e\"></span>only <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>period, <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>revision <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>future <span class=\"_ _e\"></span>periods <span class=\"_ _10\"></span>if <span class=\"_ _10\"></span>the revision affects both current and future periods.Information <span class=\"_ _e\"></span>about <span class=\"_ _e\"></span>judgements <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>area <span class=\"_ _e\"></span>where <span class=\"_ _e\"></span>significant <span class=\"_ _10\"></span>estimates <span class=\"_ _e\"></span>have <span class=\"_ _e\"></span>been <span class=\"_ _e\"></span>made <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>applying <span class=\"_ _e\"></span>accounting <span class=\"_ _10\"></span>policies <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>have the most significant effects on the amounts recognized in t<span class=\"_ _1\"></span>he consolidated financial statement is include<span class=\"_ _1\"></span>d in the following notes:\u2022<span class=\"_ _2c\"> </span>Note 13 - <span class=\"_ _d\"></span>Depreciation: The cost of <span class=\"_ _d\"></span>the vessels less <span class=\"_ _d\"></span>estimated residual value is <span class=\"_ _d\"></span>depreciated on a straight-line <span class=\"_ _d\"></span>basis over the <span class=\"_ _e\"></span>vessels' <span class=\"_ _e\"></span>estimated <span class=\"_ _10\"></span>remaining <span class=\"_ _e\"></span>economic <span class=\"_ _e\"></span>useful <span class=\"_ _e\"></span>lives. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>selection <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>appropriate <span class=\"_ _e\"></span>useful <span class=\"_ _10\"></span>economic <span class=\"_ _e\"></span>life <span class=\"_ _e\"></span>requires significant <span class=\"_ _e\"></span>estimation. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>addition, <span class=\"_ _e\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>may <span class=\"_ _e\"></span>vary <span class=\"_ _e\"></span>due <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>prices <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>scrap. <span class=\"_ _e\"></span>See <span class=\"_ _e\"></span>policy <span class=\"_ _e\"></span>8.3.<span class=\"ff1\"> </span>for further details.Change in useful life of vesselsHistorically <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>applied <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>25 <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>useful <span class=\"_ _10\"></span>economic <span class=\"_ _e\"></span>life <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _e\"></span>vessels. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>reviews <span class=\"_ _10\"></span>estimated useful <span class=\"_ _e\"></span>lives <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>residual <span class=\"_ _10\"></span>values <span class=\"_ _e\"></span>each <span class=\"_ _e\"></span>year. <span class=\"_ _e\"></span>Estimated <span class=\"_ _e\"></span>useful <span class=\"_ _10\"></span>lives <span class=\"_ _e\"></span>may <span class=\"_ _e\"></span>change <span class=\"_ _e\"></span>due <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>changed <span class=\"_ _e\"></span>end <span class=\"_ _e\"></span>user <span class=\"_ _10\"></span>requirements, costs <span class=\"_ _d4\"> </span>related <span class=\"_ _d4\"> </span>to <span class=\"_ _d4\"> </span>maintenance <span class=\"_ _d4\"> </span>and <span class=\"_ _d4\"> </span>upgrades, <span class=\"_ _d4\"> </span>technological <span class=\"_ _d4\"> </span>development <span class=\"_ _d4\"> </span>and <span class=\"_ _3f\"> </span>competition <span class=\"_ _36\"> </span>as <span class=\"_ _3f\"> </span>well <span class=\"_ _36\"> </span>as <span class=\"_ _3f\"> </span>industry, environmental and legal requirements. Specificall<span class=\"_ _1\"></span>y, the Company has noted that many of our customers apply stringent vetting requirements <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>to ensure <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>most rigorous <span class=\"_ _d\"></span>technical <span class=\"_ _d\"></span>standards <span class=\"_ _d\"></span>are adhered <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>their value <span class=\"_ _d\"></span>chain. As <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>result, <span class=\"_ _d\"></span>many <span class=\"_ _e\"></span>customers <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>age <span class=\"_ _d\"></span>criteria <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>they <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>willing <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>charter. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>recent <span class=\"_ _e\"></span>years, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company has <span class=\"_ _d\"></span>noted <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>two-tier <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>forming, <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>20 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>age, <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>lower, <span class=\"_ _d\"></span>favored <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>top <span class=\"_ _e\"></span>tier <span class=\"_ _e\"></span>charterers, <span class=\"_ _e\"></span>and vessels over 20 years <span class=\"_ _d\"></span>being considered candidates for recycling, or <span class=\"_ _d\"></span>being utilized in markets other <span class=\"_ _d\"></span>than the spot market in <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>we <span class=\"_ _f\"> </span>primarily <span class=\"_ _f\"> </span>compete. <span class=\"_ _f\"> </span>Furthermore, <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _f\"> </span>result <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>increased <span class=\"_ _f\"> </span>focus <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>environmental <span class=\"_ _f\"> </span>factors <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>both owners <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>investors <span class=\"_ _10\"></span>it <span class=\"_ _11\"></span>is <span class=\"_ _10\"></span>expected <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>competitive <span class=\"_ _10\"></span>age <span class=\"_ _11\"> </span>threshold <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"></span>may <span class=\"_ _10\"></span>decrease <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>costs <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>comply with <span class=\"_ _11\"> </span>upcoming <span class=\"_ _11\"> </span>regulations <span class=\"_ _11\"> </span>may <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>moving <span class=\"_ _11\"> </span>forward. <span class=\"_ _11\"> </span>As <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>has <span class=\"_ _11\"> </span>revised <span class=\"_ _11\"> </span>the estimated <span class=\"_ _e\"></span>useful <span class=\"_ _e\"></span>life <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>vessels <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>25 <span class=\"_ _e\"></span>years <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>20 <span class=\"_ _10\"></span>years <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>result <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>analysis <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>aforementioned <span class=\"_ _e\"></span>factors. This change in estimate will be applied prospectively from January 1, 2023 and will not result in any restatement to the current or <span class=\"_ _d\"></span>prior <span class=\"_ _d\"></span>year consolidated <span class=\"_ _d\"></span>financial statements. <span class=\"_ _d\"></span>Based <span class=\"_ _d\"></span>on the <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>fleet as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022, adjusted for <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>sale <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>Front <span class=\"_ _29\"> </span>Eminence <span class=\"_ _29\"> </span>and <span class=\"_ _29\"> </span>Front <span class=\"_ _29\"> </span>Balder, <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>change <span class=\"_ _29\"> </span>in <span class=\"_ _29\"> </span>estimated <span class=\"_ _29\"> </span>useful <span class=\"_ _29\"> </span>life <span class=\"_\"> </span>is <span class=\"_ _29\"> </span>expected <span class=\"_ _29\"> </span>to <span class=\"_ _29\"> </span>increase depreciation expense by approximately $59.0 million <span class=\"_ _d\"></span>for the year ended December 31, <span class=\"_ _d\"></span>2023. The change in estimate is unrelated to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>Note <span class=\"_ _d\"></span>13 - <span class=\"_ _d\"></span>Vessel <span class=\"_ _d\"></span>impairment: <span class=\"_ _d\"></span>The carrying <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the Company's <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>right-of-use assets <span class=\"_ _d\"></span>may <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>represent their <span class=\"_ _27\"> </span>fair <span class=\"_ _27\"> </span>market <span class=\"_ _27\"> </span>value <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>any <span class=\"_ _f\"> </span>point <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>time <span class=\"_ _27\"> </span>since <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>market <span class=\"_ _27\"> </span>prices <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>secondhand <span class=\"_ _f\"> </span>vessels <span class=\"_ _28\"> </span>tend <span class=\"_ _f\"> </span>to <span class=\"_ _28\"> </span>fluctuate <span class=\"_ _f\"> </span>with changes <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>newbuildings. <span class=\"_ _f\"> </span>Historically, <span class=\"_ _11\"> </span>both <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>vessel <span class=\"_ _11\"> </span>values <span class=\"_ _f\"> </span>tend <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>be cyclical. <span class=\"_ _d\"></span>When <span class=\"_ _d\"></span>events and <span class=\"_ _d\"></span>changes <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>circumstances <span class=\"_ _d\"></span>indicate <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>carrying <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>Cash <span class=\"_ _d\"></span>Generating Unit <span class=\"_ _d\"></span>(\"CGU\") <span class=\"_ _d\"></span>might <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>be <span class=\"_ _d\"></span>recovered, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>performs <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>test <span class=\"_ _d\"></span>whereby <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>carrying <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the asset or <span class=\"_ _d\"></span>CGU <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>compared to <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>recoverable amount, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>is the <span class=\"_ _d\"></span>greater <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its value <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>use, based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>discounted <span class=\"_ _d\"></span>cash flows, <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>sell. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>developing <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _d\"></span>in <span class=\"_ _10\"></span>order <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>assess <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use, the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>must <span class=\"_ _d\"></span>make <span class=\"_ _e\"></span>assumptions <span class=\"_ _d\"></span>about <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>performance, <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>significant <span class=\"_ _d\"></span>assumptions <span class=\"_ _e\"></span>being <span class=\"_ _d\"></span>related <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>charter rates, <span class=\"_ _11\"></span>ship <span class=\"_ _11\"> </span>operating <span class=\"_ _10\"></span>expenses, <span class=\"_ _11\"> </span>utilization, <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>other <span class=\"_ _11\"> </span>capital <span class=\"_ _11\"> </span>requirements, <span class=\"_ _11\"> </span>residual <span class=\"_ _11\"> </span>value, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>estimated remaining <span class=\"_ _2d\"> </span>useful <span class=\"_ _2d\"> </span>lives <span class=\"_ _36\"> </span>of <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>vessels <span class=\"_ _36\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>probability <span class=\"_ _36\"> </span>of <span class=\"_ _2d\"> </span>lease <span class=\"_ _2d\"> </span>terminations <span class=\"_ _36\"> </span>for <span class=\"_ _2d\"> </span>right-of-use <span class=\"_ _2d\"> </span>assets. <span class=\"_ _36\"> </span>These assumptions are based on historical trends as well as future expec<span class=\"_ _1\"></span>tations. See policy 10.2. for further details.\u2022<span class=\"_ _55\"> </span><span class=\"fs2\">Note <span class=\"_ _10\"></span>15 <span class=\"_ _10\"></span>- <span class=\"_ _e\"></span>Goodwill <span class=\"_ _10\"></span>impairment: <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>process <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>evaluating <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>potential <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>goodwill <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>highly <span class=\"_ _10\"></span>subjective </span>and <span class=\"_ _28\"> </span>requires <span class=\"_ _28\"> </span>significant <span class=\"_ _28\"> </span>judgment <span class=\"_ _27\"> </span>at <span class=\"_\"> </span>many <span class=\"_ _27\"> </span>points <span class=\"_\"> </span>during <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>anal<span class=\"_ _1\"></span>ysis. <span class=\"_ _28\"> </span>Our <span class=\"_ _28\"> </span>future <span class=\"_ _28\"> </span>operating <span class=\"_ _28\"> </span>performance <span class=\"_ _27\"> </span>may <span class=\"_\"> </span>be affected by <span class=\"_ _d\"></span>potential impairment charges <span class=\"_ _d\"></span>related to goodwill. <span class=\"_ _d\"></span>Events or <span class=\"_ _d\"></span>circumstances may <span class=\"_ _d\"></span>occur that could <span class=\"_ _d\"></span>negatively impact our ordinary share <span class=\"_ _d\"></span>price, including changes in our <span class=\"_ _d\"></span>anticipated revenues and profits and our <span class=\"_ _d\"></span>ability to execute on our strategies. See policy 10.2. for further details.Measurement of fair valuesA <span class=\"_ _d\"></span>number <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>disclosures <span class=\"_ _d\"></span>require <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>measurement <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>values, <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>and non-financial <span class=\"_\"> </span>assets <span class=\"_\"> </span>and <span class=\"_\"> </span>liabilities. <span class=\"_ _28\"> </span>When <span class=\"_\"> </span>measuring <span class=\"_\"> </span>the <span class=\"_\"> </span>fair <span class=\"_\"> </span>value <span class=\"_\"> </span>of <span class=\"_\"> </span>an <span class=\"_\"> </span>asset <span class=\"_\"> </span>or <span class=\"_\"> </span>a<span class=\"_ _1\"></span> <span class=\"_\"> </span>liability, <span class=\"_\"> </span>the <span class=\"_\"> </span>Company <span class=\"_\"> </span>uses <span class=\"_\"> </span>marke<span class=\"_ _1\"></span>t observable <span class=\"_ _d\"></span>data <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>far <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>possible. <span class=\"_ _e\"></span>Fair <span class=\"_ _d\"></span>values <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>categorized <span class=\"_ _d\"></span>into <span class=\"_ _e\"></span>different <span class=\"_ _d\"></span>levels <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>hierarchy <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>inputs used in the valuation techniques as follows.\u2022<span class=\"_ _2c\"> </span>Level 1: quoted prices (unadjusted) in active markets for ide<span class=\"_ _1\"></span>ntical assets or liabilities.\u2022<span class=\"_ _2c\"> </span>Level 2: <span class=\"_ _d\"></span>inputs other <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>quoted prices <span class=\"_ _d\"></span>included in <span class=\"_ _d\"></span>Level <span class=\"_ _d\"></span>1 that <span class=\"_ _d\"></span>are observable <span class=\"_ _d\"></span>for the <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>or liability, <span class=\"_ _d\"></span>either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022<span class=\"_ _2c\"> </span>Level 3: inputs for the asset or liability that are not ba<span class=\"_ _1\"></span>sed on observable market data (unobservable inputs).If <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>inputs <span class=\"_ _e\"></span>used <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>measure <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>asset <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>liability <span class=\"_ _10\"></span>might <span class=\"_ _10\"></span>be <span class=\"_ _10\"></span>categorized <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>different <span class=\"_ _10\"></span>levels <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value hierarchy, <span class=\"_ _11\"> </span>then <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>measurement <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>categorized <span class=\"_ _f\"> </span>in <span class=\"_ _11\"> </span>its <span class=\"_ _f\"> </span>entirety <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>same <span class=\"_ _11\"> </span>level <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>hierarchy <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>the lowest <span class=\"_ _10\"></span>level <span class=\"_ _10\"></span>input <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>significant <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>entire <span class=\"_ _10\"></span>measurement. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>recognizes <span class=\"_ _10\"></span>transfers <span class=\"_ _10\"></span>between <span class=\"_ _11\"></span>levels <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair value hierarchy at the end of the reporting period during which the cha<span class=\"_ _1\"></span>nge has occurred.Further information about the assumptions made in measuring fair va<span class=\"_ _1\"></span>lues is included in the following notes:\u2022<span class=\"_ _2c\"> </span>Note 10 - Marketable securities\u2022<span class=\"_ _2c\"> </span>Note 13 - Vessel impairment\u2022<span class=\"_ _2c\"> </span>Note 15 - Goodwill impairment\u2022<span class=\"_ _2c\"> </span>Note 20 - Financial instruments; and\u2022<span class=\"_ _2c\"> </span>Note 22 - Share options3. Principles of consolidationThe <span class=\"_ _36\"> </span>consolidated <span class=\"_ _d4\"> </span>financial <span class=\"_ _36\"> </span>statements <span class=\"_ _d4\"> </span>include <span class=\"_ _d4\"> </span>the <span class=\"_ _36\"> </span>accounts <span class=\"_ _d4\"> </span>for <span class=\"_ _d4\"> </span>us <span class=\"_ _36\"> </span>and <span class=\"_ _d4\"> </span>our <span class=\"_ _d4\"> </span>wholly <span class=\"_ _d4\"> </span>and <span class=\"_ _36\"> </span>majority <span class=\"_ _d4\"> </span>owned <span class=\"_ _d4\"> </span>subsidiaries. Intercompany accounts <span class=\"_ _d\"></span>and transactions <span class=\"_ _d\"></span>have been <span class=\"_ _d\"></span>eliminated on <span class=\"_ _d\"></span>consolidation. The <span class=\"_ _d\"></span>results of <span class=\"_ _d\"></span>acquired companies <span class=\"_ _d\"></span>are included in our Consolidated Statement of Profit or Loss from the date of acqui<span class=\"_ _1\"></span>sition.For <span class=\"_\"> </span>investments <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>which <span class=\"_\"> </span>we <span class=\"_ _28\"> </span>have <span class=\"_\"> </span>significant <span class=\"_\"> </span>influenc<span class=\"_ _1\"></span>e <span class=\"_\"> </span>over <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>operating <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>financial <span class=\"_\"> </span>policies, <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>equity <span class=\"_\"> </span>me<span class=\"_ _1\"></span>thod <span class=\"_\"> </span>of accounting <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>used. <span class=\"_ _d\"></span>Accordingly, <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>earnings <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>losses <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>these <span class=\"_ _d\"></span>companies <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>included <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>results <span class=\"_ _d\"></span>of associated company in the accompanying Consolidated Sta<span class=\"_ _1\"></span>tements<span class=\"ff1\"> </span>of Profit or Loss. 4. Foreign currencyOur <span class=\"_ _27\"> </span>functional <span class=\"_ _28\"> </span>currency <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>U.S. <span class=\"_ _28\"> </span>dollar. <span class=\"_ _27\"> </span>Transactions <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>foreign <span class=\"_ _27\"> </span>currencies <span class=\"_ _27\"> </span>are <span class=\"_ _28\"> </span>translated <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>U.S. <span class=\"_ _28\"> </span>dollars <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>foreign exchange <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>applicable <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>date <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>transaction. <span class=\"_ _d\"></span>Monetary <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>liabilities <span class=\"_ _d\"></span>denominated <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>foreign <span class=\"_ _e\"></span>currencies <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the statement <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>financial <span class=\"_ _f\"> </span>position <span class=\"_ _f\"> </span>date <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>translated <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>dollars <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>foreign <span class=\"_ _f\"> </span>exchange <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>applicable <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>date. <span class=\"_ _f\"> </span>Non-monetary <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>liabilities <span class=\"_ _f\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _f\"> </span>measured <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>terms <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>historical <span class=\"_ _28\"> </span>cost <span class=\"_ _f\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>foreign <span class=\"_ _27\"> </span>currency <span class=\"_ _27\"> </span>are <span class=\"_ _28\"> </span>translated <span class=\"_ _f\"> </span>using <span class=\"_ _28\"> </span>the exchange <span class=\"_ _11\"> </span>rate <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>date <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>transaction. <span class=\"_ _11\"> </span>Foreign <span class=\"_ _f\"> </span>exchange <span class=\"_ _11\"> </span>differences <span class=\"_ _11\"> </span>arising <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>translation <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>generally <span class=\"_ _11\"> </span>recognized <span class=\"_ _11\"> </span>in profit or loss.5. Financial InstrumentsRecognition and initial measurementTrade <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>receivables <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>trade <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>payables <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>initially <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>when <span class=\"_ _e\"></span>they <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>originated. <span class=\"_ _e\"></span>All <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>financial assets <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>financial<span class=\"_ _1\"></span> <span class=\"_ _28\"> </span>liabilities <span class=\"_\"> </span>(inc<span class=\"_ _1\"></span>luding <span class=\"_ _28\"> </span>financial <span class=\"_\"> </span>asset<span class=\"_ _1\"></span>s <span class=\"_ _28\"> </span>designated <span class=\"_\"> </span>as <span class=\"_ _28\"> </span>Fair <span class=\"_ _28\"> </span>Value <span class=\"_ _28\"> </span>through <span class=\"_\"> </span>Other <span class=\"_ _28\"> </span>Comprehensive <span class=\"_ _28\"> </span>Income (\"FVOCI\")) <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>initially <span class=\"_ _e\"></span>recognized <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>trade <span class=\"_ _10\"></span>date, <span class=\"_ _10\"></span>which <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>date <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>becomes <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>party <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>contractual provisions of the instrument.Financial <span class=\"_ _d\"></span>assets <span class=\"_ _e\"></span>(except <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>instruments <span class=\"_ _e\"></span>designated <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>Fair <span class=\"_ _e\"></span>Value <span class=\"_ _e\"></span>through <span class=\"_ _e\"></span>Profit <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>Loss <span class=\"_ _d\"></span>(\"FVTPL\") <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>FVOCI <span class=\"_ _10\"></span>which <span class=\"_ _d\"></span>are measured at fair value) are initially measured at<span class=\"_ _1\"></span> their transaction price.Financial liabilities are recognized initi<span class=\"_ _1\"></span>ally at their transaction price less any directly a<span class=\"_ _1\"></span>ttributable transaction costs.The fair values of equity investments are based on quoted prices.Financial <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>liabilities are <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>offset <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>gross <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>Position <span class=\"_ _d\"></span>unless the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.5.1. Financial assetsClassification and subsequent measurementOn <span class=\"_ _10\"></span>initial <span class=\"_ _10\"></span>recognition, <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>classified <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>measured <span class=\"_ _10\"></span>at: <span class=\"_ _10\"></span>amortized <span class=\"_ _11\"> </span>cost; <span class=\"_ _10\"></span>FVOCI- <span class=\"_ _10\"></span>equity <span class=\"_ _10\"></span>instrument; <span class=\"_ _11\"> </span>or <span class=\"_ _10\"></span>FVTPL. The <span class=\"_ _f\"> </span>classification <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>IFRS <span class=\"_ _27\"> </span>9 <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>generally <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>business <span class=\"_ _27\"> </span>model <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>financial <span class=\"_ _f\"> </span>asset <span class=\"_ _27\"> </span>is managed and its contractual cash flow characteristi<span class=\"_ _1\"></span>cs.Financial <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>reclassified <span class=\"_ _e\"></span>subsequent <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>their <span class=\"_ _e\"></span>initial <span class=\"_ _e\"></span>recognition <span class=\"_ _e\"></span>unless <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>business <span class=\"_ _e\"></span>model <span class=\"_ _e\"></span>for managing financial <span class=\"_ _d\"></span>assets, in <span class=\"_ _d\"></span>which case <span class=\"_ _d\"></span>all affected financial <span class=\"_ _d\"></span>assets are <span class=\"_ _d\"></span>reclassified on <span class=\"_ _d\"></span>the first <span class=\"_ _d\"></span>day of <span class=\"_ _d\"></span>the first <span class=\"_ _d\"></span>reporting period following the change in the business model.A financial asset is measured at amortized cost if i<span class=\"_ _1\"></span>t meets both of the following conditions and is not designated as a<span class=\"_ _1\"></span>t FVTPL:\u2022<span class=\"_ _15e\"> </span>It is held within a business model whose objectives is to hold asset<span class=\"_ _1\"></span>s to collect contractual cash flows; and\u2022<span class=\"_ _15e\"> </span>Its contractual <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>give rise <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>specified <span class=\"_ _d\"></span>dates to <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flows that <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>solely payments <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>principal and <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the principal amount outstanding.On <span class=\"_ _27\"> </span>initial <span class=\"_ _27\"> </span>recognition <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>an <span class=\"_ _f\"> </span>equity <span class=\"_ _28\"> </span>investment <span class=\"_ _f\"> </span>that <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>not <span class=\"_ _27\"> </span>held <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>trading, <span class=\"_ _28\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _28\"> </span>may <span class=\"_ _27\"> </span>irrevocably <span class=\"_ _27\"> </span>elect <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>present subsequent changes in the investment's fair value in OCI. This el<span class=\"_ _1\"></span>ection is made on an investment-by-investment basis.All <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>classified <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>amortized <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>FVOCI <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>described <span class=\"_ _10\"></span>above <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>FVTPL. <span class=\"_ _10\"></span>This includes <span class=\"_ _11\"> </span>all <span class=\"_ _11\"> </span>derivative <span class=\"_ _11\"> </span>financial <span class=\"_ _11\"> </span>assets. <span class=\"_ _f\"> </span>On <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>recognition, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _11\"> </span>may <span class=\"_ _11\"> </span>irrevocably <span class=\"_ _11\"> </span>designate <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>financial <span class=\"_ _11\"> </span>asset <span class=\"_ _11\"> </span>that otherwise <span class=\"_ _27\"> </span>meets <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>requirements <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>be <span class=\"_ _28\"> </span>measured <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>amortized <span class=\"_ _27\"> </span>cost <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>FVOCI <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>at <span class=\"_ _27\"> </span>FVTPL <span class=\"_ _28\"> </span>if <span class=\"_ _27\"> </span>doing <span class=\"_ _28\"> </span>so <span class=\"_ _27\"> </span>eliminates <span class=\"_ _28\"> </span>or significantly reduces an accounting mismatch that woul<span class=\"_ _1\"></span>d otherwise arise.Marketable securitiesMarketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>held <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>listed <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>securities <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>classified <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>measured <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>FVTPL <span class=\"_ _10\"></span>unless <span class=\"_ _11\"> </span>the election <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>present <span class=\"_ _d\"></span>subsequent changes <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>investment's <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>OCI <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>made. <span class=\"_ _d\"></span>No <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>elections <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>been <span class=\"_ _d\"></span>made <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the Company.DerecognitionThe <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>derecognizes <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>when <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>contractual <span class=\"_ _d\"></span>rights <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>cash <span class=\"_ _d\"></span>flows <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>expire, <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>transfers the <span class=\"_ _d\"></span>rights <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>receive <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>contractual <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flows <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>transaction <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>substantially <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>risks <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>rewards <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>ownership <span class=\"_ _d\"></span>of the financial asset are transferred or in <span class=\"_ _d\"></span>which the Company neither transfers nor <span class=\"_ _d\"></span>retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.5.2. Financial liabilitiesClassification and subsequent measurementFinancial liabilities are classified as me<span class=\"_ _1\"></span>asured at amortized cost or FVTPL.A <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>FVTPL <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>derivative. <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>FVTPL <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>and gains and losses are recognized in profit or loss.Other <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>liabilities <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>subsequently <span class=\"_ _e\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>amortized <span class=\"_ _10\"></span>cost <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>effective <span class=\"_ _e\"></span>interest <span class=\"_ _10\"></span>method. <span class=\"_ _e\"></span>Interest <span class=\"_ _10\"></span>expense <span class=\"_ _e\"></span>is recognized <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>profit <span class=\"_ _10\"></span>or <span class=\"_ _11\"> </span>loss <span class=\"_ _10\"></span>unless <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>interest <span class=\"_ _11\"> </span>is <span class=\"_ _10\"></span>capitalized <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>borrowing <span class=\"_ _11\"> </span>costs. <span class=\"_ _10\"></span>Non-derivative <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>liabilities <span class=\"_ _10\"></span>comprise loans and borrowings, lease liabilities and trade and other paya<span class=\"_ _1\"></span>bles.DerecognitionThe <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>derecognizes <span class=\"_ _f\"> </span>a <span class=\"_ _27\"> </span>financial <span class=\"_ _f\"> </span>liability <span class=\"_ _f\"> </span>when <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>contractual <span class=\"_ _f\"> </span>obligations <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>discharged, <span class=\"_ _f\"> </span>cancelled, <span class=\"_ _27\"> </span>or <span class=\"_ _f\"> </span>expired. <span class=\"_ _27\"> </span>The Company <span class=\"_ _10\"></span>also <span class=\"_ _10\"></span>derecognizes <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>financial <span class=\"_ _11\"> </span>liability <span class=\"_ _10\"></span>when <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>terms <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>modified <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>modified <span class=\"_ _10\"></span>liability <span class=\"_ _11\"> </span>are substantially different, in which case a new financial l<span class=\"_ _1\"></span>iability based on the modified terms is recognized.On <span class=\"_ _10\"></span>derecognition <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>liability, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>difference <span class=\"_ _10\"></span>between <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>extinguished <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>consideration <span class=\"_ _10\"></span>paid (including any non-cash assets transferred or liabilities assume<span class=\"_ _1\"></span>d) is recognized in profit or loss. 5.3. Derivative financial instrumentsThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>enters <span class=\"_ _10\"></span>into <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>bunker <span class=\"_ _11\"> </span>swap <span class=\"_ _11\"> </span>transactions <span class=\"_ _10\"></span>from <span class=\"_ _11\"> </span>time <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>time <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>hedge <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>exposure <span class=\"_ _10\"></span>to floating <span class=\"_ _10\"></span>interest <span class=\"_ _10\"></span>rates <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>movements <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>bunker <span class=\"_ _10\"></span>prices. <span class=\"_ _10\"></span>These <span class=\"_ _10\"></span>transactions <span class=\"_ _10\"></span>involve <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>conversion <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>floating <span class=\"_ _10\"></span>rates <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>fixed rates over the life of the transactions without an exchange of underlying principal. The fair values of <span class=\"_ _d\"></span>the interest rate and bunker swap <span class=\"_ _d\"></span>contracts <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>recognized <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>liabilities. <span class=\"_ _d\"></span>None <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>bunker <span class=\"_ _e\"></span>swaps <span class=\"_ _d\"></span>qualify <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>hedge <span class=\"_ _d\"></span>accounting. Changes in <span class=\"_ _d\"></span>fair values of <span class=\"_ _d\"></span>the interest <span class=\"_ _d\"></span>rate swap contracts <span class=\"_ _d\"></span>are recognized in <span class=\"_ _d\"></span>profit or <span class=\"_ _d\"></span>loss within <span class=\"_ _d\"></span>Finance expense. Cash <span class=\"_ _d\"></span>outflows and <span class=\"_ _10\"></span>inflows <span class=\"_ _e\"></span>resulting <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>derivative <span class=\"_ _10\"></span>contracts <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>operations <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Consolidated <span class=\"_ _10\"></span>Statement <span class=\"_ _10\"></span>of Cash Flows.6. Cash and cash equivalentsCash <span class=\"_ _d\"></span>comprises <span class=\"_ _d\"></span>cash <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>hand <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>demand <span class=\"_ _e\"></span>deposits. <span class=\"_ _d\"></span>Cash <span class=\"_ _e\"></span>equivalents <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>short-term, <span class=\"_ _d\"></span>highly <span class=\"_ _d\"></span>liquid <span class=\"_ _e\"></span>investments <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>readily convertible <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>known <span class=\"_ _28\"> </span>amounts <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>subject <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>insignificant <span class=\"_ _27\"> </span>risk <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>changes <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>value. <span class=\"_ _27\"> </span>Cash <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>cash equivalents <span class=\"_ _27\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>restricted <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>their <span class=\"_ _28\"> </span>use <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>Restricted <span class=\"_ _28\"> </span>cash <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Consolidated <span class=\"_ _27\"> </span>Statement <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Financial Position. <span class=\"_ _10\"></span>Changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>restricted <span class=\"_ _10\"></span>cash <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>classified <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Consolidated <span class=\"_ _10\"></span>Statement <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>Cash <span class=\"_ _10\"></span>Flows <span class=\"_ _11\"> </span>based <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the nature of the underlying transaction.7. InventoriesInventories comprise principally of bunkers <span class=\"_ _d\"></span>and lubricating oils and are stated at <span class=\"_ _d\"></span>the lower of cost and <span class=\"_ _d\"></span>net realizable value. Cost is <span class=\"_ _29\"> </span>determined <span class=\"_ _2d\"> </span>on <span class=\"_ _2d\"> </span>a <span class=\"_ _29\"> </span>first-in, <span class=\"_ _2d\"> </span>first-out <span class=\"_ _2d\"> </span>basis. <span class=\"_ _29\"> </span>Bunkers <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>lubricating <span class=\"_ _29\"> </span>oils <span class=\"_ _2d\"> </span>expense <span class=\"_ _2d\"> </span>is <span class=\"_ _29\"> </span>recognized <span class=\"_ _2d\"> </span>in <span class=\"_ _29\"> </span>profit <span class=\"_ _2d\"> </span>or <span class=\"_ _2d\"> </span>loss <span class=\"_ _2d\"> </span>upon consumption.8. Vessels and equipment8.1 Owned assetsVessels <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>items <span class=\"_ _29\"> </span>of <span class=\"_\"> </span>equipment <span class=\"_ _29\"> </span>are <span class=\"_ _29\"> </span>stated <span class=\"_\"> </span>at <span class=\"_ _29\"> </span>cost <span class=\"_\"> </span>less <span class=\"_ _29\"> </span>accumulated <span class=\"_ _29\"> </span>depreciation <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>impairment <span class=\"_\"> </span>losses. <span class=\"_ _29\"> </span>Cost <span class=\"_ _29\"> </span>includes expenditure that is directly attributable to the a<span class=\"_ _1\"></span>cquisition of the asset. The cost of assets includes;\u2022<span class=\"_ _2c\"> </span>The cost of materials and direct labour;\u2022<span class=\"_ _2c\"> </span>Any other costs directly attributable to bringing the assets t<span class=\"_ _1\"></span>o a working condition for their intended use; and\u2022<span class=\"_ _2c\"> </span>Capitalized borrowing costs.Gains <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>losses <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>disposal <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>another <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>determined <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>comparing <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>net <span class=\"_ _e\"></span>proceeds <span class=\"_ _e\"></span>from disposal <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>vessel <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>item <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>recognized <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>profit <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>loss. <span class=\"_ _e\"></span>For <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>sale <span class=\"_ _10\"></span>of vessels, transfer of risks and rewards usually occurs upon delivery of the vessel t<span class=\"_ _1\"></span>o the new owner.8.2 NewbuildingsNewbuildings <span class=\"_ _d\"></span>represent vessels <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>construction <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>carried <span class=\"_ _d\"></span>at the <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>paid <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>according <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the installments in <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>contract <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>capitalized <span class=\"_ _10\"></span>borrowing <span class=\"_ _11\"> </span>costs. <span class=\"_ _11\"> </span>Installments <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>often <span class=\"_ _10\"></span>linked <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>milestones <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>signing <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>contract, <span class=\"_ _10\"></span>steel cutting, <span class=\"_ _f\"> </span>keel <span class=\"_ _f\"> </span>laying, <span class=\"_ _f\"> </span>launching <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>delivery. <span class=\"_ _f\"> </span>Borrowing <span class=\"_ _f\"> </span>costs <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>capitalized <span class=\"_ _f\"> </span>during <span class=\"_ _f\"> </span>construction <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>newbuildings <span class=\"_ _f\"> </span>based <span class=\"_ _f\"> </span>on accumulated expenditures for the applicable project<span class=\"_ _1\"></span> at the Company's current weighted average rate of borrowing.Refer to accounting policy 10.2. for impairment considerations for owne<span class=\"_ _1\"></span>d vessels and newbuildings.8.3. DepreciationDepreciation <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>charged <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>profit <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>loss <span class=\"_ _28\"> </span>on <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>st<span class=\"_ _1\"></span>raight-line <span class=\"_ _28\"> </span>basis <span class=\"_ _28\"> </span>over <span class=\"_\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _28\"> </span>estimated <span class=\"_ _28\"> </span>useful <span class=\"_ _28\"> </span>lives <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>vessels <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>items <span class=\"_ _28\"> </span>of equipment. <span class=\"_ _10\"></span>Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>depreciated <span class=\"_ _10\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>straight-line <span class=\"_ _10\"></span>method <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>commencement <span class=\"_ _10\"></span>date <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>end <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the lease <span class=\"_ _e\"></span>term, <span class=\"_ _e\"></span>unless <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>reflects <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>will <span class=\"_ _e\"></span>exercise <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>purchase <span class=\"_ _10\"></span>option. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>case <span class=\"_ _e\"></span>the right-of-use asset will be depreciated over the useful life of t<span class=\"_ _1\"></span>he underlying asset.The cost <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the vessels <span class=\"_ _d\"></span>less <span class=\"_ _d\"></span>estimated residual <span class=\"_ _d\"></span>value is <span class=\"_ _d\"></span>depreciated on <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>straight-line basis <span class=\"_ _d\"></span>over the <span class=\"_ _d\"></span>vessels' <span class=\"_ _d\"></span>estimated remaining economic useful lives. The estimated economic useful life of the Company's vessels was 25 years. Depreciation methods, useful lives <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>residual <span class=\"_ _10\"></span>values <span class=\"_ _11\"> </span>are <span class=\"_ _10\"></span>reviewed <span class=\"_ _11\"> </span>annually <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>adjusted <span class=\"_ _10\"></span>prospectively, <span class=\"_ _10\"></span>if <span class=\"_ _11\"> </span>appropriate. <span class=\"_ _10\"></span>As <span class=\"_ _11\"> </span>explained <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>policy <span class=\"_ _11\"> </span>2.2., <span class=\"_ _10\"></span>as <span class=\"_ _11\"> </span>of December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>revised <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>estimated <span class=\"_ _d\"></span>useful <span class=\"_ _d\"></span>life <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>25 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>20 <span class=\"_ _e\"></span>years. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in estimate <span class=\"_ _e\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>applied <span class=\"_ _10\"></span>prospectively <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2023 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>will <span class=\"_ _10\"></span>not <span class=\"_ _e\"></span>result <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>any <span class=\"_ _10\"></span>restatement <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>current <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>prior <span class=\"_ _e\"></span>year consolidated <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>statements. <span class=\"_ _27\"> </span>Other <span class=\"_ _f\"> </span>equipment, <span class=\"_ _27\"> </span>excluding <span class=\"_ _27\"> </span>vessel <span class=\"_ _27\"> </span>upgrades, <span class=\"_ _f\"> </span>is <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>estimated <span class=\"_ _f\"> </span>remaining useful <span class=\"_ _f\"> </span>life, <span class=\"_ _f\"> </span>which <span class=\"_ _27\"> </span>approximates <span class=\"_ _f\"> </span>5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>residual <span class=\"_ _f\"> </span>value <span class=\"_ _27\"> </span>for <span class=\"_ _f\"> </span>owned <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>calculated <span class=\"_ _f\"> </span>by <span class=\"_ _27\"> </span>multiplying <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>lightweight tonnage of the vessel by the market price of scrap per tonne. The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>capitalizes <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>depreciates <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>costs <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>significant <span class=\"_ _e\"></span>replacements, <span class=\"_ _10\"></span>renewals <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>upgrades <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>vessels <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the shorter of the <span class=\"_ _d\"></span>vessel\u2019s remaining useful <span class=\"_ _d\"></span>life or the <span class=\"_ _d\"></span>life of the <span class=\"_ _d\"></span>renewal or upgrade. <span class=\"_ _d\"></span>Costs that are <span class=\"_ _d\"></span>not capitalized are recorded <span class=\"_ _d\"></span>as a component <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>direct <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"> </span>operating <span class=\"_ _11\"> </span>expenses <span class=\"_ _10\"></span>during <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _10\"></span>incurred. <span class=\"_ _11\"> </span>Expenses <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>routine <span class=\"_ _11\"> </span>maintenance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>repairs <span class=\"_ _11\"> </span>are expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred. <span class=\"_ _10\"></span>Advances <span class=\"_ _e\"></span>paid <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>respect <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>upgrades <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>exhaust <span class=\"_ _e\"></span>gas <span class=\"_ _10\"></span>cleaning <span class=\"_ _10\"></span>systems <span class=\"_ _e\"></span>(\"EGCS\") <span class=\"_ _10\"></span>and ballast <span class=\"_ _e\"></span>water <span class=\"_ _10\"></span>treatment <span class=\"_ _e\"></span>systems <span class=\"_ _10\"></span>(\"BWTS\") <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>included <span class=\"_ _e\"></span>within <span class=\"_ _10\"></span>\"other <span class=\"_ _e\"></span>non-current <span class=\"_ _10\"></span>assets\", <span class=\"_ _e\"></span>until <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>time <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>is installed on a vessel, at which point it is transferred to \"Vesse<span class=\"_ _1\"></span>ls and equipment\".8.4. Dry docking \u2013 component approachOur <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>their <span class=\"_ _10\"></span>respective <span class=\"_ _11\"> </span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _10\"></span>at <span class=\"_ _11\"> </span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>general, vessels <span class=\"_ _27\"> </span>below <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>age <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>15 <span class=\"_ _f\"> </span>years <span class=\"_ _28\"> </span>are <span class=\"_ _f\"> </span>docked <span class=\"_ _28\"> </span>every <span class=\"_ _f\"> </span>5 <span class=\"_ _28\"> </span>years <span class=\"_ _f\"> </span>and <span class=\"_ _28\"> </span>vessels <span class=\"_ _f\"> </span>older <span class=\"_ _28\"> </span>than <span class=\"_ _f\"> </span>15 <span class=\"_ _28\"> </span>years <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>docked <span class=\"_ _27\"> </span>every <span class=\"_ _27\"> </span>2.5 <span class=\"_ _27\"> </span>years.  Significant <span class=\"_ _29\"> </span>components <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>property, <span class=\"_ _29\"> </span>plant <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>equipment <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>differing <span class=\"_ _29\"> </span>depreciation <span class=\"_ _2d\"> </span>methods <span class=\"_ _2d\"> </span>or <span class=\"_ _29\"> </span>lives <span class=\"_ _2d\"> </span>are <span class=\"_ _2d\"> </span>depreciated separately. <span class=\"_ _e\"></span>Major <span class=\"_ _e\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking, <span class=\"_ _10\"></span>are <span class=\"_ _d\"></span>identified <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>separate <span class=\"_ _d\"></span>component and <span class=\"_ _10\"></span>depreciated <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _10\"></span>scheduled <span class=\"_ _10\"></span>dry <span class=\"_ _10\"></span>docking <span class=\"_ _11\"> </span>(2.5 <span class=\"_ _10\"></span>- <span class=\"_ _10\"></span>5 <span class=\"_ _10\"></span>years). <span class=\"_ _11\"> </span>A <span class=\"_ _10\"></span>portion <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>is allocated <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>dry <span class=\"_ _e\"></span>docking <span class=\"_ _d\"></span>component <span class=\"_ _d\"></span>upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>estimate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>expected <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>dock cost <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next <span class=\"_ _d\"></span>scheduled dry <span class=\"_ _d\"></span>docking. <span class=\"_ _d\"></span>When <span class=\"_ _d\"></span>a dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>performed, <span class=\"_ _d\"></span>the carrying <span class=\"_ _d\"></span>amount of any remaining <span class=\"_ _d\"></span>unamortized dry docking costs <span class=\"_ _d\"></span>related to previous dry <span class=\"_ _d\"></span>docks (due to <span class=\"_ _d\"></span>any difference between the estimated <span class=\"_ _d\"></span>and actual time between dry docks) is derecognized. Costs associated with routine repairs and <span class=\"_ _d\"></span>maintenance are expensed as incurred including routine maintenance performed while the vessel<span class=\"_ _1\"></span> is in dry dock.9. GoodwillWe <span class=\"_ _27\"> </span>allocate <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>cost <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>acquired <span class=\"_ _27\"> </span>companies <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>identifiable <span class=\"_ _27\"> </span>tangible <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>intangible <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>liabilities <span class=\"_ _27\"> </span>acquired, <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>the remaining amount being classified as goodwill. When the excess <span class=\"_ _d\"></span>is negative, a bargain purchase gain is recognized immediately in <span class=\"_ _d\"></span>profit <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>loss. <span class=\"_ _e\"></span>After <span class=\"_ _d\"></span>initial <span class=\"_ _e\"></span>recognition <span class=\"_ _d\"></span>goodwill <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>accumulated <span class=\"_ _d\"></span>impairment <span class=\"_ _e\"></span>losses, <span class=\"_ _d\"></span>refer <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>accounting policy 10.2.10. Impairment10.1 Non-derivative financial assetsFinancial instruments and contract assetsThe <span class=\"_\"> </span>gross <span class=\"_ _28\"> </span>carrying <span class=\"_ _28\"> </span>amount <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>a <span class=\"_ _28\"> </span>financial <span class=\"_ _28\"> </span>asset <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>contract <span class=\"_ _28\"> </span>assets <span class=\"_\"> </span>is <span class=\"_ _28\"> </span>written <span class=\"_ _28\"> </span>off <span class=\"_\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Company <span class=\"_\"> </span>has <span class=\"_ _28\"> </span>no <span class=\"_ _28\"> </span>reasonable expectations <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>recovering <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>financial <span class=\"_ _27\"> </span>asset <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>its <span class=\"_ _27\"> </span>entirety <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _27\"> </span>thereof. <span class=\"_ _28\"> </span>The <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>assesses <span class=\"_ _27\"> </span>allowances <span class=\"_ _28\"> </span>for <span class=\"_ _27\"> </span>its estimate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>expected <span class=\"_ _28\"> </span>credit <span class=\"_ _28\"> </span>losses <span class=\"_ _28\"> </span>based <span class=\"_\"> </span>on <span class=\"_ _28\"> </span>historical <span class=\"_ _28\"> </span>experience, <span class=\"_ _28\"> </span>other <span class=\"_\"> </span>currently <span class=\"_ _28\"> </span>available <span class=\"_ _28\"> </span>evidence, <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>reasonable <span class=\"_ _28\"> </span>and supportable forecasts <span class=\"_ _d\"></span>about the future, <span class=\"_ _d\"></span>including the <span class=\"_ _d\"></span>use of <span class=\"_ _d\"></span>credit default ratings <span class=\"_ _d\"></span>from third <span class=\"_ _d\"></span>party providers <span class=\"_ _d\"></span>of credit <span class=\"_ _d\"></span>rating data. The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>assesses <span class=\"_ _d\"></span>credit <span class=\"_ _d\"></span>risk <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>receivables <span class=\"_ _d\"></span>using <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>portfolio <span class=\"_ _d\"></span>approach. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>Company's <span class=\"_ _d\"></span>main <span class=\"_ _d\"></span>portfolio segments <span class=\"_ _e\"></span>include <span class=\"_ _10\"></span>(i) <span class=\"_ _e\"></span>state-owned <span class=\"_ _10\"></span>enterprises, <span class=\"_ _e\"></span>(ii) <span class=\"_ _10\"></span>oil <span class=\"_ _e\"></span>majors, <span class=\"_ _10\"></span>(iii) <span class=\"_ _e\"></span>commodities <span class=\"_ _10\"></span>traders <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>(iv) <span class=\"_ _e\"></span>related <span class=\"_ _10\"></span>parties. <span class=\"_ _e\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _e\"></span>the Company <span class=\"_\"> </span>performs <span class=\"_ _28\"> </span>individual <span class=\"_ _28\"> </span>assessments <span class=\"_\"> </span>for <span class=\"_ _28\"> </span>customers <span class=\"_\"> </span>that <span class=\"_ _28\"> </span>do <span class=\"_\"> </span>not <span class=\"_ _28\"> </span>share <span class=\"_\"> </span>risk <span class=\"_ _28\"> </span>characteristics <span class=\"_ _28\"> </span>with <span class=\"_\"> </span>other <span class=\"_ _28\"> </span>customers <span class=\"_\"> </span>(for example <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>customer <span class=\"_ _28\"> </span>under <span class=\"_ _28\"> </span>bankruptcy <span class=\"_ _28\"> </span>or <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>customer <span class=\"_\"> </span>wi<span class=\"_ _1\"></span>th <span class=\"_ _28\"> </span>known <span class=\"_ _28\"> </span>disputes <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>c<span class=\"_ _1\"></span>ollectability <span class=\"_ _27\"> </span>issues). <span class=\"_\"> </span>The <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>makes significant judgements and assumptions to estimate it<span class=\"_ _1\"></span>s expected losses.Debt issuance costsDebt issuance <span class=\"_ _d\"></span>costs, including <span class=\"_ _d\"></span>debt arrangement <span class=\"_ _d\"></span>fees, are <span class=\"_ _d\"></span>capitalized and <span class=\"_ _d\"></span>amortized using <span class=\"_ _d\"></span>the effective <span class=\"_ _d\"></span>interest method <span class=\"_ _d\"></span>over the term <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>relevant <span class=\"_ _11\"> </span>loan. <span class=\"_ _f\"> </span>Amortization <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>debt <span class=\"_ _f\"> </span>issuance <span class=\"_ _11\"> </span>costs <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>included <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>interest <span class=\"_ _11\"> </span>expense. <span class=\"_ _11\"> </span>If <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>repaid <span class=\"_ _f\"> </span>early, <span class=\"_ _11\"> </span>any unamortized portion <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>debt <span class=\"_ _d\"></span>issuance costs <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>expensed <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the period <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>is repaid. <span class=\"_ _d\"></span>Debt <span class=\"_ _d\"></span>modifications are <span class=\"_ _27\"> </span>accounted <span class=\"_ _28\"> </span>for <span class=\"_ _27\"> </span>prospectively <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>any <span class=\"_ _27\"> </span>applicable <span class=\"_ _27\"> </span>new <span class=\"_ _28\"> </span>debt <span class=\"_ _27\"> </span>issuance <span class=\"_ _27\"> </span>costs <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>deferred <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>amortized <span class=\"_ _27\"> </span>together <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>the existing unamortized <span class=\"_ _d\"></span>debt issuance <span class=\"_ _d\"></span>costs as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the date <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the modification. <span class=\"_ _d\"></span>The Company <span class=\"_ _d\"></span>has recorded <span class=\"_ _d\"></span>debt issuance <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>as a direct deduction from the carrying amount of the related debt<span class=\"_ _1\"></span>. 10.2. Non-financial assetsThe <span class=\"_ _10\"></span>carrying <span class=\"_ _11\"> </span>amounts <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company\u2019s <span class=\"_ _10\"></span>non-financial <span class=\"_ _11\"> </span>assets, <span class=\"_ _11\"> </span>other <span class=\"_ _11\"> </span>than <span class=\"_ _10\"></span>inventory <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>contract <span class=\"_ _11\"> </span>assets, <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>reviewed <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>each reporting <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>determine <span class=\"_ _d\"></span>whether <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>indication <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>impairment. <span class=\"_ _d\"></span>If <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>indication <span class=\"_ _d\"></span>exists, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>asset\u2019s <span class=\"_ _d\"></span>recoverable amount is estimated. Goodwill is tested annually for impa<span class=\"_ _1\"></span>irment.For <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>purpose <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>testing, <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>grouped <span class=\"_ _e\"></span>together <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>smallest <span class=\"_ _d\"></span>group <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>generates <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>inflows from <span class=\"_ _28\"> </span>continuing <span class=\"_ _28\"> </span>use <span class=\"_ _28\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>largely <span class=\"_ _27\"> </span>independent <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>cash <span class=\"_ _27\"> </span>inflows <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>other <span class=\"_\"> </span>assets <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>cash <span class=\"_ _27\"> </span>generating <span class=\"_\"> </span>units <span class=\"_ _27\"> </span>(\"CGUs\"). Goodwill <span class=\"_ _d\"></span>acquired <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>business <span class=\"_ _d\"></span>combination <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>groups <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>CGUs <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>expected <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>benefit <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>synergies <span class=\"_ _d\"></span>of the combination.The recoverable amount of an <span class=\"_ _d\"></span>asset or CGU is the <span class=\"_ _d\"></span>greater of its fair value less <span class=\"_ _d\"></span>cost to sell and value in <span class=\"_ _d\"></span>use. In assessing value in use, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>estimated <span class=\"_ _f\"> </span>future <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>flows <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>discounted <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>their <span class=\"_ _f\"> </span>present <span class=\"_ _f\"> </span>value <span class=\"_ _f\"> </span>using <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>pre-tax <span class=\"_ _f\"> </span>discount <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>that <span class=\"_ _11\"> </span>reflects <span class=\"_ _f\"> </span>current market <span class=\"_ _11\"> </span>assessments <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>money <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>risks <span class=\"_ _11\"> </span>specific <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>asset <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>CGU. <span class=\"_ _11\"> </span>Future <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>based <span class=\"_ _f\"> </span>on current market conditions, historical trends as well as future<span class=\"_ _1\"></span> expectations.An impairment loss <span class=\"_ _d\"></span>is recognized if <span class=\"_ _d\"></span>the carrying amount <span class=\"_ _d\"></span>of an asset <span class=\"_ _d\"></span>or CGU exceeds <span class=\"_ _d\"></span>its recoverable amount. Impairment <span class=\"_ _d\"></span>losses are recognized in profit or loss.An <span class=\"_ _d\"></span>impairment <span class=\"_ _e\"></span>loss <span class=\"_ _e\"></span>recognized <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>goodwill <span class=\"_ _e\"></span>shall <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>reversed. <span class=\"_ _d\"></span>For <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>assets, <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _d\"></span>loss <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>reversed <span class=\"_ _e\"></span>only <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the extent <span class=\"_\"> </span>that <span class=\"_\"> </span>the <span class=\"_\"> </span>asset\u2019s <span class=\"_\"> </span>carrying <span class=\"_ _29\"> </span>amount <span class=\"_\"> </span>does <span class=\"_\"> </span>not <span class=\"_\"> </span>exceed <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>carrying <span class=\"_\"> </span>amount <span class=\"_\"> </span>that <span class=\"_\"> </span>would <span class=\"_\"> </span>have <span class=\"_ _29\"> </span>been <span class=\"_\"> </span>determined, <span class=\"_\"> </span>net <span class=\"_\"> </span>of depreciation or amortization, if no impairment loss had be<span class=\"_ _1\"></span>en recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen <span class=\"_ _d\"></span>events <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>circumstances <span class=\"_ _e\"></span>indicate <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>asset <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>CGU <span class=\"_ _e\"></span>might <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>recovered, <span class=\"_ _e\"></span>the Company <span class=\"_ _27\"> </span>performs <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>impairment <span class=\"_ _27\"> </span>test <span class=\"_ _28\"> </span>whereby <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>asset <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>CGU <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>compared <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>recoverable amount, <span class=\"_ _d\"></span>which <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>greater <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use, <span class=\"_ _10\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>discounted <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>flows, <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell. <span class=\"_ _e\"></span>We <span class=\"_ _e\"></span>define our <span class=\"_ _e\"></span>CGU <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>single <span class=\"_ _10\"></span>vessel <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>each <span class=\"_ _e\"></span>vessel <span class=\"_ _10\"></span>generates <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>inflows <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>largely <span class=\"_ _e\"></span>independent <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>cash <span class=\"_ _e\"></span>inflows <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>other vessels. In assessing whether there <span class=\"_ _d\"></span>is any indication that a vessel <span class=\"_ _d\"></span>may be impaired, the Company considers <span class=\"_ _d\"></span>internal and external indicators, including but not limited to:\u2022<span class=\"_ _2c\"> </span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _10\"></span>market <span class=\"_ _e\"></span>values <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>our <span class=\"_ _10\"></span>vessels <span class=\"_ _10\"></span>received <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>independent <span class=\"_ _10\"></span>ship <span class=\"_ _10\"></span>brokers <span class=\"_ _10\"></span>have <span class=\"_ _10\"></span>declined <span class=\"_ _10\"></span>during <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period significantly more <span class=\"_ _d\"></span>than we <span class=\"_ _d\"></span>would expect <span class=\"_ _d\"></span>as a <span class=\"_ _d\"></span>result of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>passage of <span class=\"_ _d\"></span>time or <span class=\"_ _d\"></span>normal use. <span class=\"_ _d\"></span>The ship <span class=\"_ _d\"></span>brokers assess <span class=\"_ _d\"></span>each vessel based on, among others, age, yard, deadweight capacity and com<span class=\"_ _1\"></span>pare this to market transactions.\u2022<span class=\"_ _2c\"> </span>significant changes with an adverse <span class=\"_ _d\"></span>effect on the Company have taken <span class=\"_ _d\"></span>place during the period, or will <span class=\"_ _d\"></span>take place in the near <span class=\"_ _d\"></span>future, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>legal <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>regulatory <span class=\"_ _d\"></span>environment <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>operates, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>tanker <span class=\"_ _d\"></span>market, <span class=\"_ _e\"></span>including negative developments in actual and forecasted tim<span class=\"_ _1\"></span>e charter equivalent rates (\"TCE rates\").\u2022<span class=\"_ _2c\"> </span>market <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rates <span class=\"_ _11\"> </span>have <span class=\"_ _f\"> </span>increased <span class=\"_ _11\"> </span>during <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period, <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>increase <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>likely <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>affect <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>discount <span class=\"_ _11\"> </span>rate <span class=\"_ _f\"> </span>used <span class=\"_ _11\"> </span>in calculating a vessel\u2019s value in use and decrease the a<span class=\"_ _1\"></span>sset\u2019s recoverable amount materially.\u2022<span class=\"_ _2c\"> </span>the carrying amount of the net assets of the Company is more than i<span class=\"_ _1\"></span>ts market capitalization.\u2022<span class=\"_ _2c\"> </span>evidence is available of obsolescence or physical dama<span class=\"_ _1\"></span>ge of a vessel.\u2022<span class=\"_ _2c\"> </span>significant changes <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>adverse effect <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company have <span class=\"_ _d\"></span>taken <span class=\"_ _d\"></span>place <span class=\"_ _d\"></span>during the <span class=\"_ _d\"></span>period, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>expected to <span class=\"_ _d\"></span>take place in the near future, in the extent to which, or manner in whi<span class=\"_ _1\"></span>ch, a vessel is used or is expected to be used.\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">evidence that the economic performance of a vessel is, or wi<span class=\"_ _1\"></span>ll be, worse than expected, including:</span>\u25e6<span class=\"_ _2c\"> </span>actual or forecasted TCE rates are signific<span class=\"_ _1\"></span>antly worse than expected;\u25e6<span class=\"_ _2c\"> </span>cash <span class=\"_ _e\"></span>flows <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>acquiring <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>vessel, <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>subsequent <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>needs <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>maintaining <span class=\"_ _e\"></span>it, <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>significantly higher than expected;\u25e6<span class=\"_ _2c\"> </span>actual net cash flows or operating profit are signific<span class=\"_ _1\"></span>antly worse than expected;\u25e6<span class=\"_ _2c\"> </span>a significant decline in budgeted net cash flows or ope<span class=\"_ _1\"></span>rating profit; or\u25e6<span class=\"_ _2c\"> </span>operating losses or net cash outflows.If <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>impairment <span class=\"_ _11\"> </span>indicators <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>identified, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>vessel\u2019s <span class=\"_ _11\"> </span>recoverable <span class=\"_ _11\"> </span>amount <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>estimated. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>developing <span class=\"_ _11\"> </span>estimates <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>future cash <span class=\"_ _11\"></span>flows <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>order <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>assess <span class=\"_ _11\"> </span>value <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>use, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>must <span class=\"_ _11\"> </span>make <span class=\"_ _11\"> </span>assumptions <span class=\"_ _11\"> </span>about <span class=\"_ _11\"> </span>future <span class=\"_ _11\"> </span>performance, <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>significant assumptions <span class=\"_ _f\"> </span>being <span class=\"_ _f\"> </span>related <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates, <span class=\"_ _f\"> </span>ship <span class=\"_ _f\"> </span>operating <span class=\"_ _f\"> </span>expenses, <span class=\"_ _f\"> </span>utilization, <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>other <span class=\"_ _f\"> </span>capital <span class=\"_ _11\"> </span>requirements, residual <span class=\"_ _11\"> </span>value, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>estimated <span class=\"_ _11\"> </span>remaining <span class=\"_ _11\"> </span>useful <span class=\"_ _11\"> </span>lives <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>probability <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>lease <span class=\"_ _f\"> </span>terminations <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>vessels <span class=\"_ _f\"> </span>held under <span class=\"_ _e\"></span>lease. <span class=\"_ _e\"></span>These <span class=\"_ _e\"></span>assumptions <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>historical <span class=\"_ _e\"></span>trends <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>well <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>expectations. <span class=\"_ _e\"></span>Specifically, <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>estimating <span class=\"_ _e\"></span>future charter <span class=\"_ _e\"></span>rates, <span class=\"_ _e\"></span>management <span class=\"_ _e\"></span>takes <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>consideration <span class=\"_ _e\"></span>rates <span class=\"_ _e\"></span>currently <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>effect <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>existing <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>charters <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>daily <span class=\"_ _e\"></span>time charter equivalent <span class=\"_ _d\"></span>rates for <span class=\"_ _d\"></span>each <span class=\"_ _d\"></span>vessel class <span class=\"_ _d\"></span>for the <span class=\"_ _d\"></span>unfixed days <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the estimated <span class=\"_ _d\"></span>remaining lives <span class=\"_ _d\"></span>of each <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the vessels. <span class=\"_ _d\"></span>The estimated <span class=\"_ _f\"> </span>daily <span class=\"_ _f\"> </span>time <span class=\"_ _27\"> </span>charter <span class=\"_ _f\"> </span>equivalent <span class=\"_ _27\"> </span>rates <span class=\"_ _f\"> </span>used <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>unfixed <span class=\"_ _f\"> </span>days <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _27\"> </span>combination <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>(i) <span class=\"_ _f\"> </span>internally <span class=\"_ _27\"> </span>developed forecasts, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>(ii) <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>quarterly <span class=\"_ _e\"></span>average <span class=\"_ _e\"></span>rates <span class=\"_ _10\"></span>published <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>independent <span class=\"_ _10\"></span>third <span class=\"_ _e\"></span>party <span class=\"_ _e\"></span>maritime <span class=\"_ _10\"></span>research service, <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>historical <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>management's <span class=\"_ _d\"></span>judgment <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>past <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>ongoing <span class=\"_ _d\"></span>shipping <span class=\"_ _e\"></span>cycles. <span class=\"_ _d\"></span>Recognizing that <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>transportation <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>crude <span class=\"_ _27\"> </span>oil <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>cyclical <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>subject <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>significant <span class=\"_ _27\"> </span>volatility <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>factors <span class=\"_ _27\"> </span>beyond <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company's control, <span class=\"_ _d\"></span>management <span class=\"_ _e\"></span>believes <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>use <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>combination <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>internally <span class=\"_ _d\"></span>forecast <span class=\"_ _e\"></span>rates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>average rates calculated as of the reporting date to be reasonabl<span class=\"_ _1\"></span>e.Estimated <span class=\"_ _10\"></span>outflows <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>operating <span class=\"_ _10\"></span>expenses <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>dry <span class=\"_ _10\"></span>docking <span class=\"_ _11\"> </span>requirements <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>based <span class=\"_ _10\"></span>on <span class=\"_ _11\"> </span>historical <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>budgeted <span class=\"_ _10\"></span>costs <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>are adjusted <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>assumed <span class=\"_ _10\"></span>inflation. <span class=\"_ _10\"></span>Finally, <span class=\"_ _10\"></span>utilization <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>historical <span class=\"_ _10\"></span>levels <span class=\"_ _10\"></span>achieved <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>estimates <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>are consistent <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>pattern <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>scrap <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>used <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>management's <span class=\"_ _f\"> </span>evaluation <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>salvage <span class=\"_ _f\"> </span>value. <span class=\"_ _f\"> </span>Other <span class=\"_ _11\"> </span>capital <span class=\"_ _f\"> </span>requirements <span class=\"_ _f\"> </span>for newbuildings are primarily based on amounts payable according to t<span class=\"_ _1\"></span>he installments in the contract.The <span class=\"_ _e\"></span>weighted <span class=\"_ _e\"></span>average <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>capital <span class=\"_ _d\"></span>(\"WACC\") <span class=\"_ _10\"></span>used <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>calculate <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>use <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>been <span class=\"_ _e\"></span>calculated <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>reflect the industry-weighted average return on debt and equity using observable m<span class=\"_ _1\"></span>arket data.The <span class=\"_ _10\"></span>more <span class=\"_ _11\"> </span>significant <span class=\"_ _10\"></span>factors <span class=\"_ _11\"> </span>that <span class=\"_ _11\"> </span>could <span class=\"_ _10\"></span>impact <span class=\"_ _11\"> </span>management's <span class=\"_ _10\"></span>assumptions <span class=\"_ _11\"> </span>regarding <span class=\"_ _10\"></span>time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>equivalent <span class=\"_ _10\"></span>rates <span class=\"_ _11\"> </span>include <span class=\"_ _10\"></span>(i) loss <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>reduction <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>business <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>significant <span class=\"_ _10\"></span>customers, <span class=\"_ _10\"></span>(ii) <span class=\"_ _11\"></span>unanticipated <span class=\"_ _10\"></span>changes <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>demand <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>transportation <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>crude <span class=\"_ _10\"></span>oil and oil <span class=\"_ _d\"></span>products, (iii) changes <span class=\"_ _d\"></span>in production <span class=\"_ _d\"></span>of or <span class=\"_ _d\"></span>demand for oil, <span class=\"_ _d\"></span>generally or <span class=\"_ _d\"></span>in particular regions, <span class=\"_ _d\"></span>(iv) greater <span class=\"_ _d\"></span>than anticipated levels <span class=\"_\"> </span>of <span class=\"_\"> </span>tanker <span class=\"_\"> </span>newbuilding <span class=\"_\"> </span>orders <span class=\"_ _29\"> </span>or <span class=\"_\"> </span>lower <span class=\"_\"> </span>than <span class=\"_\"> </span>anticipated <span class=\"_\"> </span>levels <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>tanker <span class=\"_\"> </span>scrapping, <span class=\"_\"> </span>and <span class=\"_\"> </span>(v) <span class=\"_\"> </span>changes <span class=\"_\"> </span>in <span class=\"_ _29\"> </span>rules <span class=\"_\"> </span>and regulations <span class=\"_ _d\"></span>applicable <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>tanker <span class=\"_ _e\"></span>industry, <span class=\"_ _d\"></span>including <span class=\"_ _e\"></span>legislation <span class=\"_ _e\"></span>adopted <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>international <span class=\"_ _d\"></span>organizations <span class=\"_ _e\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>IMO <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the EU <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>individual <span class=\"_ _e\"></span>countries. <span class=\"_ _e\"></span>Although <span class=\"_ _e\"></span>management <span class=\"_ _e\"></span>believes <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>used <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>evaluate <span class=\"_ _e\"></span>potential <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>are reasonable <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>appropriate <span class=\"_ _e\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>they <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>made, <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>highly <span class=\"_ _10\"></span>subjective <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>likely <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>change, <span class=\"_ _e\"></span>possibly materially, <span class=\"_\"> </span>in <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>future. <span class=\"_\"> </span>Tanker <span class=\"_ _29\"> </span>charter <span class=\"_ _29\"> </span>rates <span class=\"_\"> </span>are <span class=\"_ _29\"> </span>volatile <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>can <span class=\"_ _29\"> </span>experience <span class=\"_ _29\"> </span>long <span class=\"_\"> </span>periods <span class=\"_ _29\"> </span>at <span class=\"_ _29\"> </span>depressed <span class=\"_ _29\"> </span>levels. <span class=\"_\"> </span>Future assessments of vessel impairment would be adversely affecte<span class=\"_ _1\"></span>d by reductions in vessel values and charter rates.GoodwillGoodwill <span class=\"_ _d\"></span>is not <span class=\"_ _d\"></span>amortized, <span class=\"_ _d\"></span>but <span class=\"_ _d\"></span>rather <span class=\"_ _d\"></span>reviewed <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>impairment annually, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>frequently <span class=\"_ _d\"></span>if impairment <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>arise. <span class=\"_ _d\"></span>The Company has <span class=\"_ _d\"></span>one group <span class=\"_ _d\"></span>of CGUs <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the purpose <span class=\"_ _d\"></span>of assessing <span class=\"_ _d\"></span>potential goodwill impairment <span class=\"_ _d\"></span>and has <span class=\"_ _d\"></span>selected September <span class=\"_ _d\"></span>30 as its annual goodwill impairment testing date. A CGU is impaired when <span class=\"_ _d\"></span>its carrying amount exceeds its recoverable amount. In <span class=\"_ _d\"></span>assessing whether the recoverable amount of a CGU <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>which <span class=\"_ _28\"> </span>goodwill <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_ _28\"> </span>allocated <span class=\"_ _28\"> </span>is <span class=\"_\"> </span>less <span class=\"_ _28\"> </span>than <span class=\"_ _28\"> </span>its <span class=\"_\"> </span>carrying <span class=\"_ _28\"> </span>amount, <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>Company <span class=\"_ _28\"> </span>assesses <span class=\"_ _28\"> </span>relevant <span class=\"_ _28\"> </span>events <span class=\"_\"> </span>and circumstances, <span class=\"_ _10\"></span>including <span class=\"_ _10\"></span>(i) <span class=\"_ _11\"> </span>macroeconomic <span class=\"_ _10\"></span>conditions; <span class=\"_ _11\"> </span>(ii) <span class=\"_ _11\"> </span>industry <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>market <span class=\"_ _10\"></span>conditions; <span class=\"_ _11\"> </span>(iii) <span class=\"_ _10\"></span>changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>cost <span class=\"_ _10\"></span>factors <span class=\"_ _11\"> </span>that may <span class=\"_ _11\"> </span>impact <span class=\"_ _f\"> </span>earnings <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows; <span class=\"_ _f\"> </span>(iv) <span class=\"_ _11\"> </span>overall <span class=\"_ _f\"> </span>financial <span class=\"_ _11\"> </span>performance; <span class=\"_ _f\"> </span>(v) <span class=\"_ _11\"> </span>other <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>specific <span class=\"_ _11\"> </span>events <span class=\"_ _f\"> </span>such <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>changes <span class=\"_ _11\"> </span>in management, <span class=\"_ _11\"> </span>strategy, <span class=\"_ _11\"> </span>customers <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>key <span class=\"_ _11\"> </span>personnel <span class=\"_ _11\"> </span>(vi) <span class=\"_ _f\"> </span>other <span class=\"_ _11\"> </span>events <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>(vii) <span class=\"_ _11\"> </span>if <span class=\"_ _f\"> </span>applicable, <span class=\"_ _11\"> </span>changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company's <span class=\"_ _11\"> </span>share price, both in absolute terms and relative to peers.The <span class=\"_ _e\"></span>recoverable <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _d\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>greater <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use. <span class=\"_ _e\"></span>We <span class=\"_ _10\"></span>estimate <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>fair value <span class=\"_ _d\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>capitalization <span class=\"_ _d\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>control <span class=\"_ _e\"></span>premium, <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>needed. <span class=\"_ _e\"></span>Control <span class=\"_ _d\"></span>premium assumptions <span class=\"_ _e\"></span>require <span class=\"_ _10\"></span>judgment <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>actual <span class=\"_ _e\"></span>results <span class=\"_ _10\"></span>may <span class=\"_ _e\"></span>differ <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>assumed <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>amounts. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>measurement takes into account <span class=\"_ _d\"></span>Level 1, <span class=\"_ _d\"></span>Level 2 and <span class=\"_ _d\"></span>Level 3 <span class=\"_ _d\"></span>inputs. In assessing <span class=\"_ _d\"></span>value in use, <span class=\"_ _d\"></span>the estimated <span class=\"_ _d\"></span>future cash flows <span class=\"_ _d\"></span>are discounted to <span class=\"_ _d\"></span>their <span class=\"_ _d\"></span>present <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>using <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>pre-tax <span class=\"_ _e\"></span>discount <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>reflects <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>market <span class=\"_ _e\"></span>assessments <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>money <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>the risks <span class=\"_ _11\"> </span>specific <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company. <span class=\"_ _f\"> </span>Future <span class=\"_ _11\"> </span>cash <span class=\"_ _11\"> </span>flows <span class=\"_ _11\"> </span>are <span class=\"_ _f\"> </span>based <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>current <span class=\"_ _11\"> </span>market <span class=\"_ _11\"> </span>conditions, <span class=\"_ _f\"> </span>historical <span class=\"_ _11\"> </span>trends <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>well <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>future expectations.11. Revenue and expense recognition11.1. Voyage chartersIn <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>voyage <span class=\"_ _10\"></span>charter <span class=\"_ _10\"></span>contract, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>hires <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>transport <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>specific <span class=\"_ _10\"></span>agreed-upon <span class=\"_ _10\"></span>cargo <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>voyage. <span class=\"_ _10\"></span>The consideration <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>freight <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>per <span class=\"_ _e\"></span>metric <span class=\"_ _d\"></span>ton <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>cargo <span class=\"_ _d\"></span>carried <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>occasionally <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a lump <span class=\"_ _28\"> </span>sum <span class=\"_ _27\"> </span>basis. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>charterer <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>responsible <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>any <span class=\"_ _28\"> </span>short <span class=\"_ _27\"> </span>loading <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>cargo <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>\"dead\" <span class=\"_\"> </span>freight<span class=\"_ _1\"></span>. <span class=\"_ _28\"> </span>The <span class=\"_ _27\"> </span>voyage <span class=\"_\"> </span>c<span class=\"_ _1\"></span>harter <span class=\"_ _28\"> </span>party generally <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>standard <span class=\"_ _e\"></span>payment <span class=\"_ _10\"></span>terms <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>freight <span class=\"_ _e\"></span>paid <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>completion <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>discharge. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>voyage <span class=\"_ _e\"></span>charter <span class=\"_ _10\"></span>party <span class=\"_ _e\"></span>generally <span class=\"_ _10\"></span>has <span class=\"_ _e\"></span>a \"demurrage\" <span class=\"_ _e\"></span>clause. <span class=\"_ _10\"></span>As <span class=\"_ _e\"></span>per <span class=\"_ _10\"></span>this <span class=\"_ _10\"></span>clause, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>reimburses <span class=\"_ _10\"></span>us <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>any <span class=\"_ _e\"></span>potential <span class=\"_ _10\"></span>delays <span class=\"_ _e\"></span>exceeding <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>allowed <span class=\"_ _10\"></span>laytime <span class=\"_ _e\"></span>as per the charter <span class=\"_ _d\"></span>party clause at the <span class=\"_ _d\"></span>ports visited, which is <span class=\"_ _d\"></span>recorded as voyage revenue. <span class=\"_ _d\"></span>As such, demurrage is <span class=\"_ _d\"></span>considered variable consideration <span class=\"_ _d\"></span>under <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>contract. <span class=\"_ _e\"></span>Estimates <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>judgments <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>required <span class=\"_ _10\"></span>in <span class=\"_ _d\"></span>ascertaining <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>most <span class=\"_ _10\"></span>likely <span class=\"_ _d\"></span>outcome <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _d\"></span>particular voyage <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>actual <span class=\"_ _e\"></span>outcomes <span class=\"_ _e\"></span>may <span class=\"_ _e\"></span>differ <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>estimates. <span class=\"_ _e\"></span>Such <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>reviewed <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>updated <span class=\"_ _e\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>term <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>voyage charter contract. In <span class=\"_ _d\"></span>a voyage <span class=\"_ _d\"></span>charter contract, <span class=\"_ _d\"></span>revenue recognition begins <span class=\"_ _d\"></span>to be <span class=\"_ _d\"></span>satisfied once <span class=\"_ _d\"></span>the vessel commences <span class=\"_ _d\"></span>loading the cargo.In <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>voyage <span class=\"_ _e\"></span>contract, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>bears <span class=\"_ _d\"></span>all <span class=\"_ _e\"></span>voyage <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>costs <span class=\"_ _e\"></span>such <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>fuel <span class=\"_ _d\"></span>costs, <span class=\"_ _d\"></span>port <span class=\"_ _e\"></span>charges <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>canal <span class=\"_ _d\"></span>tolls. <span class=\"_ _d\"></span>To <span class=\"_ _e\"></span>recognize costs <span class=\"_ _d\"></span>incurred <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>fulfill <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>asset, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>following <span class=\"_ _d\"></span>criteria <span class=\"_ _d\"></span>shall <span class=\"_ _d\"></span>be <span class=\"_ _d\"></span>met: <span class=\"_ _d\"></span>(i) <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>relate <span class=\"_ _d\"></span>directly <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contract, <span class=\"_ _d\"></span>(ii) the <span class=\"_ _e\"></span>costs <span class=\"_ _10\"></span>generate <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>enhance <span class=\"_ _e\"></span>resources <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>entity <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>used <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>satisfying <span class=\"_ _e\"></span>performance <span class=\"_ _10\"></span>obligations <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>future <span class=\"_ _10\"></span>and (iii) <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>expected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _d\"></span>recovered. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _d\"></span>during <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _d\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>commencement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>loading <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>cargo, primarily bunkers, are deferred as they represent setup costs and recorde<span class=\"_ _1\"></span>d as a current asset and are subsequently amortized on a straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>we <span class=\"_ _f\"> </span>satisfy <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>performance <span class=\"_ _f\"> </span>obligations <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>contract. <span class=\"_ _11\"> </span>Costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>obtain <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>contract, <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>as commissions, <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>also <span class=\"_ _f\"> </span>deferred <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>expensed <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>same <span class=\"_ _11\"> </span>period. <span class=\"_ _f\"> </span>Costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>during <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>performance <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>voyage <span class=\"_ _11\"> </span>are expensed as incurred.Voyage <span class=\"_ _d\"></span>charters <span class=\"_ _e\"></span>contain <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>component <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>contract <span class=\"_ _d\"></span>(i) <span class=\"_ _e\"></span>specifies <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>specific <span class=\"_ _e\"></span>vessel <span class=\"_ _d\"></span>asset; <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>(ii) <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>terms <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>allow <span class=\"_ _e\"></span>the charterer to <span class=\"_ _d\"></span>exercise <span class=\"_ _d\"></span>substantive decision-making <span class=\"_ _d\"></span>rights, which <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>economic value <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>and therefore <span class=\"_ _d\"></span>allow <span class=\"_ _d\"></span>the charterer <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>direct <span class=\"_ _e\"></span>how <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>what <span class=\"_ _10\"></span>purpose <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>used. <span class=\"_ _e\"></span>Voyage <span class=\"_ _e\"></span>charter <span class=\"_ _e\"></span>revenues <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>expenses <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>ratably over the estimated length of each voyage, which the Company ha<span class=\"_ _1\"></span>s assessed commence on loading of the cargo.Voyage and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>contracts not <span class=\"_ _d\"></span>qualifying <span class=\"_ _d\"></span>as leases <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>accounted for <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>the provisions <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>IFRS <span class=\"_ _d\"></span>15 <span class=\"ff3\">Revenue <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>Contracts </span>with <span class=\"_ _f\"> </span>Customers<span class=\"ff2\">. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>has <span class=\"_ _27\"> </span>determined <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>voyage <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>contracts <span class=\"_ _f\"> </span>that <span class=\"_ _27\"> </span>qualify <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>accounting <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>IFRS <span class=\"_ _27\"> </span>15 </span>consist <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>single <span class=\"_ _d\"></span>performance <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>transporting <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>cargo <span class=\"_ _d\"></span>within <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>specified <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>period. <span class=\"_ _d\"></span>Therefore, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>performance obligation <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>met <span class=\"_ _e\"></span>evenly <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>voyage <span class=\"_ _e\"></span>progresses, <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>revenue <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _e\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>voyage <span class=\"_ _e\"></span>days from the commencement of <span class=\"_ _d\"></span>loading to completion <span class=\"_ _d\"></span>of discharge. Contract assets <span class=\"_ _d\"></span>with regards to <span class=\"_ _d\"></span>voyage revenues are reported <span class=\"_ _d\"></span>as \"Voyages <span class=\"_ _d\"></span>in progress\" <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>performance obligation <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>satisfied <span class=\"_ _d\"></span>over time. <span class=\"_ _d\"></span>Voyage <span class=\"_ _d\"></span>revenues <span class=\"_ _d\"></span>typically become <span class=\"_ _d\"></span>billable <span class=\"_ _d\"></span>and due for <span class=\"_ _d\"></span>payment on <span class=\"_ _d\"></span>completion <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>voyage and <span class=\"_ _d\"></span>discharge <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>cargo, at <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>point <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>receivable is <span class=\"_ _d\"></span>recognized <span class=\"_ _d\"></span>within \"Trade and other receivables\". The <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>taken <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>practical <span class=\"_ _10\"></span>expedient <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>disclose <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>aggregate <span class=\"_ _e\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>transaction <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>allocated <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>the performance <span class=\"_ _e\"></span>obligations <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>unsatisfied <span class=\"_ _e\"></span>(or <span class=\"_ _10\"></span>partially <span class=\"_ _e\"></span>unsatisfied) <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>end <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>reporting <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>performance obligations are part of contracts having an original expecte<span class=\"_ _1\"></span>d duration of one year or less. 11.2. Time and bareboat chartersIn <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>charter <span class=\"_ _d\"></span>voyage, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>hired <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>specified <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>exchange <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>consideration <span class=\"_ _d\"></span>which is <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>daily <span class=\"_ _d\"></span>hire <span class=\"_ _d\"></span>rate. Generally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>discretion <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>ports <span class=\"_ _d\"></span>visited, <span class=\"_ _d\"></span>shipping <span class=\"_ _d\"></span>routes and <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>speed. The <span class=\"_ _d\"></span>contract/charter party <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>provides <span class=\"_ _d\"></span>typical warranties <span class=\"_ _d\"></span>regarding <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>speed <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>performance of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>charter party <span class=\"_ _d\"></span>generally has <span class=\"_ _d\"></span>some <span class=\"_ _d\"></span>owner <span class=\"_ _d\"></span>protective restrictions <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the vessel <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>sent <span class=\"_ _d\"></span>only <span class=\"_ _d\"></span>to safe <span class=\"_ _d\"></span>ports <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer and <span class=\"_ _d\"></span>carries only <span class=\"_ _11\"></span>lawful <span class=\"_ _10\"></span>or <span class=\"_ _11\"> </span>non-hazardous <span class=\"_ _11\"> </span>cargo. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>contract, <span class=\"_ _11\"> </span>we <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>responsible <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>all <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>running <span class=\"_ _11\"> </span>the vessel <span class=\"_ _10\"></span>such <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>crew <span class=\"_ _11\"> </span>costs, <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"> </span>insurance, <span class=\"_ _10\"></span>repairs <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>maintenance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>lubes. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>charterer <span class=\"_ _10\"></span>bears <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>voyage <span class=\"_ _11\"> </span>related <span class=\"_ _10\"></span>costs such <span class=\"_ _10\"></span>as <span class=\"_ _11\"> </span>bunker <span class=\"_ _10\"></span>expenses, <span class=\"_ _11\"> </span>port <span class=\"_ _11\"> </span>charges, <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>canal <span class=\"_ _10\"></span>tolls <span class=\"_ _11\"> </span>during <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>hire <span class=\"_ _11\"> </span>period. <span class=\"_ _11\"> </span>The <span class=\"_ _10\"></span>performance <span class=\"_ _11\"> </span>obligations <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>time <span class=\"_ _11\"> </span>charter contract <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>satisfied <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>term <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>beginning <span class=\"_ _e\"></span>when <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>delivered <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>until <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>redelivered back <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>us. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>generally <span class=\"_ _e\"></span>pays <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>charter <span class=\"_ _10\"></span>hire <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>advance <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>upcoming <span class=\"_ _e\"></span>contract <span class=\"_ _e\"></span>period. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>lease <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of time charter <span class=\"_ _d\"></span>contracts, bareboat <span class=\"_ _d\"></span>charter contracts and <span class=\"_ _d\"></span>voyage charter <span class=\"_ _d\"></span>contracts which <span class=\"_ _d\"></span>we consider <span class=\"_ _d\"></span>to be <span class=\"_ _d\"></span>leases are <span class=\"_ _d\"></span>accounted for under<span class=\"ff3\"> <span class=\"_ _10\"></span></span>IFRS <span class=\"_ _10\"></span>16 <span class=\"_ _10\"></span><span class=\"ff3\">Leases</span>, <span class=\"_ _10\"></span>and<span class=\"ff3\"> <span class=\"_ _11\"> </span></span>revenues <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>recorded <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>term <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>charter <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>service <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>provided. <span class=\"_ _11\"> </span>When <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>time <span class=\"_ _10\"></span>charter contract is linked to an index, we recognize revenue for the appl<span class=\"_ _1\"></span>icable period based on the actual index for that period.11.3. Administrative incomeAdministrative income primarily comprises income <span class=\"_ _d\"></span>earned from the commercial <span class=\"_ _d\"></span>and technical management of related <span class=\"_ _d\"></span>party and third <span class=\"_ _10\"></span>party <span class=\"_ _11\"> </span>vessels <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>newbuilding <span class=\"_ _10\"></span>supervision <span class=\"_ _11\"> </span>fees <span class=\"_ _10\"></span>derived <span class=\"_ _11\"> </span>from <span class=\"_ _10\"></span>related <span class=\"_ _11\"> </span>parties <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>third <span class=\"_ _10\"></span>parties. <span class=\"_ _11\"> </span>Administrative <span class=\"_ _10\"></span>income <span class=\"_ _10\"></span>is recognized <span class=\"_\"> </span>over <span class=\"_ _29\"> </span>time <span class=\"_ _29\"> </span>on <span class=\"_\"> </span>a <span class=\"_ _29\"> </span>straight-line <span class=\"_\"> </span>basis <span class=\"_ _29\"> </span>using <span class=\"_ _29\"> </span>the <span class=\"_\"> </span>accruals <span class=\"_ _29\"> </span>method <span class=\"_ _29\"> </span>as <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>services <span class=\"_ _29\"> </span>are <span class=\"_\"> </span>provided <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>performance obligations are met.12. Other incomeOther <span class=\"_\"> </span>income <span class=\"_ _28\"> </span>relates <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>(i) <span class=\"_\"> </span>gains <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>the <span class=\"_\"> </span>sale <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>vessels, <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>are <span class=\"_\"> </span>rec<span class=\"_ _1\"></span>ognized <span class=\"_\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>vessel <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_\"> </span>delive<span class=\"_ _1\"></span>red <span class=\"_\"> </span>and substantially <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>risks <span class=\"_ _e\"></span>have <span class=\"_ _d\"></span>been <span class=\"_ _e\"></span>transferred <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>comparing <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>proceeds <span class=\"_ _d\"></span>received <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>of the <span class=\"_ _10\"></span>vessel, <span class=\"_ _10\"></span>(ii) <span class=\"_ _11\"> </span>cash <span class=\"_ _10\"></span>inflows <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>relation <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>settlements <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>claims <span class=\"_ _10\"></span>(including <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>settlement <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>insurance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>legal <span class=\"_ _10\"></span>claims), <span class=\"_ _10\"></span>(iii) gains <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>losses <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>termination <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>leases <span class=\"_ _d\"></span>before <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>expiration <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>term, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>accounted <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>derecognizing the <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"></span>right-of-use <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>lease <span class=\"_ _10\"></span>obligation, <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>gain <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>loss <span class=\"_ _10\"></span>recognized <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>difference. <span class=\"_ _10\"></span>Gains <span class=\"_ _10\"></span>and losses <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>termination <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>when <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>terminated <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>redelivered <span class=\"_ _d\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>owners, and <span class=\"_ _d\"></span> <span class=\"_ _d\"></span>iv) <span class=\"_ _d\"></span>gains <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>losses <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>pooling <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>revenue <span class=\"_ _d\"></span>sharing <span class=\"_ _e\"></span>arrangements <span class=\"_ _d\"></span>where <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>considered <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>principal under <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charter <span class=\"_ _e\"></span>parties <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>records <span class=\"_ _d\"></span>voyage <span class=\"_ _d\"></span>revenues <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>costs <span class=\"_ _e\"></span>gross, <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>adjustments <span class=\"_ _d\"></span>required <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>result <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>revenue sharing arrangement being recognized as other operating gains or losse<span class=\"_ _1\"></span>s.13. LeasesAt inception <span class=\"_ _d\"></span>of a <span class=\"_ _d\"></span>contract, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>assesses whether <span class=\"_ _d\"></span>a contract <span class=\"_ _d\"></span>is, or <span class=\"_ _d\"></span>contains, a <span class=\"_ _d\"></span>lease. <span class=\"_ _d\"></span>A contract <span class=\"_ _d\"></span>is, or <span class=\"_ _d\"></span>contains, a <span class=\"_ _d\"></span>lease if the contract conveys the right to control the use of an identifi<span class=\"_ _1\"></span>ed asset for a period of time in exchange for consideration.13.1. As a lesseeThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>recognizes <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>right-of-use <span class=\"_ _10\"></span>asset <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>liability <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>commencement <span class=\"_ _10\"></span>date. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>right-of-use <span class=\"_ _11\"> </span>asset <span class=\"_ _10\"></span>is initially <span class=\"_ _d\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>equal <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _10\"></span>liability <span class=\"_ _d\"></span>adjusted <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>initial <span class=\"_ _e\"></span>direct <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lessee. <span class=\"_ _10\"></span>Adjustments may also be required for any payments made at or before the comme<span class=\"_ _1\"></span>ncement date, less any lease incentives receive<span class=\"_ _1\"></span>d.After <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>commencement, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>measures <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>right-of-use <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>using <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>model, <span class=\"_ _d\"></span>namely <span class=\"_ _e\"></span>at <span class=\"_ _d\"></span>cost <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>accumulated depreciation <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>accumulated <span class=\"_ _d\"></span>impairment. The <span class=\"_ _d\"></span>right-of-use <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>subsequently <span class=\"_ _d\"></span>depreciated <span class=\"_ _d\"></span>using <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>straight-line <span class=\"_ _d\"></span>method. <span class=\"_ _d\"></span>In addition, <span class=\"_ _d\"></span>the right-of-use <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>periodically <span class=\"_ _d\"></span>reduced by <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>losses, <span class=\"_ _d\"></span>if <span class=\"_ _d\"></span>any, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>adjusted for <span class=\"_ _d\"></span>certain <span class=\"_ _d\"></span>remeasurements <span class=\"_ _d\"></span>of the lease liability.The <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>liability <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>initially <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>present <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>payments <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>not <span class=\"_ _e\"></span>paid <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>commencement <span class=\"_ _d\"></span>date, discounted <span class=\"_ _d\"></span>using <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>implicit <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>or, <span class=\"_ _e\"></span>if <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>cannot <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>readily <span class=\"_ _e\"></span>determined, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company's <span class=\"_ _e\"></span>incremental borrowing <span class=\"_ _f\"> </span>rate. <span class=\"_ _27\"> </span>Generally, <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>uses <span class=\"_ _27\"> </span>its <span class=\"_ _f\"> </span>incremental <span class=\"_ _27\"> </span>borrowing <span class=\"_ _f\"> </span>rate <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>discount <span class=\"_ _27\"> </span>rate. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>lessee's <span class=\"_ _27\"> </span>incremental borrowing <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>lessee <span class=\"_ _d\"></span>would <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>pay <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>borrow <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>similar <span class=\"_ _d\"></span>term, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>similar <span class=\"_ _d\"></span>security, the funds necessary to obtain an asset of a similar value to the<span class=\"_ _1\"></span> right-of-use asset in a similar economic environment.Lease payments included in the measurement of the le<span class=\"_ _1\"></span>ase liability comprise the following:\u2022<span class=\"_ _2c\"> </span>Fixed payments;\u2022<span class=\"_ _2c\"> </span>Variable lease payments that depend on an index or a rate;\u2022<span class=\"_ _2c\"> </span>Amounts expected to be payable under a residual value guarante<span class=\"_ _1\"></span>e, and;\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>exercise <span class=\"_ _10\"></span>price <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>purchase <span class=\"_ _10\"></span>option <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>reasonably <span class=\"_ _10\"></span>certain <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>exercise, <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>payments <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>an optional <span class=\"_ _e\"></span>renewal <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>reasonably <span class=\"_ _10\"></span>certain <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>exercise <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>extension <span class=\"_ _10\"></span>option, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>penalties <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>early termination of a lease unless the Company is reasonably ce<span class=\"_ _1\"></span>rtain not to terminate early.The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>applied <span class=\"_ _e\"></span>judgement <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>determine <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>term <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>some <span class=\"_ _e\"></span>lease <span class=\"_ _10\"></span>contracts <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>it <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>lessee <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>include renewal options. The <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>liability is <span class=\"_ _d\"></span>subsequently <span class=\"_ _d\"></span>increased <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>cost <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the lease <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>decreased <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>payments made. <span class=\"_ _d\"></span>It is <span class=\"_ _d\"></span>remeasured <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>future <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>payments <span class=\"_ _d\"></span>arising <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>index <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>rate, <span class=\"_ _d\"></span>if <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>estimate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>amount <span class=\"_ _d\"></span>expected <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>payable <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>guarantee, <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>changes <span class=\"_ _d\"></span>its assessment <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>whethe<span class=\"_ _1\"></span>r <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>purchase <span class=\"_ _28\"> </span>or <span class=\"_ _28\"> </span>extension <span class=\"_ _28\"> </span>option <span class=\"_\"> </span>i<span class=\"_ _1\"></span>s <span class=\"_ _28\"> </span>reasonably <span class=\"_\"> </span>certai<span class=\"_ _1\"></span>n <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>be <span class=\"_ _28\"> </span>exercised <span class=\"_ _28\"> </span>or <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>termi<span class=\"_ _1\"></span>nation <span class=\"_ _28\"> </span>option <span class=\"_\"> </span>is reasonably <span class=\"_ _d\"></span>certain <span class=\"_ _e\"></span>not <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>exercised. <span class=\"_ _d\"></span>When <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>liability <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>remeasured <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>way, <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>corresponding <span class=\"_ _e\"></span>adjustment <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>made to <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>asset, <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>recorded <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>profit <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>loss <span class=\"_ _e\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>right-to-use <span class=\"_ _e\"></span>asset has been reduced to zero. Lease <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>non-lease <span class=\"_ _11\"> </span>components <span class=\"_ _f\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>contracts <span class=\"_ _11\"> </span>are <span class=\"_ _f\"> </span>separated <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>non-lease <span class=\"_ _11\"> </span>components <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>and classified based on the nature of the expense.Short-term leases and leases of low-value assetsThe <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>has <span class=\"_ _11\"> </span>elected <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>recognize <span class=\"_ _11\"> </span>certain <span class=\"_ _11\"> </span>right-of-use <span class=\"_ _11\"> </span>assets <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>liabilities <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>leases <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>low-value <span class=\"_ _11\"> </span>assets <span class=\"_ _11\"> </span>and short-term leases (i.e., <span class=\"_ _d\"></span>leases with <span class=\"_ _d\"></span>an original term <span class=\"_ _d\"></span>of 12-months or <span class=\"_ _d\"></span>less), including <span class=\"_ _d\"></span>IT equipment. The <span class=\"_ _d\"></span>Company recognizes the lease payments associated with these leases as an e<span class=\"_ _1\"></span>xpense on a straight-line basis over the lease term.Refer to accounting policy 10.2. for impairment considerations for ve<span class=\"_ _1\"></span>ssel right-of-use assets.13.2. As a lessorWhen the Company acts as a lessor, it determines at le<span class=\"_ _1\"></span>ase inception whether each lease is a finance or operat<span class=\"_ _1\"></span>ing lease.To classify each lease, the Company makes an overall assessment of <span class=\"_ _d\"></span>whether the lease transfers substantially all of the risks and rewards <span class=\"_ _d\"></span>incidental <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>ownership <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>underlying <span class=\"_ _d\"></span>asset. <span class=\"_ _e\"></span>If <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>case, <span class=\"_ _d\"></span>then <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>lease; <span class=\"_ _d\"></span>if <span class=\"_ _d\"></span>not, <span class=\"_ _e\"></span>then <span class=\"_ _d\"></span>it <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>an operating <span class=\"_ _d\"></span>lease. As <span class=\"_ _d\"></span>part <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>this <span class=\"_ _d\"></span>assessment, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company considers <span class=\"_ _d\"></span>certain <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>as whether <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>major part of the economic life of the asset.If <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>qualifies <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>operating <span class=\"_ _d\"></span>lease, <span class=\"_ _d\"></span>e.g. <span class=\"_ _e\"></span>time <span class=\"_ _d\"></span>charter <span class=\"_ _e\"></span>contracts <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>component <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>voyage <span class=\"_ _d\"></span>charter <span class=\"_ _e\"></span>contracts, <span class=\"_ _d\"></span>the leased <span class=\"_ _28\"> </span>asset <span class=\"_ _28\"> </span>remains <span class=\"_ _28\"> </span>on <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>statement <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>financial <span class=\"_ _28\"> </span>position <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>l<span class=\"_ _1\"></span>essor <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>continues <span class=\"_ _28\"> </span>being <span class=\"_ _28\"> </span>depreciated. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>Company separates the <span class=\"_ _d\"></span>lease and <span class=\"_ _d\"></span>non-lease <span class=\"_ _d\"></span>component in <span class=\"_ _d\"></span>the contract, <span class=\"_ _d\"></span>with the <span class=\"_ _d\"></span>lease component <span class=\"_ _d\"></span>qualified <span class=\"_ _d\"></span>as operating <span class=\"_ _d\"></span>lease and <span class=\"_ _d\"></span>the non-lease <span class=\"_ _e\"></span>component <span class=\"_ _10\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>makes <span class=\"_ _e\"></span>significant <span class=\"_ _10\"></span>judgments <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>assumptions <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>lease components from <span class=\"_ _d\"></span>non-lease components <span class=\"_ _d\"></span>of our <span class=\"_ _d\"></span>contracts. For <span class=\"_ _d\"></span>purposes <span class=\"_ _d\"></span>of determining <span class=\"_ _d\"></span>the standalone selling <span class=\"_ _d\"></span>price of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel lease <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>non-lease <span class=\"_ _d\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _e\"></span>time <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>voyage <span class=\"_ _e\"></span>charters, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>uses <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>residual <span class=\"_ _d\"></span>approach given <span class=\"_ _d\"></span>that vessel <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>highly <span class=\"_ _d\"></span>variable depending <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>shipping <span class=\"_ _d\"></span>market <span class=\"_ _d\"></span>conditions. The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>believes <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the standalone transaction <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>attributable <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>non-lease <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>is <span class=\"_ _11\"></span>more <span class=\"_ _10\"></span>readily <span class=\"_ _10\"></span>determinable <span class=\"_ _10\"></span>than <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>price <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>lease <span class=\"_ _10\"></span>component and, <span class=\"_ _d\"></span>accordingly, the <span class=\"_ _d\"></span>price <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>service <span class=\"_ _d\"></span>components <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>estimated using <span class=\"_ _d\"></span>cost <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>residual transaction <span class=\"_ _d\"></span>price <span class=\"_ _d\"></span>is attributed <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>component. <span class=\"_ _e\"></span>Refer <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Revenue <span class=\"_ _10\"></span>policy <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>further <span class=\"_ _10\"></span>details <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>accounting <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>non-lease component.14. Share-based compensation The <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>amount payable <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>beneficiaries <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>respect <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>synthetic <span class=\"_ _d\"></span>options, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>settled in <span class=\"_ _d\"></span>cash, <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>recognized <span class=\"_ _d\"></span>as an <span class=\"_ _10\"></span>expense <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>corresponding <span class=\"_ _11\"> </span>liability, <span class=\"_ _10\"></span>over <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>during <span class=\"_ _10\"></span>which <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>beneficiaries <span class=\"_ _10\"></span>become <span class=\"_ _11\"> </span>unconditionally <span class=\"_ _10\"></span>entitled <span class=\"_ _11\"> </span>to payment. The fair value of the liability is remeasure<span class=\"_ _1\"></span>d at each reporting period.15. Dividends receivedThe Company records dividends received in the period in which they a<span class=\"_ _1\"></span>re declared and receivable.16. New standards and interpretations not yet adoptedNew <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>amended <span class=\"_ _28\"> </span>standards <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>interpretations <span class=\"_ _28\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_\"> </span>issued, <span class=\"_ _28\"> </span>but <span class=\"_ _28\"> </span>not <span class=\"_ _28\"> </span>yet <span class=\"_\"> </span>effective<span class=\"_ _1\"></span>, <span class=\"_ _28\"> </span>up <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>issuance <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the Company\u2019s <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>statements <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>disclosed <span class=\"_ _27\"> </span>below. <span class=\"_ _27\"> </span>The <span class=\"_ _28\"> </span>below <span class=\"_ _27\"> </span>list <span class=\"_ _27\"> </span>includes <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>new <span class=\"_ _27\"> </span>standards <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>amendments <span class=\"_ _27\"> </span>that <span class=\"_ _27\"> </span>we believe are the most relevant for the Company:Amendments to IAS 1 Presentation of Financial statements: Classification of Liabilitie<span class=\"_ _1\"></span>s as Current or Non-currentIn <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>2020, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>IASB <span class=\"_ _f\"> </span>issued <span class=\"_ _11\"> </span>amendments <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>paragraphs <span class=\"_ _11\"> </span>69 <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>76 <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>IAS <span class=\"_ _11\"> </span>1 <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>specify <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>requirements <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>classifying liabilities as current or non-current. The amendments cl<span class=\"_ _1\"></span>arify:\u2022<span class=\"_ _2c\"> </span>What is meant by a right to defer settlement\u2022<span class=\"_ _2c\"> </span>That a right to defer must exist at the end of the reporting peri<span class=\"_ _1\"></span>od\u2022<span class=\"_ _2c\"> </span>That classification is unaffected by the likelihood t<span class=\"_ _1\"></span>hat an entity will exercise its deferral right\u2022<span class=\"_ _2c\"> </span>That <span class=\"_ _27\"> </span>only <span class=\"_ _f\"> </span>if <span class=\"_ _27\"> </span>an <span class=\"_ _27\"> </span>embedded <span class=\"_ _27\"> </span>derivative <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>convertible <span class=\"_ _27\"> </span>liability <span class=\"_ _f\"> </span>is <span class=\"_ _27\"> </span>itself <span class=\"_ _27\"> </span>an <span class=\"_ _27\"> </span>equity <span class=\"_ _27\"> </span>instrument <span class=\"_ _27\"> </span>would <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>terms <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>a liability not impact its classificationThe <span class=\"_\"> </span>amendments <span class=\"_ _28\"> </span>are <span class=\"_\"> </span>effective <span class=\"_ _28\"> </span>for <span class=\"_\"> </span>annual <span class=\"_\"> </span>reporti<span class=\"_ _1\"></span>ng <span class=\"_\"> </span>periods <span class=\"_ _28\"> </span>beginning <span class=\"_\"> </span>on <span class=\"_\"> </span>or <span class=\"_ _28\"> </span>after <span class=\"_\"> </span>January <span class=\"_ _28\"> </span>1, <span class=\"_\"> </span>2023 <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>must <span class=\"_\"> </span>be <span class=\"_\"> </span>applie<span class=\"_ _1\"></span>d retrospectively. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>currently <span class=\"_ _e\"></span>assessing <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>impact <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>amendments, <span class=\"_ _10\"></span>however, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>adoption <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>expected <span class=\"_ _10\"></span>to have a material impact on its consolidated financ<span class=\"_ _1\"></span>ial statements.Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2In <span class=\"_ _10\"></span>February <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>IASB <span class=\"_ _10\"></span>issued <span class=\"_ _10\"></span>amendments <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>IAS <span class=\"_ _10\"></span>1 <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>Practice <span class=\"_ _10\"></span>Statement <span class=\"_ _e\"></span>2 <span class=\"_ _10\"></span>Making <span class=\"_ _10\"></span>Materiality <span class=\"_ _10\"></span>Judgements, <span class=\"_ _10\"></span>in which <span class=\"_ _10\"></span>it <span class=\"_ _10\"></span>provides <span class=\"_ _10\"></span>guidance <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>examples <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>help <span class=\"_ _11\"> </span>entities <span class=\"_ _10\"></span>apply <span class=\"_ _10\"></span>materiality <span class=\"_ _10\"></span>judgements <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>accounting <span class=\"_ _11\"> </span>policy <span class=\"_ _10\"></span>disclosures. <span class=\"_ _10\"></span>The amendments <span class=\"_ _10\"></span>aim <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>help <span class=\"_ _10\"></span>entities <span class=\"_ _10\"></span>provide <span class=\"_ _10\"></span>accounting <span class=\"_ _10\"></span>policy <span class=\"_ _10\"></span>disclosures <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>more <span class=\"_ _10\"></span>useful <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>replacing <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>requirement <span class=\"_ _10\"></span>for entities <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>disclose <span class=\"_ _e\"></span>their <span class=\"_ _e\"></span>'significant' <span class=\"_ _e\"></span>accounting <span class=\"_ _10\"></span>policies <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>requirement <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>disclose <span class=\"_ _d\"></span>their <span class=\"_ _10\"></span>'material' <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>policies <span class=\"_ _e\"></span>and adding guidance on how entities apply the concept of materia<span class=\"_ _1\"></span>lity in making decisions about accounting policy disclosure<span class=\"_ _1\"></span>s.The <span class=\"_ _11\"> </span>amendments <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IAS <span class=\"_ _f\"> </span>1 <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>applicable <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>annual <span class=\"_ _f\"> </span>periods <span class=\"_ _f\"> </span>beginning <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>after <span class=\"_ _11\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2023 <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>earlier <span class=\"_ _f\"> </span>application permitted. <span class=\"_ _28\"> </span>Since <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>amendm<span class=\"_ _1\"></span>ents <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>Practice <span class=\"_ _28\"> </span>Statement <span class=\"_ _28\"> </span>2 <span class=\"_ _28\"> </span>provide <span class=\"_ _28\"> </span>non-mandatory <span class=\"_ _28\"> </span>guidance <span class=\"_\"> </span>on <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>application <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the definition of 'material' to accounting policy informati<span class=\"_ _1\"></span>on, an effective date for these amendments is not necessary.The <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>currently <span class=\"_ _f\"> </span>assessing <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>amendments <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>determine <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>impact <span class=\"_ _11\"> </span>they <span class=\"_ _11\"> </span>will <span class=\"_ _f\"> </span>have <span class=\"_ _f\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company\u2019s <span class=\"_ _11\"> </span>accounting policy disclosures.Amendments <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>IAS <span class=\"_ _27\"> </span>8 <span class=\"_ _27\"> </span>Accounting <span class=\"_ _27\"> </span>policies, <span class=\"_ _27\"> </span>Changes <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>Accounting <span class=\"_ _27\"> </span>Estimates <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>Errors: <span class=\"_ _27\"> </span>Definition <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>Accounting EstimatesIn <span class=\"_ _e\"></span>February, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>IASB <span class=\"_ _e\"></span>issued <span class=\"_ _e\"></span>amendments <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>IAS <span class=\"_ _e\"></span>8 <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>clarify <span class=\"_ _e\"></span>how <span class=\"_ _e\"></span>companies <span class=\"_ _e\"></span>should <span class=\"_ _e\"></span>distinguish <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>accounting policies from changes in <span class=\"_ _d\"></span>accounting estimates. The distinction is <span class=\"_ _d\"></span>important because changes in accounting estimates <span class=\"_ _d\"></span>are applied prospectively <span class=\"_ _d\"></span>only <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>transactions <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>events, <span class=\"_ _e\"></span>but <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>policies <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>generally <span class=\"_ _e\"></span>also <span class=\"_ _e\"></span>applied retrospectively to past transactions and other past events.The amendments are effective for annual periods beginning on or aft<span class=\"_ _1\"></span>er January 1, 2023 with early application permitted.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__21": {
   "value": "2.<span class=\"_ _e8\"> </span>SIGNIFICANT ACCOUNTING POLICIES1. Basis of presentationOur <span class=\"_ _d\"></span>consolidated <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>prepared <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>International <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>Reporting <span class=\"_ _d\"></span>Standards <span class=\"_ _d\"></span>(\"IFRS\") <span class=\"_ _d\"></span>as adopted by the European Union. See Note 3 for disclosures related to the fi<span class=\"_ _1\"></span>rst-time adoption of IFRS.The financial statements were approved by the Board of Direc<span class=\"_ _1\"></span>tors on April 27, 2023, and authorized for issue.2. Use of judgements and estimatesThe <span class=\"_ _10\"></span>preparation <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>consolidated <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>conformity <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>requires <span class=\"_ _10\"></span>management <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>make <span class=\"_ _10\"></span>judgements, estimates <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>affect <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>application <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company's <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>policies <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>reported <span class=\"_ _e\"></span>amounts <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>assets and <span class=\"_ _e\"></span>liabilities, <span class=\"_ _d\"></span>income <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>expenses. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>associated <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>experience <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>various other <span class=\"_ _27\"> </span>factors <span class=\"_ _f\"> </span>that <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>believed <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>be <span class=\"_ _27\"> </span>reasonable <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>circumstances, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>results <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>basis <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>making <span class=\"_ _f\"> </span>the judgements <span class=\"_ _e\"></span>about <span class=\"_ _e\"></span>carrying <span class=\"_ _10\"></span>values <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>assets <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>liabilities <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>readily <span class=\"_ _e\"></span>apparent <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>sources. <span class=\"_ _10\"></span>Actual <span class=\"_ _e\"></span>results <span class=\"_ _10\"></span>may differ from these estimates.The <span class=\"_ _11\"> </span>estimates <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>underlying <span class=\"_ _f\"> </span>assumptions <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>reviewed <span class=\"_ _f\"> </span>periodically. <span class=\"_ _11\"> </span>Revisions <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>estimates <span class=\"_ _f\"> </span>are <span class=\"_ _11\"> </span>recognized <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>in which <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimate <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>revised <span class=\"_ _e\"></span>if <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>revision <span class=\"_ _10\"></span>affects <span class=\"_ _e\"></span>only <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>period, <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>revision <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>future <span class=\"_ _e\"></span>periods <span class=\"_ _10\"></span>if <span class=\"_ _10\"></span>the revision affects both current and future periods.Information <span class=\"_ _e\"></span>about <span class=\"_ _e\"></span>judgements <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>area <span class=\"_ _e\"></span>where <span class=\"_ _e\"></span>significant <span class=\"_ _10\"></span>estimates <span class=\"_ _e\"></span>have <span class=\"_ _e\"></span>been <span class=\"_ _e\"></span>made <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>applying <span class=\"_ _e\"></span>accounting <span class=\"_ _10\"></span>policies <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>have the most significant effects on the amounts recognized in t<span class=\"_ _1\"></span>he consolidated financial statement is include<span class=\"_ _1\"></span>d in the following notes:\u2022<span class=\"_ _2c\"> </span>Note 13 - <span class=\"_ _d\"></span>Depreciation: The cost of <span class=\"_ _d\"></span>the vessels less <span class=\"_ _d\"></span>estimated residual value is <span class=\"_ _d\"></span>depreciated on a straight-line <span class=\"_ _d\"></span>basis over the <span class=\"_ _e\"></span>vessels' <span class=\"_ _e\"></span>estimated <span class=\"_ _10\"></span>remaining <span class=\"_ _e\"></span>economic <span class=\"_ _e\"></span>useful <span class=\"_ _e\"></span>lives. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>selection <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>appropriate <span class=\"_ _e\"></span>useful <span class=\"_ _10\"></span>economic <span class=\"_ _e\"></span>life <span class=\"_ _e\"></span>requires significant <span class=\"_ _e\"></span>estimation. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>addition, <span class=\"_ _e\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>may <span class=\"_ _e\"></span>vary <span class=\"_ _e\"></span>due <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>prices <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>scrap. <span class=\"_ _e\"></span>See <span class=\"_ _e\"></span>policy <span class=\"_ _e\"></span>8.3.<span class=\"ff1\"> </span>for further details.Change in useful life of vesselsHistorically <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>applied <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>25 <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>useful <span class=\"_ _10\"></span>economic <span class=\"_ _e\"></span>life <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _e\"></span>vessels. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>reviews <span class=\"_ _10\"></span>estimated useful <span class=\"_ _e\"></span>lives <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>residual <span class=\"_ _10\"></span>values <span class=\"_ _e\"></span>each <span class=\"_ _e\"></span>year. <span class=\"_ _e\"></span>Estimated <span class=\"_ _e\"></span>useful <span class=\"_ _10\"></span>lives <span class=\"_ _e\"></span>may <span class=\"_ _e\"></span>change <span class=\"_ _e\"></span>due <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>changed <span class=\"_ _e\"></span>end <span class=\"_ _e\"></span>user <span class=\"_ _10\"></span>requirements, costs <span class=\"_ _d4\"> </span>related <span class=\"_ _d4\"> </span>to <span class=\"_ _d4\"> </span>maintenance <span class=\"_ _d4\"> </span>and <span class=\"_ _d4\"> </span>upgrades, <span class=\"_ _d4\"> </span>technological <span class=\"_ _d4\"> </span>development <span class=\"_ _d4\"> </span>and <span class=\"_ _3f\"> </span>competition <span class=\"_ _36\"> </span>as <span class=\"_ _3f\"> </span>well <span class=\"_ _36\"> </span>as <span class=\"_ _3f\"> </span>industry, environmental and legal requirements. Specificall<span class=\"_ _1\"></span>y, the Company has noted that many of our customers apply stringent vetting requirements <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>to ensure <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>most rigorous <span class=\"_ _d\"></span>technical <span class=\"_ _d\"></span>standards <span class=\"_ _d\"></span>are adhered <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>their value <span class=\"_ _d\"></span>chain. As <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>result, <span class=\"_ _d\"></span>many <span class=\"_ _e\"></span>customers <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>age <span class=\"_ _d\"></span>criteria <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>they <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>willing <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>charter. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>recent <span class=\"_ _e\"></span>years, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company has <span class=\"_ _d\"></span>noted <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>two-tier <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>forming, <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>20 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>age, <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>lower, <span class=\"_ _d\"></span>favored <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>top <span class=\"_ _e\"></span>tier <span class=\"_ _e\"></span>charterers, <span class=\"_ _e\"></span>and vessels over 20 years <span class=\"_ _d\"></span>being considered candidates for recycling, or <span class=\"_ _d\"></span>being utilized in markets other <span class=\"_ _d\"></span>than the spot market in <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>we <span class=\"_ _f\"> </span>primarily <span class=\"_ _f\"> </span>compete. <span class=\"_ _f\"> </span>Furthermore, <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _f\"> </span>result <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>increased <span class=\"_ _f\"> </span>focus <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>environmental <span class=\"_ _f\"> </span>factors <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>both owners <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>investors <span class=\"_ _10\"></span>it <span class=\"_ _11\"></span>is <span class=\"_ _10\"></span>expected <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>competitive <span class=\"_ _10\"></span>age <span class=\"_ _11\"> </span>threshold <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"></span>may <span class=\"_ _10\"></span>decrease <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>costs <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>comply with <span class=\"_ _11\"> </span>upcoming <span class=\"_ _11\"> </span>regulations <span class=\"_ _11\"> </span>may <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>moving <span class=\"_ _11\"> </span>forward. <span class=\"_ _11\"> </span>As <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>has <span class=\"_ _11\"> </span>revised <span class=\"_ _11\"> </span>the estimated <span class=\"_ _e\"></span>useful <span class=\"_ _e\"></span>life <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>vessels <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>25 <span class=\"_ _e\"></span>years <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>20 <span class=\"_ _10\"></span>years <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>result <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>analysis <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>aforementioned <span class=\"_ _e\"></span>factors. This change in estimate will be applied prospectively from January 1, 2023 and will not result in any restatement to the current or <span class=\"_ _d\"></span>prior <span class=\"_ _d\"></span>year consolidated <span class=\"_ _d\"></span>financial statements. <span class=\"_ _d\"></span>Based <span class=\"_ _d\"></span>on the <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>fleet as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022, adjusted for <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>sale <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>Front <span class=\"_ _29\"> </span>Eminence <span class=\"_ _29\"> </span>and <span class=\"_ _29\"> </span>Front <span class=\"_ _29\"> </span>Balder, <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>change <span class=\"_ _29\"> </span>in <span class=\"_ _29\"> </span>estimated <span class=\"_ _29\"> </span>useful <span class=\"_ _29\"> </span>life <span class=\"_\"> </span>is <span class=\"_ _29\"> </span>expected <span class=\"_ _29\"> </span>to <span class=\"_ _29\"> </span>increase depreciation expense by approximately $59.0 million <span class=\"_ _d\"></span>for the year ended December 31, <span class=\"_ _d\"></span>2023. The change in estimate is unrelated to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>Note <span class=\"_ _d\"></span>13 - <span class=\"_ _d\"></span>Vessel <span class=\"_ _d\"></span>impairment: <span class=\"_ _d\"></span>The carrying <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the Company's <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>right-of-use assets <span class=\"_ _d\"></span>may <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>represent their <span class=\"_ _27\"> </span>fair <span class=\"_ _27\"> </span>market <span class=\"_ _27\"> </span>value <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>any <span class=\"_ _f\"> </span>point <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>time <span class=\"_ _27\"> </span>since <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>market <span class=\"_ _27\"> </span>prices <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>secondhand <span class=\"_ _f\"> </span>vessels <span class=\"_ _28\"> </span>tend <span class=\"_ _f\"> </span>to <span class=\"_ _28\"> </span>fluctuate <span class=\"_ _f\"> </span>with changes <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>newbuildings. <span class=\"_ _f\"> </span>Historically, <span class=\"_ _11\"> </span>both <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>vessel <span class=\"_ _11\"> </span>values <span class=\"_ _f\"> </span>tend <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>be cyclical. <span class=\"_ _d\"></span>When <span class=\"_ _d\"></span>events and <span class=\"_ _d\"></span>changes <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>circumstances <span class=\"_ _d\"></span>indicate <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>carrying <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>Cash <span class=\"_ _d\"></span>Generating Unit <span class=\"_ _d\"></span>(\"CGU\") <span class=\"_ _d\"></span>might <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>be <span class=\"_ _d\"></span>recovered, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>performs <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>test <span class=\"_ _d\"></span>whereby <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>carrying <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the asset or <span class=\"_ _d\"></span>CGU <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>compared to <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>recoverable amount, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>is the <span class=\"_ _d\"></span>greater <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its value <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>use, based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>discounted <span class=\"_ _d\"></span>cash flows, <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>sell. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>developing <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _d\"></span>in <span class=\"_ _10\"></span>order <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>assess <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use, the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>must <span class=\"_ _d\"></span>make <span class=\"_ _e\"></span>assumptions <span class=\"_ _d\"></span>about <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>performance, <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>significant <span class=\"_ _d\"></span>assumptions <span class=\"_ _e\"></span>being <span class=\"_ _d\"></span>related <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>charter rates, <span class=\"_ _11\"></span>ship <span class=\"_ _11\"> </span>operating <span class=\"_ _10\"></span>expenses, <span class=\"_ _11\"> </span>utilization, <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>other <span class=\"_ _11\"> </span>capital <span class=\"_ _11\"> </span>requirements, <span class=\"_ _11\"> </span>residual <span class=\"_ _11\"> </span>value, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>estimated remaining <span class=\"_ _2d\"> </span>useful <span class=\"_ _2d\"> </span>lives <span class=\"_ _36\"> </span>of <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>vessels <span class=\"_ _36\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>probability <span class=\"_ _36\"> </span>of <span class=\"_ _2d\"> </span>lease <span class=\"_ _2d\"> </span>terminations <span class=\"_ _36\"> </span>for <span class=\"_ _2d\"> </span>right-of-use <span class=\"_ _2d\"> </span>assets. <span class=\"_ _36\"> </span>These assumptions are based on historical trends as well as future expec<span class=\"_ _1\"></span>tations. See policy 10.2. for further details.\u2022<span class=\"_ _55\"> </span><span class=\"fs2\">Note <span class=\"_ _10\"></span>15 <span class=\"_ _10\"></span>- <span class=\"_ _e\"></span>Goodwill <span class=\"_ _10\"></span>impairment: <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>process <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>evaluating <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>potential <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>goodwill <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>highly <span class=\"_ _10\"></span>subjective </span>and <span class=\"_ _28\"> </span>requires <span class=\"_ _28\"> </span>significant <span class=\"_ _28\"> </span>judgment <span class=\"_ _27\"> </span>at <span class=\"_\"> </span>many <span class=\"_ _27\"> </span>points <span class=\"_\"> </span>during <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>anal<span class=\"_ _1\"></span>ysis. <span class=\"_ _28\"> </span>Our <span class=\"_ _28\"> </span>future <span class=\"_ _28\"> </span>operating <span class=\"_ _28\"> </span>performance <span class=\"_ _27\"> </span>may <span class=\"_\"> </span>be affected by <span class=\"_ _d\"></span>potential impairment charges <span class=\"_ _d\"></span>related to goodwill. <span class=\"_ _d\"></span>Events or <span class=\"_ _d\"></span>circumstances may <span class=\"_ _d\"></span>occur that could <span class=\"_ _d\"></span>negatively impact our ordinary share <span class=\"_ _d\"></span>price, including changes in our <span class=\"_ _d\"></span>anticipated revenues and profits and our <span class=\"_ _d\"></span>ability to execute on our strategies. See policy 10.2. for further details.Measurement of fair valuesA <span class=\"_ _d\"></span>number <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>disclosures <span class=\"_ _d\"></span>require <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>measurement <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>values, <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>and non-financial <span class=\"_\"> </span>assets <span class=\"_\"> </span>and <span class=\"_\"> </span>liabilities. <span class=\"_ _28\"> </span>When <span class=\"_\"> </span>measuring <span class=\"_\"> </span>the <span class=\"_\"> </span>fair <span class=\"_\"> </span>value <span class=\"_\"> </span>of <span class=\"_\"> </span>an <span class=\"_\"> </span>asset <span class=\"_\"> </span>or <span class=\"_\"> </span>a<span class=\"_ _1\"></span> <span class=\"_\"> </span>liability, <span class=\"_\"> </span>the <span class=\"_\"> </span>Company <span class=\"_\"> </span>uses <span class=\"_\"> </span>marke<span class=\"_ _1\"></span>t observable <span class=\"_ _d\"></span>data <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>far <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>possible. <span class=\"_ _e\"></span>Fair <span class=\"_ _d\"></span>values <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>categorized <span class=\"_ _d\"></span>into <span class=\"_ _e\"></span>different <span class=\"_ _d\"></span>levels <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>hierarchy <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>inputs used in the valuation techniques as follows.\u2022<span class=\"_ _2c\"> </span>Level 1: quoted prices (unadjusted) in active markets for ide<span class=\"_ _1\"></span>ntical assets or liabilities.\u2022<span class=\"_ _2c\"> </span>Level 2: <span class=\"_ _d\"></span>inputs other <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>quoted prices <span class=\"_ _d\"></span>included in <span class=\"_ _d\"></span>Level <span class=\"_ _d\"></span>1 that <span class=\"_ _d\"></span>are observable <span class=\"_ _d\"></span>for the <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>or liability, <span class=\"_ _d\"></span>either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022<span class=\"_ _2c\"> </span>Level 3: inputs for the asset or liability that are not ba<span class=\"_ _1\"></span>sed on observable market data (unobservable inputs).If <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>inputs <span class=\"_ _e\"></span>used <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>measure <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>asset <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>liability <span class=\"_ _10\"></span>might <span class=\"_ _10\"></span>be <span class=\"_ _10\"></span>categorized <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>different <span class=\"_ _10\"></span>levels <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value hierarchy, <span class=\"_ _11\"> </span>then <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>measurement <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>categorized <span class=\"_ _f\"> </span>in <span class=\"_ _11\"> </span>its <span class=\"_ _f\"> </span>entirety <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>same <span class=\"_ _11\"> </span>level <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>hierarchy <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>the lowest <span class=\"_ _10\"></span>level <span class=\"_ _10\"></span>input <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>significant <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>entire <span class=\"_ _10\"></span>measurement. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>recognizes <span class=\"_ _10\"></span>transfers <span class=\"_ _10\"></span>between <span class=\"_ _11\"></span>levels <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair value hierarchy at the end of the reporting period during which the cha<span class=\"_ _1\"></span>nge has occurred.Further information about the assumptions made in measuring fair va<span class=\"_ _1\"></span>lues is included in the following notes:\u2022<span class=\"_ _2c\"> </span>Note 10 - Marketable securities\u2022<span class=\"_ _2c\"> </span>Note 13 - Vessel impairment\u2022<span class=\"_ _2c\"> </span>Note 15 - Goodwill impairment\u2022<span class=\"_ _2c\"> </span>Note 20 - Financial instruments; and\u2022<span class=\"_ _2c\"> </span>Note 22 - Share options3. Principles of consolidationThe <span class=\"_ _36\"> </span>consolidated <span class=\"_ _d4\"> </span>financial <span class=\"_ _36\"> </span>statements <span class=\"_ _d4\"> </span>include <span class=\"_ _d4\"> </span>the <span class=\"_ _36\"> </span>accounts <span class=\"_ _d4\"> </span>for <span class=\"_ _d4\"> </span>us <span class=\"_ _36\"> </span>and <span class=\"_ _d4\"> </span>our <span class=\"_ _d4\"> </span>wholly <span class=\"_ _d4\"> </span>and <span class=\"_ _36\"> </span>majority <span class=\"_ _d4\"> </span>owned <span class=\"_ _d4\"> </span>subsidiaries. Intercompany accounts <span class=\"_ _d\"></span>and transactions <span class=\"_ _d\"></span>have been <span class=\"_ _d\"></span>eliminated on <span class=\"_ _d\"></span>consolidation. The <span class=\"_ _d\"></span>results of <span class=\"_ _d\"></span>acquired companies <span class=\"_ _d\"></span>are included in our Consolidated Statement of Profit or Loss from the date of acqui<span class=\"_ _1\"></span>sition.For <span class=\"_\"> </span>investments <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>which <span class=\"_\"> </span>we <span class=\"_ _28\"> </span>have <span class=\"_\"> </span>significant <span class=\"_\"> </span>influenc<span class=\"_ _1\"></span>e <span class=\"_\"> </span>over <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>operating <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>financial <span class=\"_\"> </span>policies, <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>equity <span class=\"_\"> </span>me<span class=\"_ _1\"></span>thod <span class=\"_\"> </span>of accounting <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>used. <span class=\"_ _d\"></span>Accordingly, <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>earnings <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>losses <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>these <span class=\"_ _d\"></span>companies <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>included <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>results <span class=\"_ _d\"></span>of associated company in the accompanying Consolidated Sta<span class=\"_ _1\"></span>tements<span class=\"ff1\"> </span>of Profit or Loss. 4. Foreign currencyOur <span class=\"_ _27\"> </span>functional <span class=\"_ _28\"> </span>currency <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>U.S. <span class=\"_ _28\"> </span>dollar. <span class=\"_ _27\"> </span>Transactions <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>foreign <span class=\"_ _27\"> </span>currencies <span class=\"_ _27\"> </span>are <span class=\"_ _28\"> </span>translated <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>U.S. <span class=\"_ _28\"> </span>dollars <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>foreign exchange <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>applicable <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>date <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>transaction. <span class=\"_ _d\"></span>Monetary <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>liabilities <span class=\"_ _d\"></span>denominated <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>foreign <span class=\"_ _e\"></span>currencies <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the statement <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>financial <span class=\"_ _f\"> </span>position <span class=\"_ _f\"> </span>date <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>translated <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>dollars <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>foreign <span class=\"_ _f\"> </span>exchange <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>applicable <span class=\"_ _f\"> </span>at <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>date. <span class=\"_ _f\"> </span>Non-monetary <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>liabilities <span class=\"_ _f\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _f\"> </span>measured <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>terms <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>historical <span class=\"_ _28\"> </span>cost <span class=\"_ _f\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>foreign <span class=\"_ _27\"> </span>currency <span class=\"_ _27\"> </span>are <span class=\"_ _28\"> </span>translated <span class=\"_ _f\"> </span>using <span class=\"_ _28\"> </span>the exchange <span class=\"_ _11\"> </span>rate <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>date <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>transaction. <span class=\"_ _11\"> </span>Foreign <span class=\"_ _f\"> </span>exchange <span class=\"_ _11\"> </span>differences <span class=\"_ _11\"> </span>arising <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>translation <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>generally <span class=\"_ _11\"> </span>recognized <span class=\"_ _11\"> </span>in profit or loss.5. Financial InstrumentsRecognition and initial measurementTrade <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>receivables <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>trade <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>payables <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>initially <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>when <span class=\"_ _e\"></span>they <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>originated. <span class=\"_ _e\"></span>All <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>financial assets <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>financial<span class=\"_ _1\"></span> <span class=\"_ _28\"> </span>liabilities <span class=\"_\"> </span>(inc<span class=\"_ _1\"></span>luding <span class=\"_ _28\"> </span>financial <span class=\"_\"> </span>asset<span class=\"_ _1\"></span>s <span class=\"_ _28\"> </span>designated <span class=\"_\"> </span>as <span class=\"_ _28\"> </span>Fair <span class=\"_ _28\"> </span>Value <span class=\"_ _28\"> </span>through <span class=\"_\"> </span>Other <span class=\"_ _28\"> </span>Comprehensive <span class=\"_ _28\"> </span>Income (\"FVOCI\")) <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>initially <span class=\"_ _e\"></span>recognized <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>trade <span class=\"_ _10\"></span>date, <span class=\"_ _10\"></span>which <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>date <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>becomes <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>party <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>contractual provisions of the instrument.Financial <span class=\"_ _d\"></span>assets <span class=\"_ _e\"></span>(except <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>instruments <span class=\"_ _e\"></span>designated <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>Fair <span class=\"_ _e\"></span>Value <span class=\"_ _e\"></span>through <span class=\"_ _e\"></span>Profit <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>Loss <span class=\"_ _d\"></span>(\"FVTPL\") <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>FVOCI <span class=\"_ _10\"></span>which <span class=\"_ _d\"></span>are measured at fair value) are initially measured at<span class=\"_ _1\"></span> their transaction price.Financial liabilities are recognized initi<span class=\"_ _1\"></span>ally at their transaction price less any directly a<span class=\"_ _1\"></span>ttributable transaction costs.The fair values of equity investments are based on quoted prices.Financial <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>liabilities are <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>offset <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>gross <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>Position <span class=\"_ _d\"></span>unless the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.5.1. Financial assetsClassification and subsequent measurementOn <span class=\"_ _10\"></span>initial <span class=\"_ _10\"></span>recognition, <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>classified <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>measured <span class=\"_ _10\"></span>at: <span class=\"_ _10\"></span>amortized <span class=\"_ _11\"> </span>cost; <span class=\"_ _10\"></span>FVOCI- <span class=\"_ _10\"></span>equity <span class=\"_ _10\"></span>instrument; <span class=\"_ _11\"> </span>or <span class=\"_ _10\"></span>FVTPL. The <span class=\"_ _f\"> </span>classification <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>IFRS <span class=\"_ _27\"> </span>9 <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>generally <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>business <span class=\"_ _27\"> </span>model <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>financial <span class=\"_ _f\"> </span>asset <span class=\"_ _27\"> </span>is managed and its contractual cash flow characteristi<span class=\"_ _1\"></span>cs.Financial <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>reclassified <span class=\"_ _e\"></span>subsequent <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>their <span class=\"_ _e\"></span>initial <span class=\"_ _e\"></span>recognition <span class=\"_ _e\"></span>unless <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>business <span class=\"_ _e\"></span>model <span class=\"_ _e\"></span>for managing financial <span class=\"_ _d\"></span>assets, in <span class=\"_ _d\"></span>which case <span class=\"_ _d\"></span>all affected financial <span class=\"_ _d\"></span>assets are <span class=\"_ _d\"></span>reclassified on <span class=\"_ _d\"></span>the first <span class=\"_ _d\"></span>day of <span class=\"_ _d\"></span>the first <span class=\"_ _d\"></span>reporting period following the change in the business model.A financial asset is measured at amortized cost if i<span class=\"_ _1\"></span>t meets both of the following conditions and is not designated as a<span class=\"_ _1\"></span>t FVTPL:\u2022<span class=\"_ _15e\"> </span>It is held within a business model whose objectives is to hold asset<span class=\"_ _1\"></span>s to collect contractual cash flows; and\u2022<span class=\"_ _15e\"> </span>Its contractual <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>give rise <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>specified <span class=\"_ _d\"></span>dates to <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flows that <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>solely payments <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>principal and <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the principal amount outstanding.On <span class=\"_ _27\"> </span>initial <span class=\"_ _27\"> </span>recognition <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>an <span class=\"_ _f\"> </span>equity <span class=\"_ _28\"> </span>investment <span class=\"_ _f\"> </span>that <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>not <span class=\"_ _27\"> </span>held <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>trading, <span class=\"_ _28\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _28\"> </span>may <span class=\"_ _27\"> </span>irrevocably <span class=\"_ _27\"> </span>elect <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>present subsequent changes in the investment's fair value in OCI. This el<span class=\"_ _1\"></span>ection is made on an investment-by-investment basis.All <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>classified <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>amortized <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>FVOCI <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>described <span class=\"_ _10\"></span>above <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>FVTPL. <span class=\"_ _10\"></span>This includes <span class=\"_ _11\"> </span>all <span class=\"_ _11\"> </span>derivative <span class=\"_ _11\"> </span>financial <span class=\"_ _11\"> </span>assets. <span class=\"_ _f\"> </span>On <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>recognition, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _11\"> </span>may <span class=\"_ _11\"> </span>irrevocably <span class=\"_ _11\"> </span>designate <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>financial <span class=\"_ _11\"> </span>asset <span class=\"_ _11\"> </span>that otherwise <span class=\"_ _27\"> </span>meets <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>requirements <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>be <span class=\"_ _28\"> </span>measured <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>amortized <span class=\"_ _27\"> </span>cost <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>FVOCI <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>at <span class=\"_ _27\"> </span>FVTPL <span class=\"_ _28\"> </span>if <span class=\"_ _27\"> </span>doing <span class=\"_ _28\"> </span>so <span class=\"_ _27\"> </span>eliminates <span class=\"_ _28\"> </span>or significantly reduces an accounting mismatch that woul<span class=\"_ _1\"></span>d otherwise arise.Marketable securitiesMarketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>held <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>listed <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>securities <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>classified <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>measured <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>FVTPL <span class=\"_ _10\"></span>unless <span class=\"_ _11\"> </span>the election <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>present <span class=\"_ _d\"></span>subsequent changes <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>investment's <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>OCI <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>made. <span class=\"_ _d\"></span>No <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>elections <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>been <span class=\"_ _d\"></span>made <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the Company.DerecognitionThe <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>derecognizes <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>when <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>contractual <span class=\"_ _d\"></span>rights <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>cash <span class=\"_ _d\"></span>flows <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>expire, <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>transfers the <span class=\"_ _d\"></span>rights <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>receive <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>contractual <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flows <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>transaction <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>substantially <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>risks <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>rewards <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>ownership <span class=\"_ _d\"></span>of the financial asset are transferred or in <span class=\"_ _d\"></span>which the Company neither transfers nor <span class=\"_ _d\"></span>retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.5.2. Financial liabilitiesClassification and subsequent measurementFinancial liabilities are classified as me<span class=\"_ _1\"></span>asured at amortized cost or FVTPL.A <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>FVTPL <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>derivative. <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>FVTPL <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>and gains and losses are recognized in profit or loss.Other <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>liabilities <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>subsequently <span class=\"_ _e\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>amortized <span class=\"_ _10\"></span>cost <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>effective <span class=\"_ _e\"></span>interest <span class=\"_ _10\"></span>method. <span class=\"_ _e\"></span>Interest <span class=\"_ _10\"></span>expense <span class=\"_ _e\"></span>is recognized <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>profit <span class=\"_ _10\"></span>or <span class=\"_ _11\"> </span>loss <span class=\"_ _10\"></span>unless <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>interest <span class=\"_ _11\"> </span>is <span class=\"_ _10\"></span>capitalized <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>borrowing <span class=\"_ _11\"> </span>costs. <span class=\"_ _10\"></span>Non-derivative <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>liabilities <span class=\"_ _10\"></span>comprise loans and borrowings, lease liabilities and trade and other paya<span class=\"_ _1\"></span>bles.DerecognitionThe <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>derecognizes <span class=\"_ _f\"> </span>a <span class=\"_ _27\"> </span>financial <span class=\"_ _f\"> </span>liability <span class=\"_ _f\"> </span>when <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>contractual <span class=\"_ _f\"> </span>obligations <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>discharged, <span class=\"_ _f\"> </span>cancelled, <span class=\"_ _27\"> </span>or <span class=\"_ _f\"> </span>expired. <span class=\"_ _27\"> </span>The Company <span class=\"_ _10\"></span>also <span class=\"_ _10\"></span>derecognizes <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>financial <span class=\"_ _11\"> </span>liability <span class=\"_ _10\"></span>when <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>terms <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>modified <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>modified <span class=\"_ _10\"></span>liability <span class=\"_ _11\"> </span>are substantially different, in which case a new financial l<span class=\"_ _1\"></span>iability based on the modified terms is recognized.On <span class=\"_ _10\"></span>derecognition <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>liability, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>difference <span class=\"_ _10\"></span>between <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>extinguished <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>consideration <span class=\"_ _10\"></span>paid (including any non-cash assets transferred or liabilities assume<span class=\"_ _1\"></span>d) is recognized in profit or loss. 5.3. Derivative financial instrumentsThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>enters <span class=\"_ _10\"></span>into <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>bunker <span class=\"_ _11\"> </span>swap <span class=\"_ _11\"> </span>transactions <span class=\"_ _10\"></span>from <span class=\"_ _11\"> </span>time <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>time <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>hedge <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>exposure <span class=\"_ _10\"></span>to floating <span class=\"_ _10\"></span>interest <span class=\"_ _10\"></span>rates <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>movements <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>bunker <span class=\"_ _10\"></span>prices. <span class=\"_ _10\"></span>These <span class=\"_ _10\"></span>transactions <span class=\"_ _10\"></span>involve <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>conversion <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>floating <span class=\"_ _10\"></span>rates <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>fixed rates over the life of the transactions without an exchange of underlying principal. The fair values of <span class=\"_ _d\"></span>the interest rate and bunker swap <span class=\"_ _d\"></span>contracts <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>recognized <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>liabilities. <span class=\"_ _d\"></span>None <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>bunker <span class=\"_ _e\"></span>swaps <span class=\"_ _d\"></span>qualify <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>hedge <span class=\"_ _d\"></span>accounting. Changes in <span class=\"_ _d\"></span>fair values of <span class=\"_ _d\"></span>the interest <span class=\"_ _d\"></span>rate swap contracts <span class=\"_ _d\"></span>are recognized in <span class=\"_ _d\"></span>profit or <span class=\"_ _d\"></span>loss within <span class=\"_ _d\"></span>Finance expense. Cash <span class=\"_ _d\"></span>outflows and <span class=\"_ _10\"></span>inflows <span class=\"_ _e\"></span>resulting <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>derivative <span class=\"_ _10\"></span>contracts <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>operations <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Consolidated <span class=\"_ _10\"></span>Statement <span class=\"_ _10\"></span>of Cash Flows.6. Cash and cash equivalentsCash <span class=\"_ _d\"></span>comprises <span class=\"_ _d\"></span>cash <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>hand <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>demand <span class=\"_ _e\"></span>deposits. <span class=\"_ _d\"></span>Cash <span class=\"_ _e\"></span>equivalents <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>short-term, <span class=\"_ _d\"></span>highly <span class=\"_ _d\"></span>liquid <span class=\"_ _e\"></span>investments <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>readily convertible <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>known <span class=\"_ _28\"> </span>amounts <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>subject <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>insignificant <span class=\"_ _27\"> </span>risk <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>changes <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>value. <span class=\"_ _27\"> </span>Cash <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>cash equivalents <span class=\"_ _27\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>restricted <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>their <span class=\"_ _28\"> </span>use <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>Restricted <span class=\"_ _28\"> </span>cash <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Consolidated <span class=\"_ _27\"> </span>Statement <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Financial Position. <span class=\"_ _10\"></span>Changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>restricted <span class=\"_ _10\"></span>cash <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>classified <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Consolidated <span class=\"_ _10\"></span>Statement <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>Cash <span class=\"_ _10\"></span>Flows <span class=\"_ _11\"> </span>based <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the nature of the underlying transaction.7. InventoriesInventories comprise principally of bunkers <span class=\"_ _d\"></span>and lubricating oils and are stated at <span class=\"_ _d\"></span>the lower of cost and <span class=\"_ _d\"></span>net realizable value. Cost is <span class=\"_ _29\"> </span>determined <span class=\"_ _2d\"> </span>on <span class=\"_ _2d\"> </span>a <span class=\"_ _29\"> </span>first-in, <span class=\"_ _2d\"> </span>first-out <span class=\"_ _2d\"> </span>basis. <span class=\"_ _29\"> </span>Bunkers <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>lubricating <span class=\"_ _29\"> </span>oils <span class=\"_ _2d\"> </span>expense <span class=\"_ _2d\"> </span>is <span class=\"_ _29\"> </span>recognized <span class=\"_ _2d\"> </span>in <span class=\"_ _29\"> </span>profit <span class=\"_ _2d\"> </span>or <span class=\"_ _2d\"> </span>loss <span class=\"_ _2d\"> </span>upon consumption.8. Vessels and equipment8.1 Owned assetsVessels <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>items <span class=\"_ _29\"> </span>of <span class=\"_\"> </span>equipment <span class=\"_ _29\"> </span>are <span class=\"_ _29\"> </span>stated <span class=\"_\"> </span>at <span class=\"_ _29\"> </span>cost <span class=\"_\"> </span>less <span class=\"_ _29\"> </span>accumulated <span class=\"_ _29\"> </span>depreciation <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>impairment <span class=\"_\"> </span>losses. <span class=\"_ _29\"> </span>Cost <span class=\"_ _29\"> </span>includes expenditure that is directly attributable to the a<span class=\"_ _1\"></span>cquisition of the asset. The cost of assets includes;\u2022<span class=\"_ _2c\"> </span>The cost of materials and direct labour;\u2022<span class=\"_ _2c\"> </span>Any other costs directly attributable to bringing the assets t<span class=\"_ _1\"></span>o a working condition for their intended use; and\u2022<span class=\"_ _2c\"> </span>Capitalized borrowing costs.Gains <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>losses <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>disposal <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>another <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>determined <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>comparing <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>net <span class=\"_ _e\"></span>proceeds <span class=\"_ _e\"></span>from disposal <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>vessel <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>item <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>recognized <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>profit <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>loss. <span class=\"_ _e\"></span>For <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>sale <span class=\"_ _10\"></span>of vessels, transfer of risks and rewards usually occurs upon delivery of the vessel t<span class=\"_ _1\"></span>o the new owner.8.2 NewbuildingsNewbuildings <span class=\"_ _d\"></span>represent vessels <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>construction <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>carried <span class=\"_ _d\"></span>at the <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>paid <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>according <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the installments in <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>contract <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>capitalized <span class=\"_ _10\"></span>borrowing <span class=\"_ _11\"> </span>costs. <span class=\"_ _11\"> </span>Installments <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>often <span class=\"_ _10\"></span>linked <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>milestones <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>signing <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>contract, <span class=\"_ _10\"></span>steel cutting, <span class=\"_ _f\"> </span>keel <span class=\"_ _f\"> </span>laying, <span class=\"_ _f\"> </span>launching <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>delivery. <span class=\"_ _f\"> </span>Borrowing <span class=\"_ _f\"> </span>costs <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>capitalized <span class=\"_ _f\"> </span>during <span class=\"_ _f\"> </span>construction <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>newbuildings <span class=\"_ _f\"> </span>based <span class=\"_ _f\"> </span>on accumulated expenditures for the applicable project<span class=\"_ _1\"></span> at the Company's current weighted average rate of borrowing.Refer to accounting policy 10.2. for impairment considerations for owne<span class=\"_ _1\"></span>d vessels and newbuildings.8.3. DepreciationDepreciation <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>charged <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>profit <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>loss <span class=\"_ _28\"> </span>on <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>st<span class=\"_ _1\"></span>raight-line <span class=\"_ _28\"> </span>basis <span class=\"_ _28\"> </span>over <span class=\"_\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _28\"> </span>estimated <span class=\"_ _28\"> </span>useful <span class=\"_ _28\"> </span>lives <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>vessels <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>items <span class=\"_ _28\"> </span>of equipment. <span class=\"_ _10\"></span>Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>depreciated <span class=\"_ _10\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>straight-line <span class=\"_ _10\"></span>method <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>commencement <span class=\"_ _10\"></span>date <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>end <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the lease <span class=\"_ _e\"></span>term, <span class=\"_ _e\"></span>unless <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>reflects <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>will <span class=\"_ _e\"></span>exercise <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>purchase <span class=\"_ _10\"></span>option. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>case <span class=\"_ _e\"></span>the right-of-use asset will be depreciated over the useful life of t<span class=\"_ _1\"></span>he underlying asset.The cost <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the vessels <span class=\"_ _d\"></span>less <span class=\"_ _d\"></span>estimated residual <span class=\"_ _d\"></span>value is <span class=\"_ _d\"></span>depreciated on <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>straight-line basis <span class=\"_ _d\"></span>over the <span class=\"_ _d\"></span>vessels' <span class=\"_ _d\"></span>estimated remaining economic useful lives. The estimated economic useful life of the Company's vessels was 25 years. Depreciation methods, useful lives <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>residual <span class=\"_ _10\"></span>values <span class=\"_ _11\"> </span>are <span class=\"_ _10\"></span>reviewed <span class=\"_ _11\"> </span>annually <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>adjusted <span class=\"_ _10\"></span>prospectively, <span class=\"_ _10\"></span>if <span class=\"_ _11\"> </span>appropriate. <span class=\"_ _10\"></span>As <span class=\"_ _11\"> </span>explained <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>policy <span class=\"_ _11\"> </span>2.2., <span class=\"_ _10\"></span>as <span class=\"_ _11\"> </span>of December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>revised <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>estimated <span class=\"_ _d\"></span>useful <span class=\"_ _d\"></span>life <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>25 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>20 <span class=\"_ _e\"></span>years. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in estimate <span class=\"_ _e\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>applied <span class=\"_ _10\"></span>prospectively <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2023 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>will <span class=\"_ _10\"></span>not <span class=\"_ _e\"></span>result <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>any <span class=\"_ _10\"></span>restatement <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>current <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>prior <span class=\"_ _e\"></span>year consolidated <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>statements. <span class=\"_ _27\"> </span>Other <span class=\"_ _f\"> </span>equipment, <span class=\"_ _27\"> </span>excluding <span class=\"_ _27\"> </span>vessel <span class=\"_ _27\"> </span>upgrades, <span class=\"_ _f\"> </span>is <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>estimated <span class=\"_ _f\"> </span>remaining useful <span class=\"_ _f\"> </span>life, <span class=\"_ _f\"> </span>which <span class=\"_ _27\"> </span>approximates <span class=\"_ _f\"> </span>5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>residual <span class=\"_ _f\"> </span>value <span class=\"_ _27\"> </span>for <span class=\"_ _f\"> </span>owned <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>calculated <span class=\"_ _f\"> </span>by <span class=\"_ _27\"> </span>multiplying <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>lightweight tonnage of the vessel by the market price of scrap per tonne. The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>capitalizes <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>depreciates <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>costs <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>significant <span class=\"_ _e\"></span>replacements, <span class=\"_ _10\"></span>renewals <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>upgrades <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>vessels <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the shorter of the <span class=\"_ _d\"></span>vessel\u2019s remaining useful <span class=\"_ _d\"></span>life or the <span class=\"_ _d\"></span>life of the <span class=\"_ _d\"></span>renewal or upgrade. <span class=\"_ _d\"></span>Costs that are <span class=\"_ _d\"></span>not capitalized are recorded <span class=\"_ _d\"></span>as a component <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>direct <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"> </span>operating <span class=\"_ _11\"> </span>expenses <span class=\"_ _10\"></span>during <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _10\"></span>incurred. <span class=\"_ _11\"> </span>Expenses <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>routine <span class=\"_ _11\"> </span>maintenance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>repairs <span class=\"_ _11\"> </span>are expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred. <span class=\"_ _10\"></span>Advances <span class=\"_ _e\"></span>paid <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>respect <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>upgrades <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>exhaust <span class=\"_ _e\"></span>gas <span class=\"_ _10\"></span>cleaning <span class=\"_ _10\"></span>systems <span class=\"_ _e\"></span>(\"EGCS\") <span class=\"_ _10\"></span>and ballast <span class=\"_ _e\"></span>water <span class=\"_ _10\"></span>treatment <span class=\"_ _e\"></span>systems <span class=\"_ _10\"></span>(\"BWTS\") <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>included <span class=\"_ _e\"></span>within <span class=\"_ _10\"></span>\"other <span class=\"_ _e\"></span>non-current <span class=\"_ _10\"></span>assets\", <span class=\"_ _e\"></span>until <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>time <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>is installed on a vessel, at which point it is transferred to \"Vesse<span class=\"_ _1\"></span>ls and equipment\".8.4. Dry docking \u2013 component approachOur <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>their <span class=\"_ _10\"></span>respective <span class=\"_ _11\"> </span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _10\"></span>at <span class=\"_ _11\"> </span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>general, vessels <span class=\"_ _27\"> </span>below <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>age <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>15 <span class=\"_ _f\"> </span>years <span class=\"_ _28\"> </span>are <span class=\"_ _f\"> </span>docked <span class=\"_ _28\"> </span>every <span class=\"_ _f\"> </span>5 <span class=\"_ _28\"> </span>years <span class=\"_ _f\"> </span>and <span class=\"_ _28\"> </span>vessels <span class=\"_ _f\"> </span>older <span class=\"_ _28\"> </span>than <span class=\"_ _f\"> </span>15 <span class=\"_ _28\"> </span>years <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>docked <span class=\"_ _27\"> </span>every <span class=\"_ _27\"> </span>2.5 <span class=\"_ _27\"> </span>years.  Significant <span class=\"_ _29\"> </span>components <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>property, <span class=\"_ _29\"> </span>plant <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>equipment <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>differing <span class=\"_ _29\"> </span>depreciation <span class=\"_ _2d\"> </span>methods <span class=\"_ _2d\"> </span>or <span class=\"_ _29\"> </span>lives <span class=\"_ _2d\"> </span>are <span class=\"_ _2d\"> </span>depreciated separately. <span class=\"_ _e\"></span>Major <span class=\"_ _e\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking, <span class=\"_ _10\"></span>are <span class=\"_ _d\"></span>identified <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>separate <span class=\"_ _d\"></span>component and <span class=\"_ _10\"></span>depreciated <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _10\"></span>scheduled <span class=\"_ _10\"></span>dry <span class=\"_ _10\"></span>docking <span class=\"_ _11\"> </span>(2.5 <span class=\"_ _10\"></span>- <span class=\"_ _10\"></span>5 <span class=\"_ _10\"></span>years). <span class=\"_ _11\"> </span>A <span class=\"_ _10\"></span>portion <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>is allocated <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>dry <span class=\"_ _e\"></span>docking <span class=\"_ _d\"></span>component <span class=\"_ _d\"></span>upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>estimate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>expected <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>dock cost <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next <span class=\"_ _d\"></span>scheduled dry <span class=\"_ _d\"></span>docking. <span class=\"_ _d\"></span>When <span class=\"_ _d\"></span>a dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>performed, <span class=\"_ _d\"></span>the carrying <span class=\"_ _d\"></span>amount of any remaining <span class=\"_ _d\"></span>unamortized dry docking costs <span class=\"_ _d\"></span>related to previous dry <span class=\"_ _d\"></span>docks (due to <span class=\"_ _d\"></span>any difference between the estimated <span class=\"_ _d\"></span>and actual time between dry docks) is derecognized. Costs associated with routine repairs and <span class=\"_ _d\"></span>maintenance are expensed as incurred including routine maintenance performed while the vessel<span class=\"_ _1\"></span> is in dry dock.9. GoodwillWe <span class=\"_ _27\"> </span>allocate <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>cost <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>acquired <span class=\"_ _27\"> </span>companies <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>identifiable <span class=\"_ _27\"> </span>tangible <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>intangible <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>liabilities <span class=\"_ _27\"> </span>acquired, <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>the remaining amount being classified as goodwill. When the excess <span class=\"_ _d\"></span>is negative, a bargain purchase gain is recognized immediately in <span class=\"_ _d\"></span>profit <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>loss. <span class=\"_ _e\"></span>After <span class=\"_ _d\"></span>initial <span class=\"_ _e\"></span>recognition <span class=\"_ _d\"></span>goodwill <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>accumulated <span class=\"_ _d\"></span>impairment <span class=\"_ _e\"></span>losses, <span class=\"_ _d\"></span>refer <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>accounting policy 10.2.10. Impairment10.1 Non-derivative financial assetsFinancial instruments and contract assetsThe <span class=\"_\"> </span>gross <span class=\"_ _28\"> </span>carrying <span class=\"_ _28\"> </span>amount <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>a <span class=\"_ _28\"> </span>financial <span class=\"_ _28\"> </span>asset <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>contract <span class=\"_ _28\"> </span>assets <span class=\"_\"> </span>is <span class=\"_ _28\"> </span>written <span class=\"_ _28\"> </span>off <span class=\"_\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Company <span class=\"_\"> </span>has <span class=\"_ _28\"> </span>no <span class=\"_ _28\"> </span>reasonable expectations <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>recovering <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>financial <span class=\"_ _27\"> </span>asset <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>its <span class=\"_ _27\"> </span>entirety <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _27\"> </span>thereof. <span class=\"_ _28\"> </span>The <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>assesses <span class=\"_ _27\"> </span>allowances <span class=\"_ _28\"> </span>for <span class=\"_ _27\"> </span>its estimate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>expected <span class=\"_ _28\"> </span>credit <span class=\"_ _28\"> </span>losses <span class=\"_ _28\"> </span>based <span class=\"_\"> </span>on <span class=\"_ _28\"> </span>historical <span class=\"_ _28\"> </span>experience, <span class=\"_ _28\"> </span>other <span class=\"_\"> </span>currently <span class=\"_ _28\"> </span>available <span class=\"_ _28\"> </span>evidence, <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>reasonable <span class=\"_ _28\"> </span>and supportable forecasts <span class=\"_ _d\"></span>about the future, <span class=\"_ _d\"></span>including the <span class=\"_ _d\"></span>use of <span class=\"_ _d\"></span>credit default ratings <span class=\"_ _d\"></span>from third <span class=\"_ _d\"></span>party providers <span class=\"_ _d\"></span>of credit <span class=\"_ _d\"></span>rating data. The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>assesses <span class=\"_ _d\"></span>credit <span class=\"_ _d\"></span>risk <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>receivables <span class=\"_ _d\"></span>using <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>portfolio <span class=\"_ _d\"></span>approach. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>Company's <span class=\"_ _d\"></span>main <span class=\"_ _d\"></span>portfolio segments <span class=\"_ _e\"></span>include <span class=\"_ _10\"></span>(i) <span class=\"_ _e\"></span>state-owned <span class=\"_ _10\"></span>enterprises, <span class=\"_ _e\"></span>(ii) <span class=\"_ _10\"></span>oil <span class=\"_ _e\"></span>majors, <span class=\"_ _10\"></span>(iii) <span class=\"_ _e\"></span>commodities <span class=\"_ _10\"></span>traders <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>(iv) <span class=\"_ _e\"></span>related <span class=\"_ _10\"></span>parties. <span class=\"_ _e\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _e\"></span>the Company <span class=\"_\"> </span>performs <span class=\"_ _28\"> </span>individual <span class=\"_ _28\"> </span>assessments <span class=\"_\"> </span>for <span class=\"_ _28\"> </span>customers <span class=\"_\"> </span>that <span class=\"_ _28\"> </span>do <span class=\"_\"> </span>not <span class=\"_ _28\"> </span>share <span class=\"_\"> </span>risk <span class=\"_ _28\"> </span>characteristics <span class=\"_ _28\"> </span>with <span class=\"_\"> </span>other <span class=\"_ _28\"> </span>customers <span class=\"_\"> </span>(for example <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>customer <span class=\"_ _28\"> </span>under <span class=\"_ _28\"> </span>bankruptcy <span class=\"_ _28\"> </span>or <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>customer <span class=\"_\"> </span>wi<span class=\"_ _1\"></span>th <span class=\"_ _28\"> </span>known <span class=\"_ _28\"> </span>disputes <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>c<span class=\"_ _1\"></span>ollectability <span class=\"_ _27\"> </span>issues). <span class=\"_\"> </span>The <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>makes significant judgements and assumptions to estimate it<span class=\"_ _1\"></span>s expected losses.Debt issuance costsDebt issuance <span class=\"_ _d\"></span>costs, including <span class=\"_ _d\"></span>debt arrangement <span class=\"_ _d\"></span>fees, are <span class=\"_ _d\"></span>capitalized and <span class=\"_ _d\"></span>amortized using <span class=\"_ _d\"></span>the effective <span class=\"_ _d\"></span>interest method <span class=\"_ _d\"></span>over the term <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>relevant <span class=\"_ _11\"> </span>loan. <span class=\"_ _f\"> </span>Amortization <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>debt <span class=\"_ _f\"> </span>issuance <span class=\"_ _11\"> </span>costs <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>included <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>interest <span class=\"_ _11\"> </span>expense. <span class=\"_ _11\"> </span>If <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>repaid <span class=\"_ _f\"> </span>early, <span class=\"_ _11\"> </span>any unamortized portion <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>debt <span class=\"_ _d\"></span>issuance costs <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>expensed <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the period <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>is repaid. <span class=\"_ _d\"></span>Debt <span class=\"_ _d\"></span>modifications are <span class=\"_ _27\"> </span>accounted <span class=\"_ _28\"> </span>for <span class=\"_ _27\"> </span>prospectively <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>any <span class=\"_ _27\"> </span>applicable <span class=\"_ _27\"> </span>new <span class=\"_ _28\"> </span>debt <span class=\"_ _27\"> </span>issuance <span class=\"_ _27\"> </span>costs <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>deferred <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>amortized <span class=\"_ _27\"> </span>together <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>the existing unamortized <span class=\"_ _d\"></span>debt issuance <span class=\"_ _d\"></span>costs as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the date <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the modification. <span class=\"_ _d\"></span>The Company <span class=\"_ _d\"></span>has recorded <span class=\"_ _d\"></span>debt issuance <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>as a direct deduction from the carrying amount of the related debt<span class=\"_ _1\"></span>. 10.2. Non-financial assetsThe <span class=\"_ _10\"></span>carrying <span class=\"_ _11\"> </span>amounts <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company\u2019s <span class=\"_ _10\"></span>non-financial <span class=\"_ _11\"> </span>assets, <span class=\"_ _11\"> </span>other <span class=\"_ _11\"> </span>than <span class=\"_ _10\"></span>inventory <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>contract <span class=\"_ _11\"> </span>assets, <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>reviewed <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>each reporting <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>determine <span class=\"_ _d\"></span>whether <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>indication <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>impairment. <span class=\"_ _d\"></span>If <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>indication <span class=\"_ _d\"></span>exists, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>asset\u2019s <span class=\"_ _d\"></span>recoverable amount is estimated. Goodwill is tested annually for impa<span class=\"_ _1\"></span>irment.For <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>purpose <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>testing, <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>grouped <span class=\"_ _e\"></span>together <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>smallest <span class=\"_ _d\"></span>group <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>generates <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>inflows from <span class=\"_ _28\"> </span>continuing <span class=\"_ _28\"> </span>use <span class=\"_ _28\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>largely <span class=\"_ _27\"> </span>independent <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>cash <span class=\"_ _27\"> </span>inflows <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>other <span class=\"_\"> </span>assets <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>cash <span class=\"_ _27\"> </span>generating <span class=\"_\"> </span>units <span class=\"_ _27\"> </span>(\"CGUs\"). Goodwill <span class=\"_ _d\"></span>acquired <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>business <span class=\"_ _d\"></span>combination <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>groups <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>CGUs <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>expected <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>benefit <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>synergies <span class=\"_ _d\"></span>of the combination.The recoverable amount of an <span class=\"_ _d\"></span>asset or CGU is the <span class=\"_ _d\"></span>greater of its fair value less <span class=\"_ _d\"></span>cost to sell and value in <span class=\"_ _d\"></span>use. In assessing value in use, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>estimated <span class=\"_ _f\"> </span>future <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>flows <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>discounted <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>their <span class=\"_ _f\"> </span>present <span class=\"_ _f\"> </span>value <span class=\"_ _f\"> </span>using <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>pre-tax <span class=\"_ _f\"> </span>discount <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>that <span class=\"_ _11\"> </span>reflects <span class=\"_ _f\"> </span>current market <span class=\"_ _11\"> </span>assessments <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>money <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>risks <span class=\"_ _11\"> </span>specific <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>asset <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>CGU. <span class=\"_ _11\"> </span>Future <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>based <span class=\"_ _f\"> </span>on current market conditions, historical trends as well as future<span class=\"_ _1\"></span> expectations.An impairment loss <span class=\"_ _d\"></span>is recognized if <span class=\"_ _d\"></span>the carrying amount <span class=\"_ _d\"></span>of an asset <span class=\"_ _d\"></span>or CGU exceeds <span class=\"_ _d\"></span>its recoverable amount. Impairment <span class=\"_ _d\"></span>losses are recognized in profit or loss.An <span class=\"_ _d\"></span>impairment <span class=\"_ _e\"></span>loss <span class=\"_ _e\"></span>recognized <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>goodwill <span class=\"_ _e\"></span>shall <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>reversed. <span class=\"_ _d\"></span>For <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>assets, <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _d\"></span>loss <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>reversed <span class=\"_ _e\"></span>only <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the extent <span class=\"_\"> </span>that <span class=\"_\"> </span>the <span class=\"_\"> </span>asset\u2019s <span class=\"_\"> </span>carrying <span class=\"_ _29\"> </span>amount <span class=\"_\"> </span>does <span class=\"_\"> </span>not <span class=\"_\"> </span>exceed <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>carrying <span class=\"_\"> </span>amount <span class=\"_\"> </span>that <span class=\"_\"> </span>would <span class=\"_\"> </span>have <span class=\"_ _29\"> </span>been <span class=\"_\"> </span>determined, <span class=\"_\"> </span>net <span class=\"_\"> </span>of depreciation or amortization, if no impairment loss had be<span class=\"_ _1\"></span>en recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen <span class=\"_ _d\"></span>events <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>circumstances <span class=\"_ _e\"></span>indicate <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>asset <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>CGU <span class=\"_ _e\"></span>might <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>recovered, <span class=\"_ _e\"></span>the Company <span class=\"_ _27\"> </span>performs <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>impairment <span class=\"_ _27\"> </span>test <span class=\"_ _28\"> </span>whereby <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>asset <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>CGU <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>compared <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>recoverable amount, <span class=\"_ _d\"></span>which <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>greater <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use, <span class=\"_ _10\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>discounted <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>flows, <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell. <span class=\"_ _e\"></span>We <span class=\"_ _e\"></span>define our <span class=\"_ _e\"></span>CGU <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>single <span class=\"_ _10\"></span>vessel <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>each <span class=\"_ _e\"></span>vessel <span class=\"_ _10\"></span>generates <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>inflows <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>largely <span class=\"_ _e\"></span>independent <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>cash <span class=\"_ _e\"></span>inflows <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>other vessels. In assessing whether there <span class=\"_ _d\"></span>is any indication that a vessel <span class=\"_ _d\"></span>may be impaired, the Company considers <span class=\"_ _d\"></span>internal and external indicators, including but not limited to:\u2022<span class=\"_ _2c\"> </span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _10\"></span>market <span class=\"_ _e\"></span>values <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>our <span class=\"_ _10\"></span>vessels <span class=\"_ _10\"></span>received <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>independent <span class=\"_ _10\"></span>ship <span class=\"_ _10\"></span>brokers <span class=\"_ _10\"></span>have <span class=\"_ _10\"></span>declined <span class=\"_ _10\"></span>during <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period significantly more <span class=\"_ _d\"></span>than we <span class=\"_ _d\"></span>would expect <span class=\"_ _d\"></span>as a <span class=\"_ _d\"></span>result of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>passage of <span class=\"_ _d\"></span>time or <span class=\"_ _d\"></span>normal use. <span class=\"_ _d\"></span>The ship <span class=\"_ _d\"></span>brokers assess <span class=\"_ _d\"></span>each vessel based on, among others, age, yard, deadweight capacity and com<span class=\"_ _1\"></span>pare this to market transactions.\u2022<span class=\"_ _2c\"> </span>significant changes with an adverse <span class=\"_ _d\"></span>effect on the Company have taken <span class=\"_ _d\"></span>place during the period, or will <span class=\"_ _d\"></span>take place in the near <span class=\"_ _d\"></span>future, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>legal <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>regulatory <span class=\"_ _d\"></span>environment <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>operates, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>tanker <span class=\"_ _d\"></span>market, <span class=\"_ _e\"></span>including negative developments in actual and forecasted tim<span class=\"_ _1\"></span>e charter equivalent rates (\"TCE rates\").\u2022<span class=\"_ _2c\"> </span>market <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rates <span class=\"_ _11\"> </span>have <span class=\"_ _f\"> </span>increased <span class=\"_ _11\"> </span>during <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period, <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>increase <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>likely <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>affect <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>discount <span class=\"_ _11\"> </span>rate <span class=\"_ _f\"> </span>used <span class=\"_ _11\"> </span>in calculating a vessel\u2019s value in use and decrease the a<span class=\"_ _1\"></span>sset\u2019s recoverable amount materially.\u2022<span class=\"_ _2c\"> </span>the carrying amount of the net assets of the Company is more than i<span class=\"_ _1\"></span>ts market capitalization.\u2022<span class=\"_ _2c\"> </span>evidence is available of obsolescence or physical dama<span class=\"_ _1\"></span>ge of a vessel.\u2022<span class=\"_ _2c\"> </span>significant changes <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>adverse effect <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company have <span class=\"_ _d\"></span>taken <span class=\"_ _d\"></span>place <span class=\"_ _d\"></span>during the <span class=\"_ _d\"></span>period, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>expected to <span class=\"_ _d\"></span>take place in the near future, in the extent to which, or manner in whi<span class=\"_ _1\"></span>ch, a vessel is used or is expected to be used.\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">evidence that the economic performance of a vessel is, or wi<span class=\"_ _1\"></span>ll be, worse than expected, including:</span>\u25e6<span class=\"_ _2c\"> </span>actual or forecasted TCE rates are signific<span class=\"_ _1\"></span>antly worse than expected;\u25e6<span class=\"_ _2c\"> </span>cash <span class=\"_ _e\"></span>flows <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>acquiring <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>vessel, <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>subsequent <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>needs <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>maintaining <span class=\"_ _e\"></span>it, <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>significantly higher than expected;\u25e6<span class=\"_ _2c\"> </span>actual net cash flows or operating profit are signific<span class=\"_ _1\"></span>antly worse than expected;\u25e6<span class=\"_ _2c\"> </span>a significant decline in budgeted net cash flows or ope<span class=\"_ _1\"></span>rating profit; or\u25e6<span class=\"_ _2c\"> </span>operating losses or net cash outflows.If <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>impairment <span class=\"_ _11\"> </span>indicators <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>identified, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>vessel\u2019s <span class=\"_ _11\"> </span>recoverable <span class=\"_ _11\"> </span>amount <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>estimated. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>developing <span class=\"_ _11\"> </span>estimates <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>future cash <span class=\"_ _11\"></span>flows <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>order <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>assess <span class=\"_ _11\"> </span>value <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>use, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>must <span class=\"_ _11\"> </span>make <span class=\"_ _11\"> </span>assumptions <span class=\"_ _11\"> </span>about <span class=\"_ _11\"> </span>future <span class=\"_ _11\"> </span>performance, <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>significant assumptions <span class=\"_ _f\"> </span>being <span class=\"_ _f\"> </span>related <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates, <span class=\"_ _f\"> </span>ship <span class=\"_ _f\"> </span>operating <span class=\"_ _f\"> </span>expenses, <span class=\"_ _f\"> </span>utilization, <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>other <span class=\"_ _f\"> </span>capital <span class=\"_ _11\"> </span>requirements, residual <span class=\"_ _11\"> </span>value, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>estimated <span class=\"_ _11\"> </span>remaining <span class=\"_ _11\"> </span>useful <span class=\"_ _11\"> </span>lives <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>probability <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>lease <span class=\"_ _f\"> </span>terminations <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>vessels <span class=\"_ _f\"> </span>held under <span class=\"_ _e\"></span>lease. <span class=\"_ _e\"></span>These <span class=\"_ _e\"></span>assumptions <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>historical <span class=\"_ _e\"></span>trends <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>well <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>expectations. <span class=\"_ _e\"></span>Specifically, <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>estimating <span class=\"_ _e\"></span>future charter <span class=\"_ _e\"></span>rates, <span class=\"_ _e\"></span>management <span class=\"_ _e\"></span>takes <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>consideration <span class=\"_ _e\"></span>rates <span class=\"_ _e\"></span>currently <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>effect <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>existing <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>charters <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>daily <span class=\"_ _e\"></span>time charter equivalent <span class=\"_ _d\"></span>rates for <span class=\"_ _d\"></span>each <span class=\"_ _d\"></span>vessel class <span class=\"_ _d\"></span>for the <span class=\"_ _d\"></span>unfixed days <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the estimated <span class=\"_ _d\"></span>remaining lives <span class=\"_ _d\"></span>of each <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the vessels. <span class=\"_ _d\"></span>The estimated <span class=\"_ _f\"> </span>daily <span class=\"_ _f\"> </span>time <span class=\"_ _27\"> </span>charter <span class=\"_ _f\"> </span>equivalent <span class=\"_ _27\"> </span>rates <span class=\"_ _f\"> </span>used <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>unfixed <span class=\"_ _f\"> </span>days <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _27\"> </span>combination <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>(i) <span class=\"_ _f\"> </span>internally <span class=\"_ _27\"> </span>developed forecasts, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>(ii) <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>quarterly <span class=\"_ _e\"></span>average <span class=\"_ _e\"></span>rates <span class=\"_ _10\"></span>published <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>independent <span class=\"_ _10\"></span>third <span class=\"_ _e\"></span>party <span class=\"_ _e\"></span>maritime <span class=\"_ _10\"></span>research service, <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>historical <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>management's <span class=\"_ _d\"></span>judgment <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>past <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>ongoing <span class=\"_ _d\"></span>shipping <span class=\"_ _e\"></span>cycles. <span class=\"_ _d\"></span>Recognizing that <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>transportation <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>crude <span class=\"_ _27\"> </span>oil <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>cyclical <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>subject <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>significant <span class=\"_ _27\"> </span>volatility <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>factors <span class=\"_ _27\"> </span>beyond <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company's control, <span class=\"_ _d\"></span>management <span class=\"_ _e\"></span>believes <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>use <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>combination <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>internally <span class=\"_ _d\"></span>forecast <span class=\"_ _e\"></span>rates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>average rates calculated as of the reporting date to be reasonabl<span class=\"_ _1\"></span>e.Estimated <span class=\"_ _10\"></span>outflows <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>operating <span class=\"_ _10\"></span>expenses <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>dry <span class=\"_ _10\"></span>docking <span class=\"_ _11\"> </span>requirements <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>based <span class=\"_ _10\"></span>on <span class=\"_ _11\"> </span>historical <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>budgeted <span class=\"_ _10\"></span>costs <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>are adjusted <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>assumed <span class=\"_ _10\"></span>inflation. <span class=\"_ _10\"></span>Finally, <span class=\"_ _10\"></span>utilization <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>historical <span class=\"_ _10\"></span>levels <span class=\"_ _10\"></span>achieved <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>estimates <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>are consistent <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>pattern <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>scrap <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>used <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>management's <span class=\"_ _f\"> </span>evaluation <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>salvage <span class=\"_ _f\"> </span>value. <span class=\"_ _f\"> </span>Other <span class=\"_ _11\"> </span>capital <span class=\"_ _f\"> </span>requirements <span class=\"_ _f\"> </span>for newbuildings are primarily based on amounts payable according to t<span class=\"_ _1\"></span>he installments in the contract.The <span class=\"_ _e\"></span>weighted <span class=\"_ _e\"></span>average <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>capital <span class=\"_ _d\"></span>(\"WACC\") <span class=\"_ _10\"></span>used <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>calculate <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>use <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>been <span class=\"_ _e\"></span>calculated <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>reflect the industry-weighted average return on debt and equity using observable m<span class=\"_ _1\"></span>arket data.The <span class=\"_ _10\"></span>more <span class=\"_ _11\"> </span>significant <span class=\"_ _10\"></span>factors <span class=\"_ _11\"> </span>that <span class=\"_ _11\"> </span>could <span class=\"_ _10\"></span>impact <span class=\"_ _11\"> </span>management's <span class=\"_ _10\"></span>assumptions <span class=\"_ _11\"> </span>regarding <span class=\"_ _10\"></span>time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>equivalent <span class=\"_ _10\"></span>rates <span class=\"_ _11\"> </span>include <span class=\"_ _10\"></span>(i) loss <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>reduction <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>business <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>significant <span class=\"_ _10\"></span>customers, <span class=\"_ _10\"></span>(ii) <span class=\"_ _11\"></span>unanticipated <span class=\"_ _10\"></span>changes <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>demand <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>transportation <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>crude <span class=\"_ _10\"></span>oil and oil <span class=\"_ _d\"></span>products, (iii) changes <span class=\"_ _d\"></span>in production <span class=\"_ _d\"></span>of or <span class=\"_ _d\"></span>demand for oil, <span class=\"_ _d\"></span>generally or <span class=\"_ _d\"></span>in particular regions, <span class=\"_ _d\"></span>(iv) greater <span class=\"_ _d\"></span>than anticipated levels <span class=\"_\"> </span>of <span class=\"_\"> </span>tanker <span class=\"_\"> </span>newbuilding <span class=\"_\"> </span>orders <span class=\"_ _29\"> </span>or <span class=\"_\"> </span>lower <span class=\"_\"> </span>than <span class=\"_\"> </span>anticipated <span class=\"_\"> </span>levels <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>tanker <span class=\"_\"> </span>scrapping, <span class=\"_\"> </span>and <span class=\"_\"> </span>(v) <span class=\"_\"> </span>changes <span class=\"_\"> </span>in <span class=\"_ _29\"> </span>rules <span class=\"_\"> </span>and regulations <span class=\"_ _d\"></span>applicable <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>tanker <span class=\"_ _e\"></span>industry, <span class=\"_ _d\"></span>including <span class=\"_ _e\"></span>legislation <span class=\"_ _e\"></span>adopted <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>international <span class=\"_ _d\"></span>organizations <span class=\"_ _e\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>IMO <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the EU <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>individual <span class=\"_ _e\"></span>countries. <span class=\"_ _e\"></span>Although <span class=\"_ _e\"></span>management <span class=\"_ _e\"></span>believes <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>used <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>evaluate <span class=\"_ _e\"></span>potential <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>are reasonable <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>appropriate <span class=\"_ _e\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>they <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>made, <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>highly <span class=\"_ _10\"></span>subjective <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>likely <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>change, <span class=\"_ _e\"></span>possibly materially, <span class=\"_\"> </span>in <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>future. <span class=\"_\"> </span>Tanker <span class=\"_ _29\"> </span>charter <span class=\"_ _29\"> </span>rates <span class=\"_\"> </span>are <span class=\"_ _29\"> </span>volatile <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>can <span class=\"_ _29\"> </span>experience <span class=\"_ _29\"> </span>long <span class=\"_\"> </span>periods <span class=\"_ _29\"> </span>at <span class=\"_ _29\"> </span>depressed <span class=\"_ _29\"> </span>levels. <span class=\"_\"> </span>Future assessments of vessel impairment would be adversely affecte<span class=\"_ _1\"></span>d by reductions in vessel values and charter rates.GoodwillGoodwill <span class=\"_ _d\"></span>is not <span class=\"_ _d\"></span>amortized, <span class=\"_ _d\"></span>but <span class=\"_ _d\"></span>rather <span class=\"_ _d\"></span>reviewed <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>impairment annually, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>frequently <span class=\"_ _d\"></span>if impairment <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>arise. <span class=\"_ _d\"></span>The Company has <span class=\"_ _d\"></span>one group <span class=\"_ _d\"></span>of CGUs <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the purpose <span class=\"_ _d\"></span>of assessing <span class=\"_ _d\"></span>potential goodwill impairment <span class=\"_ _d\"></span>and has <span class=\"_ _d\"></span>selected September <span class=\"_ _d\"></span>30 as its annual goodwill impairment testing date. A CGU is impaired when <span class=\"_ _d\"></span>its carrying amount exceeds its recoverable amount. In <span class=\"_ _d\"></span>assessing whether the recoverable amount of a CGU <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>which <span class=\"_ _28\"> </span>goodwill <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_ _28\"> </span>allocated <span class=\"_ _28\"> </span>is <span class=\"_\"> </span>less <span class=\"_ _28\"> </span>than <span class=\"_ _28\"> </span>its <span class=\"_\"> </span>carrying <span class=\"_ _28\"> </span>amount, <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>Company <span class=\"_ _28\"> </span>assesses <span class=\"_ _28\"> </span>relevant <span class=\"_ _28\"> </span>events <span class=\"_\"> </span>and circumstances, <span class=\"_ _10\"></span>including <span class=\"_ _10\"></span>(i) <span class=\"_ _11\"> </span>macroeconomic <span class=\"_ _10\"></span>conditions; <span class=\"_ _11\"> </span>(ii) <span class=\"_ _11\"> </span>industry <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>market <span class=\"_ _10\"></span>conditions; <span class=\"_ _11\"> </span>(iii) <span class=\"_ _10\"></span>changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>cost <span class=\"_ _10\"></span>factors <span class=\"_ _11\"> </span>that may <span class=\"_ _11\"> </span>impact <span class=\"_ _f\"> </span>earnings <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows; <span class=\"_ _f\"> </span>(iv) <span class=\"_ _11\"> </span>overall <span class=\"_ _f\"> </span>financial <span class=\"_ _11\"> </span>performance; <span class=\"_ _f\"> </span>(v) <span class=\"_ _11\"> </span>other <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>specific <span class=\"_ _11\"> </span>events <span class=\"_ _f\"> </span>such <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>changes <span class=\"_ _11\"> </span>in management, <span class=\"_ _11\"> </span>strategy, <span class=\"_ _11\"> </span>customers <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>key <span class=\"_ _11\"> </span>personnel <span class=\"_ _11\"> </span>(vi) <span class=\"_ _f\"> </span>other <span class=\"_ _11\"> </span>events <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>(vii) <span class=\"_ _11\"> </span>if <span class=\"_ _f\"> </span>applicable, <span class=\"_ _11\"> </span>changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company's <span class=\"_ _11\"> </span>share price, both in absolute terms and relative to peers.The <span class=\"_ _e\"></span>recoverable <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _d\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>greater <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use. <span class=\"_ _e\"></span>We <span class=\"_ _10\"></span>estimate <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>fair value <span class=\"_ _d\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>capitalization <span class=\"_ _d\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>control <span class=\"_ _e\"></span>premium, <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>needed. <span class=\"_ _e\"></span>Control <span class=\"_ _d\"></span>premium assumptions <span class=\"_ _e\"></span>require <span class=\"_ _10\"></span>judgment <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>actual <span class=\"_ _e\"></span>results <span class=\"_ _10\"></span>may <span class=\"_ _e\"></span>differ <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>assumed <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>amounts. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>measurement takes into account <span class=\"_ _d\"></span>Level 1, <span class=\"_ _d\"></span>Level 2 and <span class=\"_ _d\"></span>Level 3 <span class=\"_ _d\"></span>inputs. In assessing <span class=\"_ _d\"></span>value in use, <span class=\"_ _d\"></span>the estimated <span class=\"_ _d\"></span>future cash flows <span class=\"_ _d\"></span>are discounted to <span class=\"_ _d\"></span>their <span class=\"_ _d\"></span>present <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>using <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>pre-tax <span class=\"_ _e\"></span>discount <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>reflects <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>market <span class=\"_ _e\"></span>assessments <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>money <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>the risks <span class=\"_ _11\"> </span>specific <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company. <span class=\"_ _f\"> </span>Future <span class=\"_ _11\"> </span>cash <span class=\"_ _11\"> </span>flows <span class=\"_ _11\"> </span>are <span class=\"_ _f\"> </span>based <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>current <span class=\"_ _11\"> </span>market <span class=\"_ _11\"> </span>conditions, <span class=\"_ _f\"> </span>historical <span class=\"_ _11\"> </span>trends <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>well <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>future expectations.11. Revenue and expense recognition11.1. Voyage chartersIn <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>voyage <span class=\"_ _10\"></span>charter <span class=\"_ _10\"></span>contract, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>hires <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>transport <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>specific <span class=\"_ _10\"></span>agreed-upon <span class=\"_ _10\"></span>cargo <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>voyage. <span class=\"_ _10\"></span>The consideration <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>freight <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>per <span class=\"_ _e\"></span>metric <span class=\"_ _d\"></span>ton <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>cargo <span class=\"_ _d\"></span>carried <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>occasionally <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a lump <span class=\"_ _28\"> </span>sum <span class=\"_ _27\"> </span>basis. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>charterer <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>responsible <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>any <span class=\"_ _28\"> </span>short <span class=\"_ _27\"> </span>loading <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>cargo <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>\"dead\" <span class=\"_\"> </span>freight<span class=\"_ _1\"></span>. <span class=\"_ _28\"> </span>The <span class=\"_ _27\"> </span>voyage <span class=\"_\"> </span>c<span class=\"_ _1\"></span>harter <span class=\"_ _28\"> </span>party generally <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>standard <span class=\"_ _e\"></span>payment <span class=\"_ _10\"></span>terms <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>freight <span class=\"_ _e\"></span>paid <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>completion <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>discharge. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>voyage <span class=\"_ _e\"></span>charter <span class=\"_ _10\"></span>party <span class=\"_ _e\"></span>generally <span class=\"_ _10\"></span>has <span class=\"_ _e\"></span>a \"demurrage\" <span class=\"_ _e\"></span>clause. <span class=\"_ _10\"></span>As <span class=\"_ _e\"></span>per <span class=\"_ _10\"></span>this <span class=\"_ _10\"></span>clause, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>reimburses <span class=\"_ _10\"></span>us <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>any <span class=\"_ _e\"></span>potential <span class=\"_ _10\"></span>delays <span class=\"_ _e\"></span>exceeding <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>allowed <span class=\"_ _10\"></span>laytime <span class=\"_ _e\"></span>as per the charter <span class=\"_ _d\"></span>party clause at the <span class=\"_ _d\"></span>ports visited, which is <span class=\"_ _d\"></span>recorded as voyage revenue. <span class=\"_ _d\"></span>As such, demurrage is <span class=\"_ _d\"></span>considered variable consideration <span class=\"_ _d\"></span>under <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>contract. <span class=\"_ _e\"></span>Estimates <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>judgments <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>required <span class=\"_ _10\"></span>in <span class=\"_ _d\"></span>ascertaining <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>most <span class=\"_ _10\"></span>likely <span class=\"_ _d\"></span>outcome <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _d\"></span>particular voyage <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>actual <span class=\"_ _e\"></span>outcomes <span class=\"_ _e\"></span>may <span class=\"_ _e\"></span>differ <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>estimates. <span class=\"_ _e\"></span>Such <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>reviewed <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>updated <span class=\"_ _e\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>term <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>voyage charter contract. In <span class=\"_ _d\"></span>a voyage <span class=\"_ _d\"></span>charter contract, <span class=\"_ _d\"></span>revenue recognition begins <span class=\"_ _d\"></span>to be <span class=\"_ _d\"></span>satisfied once <span class=\"_ _d\"></span>the vessel commences <span class=\"_ _d\"></span>loading the cargo.In <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>voyage <span class=\"_ _e\"></span>contract, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>bears <span class=\"_ _d\"></span>all <span class=\"_ _e\"></span>voyage <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>costs <span class=\"_ _e\"></span>such <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>fuel <span class=\"_ _d\"></span>costs, <span class=\"_ _d\"></span>port <span class=\"_ _e\"></span>charges <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>canal <span class=\"_ _d\"></span>tolls. <span class=\"_ _d\"></span>To <span class=\"_ _e\"></span>recognize costs <span class=\"_ _d\"></span>incurred <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>fulfill <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>asset, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>following <span class=\"_ _d\"></span>criteria <span class=\"_ _d\"></span>shall <span class=\"_ _d\"></span>be <span class=\"_ _d\"></span>met: <span class=\"_ _d\"></span>(i) <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>relate <span class=\"_ _d\"></span>directly <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contract, <span class=\"_ _d\"></span>(ii) the <span class=\"_ _e\"></span>costs <span class=\"_ _10\"></span>generate <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>enhance <span class=\"_ _e\"></span>resources <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>entity <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>used <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>satisfying <span class=\"_ _e\"></span>performance <span class=\"_ _10\"></span>obligations <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>future <span class=\"_ _10\"></span>and (iii) <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>expected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _d\"></span>recovered. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _d\"></span>during <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _d\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>commencement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>loading <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>cargo, primarily bunkers, are deferred as they represent setup costs and recorde<span class=\"_ _1\"></span>d as a current asset and are subsequently amortized on a straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>we <span class=\"_ _f\"> </span>satisfy <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>performance <span class=\"_ _f\"> </span>obligations <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>contract. <span class=\"_ _11\"> </span>Costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>obtain <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>contract, <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>as commissions, <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>also <span class=\"_ _f\"> </span>deferred <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>expensed <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>same <span class=\"_ _11\"> </span>period. <span class=\"_ _f\"> </span>Costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>during <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>performance <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>voyage <span class=\"_ _11\"> </span>are expensed as incurred.Voyage <span class=\"_ _d\"></span>charters <span class=\"_ _e\"></span>contain <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>component <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>contract <span class=\"_ _d\"></span>(i) <span class=\"_ _e\"></span>specifies <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>specific <span class=\"_ _e\"></span>vessel <span class=\"_ _d\"></span>asset; <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>(ii) <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>terms <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>allow <span class=\"_ _e\"></span>the charterer to <span class=\"_ _d\"></span>exercise <span class=\"_ _d\"></span>substantive decision-making <span class=\"_ _d\"></span>rights, which <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>economic value <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>and therefore <span class=\"_ _d\"></span>allow <span class=\"_ _d\"></span>the charterer <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>direct <span class=\"_ _e\"></span>how <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>what <span class=\"_ _10\"></span>purpose <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>used. <span class=\"_ _e\"></span>Voyage <span class=\"_ _e\"></span>charter <span class=\"_ _e\"></span>revenues <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>expenses <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>ratably over the estimated length of each voyage, which the Company ha<span class=\"_ _1\"></span>s assessed commence on loading of the cargo.Voyage and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>contracts not <span class=\"_ _d\"></span>qualifying <span class=\"_ _d\"></span>as leases <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>accounted for <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>the provisions <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>IFRS <span class=\"_ _d\"></span>15 <span class=\"ff3\">Revenue <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>Contracts </span>with <span class=\"_ _f\"> </span>Customers<span class=\"ff2\">. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>has <span class=\"_ _27\"> </span>determined <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>voyage <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>contracts <span class=\"_ _f\"> </span>that <span class=\"_ _27\"> </span>qualify <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>accounting <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>IFRS <span class=\"_ _27\"> </span>15 </span>consist <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>single <span class=\"_ _d\"></span>performance <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>transporting <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>cargo <span class=\"_ _d\"></span>within <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>specified <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>period. <span class=\"_ _d\"></span>Therefore, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>performance obligation <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>met <span class=\"_ _e\"></span>evenly <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>voyage <span class=\"_ _e\"></span>progresses, <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>revenue <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _e\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>voyage <span class=\"_ _e\"></span>days from the commencement of <span class=\"_ _d\"></span>loading to completion <span class=\"_ _d\"></span>of discharge. Contract assets <span class=\"_ _d\"></span>with regards to <span class=\"_ _d\"></span>voyage revenues are reported <span class=\"_ _d\"></span>as \"Voyages <span class=\"_ _d\"></span>in progress\" <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>performance obligation <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>satisfied <span class=\"_ _d\"></span>over time. <span class=\"_ _d\"></span>Voyage <span class=\"_ _d\"></span>revenues <span class=\"_ _d\"></span>typically become <span class=\"_ _d\"></span>billable <span class=\"_ _d\"></span>and due for <span class=\"_ _d\"></span>payment on <span class=\"_ _d\"></span>completion <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>voyage and <span class=\"_ _d\"></span>discharge <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>cargo, at <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>point <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>receivable is <span class=\"_ _d\"></span>recognized <span class=\"_ _d\"></span>within \"Trade and other receivables\". The <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>taken <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>practical <span class=\"_ _10\"></span>expedient <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>disclose <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>aggregate <span class=\"_ _e\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>transaction <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>allocated <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>the performance <span class=\"_ _e\"></span>obligations <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>unsatisfied <span class=\"_ _e\"></span>(or <span class=\"_ _10\"></span>partially <span class=\"_ _e\"></span>unsatisfied) <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>end <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>reporting <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>performance obligations are part of contracts having an original expecte<span class=\"_ _1\"></span>d duration of one year or less. 11.2. Time and bareboat chartersIn <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>charter <span class=\"_ _d\"></span>voyage, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>hired <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>specified <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>exchange <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>consideration <span class=\"_ _d\"></span>which is <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>daily <span class=\"_ _d\"></span>hire <span class=\"_ _d\"></span>rate. Generally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>discretion <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>ports <span class=\"_ _d\"></span>visited, <span class=\"_ _d\"></span>shipping <span class=\"_ _d\"></span>routes and <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>speed. The <span class=\"_ _d\"></span>contract/charter party <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>provides <span class=\"_ _d\"></span>typical warranties <span class=\"_ _d\"></span>regarding <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>speed <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>performance of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>charter party <span class=\"_ _d\"></span>generally has <span class=\"_ _d\"></span>some <span class=\"_ _d\"></span>owner <span class=\"_ _d\"></span>protective restrictions <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the vessel <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>sent <span class=\"_ _d\"></span>only <span class=\"_ _d\"></span>to safe <span class=\"_ _d\"></span>ports <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer and <span class=\"_ _d\"></span>carries only <span class=\"_ _11\"></span>lawful <span class=\"_ _10\"></span>or <span class=\"_ _11\"> </span>non-hazardous <span class=\"_ _11\"> </span>cargo. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>contract, <span class=\"_ _11\"> </span>we <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>responsible <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>all <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>running <span class=\"_ _11\"> </span>the vessel <span class=\"_ _10\"></span>such <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>crew <span class=\"_ _11\"> </span>costs, <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"> </span>insurance, <span class=\"_ _10\"></span>repairs <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>maintenance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>lubes. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>charterer <span class=\"_ _10\"></span>bears <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>voyage <span class=\"_ _11\"> </span>related <span class=\"_ _10\"></span>costs such <span class=\"_ _10\"></span>as <span class=\"_ _11\"> </span>bunker <span class=\"_ _10\"></span>expenses, <span class=\"_ _11\"> </span>port <span class=\"_ _11\"> </span>charges, <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>canal <span class=\"_ _10\"></span>tolls <span class=\"_ _11\"> </span>during <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>hire <span class=\"_ _11\"> </span>period. <span class=\"_ _11\"> </span>The <span class=\"_ _10\"></span>performance <span class=\"_ _11\"> </span>obligations <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>time <span class=\"_ _11\"> </span>charter contract <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>satisfied <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>term <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>beginning <span class=\"_ _e\"></span>when <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>delivered <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>until <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>redelivered back <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>us. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>generally <span class=\"_ _e\"></span>pays <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>charter <span class=\"_ _10\"></span>hire <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>advance <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>upcoming <span class=\"_ _e\"></span>contract <span class=\"_ _e\"></span>period. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>lease <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of time charter <span class=\"_ _d\"></span>contracts, bareboat <span class=\"_ _d\"></span>charter contracts and <span class=\"_ _d\"></span>voyage charter <span class=\"_ _d\"></span>contracts which <span class=\"_ _d\"></span>we consider <span class=\"_ _d\"></span>to be <span class=\"_ _d\"></span>leases are <span class=\"_ _d\"></span>accounted for under<span class=\"ff3\"> <span class=\"_ _10\"></span></span>IFRS <span class=\"_ _10\"></span>16 <span class=\"_ _10\"></span><span class=\"ff3\">Leases</span>, <span class=\"_ _10\"></span>and<span class=\"ff3\"> <span class=\"_ _11\"> </span></span>revenues <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>recorded <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>term <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>charter <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>service <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>provided. <span class=\"_ _11\"> </span>When <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>time <span class=\"_ _10\"></span>charter contract is linked to an index, we recognize revenue for the appl<span class=\"_ _1\"></span>icable period based on the actual index for that period.11.3. Administrative incomeAdministrative income primarily comprises income <span class=\"_ _d\"></span>earned from the commercial <span class=\"_ _d\"></span>and technical management of related <span class=\"_ _d\"></span>party and third <span class=\"_ _10\"></span>party <span class=\"_ _11\"> </span>vessels <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>newbuilding <span class=\"_ _10\"></span>supervision <span class=\"_ _11\"> </span>fees <span class=\"_ _10\"></span>derived <span class=\"_ _11\"> </span>from <span class=\"_ _10\"></span>related <span class=\"_ _11\"> </span>parties <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>third <span class=\"_ _10\"></span>parties. <span class=\"_ _11\"> </span>Administrative <span class=\"_ _10\"></span>income <span class=\"_ _10\"></span>is recognized <span class=\"_\"> </span>over <span class=\"_ _29\"> </span>time <span class=\"_ _29\"> </span>on <span class=\"_\"> </span>a <span class=\"_ _29\"> </span>straight-line <span class=\"_\"> </span>basis <span class=\"_ _29\"> </span>using <span class=\"_ _29\"> </span>the <span class=\"_\"> </span>accruals <span class=\"_ _29\"> </span>method <span class=\"_ _29\"> </span>as <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>services <span class=\"_ _29\"> </span>are <span class=\"_\"> </span>provided <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>performance obligations are met.12. Other incomeOther <span class=\"_\"> </span>income <span class=\"_ _28\"> </span>relates <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>(i) <span class=\"_\"> </span>gains <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>the <span class=\"_\"> </span>sale <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>vessels, <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>are <span class=\"_\"> </span>rec<span class=\"_ _1\"></span>ognized <span class=\"_\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>vessel <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_\"> </span>delive<span class=\"_ _1\"></span>red <span class=\"_\"> </span>and substantially <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>risks <span class=\"_ _e\"></span>have <span class=\"_ _d\"></span>been <span class=\"_ _e\"></span>transferred <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>comparing <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>proceeds <span class=\"_ _d\"></span>received <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>of the <span class=\"_ _10\"></span>vessel, <span class=\"_ _10\"></span>(ii) <span class=\"_ _11\"> </span>cash <span class=\"_ _10\"></span>inflows <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>relation <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>settlements <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>claims <span class=\"_ _10\"></span>(including <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>settlement <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>insurance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>legal <span class=\"_ _10\"></span>claims), <span class=\"_ _10\"></span>(iii) gains <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>losses <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>termination <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>leases <span class=\"_ _d\"></span>before <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>expiration <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>term, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>accounted <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>derecognizing the <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"></span>right-of-use <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>lease <span class=\"_ _10\"></span>obligation, <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>gain <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>loss <span class=\"_ _10\"></span>recognized <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>difference. <span class=\"_ _10\"></span>Gains <span class=\"_ _10\"></span>and losses <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>termination <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>when <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>terminated <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>redelivered <span class=\"_ _d\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>owners, and <span class=\"_ _d\"></span> <span class=\"_ _d\"></span>iv) <span class=\"_ _d\"></span>gains <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>losses <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>pooling <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>revenue <span class=\"_ _d\"></span>sharing <span class=\"_ _e\"></span>arrangements <span class=\"_ _d\"></span>where <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>considered <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>principal under <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charter <span class=\"_ _e\"></span>parties <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>records <span class=\"_ _d\"></span>voyage <span class=\"_ _d\"></span>revenues <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>costs <span class=\"_ _e\"></span>gross, <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>adjustments <span class=\"_ _d\"></span>required <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>result <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>revenue sharing arrangement being recognized as other operating gains or losse<span class=\"_ _1\"></span>s.13. LeasesAt inception <span class=\"_ _d\"></span>of a <span class=\"_ _d\"></span>contract, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>assesses whether <span class=\"_ _d\"></span>a contract <span class=\"_ _d\"></span>is, or <span class=\"_ _d\"></span>contains, a <span class=\"_ _d\"></span>lease. <span class=\"_ _d\"></span>A contract <span class=\"_ _d\"></span>is, or <span class=\"_ _d\"></span>contains, a <span class=\"_ _d\"></span>lease if the contract conveys the right to control the use of an identifi<span class=\"_ _1\"></span>ed asset for a period of time in exchange for consideration.13.1. As a lesseeThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>recognizes <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>right-of-use <span class=\"_ _10\"></span>asset <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>liability <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>commencement <span class=\"_ _10\"></span>date. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>right-of-use <span class=\"_ _11\"> </span>asset <span class=\"_ _10\"></span>is initially <span class=\"_ _d\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>equal <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _10\"></span>liability <span class=\"_ _d\"></span>adjusted <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>initial <span class=\"_ _e\"></span>direct <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lessee. <span class=\"_ _10\"></span>Adjustments may also be required for any payments made at or before the comme<span class=\"_ _1\"></span>ncement date, less any lease incentives receive<span class=\"_ _1\"></span>d.After <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>commencement, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>measures <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>right-of-use <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>using <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>model, <span class=\"_ _d\"></span>namely <span class=\"_ _e\"></span>at <span class=\"_ _d\"></span>cost <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>accumulated depreciation <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>accumulated <span class=\"_ _d\"></span>impairment. The <span class=\"_ _d\"></span>right-of-use <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>subsequently <span class=\"_ _d\"></span>depreciated <span class=\"_ _d\"></span>using <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>straight-line <span class=\"_ _d\"></span>method. <span class=\"_ _d\"></span>In addition, <span class=\"_ _d\"></span>the right-of-use <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>periodically <span class=\"_ _d\"></span>reduced by <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>losses, <span class=\"_ _d\"></span>if <span class=\"_ _d\"></span>any, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>adjusted for <span class=\"_ _d\"></span>certain <span class=\"_ _d\"></span>remeasurements <span class=\"_ _d\"></span>of the lease liability.The <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>liability <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>initially <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>present <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>payments <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>not <span class=\"_ _e\"></span>paid <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>commencement <span class=\"_ _d\"></span>date, discounted <span class=\"_ _d\"></span>using <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>implicit <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>or, <span class=\"_ _e\"></span>if <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>cannot <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>readily <span class=\"_ _e\"></span>determined, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company's <span class=\"_ _e\"></span>incremental borrowing <span class=\"_ _f\"> </span>rate. <span class=\"_ _27\"> </span>Generally, <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>uses <span class=\"_ _27\"> </span>its <span class=\"_ _f\"> </span>incremental <span class=\"_ _27\"> </span>borrowing <span class=\"_ _f\"> </span>rate <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>discount <span class=\"_ _27\"> </span>rate. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>lessee's <span class=\"_ _27\"> </span>incremental borrowing <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>lessee <span class=\"_ _d\"></span>would <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>pay <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>borrow <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>similar <span class=\"_ _d\"></span>term, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>similar <span class=\"_ _d\"></span>security, the funds necessary to obtain an asset of a similar value to the<span class=\"_ _1\"></span> right-of-use asset in a similar economic environment.Lease payments included in the measurement of the le<span class=\"_ _1\"></span>ase liability comprise the following:\u2022<span class=\"_ _2c\"> </span>Fixed payments;\u2022<span class=\"_ _2c\"> </span>Variable lease payments that depend on an index or a rate;\u2022<span class=\"_ _2c\"> </span>Amounts expected to be payable under a residual value guarante<span class=\"_ _1\"></span>e, and;\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>exercise <span class=\"_ _10\"></span>price <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>purchase <span class=\"_ _10\"></span>option <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>reasonably <span class=\"_ _10\"></span>certain <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>exercise, <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>payments <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>an optional <span class=\"_ _e\"></span>renewal <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>reasonably <span class=\"_ _10\"></span>certain <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>exercise <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>extension <span class=\"_ _10\"></span>option, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>penalties <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>early termination of a lease unless the Company is reasonably ce<span class=\"_ _1\"></span>rtain not to terminate early.The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>applied <span class=\"_ _e\"></span>judgement <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>determine <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>term <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>some <span class=\"_ _e\"></span>lease <span class=\"_ _10\"></span>contracts <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>it <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>lessee <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>include renewal options. The <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>liability is <span class=\"_ _d\"></span>subsequently <span class=\"_ _d\"></span>increased <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>cost <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the lease <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>decreased <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>payments made. <span class=\"_ _d\"></span>It is <span class=\"_ _d\"></span>remeasured <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>future <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>payments <span class=\"_ _d\"></span>arising <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>index <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>rate, <span class=\"_ _d\"></span>if <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>estimate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>amount <span class=\"_ _d\"></span>expected <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>payable <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>guarantee, <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>changes <span class=\"_ _d\"></span>its assessment <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>whethe<span class=\"_ _1\"></span>r <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>purchase <span class=\"_ _28\"> </span>or <span class=\"_ _28\"> </span>extension <span class=\"_ _28\"> </span>option <span class=\"_\"> </span>i<span class=\"_ _1\"></span>s <span class=\"_ _28\"> </span>reasonably <span class=\"_\"> </span>certai<span class=\"_ _1\"></span>n <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>be <span class=\"_ _28\"> </span>exercised <span class=\"_ _28\"> </span>or <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>termi<span class=\"_ _1\"></span>nation <span class=\"_ _28\"> </span>option <span class=\"_\"> </span>is reasonably <span class=\"_ _d\"></span>certain <span class=\"_ _e\"></span>not <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>exercised. <span class=\"_ _d\"></span>When <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>liability <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>remeasured <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>way, <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>corresponding <span class=\"_ _e\"></span>adjustment <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>made to <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>asset, <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>recorded <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>profit <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>loss <span class=\"_ _e\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>right-to-use <span class=\"_ _e\"></span>asset has been reduced to zero. Lease <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>non-lease <span class=\"_ _11\"> </span>components <span class=\"_ _f\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>contracts <span class=\"_ _11\"> </span>are <span class=\"_ _f\"> </span>separated <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>non-lease <span class=\"_ _11\"> </span>components <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>and classified based on the nature of the expense.Short-term leases and leases of low-value assetsThe <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>has <span class=\"_ _11\"> </span>elected <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>recognize <span class=\"_ _11\"> </span>certain <span class=\"_ _11\"> </span>right-of-use <span class=\"_ _11\"> </span>assets <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>liabilities <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>leases <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>low-value <span class=\"_ _11\"> </span>assets <span class=\"_ _11\"> </span>and short-term leases (i.e., <span class=\"_ _d\"></span>leases with <span class=\"_ _d\"></span>an original term <span class=\"_ _d\"></span>of 12-months or <span class=\"_ _d\"></span>less), including <span class=\"_ _d\"></span>IT equipment. The <span class=\"_ _d\"></span>Company recognizes the lease payments associated with these leases as an e<span class=\"_ _1\"></span>xpense on a straight-line basis over the lease term.Refer to accounting policy 10.2. for impairment considerations for ve<span class=\"_ _1\"></span>ssel right-of-use assets.13.2. As a lessorWhen the Company acts as a lessor, it determines at le<span class=\"_ _1\"></span>ase inception whether each lease is a finance or operat<span class=\"_ _1\"></span>ing lease.To classify each lease, the Company makes an overall assessment of <span class=\"_ _d\"></span>whether the lease transfers substantially all of the risks and rewards <span class=\"_ _d\"></span>incidental <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>ownership <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>underlying <span class=\"_ _d\"></span>asset. <span class=\"_ _e\"></span>If <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>case, <span class=\"_ _d\"></span>then <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>lease; <span class=\"_ _d\"></span>if <span class=\"_ _d\"></span>not, <span class=\"_ _e\"></span>then <span class=\"_ _d\"></span>it <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>an operating <span class=\"_ _d\"></span>lease. As <span class=\"_ _d\"></span>part <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>this <span class=\"_ _d\"></span>assessment, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company considers <span class=\"_ _d\"></span>certain <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>as whether <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>major part of the economic life of the asset.If <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>qualifies <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>operating <span class=\"_ _d\"></span>lease, <span class=\"_ _d\"></span>e.g. <span class=\"_ _e\"></span>time <span class=\"_ _d\"></span>charter <span class=\"_ _e\"></span>contracts <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>component <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>voyage <span class=\"_ _d\"></span>charter <span class=\"_ _e\"></span>contracts, <span class=\"_ _d\"></span>the leased <span class=\"_ _28\"> </span>asset <span class=\"_ _28\"> </span>remains <span class=\"_ _28\"> </span>on <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>statement <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>financial <span class=\"_ _28\"> </span>position <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>l<span class=\"_ _1\"></span>essor <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>continues <span class=\"_ _28\"> </span>being <span class=\"_ _28\"> </span>depreciated. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>Company separates the <span class=\"_ _d\"></span>lease and <span class=\"_ _d\"></span>non-lease <span class=\"_ _d\"></span>component in <span class=\"_ _d\"></span>the contract, <span class=\"_ _d\"></span>with the <span class=\"_ _d\"></span>lease component <span class=\"_ _d\"></span>qualified <span class=\"_ _d\"></span>as operating <span class=\"_ _d\"></span>lease and <span class=\"_ _d\"></span>the non-lease <span class=\"_ _e\"></span>component <span class=\"_ _10\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>makes <span class=\"_ _e\"></span>significant <span class=\"_ _10\"></span>judgments <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>assumptions <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>lease components from <span class=\"_ _d\"></span>non-lease components <span class=\"_ _d\"></span>of our <span class=\"_ _d\"></span>contracts. For <span class=\"_ _d\"></span>purposes <span class=\"_ _d\"></span>of determining <span class=\"_ _d\"></span>the standalone selling <span class=\"_ _d\"></span>price of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel lease <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>non-lease <span class=\"_ _d\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _e\"></span>time <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>voyage <span class=\"_ _e\"></span>charters, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>uses <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>residual <span class=\"_ _d\"></span>approach given <span class=\"_ _d\"></span>that vessel <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>highly <span class=\"_ _d\"></span>variable depending <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>shipping <span class=\"_ _d\"></span>market <span class=\"_ _d\"></span>conditions. The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>believes <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the standalone transaction <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>attributable <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>non-lease <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>is <span class=\"_ _11\"></span>more <span class=\"_ _10\"></span>readily <span class=\"_ _10\"></span>determinable <span class=\"_ _10\"></span>than <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>price <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>lease <span class=\"_ _10\"></span>component and, <span class=\"_ _d\"></span>accordingly, the <span class=\"_ _d\"></span>price <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>service <span class=\"_ _d\"></span>components <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>estimated using <span class=\"_ _d\"></span>cost <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>residual transaction <span class=\"_ _d\"></span>price <span class=\"_ _d\"></span>is attributed <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>component. <span class=\"_ _e\"></span>Refer <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Revenue <span class=\"_ _10\"></span>policy <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>further <span class=\"_ _10\"></span>details <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>accounting <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>non-lease component.14. Share-based compensation The <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>amount payable <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>beneficiaries <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>respect <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>synthetic <span class=\"_ _d\"></span>options, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>settled in <span class=\"_ _d\"></span>cash, <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>recognized <span class=\"_ _d\"></span>as an <span class=\"_ _10\"></span>expense <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>corresponding <span class=\"_ _11\"> </span>liability, <span class=\"_ _10\"></span>over <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>during <span class=\"_ _10\"></span>which <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>beneficiaries <span class=\"_ _10\"></span>become <span class=\"_ _11\"> </span>unconditionally <span class=\"_ _10\"></span>entitled <span class=\"_ _11\"> </span>to payment. The fair value of the liability is remeasure<span class=\"_ _1\"></span>d at each reporting period.15. Dividends receivedThe Company records dividends received in the period in which they a<span class=\"_ _1\"></span>re declared and receivable.16. New standards and interpretations not yet adoptedNew <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>amended <span class=\"_ _28\"> </span>standards <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>interpretations <span class=\"_ _28\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_\"> </span>issued, <span class=\"_ _28\"> </span>but <span class=\"_ _28\"> </span>not <span class=\"_ _28\"> </span>yet <span class=\"_\"> </span>effective<span class=\"_ _1\"></span>, <span class=\"_ _28\"> </span>up <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>issuance <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the Company\u2019s <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>statements <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>disclosed <span class=\"_ _27\"> </span>below. <span class=\"_ _27\"> </span>The <span class=\"_ _28\"> </span>below <span class=\"_ _27\"> </span>list <span class=\"_ _27\"> </span>includes <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>new <span class=\"_ _27\"> </span>standards <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>amendments <span class=\"_ _27\"> </span>that <span class=\"_ _27\"> </span>we believe are the most relevant for the Company:Amendments to IAS 1 Presentation of Financial statements: Classification of Liabilitie<span class=\"_ _1\"></span>s as Current or Non-currentIn <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>2020, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>IASB <span class=\"_ _f\"> </span>issued <span class=\"_ _11\"> </span>amendments <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>paragraphs <span class=\"_ _11\"> </span>69 <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>76 <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>IAS <span class=\"_ _11\"> </span>1 <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>specify <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>requirements <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>classifying liabilities as current or non-current. The amendments cl<span class=\"_ _1\"></span>arify:\u2022<span class=\"_ _2c\"> </span>What is meant by a right to defer settlement\u2022<span class=\"_ _2c\"> </span>That a right to defer must exist at the end of the reporting peri<span class=\"_ _1\"></span>od\u2022<span class=\"_ _2c\"> </span>That classification is unaffected by the likelihood t<span class=\"_ _1\"></span>hat an entity will exercise its deferral right\u2022<span class=\"_ _2c\"> </span>That <span class=\"_ _27\"> </span>only <span class=\"_ _f\"> </span>if <span class=\"_ _27\"> </span>an <span class=\"_ _27\"> </span>embedded <span class=\"_ _27\"> </span>derivative <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>convertible <span class=\"_ _27\"> </span>liability <span class=\"_ _f\"> </span>is <span class=\"_ _27\"> </span>itself <span class=\"_ _27\"> </span>an <span class=\"_ _27\"> </span>equity <span class=\"_ _27\"> </span>instrument <span class=\"_ _27\"> </span>would <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>terms <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>a liability not impact its classificationThe <span class=\"_\"> </span>amendments <span class=\"_ _28\"> </span>are <span class=\"_\"> </span>effective <span class=\"_ _28\"> </span>for <span class=\"_\"> </span>annual <span class=\"_\"> </span>reporti<span class=\"_ _1\"></span>ng <span class=\"_\"> </span>periods <span class=\"_ _28\"> </span>beginning <span class=\"_\"> </span>on <span class=\"_\"> </span>or <span class=\"_ _28\"> </span>after <span class=\"_\"> </span>January <span class=\"_ _28\"> </span>1, <span class=\"_\"> </span>2023 <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>must <span class=\"_\"> </span>be <span class=\"_\"> </span>applie<span class=\"_ _1\"></span>d retrospectively. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>currently <span class=\"_ _e\"></span>assessing <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>impact <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>amendments, <span class=\"_ _10\"></span>however, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>adoption <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>expected <span class=\"_ _10\"></span>to have a material impact on its consolidated financ<span class=\"_ _1\"></span>ial statements.Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2In <span class=\"_ _10\"></span>February <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>IASB <span class=\"_ _10\"></span>issued <span class=\"_ _10\"></span>amendments <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>IAS <span class=\"_ _10\"></span>1 <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>Practice <span class=\"_ _10\"></span>Statement <span class=\"_ _e\"></span>2 <span class=\"_ _10\"></span>Making <span class=\"_ _10\"></span>Materiality <span class=\"_ _10\"></span>Judgements, <span class=\"_ _10\"></span>in which <span class=\"_ _10\"></span>it <span class=\"_ _10\"></span>provides <span class=\"_ _10\"></span>guidance <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>examples <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>help <span class=\"_ _11\"> </span>entities <span class=\"_ _10\"></span>apply <span class=\"_ _10\"></span>materiality <span class=\"_ _10\"></span>judgements <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>accounting <span class=\"_ _11\"> </span>policy <span class=\"_ _10\"></span>disclosures. <span class=\"_ _10\"></span>The amendments <span class=\"_ _10\"></span>aim <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>help <span class=\"_ _10\"></span>entities <span class=\"_ _10\"></span>provide <span class=\"_ _10\"></span>accounting <span class=\"_ _10\"></span>policy <span class=\"_ _10\"></span>disclosures <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>more <span class=\"_ _10\"></span>useful <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>replacing <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>requirement <span class=\"_ _10\"></span>for entities <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>disclose <span class=\"_ _e\"></span>their <span class=\"_ _e\"></span>'significant' <span class=\"_ _e\"></span>accounting <span class=\"_ _10\"></span>policies <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>requirement <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>disclose <span class=\"_ _d\"></span>their <span class=\"_ _10\"></span>'material' <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>policies <span class=\"_ _e\"></span>and adding guidance on how entities apply the concept of materia<span class=\"_ _1\"></span>lity in making decisions about accounting policy disclosure<span class=\"_ _1\"></span>s.The <span class=\"_ _11\"> </span>amendments <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IAS <span class=\"_ _f\"> </span>1 <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>applicable <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>annual <span class=\"_ _f\"> </span>periods <span class=\"_ _f\"> </span>beginning <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>after <span class=\"_ _11\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2023 <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>earlier <span class=\"_ _f\"> </span>application permitted. <span class=\"_ _28\"> </span>Since <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>amendm<span class=\"_ _1\"></span>ents <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>Practice <span class=\"_ _28\"> </span>Statement <span class=\"_ _28\"> </span>2 <span class=\"_ _28\"> </span>provide <span class=\"_ _28\"> </span>non-mandatory <span class=\"_ _28\"> </span>guidance <span class=\"_\"> </span>on <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>application <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the definition of 'material' to accounting policy informati<span class=\"_ _1\"></span>on, an effective date for these amendments is not necessary.The <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>currently <span class=\"_ _f\"> </span>assessing <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>amendments <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>determine <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>impact <span class=\"_ _11\"> </span>they <span class=\"_ _11\"> </span>will <span class=\"_ _f\"> </span>have <span class=\"_ _f\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company\u2019s <span class=\"_ _11\"> </span>accounting policy disclosures.Amendments <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>IAS <span class=\"_ _27\"> </span>8 <span class=\"_ _27\"> </span>Accounting <span class=\"_ _27\"> </span>policies, <span class=\"_ _27\"> </span>Changes <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>Accounting <span class=\"_ _27\"> </span>Estimates <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>Errors: <span class=\"_ _27\"> </span>Definition <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>Accounting EstimatesIn <span class=\"_ _e\"></span>February, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>IASB <span class=\"_ _e\"></span>issued <span class=\"_ _e\"></span>amendments <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>IAS <span class=\"_ _e\"></span>8 <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>clarify <span class=\"_ _e\"></span>how <span class=\"_ _e\"></span>companies <span class=\"_ _e\"></span>should <span class=\"_ _e\"></span>distinguish <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>accounting policies from changes in <span class=\"_ _d\"></span>accounting estimates. The distinction is <span class=\"_ _d\"></span>important because changes in accounting estimates <span class=\"_ _d\"></span>are applied prospectively <span class=\"_ _d\"></span>only <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>transactions <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>events, <span class=\"_ _e\"></span>but <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>policies <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>generally <span class=\"_ _e\"></span>also <span class=\"_ _e\"></span>applied retrospectively to past transactions and other past events.The amendments are effective for annual periods beginning on or aft<span class=\"_ _1\"></span>er January 1, 2023 with early application permitted.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__22": {
   "value": "1. Basis of presentationOur <span class=\"_ _d\"></span>consolidated <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>prepared <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>International <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>Reporting <span class=\"_ _d\"></span>Standards <span class=\"_ _d\"></span>(\"IFRS\") <span class=\"_ _d\"></span>as adopted by the European Union. See Note 3 for disclosures related to the fi<span class=\"_ _1\"></span>rst-time adoption of IFRS.The financial statements were approved by the Board of Direc<span class=\"_ _1\"></span>tors on April 27, 2023, and authorized for issue.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__11": {
   "value": "1. Basis of presentationOur <span class=\"_ _d\"></span>consolidated <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>prepared <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>International <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>Reporting <span class=\"_ _d\"></span>Standards <span class=\"_ _d\"></span>(\"IFRS\") <span class=\"_ _d\"></span>as",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__23": {
   "value": "2. Use of judgements and estimatesThe <span class=\"_ _10\"></span>preparation <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>consolidated <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>conformity <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>requires <span class=\"_ _10\"></span>management <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>make <span class=\"_ _10\"></span>judgements, estimates <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>affect <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>application <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company's <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>policies <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>reported <span class=\"_ _e\"></span>amounts <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>assets and <span class=\"_ _e\"></span>liabilities, <span class=\"_ _d\"></span>income <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>expenses. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>associated <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>experience <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>various other <span class=\"_ _27\"> </span>factors <span class=\"_ _f\"> </span>that <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>believed <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>be <span class=\"_ _27\"> </span>reasonable <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>circumstances, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>results <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>basis <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>making <span class=\"_ _f\"> </span>the judgements <span class=\"_ _e\"></span>about <span class=\"_ _e\"></span>carrying <span class=\"_ _10\"></span>values <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>assets <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>liabilities <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>readily <span class=\"_ _e\"></span>apparent <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>sources. <span class=\"_ _10\"></span>Actual <span class=\"_ _e\"></span>results <span class=\"_ _10\"></span>may differ from these estimates.The <span class=\"_ _11\"> </span>estimates <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>underlying <span class=\"_ _f\"> </span>assumptions <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>reviewed <span class=\"_ _f\"> </span>periodically. <span class=\"_ _11\"> </span>Revisions <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>estimates <span class=\"_ _f\"> </span>are <span class=\"_ _11\"> </span>recognized <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>in which <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimate <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>revised <span class=\"_ _e\"></span>if <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>revision <span class=\"_ _10\"></span>affects <span class=\"_ _e\"></span>only <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>period, <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>revision <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>future <span class=\"_ _e\"></span>periods <span class=\"_ _10\"></span>if <span class=\"_ _10\"></span>the revision affects both current and future periods.Information <span class=\"_ _e\"></span>about <span class=\"_ _e\"></span>judgements <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>area <span class=\"_ _e\"></span>where <span class=\"_ _e\"></span>significant <span class=\"_ _10\"></span>estimates <span class=\"_ _e\"></span>have <span class=\"_ _e\"></span>been <span class=\"_ _e\"></span>made <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>applying <span class=\"_ _e\"></span>accounting <span class=\"_ _10\"></span>policies <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>have the most significant effects on the amounts recognized in t<span class=\"_ _1\"></span>he consolidated financial statement is include<span class=\"_ _1\"></span>d in the following notes:\u2022<span class=\"_ _2c\"> </span>Note 13 - <span class=\"_ _d\"></span>Depreciation: The cost of <span class=\"_ _d\"></span>the vessels less <span class=\"_ _d\"></span>estimated residual value is <span class=\"_ _d\"></span>depreciated on a straight-line <span class=\"_ _d\"></span>basis over the <span class=\"_ _e\"></span>vessels' <span class=\"_ _e\"></span>estimated <span class=\"_ _10\"></span>remaining <span class=\"_ _e\"></span>economic <span class=\"_ _e\"></span>useful <span class=\"_ _e\"></span>lives. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>selection <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>appropriate <span class=\"_ _e\"></span>useful <span class=\"_ _10\"></span>economic <span class=\"_ _e\"></span>life <span class=\"_ _e\"></span>requires significant <span class=\"_ _e\"></span>estimation. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>addition, <span class=\"_ _e\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>may <span class=\"_ _e\"></span>vary <span class=\"_ _e\"></span>due <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>prices <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>scrap. <span class=\"_ _e\"></span>See <span class=\"_ _e\"></span>policy <span class=\"_ _e\"></span>8.3.<span class=\"ff1\"> </span>for further details.Change in useful life of vesselsHistorically <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>applied <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>25 <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>useful <span class=\"_ _10\"></span>economic <span class=\"_ _e\"></span>life <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _e\"></span>vessels. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>reviews <span class=\"_ _10\"></span>estimated useful <span class=\"_ _e\"></span>lives <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>residual <span class=\"_ _10\"></span>values <span class=\"_ _e\"></span>each <span class=\"_ _e\"></span>year. <span class=\"_ _e\"></span>Estimated <span class=\"_ _e\"></span>useful <span class=\"_ _10\"></span>lives <span class=\"_ _e\"></span>may <span class=\"_ _e\"></span>change <span class=\"_ _e\"></span>due <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>changed <span class=\"_ _e\"></span>end <span class=\"_ _e\"></span>user <span class=\"_ _10\"></span>requirements, costs <span class=\"_ _d4\"> </span>related <span class=\"_ _d4\"> </span>to <span class=\"_ _d4\"> </span>maintenance <span class=\"_ _d4\"> </span>and <span class=\"_ _d4\"> </span>upgrades, <span class=\"_ _d4\"> </span>technological <span class=\"_ _d4\"> </span>development <span class=\"_ _d4\"> </span>and <span class=\"_ _3f\"> </span>competition <span class=\"_ _36\"> </span>as <span class=\"_ _3f\"> </span>well <span class=\"_ _36\"> </span>as <span class=\"_ _3f\"> </span>industry, environmental and legal requirements. Specificall<span class=\"_ _1\"></span>y, the Company has noted that many of our customers apply stringent vetting requirements <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>to ensure <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>most rigorous <span class=\"_ _d\"></span>technical <span class=\"_ _d\"></span>standards <span class=\"_ _d\"></span>are adhered <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>their value <span class=\"_ _d\"></span>chain. As <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>result, <span class=\"_ _d\"></span>many <span class=\"_ _e\"></span>customers <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>age <span class=\"_ _d\"></span>criteria <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>they <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>willing <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>charter. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>recent <span class=\"_ _e\"></span>years, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company has <span class=\"_ _d\"></span>noted <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>two-tier <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>forming, <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>20 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>age, <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>lower, <span class=\"_ _d\"></span>favored <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>top <span class=\"_ _e\"></span>tier <span class=\"_ _e\"></span>charterers, <span class=\"_ _e\"></span>and vessels over 20 years <span class=\"_ _d\"></span>being considered candidates for recycling, or <span class=\"_ _d\"></span>being utilized in markets other <span class=\"_ _d\"></span>than the spot market in <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>we <span class=\"_ _f\"> </span>primarily <span class=\"_ _f\"> </span>compete. <span class=\"_ _f\"> </span>Furthermore, <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _f\"> </span>result <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>increased <span class=\"_ _f\"> </span>focus <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>environmental <span class=\"_ _f\"> </span>factors <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>both owners <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>investors <span class=\"_ _10\"></span>it <span class=\"_ _11\"></span>is <span class=\"_ _10\"></span>expected <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>competitive <span class=\"_ _10\"></span>age <span class=\"_ _11\"> </span>threshold <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"></span>may <span class=\"_ _10\"></span>decrease <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>costs <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>comply with <span class=\"_ _11\"> </span>upcoming <span class=\"_ _11\"> </span>regulations <span class=\"_ _11\"> </span>may <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>moving <span class=\"_ _11\"> </span>forward. <span class=\"_ _11\"> </span>As <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>has <span class=\"_ _11\"> </span>revised <span class=\"_ _11\"> </span>the estimated <span class=\"_ _e\"></span>useful <span class=\"_ _e\"></span>life <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>vessels <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>25 <span class=\"_ _e\"></span>years <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>20 <span class=\"_ _10\"></span>years <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>result <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>analysis <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>aforementioned <span class=\"_ _e\"></span>factors. This change in estimate will be applied prospectively from January 1, 2023 and will not result in any restatement to the current or <span class=\"_ _d\"></span>prior <span class=\"_ _d\"></span>year consolidated <span class=\"_ _d\"></span>financial statements. <span class=\"_ _d\"></span>Based <span class=\"_ _d\"></span>on the <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>fleet as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022, adjusted for <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>sale <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>Front <span class=\"_ _29\"> </span>Eminence <span class=\"_ _29\"> </span>and <span class=\"_ _29\"> </span>Front <span class=\"_ _29\"> </span>Balder, <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>change <span class=\"_ _29\"> </span>in <span class=\"_ _29\"> </span>estimated <span class=\"_ _29\"> </span>useful <span class=\"_ _29\"> </span>life <span class=\"_\"> </span>is <span class=\"_ _29\"> </span>expected <span class=\"_ _29\"> </span>to <span class=\"_ _29\"> </span>increase depreciation expense by approximately $59.0 million <span class=\"_ _d\"></span>for the year ended December 31, <span class=\"_ _d\"></span>2023. The change in estimate is unrelated to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>Note <span class=\"_ _d\"></span>13 - <span class=\"_ _d\"></span>Vessel <span class=\"_ _d\"></span>impairment: <span class=\"_ _d\"></span>The carrying <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the Company's <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>right-of-use assets <span class=\"_ _d\"></span>may <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>represent their <span class=\"_ _27\"> </span>fair <span class=\"_ _27\"> </span>market <span class=\"_ _27\"> </span>value <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>any <span class=\"_ _f\"> </span>point <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>time <span class=\"_ _27\"> </span>since <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>market <span class=\"_ _27\"> </span>prices <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>secondhand <span class=\"_ _f\"> </span>vessels <span class=\"_ _28\"> </span>tend <span class=\"_ _f\"> </span>to <span class=\"_ _28\"> </span>fluctuate <span class=\"_ _f\"> </span>with changes <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>newbuildings. <span class=\"_ _f\"> </span>Historically, <span class=\"_ _11\"> </span>both <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>vessel <span class=\"_ _11\"> </span>values <span class=\"_ _f\"> </span>tend <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>be cyclical. <span class=\"_ _d\"></span>When <span class=\"_ _d\"></span>events and <span class=\"_ _d\"></span>changes <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>circumstances <span class=\"_ _d\"></span>indicate <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>carrying <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>Cash <span class=\"_ _d\"></span>Generating Unit <span class=\"_ _d\"></span>(\"CGU\") <span class=\"_ _d\"></span>might <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>be <span class=\"_ _d\"></span>recovered, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>performs <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>test <span class=\"_ _d\"></span>whereby <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>carrying <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the asset or <span class=\"_ _d\"></span>CGU <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>compared to <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>recoverable amount, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>is the <span class=\"_ _d\"></span>greater <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its value <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>use, based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>discounted <span class=\"_ _d\"></span>cash flows, <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>sell. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>developing <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _d\"></span>in <span class=\"_ _10\"></span>order <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>assess <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use, the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>must <span class=\"_ _d\"></span>make <span class=\"_ _e\"></span>assumptions <span class=\"_ _d\"></span>about <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>performance, <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>significant <span class=\"_ _d\"></span>assumptions <span class=\"_ _e\"></span>being <span class=\"_ _d\"></span>related <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>charter rates, <span class=\"_ _11\"></span>ship <span class=\"_ _11\"> </span>operating <span class=\"_ _10\"></span>expenses, <span class=\"_ _11\"> </span>utilization, <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>other <span class=\"_ _11\"> </span>capital <span class=\"_ _11\"> </span>requirements, <span class=\"_ _11\"> </span>residual <span class=\"_ _11\"> </span>value, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>estimated remaining <span class=\"_ _2d\"> </span>useful <span class=\"_ _2d\"> </span>lives <span class=\"_ _36\"> </span>of <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>vessels <span class=\"_ _36\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>probability <span class=\"_ _36\"> </span>of <span class=\"_ _2d\"> </span>lease <span class=\"_ _2d\"> </span>terminations <span class=\"_ _36\"> </span>for <span class=\"_ _2d\"> </span>right-of-use <span class=\"_ _2d\"> </span>assets. <span class=\"_ _36\"> </span>These assumptions are based on historical trends as well as future expec<span class=\"_ _1\"></span>tations. See policy 10.2. for further details.\u2022<span class=\"_ _55\"> </span><span class=\"fs2\">Note <span class=\"_ _10\"></span>15 <span class=\"_ _10\"></span>- <span class=\"_ _e\"></span>Goodwill <span class=\"_ _10\"></span>impairment: <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>process <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>evaluating <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>potential <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>goodwill <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>highly <span class=\"_ _10\"></span>subjective </span>and <span class=\"_ _28\"> </span>requires <span class=\"_ _28\"> </span>significant <span class=\"_ _28\"> </span>judgment <span class=\"_ _27\"> </span>at <span class=\"_\"> </span>many <span class=\"_ _27\"> </span>points <span class=\"_\"> </span>during <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>anal<span class=\"_ _1\"></span>ysis. <span class=\"_ _28\"> </span>Our <span class=\"_ _28\"> </span>future <span class=\"_ _28\"> </span>operating <span class=\"_ _28\"> </span>performance <span class=\"_ _27\"> </span>may <span class=\"_\"> </span>be affected by <span class=\"_ _d\"></span>potential impairment charges <span class=\"_ _d\"></span>related to goodwill. <span class=\"_ _d\"></span>Events or <span class=\"_ _d\"></span>circumstances may <span class=\"_ _d\"></span>occur that could <span class=\"_ _d\"></span>negatively impact our ordinary share <span class=\"_ _d\"></span>price, including changes in our <span class=\"_ _d\"></span>anticipated revenues and profits and our <span class=\"_ _d\"></span>ability to execute on our strategies. See policy 10.2. for further details.Measurement of fair valuesA <span class=\"_ _d\"></span>number <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>disclosures <span class=\"_ _d\"></span>require <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>measurement <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>values, <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>and non-financial <span class=\"_\"> </span>assets <span class=\"_\"> </span>and <span class=\"_\"> </span>liabilities. <span class=\"_ _28\"> </span>When <span class=\"_\"> </span>measuring <span class=\"_\"> </span>the <span class=\"_\"> </span>fair <span class=\"_\"> </span>value <span class=\"_\"> </span>of <span class=\"_\"> </span>an <span class=\"_\"> </span>asset <span class=\"_\"> </span>or <span class=\"_\"> </span>a<span class=\"_ _1\"></span> <span class=\"_\"> </span>liability, <span class=\"_\"> </span>the <span class=\"_\"> </span>Company <span class=\"_\"> </span>uses <span class=\"_\"> </span>marke<span class=\"_ _1\"></span>t observable <span class=\"_ _d\"></span>data <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>far <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>possible. <span class=\"_ _e\"></span>Fair <span class=\"_ _d\"></span>values <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>categorized <span class=\"_ _d\"></span>into <span class=\"_ _e\"></span>different <span class=\"_ _d\"></span>levels <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>hierarchy <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>inputs used in the valuation techniques as follows.\u2022<span class=\"_ _2c\"> </span>Level 1: quoted prices (unadjusted) in active markets for ide<span class=\"_ _1\"></span>ntical assets or liabilities.\u2022<span class=\"_ _2c\"> </span>Level 2: <span class=\"_ _d\"></span>inputs other <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>quoted prices <span class=\"_ _d\"></span>included in <span class=\"_ _d\"></span>Level <span class=\"_ _d\"></span>1 that <span class=\"_ _d\"></span>are observable <span class=\"_ _d\"></span>for the <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>or liability, <span class=\"_ _d\"></span>either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022<span class=\"_ _2c\"> </span>Level 3: inputs for the asset or liability that are not ba<span class=\"_ _1\"></span>sed on observable market data (unobservable inputs).If <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>inputs <span class=\"_ _e\"></span>used <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>measure <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>asset <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>liability <span class=\"_ _10\"></span>might <span class=\"_ _10\"></span>be <span class=\"_ _10\"></span>categorized <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>different <span class=\"_ _10\"></span>levels <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value hierarchy, <span class=\"_ _11\"> </span>then <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>measurement <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>categorized <span class=\"_ _f\"> </span>in <span class=\"_ _11\"> </span>its <span class=\"_ _f\"> </span>entirety <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>same <span class=\"_ _11\"> </span>level <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>hierarchy <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>the lowest <span class=\"_ _10\"></span>level <span class=\"_ _10\"></span>input <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>significant <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>entire <span class=\"_ _10\"></span>measurement. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>recognizes <span class=\"_ _10\"></span>transfers <span class=\"_ _10\"></span>between <span class=\"_ _11\"></span>levels <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair value hierarchy at the end of the reporting period during which the cha<span class=\"_ _1\"></span>nge has occurred.Further information about the assumptions made in measuring fair va<span class=\"_ _1\"></span>lues is included in the following notes:\u2022<span class=\"_ _2c\"> </span>Note 10 - Marketable securities\u2022<span class=\"_ _2c\"> </span>Note 13 - Vessel impairment\u2022<span class=\"_ _2c\"> </span>Note 15 - Goodwill impairment\u2022<span class=\"_ _2c\"> </span>Note 20 - Financial instruments; and\u2022<span class=\"_ _2c\"> </span>Note 22 - Share options",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__24": {
   "value": "Measurement of fair valuesA <span class=\"_ _d\"></span>number <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>disclosures <span class=\"_ _d\"></span>require <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>measurement <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>values, <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>and non-financial <span class=\"_\"> </span>assets <span class=\"_\"> </span>and <span class=\"_\"> </span>liabilities. <span class=\"_ _28\"> </span>When <span class=\"_\"> </span>measuring <span class=\"_\"> </span>the <span class=\"_\"> </span>fair <span class=\"_\"> </span>value <span class=\"_\"> </span>of <span class=\"_\"> </span>an <span class=\"_\"> </span>asset <span class=\"_\"> </span>or <span class=\"_\"> </span>a<span class=\"_ _1\"></span> <span class=\"_\"> </span>liability, <span class=\"_\"> </span>the <span class=\"_\"> </span>Company <span class=\"_\"> </span>uses <span class=\"_\"> </span>marke<span class=\"_ _1\"></span>t observable <span class=\"_ _d\"></span>data <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>far <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>possible. <span class=\"_ _e\"></span>Fair <span class=\"_ _d\"></span>values <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>categorized <span class=\"_ _d\"></span>into <span class=\"_ _e\"></span>different <span class=\"_ _d\"></span>levels <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>hierarchy <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>inputs used in the valuation techniques as follows.\u2022<span class=\"_ _2c\"> </span>Level 1: quoted prices (unadjusted) in active markets for ide<span class=\"_ _1\"></span>ntical assets or liabilities.\u2022<span class=\"_ _2c\"> </span>Level 2: <span class=\"_ _d\"></span>inputs other <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>quoted prices <span class=\"_ _d\"></span>included in <span class=\"_ _d\"></span>Level <span class=\"_ _d\"></span>1 that <span class=\"_ _d\"></span>are observable <span class=\"_ _d\"></span>for the <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>or liability, <span class=\"_ _d\"></span>either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022<span class=\"_ _2c\"> </span>Level 3: inputs for the asset or liability that are not ba<span class=\"_ _1\"></span>sed on observable market data (unobservable inputs).If <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>inputs <span class=\"_ _e\"></span>used <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>measure <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>asset <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>liability <span class=\"_ _10\"></span>might <span class=\"_ _10\"></span>be <span class=\"_ _10\"></span>categorized <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>different <span class=\"_ _10\"></span>levels <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__25": {
   "value": "3. Principles of consolidationThe <span class=\"_ _36\"> </span>consolidated <span class=\"_ _d4\"> </span>financial <span class=\"_ _36\"> </span>statements <span class=\"_ _d4\"> </span>include <span class=\"_ _d4\"> </span>the <span class=\"_ _36\"> </span>accounts <span class=\"_ _d4\"> </span>for <span class=\"_ _d4\"> </span>us <span class=\"_ _36\"> </span>and <span class=\"_ _d4\"> </span>our <span class=\"_ _d4\"> </span>wholly <span class=\"_ _d4\"> </span>and <span class=\"_ _36\"> </span>majority <span class=\"_ _d4\"> </span>owned <span class=\"_ _d4\"> </span>subsidiaries. Intercompany accounts <span class=\"_ _d\"></span>and transactions <span class=\"_ _d\"></span>have been <span class=\"_ _d\"></span>eliminated on <span class=\"_ _d\"></span>consolidation. The <span class=\"_ _d\"></span>results of <span class=\"_ _d\"></span>acquired companies <span class=\"_ _d\"></span>are included in our Consolidated Statement of Profit or Loss from the date of acqui<span class=\"_ _1\"></span>sition.For <span class=\"_\"> </span>investments <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>which <span class=\"_\"> </span>we <span class=\"_ _28\"> </span>have <span class=\"_\"> </span>significant <span class=\"_\"> </span>influenc<span class=\"_ _1\"></span>e <span class=\"_\"> </span>over <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>operating <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>financial <span class=\"_\"> </span>policies, <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>equity <span class=\"_\"> </span>me<span class=\"_ _1\"></span>thod <span class=\"_\"> </span>of accounting <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>used. <span class=\"_ _d\"></span>Accordingly, <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>earnings <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>losses <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>these <span class=\"_ _d\"></span>companies <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>included <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>results <span class=\"_ _d\"></span>of associated company in the accompanying Consolidated Sta<span class=\"_ _1\"></span>tements<span class=\"ff1\"> </span>of Profit or Loss.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__27": {
   "value": "5. Financial InstrumentsRecognition and initial measurementTrade <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>receivables <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>trade <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>payables <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>initially <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>when <span class=\"_ _e\"></span>they <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>originated. <span class=\"_ _e\"></span>All <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>financial assets <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>financial<span class=\"_ _1\"></span> <span class=\"_ _28\"> </span>liabilities <span class=\"_\"> </span>(inc<span class=\"_ _1\"></span>luding <span class=\"_ _28\"> </span>financial <span class=\"_\"> </span>asset<span class=\"_ _1\"></span>s <span class=\"_ _28\"> </span>designated <span class=\"_\"> </span>as <span class=\"_ _28\"> </span>Fair <span class=\"_ _28\"> </span>Value <span class=\"_ _28\"> </span>through <span class=\"_\"> </span>Other <span class=\"_ _28\"> </span>Comprehensive <span class=\"_ _28\"> </span>Income (\"FVOCI\")) <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>initially <span class=\"_ _e\"></span>recognized <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>trade <span class=\"_ _10\"></span>date, <span class=\"_ _10\"></span>which <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>date <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>becomes <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>party <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>contractual provisions of the instrument.Financial <span class=\"_ _d\"></span>assets <span class=\"_ _e\"></span>(except <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>instruments <span class=\"_ _e\"></span>designated <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>Fair <span class=\"_ _e\"></span>Value <span class=\"_ _e\"></span>through <span class=\"_ _e\"></span>Profit <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>Loss <span class=\"_ _d\"></span>(\"FVTPL\") <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>FVOCI <span class=\"_ _10\"></span>which <span class=\"_ _d\"></span>are measured at fair value) are initially measured at<span class=\"_ _1\"></span> their transaction price.Financial liabilities are recognized initi<span class=\"_ _1\"></span>ally at their transaction price less any directly a<span class=\"_ _1\"></span>ttributable transaction costs.The fair values of equity investments are based on quoted prices.Financial <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>liabilities are <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>offset <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>gross <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>Position <span class=\"_ _d\"></span>unless the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__33": {
   "value": "5.1. Financial assetsClassification and subsequent measurementOn <span class=\"_ _10\"></span>initial <span class=\"_ _10\"></span>recognition, <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>classified <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>measured <span class=\"_ _10\"></span>at: <span class=\"_ _10\"></span>amortized <span class=\"_ _11\"> </span>cost; <span class=\"_ _10\"></span>FVOCI- <span class=\"_ _10\"></span>equity <span class=\"_ _10\"></span>instrument; <span class=\"_ _11\"> </span>or <span class=\"_ _10\"></span>FVTPL. The <span class=\"_ _f\"> </span>classification <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>IFRS <span class=\"_ _27\"> </span>9 <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>generally <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>business <span class=\"_ _27\"> </span>model <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>financial <span class=\"_ _f\"> </span>asset <span class=\"_ _27\"> </span>is managed and its contractual cash flow characteristi<span class=\"_ _1\"></span>cs.Financial <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>reclassified <span class=\"_ _e\"></span>subsequent <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>their <span class=\"_ _e\"></span>initial <span class=\"_ _e\"></span>recognition <span class=\"_ _e\"></span>unless <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>business <span class=\"_ _e\"></span>model <span class=\"_ _e\"></span>for managing financial <span class=\"_ _d\"></span>assets, in <span class=\"_ _d\"></span>which case <span class=\"_ _d\"></span>all affected financial <span class=\"_ _d\"></span>assets are <span class=\"_ _d\"></span>reclassified on <span class=\"_ _d\"></span>the first <span class=\"_ _d\"></span>day of <span class=\"_ _d\"></span>the first <span class=\"_ _d\"></span>reporting period following the change in the business model.A financial asset is measured at amortized cost if i<span class=\"_ _1\"></span>t meets both of the following conditions and is not designated as a<span class=\"_ _1\"></span>t FVTPL:\u2022<span class=\"_ _15e\"> </span>It is held within a business model whose objectives is to hold asset<span class=\"_ _1\"></span>s to collect contractual cash flows; and\u2022<span class=\"_ _15e\"> </span>Its contractual <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>give rise <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>specified <span class=\"_ _d\"></span>dates to <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flows that <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>solely payments <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>principal and <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the principal amount outstanding.On <span class=\"_ _27\"> </span>initial <span class=\"_ _27\"> </span>recognition <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>an <span class=\"_ _f\"> </span>equity <span class=\"_ _28\"> </span>investment <span class=\"_ _f\"> </span>that <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>not <span class=\"_ _27\"> </span>held <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>trading, <span class=\"_ _28\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _28\"> </span>may <span class=\"_ _27\"> </span>irrevocably <span class=\"_ _27\"> </span>elect <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>present subsequent changes in the investment's fair value in OCI. This el<span class=\"_ _1\"></span>ection is made on an investment-by-investment basis.All <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>classified <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>amortized <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>FVOCI <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>described <span class=\"_ _10\"></span>above <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>FVTPL. <span class=\"_ _10\"></span>This includes <span class=\"_ _11\"> </span>all <span class=\"_ _11\"> </span>derivative <span class=\"_ _11\"> </span>financial <span class=\"_ _11\"> </span>assets. <span class=\"_ _f\"> </span>On <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>recognition, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _11\"> </span>may <span class=\"_ _11\"> </span>irrevocably <span class=\"_ _11\"> </span>designate <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>financial <span class=\"_ _11\"> </span>asset <span class=\"_ _11\"> </span>that otherwise <span class=\"_ _27\"> </span>meets <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>requirements <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>be <span class=\"_ _28\"> </span>measured <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>amortized <span class=\"_ _27\"> </span>cost <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>FVOCI <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>at <span class=\"_ _27\"> </span>FVTPL <span class=\"_ _28\"> </span>if <span class=\"_ _27\"> </span>doing <span class=\"_ _28\"> </span>so <span class=\"_ _27\"> </span>eliminates <span class=\"_ _28\"> </span>or significantly reduces an accounting mismatch that woul<span class=\"_ _1\"></span>d otherwise arise.Marketable securitiesMarketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>held <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>listed <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>securities <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>classified <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>measured <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>FVTPL <span class=\"_ _10\"></span>unless <span class=\"_ _11\"> </span>the election <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>present <span class=\"_ _d\"></span>subsequent changes <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>investment's <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>OCI <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>made. <span class=\"_ _d\"></span>No <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>elections <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>been <span class=\"_ _d\"></span>made <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the Company.DerecognitionThe <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>derecognizes <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>when <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>contractual <span class=\"_ _d\"></span>rights <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>cash <span class=\"_ _d\"></span>flows <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>expire, <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>transfers the <span class=\"_ _d\"></span>rights <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>receive <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>contractual <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flows <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>transaction <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>substantially <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>risks <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>rewards <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>ownership <span class=\"_ _d\"></span>of the financial asset are transferred or in <span class=\"_ _d\"></span>which the Company neither transfers nor <span class=\"_ _d\"></span>retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__29": {
   "value": "5.1. Financial assetsClassification and subsequent measurementOn <span class=\"_ _10\"></span>initial <span class=\"_ _10\"></span>recognition, <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>classified <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>measured <span class=\"_ _10\"></span>at: <span class=\"_ _10\"></span>amortized <span class=\"_ _11\"> </span>cost; <span class=\"_ _10\"></span>FVOCI- <span class=\"_ _10\"></span>equity <span class=\"_ _10\"></span>instrument; <span class=\"_ _11\"> </span>or <span class=\"_ _10\"></span>FVTPL. The <span class=\"_ _f\"> </span>classification <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>IFRS <span class=\"_ _27\"> </span>9 <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>generally <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>business <span class=\"_ _27\"> </span>model <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>financial <span class=\"_ _f\"> </span>asset <span class=\"_ _27\"> </span>is managed and its contractual cash flow characteristi<span class=\"_ _1\"></span>cs.Financial <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>reclassified <span class=\"_ _e\"></span>subsequent <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>their <span class=\"_ _e\"></span>initial <span class=\"_ _e\"></span>recognition <span class=\"_ _e\"></span>unless <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>business <span class=\"_ _e\"></span>model <span class=\"_ _e\"></span>for managing financial <span class=\"_ _d\"></span>assets, in <span class=\"_ _d\"></span>which case <span class=\"_ _d\"></span>all affected financial <span class=\"_ _d\"></span>assets are <span class=\"_ _d\"></span>reclassified on <span class=\"_ _d\"></span>the first <span class=\"_ _d\"></span>day of <span class=\"_ _d\"></span>the first <span class=\"_ _d\"></span>reporting period following the change in the business model.A financial asset is measured at amortized cost if i<span class=\"_ _1\"></span>t meets both of the following conditions and is not designated as a<span class=\"_ _1\"></span>t FVTPL:\u2022<span class=\"_ _15e\"> </span>It is held within a business model whose objectives is to hold asset<span class=\"_ _1\"></span>s to collect contractual cash flows; and\u2022<span class=\"_ _15e\"> </span>Its contractual <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>give rise <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>specified <span class=\"_ _d\"></span>dates to <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flows that <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>solely payments <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>principal and <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the principal amount outstanding.On <span class=\"_ _27\"> </span>initial <span class=\"_ _27\"> </span>recognition <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>an <span class=\"_ _f\"> </span>equity <span class=\"_ _28\"> </span>investment <span class=\"_ _f\"> </span>that <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>not <span class=\"_ _27\"> </span>held <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>trading, <span class=\"_ _28\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _28\"> </span>may <span class=\"_ _27\"> </span>irrevocably <span class=\"_ _27\"> </span>elect <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>present subsequent changes in the investment's fair value in OCI. This el<span class=\"_ _1\"></span>ection is made on an investment-by-investment basis.All <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>classified <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>amortized <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>FVOCI <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>described <span class=\"_ _10\"></span>above <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>FVTPL. <span class=\"_ _10\"></span>This includes <span class=\"_ _11\"> </span>all <span class=\"_ _11\"> </span>derivative <span class=\"_ _11\"> </span>financial <span class=\"_ _11\"> </span>assets. <span class=\"_ _f\"> </span>On <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>recognition, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _11\"> </span>may <span class=\"_ _11\"> </span>irrevocably <span class=\"_ _11\"> </span>designate <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>financial <span class=\"_ _11\"> </span>asset <span class=\"_ _11\"> </span>that otherwise <span class=\"_ _27\"> </span>meets <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>requirements <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>be <span class=\"_ _28\"> </span>measured <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>amortized <span class=\"_ _27\"> </span>cost <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>FVOCI <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>at <span class=\"_ _27\"> </span>FVTPL <span class=\"_ _28\"> </span>if <span class=\"_ _27\"> </span>doing <span class=\"_ _28\"> </span>so <span class=\"_ _27\"> </span>eliminates <span class=\"_ _28\"> </span>or significantly reduces an accounting mismatch that woul<span class=\"_ _1\"></span>d otherwise arise.Marketable securitiesMarketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>held <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>listed <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>securities <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>classified <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>measured <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>FVTPL <span class=\"_ _10\"></span>unless <span class=\"_ _11\"> </span>the election <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>present <span class=\"_ _d\"></span>subsequent changes <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>investment's <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>OCI <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>made. <span class=\"_ _d\"></span>No <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>elections <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>been <span class=\"_ _d\"></span>made <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the Company.DerecognitionThe <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>derecognizes <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>when <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>contractual <span class=\"_ _d\"></span>rights <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>cash <span class=\"_ _d\"></span>flows <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>expire, <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>transfers the <span class=\"_ _d\"></span>rights <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>receive <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>contractual <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flows <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>transaction <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>substantially <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>risks <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>rewards <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>ownership <span class=\"_ _d\"></span>of the financial asset are transferred or in <span class=\"_ _d\"></span>which the Company neither transfers nor <span class=\"_ _d\"></span>retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__28": {
   "value": "5.1. Financial assetsClassification and subsequent measurementOn <span class=\"_ _10\"></span>initial <span class=\"_ _10\"></span>recognition, <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>classified <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>measured <span class=\"_ _10\"></span>at: <span class=\"_ _10\"></span>amortized <span class=\"_ _11\"> </span>cost; <span class=\"_ _10\"></span>FVOCI- <span class=\"_ _10\"></span>equity <span class=\"_ _10\"></span>instrument; <span class=\"_ _11\"> </span>or <span class=\"_ _10\"></span>FVTPL. The <span class=\"_ _f\"> </span>classification <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>IFRS <span class=\"_ _27\"> </span>9 <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>generally <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>business <span class=\"_ _27\"> </span>model <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>financial <span class=\"_ _f\"> </span>asset <span class=\"_ _27\"> </span>is managed and its contractual cash flow characteristi<span class=\"_ _1\"></span>cs.Financial <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>reclassified <span class=\"_ _e\"></span>subsequent <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>their <span class=\"_ _e\"></span>initial <span class=\"_ _e\"></span>recognition <span class=\"_ _e\"></span>unless <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>business <span class=\"_ _e\"></span>model <span class=\"_ _e\"></span>for managing financial <span class=\"_ _d\"></span>assets, in <span class=\"_ _d\"></span>which case <span class=\"_ _d\"></span>all affected financial <span class=\"_ _d\"></span>assets are <span class=\"_ _d\"></span>reclassified on <span class=\"_ _d\"></span>the first <span class=\"_ _d\"></span>day of <span class=\"_ _d\"></span>the first <span class=\"_ _d\"></span>reporting period following the change in the business model.A financial asset is measured at amortized cost if i<span class=\"_ _1\"></span>t meets both of the following conditions and is not designated as a<span class=\"_ _1\"></span>t FVTPL:\u2022<span class=\"_ _15e\"> </span>It is held within a business model whose objectives is to hold asset<span class=\"_ _1\"></span>s to collect contractual cash flows; and\u2022<span class=\"_ _15e\"> </span>Its contractual <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>give rise <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>specified <span class=\"_ _d\"></span>dates to <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flows that <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>solely payments <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>principal and <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the principal amount outstanding.On <span class=\"_ _27\"> </span>initial <span class=\"_ _27\"> </span>recognition <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>an <span class=\"_ _f\"> </span>equity <span class=\"_ _28\"> </span>investment <span class=\"_ _f\"> </span>that <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>not <span class=\"_ _27\"> </span>held <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>trading, <span class=\"_ _28\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _28\"> </span>may <span class=\"_ _27\"> </span>irrevocably <span class=\"_ _27\"> </span>elect <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>present subsequent changes in the investment's fair value in OCI. This el<span class=\"_ _1\"></span>ection is made on an investment-by-investment basis.All <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>classified <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>amortized <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>FVOCI <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>described <span class=\"_ _10\"></span>above <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>FVTPL. <span class=\"_ _10\"></span>This includes <span class=\"_ _11\"> </span>all <span class=\"_ _11\"> </span>derivative <span class=\"_ _11\"> </span>financial <span class=\"_ _11\"> </span>assets. <span class=\"_ _f\"> </span>On <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>recognition, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _11\"> </span>may <span class=\"_ _11\"> </span>irrevocably <span class=\"_ _11\"> </span>designate <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>financial <span class=\"_ _11\"> </span>asset <span class=\"_ _11\"> </span>that otherwise <span class=\"_ _27\"> </span>meets <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>requirements <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>be <span class=\"_ _28\"> </span>measured <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>amortized <span class=\"_ _27\"> </span>cost <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>FVOCI <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>at <span class=\"_ _27\"> </span>FVTPL <span class=\"_ _28\"> </span>if <span class=\"_ _27\"> </span>doing <span class=\"_ _28\"> </span>so <span class=\"_ _27\"> </span>eliminates <span class=\"_ _28\"> </span>or significantly reduces an accounting mismatch that woul<span class=\"_ _1\"></span>d otherwise arise.Marketable securitiesMarketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>held <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>listed <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>securities <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>classified <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>measured <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>FVTPL <span class=\"_ _10\"></span>unless <span class=\"_ _11\"> </span>the election <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>present <span class=\"_ _d\"></span>subsequent changes <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>investment's <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>OCI <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>made. <span class=\"_ _d\"></span>No <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>elections <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>been <span class=\"_ _d\"></span>made <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the Company.DerecognitionThe <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>derecognizes <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>when <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>contractual <span class=\"_ _d\"></span>rights <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>cash <span class=\"_ _d\"></span>flows <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>expire, <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>transfers the <span class=\"_ _d\"></span>rights <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>receive <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>contractual <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flows <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>transaction <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>substantially <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>risks <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>rewards <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>ownership <span class=\"_ _d\"></span>of the financial asset are transferred or in <span class=\"_ _d\"></span>which the Company neither transfers nor <span class=\"_ _d\"></span>retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__31": {
   "value": "Classification and subsequent measurementOn <span class=\"_ _10\"></span>initial <span class=\"_ _10\"></span>recognition, <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>classified <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>measured <span class=\"_ _10\"></span>at: <span class=\"_ _10\"></span>amortized <span class=\"_ _11\"> </span>cost; <span class=\"_ _10\"></span>FVOCI- <span class=\"_ _10\"></span>equity <span class=\"_ _10\"></span>instrument; <span class=\"_ _11\"> </span>or <span class=\"_ _10\"></span>FVTPL. The <span class=\"_ _f\"> </span>classification <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>IFRS <span class=\"_ _27\"> </span>9 <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>generally <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>business <span class=\"_ _27\"> </span>model <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>financial <span class=\"_ _f\"> </span>asset <span class=\"_ _27\"> </span>is managed and its contractual cash flow characteristi<span class=\"_ _1\"></span>cs.Financial <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>reclassified <span class=\"_ _e\"></span>subsequent <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>their <span class=\"_ _e\"></span>initial <span class=\"_ _e\"></span>recognition <span class=\"_ _e\"></span>unless <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>business <span class=\"_ _e\"></span>model <span class=\"_ _e\"></span>for managing financial <span class=\"_ _d\"></span>assets, in <span class=\"_ _d\"></span>which case <span class=\"_ _d\"></span>all affected financial <span class=\"_ _d\"></span>assets are <span class=\"_ _d\"></span>reclassified on <span class=\"_ _d\"></span>the first <span class=\"_ _d\"></span>day of <span class=\"_ _d\"></span>the first <span class=\"_ _d\"></span>reporting period following the change in the business model.A financial asset is measured at amortized cost if i<span class=\"_ _1\"></span>t meets both of the following conditions and is not designated as a<span class=\"_ _1\"></span>t FVTPL:\u2022<span class=\"_ _15e\"> </span>It is held within a business model whose objectives is to hold asset<span class=\"_ _1\"></span>s to collect contractual cash flows; and\u2022<span class=\"_ _15e\"> </span>Its contractual <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>give rise <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>specified <span class=\"_ _d\"></span>dates to <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flows that <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>solely payments <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>principal and <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the principal amount outstanding.On <span class=\"_ _27\"> </span>initial <span class=\"_ _27\"> </span>recognition <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>an <span class=\"_ _f\"> </span>equity <span class=\"_ _28\"> </span>investment <span class=\"_ _f\"> </span>that <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>not <span class=\"_ _27\"> </span>held <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>trading, <span class=\"_ _28\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _28\"> </span>may <span class=\"_ _27\"> </span>irrevocably <span class=\"_ _27\"> </span>elect <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>present subsequent changes in the investment's fair value in OCI. This el<span class=\"_ _1\"></span>ection is made on an investment-by-investment basis.All <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>classified <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>amortized <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>FVOCI <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>described <span class=\"_ _10\"></span>above <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>FVTPL. <span class=\"_ _10\"></span>This includes <span class=\"_ _11\"> </span>all <span class=\"_ _11\"> </span>derivative <span class=\"_ _11\"> </span>financial <span class=\"_ _11\"> </span>assets. <span class=\"_ _f\"> </span>On <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>recognition, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _11\"> </span>may <span class=\"_ _11\"> </span>irrevocably <span class=\"_ _11\"> </span>designate <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>financial <span class=\"_ _11\"> </span>asset <span class=\"_ _11\"> </span>that otherwise <span class=\"_ _27\"> </span>meets <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>requirements <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>be <span class=\"_ _28\"> </span>measured <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>amortized <span class=\"_ _27\"> </span>cost <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>at <span class=\"_ _28\"> </span>FVOCI <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>at <span class=\"_ _27\"> </span>FVTPL <span class=\"_ _28\"> </span>if <span class=\"_ _27\"> </span>doing <span class=\"_ _28\"> </span>so <span class=\"_ _27\"> </span>eliminates <span class=\"_ _28\"> </span>or significantly reduces an accounting mismatch that woul<span class=\"_ _1\"></span>d otherwise arise.Marketable securitiesMarketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>held <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>listed <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>securities <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>classified <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>measured <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>FVTPL <span class=\"_ _10\"></span>unless <span class=\"_ _11\"> </span>the election <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>present <span class=\"_ _d\"></span>subsequent changes <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>investment's <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>OCI <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>made. <span class=\"_ _d\"></span>No <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>elections <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>been <span class=\"_ _d\"></span>made <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the Company.DerecognitionThe <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>derecognizes <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>when <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>contractual <span class=\"_ _d\"></span>rights <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>cash <span class=\"_ _d\"></span>flows <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>expire, <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>transfers the <span class=\"_ _d\"></span>rights <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>receive <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>contractual <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flows <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>transaction <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>substantially <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>risks <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>rewards <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>ownership <span class=\"_ _d\"></span>of the financial asset are transferred or in <span class=\"_ _d\"></span>which the Company neither transfers nor <span class=\"_ _d\"></span>retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.5.2. Financial liabilitiesClassification and subsequent measurementFinancial liabilities are classified as me<span class=\"_ _1\"></span>asured at amortized cost or FVTPL.A <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>FVTPL <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>derivative. <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>FVTPL <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>and gains and losses are recognized in profit or loss.Other <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>liabilities <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>subsequently <span class=\"_ _e\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>amortized <span class=\"_ _10\"></span>cost <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>effective <span class=\"_ _e\"></span>interest <span class=\"_ _10\"></span>method. <span class=\"_ _e\"></span>Interest <span class=\"_ _10\"></span>expense <span class=\"_ _e\"></span>is recognized <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>profit <span class=\"_ _10\"></span>or <span class=\"_ _11\"> </span>loss <span class=\"_ _10\"></span>unless <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>interest <span class=\"_ _11\"> </span>is <span class=\"_ _10\"></span>capitalized <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>borrowing <span class=\"_ _11\"> </span>costs. <span class=\"_ _10\"></span>Non-derivative <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>liabilities <span class=\"_ _10\"></span>comprise loans and borrowings, lease liabilities and trade and other paya<span class=\"_ _1\"></span>bles.DerecognitionThe <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>derecognizes <span class=\"_ _f\"> </span>a <span class=\"_ _27\"> </span>financial <span class=\"_ _f\"> </span>liability <span class=\"_ _f\"> </span>when <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>contractual <span class=\"_ _f\"> </span>obligations <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>discharged, <span class=\"_ _f\"> </span>cancelled, <span class=\"_ _27\"> </span>or <span class=\"_ _f\"> </span>expired. <span class=\"_ _27\"> </span>The Company <span class=\"_ _10\"></span>also <span class=\"_ _10\"></span>derecognizes <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>financial <span class=\"_ _11\"> </span>liability <span class=\"_ _10\"></span>when <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>terms <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>modified <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>modified <span class=\"_ _10\"></span>liability <span class=\"_ _11\"> </span>are substantially different, in which case a new financial l<span class=\"_ _1\"></span>iability based on the modified terms is recognized.On <span class=\"_ _10\"></span>derecognition <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>liability, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>difference <span class=\"_ _10\"></span>between <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>extinguished <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>consideration <span class=\"_ _10\"></span>paid (including any non-cash assets transferred or liabilities assume<span class=\"_ _1\"></span>d) is recognized in profit or loss.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__34": {
   "value": "5.2. Financial liabilitiesClassification and subsequent measurementFinancial liabilities are classified as me<span class=\"_ _1\"></span>asured at amortized cost or FVTPL.A <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>FVTPL <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>derivative. <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>FVTPL <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>and gains and losses are recognized in profit or loss.Other <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>liabilities <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>subsequently <span class=\"_ _e\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>amortized <span class=\"_ _10\"></span>cost <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>effective <span class=\"_ _e\"></span>interest <span class=\"_ _10\"></span>method. <span class=\"_ _e\"></span>Interest <span class=\"_ _10\"></span>expense <span class=\"_ _e\"></span>is recognized <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>profit <span class=\"_ _10\"></span>or <span class=\"_ _11\"> </span>loss <span class=\"_ _10\"></span>unless <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>interest <span class=\"_ _11\"> </span>is <span class=\"_ _10\"></span>capitalized <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>borrowing <span class=\"_ _11\"> </span>costs. <span class=\"_ _10\"></span>Non-derivative <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>liabilities <span class=\"_ _10\"></span>comprise loans and borrowings, lease liabilities and trade and other paya<span class=\"_ _1\"></span>bles.DerecognitionThe <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>derecognizes <span class=\"_ _f\"> </span>a <span class=\"_ _27\"> </span>financial <span class=\"_ _f\"> </span>liability <span class=\"_ _f\"> </span>when <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>contractual <span class=\"_ _f\"> </span>obligations <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>discharged, <span class=\"_ _f\"> </span>cancelled, <span class=\"_ _27\"> </span>or <span class=\"_ _f\"> </span>expired. <span class=\"_ _27\"> </span>The Company <span class=\"_ _10\"></span>also <span class=\"_ _10\"></span>derecognizes <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>financial <span class=\"_ _11\"> </span>liability <span class=\"_ _10\"></span>when <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>terms <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>modified <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>modified <span class=\"_ _10\"></span>liability <span class=\"_ _11\"> </span>are substantially different, in which case a new financial l<span class=\"_ _1\"></span>iability based on the modified terms is recognized.On <span class=\"_ _10\"></span>derecognition <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>liability, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>difference <span class=\"_ _10\"></span>between <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>extinguished <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>consideration <span class=\"_ _10\"></span>paid (including any non-cash assets transferred or liabilities assume<span class=\"_ _1\"></span>d) is recognized in profit or loss.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__32": {
   "value": "5.2. Financial liabilitiesClassification and subsequent measurementFinancial liabilities are classified as me<span class=\"_ _1\"></span>asured at amortized cost or FVTPL.A <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>FVTPL <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>derivative. <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>FVTPL <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>and gains and losses are recognized in profit or loss.Other <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>liabilities <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>subsequently <span class=\"_ _e\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>amortized <span class=\"_ _10\"></span>cost <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>effective <span class=\"_ _e\"></span>interest <span class=\"_ _10\"></span>method. <span class=\"_ _e\"></span>Interest <span class=\"_ _10\"></span>expense <span class=\"_ _e\"></span>is recognized <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>profit <span class=\"_ _10\"></span>or <span class=\"_ _11\"> </span>loss <span class=\"_ _10\"></span>unless <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>interest <span class=\"_ _11\"> </span>is <span class=\"_ _10\"></span>capitalized <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>borrowing <span class=\"_ _11\"> </span>costs. <span class=\"_ _10\"></span>Non-derivative <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>liabilities <span class=\"_ _10\"></span>comprise loans and borrowings, lease liabilities and trade and other paya<span class=\"_ _1\"></span>bles.DerecognitionThe <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>derecognizes <span class=\"_ _f\"> </span>a <span class=\"_ _27\"> </span>financial <span class=\"_ _f\"> </span>liability <span class=\"_ _f\"> </span>when <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>contractual <span class=\"_ _f\"> </span>obligations <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>discharged, <span class=\"_ _f\"> </span>cancelled, <span class=\"_ _27\"> </span>or <span class=\"_ _f\"> </span>expired. <span class=\"_ _27\"> </span>The Company <span class=\"_ _10\"></span>also <span class=\"_ _10\"></span>derecognizes <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>financial <span class=\"_ _11\"> </span>liability <span class=\"_ _10\"></span>when <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>terms <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>modified <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>modified <span class=\"_ _10\"></span>liability <span class=\"_ _11\"> </span>are substantially different, in which case a new financial l<span class=\"_ _1\"></span>iability based on the modified terms is recognized.On <span class=\"_ _10\"></span>derecognition <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>liability, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>difference <span class=\"_ _10\"></span>between <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>extinguished <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>consideration <span class=\"_ _10\"></span>paid (including any non-cash assets transferred or liabilities assume<span class=\"_ _1\"></span>d) is recognized in profit or loss.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__30": {
   "value": "5.2. Financial liabilitiesClassification and subsequent measurementFinancial liabilities are classified as me<span class=\"_ _1\"></span>asured at amortized cost or FVTPL.A <span class=\"_ _d\"></span>financial <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>FVTPL <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>derivative. <span class=\"_ _d\"></span>Financial <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>FVTPL <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>and gains and losses are recognized in profit or loss.Other <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>liabilities <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>subsequently <span class=\"_ _e\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>amortized <span class=\"_ _10\"></span>cost <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>effective <span class=\"_ _e\"></span>interest <span class=\"_ _10\"></span>method. <span class=\"_ _e\"></span>Interest <span class=\"_ _10\"></span>expense <span class=\"_ _e\"></span>is recognized <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>profit <span class=\"_ _10\"></span>or <span class=\"_ _11\"> </span>loss <span class=\"_ _10\"></span>unless <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>interest <span class=\"_ _11\"> </span>is <span class=\"_ _10\"></span>capitalized <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>borrowing <span class=\"_ _11\"> </span>costs. <span class=\"_ _10\"></span>Non-derivative <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>liabilities <span class=\"_ _10\"></span>comprise loans and borrowings, lease liabilities and trade and other paya<span class=\"_ _1\"></span>bles.DerecognitionThe <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>derecognizes <span class=\"_ _f\"> </span>a <span class=\"_ _27\"> </span>financial <span class=\"_ _f\"> </span>liability <span class=\"_ _f\"> </span>when <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>contractual <span class=\"_ _f\"> </span>obligations <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>discharged, <span class=\"_ _f\"> </span>cancelled, <span class=\"_ _27\"> </span>or <span class=\"_ _f\"> </span>expired. <span class=\"_ _27\"> </span>The Company <span class=\"_ _10\"></span>also <span class=\"_ _10\"></span>derecognizes <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>financial <span class=\"_ _11\"> </span>liability <span class=\"_ _10\"></span>when <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>terms <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>modified <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>modified <span class=\"_ _10\"></span>liability <span class=\"_ _11\"> </span>are substantially different, in which case a new financial l<span class=\"_ _1\"></span>iability based on the modified terms is recognized.On <span class=\"_ _10\"></span>derecognition <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>liability, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>difference <span class=\"_ _10\"></span>between <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>extinguished <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>consideration <span class=\"_ _10\"></span>paid (including any non-cash assets transferred or liabilities assume<span class=\"_ _1\"></span>d) is recognized in profit or loss.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__35": {
   "value": "5.3. Derivative financial instrumentsThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>enters <span class=\"_ _10\"></span>into <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>bunker <span class=\"_ _11\"> </span>swap <span class=\"_ _11\"> </span>transactions <span class=\"_ _10\"></span>from <span class=\"_ _11\"> </span>time <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>time <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>hedge <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>exposure <span class=\"_ _10\"></span>to floating <span class=\"_ _10\"></span>interest <span class=\"_ _10\"></span>rates <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>movements <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>bunker <span class=\"_ _10\"></span>prices. <span class=\"_ _10\"></span>These <span class=\"_ _10\"></span>transactions <span class=\"_ _10\"></span>involve <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>conversion <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>floating <span class=\"_ _10\"></span>rates <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>fixed rates over the life of the transactions without an exchange of underlying principal. The fair values of <span class=\"_ _d\"></span>the interest rate and bunker swap <span class=\"_ _d\"></span>contracts <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>recognized <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>liabilities. <span class=\"_ _d\"></span>None <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>bunker <span class=\"_ _e\"></span>swaps <span class=\"_ _d\"></span>qualify <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>hedge <span class=\"_ _d\"></span>accounting. Changes in <span class=\"_ _d\"></span>fair values of <span class=\"_ _d\"></span>the interest <span class=\"_ _d\"></span>rate swap contracts <span class=\"_ _d\"></span>are recognized in <span class=\"_ _d\"></span>profit or <span class=\"_ _d\"></span>loss within <span class=\"_ _d\"></span>Finance expense. Cash <span class=\"_ _d\"></span>outflows and <span class=\"_ _10\"></span>inflows <span class=\"_ _e\"></span>resulting <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>derivative <span class=\"_ _10\"></span>contracts <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>operations <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Consolidated <span class=\"_ _10\"></span>Statement <span class=\"_ _10\"></span>of Cash Flows.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__38-1": {
   "value": "6. Cash and cash equivalentsCash <span class=\"_ _d\"></span>comprises <span class=\"_ _d\"></span>cash <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>hand <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>demand <span class=\"_ _e\"></span>deposits. <span class=\"_ _d\"></span>Cash <span class=\"_ _e\"></span>equivalents <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>short-term, <span class=\"_ _d\"></span>highly <span class=\"_ _d\"></span>liquid <span class=\"_ _e\"></span>investments <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>readily convertible <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>known <span class=\"_ _28\"> </span>amounts <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>subject <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>insignificant <span class=\"_ _27\"> </span>risk <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>changes <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>value. <span class=\"_ _27\"> </span>Cash <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>cash equivalents <span class=\"_ _27\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>restricted <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>their <span class=\"_ _28\"> </span>use <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>Restricted <span class=\"_ _28\"> </span>cash <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Consolidated <span class=\"_ _27\"> </span>Statement <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Financial Position. <span class=\"_ _10\"></span>Changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>restricted <span class=\"_ _10\"></span>cash <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>classified <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Consolidated <span class=\"_ _10\"></span>Statement <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>Cash <span class=\"_ _10\"></span>Flows <span class=\"_ _11\"> </span>based <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the nature of the underlying transaction.no credit risk exposure for the Company.Cash and cash equivalentsThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>held <span class=\"_ _11\"> </span>cash <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>cash <span class=\"_ _11\"> </span>equivalents <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>$254.5 <span class=\"_ _10\"></span>million <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>$113.1 <span class=\"_ _11\"> </span>million, <span class=\"_ _11\"> </span>2020: <span class=\"_ _10\"></span>$174.7 million). The cash and cash equivalents are held with Skandinaviska Enskilda Banken, or SEB, HSBC, Royal Bank of Scotland, DNB <span class=\"_ _d\"></span>Bank <span class=\"_ _d\"></span>ASA <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Nordea <span class=\"_ _d\"></span>Bank <span class=\"_ _e\"></span>Norge, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>Nordea, <span class=\"_ _d\"></span>Cr\u00e9dit <span class=\"_ _d\"></span>Agricole, <span class=\"_ _d\"></span>Credit <span class=\"_ _d\"></span>Suisse <span class=\"_ _e\"></span>AG, <span class=\"_ _d\"></span>Standard <span class=\"_ _d\"></span>Chartered <span class=\"_ _d\"></span>Bank <span class=\"_ _d\"></span>Singapore, and <span class=\"_ _11\"> </span>Citibank <span class=\"_ _f\"> </span>N.A. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company\u2019s <span class=\"_ _f\"> </span>concentration <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>credit <span class=\"_ _f\"> </span>risk <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>respect <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>equivalents <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>considered significant <span class=\"_\"> </span>as <span class=\"_\"> </span>substantially <span class=\"_\"> </span>all <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>amounts <span class=\"_\"> </span>are <span class=\"_\"> </span>carried <span class=\"_\"> </span>with <span class=\"_\"> </span>a <span class=\"_\"> </span>diversified <span class=\"_ _29\"> </span>portfolio <span class=\"_\"> </span>of <span class=\"_\"> </span>banks <span class=\"_\"> </span>and <span class=\"_\"> </span>financial <span class=\"_\"> </span>institution counterparties.Restricted cash",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__37": {
   "value": "6. Cash and cash equivalentsCash <span class=\"_ _d\"></span>comprises <span class=\"_ _d\"></span>cash <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>hand <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>demand <span class=\"_ _e\"></span>deposits. <span class=\"_ _d\"></span>Cash <span class=\"_ _e\"></span>equivalents <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>short-term, <span class=\"_ _d\"></span>highly <span class=\"_ _d\"></span>liquid <span class=\"_ _e\"></span>investments <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>readily convertible <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>known <span class=\"_ _28\"> </span>amounts <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>subject <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>insignificant <span class=\"_ _27\"> </span>risk <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>changes <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>value. <span class=\"_ _27\"> </span>Cash <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>cash equivalents <span class=\"_ _27\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>restricted <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>their <span class=\"_ _28\"> </span>use <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>Restricted <span class=\"_ _28\"> </span>cash <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Consolidated <span class=\"_ _27\"> </span>Statement <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Financial Position. <span class=\"_ _10\"></span>Changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>restricted <span class=\"_ _10\"></span>cash <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>classified <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Consolidated <span class=\"_ _10\"></span>Statement <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>Cash <span class=\"_ _10\"></span>Flows <span class=\"_ _11\"> </span>based <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the nature of the underlying transaction.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__36": {
   "value": "6. Cash and cash equivalentsCash <span class=\"_ _d\"></span>comprises <span class=\"_ _d\"></span>cash <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>hand <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>demand <span class=\"_ _e\"></span>deposits. <span class=\"_ _d\"></span>Cash <span class=\"_ _e\"></span>equivalents <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>short-term, <span class=\"_ _d\"></span>highly <span class=\"_ _d\"></span>liquid <span class=\"_ _e\"></span>investments <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>readily convertible <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>known <span class=\"_ _28\"> </span>amounts <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>subject <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>insignificant <span class=\"_ _27\"> </span>risk <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>changes <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>value. <span class=\"_ _27\"> </span>Cash <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>cash equivalents <span class=\"_ _27\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>restricted <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>their <span class=\"_ _28\"> </span>use <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>Restricted <span class=\"_ _28\"> </span>cash <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Consolidated <span class=\"_ _27\"> </span>Statement <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Financial Position. <span class=\"_ _10\"></span>Changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>restricted <span class=\"_ _10\"></span>cash <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>classified <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Consolidated <span class=\"_ _10\"></span>Statement <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>Cash <span class=\"_ _10\"></span>Flows <span class=\"_ _11\"> </span>based <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the nature of the underlying transaction.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__39": {
   "value": "7. InventoriesInventories comprise principally of bunkers <span class=\"_ _d\"></span>and lubricating oils and are stated at <span class=\"_ _d\"></span>the lower of cost and <span class=\"_ _d\"></span>net realizable value. Cost is <span class=\"_ _29\"> </span>determined <span class=\"_ _2d\"> </span>on <span class=\"_ _2d\"> </span>a <span class=\"_ _29\"> </span>first-in, <span class=\"_ _2d\"> </span>first-out <span class=\"_ _2d\"> </span>basis. <span class=\"_ _29\"> </span>Bunkers <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>lubricating <span class=\"_ _29\"> </span>oils <span class=\"_ _2d\"> </span>expense <span class=\"_ _2d\"> </span>is <span class=\"_ _29\"> </span>recognized <span class=\"_ _2d\"> </span>in <span class=\"_ _29\"> </span>profit <span class=\"_ _2d\"> </span>or <span class=\"_ _2d\"> </span>loss <span class=\"_ _2d\"> </span>upon consumption.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__41": {
   "value": "8. Vessels and equipment8.1 Owned assetsVessels <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>items <span class=\"_ _29\"> </span>of <span class=\"_\"> </span>equipment <span class=\"_ _29\"> </span>are <span class=\"_ _29\"> </span>stated <span class=\"_\"> </span>at <span class=\"_ _29\"> </span>cost <span class=\"_\"> </span>less <span class=\"_ _29\"> </span>accumulated <span class=\"_ _29\"> </span>depreciation <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>impairment <span class=\"_\"> </span>losses. <span class=\"_ _29\"> </span>Cost <span class=\"_ _29\"> </span>includes expenditure that is directly attributable to the a<span class=\"_ _1\"></span>cquisition of the asset. The cost of assets includes;\u2022<span class=\"_ _2c\"> </span>The cost of materials and direct labour;\u2022<span class=\"_ _2c\"> </span>Any other costs directly attributable to bringing the assets t<span class=\"_ _1\"></span>o a working condition for their intended use; and\u2022<span class=\"_ _2c\"> </span>Capitalized borrowing costs.Gains <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>losses <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>disposal <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>another <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>determined <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>comparing <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>net <span class=\"_ _e\"></span>proceeds <span class=\"_ _e\"></span>from disposal <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>vessel <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>item <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>recognized <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>profit <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>loss. <span class=\"_ _e\"></span>For <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>sale <span class=\"_ _10\"></span>of vessels, transfer of risks and rewards usually occurs upon delivery of the vessel t<span class=\"_ _1\"></span>o the new owner.8.2 NewbuildingsNewbuildings <span class=\"_ _d\"></span>represent vessels <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>construction <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>carried <span class=\"_ _d\"></span>at the <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>paid <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>according <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the installments in <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>contract <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>capitalized <span class=\"_ _10\"></span>borrowing <span class=\"_ _11\"> </span>costs. <span class=\"_ _11\"> </span>Installments <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>often <span class=\"_ _10\"></span>linked <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>milestones <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>signing <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>contract, <span class=\"_ _10\"></span>steel cutting, <span class=\"_ _f\"> </span>keel <span class=\"_ _f\"> </span>laying, <span class=\"_ _f\"> </span>launching <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>delivery. <span class=\"_ _f\"> </span>Borrowing <span class=\"_ _f\"> </span>costs <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>capitalized <span class=\"_ _f\"> </span>during <span class=\"_ _f\"> </span>construction <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>newbuildings <span class=\"_ _f\"> </span>based <span class=\"_ _f\"> </span>on accumulated expenditures for the applicable project<span class=\"_ _1\"></span> at the Company's current weighted average rate of borrowing.Refer to accounting policy 10.2. for impairment considerations for owne<span class=\"_ _1\"></span>d vessels and newbuildings.8.3. DepreciationDepreciation <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>charged <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>profit <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>loss <span class=\"_ _28\"> </span>on <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>st<span class=\"_ _1\"></span>raight-line <span class=\"_ _28\"> </span>basis <span class=\"_ _28\"> </span>over <span class=\"_\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _28\"> </span>estimated <span class=\"_ _28\"> </span>useful <span class=\"_ _28\"> </span>lives <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>vessels <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>items <span class=\"_ _28\"> </span>of equipment. <span class=\"_ _10\"></span>Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>depreciated <span class=\"_ _10\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>straight-line <span class=\"_ _10\"></span>method <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>commencement <span class=\"_ _10\"></span>date <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>end <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the lease <span class=\"_ _e\"></span>term, <span class=\"_ _e\"></span>unless <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>reflects <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>will <span class=\"_ _e\"></span>exercise <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>purchase <span class=\"_ _10\"></span>option. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>case <span class=\"_ _e\"></span>the right-of-use asset will be depreciated over the useful life of t<span class=\"_ _1\"></span>he underlying asset.The cost <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the vessels <span class=\"_ _d\"></span>less <span class=\"_ _d\"></span>estimated residual <span class=\"_ _d\"></span>value is <span class=\"_ _d\"></span>depreciated on <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>straight-line basis <span class=\"_ _d\"></span>over the <span class=\"_ _d\"></span>vessels' <span class=\"_ _d\"></span>estimated remaining economic useful lives. The estimated economic useful life of the Company's vessels was 25 years. Depreciation methods, useful lives <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>residual <span class=\"_ _10\"></span>values <span class=\"_ _11\"> </span>are <span class=\"_ _10\"></span>reviewed <span class=\"_ _11\"> </span>annually <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>adjusted <span class=\"_ _10\"></span>prospectively, <span class=\"_ _10\"></span>if <span class=\"_ _11\"> </span>appropriate. <span class=\"_ _10\"></span>As <span class=\"_ _11\"> </span>explained <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>policy <span class=\"_ _11\"> </span>2.2., <span class=\"_ _10\"></span>as <span class=\"_ _11\"> </span>of December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>revised <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>estimated <span class=\"_ _d\"></span>useful <span class=\"_ _d\"></span>life <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>25 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>20 <span class=\"_ _e\"></span>years. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in estimate <span class=\"_ _e\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>applied <span class=\"_ _10\"></span>prospectively <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2023 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>will <span class=\"_ _10\"></span>not <span class=\"_ _e\"></span>result <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>any <span class=\"_ _10\"></span>restatement <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>current <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>prior <span class=\"_ _e\"></span>year consolidated <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>statements. <span class=\"_ _27\"> </span>Other <span class=\"_ _f\"> </span>equipment, <span class=\"_ _27\"> </span>excluding <span class=\"_ _27\"> </span>vessel <span class=\"_ _27\"> </span>upgrades, <span class=\"_ _f\"> </span>is <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>estimated <span class=\"_ _f\"> </span>remaining useful <span class=\"_ _f\"> </span>life, <span class=\"_ _f\"> </span>which <span class=\"_ _27\"> </span>approximates <span class=\"_ _f\"> </span>5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>residual <span class=\"_ _f\"> </span>value <span class=\"_ _27\"> </span>for <span class=\"_ _f\"> </span>owned <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>calculated <span class=\"_ _f\"> </span>by <span class=\"_ _27\"> </span>multiplying <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>lightweight tonnage of the vessel by the market price of scrap per tonne. The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>capitalizes <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>depreciates <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>costs <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>significant <span class=\"_ _e\"></span>replacements, <span class=\"_ _10\"></span>renewals <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>upgrades <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>vessels <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the shorter of the <span class=\"_ _d\"></span>vessel\u2019s remaining useful <span class=\"_ _d\"></span>life or the <span class=\"_ _d\"></span>life of the <span class=\"_ _d\"></span>renewal or upgrade. <span class=\"_ _d\"></span>Costs that are <span class=\"_ _d\"></span>not capitalized are recorded <span class=\"_ _d\"></span>as a component <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>direct <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"> </span>operating <span class=\"_ _11\"> </span>expenses <span class=\"_ _10\"></span>during <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _10\"></span>incurred. <span class=\"_ _11\"> </span>Expenses <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>routine <span class=\"_ _11\"> </span>maintenance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>repairs <span class=\"_ _11\"> </span>are expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred. <span class=\"_ _10\"></span>Advances <span class=\"_ _e\"></span>paid <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>respect <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>upgrades <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>exhaust <span class=\"_ _e\"></span>gas <span class=\"_ _10\"></span>cleaning <span class=\"_ _10\"></span>systems <span class=\"_ _e\"></span>(\"EGCS\") <span class=\"_ _10\"></span>and ballast <span class=\"_ _e\"></span>water <span class=\"_ _10\"></span>treatment <span class=\"_ _e\"></span>systems <span class=\"_ _10\"></span>(\"BWTS\") <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>included <span class=\"_ _e\"></span>within <span class=\"_ _10\"></span>\"other <span class=\"_ _e\"></span>non-current <span class=\"_ _10\"></span>assets\", <span class=\"_ _e\"></span>until <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>time <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>is installed on a vessel, at which point it is transferred to \"Vesse<span class=\"_ _1\"></span>ls and equipment\".8.4. Dry docking \u2013 component approachOur <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>their <span class=\"_ _10\"></span>respective <span class=\"_ _11\"> </span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _10\"></span>at <span class=\"_ _11\"> </span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>general, vessels <span class=\"_ _27\"> </span>below <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>age <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>15 <span class=\"_ _f\"> </span>years <span class=\"_ _28\"> </span>are <span class=\"_ _f\"> </span>docked <span class=\"_ _28\"> </span>every <span class=\"_ _f\"> </span>5 <span class=\"_ _28\"> </span>years <span class=\"_ _f\"> </span>and <span class=\"_ _28\"> </span>vessels <span class=\"_ _f\"> </span>older <span class=\"_ _28\"> </span>than <span class=\"_ _f\"> </span>15 <span class=\"_ _28\"> </span>years <span class=\"_ _27\"> </span>are <span class=\"_ _27\"> </span>docked <span class=\"_ _27\"> </span>every <span class=\"_ _27\"> </span>2.5 <span class=\"_ _27\"> </span>years.  Significant <span class=\"_ _29\"> </span>components <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>property, <span class=\"_ _29\"> </span>plant <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>equipment <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>differing <span class=\"_ _29\"> </span>depreciation <span class=\"_ _2d\"> </span>methods <span class=\"_ _2d\"> </span>or <span class=\"_ _29\"> </span>lives <span class=\"_ _2d\"> </span>are <span class=\"_ _2d\"> </span>depreciated separately. <span class=\"_ _e\"></span>Major <span class=\"_ _e\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking, <span class=\"_ _10\"></span>are <span class=\"_ _d\"></span>identified <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>separate <span class=\"_ _d\"></span>component and <span class=\"_ _10\"></span>depreciated <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _10\"></span>scheduled <span class=\"_ _10\"></span>dry <span class=\"_ _10\"></span>docking <span class=\"_ _11\"> </span>(2.5 <span class=\"_ _10\"></span>- <span class=\"_ _10\"></span>5 <span class=\"_ _10\"></span>years). <span class=\"_ _11\"> </span>A <span class=\"_ _10\"></span>portion <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>is allocated <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>dry <span class=\"_ _e\"></span>docking <span class=\"_ _d\"></span>component <span class=\"_ _d\"></span>upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>estimate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>expected <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>dock cost <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next <span class=\"_ _d\"></span>scheduled dry <span class=\"_ _d\"></span>docking. <span class=\"_ _d\"></span>When <span class=\"_ _d\"></span>a dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>performed, <span class=\"_ _d\"></span>the carrying <span class=\"_ _d\"></span>amount of any remaining <span class=\"_ _d\"></span>unamortized dry docking costs <span class=\"_ _d\"></span>related to previous dry <span class=\"_ _d\"></span>docks (due to <span class=\"_ _d\"></span>any difference between the estimated <span class=\"_ _d\"></span>and actual time between dry docks) is derecognized. Costs associated with routine repairs and <span class=\"_ _d\"></span>maintenance are expensed as incurred including routine maintenance performed while the vessel<span class=\"_ _1\"></span> is in dry dock.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__40": {
   "value": "8.3. DepreciationDepreciation <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>charged <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>profit <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>loss <span class=\"_ _28\"> </span>on <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>st<span class=\"_ _1\"></span>raight-line <span class=\"_ _28\"> </span>basis <span class=\"_ _28\"> </span>over <span class=\"_\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _28\"> </span>estimated <span class=\"_ _28\"> </span>useful <span class=\"_ _28\"> </span>lives <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>vessels <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>items <span class=\"_ _28\"> </span>of equipment. <span class=\"_ _10\"></span>Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>depreciated <span class=\"_ _10\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>straight-line <span class=\"_ _10\"></span>method <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>commencement <span class=\"_ _10\"></span>date <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>end <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the lease <span class=\"_ _e\"></span>term, <span class=\"_ _e\"></span>unless <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>reflects <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>will <span class=\"_ _e\"></span>exercise <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>purchase <span class=\"_ _10\"></span>option. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>case <span class=\"_ _e\"></span>the right-of-use asset will be depreciated over the useful life of t<span class=\"_ _1\"></span>he underlying asset.The cost <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the vessels <span class=\"_ _d\"></span>less <span class=\"_ _d\"></span>estimated residual <span class=\"_ _d\"></span>value is <span class=\"_ _d\"></span>depreciated on <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>straight-line basis <span class=\"_ _d\"></span>over the <span class=\"_ _d\"></span>vessels' <span class=\"_ _d\"></span>estimated remaining economic useful lives. The estimated economic useful life of the Company's vessels was 25 years. Depreciation methods, useful lives <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>residual <span class=\"_ _10\"></span>values <span class=\"_ _11\"> </span>are <span class=\"_ _10\"></span>reviewed <span class=\"_ _11\"> </span>annually <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>adjusted <span class=\"_ _10\"></span>prospectively, <span class=\"_ _10\"></span>if <span class=\"_ _11\"> </span>appropriate. <span class=\"_ _10\"></span>As <span class=\"_ _11\"> </span>explained <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>policy <span class=\"_ _11\"> </span>2.2., <span class=\"_ _10\"></span>as <span class=\"_ _11\"> </span>of December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>revised <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>estimated <span class=\"_ _d\"></span>useful <span class=\"_ _d\"></span>life <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>25 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>20 <span class=\"_ _e\"></span>years. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in estimate <span class=\"_ _e\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>applied <span class=\"_ _10\"></span>prospectively <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2023 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>will <span class=\"_ _10\"></span>not <span class=\"_ _e\"></span>result <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>any <span class=\"_ _10\"></span>restatement <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>current <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>prior <span class=\"_ _e\"></span>year consolidated <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>statements. <span class=\"_ _27\"> </span>Other <span class=\"_ _f\"> </span>equipment, <span class=\"_ _27\"> </span>excluding <span class=\"_ _27\"> </span>vessel <span class=\"_ _27\"> </span>upgrades, <span class=\"_ _f\"> </span>is <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>estimated <span class=\"_ _f\"> </span>remaining useful <span class=\"_ _f\"> </span>life, <span class=\"_ _f\"> </span>which <span class=\"_ _27\"> </span>approximates <span class=\"_ _f\"> </span>5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>residual <span class=\"_ _f\"> </span>value <span class=\"_ _27\"> </span>for <span class=\"_ _f\"> </span>owned <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>calculated <span class=\"_ _f\"> </span>by <span class=\"_ _27\"> </span>multiplying <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>lightweight tonnage of the vessel by the market price of scrap per tonne. The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>capitalizes <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>depreciates <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>costs <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>significant <span class=\"_ _e\"></span>replacements, <span class=\"_ _10\"></span>renewals <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>upgrades <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>vessels <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the shorter of the <span class=\"_ _d\"></span>vessel\u2019s remaining useful <span class=\"_ _d\"></span>life or the <span class=\"_ _d\"></span>life of the <span class=\"_ _d\"></span>renewal or upgrade. <span class=\"_ _d\"></span>Costs that are <span class=\"_ _d\"></span>not capitalized are recorded <span class=\"_ _d\"></span>as a component <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>direct <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"> </span>operating <span class=\"_ _11\"> </span>expenses <span class=\"_ _10\"></span>during <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _10\"></span>incurred. <span class=\"_ _11\"> </span>Expenses <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>routine <span class=\"_ _11\"> </span>maintenance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>repairs <span class=\"_ _11\"> </span>are expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred. <span class=\"_ _10\"></span>Advances <span class=\"_ _e\"></span>paid <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>respect <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>upgrades <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>exhaust <span class=\"_ _e\"></span>gas <span class=\"_ _10\"></span>cleaning <span class=\"_ _10\"></span>systems <span class=\"_ _e\"></span>(\"EGCS\") <span class=\"_ _10\"></span>and ballast <span class=\"_ _e\"></span>water <span class=\"_ _10\"></span>treatment <span class=\"_ _e\"></span>systems <span class=\"_ _10\"></span>(\"BWTS\") <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>included <span class=\"_ _e\"></span>within <span class=\"_ _10\"></span>\"other <span class=\"_ _e\"></span>non-current <span class=\"_ _10\"></span>assets\", <span class=\"_ _e\"></span>until <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>time <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>is installed on a vessel, at which point it is transferred to \"Vesse<span class=\"_ _1\"></span>ls and equipment\".",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__42-1": {
   "value": "9. GoodwillWe <span class=\"_ _27\"> </span>allocate <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>cost <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>acquired <span class=\"_ _27\"> </span>companies <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>identifiable <span class=\"_ _27\"> </span>tangible <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>intangible <span class=\"_ _27\"> </span>assets <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>liabilities <span class=\"_ _27\"> </span>acquired, <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>the remaining amount being classified as goodwill. When the excess <span class=\"_ _d\"></span>is negative, a bargain purchase gain is recognized immediately in <span class=\"_ _d\"></span>profit <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>loss. <span class=\"_ _e\"></span>After <span class=\"_ _d\"></span>initial <span class=\"_ _e\"></span>recognition <span class=\"_ _d\"></span>goodwill <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>accumulated <span class=\"_ _d\"></span>impairment <span class=\"_ _e\"></span>losses, <span class=\"_ _d\"></span>refer <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>accounting policy 10.2.10.2. Non-financial assetsThe <span class=\"_ _10\"></span>carrying <span class=\"_ _11\"> </span>amounts <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company\u2019s <span class=\"_ _10\"></span>non-financial <span class=\"_ _11\"> </span>assets, <span class=\"_ _11\"> </span>other <span class=\"_ _11\"> </span>than <span class=\"_ _10\"></span>inventory <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>contract <span class=\"_ _11\"> </span>assets, <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>reviewed <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>each reporting <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>determine <span class=\"_ _d\"></span>whether <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>indication <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>impairment. <span class=\"_ _d\"></span>If <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>indication <span class=\"_ _d\"></span>exists, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>asset\u2019s <span class=\"_ _d\"></span>recoverable amount is estimated. Goodwill is tested annually for impa<span class=\"_ _1\"></span>irment.For <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>purpose <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>testing, <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>grouped <span class=\"_ _e\"></span>together <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>smallest <span class=\"_ _d\"></span>group <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>generates <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>inflows from <span class=\"_ _28\"> </span>continuing <span class=\"_ _28\"> </span>use <span class=\"_ _28\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>largely <span class=\"_ _27\"> </span>independent <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>cash <span class=\"_ _27\"> </span>inflows <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>other <span class=\"_\"> </span>assets <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>cash <span class=\"_ _27\"> </span>generating <span class=\"_\"> </span>units <span class=\"_ _27\"> </span>(\"CGUs\"). Goodwill <span class=\"_ _d\"></span>acquired <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>business <span class=\"_ _d\"></span>combination <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>groups <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>CGUs <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>expected <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>benefit <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>synergies <span class=\"_ _d\"></span>of the combination.The recoverable amount of an <span class=\"_ _d\"></span>asset or CGU is the <span class=\"_ _d\"></span>greater of its fair value less <span class=\"_ _d\"></span>cost to sell and value in <span class=\"_ _d\"></span>use. In assessing value in use, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>estimated <span class=\"_ _f\"> </span>future <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>flows <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>discounted <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>their <span class=\"_ _f\"> </span>present <span class=\"_ _f\"> </span>value <span class=\"_ _f\"> </span>using <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>pre-tax <span class=\"_ _f\"> </span>discount <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>that <span class=\"_ _11\"> </span>reflects <span class=\"_ _f\"> </span>current market <span class=\"_ _11\"> </span>assessments <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>money <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>risks <span class=\"_ _11\"> </span>specific <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>asset <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>CGU. <span class=\"_ _11\"> </span>Future <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>based <span class=\"_ _f\"> </span>on current market conditions, historical trends as well as future<span class=\"_ _1\"></span> expectations.An impairment loss <span class=\"_ _d\"></span>is recognized if <span class=\"_ _d\"></span>the carrying amount <span class=\"_ _d\"></span>of an asset <span class=\"_ _d\"></span>or CGU exceeds <span class=\"_ _d\"></span>its recoverable amount. Impairment <span class=\"_ _d\"></span>losses are recognized in profit or loss.An <span class=\"_ _d\"></span>impairment <span class=\"_ _e\"></span>loss <span class=\"_ _e\"></span>recognized <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>goodwill <span class=\"_ _e\"></span>shall <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>reversed. <span class=\"_ _d\"></span>For <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>assets, <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _d\"></span>loss <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>reversed <span class=\"_ _e\"></span>only <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the extent <span class=\"_\"> </span>that <span class=\"_\"> </span>the <span class=\"_\"> </span>asset\u2019s <span class=\"_\"> </span>carrying <span class=\"_ _29\"> </span>amount <span class=\"_\"> </span>does <span class=\"_\"> </span>not <span class=\"_\"> </span>exceed <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>carrying <span class=\"_\"> </span>amount <span class=\"_\"> </span>that <span class=\"_\"> </span>would <span class=\"_\"> </span>have <span class=\"_ _29\"> </span>been <span class=\"_\"> </span>determined, <span class=\"_\"> </span>net <span class=\"_\"> </span>of depreciation or amortization, if no impairment loss had be<span class=\"_ _1\"></span>en recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen <span class=\"_ _d\"></span>events <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>circumstances <span class=\"_ _e\"></span>indicate <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>asset <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>CGU <span class=\"_ _e\"></span>might <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>recovered, <span class=\"_ _e\"></span>the Company <span class=\"_ _27\"> </span>performs <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>impairment <span class=\"_ _27\"> </span>test <span class=\"_ _28\"> </span>whereby <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>asset <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>CGU <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>compared <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>recoverable amount, <span class=\"_ _d\"></span>which <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>greater <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use, <span class=\"_ _10\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>discounted <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>flows, <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell. <span class=\"_ _e\"></span>We <span class=\"_ _e\"></span>define our <span class=\"_ _e\"></span>CGU <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>single <span class=\"_ _10\"></span>vessel <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>each <span class=\"_ _e\"></span>vessel <span class=\"_ _10\"></span>generates <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>inflows <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>largely <span class=\"_ _e\"></span>independent <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>cash <span class=\"_ _e\"></span>inflows <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>other vessels. In assessing whether there <span class=\"_ _d\"></span>is any indication that a vessel <span class=\"_ _d\"></span>may be impaired, the Company considers <span class=\"_ _d\"></span>internal and external indicators, including but not limited to:\u2022<span class=\"_ _2c\"> </span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _10\"></span>market <span class=\"_ _e\"></span>values <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>our <span class=\"_ _10\"></span>vessels <span class=\"_ _10\"></span>received <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>independent <span class=\"_ _10\"></span>ship <span class=\"_ _10\"></span>brokers <span class=\"_ _10\"></span>have <span class=\"_ _10\"></span>declined <span class=\"_ _10\"></span>during <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period significantly more <span class=\"_ _d\"></span>than we <span class=\"_ _d\"></span>would expect <span class=\"_ _d\"></span>as a <span class=\"_ _d\"></span>result of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>passage of <span class=\"_ _d\"></span>time or <span class=\"_ _d\"></span>normal use. <span class=\"_ _d\"></span>The ship <span class=\"_ _d\"></span>brokers assess <span class=\"_ _d\"></span>each vessel based on, among others, age, yard, deadweight capacity and com<span class=\"_ _1\"></span>pare this to market transactions.\u2022<span class=\"_ _2c\"> </span>significant changes with an adverse <span class=\"_ _d\"></span>effect on the Company have taken <span class=\"_ _d\"></span>place during the period, or will <span class=\"_ _d\"></span>take place in the near <span class=\"_ _d\"></span>future, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>legal <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>regulatory <span class=\"_ _d\"></span>environment <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>operates, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>tanker <span class=\"_ _d\"></span>market, <span class=\"_ _e\"></span>including negative developments in actual and forecasted tim<span class=\"_ _1\"></span>e charter equivalent rates (\"TCE rates\").\u2022<span class=\"_ _2c\"> </span>market <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rates <span class=\"_ _11\"> </span>have <span class=\"_ _f\"> </span>increased <span class=\"_ _11\"> </span>during <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period, <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>increase <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>likely <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>affect <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>discount <span class=\"_ _11\"> </span>rate <span class=\"_ _f\"> </span>used <span class=\"_ _11\"> </span>in calculating a vessel\u2019s value in use and decrease the a<span class=\"_ _1\"></span>sset\u2019s recoverable amount materially.\u2022<span class=\"_ _2c\"> </span>the carrying amount of the net assets of the Company is more than i<span class=\"_ _1\"></span>ts market capitalization.\u2022<span class=\"_ _2c\"> </span>evidence is available of obsolescence or physical dama<span class=\"_ _1\"></span>ge of a vessel.\u2022<span class=\"_ _2c\"> </span>significant changes <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>adverse effect <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company have <span class=\"_ _d\"></span>taken <span class=\"_ _d\"></span>place <span class=\"_ _d\"></span>during the <span class=\"_ _d\"></span>period, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>expected to <span class=\"_ _d\"></span>take place in the near future, in the extent to which, or manner in whi<span class=\"_ _1\"></span>ch, a vessel is used or is expected to be used.\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">evidence that the economic performance of a vessel is, or wi<span class=\"_ _1\"></span>ll be, worse than expected, including:</span>\u25e6<span class=\"_ _2c\"> </span>actual or forecasted TCE rates are signific<span class=\"_ _1\"></span>antly worse than expected;\u25e6<span class=\"_ _2c\"> </span>cash <span class=\"_ _e\"></span>flows <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>acquiring <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>vessel, <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>subsequent <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>needs <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>maintaining <span class=\"_ _e\"></span>it, <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>significantly higher than expected;\u25e6<span class=\"_ _2c\"> </span>actual net cash flows or operating profit are signific<span class=\"_ _1\"></span>antly worse than expected;\u25e6<span class=\"_ _2c\"> </span>a significant decline in budgeted net cash flows or ope<span class=\"_ _1\"></span>rating profit; or\u25e6<span class=\"_ _2c\"> </span>operating losses or net cash outflows.If <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>impairment <span class=\"_ _11\"> </span>indicators <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>identified, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>vessel\u2019s <span class=\"_ _11\"> </span>recoverable <span class=\"_ _11\"> </span>amount <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>estimated. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>developing <span class=\"_ _11\"> </span>estimates <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>future cash <span class=\"_ _11\"></span>flows <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>order <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>assess <span class=\"_ _11\"> </span>value <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>use, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>must <span class=\"_ _11\"> </span>make <span class=\"_ _11\"> </span>assumptions <span class=\"_ _11\"> </span>about <span class=\"_ _11\"> </span>future <span class=\"_ _11\"> </span>performance, <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>significant assumptions <span class=\"_ _f\"> </span>being <span class=\"_ _f\"> </span>related <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates, <span class=\"_ _f\"> </span>ship <span class=\"_ _f\"> </span>operating <span class=\"_ _f\"> </span>expenses, <span class=\"_ _f\"> </span>utilization, <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>other <span class=\"_ _f\"> </span>capital <span class=\"_ _11\"> </span>requirements, residual <span class=\"_ _11\"> </span>value, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>estimated <span class=\"_ _11\"> </span>remaining <span class=\"_ _11\"> </span>useful <span class=\"_ _11\"> </span>lives <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>probability <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>lease <span class=\"_ _f\"> </span>terminations <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>vessels <span class=\"_ _f\"> </span>held under <span class=\"_ _e\"></span>lease. <span class=\"_ _e\"></span>These <span class=\"_ _e\"></span>assumptions <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>historical <span class=\"_ _e\"></span>trends <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>well <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>expectations. <span class=\"_ _e\"></span>Specifically, <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>estimating <span class=\"_ _e\"></span>future charter <span class=\"_ _e\"></span>rates, <span class=\"_ _e\"></span>management <span class=\"_ _e\"></span>takes <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>consideration <span class=\"_ _e\"></span>rates <span class=\"_ _e\"></span>currently <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>effect <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>existing <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>charters <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>daily <span class=\"_ _e\"></span>time charter equivalent <span class=\"_ _d\"></span>rates for <span class=\"_ _d\"></span>each <span class=\"_ _d\"></span>vessel class <span class=\"_ _d\"></span>for the <span class=\"_ _d\"></span>unfixed days <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the estimated <span class=\"_ _d\"></span>remaining lives <span class=\"_ _d\"></span>of each <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the vessels. <span class=\"_ _d\"></span>The estimated <span class=\"_ _f\"> </span>daily <span class=\"_ _f\"> </span>time <span class=\"_ _27\"> </span>charter <span class=\"_ _f\"> </span>equivalent <span class=\"_ _27\"> </span>rates <span class=\"_ _f\"> </span>used <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>unfixed <span class=\"_ _f\"> </span>days <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _27\"> </span>combination <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>(i) <span class=\"_ _f\"> </span>internally <span class=\"_ _27\"> </span>developed forecasts, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>(ii) <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>quarterly <span class=\"_ _e\"></span>average <span class=\"_ _e\"></span>rates <span class=\"_ _10\"></span>published <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>independent <span class=\"_ _10\"></span>third <span class=\"_ _e\"></span>party <span class=\"_ _e\"></span>maritime <span class=\"_ _10\"></span>research service, <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>historical <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>management's <span class=\"_ _d\"></span>judgment <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>past <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>ongoing <span class=\"_ _d\"></span>shipping <span class=\"_ _e\"></span>cycles. <span class=\"_ _d\"></span>Recognizing that <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>transportation <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>crude <span class=\"_ _27\"> </span>oil <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>cyclical <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>subject <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>significant <span class=\"_ _27\"> </span>volatility <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>factors <span class=\"_ _27\"> </span>beyond <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company's control, <span class=\"_ _d\"></span>management <span class=\"_ _e\"></span>believes <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>use <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>combination <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>internally <span class=\"_ _d\"></span>forecast <span class=\"_ _e\"></span>rates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>average rates calculated as of the reporting date to be reasonabl<span class=\"_ _1\"></span>e.Estimated <span class=\"_ _10\"></span>outflows <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>operating <span class=\"_ _10\"></span>expenses <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>dry <span class=\"_ _10\"></span>docking <span class=\"_ _11\"> </span>requirements <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>based <span class=\"_ _10\"></span>on <span class=\"_ _11\"> </span>historical <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>budgeted <span class=\"_ _10\"></span>costs <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>are adjusted <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>assumed <span class=\"_ _10\"></span>inflation. <span class=\"_ _10\"></span>Finally, <span class=\"_ _10\"></span>utilization <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>historical <span class=\"_ _10\"></span>levels <span class=\"_ _10\"></span>achieved <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>estimates <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>are consistent <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>pattern <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>scrap <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>used <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>management's <span class=\"_ _f\"> </span>evaluation <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>salvage <span class=\"_ _f\"> </span>value. <span class=\"_ _f\"> </span>Other <span class=\"_ _11\"> </span>capital <span class=\"_ _f\"> </span>requirements <span class=\"_ _f\"> </span>for newbuildings are primarily based on amounts payable according to t<span class=\"_ _1\"></span>he installments in the contract.The <span class=\"_ _e\"></span>weighted <span class=\"_ _e\"></span>average <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>capital <span class=\"_ _d\"></span>(\"WACC\") <span class=\"_ _10\"></span>used <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>calculate <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>use <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>been <span class=\"_ _e\"></span>calculated <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>reflect the industry-weighted average return on debt and equity using observable m<span class=\"_ _1\"></span>arket data.The <span class=\"_ _10\"></span>more <span class=\"_ _11\"> </span>significant <span class=\"_ _10\"></span>factors <span class=\"_ _11\"> </span>that <span class=\"_ _11\"> </span>could <span class=\"_ _10\"></span>impact <span class=\"_ _11\"> </span>management's <span class=\"_ _10\"></span>assumptions <span class=\"_ _11\"> </span>regarding <span class=\"_ _10\"></span>time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>equivalent <span class=\"_ _10\"></span>rates <span class=\"_ _11\"> </span>include <span class=\"_ _10\"></span>(i) loss <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>reduction <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>business <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>significant <span class=\"_ _10\"></span>customers, <span class=\"_ _10\"></span>(ii) <span class=\"_ _11\"></span>unanticipated <span class=\"_ _10\"></span>changes <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>demand <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>transportation <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>crude <span class=\"_ _10\"></span>oil and oil <span class=\"_ _d\"></span>products, (iii) changes <span class=\"_ _d\"></span>in production <span class=\"_ _d\"></span>of or <span class=\"_ _d\"></span>demand for oil, <span class=\"_ _d\"></span>generally or <span class=\"_ _d\"></span>in particular regions, <span class=\"_ _d\"></span>(iv) greater <span class=\"_ _d\"></span>than anticipated levels <span class=\"_\"> </span>of <span class=\"_\"> </span>tanker <span class=\"_\"> </span>newbuilding <span class=\"_\"> </span>orders <span class=\"_ _29\"> </span>or <span class=\"_\"> </span>lower <span class=\"_\"> </span>than <span class=\"_\"> </span>anticipated <span class=\"_\"> </span>levels <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>tanker <span class=\"_\"> </span>scrapping, <span class=\"_\"> </span>and <span class=\"_\"> </span>(v) <span class=\"_\"> </span>changes <span class=\"_\"> </span>in <span class=\"_ _29\"> </span>rules <span class=\"_\"> </span>and regulations <span class=\"_ _d\"></span>applicable <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>tanker <span class=\"_ _e\"></span>industry, <span class=\"_ _d\"></span>including <span class=\"_ _e\"></span>legislation <span class=\"_ _e\"></span>adopted <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>international <span class=\"_ _d\"></span>organizations <span class=\"_ _e\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>IMO <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the EU <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>individual <span class=\"_ _e\"></span>countries. <span class=\"_ _e\"></span>Although <span class=\"_ _e\"></span>management <span class=\"_ _e\"></span>believes <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>used <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>evaluate <span class=\"_ _e\"></span>potential <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>are reasonable <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>appropriate <span class=\"_ _e\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>they <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>made, <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>highly <span class=\"_ _10\"></span>subjective <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>likely <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>change, <span class=\"_ _e\"></span>possibly materially, <span class=\"_\"> </span>in <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>future. <span class=\"_\"> </span>Tanker <span class=\"_ _29\"> </span>charter <span class=\"_ _29\"> </span>rates <span class=\"_\"> </span>are <span class=\"_ _29\"> </span>volatile <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>can <span class=\"_ _29\"> </span>experience <span class=\"_ _29\"> </span>long <span class=\"_\"> </span>periods <span class=\"_ _29\"> </span>at <span class=\"_ _29\"> </span>depressed <span class=\"_ _29\"> </span>levels. <span class=\"_\"> </span>Future assessments of vessel impairment would be adversely affecte<span class=\"_ _1\"></span>d by reductions in vessel values and charter rates.GoodwillGoodwill <span class=\"_ _d\"></span>is not <span class=\"_ _d\"></span>amortized, <span class=\"_ _d\"></span>but <span class=\"_ _d\"></span>rather <span class=\"_ _d\"></span>reviewed <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>impairment annually, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>frequently <span class=\"_ _d\"></span>if impairment <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>arise. <span class=\"_ _d\"></span>The Company has <span class=\"_ _d\"></span>one group <span class=\"_ _d\"></span>of CGUs <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the purpose <span class=\"_ _d\"></span>of assessing <span class=\"_ _d\"></span>potential goodwill impairment <span class=\"_ _d\"></span>and has <span class=\"_ _d\"></span>selected September <span class=\"_ _d\"></span>30 as its annual goodwill impairment testing date. A CGU is impaired when <span class=\"_ _d\"></span>its carrying amount exceeds its recoverable amount. In <span class=\"_ _d\"></span>assessing whether the recoverable amount of a CGU <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>which <span class=\"_ _28\"> </span>goodwill <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_ _28\"> </span>allocated <span class=\"_ _28\"> </span>is <span class=\"_\"> </span>less <span class=\"_ _28\"> </span>than <span class=\"_ _28\"> </span>its <span class=\"_\"> </span>carrying <span class=\"_ _28\"> </span>amount, <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>Company <span class=\"_ _28\"> </span>assesses <span class=\"_ _28\"> </span>relevant <span class=\"_ _28\"> </span>events <span class=\"_\"> </span>and circumstances, <span class=\"_ _10\"></span>including <span class=\"_ _10\"></span>(i) <span class=\"_ _11\"> </span>macroeconomic <span class=\"_ _10\"></span>conditions; <span class=\"_ _11\"> </span>(ii) <span class=\"_ _11\"> </span>industry <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>market <span class=\"_ _10\"></span>conditions; <span class=\"_ _11\"> </span>(iii) <span class=\"_ _10\"></span>changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>cost <span class=\"_ _10\"></span>factors <span class=\"_ _11\"> </span>that may <span class=\"_ _11\"> </span>impact <span class=\"_ _f\"> </span>earnings <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows; <span class=\"_ _f\"> </span>(iv) <span class=\"_ _11\"> </span>overall <span class=\"_ _f\"> </span>financial <span class=\"_ _11\"> </span>performance; <span class=\"_ _f\"> </span>(v) <span class=\"_ _11\"> </span>other <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>specific <span class=\"_ _11\"> </span>events <span class=\"_ _f\"> </span>such <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>changes <span class=\"_ _11\"> </span>in management, <span class=\"_ _11\"> </span>strategy, <span class=\"_ _11\"> </span>customers <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>key <span class=\"_ _11\"> </span>personnel <span class=\"_ _11\"> </span>(vi) <span class=\"_ _f\"> </span>other <span class=\"_ _11\"> </span>events <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>(vii) <span class=\"_ _11\"> </span>if <span class=\"_ _f\"> </span>applicable, <span class=\"_ _11\"> </span>changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company's <span class=\"_ _11\"> </span>share price, both in absolute terms and relative to peers.The <span class=\"_ _e\"></span>recoverable <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _d\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>greater <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use. <span class=\"_ _e\"></span>We <span class=\"_ _10\"></span>estimate <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>fair value <span class=\"_ _d\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>capitalization <span class=\"_ _d\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>control <span class=\"_ _e\"></span>premium, <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>needed. <span class=\"_ _e\"></span>Control <span class=\"_ _d\"></span>premium assumptions <span class=\"_ _e\"></span>require <span class=\"_ _10\"></span>judgment <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>actual <span class=\"_ _e\"></span>results <span class=\"_ _10\"></span>may <span class=\"_ _e\"></span>differ <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>assumed <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>amounts. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>measurement takes into account <span class=\"_ _d\"></span>Level 1, <span class=\"_ _d\"></span>Level 2 and <span class=\"_ _d\"></span>Level 3 <span class=\"_ _d\"></span>inputs. In assessing <span class=\"_ _d\"></span>value in use, <span class=\"_ _d\"></span>the estimated <span class=\"_ _d\"></span>future cash flows <span class=\"_ _d\"></span>are discounted to <span class=\"_ _d\"></span>their <span class=\"_ _d\"></span>present <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>using <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>pre-tax <span class=\"_ _e\"></span>discount <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>reflects <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>market <span class=\"_ _e\"></span>assessments <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>money <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>the risks <span class=\"_ _11\"> </span>specific <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company. <span class=\"_ _f\"> </span>Future <span class=\"_ _11\"> </span>cash <span class=\"_ _11\"> </span>flows <span class=\"_ _11\"> </span>are <span class=\"_ _f\"> </span>based <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>current <span class=\"_ _11\"> </span>market <span class=\"_ _11\"> </span>conditions, <span class=\"_ _f\"> </span>historical <span class=\"_ _11\"> </span>trends <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>well <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>future expectations.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__45-1": {
   "value": "10. Impairment10.1 Non-derivative financial assetsFinancial instruments and contract assetsThe <span class=\"_\"> </span>gross <span class=\"_ _28\"> </span>carrying <span class=\"_ _28\"> </span>amount <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>a <span class=\"_ _28\"> </span>financial <span class=\"_ _28\"> </span>asset <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>contract <span class=\"_ _28\"> </span>assets <span class=\"_\"> </span>is <span class=\"_ _28\"> </span>written <span class=\"_ _28\"> </span>off <span class=\"_\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Company <span class=\"_\"> </span>has <span class=\"_ _28\"> </span>no <span class=\"_ _28\"> </span>reasonable expectations <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>recovering <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>financial <span class=\"_ _27\"> </span>asset <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>its <span class=\"_ _27\"> </span>entirety <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _27\"> </span>thereof. <span class=\"_ _28\"> </span>The <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>assesses <span class=\"_ _27\"> </span>allowances <span class=\"_ _28\"> </span>for <span class=\"_ _27\"> </span>its estimate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>expected <span class=\"_ _28\"> </span>credit <span class=\"_ _28\"> </span>losses <span class=\"_ _28\"> </span>based <span class=\"_\"> </span>on <span class=\"_ _28\"> </span>historical <span class=\"_ _28\"> </span>experience, <span class=\"_ _28\"> </span>other <span class=\"_\"> </span>currently <span class=\"_ _28\"> </span>available <span class=\"_ _28\"> </span>evidence, <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>reasonable <span class=\"_ _28\"> </span>and supportable forecasts <span class=\"_ _d\"></span>about the future, <span class=\"_ _d\"></span>including the <span class=\"_ _d\"></span>use of <span class=\"_ _d\"></span>credit default ratings <span class=\"_ _d\"></span>from third <span class=\"_ _d\"></span>party providers <span class=\"_ _d\"></span>of credit <span class=\"_ _d\"></span>rating data. The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>assesses <span class=\"_ _d\"></span>credit <span class=\"_ _d\"></span>risk <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>receivables <span class=\"_ _d\"></span>using <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>portfolio <span class=\"_ _d\"></span>approach. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>Company's <span class=\"_ _d\"></span>main <span class=\"_ _d\"></span>portfolio segments <span class=\"_ _e\"></span>include <span class=\"_ _10\"></span>(i) <span class=\"_ _e\"></span>state-owned <span class=\"_ _10\"></span>enterprises, <span class=\"_ _e\"></span>(ii) <span class=\"_ _10\"></span>oil <span class=\"_ _e\"></span>majors, <span class=\"_ _10\"></span>(iii) <span class=\"_ _e\"></span>commodities <span class=\"_ _10\"></span>traders <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>(iv) <span class=\"_ _e\"></span>related <span class=\"_ _10\"></span>parties. <span class=\"_ _e\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _e\"></span>the Company <span class=\"_\"> </span>performs <span class=\"_ _28\"> </span>individual <span class=\"_ _28\"> </span>assessments <span class=\"_\"> </span>for <span class=\"_ _28\"> </span>customers <span class=\"_\"> </span>that <span class=\"_ _28\"> </span>do <span class=\"_\"> </span>not <span class=\"_ _28\"> </span>share <span class=\"_\"> </span>risk <span class=\"_ _28\"> </span>characteristics <span class=\"_ _28\"> </span>with <span class=\"_\"> </span>other <span class=\"_ _28\"> </span>customers <span class=\"_\"> </span>(for example <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>customer <span class=\"_ _28\"> </span>under <span class=\"_ _28\"> </span>bankruptcy <span class=\"_ _28\"> </span>or <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>customer <span class=\"_\"> </span>wi<span class=\"_ _1\"></span>th <span class=\"_ _28\"> </span>known <span class=\"_ _28\"> </span>disputes <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>c<span class=\"_ _1\"></span>ollectability <span class=\"_ _27\"> </span>issues). <span class=\"_\"> </span>The <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>makes significant judgements and assumptions to estimate it<span class=\"_ _1\"></span>s expected losses.Debt issuance costsDebt issuance <span class=\"_ _d\"></span>costs, including <span class=\"_ _d\"></span>debt arrangement <span class=\"_ _d\"></span>fees, are <span class=\"_ _d\"></span>capitalized and <span class=\"_ _d\"></span>amortized using <span class=\"_ _d\"></span>the effective <span class=\"_ _d\"></span>interest method <span class=\"_ _d\"></span>over the term <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>relevant <span class=\"_ _11\"> </span>loan. <span class=\"_ _f\"> </span>Amortization <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>debt <span class=\"_ _f\"> </span>issuance <span class=\"_ _11\"> </span>costs <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>included <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>interest <span class=\"_ _11\"> </span>expense. <span class=\"_ _11\"> </span>If <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>repaid <span class=\"_ _f\"> </span>early, <span class=\"_ _11\"> </span>any unamortized portion <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>debt <span class=\"_ _d\"></span>issuance costs <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>expensed <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the period <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>is repaid. <span class=\"_ _d\"></span>Debt <span class=\"_ _d\"></span>modifications are <span class=\"_ _27\"> </span>accounted <span class=\"_ _28\"> </span>for <span class=\"_ _27\"> </span>prospectively <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>any <span class=\"_ _27\"> </span>applicable <span class=\"_ _27\"> </span>new <span class=\"_ _28\"> </span>debt <span class=\"_ _27\"> </span>issuance <span class=\"_ _27\"> </span>costs <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>deferred <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>amortized <span class=\"_ _27\"> </span>together <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>the existing unamortized <span class=\"_ _d\"></span>debt issuance <span class=\"_ _d\"></span>costs as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the date <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the modification. <span class=\"_ _d\"></span>The Company <span class=\"_ _d\"></span>has recorded <span class=\"_ _d\"></span>debt issuance <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>as a direct deduction from the carrying amount of the related debt<span class=\"_ _1\"></span>. 10.2. Non-financial assetsThe <span class=\"_ _10\"></span>carrying <span class=\"_ _11\"> </span>amounts <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company\u2019s <span class=\"_ _10\"></span>non-financial <span class=\"_ _11\"> </span>assets, <span class=\"_ _11\"> </span>other <span class=\"_ _11\"> </span>than <span class=\"_ _10\"></span>inventory <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>contract <span class=\"_ _11\"> </span>assets, <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>reviewed <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>each reporting <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>determine <span class=\"_ _d\"></span>whether <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>indication <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>impairment. <span class=\"_ _d\"></span>If <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>indication <span class=\"_ _d\"></span>exists, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>asset\u2019s <span class=\"_ _d\"></span>recoverable amount is estimated. Goodwill is tested annually for impa<span class=\"_ _1\"></span>irment.For <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>purpose <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>testing, <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>grouped <span class=\"_ _e\"></span>together <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>smallest <span class=\"_ _d\"></span>group <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>generates <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>inflows from <span class=\"_ _28\"> </span>continuing <span class=\"_ _28\"> </span>use <span class=\"_ _28\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>largely <span class=\"_ _27\"> </span>independent <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>cash <span class=\"_ _27\"> </span>inflows <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>other <span class=\"_\"> </span>assets <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>cash <span class=\"_ _27\"> </span>generating <span class=\"_\"> </span>units <span class=\"_ _27\"> </span>(\"CGUs\"). Goodwill <span class=\"_ _d\"></span>acquired <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>business <span class=\"_ _d\"></span>combination <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>groups <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>CGUs <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>expected <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>benefit <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>synergies <span class=\"_ _d\"></span>of the combination.The recoverable amount of an <span class=\"_ _d\"></span>asset or CGU is the <span class=\"_ _d\"></span>greater of its fair value less <span class=\"_ _d\"></span>cost to sell and value in <span class=\"_ _d\"></span>use. In assessing value in use, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>estimated <span class=\"_ _f\"> </span>future <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>flows <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>discounted <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>their <span class=\"_ _f\"> </span>present <span class=\"_ _f\"> </span>value <span class=\"_ _f\"> </span>using <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>pre-tax <span class=\"_ _f\"> </span>discount <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>that <span class=\"_ _11\"> </span>reflects <span class=\"_ _f\"> </span>current market <span class=\"_ _11\"> </span>assessments <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>money <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>risks <span class=\"_ _11\"> </span>specific <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>asset <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>CGU. <span class=\"_ _11\"> </span>Future <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>based <span class=\"_ _f\"> </span>on current market conditions, historical trends as well as future<span class=\"_ _1\"></span> expectations.An impairment loss <span class=\"_ _d\"></span>is recognized if <span class=\"_ _d\"></span>the carrying amount <span class=\"_ _d\"></span>of an asset <span class=\"_ _d\"></span>or CGU exceeds <span class=\"_ _d\"></span>its recoverable amount. Impairment <span class=\"_ _d\"></span>losses are recognized in profit or loss.An <span class=\"_ _d\"></span>impairment <span class=\"_ _e\"></span>loss <span class=\"_ _e\"></span>recognized <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>goodwill <span class=\"_ _e\"></span>shall <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>reversed. <span class=\"_ _d\"></span>For <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>assets, <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _d\"></span>loss <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>reversed <span class=\"_ _e\"></span>only <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the extent <span class=\"_\"> </span>that <span class=\"_\"> </span>the <span class=\"_\"> </span>asset\u2019s <span class=\"_\"> </span>carrying <span class=\"_ _29\"> </span>amount <span class=\"_\"> </span>does <span class=\"_\"> </span>not <span class=\"_\"> </span>exceed <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>carrying <span class=\"_\"> </span>amount <span class=\"_\"> </span>that <span class=\"_\"> </span>would <span class=\"_\"> </span>have <span class=\"_ _29\"> </span>been <span class=\"_\"> </span>determined, <span class=\"_\"> </span>net <span class=\"_\"> </span>of depreciation or amortization, if no impairment loss had be<span class=\"_ _1\"></span>en recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen <span class=\"_ _d\"></span>events <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>circumstances <span class=\"_ _e\"></span>indicate <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>asset <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>CGU <span class=\"_ _e\"></span>might <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>recovered, <span class=\"_ _e\"></span>the Company <span class=\"_ _27\"> </span>performs <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>impairment <span class=\"_ _27\"> </span>test <span class=\"_ _28\"> </span>whereby <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>asset <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>CGU <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>compared <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>recoverable amount, <span class=\"_ _d\"></span>which <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>greater <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use, <span class=\"_ _10\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>discounted <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>flows, <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell. <span class=\"_ _e\"></span>We <span class=\"_ _e\"></span>define our <span class=\"_ _e\"></span>CGU <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>single <span class=\"_ _10\"></span>vessel <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>each <span class=\"_ _e\"></span>vessel <span class=\"_ _10\"></span>generates <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>inflows <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>largely <span class=\"_ _e\"></span>independent <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>cash <span class=\"_ _e\"></span>inflows <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>other vessels. In assessing whether there <span class=\"_ _d\"></span>is any indication that a vessel <span class=\"_ _d\"></span>may be impaired, the Company considers <span class=\"_ _d\"></span>internal and external indicators, including but not limited to:\u2022<span class=\"_ _2c\"> </span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _10\"></span>market <span class=\"_ _e\"></span>values <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>our <span class=\"_ _10\"></span>vessels <span class=\"_ _10\"></span>received <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>independent <span class=\"_ _10\"></span>ship <span class=\"_ _10\"></span>brokers <span class=\"_ _10\"></span>have <span class=\"_ _10\"></span>declined <span class=\"_ _10\"></span>during <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period significantly more <span class=\"_ _d\"></span>than we <span class=\"_ _d\"></span>would expect <span class=\"_ _d\"></span>as a <span class=\"_ _d\"></span>result of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>passage of <span class=\"_ _d\"></span>time or <span class=\"_ _d\"></span>normal use. <span class=\"_ _d\"></span>The ship <span class=\"_ _d\"></span>brokers assess <span class=\"_ _d\"></span>each vessel based on, among others, age, yard, deadweight capacity and com<span class=\"_ _1\"></span>pare this to market transactions.\u2022<span class=\"_ _2c\"> </span>significant changes with an adverse <span class=\"_ _d\"></span>effect on the Company have taken <span class=\"_ _d\"></span>place during the period, or will <span class=\"_ _d\"></span>take place in the near <span class=\"_ _d\"></span>future, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>legal <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>regulatory <span class=\"_ _d\"></span>environment <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>operates, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>tanker <span class=\"_ _d\"></span>market, <span class=\"_ _e\"></span>including negative developments in actual and forecasted tim<span class=\"_ _1\"></span>e charter equivalent rates (\"TCE rates\").\u2022<span class=\"_ _2c\"> </span>market <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rates <span class=\"_ _11\"> </span>have <span class=\"_ _f\"> </span>increased <span class=\"_ _11\"> </span>during <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period, <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>increase <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>likely <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>affect <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>discount <span class=\"_ _11\"> </span>rate <span class=\"_ _f\"> </span>used <span class=\"_ _11\"> </span>in calculating a vessel\u2019s value in use and decrease the a<span class=\"_ _1\"></span>sset\u2019s recoverable amount materially.\u2022<span class=\"_ _2c\"> </span>the carrying amount of the net assets of the Company is more than i<span class=\"_ _1\"></span>ts market capitalization.\u2022<span class=\"_ _2c\"> </span>evidence is available of obsolescence or physical dama<span class=\"_ _1\"></span>ge of a vessel.\u2022<span class=\"_ _2c\"> </span>significant changes <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>adverse effect <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company have <span class=\"_ _d\"></span>taken <span class=\"_ _d\"></span>place <span class=\"_ _d\"></span>during the <span class=\"_ _d\"></span>period, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>expected to <span class=\"_ _d\"></span>take place in the near future, in the extent to which, or manner in whi<span class=\"_ _1\"></span>ch, a vessel is used or is expected to be used.\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">evidence that the economic performance of a vessel is, or wi<span class=\"_ _1\"></span>ll be, worse than expected, including:</span>\u25e6<span class=\"_ _2c\"> </span>actual or forecasted TCE rates are signific<span class=\"_ _1\"></span>antly worse than expected;\u25e6<span class=\"_ _2c\"> </span>cash <span class=\"_ _e\"></span>flows <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>acquiring <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>vessel, <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>subsequent <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>needs <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>maintaining <span class=\"_ _e\"></span>it, <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>significantly higher than expected;\u25e6<span class=\"_ _2c\"> </span>actual net cash flows or operating profit are signific<span class=\"_ _1\"></span>antly worse than expected;\u25e6<span class=\"_ _2c\"> </span>a significant decline in budgeted net cash flows or ope<span class=\"_ _1\"></span>rating profit; or\u25e6<span class=\"_ _2c\"> </span>operating losses or net cash outflows.If <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>impairment <span class=\"_ _11\"> </span>indicators <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>identified, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>vessel\u2019s <span class=\"_ _11\"> </span>recoverable <span class=\"_ _11\"> </span>amount <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>estimated. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>developing <span class=\"_ _11\"> </span>estimates <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>future cash <span class=\"_ _11\"></span>flows <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>order <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>assess <span class=\"_ _11\"> </span>value <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>use, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>must <span class=\"_ _11\"> </span>make <span class=\"_ _11\"> </span>assumptions <span class=\"_ _11\"> </span>about <span class=\"_ _11\"> </span>future <span class=\"_ _11\"> </span>performance, <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>significant assumptions <span class=\"_ _f\"> </span>being <span class=\"_ _f\"> </span>related <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates, <span class=\"_ _f\"> </span>ship <span class=\"_ _f\"> </span>operating <span class=\"_ _f\"> </span>expenses, <span class=\"_ _f\"> </span>utilization, <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>other <span class=\"_ _f\"> </span>capital <span class=\"_ _11\"> </span>requirements, residual <span class=\"_ _11\"> </span>value, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>estimated <span class=\"_ _11\"> </span>remaining <span class=\"_ _11\"> </span>useful <span class=\"_ _11\"> </span>lives <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>probability <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>lease <span class=\"_ _f\"> </span>terminations <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>vessels <span class=\"_ _f\"> </span>held under <span class=\"_ _e\"></span>lease. <span class=\"_ _e\"></span>These <span class=\"_ _e\"></span>assumptions <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>historical <span class=\"_ _e\"></span>trends <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>well <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>expectations. <span class=\"_ _e\"></span>Specifically, <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>estimating <span class=\"_ _e\"></span>future charter <span class=\"_ _e\"></span>rates, <span class=\"_ _e\"></span>management <span class=\"_ _e\"></span>takes <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>consideration <span class=\"_ _e\"></span>rates <span class=\"_ _e\"></span>currently <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>effect <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>existing <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>charters <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>daily <span class=\"_ _e\"></span>time charter equivalent <span class=\"_ _d\"></span>rates for <span class=\"_ _d\"></span>each <span class=\"_ _d\"></span>vessel class <span class=\"_ _d\"></span>for the <span class=\"_ _d\"></span>unfixed days <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the estimated <span class=\"_ _d\"></span>remaining lives <span class=\"_ _d\"></span>of each <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the vessels. <span class=\"_ _d\"></span>The estimated <span class=\"_ _f\"> </span>daily <span class=\"_ _f\"> </span>time <span class=\"_ _27\"> </span>charter <span class=\"_ _f\"> </span>equivalent <span class=\"_ _27\"> </span>rates <span class=\"_ _f\"> </span>used <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>unfixed <span class=\"_ _f\"> </span>days <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _27\"> </span>combination <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>(i) <span class=\"_ _f\"> </span>internally <span class=\"_ _27\"> </span>developed forecasts, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>(ii) <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>quarterly <span class=\"_ _e\"></span>average <span class=\"_ _e\"></span>rates <span class=\"_ _10\"></span>published <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>independent <span class=\"_ _10\"></span>third <span class=\"_ _e\"></span>party <span class=\"_ _e\"></span>maritime <span class=\"_ _10\"></span>research service, <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>historical <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>management's <span class=\"_ _d\"></span>judgment <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>past <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>ongoing <span class=\"_ _d\"></span>shipping <span class=\"_ _e\"></span>cycles. <span class=\"_ _d\"></span>Recognizing that <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>transportation <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>crude <span class=\"_ _27\"> </span>oil <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>cyclical <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>subject <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>significant <span class=\"_ _27\"> </span>volatility <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>factors <span class=\"_ _27\"> </span>beyond <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company's control, <span class=\"_ _d\"></span>management <span class=\"_ _e\"></span>believes <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>use <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>combination <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>internally <span class=\"_ _d\"></span>forecast <span class=\"_ _e\"></span>rates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>average rates calculated as of the reporting date to be reasonabl<span class=\"_ _1\"></span>e.Estimated <span class=\"_ _10\"></span>outflows <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>operating <span class=\"_ _10\"></span>expenses <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>dry <span class=\"_ _10\"></span>docking <span class=\"_ _11\"> </span>requirements <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>based <span class=\"_ _10\"></span>on <span class=\"_ _11\"> </span>historical <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>budgeted <span class=\"_ _10\"></span>costs <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>are adjusted <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>assumed <span class=\"_ _10\"></span>inflation. <span class=\"_ _10\"></span>Finally, <span class=\"_ _10\"></span>utilization <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>historical <span class=\"_ _10\"></span>levels <span class=\"_ _10\"></span>achieved <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>estimates <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>are consistent <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>pattern <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>scrap <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>used <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>management's <span class=\"_ _f\"> </span>evaluation <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>salvage <span class=\"_ _f\"> </span>value. <span class=\"_ _f\"> </span>Other <span class=\"_ _11\"> </span>capital <span class=\"_ _f\"> </span>requirements <span class=\"_ _f\"> </span>for newbuildings are primarily based on amounts payable according to t<span class=\"_ _1\"></span>he installments in the contract.The <span class=\"_ _e\"></span>weighted <span class=\"_ _e\"></span>average <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>capital <span class=\"_ _d\"></span>(\"WACC\") <span class=\"_ _10\"></span>used <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>calculate <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>use <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>been <span class=\"_ _e\"></span>calculated <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>reflect the industry-weighted average return on debt and equity using observable m<span class=\"_ _1\"></span>arket data.The <span class=\"_ _10\"></span>more <span class=\"_ _11\"> </span>significant <span class=\"_ _10\"></span>factors <span class=\"_ _11\"> </span>that <span class=\"_ _11\"> </span>could <span class=\"_ _10\"></span>impact <span class=\"_ _11\"> </span>management's <span class=\"_ _10\"></span>assumptions <span class=\"_ _11\"> </span>regarding <span class=\"_ _10\"></span>time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>equivalent <span class=\"_ _10\"></span>rates <span class=\"_ _11\"> </span>include <span class=\"_ _10\"></span>(i) loss <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>reduction <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>business <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>significant <span class=\"_ _10\"></span>customers, <span class=\"_ _10\"></span>(ii) <span class=\"_ _11\"></span>unanticipated <span class=\"_ _10\"></span>changes <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>demand <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>transportation <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>crude <span class=\"_ _10\"></span>oil and oil <span class=\"_ _d\"></span>products, (iii) changes <span class=\"_ _d\"></span>in production <span class=\"_ _d\"></span>of or <span class=\"_ _d\"></span>demand for oil, <span class=\"_ _d\"></span>generally or <span class=\"_ _d\"></span>in particular regions, <span class=\"_ _d\"></span>(iv) greater <span class=\"_ _d\"></span>than anticipated levels <span class=\"_\"> </span>of <span class=\"_\"> </span>tanker <span class=\"_\"> </span>newbuilding <span class=\"_\"> </span>orders <span class=\"_ _29\"> </span>or <span class=\"_\"> </span>lower <span class=\"_\"> </span>than <span class=\"_\"> </span>anticipated <span class=\"_\"> </span>levels <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>tanker <span class=\"_\"> </span>scrapping, <span class=\"_\"> </span>and <span class=\"_\"> </span>(v) <span class=\"_\"> </span>changes <span class=\"_\"> </span>in <span class=\"_ _29\"> </span>rules <span class=\"_\"> </span>and regulations <span class=\"_ _d\"></span>applicable <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>tanker <span class=\"_ _e\"></span>industry, <span class=\"_ _d\"></span>including <span class=\"_ _e\"></span>legislation <span class=\"_ _e\"></span>adopted <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>international <span class=\"_ _d\"></span>organizations <span class=\"_ _e\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>IMO <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the EU <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>individual <span class=\"_ _e\"></span>countries. <span class=\"_ _e\"></span>Although <span class=\"_ _e\"></span>management <span class=\"_ _e\"></span>believes <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>used <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>evaluate <span class=\"_ _e\"></span>potential <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>are reasonable <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>appropriate <span class=\"_ _e\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>they <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>made, <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>highly <span class=\"_ _10\"></span>subjective <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>likely <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>change, <span class=\"_ _e\"></span>possibly materially, <span class=\"_\"> </span>in <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>future. <span class=\"_\"> </span>Tanker <span class=\"_ _29\"> </span>charter <span class=\"_ _29\"> </span>rates <span class=\"_\"> </span>are <span class=\"_ _29\"> </span>volatile <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>can <span class=\"_ _29\"> </span>experience <span class=\"_ _29\"> </span>long <span class=\"_\"> </span>periods <span class=\"_ _29\"> </span>at <span class=\"_ _29\"> </span>depressed <span class=\"_ _29\"> </span>levels. <span class=\"_\"> </span>Future assessments of vessel impairment would be adversely affecte<span class=\"_ _1\"></span>d by reductions in vessel values and charter rates.GoodwillGoodwill <span class=\"_ _d\"></span>is not <span class=\"_ _d\"></span>amortized, <span class=\"_ _d\"></span>but <span class=\"_ _d\"></span>rather <span class=\"_ _d\"></span>reviewed <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>impairment annually, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>frequently <span class=\"_ _d\"></span>if impairment <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>arise. <span class=\"_ _d\"></span>The Company has <span class=\"_ _d\"></span>one group <span class=\"_ _d\"></span>of CGUs <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the purpose <span class=\"_ _d\"></span>of assessing <span class=\"_ _d\"></span>potential goodwill impairment <span class=\"_ _d\"></span>and has <span class=\"_ _d\"></span>selected September <span class=\"_ _d\"></span>30 as its annual goodwill impairment testing date. A CGU is impaired when <span class=\"_ _d\"></span>its carrying amount exceeds its recoverable amount. In <span class=\"_ _d\"></span>assessing whether the recoverable amount of a CGU <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>which <span class=\"_ _28\"> </span>goodwill <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_ _28\"> </span>allocated <span class=\"_ _28\"> </span>is <span class=\"_\"> </span>less <span class=\"_ _28\"> </span>than <span class=\"_ _28\"> </span>its <span class=\"_\"> </span>carrying <span class=\"_ _28\"> </span>amount, <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>Company <span class=\"_ _28\"> </span>assesses <span class=\"_ _28\"> </span>relevant <span class=\"_ _28\"> </span>events <span class=\"_\"> </span>and circumstances, <span class=\"_ _10\"></span>including <span class=\"_ _10\"></span>(i) <span class=\"_ _11\"> </span>macroeconomic <span class=\"_ _10\"></span>conditions; <span class=\"_ _11\"> </span>(ii) <span class=\"_ _11\"> </span>industry <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>market <span class=\"_ _10\"></span>conditions; <span class=\"_ _11\"> </span>(iii) <span class=\"_ _10\"></span>changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>cost <span class=\"_ _10\"></span>factors <span class=\"_ _11\"> </span>that may <span class=\"_ _11\"> </span>impact <span class=\"_ _f\"> </span>earnings <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows; <span class=\"_ _f\"> </span>(iv) <span class=\"_ _11\"> </span>overall <span class=\"_ _f\"> </span>financial <span class=\"_ _11\"> </span>performance; <span class=\"_ _f\"> </span>(v) <span class=\"_ _11\"> </span>other <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>specific <span class=\"_ _11\"> </span>events <span class=\"_ _f\"> </span>such <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>changes <span class=\"_ _11\"> </span>in management, <span class=\"_ _11\"> </span>strategy, <span class=\"_ _11\"> </span>customers <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>key <span class=\"_ _11\"> </span>personnel <span class=\"_ _11\"> </span>(vi) <span class=\"_ _f\"> </span>other <span class=\"_ _11\"> </span>events <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>(vii) <span class=\"_ _11\"> </span>if <span class=\"_ _f\"> </span>applicable, <span class=\"_ _11\"> </span>changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company's <span class=\"_ _11\"> </span>share price, both in absolute terms and relative to peers.The <span class=\"_ _e\"></span>recoverable <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _d\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>greater <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use. <span class=\"_ _e\"></span>We <span class=\"_ _10\"></span>estimate <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>fair value <span class=\"_ _d\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>capitalization <span class=\"_ _d\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>control <span class=\"_ _e\"></span>premium, <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>needed. <span class=\"_ _e\"></span>Control <span class=\"_ _d\"></span>premium assumptions <span class=\"_ _e\"></span>require <span class=\"_ _10\"></span>judgment <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>actual <span class=\"_ _e\"></span>results <span class=\"_ _10\"></span>may <span class=\"_ _e\"></span>differ <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>assumed <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>amounts. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>measurement takes into account <span class=\"_ _d\"></span>Level 1, <span class=\"_ _d\"></span>Level 2 and <span class=\"_ _d\"></span>Level 3 <span class=\"_ _d\"></span>inputs. In assessing <span class=\"_ _d\"></span>value in use, <span class=\"_ _d\"></span>the estimated <span class=\"_ _d\"></span>future cash flows <span class=\"_ _d\"></span>are discounted to <span class=\"_ _d\"></span>their <span class=\"_ _d\"></span>present <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>using <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>pre-tax <span class=\"_ _e\"></span>discount <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>reflects <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>market <span class=\"_ _e\"></span>assessments <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>money <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>the risks <span class=\"_ _11\"> </span>specific <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company. <span class=\"_ _f\"> </span>Future <span class=\"_ _11\"> </span>cash <span class=\"_ _11\"> </span>flows <span class=\"_ _11\"> </span>are <span class=\"_ _f\"> </span>based <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>current <span class=\"_ _11\"> </span>market <span class=\"_ _11\"> </span>conditions, <span class=\"_ _f\"> </span>historical <span class=\"_ _11\"> </span>trends <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>well <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>future expectations.10.<span class=\"_ _95\"> </span>MARKETABLE SECURITIESMarketable <span class=\"_ _10\"></span>securities <span class=\"_ _11\"> </span>held <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>listed <span class=\"_ _11\"> </span>equity <span class=\"_ _11\"> </span>securities. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _11\"> </span>2022 <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company received dividends of $1.6 million (2021: $0.5 million) from its investm<span class=\"_ _1\"></span>ents in marketable securities.A <span class=\"_ _10\"></span>summary <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>movements <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>marketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>years <span class=\"_ _10\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>2021 <span class=\"_ _10\"></span>is <span class=\"_ _11\"> </span>presented <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the table below:(in thousands of $)<span class=\"_ _ca\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Balance at the beginning of the year<span class=\"_ _119\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>8,475 Marketable securities acquired<span class=\"_ _0\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>167,709 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>357 Proceeds from sale of marketable securities<span class=\"_ _192\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12f\"> </span>(14,074) Gain on sale of marketable securities<span class=\"_ _137\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>7,881 Unrealized gain (loss) on marketable securities held at<span class=\"_ _1\"></span> end of the year<span class=\"_ _1bb\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>66,137 <span class=\"_ _a7\"> </span></span> <span class=\"_ _1d\"> </span>(204) Balance at the end of the year<span class=\"_ _139\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>236,281 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,435 Avance GasAs <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>2021, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>held <span class=\"_ _d\"></span>442,384 <span class=\"_ _e\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Avance <span class=\"_ _e\"></span>Gas. <span class=\"_ _e\"></span>In <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, the Company <span class=\"_ _d\"></span>recognized an <span class=\"_ _d\"></span>unrealized gain <span class=\"_ _d\"></span>of $0.9 <span class=\"_ _d\"></span>million (2021: <span class=\"_ _d\"></span>loss of <span class=\"_ _d\"></span>$0.4 <span class=\"_ _d\"></span>million) in <span class=\"_ _d\"></span>relation to <span class=\"_ _d\"></span>the shares <span class=\"_ _d\"></span>held in <span class=\"_ _d\"></span>Avance Gas.SFLAs <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _f\"> </span>held <span class=\"_ _f\"> </span>73,165 <span class=\"_ _27\"> </span>shares <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>SFL. <span class=\"_ _27\"> </span>In <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2022, <span class=\"_ _f\"> </span>the Company recognized an unrealized gain of $0.1 million (2021: gain of <span class=\"_ _1\"></span>$0.1 million) in relation to the shares held in SFL.Golden OceanAs of December 31, 2022 and 2021, the Company held 10,299 (2020: 1,270,657) shares in Golden Ocean.In <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>purchased <span class=\"_ _11\"> </span>55,959 <span class=\"_ _10\"></span>Golden <span class=\"_ _10\"></span>Ocean <span class=\"_ _11\"> </span>shares <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>$0.4 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>sold <span class=\"_ _11\"> </span>these shares for proceeds of $0.7 million.In the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, the <span class=\"_ _d\"></span>Company sold <span class=\"_ _d\"></span>1.3 <span class=\"_ _d\"></span>million shares <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>Golden Ocean <span class=\"_ _d\"></span>for proceeds <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$13.4 million <span class=\"_ _d\"></span>and recognized a gain on marketable securities sold of $7.9 mil<span class=\"_ _1\"></span>lion.In the <span class=\"_ _d\"></span>year ended December <span class=\"_ _d\"></span>31, 2022, the <span class=\"_ _d\"></span>Company recognized an <span class=\"_ _d\"></span>unrealized loss of <span class=\"_ _d\"></span>$0.01 million (2021: <span class=\"_ _d\"></span>gain of <span class=\"_ _d\"></span>$0.1 million) in relation to the shares still held in Golden Ocean.EuronavOn <span class=\"_ _e\"></span>May <span class=\"_ _10\"></span>28, <span class=\"_ _10\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>announced <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>it <span class=\"_ _e\"></span>agreed <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>acquire <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>privately <span class=\"_ _e\"></span>negotiated <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>transactions <span class=\"_ _10\"></span>with certain <span class=\"_ _28\"> </span>shareholders <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Euronav <span class=\"_\"> </span>a <span class=\"_ _27\"> </span>total <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>5,955,705 <span class=\"_\"> </span>shares <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>Euronav, <span class=\"_ _28\"> </span>representing <span class=\"_ _28\"> </span>2.95% <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>shares <span class=\"_ _27\"> </span>in Euronav as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>this date, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>exchange for <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>total of <span class=\"_ _d\"></span>8,337,986 <span class=\"_ _d\"></span>ordinary shares <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Frontline. Frontline <span class=\"_ _d\"></span>received the <span class=\"_ _d\"></span>$0.06 <span class=\"_ _d\"></span>dividend per share that was paid on June 8, 2022 by Euronav in respect of these 5,955,705 shares. On <span class=\"_ _29\"> </span>June <span class=\"_ _29\"> </span>10, <span class=\"_ _29\"> </span>2022, <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_ _29\"> </span>announced <span class=\"_ _29\"> </span>that <span class=\"_ _29\"> </span>it <span class=\"_ _29\"> </span>agreed <span class=\"_ _29\"> </span>to <span class=\"_ _29\"> </span>acquire <span class=\"_ _29\"> </span>in <span class=\"_ _29\"> </span>privately <span class=\"_ _29\"> </span>negotiated <span class=\"_ _29\"> </span>transactions <span class=\"_ _29\"> </span>with <span class=\"_ _29\"> </span>certain shareholders <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Euronav <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>total <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>7,708,908 <span class=\"_ _d\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Euronav, <span class=\"_ _d\"></span>representing <span class=\"_ _d\"></span>3.82% <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>outstanding <span class=\"_ _d\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Euronav <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of this date, in exchange for a total of 10,753,924 shares in Frontline. In connection with the above-referenced privately negotiated share exchange transactions, Frontline entered <span class=\"_ _d\"></span>into a share lending arrangement <span class=\"_ _27\"> </span>with <span class=\"_ _28\"> </span>Hemen <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>facilitate <span class=\"_ _27\"> </span>settlement <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>such <span class=\"_ _28\"> </span>transactions. <span class=\"_ _27\"> </span>Pursuant <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>such <span class=\"_ _28\"> </span>arrangement, <span class=\"_ _27\"> </span>Hemen <span class=\"_ _28\"> </span>delivered <span class=\"_ _27\"> </span>an aggregate <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>19,091,910 <span class=\"_ _f\"> </span>Frontline <span class=\"_ _f\"> </span>shares <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>exchanging <span class=\"_ _f\"> </span>Euronav <span class=\"_ _11\"> </span>holders <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>June <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>Frontline <span class=\"_ _f\"> </span>agreed <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>issue <span class=\"_ _11\"> </span>to Hemen <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>same <span class=\"_ _d\"></span>number <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>shares <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Frontline <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>full <span class=\"_ _e\"></span>satisfaction <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>share <span class=\"_ _d\"></span>lending <span class=\"_ _d\"></span>arrangement. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>issued <span class=\"_ _e\"></span>to Hemen in August 2022.As <span class=\"_ _d\"></span>of December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>held <span class=\"_ _d\"></span>13,664,613 <span class=\"_ _d\"></span>shares <span class=\"_ _d\"></span>in Euronav, <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>result of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>above <span class=\"_ _d\"></span>transactions. The <span class=\"_ _d\"></span>acquired shares were initially recognized at their fair value of $167.7 million and <span class=\"_ _d\"></span>the Company recorded a realized loss of $7.8 million in relation to these transactions, <span class=\"_ _d\"></span>being the difference between <span class=\"_ _d\"></span>the transaction price to acquire <span class=\"_ _d\"></span>these shares and their <span class=\"_ _d\"></span>fair value as <span class=\"_ _d\"></span>of the <span class=\"_ _10\"></span>transaction <span class=\"_ _11\"> </span>dates. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>transaction <span class=\"_ _11\"> </span>price <span class=\"_ _10\"></span>paid <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>acquire <span class=\"_ _10\"></span>these <span class=\"_ _11\"> </span>shares <span class=\"_ _11\"> </span>was <span class=\"_ _10\"></span>$175.5 <span class=\"_ _11\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _10\"></span>was <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the Frontline's shares as of the transaction dates.Based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Euronav <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>price <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>shares <span class=\"_ _e\"></span>held <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>Euronav <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>$232.8 <span class=\"_ _e\"></span>million, which resulted in an unrealized gain of $65.1 million.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__44": {
   "value": "10. Impairment10.1 Non-derivative financial assetsFinancial instruments and contract assetsThe <span class=\"_\"> </span>gross <span class=\"_ _28\"> </span>carrying <span class=\"_ _28\"> </span>amount <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>a <span class=\"_ _28\"> </span>financial <span class=\"_ _28\"> </span>asset <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>contract <span class=\"_ _28\"> </span>assets <span class=\"_\"> </span>is <span class=\"_ _28\"> </span>written <span class=\"_ _28\"> </span>off <span class=\"_\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Company <span class=\"_\"> </span>has <span class=\"_ _28\"> </span>no <span class=\"_ _28\"> </span>reasonable expectations <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>recovering <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>financial <span class=\"_ _27\"> </span>asset <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>its <span class=\"_ _27\"> </span>entirety <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _27\"> </span>thereof. <span class=\"_ _28\"> </span>The <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>assesses <span class=\"_ _27\"> </span>allowances <span class=\"_ _28\"> </span>for <span class=\"_ _27\"> </span>its estimate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>expected <span class=\"_ _28\"> </span>credit <span class=\"_ _28\"> </span>losses <span class=\"_ _28\"> </span>based <span class=\"_\"> </span>on <span class=\"_ _28\"> </span>historical <span class=\"_ _28\"> </span>experience, <span class=\"_ _28\"> </span>other <span class=\"_\"> </span>currently <span class=\"_ _28\"> </span>available <span class=\"_ _28\"> </span>evidence, <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>reasonable <span class=\"_ _28\"> </span>and supportable forecasts <span class=\"_ _d\"></span>about the future, <span class=\"_ _d\"></span>including the <span class=\"_ _d\"></span>use of <span class=\"_ _d\"></span>credit default ratings <span class=\"_ _d\"></span>from third <span class=\"_ _d\"></span>party providers <span class=\"_ _d\"></span>of credit <span class=\"_ _d\"></span>rating data. The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>assesses <span class=\"_ _d\"></span>credit <span class=\"_ _d\"></span>risk <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>receivables <span class=\"_ _d\"></span>using <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>portfolio <span class=\"_ _d\"></span>approach. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>Company's <span class=\"_ _d\"></span>main <span class=\"_ _d\"></span>portfolio segments <span class=\"_ _e\"></span>include <span class=\"_ _10\"></span>(i) <span class=\"_ _e\"></span>state-owned <span class=\"_ _10\"></span>enterprises, <span class=\"_ _e\"></span>(ii) <span class=\"_ _10\"></span>oil <span class=\"_ _e\"></span>majors, <span class=\"_ _10\"></span>(iii) <span class=\"_ _e\"></span>commodities <span class=\"_ _10\"></span>traders <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>(iv) <span class=\"_ _e\"></span>related <span class=\"_ _10\"></span>parties. <span class=\"_ _e\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _e\"></span>the Company <span class=\"_\"> </span>performs <span class=\"_ _28\"> </span>individual <span class=\"_ _28\"> </span>assessments <span class=\"_\"> </span>for <span class=\"_ _28\"> </span>customers <span class=\"_\"> </span>that <span class=\"_ _28\"> </span>do <span class=\"_\"> </span>not <span class=\"_ _28\"> </span>share <span class=\"_\"> </span>risk <span class=\"_ _28\"> </span>characteristics <span class=\"_ _28\"> </span>with <span class=\"_\"> </span>other <span class=\"_ _28\"> </span>customers <span class=\"_\"> </span>(for example <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>customer <span class=\"_ _28\"> </span>under <span class=\"_ _28\"> </span>bankruptcy <span class=\"_ _28\"> </span>or <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>customer <span class=\"_\"> </span>wi<span class=\"_ _1\"></span>th <span class=\"_ _28\"> </span>known <span class=\"_ _28\"> </span>disputes <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>c<span class=\"_ _1\"></span>ollectability <span class=\"_ _27\"> </span>issues). <span class=\"_\"> </span>The <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>makes significant judgements and assumptions to estimate it<span class=\"_ _1\"></span>s expected losses.Debt issuance costsDebt issuance <span class=\"_ _d\"></span>costs, including <span class=\"_ _d\"></span>debt arrangement <span class=\"_ _d\"></span>fees, are <span class=\"_ _d\"></span>capitalized and <span class=\"_ _d\"></span>amortized using <span class=\"_ _d\"></span>the effective <span class=\"_ _d\"></span>interest method <span class=\"_ _d\"></span>over the term <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>relevant <span class=\"_ _11\"> </span>loan. <span class=\"_ _f\"> </span>Amortization <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>debt <span class=\"_ _f\"> </span>issuance <span class=\"_ _11\"> </span>costs <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>included <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>interest <span class=\"_ _11\"> </span>expense. <span class=\"_ _11\"> </span>If <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>repaid <span class=\"_ _f\"> </span>early, <span class=\"_ _11\"> </span>any unamortized portion <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>debt <span class=\"_ _d\"></span>issuance costs <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>expensed <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the period <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>is repaid. <span class=\"_ _d\"></span>Debt <span class=\"_ _d\"></span>modifications are <span class=\"_ _27\"> </span>accounted <span class=\"_ _28\"> </span>for <span class=\"_ _27\"> </span>prospectively <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>any <span class=\"_ _27\"> </span>applicable <span class=\"_ _27\"> </span>new <span class=\"_ _28\"> </span>debt <span class=\"_ _27\"> </span>issuance <span class=\"_ _27\"> </span>costs <span class=\"_ _28\"> </span>are <span class=\"_ _27\"> </span>deferred <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>amortized <span class=\"_ _27\"> </span>together <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>the existing unamortized <span class=\"_ _d\"></span>debt issuance <span class=\"_ _d\"></span>costs as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the date <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the modification. <span class=\"_ _d\"></span>The Company <span class=\"_ _d\"></span>has recorded <span class=\"_ _d\"></span>debt issuance <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>as a direct deduction from the carrying amount of the related debt<span class=\"_ _1\"></span>. 10.2. Non-financial assetsThe <span class=\"_ _10\"></span>carrying <span class=\"_ _11\"> </span>amounts <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company\u2019s <span class=\"_ _10\"></span>non-financial <span class=\"_ _11\"> </span>assets, <span class=\"_ _11\"> </span>other <span class=\"_ _11\"> </span>than <span class=\"_ _10\"></span>inventory <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>contract <span class=\"_ _11\"> </span>assets, <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>reviewed <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>each reporting <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>determine <span class=\"_ _d\"></span>whether <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>indication <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>impairment. <span class=\"_ _d\"></span>If <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>indication <span class=\"_ _d\"></span>exists, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>asset\u2019s <span class=\"_ _d\"></span>recoverable amount is estimated. Goodwill is tested annually for impa<span class=\"_ _1\"></span>irment.For <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>purpose <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>testing, <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>grouped <span class=\"_ _e\"></span>together <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>smallest <span class=\"_ _d\"></span>group <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>generates <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>inflows from <span class=\"_ _28\"> </span>continuing <span class=\"_ _28\"> </span>use <span class=\"_ _28\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>largely <span class=\"_ _27\"> </span>independent <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>cash <span class=\"_ _27\"> </span>inflows <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>other <span class=\"_\"> </span>assets <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>cash <span class=\"_ _27\"> </span>generating <span class=\"_\"> </span>units <span class=\"_ _27\"> </span>(\"CGUs\"). Goodwill <span class=\"_ _d\"></span>acquired <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>business <span class=\"_ _d\"></span>combination <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>groups <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>CGUs <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>expected <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>benefit <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>synergies <span class=\"_ _d\"></span>of the combination.The recoverable amount of an <span class=\"_ _d\"></span>asset or CGU is the <span class=\"_ _d\"></span>greater of its fair value less <span class=\"_ _d\"></span>cost to sell and value in <span class=\"_ _d\"></span>use. In assessing value in use, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>estimated <span class=\"_ _f\"> </span>future <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>flows <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>discounted <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>their <span class=\"_ _f\"> </span>present <span class=\"_ _f\"> </span>value <span class=\"_ _f\"> </span>using <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>pre-tax <span class=\"_ _f\"> </span>discount <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>that <span class=\"_ _11\"> </span>reflects <span class=\"_ _f\"> </span>current market <span class=\"_ _11\"> </span>assessments <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>money <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>risks <span class=\"_ _11\"> </span>specific <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>asset <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>CGU. <span class=\"_ _11\"> </span>Future <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>based <span class=\"_ _f\"> </span>on current market conditions, historical trends as well as future<span class=\"_ _1\"></span> expectations.An impairment loss <span class=\"_ _d\"></span>is recognized if <span class=\"_ _d\"></span>the carrying amount <span class=\"_ _d\"></span>of an asset <span class=\"_ _d\"></span>or CGU exceeds <span class=\"_ _d\"></span>its recoverable amount. Impairment <span class=\"_ _d\"></span>losses are recognized in profit or loss.An <span class=\"_ _d\"></span>impairment <span class=\"_ _e\"></span>loss <span class=\"_ _e\"></span>recognized <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>goodwill <span class=\"_ _e\"></span>shall <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>reversed. <span class=\"_ _d\"></span>For <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>assets, <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _d\"></span>loss <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>reversed <span class=\"_ _e\"></span>only <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the extent <span class=\"_\"> </span>that <span class=\"_\"> </span>the <span class=\"_\"> </span>asset\u2019s <span class=\"_\"> </span>carrying <span class=\"_ _29\"> </span>amount <span class=\"_\"> </span>does <span class=\"_\"> </span>not <span class=\"_\"> </span>exceed <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>carrying <span class=\"_\"> </span>amount <span class=\"_\"> </span>that <span class=\"_\"> </span>would <span class=\"_\"> </span>have <span class=\"_ _29\"> </span>been <span class=\"_\"> </span>determined, <span class=\"_\"> </span>net <span class=\"_\"> </span>of depreciation or amortization, if no impairment loss had be<span class=\"_ _1\"></span>en recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen <span class=\"_ _d\"></span>events <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>circumstances <span class=\"_ _e\"></span>indicate <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>asset <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>CGU <span class=\"_ _e\"></span>might <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>recovered, <span class=\"_ _e\"></span>the Company <span class=\"_ _27\"> </span>performs <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>impairment <span class=\"_ _27\"> </span>test <span class=\"_ _28\"> </span>whereby <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>asset <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>CGU <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>compared <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>recoverable amount, <span class=\"_ _d\"></span>which <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>greater <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use, <span class=\"_ _10\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>discounted <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>flows, <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell. <span class=\"_ _e\"></span>We <span class=\"_ _e\"></span>define our <span class=\"_ _e\"></span>CGU <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>single <span class=\"_ _10\"></span>vessel <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>each <span class=\"_ _e\"></span>vessel <span class=\"_ _10\"></span>generates <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>inflows <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>largely <span class=\"_ _e\"></span>independent <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>cash <span class=\"_ _e\"></span>inflows <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>other vessels. In assessing whether there <span class=\"_ _d\"></span>is any indication that a vessel <span class=\"_ _d\"></span>may be impaired, the Company considers <span class=\"_ _d\"></span>internal and external indicators, including but not limited to:\u2022<span class=\"_ _2c\"> </span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _10\"></span>market <span class=\"_ _e\"></span>values <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>our <span class=\"_ _10\"></span>vessels <span class=\"_ _10\"></span>received <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>independent <span class=\"_ _10\"></span>ship <span class=\"_ _10\"></span>brokers <span class=\"_ _10\"></span>have <span class=\"_ _10\"></span>declined <span class=\"_ _10\"></span>during <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period significantly more <span class=\"_ _d\"></span>than we <span class=\"_ _d\"></span>would expect <span class=\"_ _d\"></span>as a <span class=\"_ _d\"></span>result of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>passage of <span class=\"_ _d\"></span>time or <span class=\"_ _d\"></span>normal use. <span class=\"_ _d\"></span>The ship <span class=\"_ _d\"></span>brokers assess <span class=\"_ _d\"></span>each vessel based on, among others, age, yard, deadweight capacity and com<span class=\"_ _1\"></span>pare this to market transactions.\u2022<span class=\"_ _2c\"> </span>significant changes with an adverse <span class=\"_ _d\"></span>effect on the Company have taken <span class=\"_ _d\"></span>place during the period, or will <span class=\"_ _d\"></span>take place in the near <span class=\"_ _d\"></span>future, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>legal <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>regulatory <span class=\"_ _d\"></span>environment <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>operates, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>tanker <span class=\"_ _d\"></span>market, <span class=\"_ _e\"></span>including negative developments in actual and forecasted tim<span class=\"_ _1\"></span>e charter equivalent rates (\"TCE rates\").\u2022<span class=\"_ _2c\"> </span>market <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rates <span class=\"_ _11\"> </span>have <span class=\"_ _f\"> </span>increased <span class=\"_ _11\"> </span>during <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period, <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>increase <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>likely <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>affect <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>discount <span class=\"_ _11\"> </span>rate <span class=\"_ _f\"> </span>used <span class=\"_ _11\"> </span>in calculating a vessel\u2019s value in use and decrease the a<span class=\"_ _1\"></span>sset\u2019s recoverable amount materially.\u2022<span class=\"_ _2c\"> </span>the carrying amount of the net assets of the Company is more than i<span class=\"_ _1\"></span>ts market capitalization.\u2022<span class=\"_ _2c\"> </span>evidence is available of obsolescence or physical dama<span class=\"_ _1\"></span>ge of a vessel.\u2022<span class=\"_ _2c\"> </span>significant changes <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>adverse effect <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company have <span class=\"_ _d\"></span>taken <span class=\"_ _d\"></span>place <span class=\"_ _d\"></span>during the <span class=\"_ _d\"></span>period, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>expected to <span class=\"_ _d\"></span>take place in the near future, in the extent to which, or manner in whi<span class=\"_ _1\"></span>ch, a vessel is used or is expected to be used.\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">evidence that the economic performance of a vessel is, or wi<span class=\"_ _1\"></span>ll be, worse than expected, including:</span>\u25e6<span class=\"_ _2c\"> </span>actual or forecasted TCE rates are signific<span class=\"_ _1\"></span>antly worse than expected;\u25e6<span class=\"_ _2c\"> </span>cash <span class=\"_ _e\"></span>flows <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>acquiring <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>vessel, <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>subsequent <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>needs <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>maintaining <span class=\"_ _e\"></span>it, <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>significantly higher than expected;\u25e6<span class=\"_ _2c\"> </span>actual net cash flows or operating profit are signific<span class=\"_ _1\"></span>antly worse than expected;\u25e6<span class=\"_ _2c\"> </span>a significant decline in budgeted net cash flows or ope<span class=\"_ _1\"></span>rating profit; or\u25e6<span class=\"_ _2c\"> </span>operating losses or net cash outflows.If <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>impairment <span class=\"_ _11\"> </span>indicators <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>identified, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>vessel\u2019s <span class=\"_ _11\"> </span>recoverable <span class=\"_ _11\"> </span>amount <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>estimated. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>developing <span class=\"_ _11\"> </span>estimates <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>future cash <span class=\"_ _11\"></span>flows <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>order <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>assess <span class=\"_ _11\"> </span>value <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>use, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>must <span class=\"_ _11\"> </span>make <span class=\"_ _11\"> </span>assumptions <span class=\"_ _11\"> </span>about <span class=\"_ _11\"> </span>future <span class=\"_ _11\"> </span>performance, <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>significant assumptions <span class=\"_ _f\"> </span>being <span class=\"_ _f\"> </span>related <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates, <span class=\"_ _f\"> </span>ship <span class=\"_ _f\"> </span>operating <span class=\"_ _f\"> </span>expenses, <span class=\"_ _f\"> </span>utilization, <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>other <span class=\"_ _f\"> </span>capital <span class=\"_ _11\"> </span>requirements, residual <span class=\"_ _11\"> </span>value, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>estimated <span class=\"_ _11\"> </span>remaining <span class=\"_ _11\"> </span>useful <span class=\"_ _11\"> </span>lives <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>probability <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>lease <span class=\"_ _f\"> </span>terminations <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>vessels <span class=\"_ _f\"> </span>held under <span class=\"_ _e\"></span>lease. <span class=\"_ _e\"></span>These <span class=\"_ _e\"></span>assumptions <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>historical <span class=\"_ _e\"></span>trends <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>well <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>expectations. <span class=\"_ _e\"></span>Specifically, <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>estimating <span class=\"_ _e\"></span>future charter <span class=\"_ _e\"></span>rates, <span class=\"_ _e\"></span>management <span class=\"_ _e\"></span>takes <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>consideration <span class=\"_ _e\"></span>rates <span class=\"_ _e\"></span>currently <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>effect <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>existing <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>charters <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>daily <span class=\"_ _e\"></span>time charter equivalent <span class=\"_ _d\"></span>rates for <span class=\"_ _d\"></span>each <span class=\"_ _d\"></span>vessel class <span class=\"_ _d\"></span>for the <span class=\"_ _d\"></span>unfixed days <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the estimated <span class=\"_ _d\"></span>remaining lives <span class=\"_ _d\"></span>of each <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the vessels. <span class=\"_ _d\"></span>The estimated <span class=\"_ _f\"> </span>daily <span class=\"_ _f\"> </span>time <span class=\"_ _27\"> </span>charter <span class=\"_ _f\"> </span>equivalent <span class=\"_ _27\"> </span>rates <span class=\"_ _f\"> </span>used <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>unfixed <span class=\"_ _f\"> </span>days <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _27\"> </span>combination <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>(i) <span class=\"_ _f\"> </span>internally <span class=\"_ _27\"> </span>developed forecasts, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>(ii) <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>quarterly <span class=\"_ _e\"></span>average <span class=\"_ _e\"></span>rates <span class=\"_ _10\"></span>published <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>independent <span class=\"_ _10\"></span>third <span class=\"_ _e\"></span>party <span class=\"_ _e\"></span>maritime <span class=\"_ _10\"></span>research service, <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>historical <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>management's <span class=\"_ _d\"></span>judgment <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>past <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>ongoing <span class=\"_ _d\"></span>shipping <span class=\"_ _e\"></span>cycles. <span class=\"_ _d\"></span>Recognizing that <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>transportation <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>crude <span class=\"_ _27\"> </span>oil <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>cyclical <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>subject <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>significant <span class=\"_ _27\"> </span>volatility <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>factors <span class=\"_ _27\"> </span>beyond <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company's control, <span class=\"_ _d\"></span>management <span class=\"_ _e\"></span>believes <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>use <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>combination <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>internally <span class=\"_ _d\"></span>forecast <span class=\"_ _e\"></span>rates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>average rates calculated as of the reporting date to be reasonabl<span class=\"_ _1\"></span>e.Estimated <span class=\"_ _10\"></span>outflows <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>operating <span class=\"_ _10\"></span>expenses <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>dry <span class=\"_ _10\"></span>docking <span class=\"_ _11\"> </span>requirements <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>based <span class=\"_ _10\"></span>on <span class=\"_ _11\"> </span>historical <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>budgeted <span class=\"_ _10\"></span>costs <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>are adjusted <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>assumed <span class=\"_ _10\"></span>inflation. <span class=\"_ _10\"></span>Finally, <span class=\"_ _10\"></span>utilization <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>historical <span class=\"_ _10\"></span>levels <span class=\"_ _10\"></span>achieved <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>estimates <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>are consistent <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>pattern <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>scrap <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>used <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>management's <span class=\"_ _f\"> </span>evaluation <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>salvage <span class=\"_ _f\"> </span>value. <span class=\"_ _f\"> </span>Other <span class=\"_ _11\"> </span>capital <span class=\"_ _f\"> </span>requirements <span class=\"_ _f\"> </span>for newbuildings are primarily based on amounts payable according to t<span class=\"_ _1\"></span>he installments in the contract.The <span class=\"_ _e\"></span>weighted <span class=\"_ _e\"></span>average <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>capital <span class=\"_ _d\"></span>(\"WACC\") <span class=\"_ _10\"></span>used <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>calculate <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>use <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>been <span class=\"_ _e\"></span>calculated <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>reflect the industry-weighted average return on debt and equity using observable m<span class=\"_ _1\"></span>arket data.The <span class=\"_ _10\"></span>more <span class=\"_ _11\"> </span>significant <span class=\"_ _10\"></span>factors <span class=\"_ _11\"> </span>that <span class=\"_ _11\"> </span>could <span class=\"_ _10\"></span>impact <span class=\"_ _11\"> </span>management's <span class=\"_ _10\"></span>assumptions <span class=\"_ _11\"> </span>regarding <span class=\"_ _10\"></span>time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>equivalent <span class=\"_ _10\"></span>rates <span class=\"_ _11\"> </span>include <span class=\"_ _10\"></span>(i) loss <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>reduction <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>business <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>significant <span class=\"_ _10\"></span>customers, <span class=\"_ _10\"></span>(ii) <span class=\"_ _11\"></span>unanticipated <span class=\"_ _10\"></span>changes <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>demand <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>transportation <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>crude <span class=\"_ _10\"></span>oil and oil <span class=\"_ _d\"></span>products, (iii) changes <span class=\"_ _d\"></span>in production <span class=\"_ _d\"></span>of or <span class=\"_ _d\"></span>demand for oil, <span class=\"_ _d\"></span>generally or <span class=\"_ _d\"></span>in particular regions, <span class=\"_ _d\"></span>(iv) greater <span class=\"_ _d\"></span>than anticipated levels <span class=\"_\"> </span>of <span class=\"_\"> </span>tanker <span class=\"_\"> </span>newbuilding <span class=\"_\"> </span>orders <span class=\"_ _29\"> </span>or <span class=\"_\"> </span>lower <span class=\"_\"> </span>than <span class=\"_\"> </span>anticipated <span class=\"_\"> </span>levels <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>tanker <span class=\"_\"> </span>scrapping, <span class=\"_\"> </span>and <span class=\"_\"> </span>(v) <span class=\"_\"> </span>changes <span class=\"_\"> </span>in <span class=\"_ _29\"> </span>rules <span class=\"_\"> </span>and regulations <span class=\"_ _d\"></span>applicable <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>tanker <span class=\"_ _e\"></span>industry, <span class=\"_ _d\"></span>including <span class=\"_ _e\"></span>legislation <span class=\"_ _e\"></span>adopted <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>international <span class=\"_ _d\"></span>organizations <span class=\"_ _e\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>IMO <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the EU <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>individual <span class=\"_ _e\"></span>countries. <span class=\"_ _e\"></span>Although <span class=\"_ _e\"></span>management <span class=\"_ _e\"></span>believes <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>used <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>evaluate <span class=\"_ _e\"></span>potential <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>are reasonable <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>appropriate <span class=\"_ _e\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>they <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>made, <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>highly <span class=\"_ _10\"></span>subjective <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>likely <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>change, <span class=\"_ _e\"></span>possibly materially, <span class=\"_\"> </span>in <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>future. <span class=\"_\"> </span>Tanker <span class=\"_ _29\"> </span>charter <span class=\"_ _29\"> </span>rates <span class=\"_\"> </span>are <span class=\"_ _29\"> </span>volatile <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>can <span class=\"_ _29\"> </span>experience <span class=\"_ _29\"> </span>long <span class=\"_\"> </span>periods <span class=\"_ _29\"> </span>at <span class=\"_ _29\"> </span>depressed <span class=\"_ _29\"> </span>levels. <span class=\"_\"> </span>Future assessments of vessel impairment would be adversely affecte<span class=\"_ _1\"></span>d by reductions in vessel values and charter rates.GoodwillGoodwill <span class=\"_ _d\"></span>is not <span class=\"_ _d\"></span>amortized, <span class=\"_ _d\"></span>but <span class=\"_ _d\"></span>rather <span class=\"_ _d\"></span>reviewed <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>impairment annually, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>frequently <span class=\"_ _d\"></span>if impairment <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>arise. <span class=\"_ _d\"></span>The Company has <span class=\"_ _d\"></span>one group <span class=\"_ _d\"></span>of CGUs <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the purpose <span class=\"_ _d\"></span>of assessing <span class=\"_ _d\"></span>potential goodwill impairment <span class=\"_ _d\"></span>and has <span class=\"_ _d\"></span>selected September <span class=\"_ _d\"></span>30 as its annual goodwill impairment testing date. A CGU is impaired when <span class=\"_ _d\"></span>its carrying amount exceeds its recoverable amount. In <span class=\"_ _d\"></span>assessing whether the recoverable amount of a CGU <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>which <span class=\"_ _28\"> </span>goodwill <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_ _28\"> </span>allocated <span class=\"_ _28\"> </span>is <span class=\"_\"> </span>less <span class=\"_ _28\"> </span>than <span class=\"_ _28\"> </span>its <span class=\"_\"> </span>carrying <span class=\"_ _28\"> </span>amount, <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>Company <span class=\"_ _28\"> </span>assesses <span class=\"_ _28\"> </span>relevant <span class=\"_ _28\"> </span>events <span class=\"_\"> </span>and circumstances, <span class=\"_ _10\"></span>including <span class=\"_ _10\"></span>(i) <span class=\"_ _11\"> </span>macroeconomic <span class=\"_ _10\"></span>conditions; <span class=\"_ _11\"> </span>(ii) <span class=\"_ _11\"> </span>industry <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>market <span class=\"_ _10\"></span>conditions; <span class=\"_ _11\"> </span>(iii) <span class=\"_ _10\"></span>changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>cost <span class=\"_ _10\"></span>factors <span class=\"_ _11\"> </span>that may <span class=\"_ _11\"> </span>impact <span class=\"_ _f\"> </span>earnings <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows; <span class=\"_ _f\"> </span>(iv) <span class=\"_ _11\"> </span>overall <span class=\"_ _f\"> </span>financial <span class=\"_ _11\"> </span>performance; <span class=\"_ _f\"> </span>(v) <span class=\"_ _11\"> </span>other <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>specific <span class=\"_ _11\"> </span>events <span class=\"_ _f\"> </span>such <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>changes <span class=\"_ _11\"> </span>in management, <span class=\"_ _11\"> </span>strategy, <span class=\"_ _11\"> </span>customers <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>key <span class=\"_ _11\"> </span>personnel <span class=\"_ _11\"> </span>(vi) <span class=\"_ _f\"> </span>other <span class=\"_ _11\"> </span>events <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>(vii) <span class=\"_ _11\"> </span>if <span class=\"_ _f\"> </span>applicable, <span class=\"_ _11\"> </span>changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company's <span class=\"_ _11\"> </span>share price, both in absolute terms and relative to peers.The <span class=\"_ _e\"></span>recoverable <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _d\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>greater <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use. <span class=\"_ _e\"></span>We <span class=\"_ _10\"></span>estimate <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>fair value <span class=\"_ _d\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>capitalization <span class=\"_ _d\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>control <span class=\"_ _e\"></span>premium, <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>needed. <span class=\"_ _e\"></span>Control <span class=\"_ _d\"></span>premium assumptions <span class=\"_ _e\"></span>require <span class=\"_ _10\"></span>judgment <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>actual <span class=\"_ _e\"></span>results <span class=\"_ _10\"></span>may <span class=\"_ _e\"></span>differ <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>assumed <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>amounts. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>measurement takes into account <span class=\"_ _d\"></span>Level 1, <span class=\"_ _d\"></span>Level 2 and <span class=\"_ _d\"></span>Level 3 <span class=\"_ _d\"></span>inputs. In assessing <span class=\"_ _d\"></span>value in use, <span class=\"_ _d\"></span>the estimated <span class=\"_ _d\"></span>future cash flows <span class=\"_ _d\"></span>are discounted to <span class=\"_ _d\"></span>their <span class=\"_ _d\"></span>present <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>using <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>pre-tax <span class=\"_ _e\"></span>discount <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>reflects <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>market <span class=\"_ _e\"></span>assessments <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>money <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>the risks <span class=\"_ _11\"> </span>specific <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company. <span class=\"_ _f\"> </span>Future <span class=\"_ _11\"> </span>cash <span class=\"_ _11\"> </span>flows <span class=\"_ _11\"> </span>are <span class=\"_ _f\"> </span>based <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>current <span class=\"_ _11\"> </span>market <span class=\"_ _11\"> </span>conditions, <span class=\"_ _f\"> </span>historical <span class=\"_ _11\"> </span>trends <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>well <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>future expectations.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__46": {
   "value": "10.2. Non-financial assetsThe <span class=\"_ _10\"></span>carrying <span class=\"_ _11\"> </span>amounts <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company\u2019s <span class=\"_ _10\"></span>non-financial <span class=\"_ _11\"> </span>assets, <span class=\"_ _11\"> </span>other <span class=\"_ _11\"> </span>than <span class=\"_ _10\"></span>inventory <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>contract <span class=\"_ _11\"> </span>assets, <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>reviewed <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>each reporting <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>determine <span class=\"_ _d\"></span>whether <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>indication <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>impairment. <span class=\"_ _d\"></span>If <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>indication <span class=\"_ _d\"></span>exists, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>asset\u2019s <span class=\"_ _d\"></span>recoverable amount is estimated. Goodwill is tested annually for impa<span class=\"_ _1\"></span>irment.For <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>purpose <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>testing, <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>grouped <span class=\"_ _e\"></span>together <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>smallest <span class=\"_ _d\"></span>group <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>assets <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>generates <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>inflows from <span class=\"_ _28\"> </span>continuing <span class=\"_ _28\"> </span>use <span class=\"_ _28\"> </span>that <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>largely <span class=\"_ _27\"> </span>independent <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>cash <span class=\"_ _27\"> </span>inflows <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>other <span class=\"_\"> </span>assets <span class=\"_ _27\"> </span>or <span class=\"_\"> </span>cash <span class=\"_ _27\"> </span>generating <span class=\"_\"> </span>units <span class=\"_ _27\"> </span>(\"CGUs\"). Goodwill <span class=\"_ _d\"></span>acquired <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>business <span class=\"_ _d\"></span>combination <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>groups <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>CGUs <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>expected <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>benefit <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>synergies <span class=\"_ _d\"></span>of the combination.The recoverable amount of an <span class=\"_ _d\"></span>asset or CGU is the <span class=\"_ _d\"></span>greater of its fair value less <span class=\"_ _d\"></span>cost to sell and value in <span class=\"_ _d\"></span>use. In assessing value in use, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>estimated <span class=\"_ _f\"> </span>future <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>flows <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>discounted <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>their <span class=\"_ _f\"> </span>present <span class=\"_ _f\"> </span>value <span class=\"_ _f\"> </span>using <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>pre-tax <span class=\"_ _f\"> </span>discount <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>that <span class=\"_ _11\"> </span>reflects <span class=\"_ _f\"> </span>current market <span class=\"_ _11\"> </span>assessments <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>money <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>risks <span class=\"_ _11\"> </span>specific <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>asset <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>CGU. <span class=\"_ _11\"> </span>Future <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>based <span class=\"_ _f\"> </span>on current market conditions, historical trends as well as future<span class=\"_ _1\"></span> expectations.An impairment loss <span class=\"_ _d\"></span>is recognized if <span class=\"_ _d\"></span>the carrying amount <span class=\"_ _d\"></span>of an asset <span class=\"_ _d\"></span>or CGU exceeds <span class=\"_ _d\"></span>its recoverable amount. Impairment <span class=\"_ _d\"></span>losses are recognized in profit or loss.An <span class=\"_ _d\"></span>impairment <span class=\"_ _e\"></span>loss <span class=\"_ _e\"></span>recognized <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>goodwill <span class=\"_ _e\"></span>shall <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>reversed. <span class=\"_ _d\"></span>For <span class=\"_ _e\"></span>other <span class=\"_ _e\"></span>assets, <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _d\"></span>loss <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>reversed <span class=\"_ _e\"></span>only <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the extent <span class=\"_\"> </span>that <span class=\"_\"> </span>the <span class=\"_\"> </span>asset\u2019s <span class=\"_\"> </span>carrying <span class=\"_ _29\"> </span>amount <span class=\"_\"> </span>does <span class=\"_\"> </span>not <span class=\"_\"> </span>exceed <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>carrying <span class=\"_\"> </span>amount <span class=\"_\"> </span>that <span class=\"_\"> </span>would <span class=\"_\"> </span>have <span class=\"_ _29\"> </span>been <span class=\"_\"> </span>determined, <span class=\"_\"> </span>net <span class=\"_\"> </span>of depreciation or amortization, if no impairment loss had be<span class=\"_ _1\"></span>en recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen <span class=\"_ _d\"></span>events <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>circumstances <span class=\"_ _e\"></span>indicate <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>asset <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>CGU <span class=\"_ _e\"></span>might <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>recovered, <span class=\"_ _e\"></span>the Company <span class=\"_ _27\"> </span>performs <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>impairment <span class=\"_ _27\"> </span>test <span class=\"_ _28\"> </span>whereby <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>asset <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>CGU <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>compared <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>recoverable amount, <span class=\"_ _d\"></span>which <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>greater <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use, <span class=\"_ _10\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>discounted <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>flows, <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell. <span class=\"_ _e\"></span>We <span class=\"_ _e\"></span>define our <span class=\"_ _e\"></span>CGU <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>single <span class=\"_ _10\"></span>vessel <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>each <span class=\"_ _e\"></span>vessel <span class=\"_ _10\"></span>generates <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>inflows <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>largely <span class=\"_ _e\"></span>independent <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>cash <span class=\"_ _e\"></span>inflows <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>other vessels. In assessing whether there <span class=\"_ _d\"></span>is any indication that a vessel <span class=\"_ _d\"></span>may be impaired, the Company considers <span class=\"_ _d\"></span>internal and external indicators, including but not limited to:\u2022<span class=\"_ _2c\"> </span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _10\"></span>market <span class=\"_ _e\"></span>values <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>our <span class=\"_ _10\"></span>vessels <span class=\"_ _10\"></span>received <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>independent <span class=\"_ _10\"></span>ship <span class=\"_ _10\"></span>brokers <span class=\"_ _10\"></span>have <span class=\"_ _10\"></span>declined <span class=\"_ _10\"></span>during <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period significantly more <span class=\"_ _d\"></span>than we <span class=\"_ _d\"></span>would expect <span class=\"_ _d\"></span>as a <span class=\"_ _d\"></span>result of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>passage of <span class=\"_ _d\"></span>time or <span class=\"_ _d\"></span>normal use. <span class=\"_ _d\"></span>The ship <span class=\"_ _d\"></span>brokers assess <span class=\"_ _d\"></span>each vessel based on, among others, age, yard, deadweight capacity and com<span class=\"_ _1\"></span>pare this to market transactions.\u2022<span class=\"_ _2c\"> </span>significant changes with an adverse <span class=\"_ _d\"></span>effect on the Company have taken <span class=\"_ _d\"></span>place during the period, or will <span class=\"_ _d\"></span>take place in the near <span class=\"_ _d\"></span>future, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>legal <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>regulatory <span class=\"_ _d\"></span>environment <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>operates, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>tanker <span class=\"_ _d\"></span>market, <span class=\"_ _e\"></span>including negative developments in actual and forecasted tim<span class=\"_ _1\"></span>e charter equivalent rates (\"TCE rates\").\u2022<span class=\"_ _2c\"> </span>market <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rates <span class=\"_ _11\"> </span>have <span class=\"_ _f\"> </span>increased <span class=\"_ _11\"> </span>during <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period, <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>increase <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>likely <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>affect <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>discount <span class=\"_ _11\"> </span>rate <span class=\"_ _f\"> </span>used <span class=\"_ _11\"> </span>in calculating a vessel\u2019s value in use and decrease the a<span class=\"_ _1\"></span>sset\u2019s recoverable amount materially.\u2022<span class=\"_ _2c\"> </span>the carrying amount of the net assets of the Company is more than i<span class=\"_ _1\"></span>ts market capitalization.\u2022<span class=\"_ _2c\"> </span>evidence is available of obsolescence or physical dama<span class=\"_ _1\"></span>ge of a vessel.\u2022<span class=\"_ _2c\"> </span>significant changes <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>adverse effect <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company have <span class=\"_ _d\"></span>taken <span class=\"_ _d\"></span>place <span class=\"_ _d\"></span>during the <span class=\"_ _d\"></span>period, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>expected to <span class=\"_ _d\"></span>take place in the near future, in the extent to which, or manner in whi<span class=\"_ _1\"></span>ch, a vessel is used or is expected to be used.\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">evidence that the economic performance of a vessel is, or wi<span class=\"_ _1\"></span>ll be, worse than expected, including:</span>\u25e6<span class=\"_ _2c\"> </span>actual or forecasted TCE rates are signific<span class=\"_ _1\"></span>antly worse than expected;\u25e6<span class=\"_ _2c\"> </span>cash <span class=\"_ _e\"></span>flows <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>acquiring <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>vessel, <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>subsequent <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>needs <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>maintaining <span class=\"_ _e\"></span>it, <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>significantly higher than expected;\u25e6<span class=\"_ _2c\"> </span>actual net cash flows or operating profit are signific<span class=\"_ _1\"></span>antly worse than expected;\u25e6<span class=\"_ _2c\"> </span>a significant decline in budgeted net cash flows or ope<span class=\"_ _1\"></span>rating profit; or\u25e6<span class=\"_ _2c\"> </span>operating losses or net cash outflows.If <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>impairment <span class=\"_ _11\"> </span>indicators <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>identified, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>vessel\u2019s <span class=\"_ _11\"> </span>recoverable <span class=\"_ _11\"> </span>amount <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>estimated. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>developing <span class=\"_ _11\"> </span>estimates <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>future cash <span class=\"_ _11\"></span>flows <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>order <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>assess <span class=\"_ _11\"> </span>value <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>use, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>must <span class=\"_ _11\"> </span>make <span class=\"_ _11\"> </span>assumptions <span class=\"_ _11\"> </span>about <span class=\"_ _11\"> </span>future <span class=\"_ _11\"> </span>performance, <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>significant assumptions <span class=\"_ _f\"> </span>being <span class=\"_ _f\"> </span>related <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>rates, <span class=\"_ _f\"> </span>ship <span class=\"_ _f\"> </span>operating <span class=\"_ _f\"> </span>expenses, <span class=\"_ _f\"> </span>utilization, <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>other <span class=\"_ _f\"> </span>capital <span class=\"_ _11\"> </span>requirements, residual <span class=\"_ _11\"> </span>value, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>estimated <span class=\"_ _11\"> </span>remaining <span class=\"_ _11\"> </span>useful <span class=\"_ _11\"> </span>lives <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>probability <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>lease <span class=\"_ _f\"> </span>terminations <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>vessels <span class=\"_ _f\"> </span>held under <span class=\"_ _e\"></span>lease. <span class=\"_ _e\"></span>These <span class=\"_ _e\"></span>assumptions <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>historical <span class=\"_ _e\"></span>trends <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>well <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>expectations. <span class=\"_ _e\"></span>Specifically, <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>estimating <span class=\"_ _e\"></span>future charter <span class=\"_ _e\"></span>rates, <span class=\"_ _e\"></span>management <span class=\"_ _e\"></span>takes <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>consideration <span class=\"_ _e\"></span>rates <span class=\"_ _e\"></span>currently <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>effect <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>existing <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>charters <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>daily <span class=\"_ _e\"></span>time charter equivalent <span class=\"_ _d\"></span>rates for <span class=\"_ _d\"></span>each <span class=\"_ _d\"></span>vessel class <span class=\"_ _d\"></span>for the <span class=\"_ _d\"></span>unfixed days <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the estimated <span class=\"_ _d\"></span>remaining lives <span class=\"_ _d\"></span>of each <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the vessels. <span class=\"_ _d\"></span>The estimated <span class=\"_ _f\"> </span>daily <span class=\"_ _f\"> </span>time <span class=\"_ _27\"> </span>charter <span class=\"_ _f\"> </span>equivalent <span class=\"_ _27\"> </span>rates <span class=\"_ _f\"> </span>used <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>unfixed <span class=\"_ _f\"> </span>days <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _27\"> </span>combination <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>(i) <span class=\"_ _f\"> </span>internally <span class=\"_ _27\"> </span>developed forecasts, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>(ii) <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>quarterly <span class=\"_ _e\"></span>average <span class=\"_ _e\"></span>rates <span class=\"_ _10\"></span>published <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>independent <span class=\"_ _10\"></span>third <span class=\"_ _e\"></span>party <span class=\"_ _e\"></span>maritime <span class=\"_ _10\"></span>research service, <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>historical <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>management's <span class=\"_ _d\"></span>judgment <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>past <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>ongoing <span class=\"_ _d\"></span>shipping <span class=\"_ _e\"></span>cycles. <span class=\"_ _d\"></span>Recognizing that <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>transportation <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>crude <span class=\"_ _27\"> </span>oil <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>cyclical <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>subject <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>significant <span class=\"_ _27\"> </span>volatility <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>factors <span class=\"_ _27\"> </span>beyond <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company's control, <span class=\"_ _d\"></span>management <span class=\"_ _e\"></span>believes <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>use <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>combination <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>internally <span class=\"_ _d\"></span>forecast <span class=\"_ _e\"></span>rates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>historical <span class=\"_ _e\"></span>average rates calculated as of the reporting date to be reasonabl<span class=\"_ _1\"></span>e.Estimated <span class=\"_ _10\"></span>outflows <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>operating <span class=\"_ _10\"></span>expenses <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>dry <span class=\"_ _10\"></span>docking <span class=\"_ _11\"> </span>requirements <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>based <span class=\"_ _10\"></span>on <span class=\"_ _11\"> </span>historical <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>budgeted <span class=\"_ _10\"></span>costs <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>are adjusted <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>assumed <span class=\"_ _10\"></span>inflation. <span class=\"_ _10\"></span>Finally, <span class=\"_ _10\"></span>utilization <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>historical <span class=\"_ _10\"></span>levels <span class=\"_ _10\"></span>achieved <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>estimates <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>are consistent <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>pattern <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>scrap <span class=\"_ _f\"> </span>rates <span class=\"_ _f\"> </span>used <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>management's <span class=\"_ _f\"> </span>evaluation <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>salvage <span class=\"_ _f\"> </span>value. <span class=\"_ _f\"> </span>Other <span class=\"_ _11\"> </span>capital <span class=\"_ _f\"> </span>requirements <span class=\"_ _f\"> </span>for newbuildings are primarily based on amounts payable according to t<span class=\"_ _1\"></span>he installments in the contract.The <span class=\"_ _e\"></span>weighted <span class=\"_ _e\"></span>average <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>capital <span class=\"_ _d\"></span>(\"WACC\") <span class=\"_ _10\"></span>used <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>calculate <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>use <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>assets <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>been <span class=\"_ _e\"></span>calculated <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>reflect the industry-weighted average return on debt and equity using observable m<span class=\"_ _1\"></span>arket data.The <span class=\"_ _10\"></span>more <span class=\"_ _11\"> </span>significant <span class=\"_ _10\"></span>factors <span class=\"_ _11\"> </span>that <span class=\"_ _11\"> </span>could <span class=\"_ _10\"></span>impact <span class=\"_ _11\"> </span>management's <span class=\"_ _10\"></span>assumptions <span class=\"_ _11\"> </span>regarding <span class=\"_ _10\"></span>time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>equivalent <span class=\"_ _10\"></span>rates <span class=\"_ _11\"> </span>include <span class=\"_ _10\"></span>(i) loss <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>reduction <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>business <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>significant <span class=\"_ _10\"></span>customers, <span class=\"_ _10\"></span>(ii) <span class=\"_ _11\"></span>unanticipated <span class=\"_ _10\"></span>changes <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>demand <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>transportation <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>crude <span class=\"_ _10\"></span>oil and oil <span class=\"_ _d\"></span>products, (iii) changes <span class=\"_ _d\"></span>in production <span class=\"_ _d\"></span>of or <span class=\"_ _d\"></span>demand for oil, <span class=\"_ _d\"></span>generally or <span class=\"_ _d\"></span>in particular regions, <span class=\"_ _d\"></span>(iv) greater <span class=\"_ _d\"></span>than anticipated levels <span class=\"_\"> </span>of <span class=\"_\"> </span>tanker <span class=\"_\"> </span>newbuilding <span class=\"_\"> </span>orders <span class=\"_ _29\"> </span>or <span class=\"_\"> </span>lower <span class=\"_\"> </span>than <span class=\"_\"> </span>anticipated <span class=\"_\"> </span>levels <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>tanker <span class=\"_\"> </span>scrapping, <span class=\"_\"> </span>and <span class=\"_\"> </span>(v) <span class=\"_\"> </span>changes <span class=\"_\"> </span>in <span class=\"_ _29\"> </span>rules <span class=\"_\"> </span>and regulations <span class=\"_ _d\"></span>applicable <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>tanker <span class=\"_ _e\"></span>industry, <span class=\"_ _d\"></span>including <span class=\"_ _e\"></span>legislation <span class=\"_ _e\"></span>adopted <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>international <span class=\"_ _d\"></span>organizations <span class=\"_ _e\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>IMO <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the EU <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>individual <span class=\"_ _e\"></span>countries. <span class=\"_ _e\"></span>Although <span class=\"_ _e\"></span>management <span class=\"_ _e\"></span>believes <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>used <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>evaluate <span class=\"_ _e\"></span>potential <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>are reasonable <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>appropriate <span class=\"_ _e\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>they <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>made, <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>assumptions <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>highly <span class=\"_ _10\"></span>subjective <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>likely <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>change, <span class=\"_ _e\"></span>possibly materially, <span class=\"_\"> </span>in <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>future. <span class=\"_\"> </span>Tanker <span class=\"_ _29\"> </span>charter <span class=\"_ _29\"> </span>rates <span class=\"_\"> </span>are <span class=\"_ _29\"> </span>volatile <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>can <span class=\"_ _29\"> </span>experience <span class=\"_ _29\"> </span>long <span class=\"_\"> </span>periods <span class=\"_ _29\"> </span>at <span class=\"_ _29\"> </span>depressed <span class=\"_ _29\"> </span>levels. <span class=\"_\"> </span>Future assessments of vessel impairment would be adversely affecte<span class=\"_ _1\"></span>d by reductions in vessel values and charter rates.GoodwillGoodwill <span class=\"_ _d\"></span>is not <span class=\"_ _d\"></span>amortized, <span class=\"_ _d\"></span>but <span class=\"_ _d\"></span>rather <span class=\"_ _d\"></span>reviewed <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>impairment annually, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>frequently <span class=\"_ _d\"></span>if impairment <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>arise. <span class=\"_ _d\"></span>The Company has <span class=\"_ _d\"></span>one group <span class=\"_ _d\"></span>of CGUs <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the purpose <span class=\"_ _d\"></span>of assessing <span class=\"_ _d\"></span>potential goodwill impairment <span class=\"_ _d\"></span>and has <span class=\"_ _d\"></span>selected September <span class=\"_ _d\"></span>30 as its annual goodwill impairment testing date. A CGU is impaired when <span class=\"_ _d\"></span>its carrying amount exceeds its recoverable amount. In <span class=\"_ _d\"></span>assessing whether the recoverable amount of a CGU <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>which <span class=\"_ _28\"> </span>goodwill <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_ _28\"> </span>allocated <span class=\"_ _28\"> </span>is <span class=\"_\"> </span>less <span class=\"_ _28\"> </span>than <span class=\"_ _28\"> </span>its <span class=\"_\"> </span>carrying <span class=\"_ _28\"> </span>amount, <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>Company <span class=\"_ _28\"> </span>assesses <span class=\"_ _28\"> </span>relevant <span class=\"_ _28\"> </span>events <span class=\"_\"> </span>and circumstances, <span class=\"_ _10\"></span>including <span class=\"_ _10\"></span>(i) <span class=\"_ _11\"> </span>macroeconomic <span class=\"_ _10\"></span>conditions; <span class=\"_ _11\"> </span>(ii) <span class=\"_ _11\"> </span>industry <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>market <span class=\"_ _10\"></span>conditions; <span class=\"_ _11\"> </span>(iii) <span class=\"_ _10\"></span>changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>cost <span class=\"_ _10\"></span>factors <span class=\"_ _11\"> </span>that may <span class=\"_ _11\"> </span>impact <span class=\"_ _f\"> </span>earnings <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows; <span class=\"_ _f\"> </span>(iv) <span class=\"_ _11\"> </span>overall <span class=\"_ _f\"> </span>financial <span class=\"_ _11\"> </span>performance; <span class=\"_ _f\"> </span>(v) <span class=\"_ _11\"> </span>other <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>specific <span class=\"_ _11\"> </span>events <span class=\"_ _f\"> </span>such <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>changes <span class=\"_ _11\"> </span>in management, <span class=\"_ _11\"> </span>strategy, <span class=\"_ _11\"> </span>customers <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>key <span class=\"_ _11\"> </span>personnel <span class=\"_ _11\"> </span>(vi) <span class=\"_ _f\"> </span>other <span class=\"_ _11\"> </span>events <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>(vii) <span class=\"_ _11\"> </span>if <span class=\"_ _f\"> </span>applicable, <span class=\"_ _11\"> </span>changes <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company's <span class=\"_ _11\"> </span>share price, both in absolute terms and relative to peers.The <span class=\"_ _e\"></span>recoverable <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _d\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>greater <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use. <span class=\"_ _e\"></span>We <span class=\"_ _10\"></span>estimate <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>fair value <span class=\"_ _d\"></span>less <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>sell <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>capitalization <span class=\"_ _d\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>control <span class=\"_ _e\"></span>premium, <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>needed. <span class=\"_ _e\"></span>Control <span class=\"_ _d\"></span>premium assumptions <span class=\"_ _e\"></span>require <span class=\"_ _10\"></span>judgment <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>actual <span class=\"_ _e\"></span>results <span class=\"_ _10\"></span>may <span class=\"_ _e\"></span>differ <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>assumed <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>amounts. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>measurement takes into account <span class=\"_ _d\"></span>Level 1, <span class=\"_ _d\"></span>Level 2 and <span class=\"_ _d\"></span>Level 3 <span class=\"_ _d\"></span>inputs. In assessing <span class=\"_ _d\"></span>value in use, <span class=\"_ _d\"></span>the estimated <span class=\"_ _d\"></span>future cash flows <span class=\"_ _d\"></span>are discounted to <span class=\"_ _d\"></span>their <span class=\"_ _d\"></span>present <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>using <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>pre-tax <span class=\"_ _e\"></span>discount <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>reflects <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>market <span class=\"_ _e\"></span>assessments <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>money <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>the risks <span class=\"_ _11\"> </span>specific <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company. <span class=\"_ _f\"> </span>Future <span class=\"_ _11\"> </span>cash <span class=\"_ _11\"> </span>flows <span class=\"_ _11\"> </span>are <span class=\"_ _f\"> </span>based <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>current <span class=\"_ _11\"> </span>market <span class=\"_ _11\"> </span>conditions, <span class=\"_ _f\"> </span>historical <span class=\"_ _11\"> </span>trends <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>well <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>future expectations.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__48": {
   "value": "11. Revenue and expense recognition11.1. Voyage chartersIn <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>voyage <span class=\"_ _10\"></span>charter <span class=\"_ _10\"></span>contract, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>hires <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>transport <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>specific <span class=\"_ _10\"></span>agreed-upon <span class=\"_ _10\"></span>cargo <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>voyage. <span class=\"_ _10\"></span>The consideration <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>freight <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>per <span class=\"_ _e\"></span>metric <span class=\"_ _d\"></span>ton <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>cargo <span class=\"_ _d\"></span>carried <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>occasionally <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a lump <span class=\"_ _28\"> </span>sum <span class=\"_ _27\"> </span>basis. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>charterer <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>responsible <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>any <span class=\"_ _28\"> </span>short <span class=\"_ _27\"> </span>loading <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>cargo <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>\"dead\" <span class=\"_\"> </span>freight<span class=\"_ _1\"></span>. <span class=\"_ _28\"> </span>The <span class=\"_ _27\"> </span>voyage <span class=\"_\"> </span>c<span class=\"_ _1\"></span>harter <span class=\"_ _28\"> </span>party generally <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>standard <span class=\"_ _e\"></span>payment <span class=\"_ _10\"></span>terms <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>freight <span class=\"_ _e\"></span>paid <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>completion <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>discharge. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>voyage <span class=\"_ _e\"></span>charter <span class=\"_ _10\"></span>party <span class=\"_ _e\"></span>generally <span class=\"_ _10\"></span>has <span class=\"_ _e\"></span>a \"demurrage\" <span class=\"_ _e\"></span>clause. <span class=\"_ _10\"></span>As <span class=\"_ _e\"></span>per <span class=\"_ _10\"></span>this <span class=\"_ _10\"></span>clause, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>reimburses <span class=\"_ _10\"></span>us <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>any <span class=\"_ _e\"></span>potential <span class=\"_ _10\"></span>delays <span class=\"_ _e\"></span>exceeding <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>allowed <span class=\"_ _10\"></span>laytime <span class=\"_ _e\"></span>as per the charter <span class=\"_ _d\"></span>party clause at the <span class=\"_ _d\"></span>ports visited, which is <span class=\"_ _d\"></span>recorded as voyage revenue. <span class=\"_ _d\"></span>As such, demurrage is <span class=\"_ _d\"></span>considered variable consideration <span class=\"_ _d\"></span>under <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>contract. <span class=\"_ _e\"></span>Estimates <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>judgments <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>required <span class=\"_ _10\"></span>in <span class=\"_ _d\"></span>ascertaining <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>most <span class=\"_ _10\"></span>likely <span class=\"_ _d\"></span>outcome <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _d\"></span>particular voyage <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>actual <span class=\"_ _e\"></span>outcomes <span class=\"_ _e\"></span>may <span class=\"_ _e\"></span>differ <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>estimates. <span class=\"_ _e\"></span>Such <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>reviewed <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>updated <span class=\"_ _e\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>term <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>voyage charter contract. In <span class=\"_ _d\"></span>a voyage <span class=\"_ _d\"></span>charter contract, <span class=\"_ _d\"></span>revenue recognition begins <span class=\"_ _d\"></span>to be <span class=\"_ _d\"></span>satisfied once <span class=\"_ _d\"></span>the vessel commences <span class=\"_ _d\"></span>loading the cargo.In <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>voyage <span class=\"_ _e\"></span>contract, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>bears <span class=\"_ _d\"></span>all <span class=\"_ _e\"></span>voyage <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>costs <span class=\"_ _e\"></span>such <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>fuel <span class=\"_ _d\"></span>costs, <span class=\"_ _d\"></span>port <span class=\"_ _e\"></span>charges <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>canal <span class=\"_ _d\"></span>tolls. <span class=\"_ _d\"></span>To <span class=\"_ _e\"></span>recognize costs <span class=\"_ _d\"></span>incurred <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>fulfill <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>asset, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>following <span class=\"_ _d\"></span>criteria <span class=\"_ _d\"></span>shall <span class=\"_ _d\"></span>be <span class=\"_ _d\"></span>met: <span class=\"_ _d\"></span>(i) <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>relate <span class=\"_ _d\"></span>directly <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contract, <span class=\"_ _d\"></span>(ii) the <span class=\"_ _e\"></span>costs <span class=\"_ _10\"></span>generate <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>enhance <span class=\"_ _e\"></span>resources <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>entity <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>used <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>satisfying <span class=\"_ _e\"></span>performance <span class=\"_ _10\"></span>obligations <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>future <span class=\"_ _10\"></span>and (iii) <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>expected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _d\"></span>recovered. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _d\"></span>during <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _d\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>commencement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>loading <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>cargo, primarily bunkers, are deferred as they represent setup costs and recorde<span class=\"_ _1\"></span>d as a current asset and are subsequently amortized on a straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>we <span class=\"_ _f\"> </span>satisfy <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>performance <span class=\"_ _f\"> </span>obligations <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>contract. <span class=\"_ _11\"> </span>Costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>obtain <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>contract, <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>as commissions, <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>also <span class=\"_ _f\"> </span>deferred <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>expensed <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>same <span class=\"_ _11\"> </span>period. <span class=\"_ _f\"> </span>Costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>during <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>performance <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>voyage <span class=\"_ _11\"> </span>are expensed as incurred.Voyage <span class=\"_ _d\"></span>charters <span class=\"_ _e\"></span>contain <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>component <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>contract <span class=\"_ _d\"></span>(i) <span class=\"_ _e\"></span>specifies <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>specific <span class=\"_ _e\"></span>vessel <span class=\"_ _d\"></span>asset; <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>(ii) <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>terms <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>allow <span class=\"_ _e\"></span>the charterer to <span class=\"_ _d\"></span>exercise <span class=\"_ _d\"></span>substantive decision-making <span class=\"_ _d\"></span>rights, which <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>economic value <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>and therefore <span class=\"_ _d\"></span>allow <span class=\"_ _d\"></span>the charterer <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>direct <span class=\"_ _e\"></span>how <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>what <span class=\"_ _10\"></span>purpose <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>used. <span class=\"_ _e\"></span>Voyage <span class=\"_ _e\"></span>charter <span class=\"_ _e\"></span>revenues <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>expenses <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>ratably over the estimated length of each voyage, which the Company ha<span class=\"_ _1\"></span>s assessed commence on loading of the cargo.Voyage and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>contracts not <span class=\"_ _d\"></span>qualifying <span class=\"_ _d\"></span>as leases <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>accounted for <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>the provisions <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>IFRS <span class=\"_ _d\"></span>15 <span class=\"ff3\">Revenue <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>Contracts </span>with <span class=\"_ _f\"> </span>Customers<span class=\"ff2\">. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>has <span class=\"_ _27\"> </span>determined <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>voyage <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>contracts <span class=\"_ _f\"> </span>that <span class=\"_ _27\"> </span>qualify <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>accounting <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>IFRS <span class=\"_ _27\"> </span>15 </span>consist <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>single <span class=\"_ _d\"></span>performance <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>transporting <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>cargo <span class=\"_ _d\"></span>within <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>specified <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>period. <span class=\"_ _d\"></span>Therefore, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>performance obligation <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>met <span class=\"_ _e\"></span>evenly <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>voyage <span class=\"_ _e\"></span>progresses, <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>revenue <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _e\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>voyage <span class=\"_ _e\"></span>days from the commencement of <span class=\"_ _d\"></span>loading to completion <span class=\"_ _d\"></span>of discharge. Contract assets <span class=\"_ _d\"></span>with regards to <span class=\"_ _d\"></span>voyage revenues are reported <span class=\"_ _d\"></span>as \"Voyages <span class=\"_ _d\"></span>in progress\" <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>performance obligation <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>satisfied <span class=\"_ _d\"></span>over time. <span class=\"_ _d\"></span>Voyage <span class=\"_ _d\"></span>revenues <span class=\"_ _d\"></span>typically become <span class=\"_ _d\"></span>billable <span class=\"_ _d\"></span>and due for <span class=\"_ _d\"></span>payment on <span class=\"_ _d\"></span>completion <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>voyage and <span class=\"_ _d\"></span>discharge <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>cargo, at <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>point <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>receivable is <span class=\"_ _d\"></span>recognized <span class=\"_ _d\"></span>within \"Trade and other receivables\". The <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>taken <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>practical <span class=\"_ _10\"></span>expedient <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>disclose <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>aggregate <span class=\"_ _e\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>transaction <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>allocated <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>the performance <span class=\"_ _e\"></span>obligations <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>unsatisfied <span class=\"_ _e\"></span>(or <span class=\"_ _10\"></span>partially <span class=\"_ _e\"></span>unsatisfied) <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>end <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>reporting <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>performance obligations are part of contracts having an original expecte<span class=\"_ _1\"></span>d duration of one year or less. 11.2. Time and bareboat chartersIn <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>charter <span class=\"_ _d\"></span>voyage, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>hired <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>specified <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>exchange <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>consideration <span class=\"_ _d\"></span>which is <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>daily <span class=\"_ _d\"></span>hire <span class=\"_ _d\"></span>rate. Generally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>discretion <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>ports <span class=\"_ _d\"></span>visited, <span class=\"_ _d\"></span>shipping <span class=\"_ _d\"></span>routes and <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>speed. The <span class=\"_ _d\"></span>contract/charter party <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>provides <span class=\"_ _d\"></span>typical warranties <span class=\"_ _d\"></span>regarding <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>speed <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>performance of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>charter party <span class=\"_ _d\"></span>generally has <span class=\"_ _d\"></span>some <span class=\"_ _d\"></span>owner <span class=\"_ _d\"></span>protective restrictions <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the vessel <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>sent <span class=\"_ _d\"></span>only <span class=\"_ _d\"></span>to safe <span class=\"_ _d\"></span>ports <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer and <span class=\"_ _d\"></span>carries only <span class=\"_ _11\"></span>lawful <span class=\"_ _10\"></span>or <span class=\"_ _11\"> </span>non-hazardous <span class=\"_ _11\"> </span>cargo. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>contract, <span class=\"_ _11\"> </span>we <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>responsible <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>all <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>running <span class=\"_ _11\"> </span>the vessel <span class=\"_ _10\"></span>such <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>crew <span class=\"_ _11\"> </span>costs, <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"> </span>insurance, <span class=\"_ _10\"></span>repairs <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>maintenance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>lubes. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>charterer <span class=\"_ _10\"></span>bears <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>voyage <span class=\"_ _11\"> </span>related <span class=\"_ _10\"></span>costs such <span class=\"_ _10\"></span>as <span class=\"_ _11\"> </span>bunker <span class=\"_ _10\"></span>expenses, <span class=\"_ _11\"> </span>port <span class=\"_ _11\"> </span>charges, <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>canal <span class=\"_ _10\"></span>tolls <span class=\"_ _11\"> </span>during <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>hire <span class=\"_ _11\"> </span>period. <span class=\"_ _11\"> </span>The <span class=\"_ _10\"></span>performance <span class=\"_ _11\"> </span>obligations <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>time <span class=\"_ _11\"> </span>charter contract <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>satisfied <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>term <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>beginning <span class=\"_ _e\"></span>when <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>delivered <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>until <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>redelivered back <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>us. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>generally <span class=\"_ _e\"></span>pays <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>charter <span class=\"_ _10\"></span>hire <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>advance <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>upcoming <span class=\"_ _e\"></span>contract <span class=\"_ _e\"></span>period. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>lease <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of time charter <span class=\"_ _d\"></span>contracts, bareboat <span class=\"_ _d\"></span>charter contracts and <span class=\"_ _d\"></span>voyage charter <span class=\"_ _d\"></span>contracts which <span class=\"_ _d\"></span>we consider <span class=\"_ _d\"></span>to be <span class=\"_ _d\"></span>leases are <span class=\"_ _d\"></span>accounted for under<span class=\"ff3\"> <span class=\"_ _10\"></span></span>IFRS <span class=\"_ _10\"></span>16 <span class=\"_ _10\"></span><span class=\"ff3\">Leases</span>, <span class=\"_ _10\"></span>and<span class=\"ff3\"> <span class=\"_ _11\"> </span></span>revenues <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>recorded <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>term <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>charter <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>service <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>provided. <span class=\"_ _11\"> </span>When <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>time <span class=\"_ _10\"></span>charter contract is linked to an index, we recognize revenue for the appl<span class=\"_ _1\"></span>icable period based on the actual index for that period.11.3. Administrative incomeAdministrative income primarily comprises income <span class=\"_ _d\"></span>earned from the commercial <span class=\"_ _d\"></span>and technical management of related <span class=\"_ _d\"></span>party and third <span class=\"_ _10\"></span>party <span class=\"_ _11\"> </span>vessels <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>newbuilding <span class=\"_ _10\"></span>supervision <span class=\"_ _11\"> </span>fees <span class=\"_ _10\"></span>derived <span class=\"_ _11\"> </span>from <span class=\"_ _10\"></span>related <span class=\"_ _11\"> </span>parties <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>third <span class=\"_ _10\"></span>parties. <span class=\"_ _11\"> </span>Administrative <span class=\"_ _10\"></span>income <span class=\"_ _10\"></span>is recognized <span class=\"_\"> </span>over <span class=\"_ _29\"> </span>time <span class=\"_ _29\"> </span>on <span class=\"_\"> </span>a <span class=\"_ _29\"> </span>straight-line <span class=\"_\"> </span>basis <span class=\"_ _29\"> </span>using <span class=\"_ _29\"> </span>the <span class=\"_\"> </span>accruals <span class=\"_ _29\"> </span>method <span class=\"_ _29\"> </span>as <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>services <span class=\"_ _29\"> </span>are <span class=\"_\"> </span>provided <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>performance obligations are met.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__47": {
   "value": "11. Revenue and expense recognition11.1. Voyage chartersIn <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>voyage <span class=\"_ _10\"></span>charter <span class=\"_ _10\"></span>contract, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>hires <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>vessel <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>transport <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>specific <span class=\"_ _10\"></span>agreed-upon <span class=\"_ _10\"></span>cargo <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>voyage. <span class=\"_ _10\"></span>The consideration <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>freight <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>per <span class=\"_ _e\"></span>metric <span class=\"_ _d\"></span>ton <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>cargo <span class=\"_ _d\"></span>carried <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>occasionally <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a lump <span class=\"_ _28\"> </span>sum <span class=\"_ _27\"> </span>basis. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>charterer <span class=\"_ _28\"> </span>is <span class=\"_ _27\"> </span>responsible <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>any <span class=\"_ _28\"> </span>short <span class=\"_ _27\"> </span>loading <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>cargo <span class=\"_ _28\"> </span>or <span class=\"_ _27\"> </span>\"dead\" <span class=\"_\"> </span>freight<span class=\"_ _1\"></span>. <span class=\"_ _28\"> </span>The <span class=\"_ _27\"> </span>voyage <span class=\"_\"> </span>c<span class=\"_ _1\"></span>harter <span class=\"_ _28\"> </span>party generally <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>standard <span class=\"_ _e\"></span>payment <span class=\"_ _10\"></span>terms <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>freight <span class=\"_ _e\"></span>paid <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>completion <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>discharge. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>voyage <span class=\"_ _e\"></span>charter <span class=\"_ _10\"></span>party <span class=\"_ _e\"></span>generally <span class=\"_ _10\"></span>has <span class=\"_ _e\"></span>a \"demurrage\" <span class=\"_ _e\"></span>clause. <span class=\"_ _10\"></span>As <span class=\"_ _e\"></span>per <span class=\"_ _10\"></span>this <span class=\"_ _10\"></span>clause, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>reimburses <span class=\"_ _10\"></span>us <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>any <span class=\"_ _e\"></span>potential <span class=\"_ _10\"></span>delays <span class=\"_ _e\"></span>exceeding <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>allowed <span class=\"_ _10\"></span>laytime <span class=\"_ _e\"></span>as per the charter <span class=\"_ _d\"></span>party clause at the <span class=\"_ _d\"></span>ports visited, which is <span class=\"_ _d\"></span>recorded as voyage revenue. <span class=\"_ _d\"></span>As such, demurrage is <span class=\"_ _d\"></span>considered variable consideration <span class=\"_ _d\"></span>under <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>contract. <span class=\"_ _e\"></span>Estimates <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>judgments <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>required <span class=\"_ _10\"></span>in <span class=\"_ _d\"></span>ascertaining <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>most <span class=\"_ _10\"></span>likely <span class=\"_ _d\"></span>outcome <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>a <span class=\"_ _d\"></span>particular voyage <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>actual <span class=\"_ _e\"></span>outcomes <span class=\"_ _e\"></span>may <span class=\"_ _e\"></span>differ <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>estimates. <span class=\"_ _e\"></span>Such <span class=\"_ _e\"></span>estimates <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>reviewed <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>updated <span class=\"_ _e\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>term <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>voyage charter contract. In <span class=\"_ _d\"></span>a voyage <span class=\"_ _d\"></span>charter contract, <span class=\"_ _d\"></span>revenue recognition begins <span class=\"_ _d\"></span>to be <span class=\"_ _d\"></span>satisfied once <span class=\"_ _d\"></span>the vessel commences <span class=\"_ _d\"></span>loading the cargo.In <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>voyage <span class=\"_ _e\"></span>contract, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>bears <span class=\"_ _d\"></span>all <span class=\"_ _e\"></span>voyage <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>costs <span class=\"_ _e\"></span>such <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>fuel <span class=\"_ _d\"></span>costs, <span class=\"_ _d\"></span>port <span class=\"_ _e\"></span>charges <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>canal <span class=\"_ _d\"></span>tolls. <span class=\"_ _d\"></span>To <span class=\"_ _e\"></span>recognize costs <span class=\"_ _d\"></span>incurred <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>fulfill <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>asset, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>following <span class=\"_ _d\"></span>criteria <span class=\"_ _d\"></span>shall <span class=\"_ _d\"></span>be <span class=\"_ _d\"></span>met: <span class=\"_ _d\"></span>(i) <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>relate <span class=\"_ _d\"></span>directly <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contract, <span class=\"_ _d\"></span>(ii) the <span class=\"_ _e\"></span>costs <span class=\"_ _10\"></span>generate <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>enhance <span class=\"_ _e\"></span>resources <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>entity <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>used <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>satisfying <span class=\"_ _e\"></span>performance <span class=\"_ _10\"></span>obligations <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>future <span class=\"_ _10\"></span>and (iii) <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>expected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _d\"></span>recovered. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _d\"></span>during <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _d\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>commencement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>loading <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>cargo, primarily bunkers, are deferred as they represent setup costs and recorde<span class=\"_ _1\"></span>d as a current asset and are subsequently amortized on a straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>we <span class=\"_ _f\"> </span>satisfy <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>performance <span class=\"_ _f\"> </span>obligations <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>contract. <span class=\"_ _11\"> </span>Costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>obtain <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>contract, <span class=\"_ _11\"> </span>such <span class=\"_ _11\"> </span>as commissions, <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>also <span class=\"_ _f\"> </span>deferred <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>expensed <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>same <span class=\"_ _11\"> </span>period. <span class=\"_ _f\"> </span>Costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>during <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>performance <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>voyage <span class=\"_ _11\"> </span>are expensed as incurred.Voyage <span class=\"_ _d\"></span>charters <span class=\"_ _e\"></span>contain <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>component <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>contract <span class=\"_ _d\"></span>(i) <span class=\"_ _e\"></span>specifies <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>specific <span class=\"_ _e\"></span>vessel <span class=\"_ _d\"></span>asset; <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>(ii) <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>terms <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>allow <span class=\"_ _e\"></span>the charterer to <span class=\"_ _d\"></span>exercise <span class=\"_ _d\"></span>substantive decision-making <span class=\"_ _d\"></span>rights, which <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>economic value <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>and therefore <span class=\"_ _d\"></span>allow <span class=\"_ _d\"></span>the charterer <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>direct <span class=\"_ _e\"></span>how <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>what <span class=\"_ _10\"></span>purpose <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>used. <span class=\"_ _e\"></span>Voyage <span class=\"_ _e\"></span>charter <span class=\"_ _e\"></span>revenues <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>expenses <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>ratably over the estimated length of each voyage, which the Company ha<span class=\"_ _1\"></span>s assessed commence on loading of the cargo.Voyage and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>contracts not <span class=\"_ _d\"></span>qualifying <span class=\"_ _d\"></span>as leases <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>accounted for <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>the provisions <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>IFRS <span class=\"_ _d\"></span>15 <span class=\"ff3\">Revenue <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>Contracts </span>with <span class=\"_ _f\"> </span>Customers<span class=\"ff2\">. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>has <span class=\"_ _27\"> </span>determined <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>voyage <span class=\"_ _f\"> </span>charter <span class=\"_ _f\"> </span>contracts <span class=\"_ _f\"> </span>that <span class=\"_ _27\"> </span>qualify <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>accounting <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>IFRS <span class=\"_ _27\"> </span>15 </span>consist <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>single <span class=\"_ _d\"></span>performance <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>transporting <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>cargo <span class=\"_ _d\"></span>within <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>specified <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>period. <span class=\"_ _d\"></span>Therefore, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>performance obligation <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>met <span class=\"_ _e\"></span>evenly <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>voyage <span class=\"_ _e\"></span>progresses, <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>revenue <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _e\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>voyage <span class=\"_ _e\"></span>days from the commencement of <span class=\"_ _d\"></span>loading to completion <span class=\"_ _d\"></span>of discharge. Contract assets <span class=\"_ _d\"></span>with regards to <span class=\"_ _d\"></span>voyage revenues are reported <span class=\"_ _d\"></span>as \"Voyages <span class=\"_ _d\"></span>in progress\" <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>performance obligation <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>satisfied <span class=\"_ _d\"></span>over time. <span class=\"_ _d\"></span>Voyage <span class=\"_ _d\"></span>revenues <span class=\"_ _d\"></span>typically become <span class=\"_ _d\"></span>billable <span class=\"_ _d\"></span>and due for <span class=\"_ _d\"></span>payment on <span class=\"_ _d\"></span>completion <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>voyage and <span class=\"_ _d\"></span>discharge <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>cargo, at <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>point <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>receivable is <span class=\"_ _d\"></span>recognized <span class=\"_ _d\"></span>within \"Trade and other receivables\". The <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>taken <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>practical <span class=\"_ _10\"></span>expedient <span class=\"_ _e\"></span>not <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>disclose <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>aggregate <span class=\"_ _e\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>transaction <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>allocated <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>the performance <span class=\"_ _e\"></span>obligations <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>unsatisfied <span class=\"_ _e\"></span>(or <span class=\"_ _10\"></span>partially <span class=\"_ _e\"></span>unsatisfied) <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>end <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>reporting <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>performance obligations are part of contracts having an original expecte<span class=\"_ _1\"></span>d duration of one year or less. 11.2. Time and bareboat chartersIn <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>charter <span class=\"_ _d\"></span>voyage, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>hired <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>specified <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>exchange <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>consideration <span class=\"_ _d\"></span>which is <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>daily <span class=\"_ _d\"></span>hire <span class=\"_ _d\"></span>rate. Generally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>discretion <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>ports <span class=\"_ _d\"></span>visited, <span class=\"_ _d\"></span>shipping <span class=\"_ _d\"></span>routes and <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>speed. The <span class=\"_ _d\"></span>contract/charter party <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>provides <span class=\"_ _d\"></span>typical warranties <span class=\"_ _d\"></span>regarding <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>speed <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>performance of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>charter party <span class=\"_ _d\"></span>generally has <span class=\"_ _d\"></span>some <span class=\"_ _d\"></span>owner <span class=\"_ _d\"></span>protective restrictions <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the vessel <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>sent <span class=\"_ _d\"></span>only <span class=\"_ _d\"></span>to safe <span class=\"_ _d\"></span>ports <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer and <span class=\"_ _d\"></span>carries only <span class=\"_ _11\"></span>lawful <span class=\"_ _10\"></span>or <span class=\"_ _11\"> </span>non-hazardous <span class=\"_ _11\"> </span>cargo. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>contract, <span class=\"_ _11\"> </span>we <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>responsible <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>all <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>costs <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>running <span class=\"_ _11\"> </span>the vessel <span class=\"_ _10\"></span>such <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>crew <span class=\"_ _11\"> </span>costs, <span class=\"_ _10\"></span>vessel <span class=\"_ _11\"> </span>insurance, <span class=\"_ _10\"></span>repairs <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>maintenance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>lubes. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>charterer <span class=\"_ _10\"></span>bears <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>voyage <span class=\"_ _11\"> </span>related <span class=\"_ _10\"></span>costs such <span class=\"_ _10\"></span>as <span class=\"_ _11\"> </span>bunker <span class=\"_ _10\"></span>expenses, <span class=\"_ _11\"> </span>port <span class=\"_ _11\"> </span>charges, <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>canal <span class=\"_ _10\"></span>tolls <span class=\"_ _11\"> </span>during <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>hire <span class=\"_ _11\"> </span>period. <span class=\"_ _11\"> </span>The <span class=\"_ _10\"></span>performance <span class=\"_ _11\"> </span>obligations <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>time <span class=\"_ _11\"> </span>charter contract <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>satisfied <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>term <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>beginning <span class=\"_ _e\"></span>when <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>delivered <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charterer <span class=\"_ _d\"></span>until <span class=\"_ _e\"></span>it <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>redelivered back <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>us. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>charterer <span class=\"_ _e\"></span>generally <span class=\"_ _e\"></span>pays <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>charter <span class=\"_ _10\"></span>hire <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>advance <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>upcoming <span class=\"_ _e\"></span>contract <span class=\"_ _e\"></span>period. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>lease <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of time charter <span class=\"_ _d\"></span>contracts, bareboat <span class=\"_ _d\"></span>charter contracts and <span class=\"_ _d\"></span>voyage charter <span class=\"_ _d\"></span>contracts which <span class=\"_ _d\"></span>we consider <span class=\"_ _d\"></span>to be <span class=\"_ _d\"></span>leases are <span class=\"_ _d\"></span>accounted for under<span class=\"ff3\"> <span class=\"_ _10\"></span></span>IFRS <span class=\"_ _10\"></span>16 <span class=\"_ _10\"></span><span class=\"ff3\">Leases</span>, <span class=\"_ _10\"></span>and<span class=\"ff3\"> <span class=\"_ _11\"> </span></span>revenues <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>recorded <span class=\"_ _10\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>term <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>charter <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>service <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>provided. <span class=\"_ _11\"> </span>When <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>time <span class=\"_ _10\"></span>charter contract is linked to an index, we recognize revenue for the appl<span class=\"_ _1\"></span>icable period based on the actual index for that period.11.3. Administrative incomeAdministrative income primarily comprises income <span class=\"_ _d\"></span>earned from the commercial <span class=\"_ _d\"></span>and technical management of related <span class=\"_ _d\"></span>party and third <span class=\"_ _10\"></span>party <span class=\"_ _11\"> </span>vessels <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>newbuilding <span class=\"_ _10\"></span>supervision <span class=\"_ _11\"> </span>fees <span class=\"_ _10\"></span>derived <span class=\"_ _11\"> </span>from <span class=\"_ _10\"></span>related <span class=\"_ _11\"> </span>parties <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>third <span class=\"_ _10\"></span>parties. <span class=\"_ _11\"> </span>Administrative <span class=\"_ _10\"></span>income <span class=\"_ _10\"></span>is recognized <span class=\"_\"> </span>over <span class=\"_ _29\"> </span>time <span class=\"_ _29\"> </span>on <span class=\"_\"> </span>a <span class=\"_ _29\"> </span>straight-line <span class=\"_\"> </span>basis <span class=\"_ _29\"> </span>using <span class=\"_ _29\"> </span>the <span class=\"_\"> </span>accruals <span class=\"_ _29\"> </span>method <span class=\"_ _29\"> </span>as <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>services <span class=\"_ _29\"> </span>are <span class=\"_\"> </span>provided <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>performance obligations are met.12. Other incomeOther <span class=\"_\"> </span>income <span class=\"_ _28\"> </span>relates <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>(i) <span class=\"_\"> </span>gains <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>the <span class=\"_\"> </span>sale <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>vessels, <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>are <span class=\"_\"> </span>rec<span class=\"_ _1\"></span>ognized <span class=\"_\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>vessel <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_\"> </span>delive<span class=\"_ _1\"></span>red <span class=\"_\"> </span>and substantially <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>risks <span class=\"_ _e\"></span>have <span class=\"_ _d\"></span>been <span class=\"_ _e\"></span>transferred <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>comparing <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>proceeds <span class=\"_ _d\"></span>received <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>of the <span class=\"_ _10\"></span>vessel, <span class=\"_ _10\"></span>(ii) <span class=\"_ _11\"> </span>cash <span class=\"_ _10\"></span>inflows <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>relation <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>settlements <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>claims <span class=\"_ _10\"></span>(including <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>settlement <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>insurance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>legal <span class=\"_ _10\"></span>claims), <span class=\"_ _10\"></span>(iii) gains <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>losses <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>termination <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>leases <span class=\"_ _d\"></span>before <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>expiration <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>term, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>accounted <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>derecognizing the <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"></span>right-of-use <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>lease <span class=\"_ _10\"></span>obligation, <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>gain <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>loss <span class=\"_ _10\"></span>recognized <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>difference. <span class=\"_ _10\"></span>Gains <span class=\"_ _10\"></span>and losses <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>termination <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>when <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>terminated <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>redelivered <span class=\"_ _d\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>owners, and <span class=\"_ _d\"></span> <span class=\"_ _d\"></span>iv) <span class=\"_ _d\"></span>gains <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>losses <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>pooling <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>revenue <span class=\"_ _d\"></span>sharing <span class=\"_ _e\"></span>arrangements <span class=\"_ _d\"></span>where <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>considered <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>principal under <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charter <span class=\"_ _e\"></span>parties <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>records <span class=\"_ _d\"></span>voyage <span class=\"_ _d\"></span>revenues <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>costs <span class=\"_ _e\"></span>gross, <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>adjustments <span class=\"_ _d\"></span>required <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>result <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>revenue sharing arrangement being recognized as other operating gains or losse<span class=\"_ _1\"></span>s.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__49": {
   "value": "12. Other incomeOther <span class=\"_\"> </span>income <span class=\"_ _28\"> </span>relates <span class=\"_\"> </span>to <span class=\"_ _28\"> </span>(i) <span class=\"_\"> </span>gains <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>the <span class=\"_\"> </span>sale <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>vessels, <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>are <span class=\"_\"> </span>rec<span class=\"_ _1\"></span>ognized <span class=\"_\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>vessel <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_\"> </span>delive<span class=\"_ _1\"></span>red <span class=\"_\"> </span>and substantially <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>risks <span class=\"_ _e\"></span>have <span class=\"_ _d\"></span>been <span class=\"_ _e\"></span>transferred <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>determined <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>comparing <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>proceeds <span class=\"_ _d\"></span>received <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>of the <span class=\"_ _10\"></span>vessel, <span class=\"_ _10\"></span>(ii) <span class=\"_ _11\"> </span>cash <span class=\"_ _10\"></span>inflows <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>relation <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>settlements <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>claims <span class=\"_ _10\"></span>(including <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>settlement <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>insurance <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>legal <span class=\"_ _10\"></span>claims), <span class=\"_ _10\"></span>(iii) gains <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>losses <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>termination <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>leases <span class=\"_ _d\"></span>before <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>expiration <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>term, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>accounted <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>derecognizing the <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"></span>right-of-use <span class=\"_ _10\"></span>asset <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>lease <span class=\"_ _10\"></span>obligation, <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>gain <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>loss <span class=\"_ _10\"></span>recognized <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>difference. <span class=\"_ _10\"></span>Gains <span class=\"_ _10\"></span>and losses <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>termination <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>when <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>terminated <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>redelivered <span class=\"_ _d\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>owners, and <span class=\"_ _d\"></span> <span class=\"_ _d\"></span>iv) <span class=\"_ _d\"></span>gains <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>losses <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>pooling <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>revenue <span class=\"_ _d\"></span>sharing <span class=\"_ _e\"></span>arrangements <span class=\"_ _d\"></span>where <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>considered <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>principal under <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>charter <span class=\"_ _e\"></span>parties <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>records <span class=\"_ _d\"></span>voyage <span class=\"_ _d\"></span>revenues <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>costs <span class=\"_ _e\"></span>gross, <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>adjustments <span class=\"_ _d\"></span>required <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>result <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>revenue sharing arrangement being recognized as other operating gains or losse<span class=\"_ _1\"></span>s.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__50": {
   "value": "13. LeasesAt inception <span class=\"_ _d\"></span>of a <span class=\"_ _d\"></span>contract, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>assesses whether <span class=\"_ _d\"></span>a contract <span class=\"_ _d\"></span>is, or <span class=\"_ _d\"></span>contains, a <span class=\"_ _d\"></span>lease. <span class=\"_ _d\"></span>A contract <span class=\"_ _d\"></span>is, or <span class=\"_ _d\"></span>contains, a <span class=\"_ _d\"></span>lease if the contract conveys the right to control the use of an identifi<span class=\"_ _1\"></span>ed asset for a period of time in exchange for consideration.13.1. As a lesseeThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>recognizes <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>right-of-use <span class=\"_ _10\"></span>asset <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>liability <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>commencement <span class=\"_ _10\"></span>date. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>right-of-use <span class=\"_ _11\"> </span>asset <span class=\"_ _10\"></span>is initially <span class=\"_ _d\"></span>measured <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>equal <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _10\"></span>liability <span class=\"_ _d\"></span>adjusted <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>initial <span class=\"_ _e\"></span>direct <span class=\"_ _e\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lessee. <span class=\"_ _10\"></span>Adjustments may also be required for any payments made at or before the comme<span class=\"_ _1\"></span>ncement date, less any lease incentives receive<span class=\"_ _1\"></span>d.After <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>commencement, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>measures <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>right-of-use <span class=\"_ _e\"></span>asset <span class=\"_ _e\"></span>using <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>cost <span class=\"_ _e\"></span>model, <span class=\"_ _d\"></span>namely <span class=\"_ _e\"></span>at <span class=\"_ _d\"></span>cost <span class=\"_ _e\"></span>less <span class=\"_ _e\"></span>accumulated depreciation <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>accumulated <span class=\"_ _d\"></span>impairment. The <span class=\"_ _d\"></span>right-of-use <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>subsequently <span class=\"_ _d\"></span>depreciated <span class=\"_ _d\"></span>using <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>straight-line <span class=\"_ _d\"></span>method. <span class=\"_ _d\"></span>In addition, <span class=\"_ _d\"></span>the right-of-use <span class=\"_ _d\"></span>asset <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>periodically <span class=\"_ _d\"></span>reduced by <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>losses, <span class=\"_ _d\"></span>if <span class=\"_ _d\"></span>any, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>adjusted for <span class=\"_ _d\"></span>certain <span class=\"_ _d\"></span>remeasurements <span class=\"_ _d\"></span>of the lease liability.The <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>liability <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>initially <span class=\"_ _e\"></span>measured <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>present <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>payments <span class=\"_ _d\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>not <span class=\"_ _e\"></span>paid <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>commencement <span class=\"_ _d\"></span>date, discounted <span class=\"_ _d\"></span>using <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>implicit <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>or, <span class=\"_ _e\"></span>if <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>cannot <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>readily <span class=\"_ _e\"></span>determined, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company's <span class=\"_ _e\"></span>incremental borrowing <span class=\"_ _f\"> </span>rate. <span class=\"_ _27\"> </span>Generally, <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>uses <span class=\"_ _27\"> </span>its <span class=\"_ _f\"> </span>incremental <span class=\"_ _27\"> </span>borrowing <span class=\"_ _f\"> </span>rate <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>discount <span class=\"_ _27\"> </span>rate. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>lessee's <span class=\"_ _27\"> </span>incremental borrowing <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>lessee <span class=\"_ _d\"></span>would <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>pay <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>borrow <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>similar <span class=\"_ _d\"></span>term, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>similar <span class=\"_ _d\"></span>security, the funds necessary to obtain an asset of a similar value to the<span class=\"_ _1\"></span> right-of-use asset in a similar economic environment.Lease payments included in the measurement of the le<span class=\"_ _1\"></span>ase liability comprise the following:\u2022<span class=\"_ _2c\"> </span>Fixed payments;\u2022<span class=\"_ _2c\"> </span>Variable lease payments that depend on an index or a rate;\u2022<span class=\"_ _2c\"> </span>Amounts expected to be payable under a residual value guarante<span class=\"_ _1\"></span>e, and;\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>exercise <span class=\"_ _10\"></span>price <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>purchase <span class=\"_ _10\"></span>option <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>reasonably <span class=\"_ _10\"></span>certain <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>exercise, <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>payments <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>an optional <span class=\"_ _e\"></span>renewal <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>reasonably <span class=\"_ _10\"></span>certain <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>exercise <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>extension <span class=\"_ _10\"></span>option, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>penalties <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>early termination of a lease unless the Company is reasonably ce<span class=\"_ _1\"></span>rtain not to terminate early.The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>applied <span class=\"_ _e\"></span>judgement <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>determine <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>term <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>some <span class=\"_ _e\"></span>lease <span class=\"_ _10\"></span>contracts <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>it <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>lessee <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>include renewal options. The <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>liability is <span class=\"_ _d\"></span>subsequently <span class=\"_ _d\"></span>increased <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>cost <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the lease <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>decreased <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>payments made. <span class=\"_ _d\"></span>It is <span class=\"_ _d\"></span>remeasured <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>future <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>payments <span class=\"_ _d\"></span>arising <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>index <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>rate, <span class=\"_ _d\"></span>if <span class=\"_ _d\"></span>there <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>change <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>estimate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>amount <span class=\"_ _d\"></span>expected <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>payable <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>residual <span class=\"_ _e\"></span>value <span class=\"_ _d\"></span>guarantee, <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>changes <span class=\"_ _d\"></span>its assessment <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>whethe<span class=\"_ _1\"></span>r <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>purchase <span class=\"_ _28\"> </span>or <span class=\"_ _28\"> </span>extension <span class=\"_ _28\"> </span>option <span class=\"_\"> </span>i<span class=\"_ _1\"></span>s <span class=\"_ _28\"> </span>reasonably <span class=\"_\"> </span>certai<span class=\"_ _1\"></span>n <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>be <span class=\"_ _28\"> </span>exercised <span class=\"_ _28\"> </span>or <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>termi<span class=\"_ _1\"></span>nation <span class=\"_ _28\"> </span>option <span class=\"_\"> </span>is reasonably <span class=\"_ _d\"></span>certain <span class=\"_ _e\"></span>not <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>exercised. <span class=\"_ _d\"></span>When <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>liability <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>remeasured <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>way, <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>corresponding <span class=\"_ _e\"></span>adjustment <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>made to <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>asset, <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>recorded <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>profit <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>loss <span class=\"_ _e\"></span>if <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>right-to-use <span class=\"_ _e\"></span>asset has been reduced to zero. Lease <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>non-lease <span class=\"_ _11\"> </span>components <span class=\"_ _f\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>contracts <span class=\"_ _11\"> </span>are <span class=\"_ _f\"> </span>separated <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>non-lease <span class=\"_ _11\"> </span>components <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>and classified based on the nature of the expense.Short-term leases and leases of low-value assetsThe <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>has <span class=\"_ _11\"> </span>elected <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>recognize <span class=\"_ _11\"> </span>certain <span class=\"_ _11\"> </span>right-of-use <span class=\"_ _11\"> </span>assets <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>liabilities <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>leases <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>low-value <span class=\"_ _11\"> </span>assets <span class=\"_ _11\"> </span>and short-term leases (i.e., <span class=\"_ _d\"></span>leases with <span class=\"_ _d\"></span>an original term <span class=\"_ _d\"></span>of 12-months or <span class=\"_ _d\"></span>less), including <span class=\"_ _d\"></span>IT equipment. The <span class=\"_ _d\"></span>Company recognizes the lease payments associated with these leases as an e<span class=\"_ _1\"></span>xpense on a straight-line basis over the lease term.Refer to accounting policy 10.2. for impairment considerations for ve<span class=\"_ _1\"></span>ssel right-of-use assets.13.2. As a lessorWhen the Company acts as a lessor, it determines at le<span class=\"_ _1\"></span>ase inception whether each lease is a finance or operat<span class=\"_ _1\"></span>ing lease.To classify each lease, the Company makes an overall assessment of <span class=\"_ _d\"></span>whether the lease transfers substantially all of the risks and rewards <span class=\"_ _d\"></span>incidental <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>ownership <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>underlying <span class=\"_ _d\"></span>asset. <span class=\"_ _e\"></span>If <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>case, <span class=\"_ _d\"></span>then <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>lease; <span class=\"_ _d\"></span>if <span class=\"_ _d\"></span>not, <span class=\"_ _e\"></span>then <span class=\"_ _d\"></span>it <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>an operating <span class=\"_ _d\"></span>lease. As <span class=\"_ _d\"></span>part <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>this <span class=\"_ _d\"></span>assessment, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company considers <span class=\"_ _d\"></span>certain <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>such <span class=\"_ _d\"></span>as whether <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>major part of the economic life of the asset.If <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lease <span class=\"_ _e\"></span>qualifies <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>operating <span class=\"_ _d\"></span>lease, <span class=\"_ _d\"></span>e.g. <span class=\"_ _e\"></span>time <span class=\"_ _d\"></span>charter <span class=\"_ _e\"></span>contracts <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>component <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>voyage <span class=\"_ _d\"></span>charter <span class=\"_ _e\"></span>contracts, <span class=\"_ _d\"></span>the leased <span class=\"_ _28\"> </span>asset <span class=\"_ _28\"> </span>remains <span class=\"_ _28\"> </span>on <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>statement <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>financial <span class=\"_ _28\"> </span>position <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>l<span class=\"_ _1\"></span>essor <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>continues <span class=\"_ _28\"> </span>being <span class=\"_ _28\"> </span>depreciated. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>Company separates the <span class=\"_ _d\"></span>lease and <span class=\"_ _d\"></span>non-lease <span class=\"_ _d\"></span>component in <span class=\"_ _d\"></span>the contract, <span class=\"_ _d\"></span>with the <span class=\"_ _d\"></span>lease component <span class=\"_ _d\"></span>qualified <span class=\"_ _d\"></span>as operating <span class=\"_ _d\"></span>lease and <span class=\"_ _d\"></span>the non-lease <span class=\"_ _e\"></span>component <span class=\"_ _10\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>makes <span class=\"_ _e\"></span>significant <span class=\"_ _10\"></span>judgments <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>assumptions <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>lease components from <span class=\"_ _d\"></span>non-lease components <span class=\"_ _d\"></span>of our <span class=\"_ _d\"></span>contracts. For <span class=\"_ _d\"></span>purposes <span class=\"_ _d\"></span>of determining <span class=\"_ _d\"></span>the standalone selling <span class=\"_ _d\"></span>price of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessel lease <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>non-lease <span class=\"_ _d\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _e\"></span>time <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>voyage <span class=\"_ _e\"></span>charters, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>uses <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>residual <span class=\"_ _d\"></span>approach given <span class=\"_ _d\"></span>that vessel <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>highly <span class=\"_ _d\"></span>variable depending <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>shipping <span class=\"_ _d\"></span>market <span class=\"_ _d\"></span>conditions. The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>believes <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>the standalone transaction <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>attributable <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>non-lease <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>is <span class=\"_ _11\"></span>more <span class=\"_ _10\"></span>readily <span class=\"_ _10\"></span>determinable <span class=\"_ _10\"></span>than <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>price <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>lease <span class=\"_ _10\"></span>component and, <span class=\"_ _d\"></span>accordingly, the <span class=\"_ _d\"></span>price <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>service <span class=\"_ _d\"></span>components <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>estimated using <span class=\"_ _d\"></span>cost <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>residual transaction <span class=\"_ _d\"></span>price <span class=\"_ _d\"></span>is attributed <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>component. <span class=\"_ _e\"></span>Refer <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Revenue <span class=\"_ _10\"></span>policy <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>further <span class=\"_ _10\"></span>details <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>accounting <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>lease <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>non-lease component.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__51": {
   "value": "15. Dividends receivedThe Company records dividends received in the period in which they a<span class=\"_ _1\"></span>re declared and receivable.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__64": {
   "value": "3.<span class=\"_ _e8\"> </span>CHANGE IN ACCOUNTING POLICIESFirst-time adoption of IFRSThese <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>first <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>prepared <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with IFRS <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>adopted <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>European <span class=\"_ _d\"></span>Union. <span class=\"_ _e\"></span>Accordingly, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>prepared <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>comply <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>IFRS applicable <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>together <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>comparative <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis of <span class=\"_ _27\"> </span>preparation <span class=\"_ _f\"> </span>(Note <span class=\"_ _27\"> </span>2). <span class=\"_ _27\"> </span>In <span class=\"_ _27\"> </span>preparing <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>statements, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company\u2019s <span class=\"_ _27\"> </span>opening <span class=\"_ _27\"> </span>statement <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>position <span class=\"_ _27\"> </span>was prepared as of January 1, 2021, the Company\u2019s date of transition to IFRS. This <span class=\"_ _11\"> </span>note <span class=\"_ _f\"> </span>explains <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>principal <span class=\"_ _f\"> </span>adjustments <span class=\"_ _11\"> </span>made <span class=\"_ _f\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>when <span class=\"_ _11\"> </span>transitioning <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IFRS <span class=\"_ _11\"> </span>from <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>previous <span class=\"_ _11\"> </span>reporting framework, <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>principles <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>accepted <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>United <span class=\"_ _d\"></span>States <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>America <span class=\"_ _d\"></span>(\"U.S. <span class=\"_ _d\"></span>GAAP\") <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>as well as for the year ended December 31, 2021.Exemptions appliedIFRS <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span><span class=\"ff3\">First-Time <span class=\"_ _f\"> </span>Adoption <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>International <span class=\"_ _f\"> </span>Financial <span class=\"_ _f\"> </span>Reporting <span class=\"_ _f\"> </span>Standards</span>, <span class=\"_ _27\"> </span>allows <span class=\"_ _f\"> </span>first-time <span class=\"_ _f\"> </span>adopters <span class=\"_ _f\"> </span>certain <span class=\"_ _f\"> </span>exemptions from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>requirement <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>effective <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>retrospectively. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>availed <span class=\"_ _d\"></span>itself <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>certain of these exemptions as follows: \u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _e\"></span>elected <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>apply <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>3, <span class=\"_ _e\"></span><span class=\"ff3\">Business <span class=\"_ _e\"></span>Combinations,</span> <span class=\"_ _e\"></span>retrospectively <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>business <span class=\"_ _e\"></span>combinations <span class=\"_ _d\"></span>that occurred prior to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>elected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>use <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>practical <span class=\"_ _e\"></span>expedient <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15, <span class=\"_ _10\"></span><span class=\"ff3\">Revenue <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>Contracts <span class=\"_ _10\"></span>with <span class=\"_ _e\"></span>Customers,</span> <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>not restate <span class=\"_ _e\"></span>contracts <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>completed <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>transition <span class=\"_ _e\"></span>date, <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _e\"></span>2021. <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>1 <span class=\"_ _e\"></span>defines <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>completed <span class=\"_ _10\"></span>contract <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>a contract <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>has <span class=\"_ _f\"> </span>transferred <span class=\"_ _f\"> </span>all <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>goods <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>services <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>identified <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>accordance <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>previous GAAP.Effect of transition to IFRSThe main differences identified as a result of the transi<span class=\"_ _1\"></span>tion to IFRS are as follows:\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">Our <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _10\"></span>by <span class=\"_ _11\"> </span>their <span class=\"_ _11\"> </span>respective <span class=\"_ _10\"></span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _11\"> </span>at <span class=\"_ _10\"></span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In </span>general, <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>15 <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every <span class=\"_ _d\"></span>5 <span class=\"_ _e\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>older <span class=\"_ _e\"></span>than <span class=\"_ _d\"></span>15 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every 2.5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>Unlike <span class=\"_ _27\"> </span>Frontline's <span class=\"_ _27\"> </span>previous <span class=\"_ _f\"> </span>accounting <span class=\"_ _27\"> </span>policy <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>such <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _27\"> </span>as incurred, <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>requires <span class=\"_ _e\"></span>significant <span class=\"_ _e\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>property, <span class=\"_ _e\"></span>plant <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>differing <span class=\"_ _e\"></span>depreciation <span class=\"_ _e\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>depreciated <span class=\"_ _d\"></span>separately. <span class=\"_ _e\"></span>Under <span class=\"_ _d\"></span>IFRS, <span class=\"_ _e\"></span>major <span class=\"_ _d\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _d\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _d\"></span>docking, <span class=\"_ _e\"></span>should <span class=\"_ _d\"></span>be identified <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>accounted <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>separate <span class=\"_ _27\"> </span>component <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _28\"> </span>over <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>next <span class=\"_ _27\"> </span>scheduled <span class=\"_ _28\"> </span>dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery and <span class=\"_ _10\"></span>depreciated <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _11\"> </span>scheduled <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking. <span class=\"_ _11\"> </span>When <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>performed, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>carrying amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>remaining <span class=\"_ _d\"></span>unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>previous <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docks <span class=\"_ _d\"></span>(due <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>difference <span class=\"_ _d\"></span>between the <span class=\"_ _29\"> </span>estimated <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>actual <span class=\"_ _29\"> </span>time <span class=\"_ _2d\"> </span>between <span class=\"_ _29\"> </span>dry <span class=\"_ _2d\"> </span>docks) <span class=\"_ _2d\"> </span>is <span class=\"_ _2d\"> </span>derecognized. <span class=\"_ _29\"> </span>Costs <span class=\"_ _2d\"> </span>associated <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>routine <span class=\"_ _2d\"> </span>repairs <span class=\"_ _29\"> </span>and maintenance are expensed as incurred including routine ma<span class=\"_ _1\"></span>intenance performed while the vessel is in dry dock\u2022<span class=\"_ _2c\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one <span class=\"_ _27\"> </span>classification <span class=\"_ _27\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>is <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>lessee. <span class=\"_ _28\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _28\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>line <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>depending <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>nature <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>underlying <span class=\"_ _10\"></span>asset <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>recorded <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>a straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>whereas <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS, <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>amortization <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>are presented separately.\u2022<span class=\"_ _2c\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into a <span class=\"_ _d\"></span>financing agreement <span class=\"_ _d\"></span>before the <span class=\"_ _d\"></span>financial statements <span class=\"_ _d\"></span>are issued. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>accounting treatment is <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>permitted under IFRS.The impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated Statements <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial Position <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>transitioning from <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>detail <span class=\"_ _d\"></span>below. <span class=\"_ _d\"></span>Additionally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statements <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>Profit <span class=\"_ _11\"> </span>or <span class=\"_ _f\"> </span>Loss, <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statement <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>Comprehensive <span class=\"_ _f\"> </span>Income, <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Consolidated Statement <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>Cash <span class=\"_ _f\"> </span>Flows <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>described <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>detail <span class=\"_ _f\"> </span>further <span class=\"_ _f\"> </span>below. <span class=\"_ _11\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>figures presented <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>Annual <span class=\"_ _e\"></span>Report <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>Form <span class=\"_ _e\"></span>20-F <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>was filed with the Securities and Exchange Commission on March 17, 2022.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at January 1, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>174,721 Restricted cash <span class=\"_ _130\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 Marketable securities<span class=\"_ _c\"> </span>1<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,639 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,474 Marketable securities pledged to creditors<span class=\"_ _160\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,835) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Trade and other receivables<span class=\"_ _10d\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>63,924 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>63,924 Trade accounts receivable, net <span class=\"_ _61\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>40,974 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,974) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>13,255 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,255 Other receivables<span class=\"_ _161\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>22,950 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(22,950) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>57,858 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>57,858 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>34,705 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>34,705 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>7,725 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,725 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>2,729 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,729 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>378,319 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>378,319 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _b8\"> </span>48,498 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,498 Vessels and equipment<span class=\"_ _166\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,307,144 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,300,456 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>53,518 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(53,518) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>8,426 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(8,426) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>61,944 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>61,944 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _12\"> </span>1,279 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,279 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>7,197 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,197 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _16c\"> </span>6, 8<span class=\"_ _b1\"> </span> <span class=\"_ _cd\"> </span>167,082 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>67,805 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>234,887 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,810 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,810) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,548 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(4,548) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>19,853 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,853 Trade and other payables<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>55,002 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>55,002 Trade accounts payable <span class=\"_ _16f\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,860 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,860) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>5, 8<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,529 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,529) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(19,261) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _b8\"> </span>12,418 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(12,418) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>281,361 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>40,739 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>322,100 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _172\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>1,968,924 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,000) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>1,908,924 Obligations under finance leases<span class=\"_ _6b\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>48,467 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(48,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,177 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(4,177) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>4c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>52,644 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,644 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>19,261 Other non-current payables<span class=\"_ _174\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>3,739 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,739 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,306,668 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,306,668 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>197,692 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>197,692 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>402,021 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>402,021 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _73\"> </span>10<span class=\"_ _46\"> </span> <span class=\"_ _15\"> </span>200 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>200 Retained earnings<span class=\"_ _120\"> </span>3<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>8,018 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,330 Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,612,025 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,605,337 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,611,553 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,604,865 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>IFRS adjustments of Consolidated Statement of Financial Posit<span class=\"_ _1\"></span>ion as at January 1, 20211.<span class=\"_ _38\"> </span>\"Marketable securities <span class=\"_ _d\"></span>pledged <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>creditors\" of <span class=\"_ _d\"></span>$5.8 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP, were reclassified into \"Marketable securities\" under IFRS.2.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$41.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$23.0 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 3.<span class=\"_ _38\"> </span>Dry <span class=\"_ _e\"></span>docking <span class=\"_ _10\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _10\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred <span class=\"_ _e\"></span>within <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating <span class=\"_ _e\"></span>expense <span class=\"_ _10\"></span>under Frontline\u2019s <span class=\"_ _28\"> </span>historical <span class=\"_\"> </span>accounti<span class=\"_ _1\"></span>ng <span class=\"_\"> </span>pol<span class=\"_ _1\"></span>icy <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>U.S. <span class=\"_\"> </span>GAAP. <span class=\"_ _28\"> </span>Under <span class=\"_ _28\"> </span>IFRS, <span class=\"_\"> </span>significant<span class=\"_ _1\"></span> <span class=\"_\"> </span>com<span class=\"_ _1\"></span>ponents <span class=\"_ _28\"> </span>of property, plant and <span class=\"_ _d\"></span>equipment with differing depreciation <span class=\"_ _d\"></span>methods or lives are <span class=\"_ _d\"></span>required to be <span class=\"_ _d\"></span>depreciated separately. A portion of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>initial <span class=\"_ _d\"></span>cost of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>net <span class=\"_ _28\"> </span>measurement <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>recognition <span class=\"_ _28\"> </span>adjustment <span class=\"_ _27\"> </span>which decreased Vessels and equipment and Retained earnings by $6.7 mi<span class=\"_ _1\"></span>llion as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>Vessels <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>equipment <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _28\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>Retained <span class=\"_ _27\"> </span>earnings <span class=\"_ _28\"> </span>by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.4.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$53.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$8.4 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.8 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$4.5 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \u201cCurrent portion of obligations under leases\u201d under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$48.5 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$4.2 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.5.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$7.9 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.5 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $12.4 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\"Trade <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>other <span class=\"_ _e\"></span>payables\" under IFRS.6.<span class=\"_ _38\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>financing <span class=\"_ _10\"></span>agreement <span class=\"_ _10\"></span>before <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>issued. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company presented <span class=\"_ _11\"></span>the <span class=\"_ _11\"> </span>non-current <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>refinanced <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>February <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>long-term <span class=\"_ _11\"> </span>debt <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>1, 2021. <span class=\"_ _11\"> </span>This <span class=\"_ _11\"> </span>accounting <span class=\"_ _f\"> </span>treatment <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>permitted <span class=\"_ _f\"> </span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>reclassification <span class=\"_ _11\"> </span>adjustment <span class=\"_ _11\"> </span>which increased <span class=\"_ _d\"></span>Short-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>portion <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>long-term <span class=\"_ _e\"></span>debt <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>decreased <span class=\"_ _d\"></span>Long-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of January 1, 2021.7.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $3.7 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.8.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$7.8 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.9.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.10.<span class=\"_ _39\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>113,073 Marketable securities<span class=\"_ _179\"> </span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,435 Trade and other receivables<span class=\"_ _10d\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>73,532 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>73,532 Trade accounts receivable, net<span class=\"_ _17a\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>63,423 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(63,423) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>11,676 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>11,676 Other receivables<span class=\"_ _161\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>10,109 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,109) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>80,787 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,787 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>38,492 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>38,492 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>8,899 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,899 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>3,851 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,851 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>332,745 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>332,745 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _cd\"> </span>130,633 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>130,633 Vessels and equipment<span class=\"_ _166\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,477,801 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,467,300 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>44,880 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(44,880) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,914 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,914) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,794 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>48,794 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Derivative instrument receivable<span class=\"_ _72\"> </span> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,675 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _15\"> </span>555 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>555 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>3,055 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,055 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _17b\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,286 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>198,665 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,601 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,601) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>1,122 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(1,122) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>8,723 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,723 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>36,250 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>36,250 Trade and other payables<span class=\"_ _11d\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,364 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,364 Trade accounts payable<span class=\"_ _b5\"> </span>4<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,327 <span class=\"_ _37\"> </span> <span class=\"_ _b9\"> </span>(2,327) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>4, 7<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,836 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,836) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable <span class=\"_ _17c\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,580 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,580) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>292,675 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>287,002 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _108\"> </span> <span class=\"_ _e8\"> </span>2,126,910 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,126,910 Obligations under finance leases<span class=\"_ _6b\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>40,865 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,865) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,114 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,114) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>3c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,979 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,979 Derivative instruments payable<span class=\"_ _170\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 Other non-current payables<span class=\"_ _174\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>992 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>992 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,464,556 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,464,556 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>203,531 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>203,531 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>448,291 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>448,291 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _17d\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>228 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>228 Retained (deficit) earnings<span class=\"_ _17e\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(3,130) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(13,631) Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,653,014 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(10,501) <span class=\"_ _40\"> </span> <span class=\"_ _e8\"> </span>1,642,513 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,652,542 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,642,041 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>IFRS adjustments of the Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 20211.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$63.4 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$10.1 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _d\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>next <span class=\"_ _e\"></span>scheduled <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking. <span class=\"_ _e\"></span>This <span class=\"_ _e\"></span>resulted <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>net <span class=\"_ _e\"></span>measurement and <span class=\"_\"> </span>recognition <span class=\"_\"> </span>adjustm<span class=\"_ _1\"></span>ent <span class=\"_\"> </span>which <span class=\"_\"> </span>decrease<span class=\"_ _1\"></span>d <span class=\"_\"> </span>Vessels <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_\"> </span>and <span class=\"_\"> </span>Retained <span class=\"_ _28\"> </span>earnings <span class=\"_\"> </span>by <span class=\"_\"> </span>$10.5 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component of Vessels and equipment which increased Vessels and equipment and Retained earnings by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>capitalized <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate <span class=\"_ _f\"> </span>component <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>equipment <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _27\"> </span>Vessels <span class=\"_ _f\"> </span>and equipment and Retained earnings by $11.4 million.d.<span class=\"_ _38\"> </span>depreciation <span class=\"_ _2d\"> </span>expense <span class=\"_ _36\"> </span>on <span class=\"_ _36\"> </span>capitalized <span class=\"_ _36\"> </span>dry <span class=\"_ _36\"> </span>docking <span class=\"_ _36\"> </span>costs <span class=\"_ _36\"> </span>and <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>write <span class=\"_ _36\"> </span>off <span class=\"_ _36\"> </span>of <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>carrying <span class=\"_ _36\"> </span>amount <span class=\"_ _36\"> </span>of unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>vessels sold <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>resulted in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>decrease <span class=\"_ _d\"></span>in Vessels and equipment and Retained earnings of $13.3 million and $1.8 m<span class=\"_ _1\"></span>illion, respectively.3.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$44.9 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.9 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.6 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$1.1 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \"Current portion of obligations under leases\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$40.9 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.1 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.4.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$2.3 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.8 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $7.6 <span class=\"_ _10\"></span>million, <span class=\"_ _11\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>separately <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>reclassified <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>\"Trade <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>other <span class=\"_ _11\"> </span>payables\" under IFRS.5.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $1.0 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.6.<span class=\"_ _38\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.7.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$9.4 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.8.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.Reconciliation of Consolidated Statement of Profit or Loss<span class=\"ff2\"> </span>for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _ed\"> </span><span class=\"ff1\">Note<span class=\"_ _20\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSOperating revenues and other incomeVoyage charter revenues<span class=\"_ _17f\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _5a\"> </span>663,995 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(663,995) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Time charter revenues<span class=\"_ _180\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _12f\"> </span>71,236 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(71,236) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Revenues <span class=\"_ _148\"> </span>1a, 1b<span class=\"_ _11b\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>749,381 Other income<span class=\"_ _10f\"> </span>1b, 1c, 2c<span class=\"_ _9d\"> </span> <span class=\"_ _d1\"> </span>14,150 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,090) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>4,060 Total operating revenues and other income<span class=\"_ _182\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>4,060 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>753,441 </span>Other operating gains <span class=\"_ _7\"> </span><span class=\"ff2\">1c<span class=\"_ _183\"> </span> <span class=\"_ _b9\"> </span>5,893 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(5,893) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 </span>Operating expensesVoyage expenses and commission<span class=\"_ _6c\"> </span> <span class=\"_ _4a\"> </span>392,697 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>392,697 Contingent rental income<span class=\"_ _184\"> </span> <span class=\"_ _20\"> </span>(3,606) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Ship operating expenses<span class=\"_ _82\"> </span>2a<span class=\"_ _1a\"> </span> <span class=\"_ _cf\"> </span>175,607 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>164,246 Charter hire expenses<span class=\"_ _a6\"> </span>3a<span class=\"_ _1a\"> </span> <span class=\"_ _b9\"> </span>2,695 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(2,695) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Administrative expenses <span class=\"_ _14b\"> </span>3b<span class=\"_ _183\"> </span> <span class=\"_ _d1\"> </span>27,891 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>26,424 Depreciation<span class=\"_ _13\"> </span>2b, 3<span class=\"_ _185\"> </span> <span class=\"_ _cf\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>17,431 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>165,205 Total operating expenses<span class=\"_ _166\"> </span><span class=\"ff2\"> <span class=\"_ _4a\"> </span>743,058 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,908 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>744,966 </span>Net operating income<span class=\"_ _12d\"> </span><span class=\"ff2\"> <span class=\"_ _d1\"> </span>12,216 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,741) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>8,475 </span>Other income (expenses)<span class=\"_ _f4\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Finance income<span class=\"_ _118\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _15\"> </span>121 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>121 Interest income<span class=\"_ _135\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _26\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _1d\"> </span>(119) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Finance expense<span class=\"_ _186\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _a0\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(44,244) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(44,244) Interest expense<span class=\"_ _ed\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _187\"> </span>(61,435) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>61,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Gain on marketable securities<span class=\"_ _47\"> </span> <span class=\"_ _b9\"> </span>7,677 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,677 Share of results of associated company<span class=\"_ _188\"> </span> <span class=\"_ _53\"> </span>(724) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(724) Foreign currency exchange loss<span class=\"_ _189\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _53\"> </span>(116) <span class=\"_ _40\"> </span> <span class=\"_ _f6\"> </span>116 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Gain on derivatives<span class=\"_ _10b\"> </span>5<span class=\"_ _3c\"> </span> <span class=\"_ _88\"> </span>17,509 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(17,509) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Dividends received<span class=\"_ _b5\"> </span>6<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,367 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>18,367 Other non-operating items, net<span class=\"_ _86\"> </span>6<span class=\"_ _18a\"> </span> <span class=\"_ _d1\"> </span>18,239 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(18,239) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Net other expenses<span class=\"_ _cc\"> </span><span class=\"ff2\"> <span class=\"_ _41\"> </span>(18,731) <span class=\"_ _2a\"> </span> <span class=\"_ _a0\"> </span>(72) <span class=\"_ _40\"> </span> <span class=\"_ _d1\"> </span>(18,803) </span>Loss before income taxes<span class=\"_ _18b\"> </span><span class=\"ff2\"> <span class=\"_ _20\"> </span>(6,515) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(10,328) </span>Income tax expense<span class=\"_ _18c\"> </span> <span class=\"_ _20\"> </span>(4,633) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(4,633) Loss for the period<span class=\"_ _f1\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Loss attributable to the shareholders of the Company<span class=\"_ _18d\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Basic loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _4e\"> </span>$(0.02)<span class=\"_ _18f\"> </span>$(0.08)</span>Diluted loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _18f\"> </span>$(0.02)<span class=\"_ _4e\"> </span>$(0.08)</span>IFRS adjustments to the Consolidated Statement of Profit or Loss for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>The presentation of operating revenues and other income was adjust<span class=\"_ _1\"></span>ed as follows:a.<span class=\"_ _6f\"> </span>\"Voyage <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>\"Time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _11\"> </span>GAAP <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>\"Revenue\" under IFRS.b.<span class=\"_ _38\"> </span>\"Administrative <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$14.2 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\"Other <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _d\"></span>to \"Revenue\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Other operating gains\" of $5.9 million under U.S. GAAP was reclassified to \"Other income\" under IFRS. 2.<span class=\"_ _38\"> </span><span class=\"ff2\">Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as </span>incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _27\"> </span>delivery <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>period <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>following measurement and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>decreased <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating expense by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other income.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _e\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>two <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>leased <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>third <span class=\"_ _e\"></span>party on time charters that were classified as leases<span class=\"ff3\">,</span> was re<span class=\"_ _1\"></span>classified to Depreciation under IFRS.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation under IFRS.4.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _f\"> </span>income\" <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _f\"> </span>separately <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>\"Finance income\" under IFRS.5.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _e\"></span>expense\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$61.4 <span class=\"_ _e\"></span>million, <span class=\"_ _10\"></span>\"Gain <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>derivatives\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$17.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>\"Foreign <span class=\"_ _e\"></span>currency <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>loss\" <span class=\"_ _10\"></span>of $0.1 million, which were presented separately under U.S. GAAP, were recla<span class=\"_ _1\"></span>ssified to \"Finance expense\" under IFRS.6.<span class=\"_ _38\"> </span>\"Other <span class=\"_ _10\"></span>non-operating <span class=\"_ _10\"></span>items, <span class=\"_ _10\"></span>net\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$18.4 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>reclassified <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>\"Dividends <span class=\"_ _10\"></span>received\" <span class=\"_ _10\"></span>under IFRS.Reconciliation of Consolidated Comprehensive Income for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _190\"> </span><span class=\"ff1\">Note<span class=\"_ _8a\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSProfit (loss)<span class=\"_ _138\"> </span>1<span class=\"_ _185\"> </span> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) Items that may be reclassified to profit or loss:Foreign currency translation gain (loss)<span class=\"_ _6b\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Other comprehensive income (loss)<span class=\"_ _74\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Comprehensive income (loss)<span class=\"_ _166\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) Comprehensive income (loss) attributable to the shareholders of the Company<span class=\"_ _191\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) IFRS adjustments to the Consolidated Comprehensive Income for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.Reconciliation of Consolidated Statement of Cash Flows for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _192\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSNet loss for the period<span class=\"_ _184\"> </span><span class=\"ff2\">1<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(11,148) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(14,961) </span>Adjustments to reconcile loss for the period with net cash provided by operations:Net finance expense<span class=\"_ _193\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>44,123 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,123 Depreciation<span class=\"_ _194\"> </span>2b, 3<span class=\"_ _f0\"> </span> <span class=\"_ _cd\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>17,431 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>165,205 Amortization of deferred charges<span class=\"_ _c0\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12\"> </span>5,208 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,208) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other operating gains<span class=\"_ _10f\"> </span>2c<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(5,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,833 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,225) Amortization of acquired time charters<span class=\"_ _69\"> </span> <span class=\"_ _ab\"> </span>(5,045) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,045) Contingent rental income<span class=\"_ _195\"> </span> <span class=\"_ _c4\"> </span>(3,606) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Gain on marketable securities<span class=\"_ _16f\"> </span> <span class=\"_ _c4\"> </span>(7,677) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,677) Share of results from associated company<span class=\"_ _116\"> </span> <span class=\"_ _15\"> </span>724 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>724 Gain on derivatives<span class=\"_ _118\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12f\"> </span>(23,262) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>23,262 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Stock option expense<span class=\"_ _df\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 Other, net<span class=\"_ _d5\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>430 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(430) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Changes in operating assets and liabilities:Trade accounts receivable<span class=\"_ _ed\"> </span> <span class=\"_ _12f\"> </span>(22,449) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,449) Other receivables<span class=\"_ _196\"> </span> <span class=\"_ _12\"> </span>7,216 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,216 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _12f\"> </span>(22,929) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,929) Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _c4\"> </span>(3,787) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,787) Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _ab\"> </span>(1,174) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(1,174) Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _b9\"> </span>(1,128) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,128) Trade accounts payable<span class=\"_ _120\"> </span> <span class=\"_ _c4\"> </span>(5,533) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,533) Accrued expenses<span class=\"_ _11f\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(1,911) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(1,574) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,485) Related party balances<span class=\"_ _148\"> </span> <span class=\"_ _ce\"> </span>18,968 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,968 Other current liabilities<span class=\"_ _144\"> </span> <span class=\"_ _15\"> </span>135 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>135 Change in restricted cash<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,928 Other<span class=\"_ _197\"> </span> <span class=\"_ _c4\"> </span>(2,816) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(2,816) Interest paid<span class=\"_ _119\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,477) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(60,477) Debt issuance costs paid<span class=\"_ _166\"> </span>7<span class=\"_ _1e\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(8,050) Interest received<span class=\"_ _d0\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>119 Net cash provided by operating activities<span class=\"_ _e2\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>62,932 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,329 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>85,261 </span>Investing activities<span class=\"_ _198\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Additions to newbuildings, vessels and equipment<span class=\"_ _e0\"> </span>2a<span class=\"_ _46\"> </span> <span class=\"_ _5a\"> </span>(462,400) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(473,761) Purchase of shares<span class=\"_ _10e\"> </span> <span class=\"_ _1d\"> </span>(357) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(357) Net proceeds from sale of vessel<span class=\"_ _122\"> </span> <span class=\"_ _ce\"> </span>80,000 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,000 Net cash inflow on sale of subsidiary<span class=\"_ _7b\"> </span> <span class=\"_ _12\"> </span>5,625 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,625 Proceeds from sale of marketable securities<span class=\"_ _199\"> </span> <span class=\"_ _b8\"> </span>14,074 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,074 Net cash used in investing activities<span class=\"_ _67\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>(363,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(374,419) </span>Financing activities<span class=\"_ _19a\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Net proceeds from issuance of shares<span class=\"_ _83\"> </span> <span class=\"_ _ce\"> </span>52,447 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,447 Proceeds from issuance of debt<span class=\"_ _f8\"> </span> <span class=\"_ _cd\"> </span>403,868 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>403,868 Repayment of debt<span class=\"_ _19b\"> </span> <span class=\"_ _5a\"> </span>(219,521) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(219,521) Repayment of obligations under leases<span class=\"_ _19c\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(5,194) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(4,090) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(9,284) Debt fees paid <span class=\"_ _132\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _ab\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>8,050 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Net cash provided by financing activities<span class=\"_ _189\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>223,550 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,960 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>227,510 </span>Net change in cash and cash equivalents<span class=\"_ _19d\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(76,576) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(61,648) </span>Cash and cash equivalents at beginning of year<span class=\"_ _19e\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,649 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(14,928) <span class=\"_ _40\"> </span> <span class=\"_ _cd\"> </span>174,721 Cash and cash equivalents at end of year<span class=\"_ _116\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>113,073 </span>IFRS adjustments to the Consolidated Statement of Cash Flows for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. Accordingly, the ca<span class=\"_ _1\"></span>rrying amount of unamortized dry docking costs at December 31, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _e\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the next scheduled dry docking (2.5 - 5). This resulted in the following measureme<span class=\"_ _1\"></span>nt and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs paid <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>capitalized <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>separate component <span class=\"_ _d\"></span>of Vessels and equipment which increased Additions to newbuildings, vesse<span class=\"_ _1\"></span>ls and equipment by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other operating gains.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>leased-in <span class=\"_ _e\"></span>vessels, <span class=\"_ _e\"></span><span class=\"ff3\">FPMC <span class=\"_ _e\"></span>Noble <span class=\"_ _e\"></span></span>and FPMC <span class=\"_ _10\"></span>Melody,<span class=\"ff2\"> <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>Depreciation <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>corresponding <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>in </span>Repayment of obligations under leases.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>IFRS <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>corresponding <span class=\"_ _28\"> </span>increase <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>Repayment <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _28\"> </span>under leases.4.<span class=\"_ _38\"> </span>\"Other, net\" of $0.2 million under U.S. GAAP was reclassified to \"Stock option expense<span class=\"_ _1\"></span>\" under IFRS.5.<span class=\"_ _38\"> </span>The \"Change in restricted cash\" of $14.9 million was presented wit<span class=\"_ _1\"></span>hin operating activities under IFRS.6.<span class=\"_ _38\"> </span>The presentation of net finance expenses was adjusted as follows:a.<span class=\"_ _6f\"> </span>\"Amortization <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>deferred <span class=\"_ _2d\"> </span>charges\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$5.2 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>\"Gain <span class=\"_ _29\"> </span>on <span class=\"_ _2d\"> </span>derivatives\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$23.3 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>were reclassified to \"Net finance expense\". b.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _27\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$60.5 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Interest <span class=\"_ _27\"> </span>received\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>separately, <span class=\"_ _27\"> </span>which resulted in an adjustment to accrued expenses of $1.6 million.7.<span class=\"_ _38\"> </span>\"Debt <span class=\"_ _27\"> </span>fees <span class=\"_ _28\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$8.1 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>within <span class=\"_ _28\"> </span>financing <span class=\"_ _27\"> </span>activities <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _28\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>\"Debt issuance costs paid\" within operating activities under IFRS.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__61": {
   "value": "3.<span class=\"_ _e8\"> </span>CHANGE IN ACCOUNTING POLICIESFirst-time adoption of IFRSThese <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>first <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>prepared <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with IFRS <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>adopted <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>European <span class=\"_ _d\"></span>Union. <span class=\"_ _e\"></span>Accordingly, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>prepared <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>comply <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>IFRS applicable <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>together <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>comparative <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis of <span class=\"_ _27\"> </span>preparation <span class=\"_ _f\"> </span>(Note <span class=\"_ _27\"> </span>2). <span class=\"_ _27\"> </span>In <span class=\"_ _27\"> </span>preparing <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>statements, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company\u2019s <span class=\"_ _27\"> </span>opening <span class=\"_ _27\"> </span>statement <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>position <span class=\"_ _27\"> </span>was prepared as of January 1, 2021, the Company\u2019s date of transition to IFRS. This <span class=\"_ _11\"> </span>note <span class=\"_ _f\"> </span>explains <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>principal <span class=\"_ _f\"> </span>adjustments <span class=\"_ _11\"> </span>made <span class=\"_ _f\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>when <span class=\"_ _11\"> </span>transitioning <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IFRS <span class=\"_ _11\"> </span>from <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>previous <span class=\"_ _11\"> </span>reporting framework, <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>principles <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>accepted <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>United <span class=\"_ _d\"></span>States <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>America <span class=\"_ _d\"></span>(\"U.S. <span class=\"_ _d\"></span>GAAP\") <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>as well as for the year ended December 31, 2021.Exemptions appliedIFRS <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span><span class=\"ff3\">First-Time <span class=\"_ _f\"> </span>Adoption <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>International <span class=\"_ _f\"> </span>Financial <span class=\"_ _f\"> </span>Reporting <span class=\"_ _f\"> </span>Standards</span>, <span class=\"_ _27\"> </span>allows <span class=\"_ _f\"> </span>first-time <span class=\"_ _f\"> </span>adopters <span class=\"_ _f\"> </span>certain <span class=\"_ _f\"> </span>exemptions from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>requirement <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>effective <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>retrospectively. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>availed <span class=\"_ _d\"></span>itself <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>certain of these exemptions as follows: \u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _e\"></span>elected <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>apply <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>3, <span class=\"_ _e\"></span><span class=\"ff3\">Business <span class=\"_ _e\"></span>Combinations,</span> <span class=\"_ _e\"></span>retrospectively <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>business <span class=\"_ _e\"></span>combinations <span class=\"_ _d\"></span>that occurred prior to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>elected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>use <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>practical <span class=\"_ _e\"></span>expedient <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15, <span class=\"_ _10\"></span><span class=\"ff3\">Revenue <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>Contracts <span class=\"_ _10\"></span>with <span class=\"_ _e\"></span>Customers,</span> <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>not restate <span class=\"_ _e\"></span>contracts <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>completed <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>transition <span class=\"_ _e\"></span>date, <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _e\"></span>2021. <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>1 <span class=\"_ _e\"></span>defines <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>completed <span class=\"_ _10\"></span>contract <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>a contract <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>has <span class=\"_ _f\"> </span>transferred <span class=\"_ _f\"> </span>all <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>goods <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>services <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>identified <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>accordance <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>previous GAAP.Effect of transition to IFRSThe main differences identified as a result of the transi<span class=\"_ _1\"></span>tion to IFRS are as follows:\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">Our <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _10\"></span>by <span class=\"_ _11\"> </span>their <span class=\"_ _11\"> </span>respective <span class=\"_ _10\"></span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _11\"> </span>at <span class=\"_ _10\"></span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In </span>general, <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>15 <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every <span class=\"_ _d\"></span>5 <span class=\"_ _e\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>older <span class=\"_ _e\"></span>than <span class=\"_ _d\"></span>15 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every 2.5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>Unlike <span class=\"_ _27\"> </span>Frontline's <span class=\"_ _27\"> </span>previous <span class=\"_ _f\"> </span>accounting <span class=\"_ _27\"> </span>policy <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>such <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _27\"> </span>as incurred, <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>requires <span class=\"_ _e\"></span>significant <span class=\"_ _e\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>property, <span class=\"_ _e\"></span>plant <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>differing <span class=\"_ _e\"></span>depreciation <span class=\"_ _e\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>depreciated <span class=\"_ _d\"></span>separately. <span class=\"_ _e\"></span>Under <span class=\"_ _d\"></span>IFRS, <span class=\"_ _e\"></span>major <span class=\"_ _d\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _d\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _d\"></span>docking, <span class=\"_ _e\"></span>should <span class=\"_ _d\"></span>be identified <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>accounted <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>separate <span class=\"_ _27\"> </span>component <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _28\"> </span>over <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>next <span class=\"_ _27\"> </span>scheduled <span class=\"_ _28\"> </span>dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery and <span class=\"_ _10\"></span>depreciated <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _11\"> </span>scheduled <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking. <span class=\"_ _11\"> </span>When <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>performed, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>carrying amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>remaining <span class=\"_ _d\"></span>unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>previous <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docks <span class=\"_ _d\"></span>(due <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>difference <span class=\"_ _d\"></span>between the <span class=\"_ _29\"> </span>estimated <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>actual <span class=\"_ _29\"> </span>time <span class=\"_ _2d\"> </span>between <span class=\"_ _29\"> </span>dry <span class=\"_ _2d\"> </span>docks) <span class=\"_ _2d\"> </span>is <span class=\"_ _2d\"> </span>derecognized. <span class=\"_ _29\"> </span>Costs <span class=\"_ _2d\"> </span>associated <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>routine <span class=\"_ _2d\"> </span>repairs <span class=\"_ _29\"> </span>and maintenance are expensed as incurred including routine ma<span class=\"_ _1\"></span>intenance performed while the vessel is in dry dock\u2022<span class=\"_ _2c\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one <span class=\"_ _27\"> </span>classification <span class=\"_ _27\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>is <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>lessee. <span class=\"_ _28\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _28\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>line <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>depending <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>nature <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>underlying <span class=\"_ _10\"></span>asset <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>recorded <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>a straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>whereas <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS, <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>amortization <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>are presented separately.\u2022<span class=\"_ _2c\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into a <span class=\"_ _d\"></span>financing agreement <span class=\"_ _d\"></span>before the <span class=\"_ _d\"></span>financial statements <span class=\"_ _d\"></span>are issued. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>accounting treatment is <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>permitted under IFRS.The impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated Statements <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial Position <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>transitioning from <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>detail <span class=\"_ _d\"></span>below. <span class=\"_ _d\"></span>Additionally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statements <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>Profit <span class=\"_ _11\"> </span>or <span class=\"_ _f\"> </span>Loss, <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statement <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>Comprehensive <span class=\"_ _f\"> </span>Income, <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Consolidated Statement <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>Cash <span class=\"_ _f\"> </span>Flows <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>described <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>detail <span class=\"_ _f\"> </span>further <span class=\"_ _f\"> </span>below. <span class=\"_ _11\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>figures presented <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>Annual <span class=\"_ _e\"></span>Report <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>Form <span class=\"_ _e\"></span>20-F <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>was filed with the Securities and Exchange Commission on March 17, 2022.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at January 1, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>174,721 Restricted cash <span class=\"_ _130\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 Marketable securities<span class=\"_ _c\"> </span>1<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,639 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,474 Marketable securities pledged to creditors<span class=\"_ _160\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,835) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Trade and other receivables<span class=\"_ _10d\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>63,924 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>63,924 Trade accounts receivable, net <span class=\"_ _61\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>40,974 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,974) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>13,255 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,255 Other receivables<span class=\"_ _161\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>22,950 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(22,950) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>57,858 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>57,858 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>34,705 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>34,705 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>7,725 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,725 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>2,729 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,729 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>378,319 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>378,319 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _b8\"> </span>48,498 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,498 Vessels and equipment<span class=\"_ _166\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,307,144 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,300,456 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>53,518 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(53,518) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>8,426 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(8,426) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>61,944 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>61,944 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _12\"> </span>1,279 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,279 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>7,197 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,197 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _16c\"> </span>6, 8<span class=\"_ _b1\"> </span> <span class=\"_ _cd\"> </span>167,082 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>67,805 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>234,887 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,810 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,810) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,548 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(4,548) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>19,853 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,853 Trade and other payables<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>55,002 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>55,002 Trade accounts payable <span class=\"_ _16f\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,860 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,860) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>5, 8<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,529 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,529) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(19,261) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _b8\"> </span>12,418 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(12,418) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>281,361 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>40,739 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>322,100 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _172\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>1,968,924 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,000) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>1,908,924 Obligations under finance leases<span class=\"_ _6b\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>48,467 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(48,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,177 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(4,177) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>4c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>52,644 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,644 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>19,261 Other non-current payables<span class=\"_ _174\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>3,739 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,739 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,306,668 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,306,668 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>197,692 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>197,692 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>402,021 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>402,021 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _73\"> </span>10<span class=\"_ _46\"> </span> <span class=\"_ _15\"> </span>200 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>200 Retained earnings<span class=\"_ _120\"> </span>3<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>8,018 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,330 Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,612,025 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,605,337 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,611,553 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,604,865 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>IFRS adjustments of Consolidated Statement of Financial Posit<span class=\"_ _1\"></span>ion as at January 1, 20211.<span class=\"_ _38\"> </span>\"Marketable securities <span class=\"_ _d\"></span>pledged <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>creditors\" of <span class=\"_ _d\"></span>$5.8 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP, were reclassified into \"Marketable securities\" under IFRS.2.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$41.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$23.0 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 3.<span class=\"_ _38\"> </span>Dry <span class=\"_ _e\"></span>docking <span class=\"_ _10\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _10\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred <span class=\"_ _e\"></span>within <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating <span class=\"_ _e\"></span>expense <span class=\"_ _10\"></span>under Frontline\u2019s <span class=\"_ _28\"> </span>historical <span class=\"_\"> </span>accounti<span class=\"_ _1\"></span>ng <span class=\"_\"> </span>pol<span class=\"_ _1\"></span>icy <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>U.S. <span class=\"_\"> </span>GAAP. <span class=\"_ _28\"> </span>Under <span class=\"_ _28\"> </span>IFRS, <span class=\"_\"> </span>significant<span class=\"_ _1\"></span> <span class=\"_\"> </span>com<span class=\"_ _1\"></span>ponents <span class=\"_ _28\"> </span>of property, plant and <span class=\"_ _d\"></span>equipment with differing depreciation <span class=\"_ _d\"></span>methods or lives are <span class=\"_ _d\"></span>required to be <span class=\"_ _d\"></span>depreciated separately. A portion of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>initial <span class=\"_ _d\"></span>cost of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>net <span class=\"_ _28\"> </span>measurement <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>recognition <span class=\"_ _28\"> </span>adjustment <span class=\"_ _27\"> </span>which decreased Vessels and equipment and Retained earnings by $6.7 mi<span class=\"_ _1\"></span>llion as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>Vessels <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>equipment <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _28\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>Retained <span class=\"_ _27\"> </span>earnings <span class=\"_ _28\"> </span>by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.4.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$53.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$8.4 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.8 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$4.5 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \u201cCurrent portion of obligations under leases\u201d under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$48.5 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$4.2 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.5.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$7.9 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.5 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $12.4 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\"Trade <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>other <span class=\"_ _e\"></span>payables\" under IFRS.6.<span class=\"_ _38\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>financing <span class=\"_ _10\"></span>agreement <span class=\"_ _10\"></span>before <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>issued. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company presented <span class=\"_ _11\"></span>the <span class=\"_ _11\"> </span>non-current <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>refinanced <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>February <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>long-term <span class=\"_ _11\"> </span>debt <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>1, 2021. <span class=\"_ _11\"> </span>This <span class=\"_ _11\"> </span>accounting <span class=\"_ _f\"> </span>treatment <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>permitted <span class=\"_ _f\"> </span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>reclassification <span class=\"_ _11\"> </span>adjustment <span class=\"_ _11\"> </span>which increased <span class=\"_ _d\"></span>Short-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>portion <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>long-term <span class=\"_ _e\"></span>debt <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>decreased <span class=\"_ _d\"></span>Long-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of January 1, 2021.7.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $3.7 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.8.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$7.8 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.9.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.10.<span class=\"_ _39\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>113,073 Marketable securities<span class=\"_ _179\"> </span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,435 Trade and other receivables<span class=\"_ _10d\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>73,532 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>73,532 Trade accounts receivable, net<span class=\"_ _17a\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>63,423 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(63,423) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>11,676 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>11,676 Other receivables<span class=\"_ _161\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>10,109 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,109) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>80,787 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,787 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>38,492 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>38,492 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>8,899 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,899 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>3,851 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,851 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>332,745 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>332,745 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _cd\"> </span>130,633 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>130,633 Vessels and equipment<span class=\"_ _166\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,477,801 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,467,300 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>44,880 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(44,880) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,914 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,914) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,794 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>48,794 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Derivative instrument receivable<span class=\"_ _72\"> </span> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,675 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _15\"> </span>555 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>555 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>3,055 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,055 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _17b\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,286 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>198,665 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,601 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,601) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>1,122 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(1,122) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>8,723 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,723 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>36,250 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>36,250 Trade and other payables<span class=\"_ _11d\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,364 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,364 Trade accounts payable<span class=\"_ _b5\"> </span>4<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,327 <span class=\"_ _37\"> </span> <span class=\"_ _b9\"> </span>(2,327) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>4, 7<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,836 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,836) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable <span class=\"_ _17c\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,580 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,580) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>292,675 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>287,002 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _108\"> </span> <span class=\"_ _e8\"> </span>2,126,910 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,126,910 Obligations under finance leases<span class=\"_ _6b\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>40,865 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,865) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,114 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,114) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>3c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,979 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,979 Derivative instruments payable<span class=\"_ _170\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 Other non-current payables<span class=\"_ _174\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>992 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>992 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,464,556 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,464,556 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>203,531 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>203,531 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>448,291 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>448,291 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _17d\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>228 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>228 Retained (deficit) earnings<span class=\"_ _17e\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(3,130) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(13,631) Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,653,014 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(10,501) <span class=\"_ _40\"> </span> <span class=\"_ _e8\"> </span>1,642,513 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,652,542 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,642,041 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>IFRS adjustments of the Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 20211.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$63.4 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$10.1 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _d\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>next <span class=\"_ _e\"></span>scheduled <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking. <span class=\"_ _e\"></span>This <span class=\"_ _e\"></span>resulted <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>net <span class=\"_ _e\"></span>measurement and <span class=\"_\"> </span>recognition <span class=\"_\"> </span>adjustm<span class=\"_ _1\"></span>ent <span class=\"_\"> </span>which <span class=\"_\"> </span>decrease<span class=\"_ _1\"></span>d <span class=\"_\"> </span>Vessels <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_\"> </span>and <span class=\"_\"> </span>Retained <span class=\"_ _28\"> </span>earnings <span class=\"_\"> </span>by <span class=\"_\"> </span>$10.5 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component of Vessels and equipment which increased Vessels and equipment and Retained earnings by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>capitalized <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate <span class=\"_ _f\"> </span>component <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>equipment <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _27\"> </span>Vessels <span class=\"_ _f\"> </span>and equipment and Retained earnings by $11.4 million.d.<span class=\"_ _38\"> </span>depreciation <span class=\"_ _2d\"> </span>expense <span class=\"_ _36\"> </span>on <span class=\"_ _36\"> </span>capitalized <span class=\"_ _36\"> </span>dry <span class=\"_ _36\"> </span>docking <span class=\"_ _36\"> </span>costs <span class=\"_ _36\"> </span>and <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>write <span class=\"_ _36\"> </span>off <span class=\"_ _36\"> </span>of <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>carrying <span class=\"_ _36\"> </span>amount <span class=\"_ _36\"> </span>of unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>vessels sold <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>resulted in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>decrease <span class=\"_ _d\"></span>in Vessels and equipment and Retained earnings of $13.3 million and $1.8 m<span class=\"_ _1\"></span>illion, respectively.3.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$44.9 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.9 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.6 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$1.1 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \"Current portion of obligations under leases\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$40.9 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.1 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.4.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$2.3 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.8 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $7.6 <span class=\"_ _10\"></span>million, <span class=\"_ _11\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>separately <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>reclassified <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>\"Trade <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>other <span class=\"_ _11\"> </span>payables\" under IFRS.5.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $1.0 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.6.<span class=\"_ _38\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.7.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$9.4 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.8.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.Reconciliation of Consolidated Statement of Profit or Loss<span class=\"ff2\"> </span>for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _ed\"> </span><span class=\"ff1\">Note<span class=\"_ _20\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSOperating revenues and other incomeVoyage charter revenues<span class=\"_ _17f\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _5a\"> </span>663,995 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(663,995) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Time charter revenues<span class=\"_ _180\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _12f\"> </span>71,236 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(71,236) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Revenues <span class=\"_ _148\"> </span>1a, 1b<span class=\"_ _11b\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>749,381 Other income<span class=\"_ _10f\"> </span>1b, 1c, 2c<span class=\"_ _9d\"> </span> <span class=\"_ _d1\"> </span>14,150 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,090) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>4,060 Total operating revenues and other income<span class=\"_ _182\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>4,060 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>753,441 </span>Other operating gains <span class=\"_ _7\"> </span><span class=\"ff2\">1c<span class=\"_ _183\"> </span> <span class=\"_ _b9\"> </span>5,893 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(5,893) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 </span>Operating expensesVoyage expenses and commission<span class=\"_ _6c\"> </span> <span class=\"_ _4a\"> </span>392,697 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>392,697 Contingent rental income<span class=\"_ _184\"> </span> <span class=\"_ _20\"> </span>(3,606) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Ship operating expenses<span class=\"_ _82\"> </span>2a<span class=\"_ _1a\"> </span> <span class=\"_ _cf\"> </span>175,607 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>164,246 Charter hire expenses<span class=\"_ _a6\"> </span>3a<span class=\"_ _1a\"> </span> <span class=\"_ _b9\"> </span>2,695 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(2,695) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Administrative expenses <span class=\"_ _14b\"> </span>3b<span class=\"_ _183\"> </span> <span class=\"_ _d1\"> </span>27,891 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>26,424 Depreciation<span class=\"_ _13\"> </span>2b, 3<span class=\"_ _185\"> </span> <span class=\"_ _cf\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>17,431 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>165,205 Total operating expenses<span class=\"_ _166\"> </span><span class=\"ff2\"> <span class=\"_ _4a\"> </span>743,058 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,908 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>744,966 </span>Net operating income<span class=\"_ _12d\"> </span><span class=\"ff2\"> <span class=\"_ _d1\"> </span>12,216 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,741) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>8,475 </span>Other income (expenses)<span class=\"_ _f4\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Finance income<span class=\"_ _118\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _15\"> </span>121 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>121 Interest income<span class=\"_ _135\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _26\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _1d\"> </span>(119) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Finance expense<span class=\"_ _186\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _a0\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(44,244) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(44,244) Interest expense<span class=\"_ _ed\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _187\"> </span>(61,435) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>61,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Gain on marketable securities<span class=\"_ _47\"> </span> <span class=\"_ _b9\"> </span>7,677 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,677 Share of results of associated company<span class=\"_ _188\"> </span> <span class=\"_ _53\"> </span>(724) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(724) Foreign currency exchange loss<span class=\"_ _189\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _53\"> </span>(116) <span class=\"_ _40\"> </span> <span class=\"_ _f6\"> </span>116 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Gain on derivatives<span class=\"_ _10b\"> </span>5<span class=\"_ _3c\"> </span> <span class=\"_ _88\"> </span>17,509 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(17,509) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Dividends received<span class=\"_ _b5\"> </span>6<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,367 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>18,367 Other non-operating items, net<span class=\"_ _86\"> </span>6<span class=\"_ _18a\"> </span> <span class=\"_ _d1\"> </span>18,239 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(18,239) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Net other expenses<span class=\"_ _cc\"> </span><span class=\"ff2\"> <span class=\"_ _41\"> </span>(18,731) <span class=\"_ _2a\"> </span> <span class=\"_ _a0\"> </span>(72) <span class=\"_ _40\"> </span> <span class=\"_ _d1\"> </span>(18,803) </span>Loss before income taxes<span class=\"_ _18b\"> </span><span class=\"ff2\"> <span class=\"_ _20\"> </span>(6,515) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(10,328) </span>Income tax expense<span class=\"_ _18c\"> </span> <span class=\"_ _20\"> </span>(4,633) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(4,633) Loss for the period<span class=\"_ _f1\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Loss attributable to the shareholders of the Company<span class=\"_ _18d\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Basic loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _4e\"> </span>$(0.02)<span class=\"_ _18f\"> </span>$(0.08)</span>Diluted loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _18f\"> </span>$(0.02)<span class=\"_ _4e\"> </span>$(0.08)</span>IFRS adjustments to the Consolidated Statement of Profit or Loss for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>The presentation of operating revenues and other income was adjust<span class=\"_ _1\"></span>ed as follows:a.<span class=\"_ _6f\"> </span>\"Voyage <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>\"Time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _11\"> </span>GAAP <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>\"Revenue\" under IFRS.b.<span class=\"_ _38\"> </span>\"Administrative <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$14.2 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\"Other <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _d\"></span>to \"Revenue\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Other operating gains\" of $5.9 million under U.S. GAAP was reclassified to \"Other income\" under IFRS. 2.<span class=\"_ _38\"> </span><span class=\"ff2\">Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as </span>incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _27\"> </span>delivery <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>period <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>following measurement and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>decreased <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating expense by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other income.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _e\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>two <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>leased <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>third <span class=\"_ _e\"></span>party on time charters that were classified as leases<span class=\"ff3\">,</span> was re<span class=\"_ _1\"></span>classified to Depreciation under IFRS.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation under IFRS.4.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _f\"> </span>income\" <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _f\"> </span>separately <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>\"Finance income\" under IFRS.5.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _e\"></span>expense\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$61.4 <span class=\"_ _e\"></span>million, <span class=\"_ _10\"></span>\"Gain <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>derivatives\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$17.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>\"Foreign <span class=\"_ _e\"></span>currency <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>loss\" <span class=\"_ _10\"></span>of $0.1 million, which were presented separately under U.S. GAAP, were recla<span class=\"_ _1\"></span>ssified to \"Finance expense\" under IFRS.6.<span class=\"_ _38\"> </span>\"Other <span class=\"_ _10\"></span>non-operating <span class=\"_ _10\"></span>items, <span class=\"_ _10\"></span>net\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$18.4 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>reclassified <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>\"Dividends <span class=\"_ _10\"></span>received\" <span class=\"_ _10\"></span>under IFRS.Reconciliation of Consolidated Comprehensive Income for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _190\"> </span><span class=\"ff1\">Note<span class=\"_ _8a\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSProfit (loss)<span class=\"_ _138\"> </span>1<span class=\"_ _185\"> </span> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) Items that may be reclassified to profit or loss:Foreign currency translation gain (loss)<span class=\"_ _6b\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Other comprehensive income (loss)<span class=\"_ _74\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Comprehensive income (loss)<span class=\"_ _166\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) Comprehensive income (loss) attributable to the shareholders of the Company<span class=\"_ _191\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) IFRS adjustments to the Consolidated Comprehensive Income for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.Reconciliation of Consolidated Statement of Cash Flows for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _192\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSNet loss for the period<span class=\"_ _184\"> </span><span class=\"ff2\">1<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(11,148) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(14,961) </span>Adjustments to reconcile loss for the period with net cash provided by operations:Net finance expense<span class=\"_ _193\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>44,123 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,123 Depreciation<span class=\"_ _194\"> </span>2b, 3<span class=\"_ _f0\"> </span> <span class=\"_ _cd\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>17,431 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>165,205 Amortization of deferred charges<span class=\"_ _c0\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12\"> </span>5,208 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,208) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other operating gains<span class=\"_ _10f\"> </span>2c<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(5,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,833 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,225) Amortization of acquired time charters<span class=\"_ _69\"> </span> <span class=\"_ _ab\"> </span>(5,045) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,045) Contingent rental income<span class=\"_ _195\"> </span> <span class=\"_ _c4\"> </span>(3,606) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Gain on marketable securities<span class=\"_ _16f\"> </span> <span class=\"_ _c4\"> </span>(7,677) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,677) Share of results from associated company<span class=\"_ _116\"> </span> <span class=\"_ _15\"> </span>724 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>724 Gain on derivatives<span class=\"_ _118\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12f\"> </span>(23,262) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>23,262 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Stock option expense<span class=\"_ _df\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 Other, net<span class=\"_ _d5\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>430 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(430) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Changes in operating assets and liabilities:Trade accounts receivable<span class=\"_ _ed\"> </span> <span class=\"_ _12f\"> </span>(22,449) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,449) Other receivables<span class=\"_ _196\"> </span> <span class=\"_ _12\"> </span>7,216 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,216 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _12f\"> </span>(22,929) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,929) Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _c4\"> </span>(3,787) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,787) Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _ab\"> </span>(1,174) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(1,174) Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _b9\"> </span>(1,128) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,128) Trade accounts payable<span class=\"_ _120\"> </span> <span class=\"_ _c4\"> </span>(5,533) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,533) Accrued expenses<span class=\"_ _11f\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(1,911) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(1,574) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,485) Related party balances<span class=\"_ _148\"> </span> <span class=\"_ _ce\"> </span>18,968 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,968 Other current liabilities<span class=\"_ _144\"> </span> <span class=\"_ _15\"> </span>135 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>135 Change in restricted cash<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,928 Other<span class=\"_ _197\"> </span> <span class=\"_ _c4\"> </span>(2,816) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(2,816) Interest paid<span class=\"_ _119\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,477) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(60,477) Debt issuance costs paid<span class=\"_ _166\"> </span>7<span class=\"_ _1e\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(8,050) Interest received<span class=\"_ _d0\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>119 Net cash provided by operating activities<span class=\"_ _e2\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>62,932 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,329 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>85,261 </span>Investing activities<span class=\"_ _198\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Additions to newbuildings, vessels and equipment<span class=\"_ _e0\"> </span>2a<span class=\"_ _46\"> </span> <span class=\"_ _5a\"> </span>(462,400) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(473,761) Purchase of shares<span class=\"_ _10e\"> </span> <span class=\"_ _1d\"> </span>(357) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(357) Net proceeds from sale of vessel<span class=\"_ _122\"> </span> <span class=\"_ _ce\"> </span>80,000 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,000 Net cash inflow on sale of subsidiary<span class=\"_ _7b\"> </span> <span class=\"_ _12\"> </span>5,625 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,625 Proceeds from sale of marketable securities<span class=\"_ _199\"> </span> <span class=\"_ _b8\"> </span>14,074 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,074 Net cash used in investing activities<span class=\"_ _67\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>(363,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(374,419) </span>Financing activities<span class=\"_ _19a\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Net proceeds from issuance of shares<span class=\"_ _83\"> </span> <span class=\"_ _ce\"> </span>52,447 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,447 Proceeds from issuance of debt<span class=\"_ _f8\"> </span> <span class=\"_ _cd\"> </span>403,868 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>403,868 Repayment of debt<span class=\"_ _19b\"> </span> <span class=\"_ _5a\"> </span>(219,521) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(219,521) Repayment of obligations under leases<span class=\"_ _19c\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(5,194) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(4,090) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(9,284) Debt fees paid <span class=\"_ _132\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _ab\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>8,050 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Net cash provided by financing activities<span class=\"_ _189\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>223,550 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,960 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>227,510 </span>Net change in cash and cash equivalents<span class=\"_ _19d\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(76,576) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(61,648) </span>Cash and cash equivalents at beginning of year<span class=\"_ _19e\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,649 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(14,928) <span class=\"_ _40\"> </span> <span class=\"_ _cd\"> </span>174,721 </span>Cash and cash equivalents at end of year<span class=\"_ _116\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>113,073 </span>IFRS adjustments to the Consolidated Statement of Cash Flows for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. Accordingly, the ca<span class=\"_ _1\"></span>rrying amount of unamortized dry docking costs at December 31, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _e\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the next scheduled dry docking (2.5 - 5). This resulted in the following measureme<span class=\"_ _1\"></span>nt and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs paid <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>capitalized <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>separate component <span class=\"_ _d\"></span>of Vessels and equipment which increased Additions to newbuildings, vesse<span class=\"_ _1\"></span>ls and equipment by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other operating gains.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>leased-in <span class=\"_ _e\"></span>vessels, <span class=\"_ _e\"></span><span class=\"ff3\">FPMC <span class=\"_ _e\"></span>Noble <span class=\"_ _e\"></span></span>and FPMC <span class=\"_ _10\"></span>Melody,<span class=\"ff2\"> <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>Depreciation <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>corresponding <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>in </span>Repayment of obligations under leases.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>IFRS <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>corresponding <span class=\"_ _28\"> </span>increase <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>Repayment <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _28\"> </span>under leases.4.<span class=\"_ _38\"> </span>\"Other, net\" of $0.2 million under U.S. GAAP was reclassified to \"Stock option expense<span class=\"_ _1\"></span>\" under IFRS.5.<span class=\"_ _38\"> </span>The \"Change in restricted cash\" of $14.9 million was presented wit<span class=\"_ _1\"></span>hin operating activities under IFRS.6.<span class=\"_ _38\"> </span>The presentation of net finance expenses was adjusted as follows:a.<span class=\"_ _6f\"> </span>\"Amortization <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>deferred <span class=\"_ _2d\"> </span>charges\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$5.2 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>\"Gain <span class=\"_ _29\"> </span>on <span class=\"_ _2d\"> </span>derivatives\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$23.3 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>were reclassified to \"Net finance expense\". b.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _27\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$60.5 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Interest <span class=\"_ _27\"> </span>received\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>separately, <span class=\"_ _27\"> </span>which resulted in an adjustment to accrued expenses of $1.6 million.7.<span class=\"_ _38\"> </span>\"Debt <span class=\"_ _27\"> </span>fees <span class=\"_ _28\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$8.1 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>within <span class=\"_ _28\"> </span>financing <span class=\"_ _27\"> </span>activities <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _28\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>\"Debt issuance costs paid\" within operating activities under IFRS.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__60": {
   "value": "3.<span class=\"_ _e8\"> </span>CHANGE IN ACCOUNTING POLICIESFirst-time adoption of IFRSThese <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>first <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>prepared <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with IFRS <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>adopted <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>European <span class=\"_ _d\"></span>Union. <span class=\"_ _e\"></span>Accordingly, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>prepared <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>comply <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>IFRS applicable <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>together <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>comparative <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis of <span class=\"_ _27\"> </span>preparation <span class=\"_ _f\"> </span>(Note <span class=\"_ _27\"> </span>2). <span class=\"_ _27\"> </span>In <span class=\"_ _27\"> </span>preparing <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>statements, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company\u2019s <span class=\"_ _27\"> </span>opening <span class=\"_ _27\"> </span>statement <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>position <span class=\"_ _27\"> </span>was prepared as of January 1, 2021, the Company\u2019s date of transition to IFRS. This <span class=\"_ _11\"> </span>note <span class=\"_ _f\"> </span>explains <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>principal <span class=\"_ _f\"> </span>adjustments <span class=\"_ _11\"> </span>made <span class=\"_ _f\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>when <span class=\"_ _11\"> </span>transitioning <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IFRS <span class=\"_ _11\"> </span>from <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>previous <span class=\"_ _11\"> </span>reporting framework, <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>principles <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>accepted <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>United <span class=\"_ _d\"></span>States <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>America <span class=\"_ _d\"></span>(\"U.S. <span class=\"_ _d\"></span>GAAP\") <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>as well as for the year ended December 31, 2021.Exemptions appliedIFRS <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span><span class=\"ff3\">First-Time <span class=\"_ _f\"> </span>Adoption <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>International <span class=\"_ _f\"> </span>Financial <span class=\"_ _f\"> </span>Reporting <span class=\"_ _f\"> </span>Standards</span>, <span class=\"_ _27\"> </span>allows <span class=\"_ _f\"> </span>first-time <span class=\"_ _f\"> </span>adopters <span class=\"_ _f\"> </span>certain <span class=\"_ _f\"> </span>exemptions from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>requirement <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>effective <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>retrospectively. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>availed <span class=\"_ _d\"></span>itself <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>certain of these exemptions as follows: \u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _e\"></span>elected <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>apply <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>3, <span class=\"_ _e\"></span><span class=\"ff3\">Business <span class=\"_ _e\"></span>Combinations,</span> <span class=\"_ _e\"></span>retrospectively <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>business <span class=\"_ _e\"></span>combinations <span class=\"_ _d\"></span>that occurred prior to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>elected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>use <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>practical <span class=\"_ _e\"></span>expedient <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15, <span class=\"_ _10\"></span><span class=\"ff3\">Revenue <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>Contracts <span class=\"_ _10\"></span>with <span class=\"_ _e\"></span>Customers,</span> <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>not restate <span class=\"_ _e\"></span>contracts <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>completed <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>transition <span class=\"_ _e\"></span>date, <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _e\"></span>2021. <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>1 <span class=\"_ _e\"></span>defines <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>completed <span class=\"_ _10\"></span>contract <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>a contract <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>has <span class=\"_ _f\"> </span>transferred <span class=\"_ _f\"> </span>all <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>goods <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>services <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>identified <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>accordance <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>previous GAAP.Effect of transition to IFRSThe main differences identified as a result of the transi<span class=\"_ _1\"></span>tion to IFRS are as follows:\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">Our <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _10\"></span>by <span class=\"_ _11\"> </span>their <span class=\"_ _11\"> </span>respective <span class=\"_ _10\"></span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _11\"> </span>at <span class=\"_ _10\"></span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In </span>general, <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>15 <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every <span class=\"_ _d\"></span>5 <span class=\"_ _e\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>older <span class=\"_ _e\"></span>than <span class=\"_ _d\"></span>15 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every 2.5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>Unlike <span class=\"_ _27\"> </span>Frontline's <span class=\"_ _27\"> </span>previous <span class=\"_ _f\"> </span>accounting <span class=\"_ _27\"> </span>policy <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>such <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _27\"> </span>as incurred, <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>requires <span class=\"_ _e\"></span>significant <span class=\"_ _e\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>property, <span class=\"_ _e\"></span>plant <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>differing <span class=\"_ _e\"></span>depreciation <span class=\"_ _e\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>depreciated <span class=\"_ _d\"></span>separately. <span class=\"_ _e\"></span>Under <span class=\"_ _d\"></span>IFRS, <span class=\"_ _e\"></span>major <span class=\"_ _d\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _d\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _d\"></span>docking, <span class=\"_ _e\"></span>should <span class=\"_ _d\"></span>be identified <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>accounted <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>separate <span class=\"_ _27\"> </span>component <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _28\"> </span>over <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>next <span class=\"_ _27\"> </span>scheduled <span class=\"_ _28\"> </span>dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery and <span class=\"_ _10\"></span>depreciated <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _11\"> </span>scheduled <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking. <span class=\"_ _11\"> </span>When <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>performed, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>carrying amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>remaining <span class=\"_ _d\"></span>unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>previous <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docks <span class=\"_ _d\"></span>(due <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>difference <span class=\"_ _d\"></span>between the <span class=\"_ _29\"> </span>estimated <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>actual <span class=\"_ _29\"> </span>time <span class=\"_ _2d\"> </span>between <span class=\"_ _29\"> </span>dry <span class=\"_ _2d\"> </span>docks) <span class=\"_ _2d\"> </span>is <span class=\"_ _2d\"> </span>derecognized. <span class=\"_ _29\"> </span>Costs <span class=\"_ _2d\"> </span>associated <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>routine <span class=\"_ _2d\"> </span>repairs <span class=\"_ _29\"> </span>and maintenance are expensed as incurred including routine ma<span class=\"_ _1\"></span>intenance performed while the vessel is in dry dock\u2022<span class=\"_ _2c\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one <span class=\"_ _27\"> </span>classification <span class=\"_ _27\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>is <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>lessee. <span class=\"_ _28\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _28\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>line <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>depending <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>nature <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>underlying <span class=\"_ _10\"></span>asset <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>recorded <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>a straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>whereas <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS, <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>amortization <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>are presented separately.\u2022<span class=\"_ _2c\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into a <span class=\"_ _d\"></span>financing agreement <span class=\"_ _d\"></span>before the <span class=\"_ _d\"></span>financial statements <span class=\"_ _d\"></span>are issued. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>accounting treatment is <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>permitted under IFRS.The impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated Statements <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial Position <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>transitioning from <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>detail <span class=\"_ _d\"></span>below. <span class=\"_ _d\"></span>Additionally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statements <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>Profit <span class=\"_ _11\"> </span>or <span class=\"_ _f\"> </span>Loss, <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statement <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>Comprehensive <span class=\"_ _f\"> </span>Income, <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Consolidated Statement <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>Cash <span class=\"_ _f\"> </span>Flows <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>described <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>detail <span class=\"_ _f\"> </span>further <span class=\"_ _f\"> </span>below. <span class=\"_ _11\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>figures presented <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>Annual <span class=\"_ _e\"></span>Report <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>Form <span class=\"_ _e\"></span>20-F <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>was filed with the Securities and Exchange Commission on March 17, 2022.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at January 1, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>174,721 Restricted cash <span class=\"_ _130\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 Marketable securities<span class=\"_ _c\"> </span>1<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,639 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,474 Marketable securities pledged to creditors<span class=\"_ _160\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,835) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Trade and other receivables<span class=\"_ _10d\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>63,924 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>63,924 Trade accounts receivable, net <span class=\"_ _61\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>40,974 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,974) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>13,255 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,255 Other receivables<span class=\"_ _161\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>22,950 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(22,950) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>57,858 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>57,858 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>34,705 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>34,705 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>7,725 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,725 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>2,729 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,729 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>378,319 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>378,319 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _b8\"> </span>48,498 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,498 Vessels and equipment<span class=\"_ _166\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,307,144 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,300,456 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>53,518 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(53,518) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>8,426 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(8,426) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>61,944 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>61,944 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _12\"> </span>1,279 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,279 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>7,197 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,197 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _16c\"> </span>6, 8<span class=\"_ _b1\"> </span> <span class=\"_ _cd\"> </span>167,082 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>67,805 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>234,887 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,810 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,810) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,548 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(4,548) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>19,853 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,853 Trade and other payables<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>55,002 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>55,002 Trade accounts payable <span class=\"_ _16f\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,860 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,860) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>5, 8<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,529 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,529) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(19,261) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _b8\"> </span>12,418 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(12,418) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>281,361 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>40,739 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>322,100 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _172\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>1,968,924 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,000) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>1,908,924 Obligations under finance leases<span class=\"_ _6b\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>48,467 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(48,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,177 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(4,177) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>4c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>52,644 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,644 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>19,261 Other non-current payables<span class=\"_ _174\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>3,739 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,739 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,306,668 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,306,668 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>197,692 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>197,692 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>402,021 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>402,021 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _73\"> </span>10<span class=\"_ _46\"> </span> <span class=\"_ _15\"> </span>200 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>200 Retained earnings<span class=\"_ _120\"> </span>3<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>8,018 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,330 Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,612,025 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,605,337 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,611,553 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,604,865 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>IFRS adjustments of Consolidated Statement of Financial Posit<span class=\"_ _1\"></span>ion as at January 1, 20211.<span class=\"_ _38\"> </span>\"Marketable securities <span class=\"_ _d\"></span>pledged <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>creditors\" of <span class=\"_ _d\"></span>$5.8 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP, were reclassified into \"Marketable securities\" under IFRS.2.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$41.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$23.0 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 3.<span class=\"_ _38\"> </span>Dry <span class=\"_ _e\"></span>docking <span class=\"_ _10\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _10\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred <span class=\"_ _e\"></span>within <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating <span class=\"_ _e\"></span>expense <span class=\"_ _10\"></span>under Frontline\u2019s <span class=\"_ _28\"> </span>historical <span class=\"_\"> </span>accounti<span class=\"_ _1\"></span>ng <span class=\"_\"> </span>pol<span class=\"_ _1\"></span>icy <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>U.S. <span class=\"_\"> </span>GAAP. <span class=\"_ _28\"> </span>Under <span class=\"_ _28\"> </span>IFRS, <span class=\"_\"> </span>significant<span class=\"_ _1\"></span> <span class=\"_\"> </span>com<span class=\"_ _1\"></span>ponents <span class=\"_ _28\"> </span>of property, plant and <span class=\"_ _d\"></span>equipment with differing depreciation <span class=\"_ _d\"></span>methods or lives are <span class=\"_ _d\"></span>required to be <span class=\"_ _d\"></span>depreciated separately. A portion of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>initial <span class=\"_ _d\"></span>cost of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>net <span class=\"_ _28\"> </span>measurement <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>recognition <span class=\"_ _28\"> </span>adjustment <span class=\"_ _27\"> </span>which decreased Vessels and equipment and Retained earnings by $6.7 mi<span class=\"_ _1\"></span>llion as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>Vessels <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>equipment <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _28\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>Retained <span class=\"_ _27\"> </span>earnings <span class=\"_ _28\"> </span>by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.4.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$53.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$8.4 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.8 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$4.5 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \u201cCurrent portion of obligations under leases\u201d under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$48.5 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$4.2 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.5.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$7.9 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.5 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $12.4 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\"Trade <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>other <span class=\"_ _e\"></span>payables\" under IFRS.6.<span class=\"_ _38\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>financing <span class=\"_ _10\"></span>agreement <span class=\"_ _10\"></span>before <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>issued. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company presented <span class=\"_ _11\"></span>the <span class=\"_ _11\"> </span>non-current <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>refinanced <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>February <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>long-term <span class=\"_ _11\"> </span>debt <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>1, 2021. <span class=\"_ _11\"> </span>This <span class=\"_ _11\"> </span>accounting <span class=\"_ _f\"> </span>treatment <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>permitted <span class=\"_ _f\"> </span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>reclassification <span class=\"_ _11\"> </span>adjustment <span class=\"_ _11\"> </span>which increased <span class=\"_ _d\"></span>Short-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>portion <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>long-term <span class=\"_ _e\"></span>debt <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>decreased <span class=\"_ _d\"></span>Long-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of January 1, 2021.7.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $3.7 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.8.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$7.8 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.9.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.10.<span class=\"_ _39\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>113,073 Marketable securities<span class=\"_ _179\"> </span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,435 Trade and other receivables<span class=\"_ _10d\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>73,532 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>73,532 Trade accounts receivable, net<span class=\"_ _17a\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>63,423 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(63,423) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>11,676 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>11,676 Other receivables<span class=\"_ _161\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>10,109 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,109) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>80,787 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,787 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>38,492 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>38,492 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>8,899 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,899 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>3,851 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,851 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>332,745 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>332,745 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _cd\"> </span>130,633 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>130,633 Vessels and equipment<span class=\"_ _166\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,477,801 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,467,300 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>44,880 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(44,880) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,914 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,914) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,794 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>48,794 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Derivative instrument receivable<span class=\"_ _72\"> </span> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,675 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _15\"> </span>555 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>555 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>3,055 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,055 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _17b\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,286 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>198,665 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,601 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,601) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>1,122 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(1,122) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>8,723 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,723 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>36,250 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>36,250 Trade and other payables<span class=\"_ _11d\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,364 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,364 Trade accounts payable<span class=\"_ _b5\"> </span>4<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,327 <span class=\"_ _37\"> </span> <span class=\"_ _b9\"> </span>(2,327) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>4, 7<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,836 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,836) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable <span class=\"_ _17c\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,580 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,580) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>292,675 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>287,002 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _108\"> </span> <span class=\"_ _e8\"> </span>2,126,910 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,126,910 Obligations under finance leases<span class=\"_ _6b\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>40,865 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,865) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,114 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,114) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>3c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,979 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,979 Derivative instruments payable<span class=\"_ _170\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 Other non-current payables<span class=\"_ _174\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>992 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>992 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,464,556 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,464,556 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>203,531 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>203,531 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>448,291 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>448,291 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _17d\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>228 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>228 Retained (deficit) earnings<span class=\"_ _17e\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(3,130) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(13,631) Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,653,014 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(10,501) <span class=\"_ _40\"> </span> <span class=\"_ _e8\"> </span>1,642,513 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,652,542 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,642,041 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>IFRS adjustments of the Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 20211.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$63.4 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$10.1 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _d\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>next <span class=\"_ _e\"></span>scheduled <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking. <span class=\"_ _e\"></span>This <span class=\"_ _e\"></span>resulted <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>net <span class=\"_ _e\"></span>measurement and <span class=\"_\"> </span>recognition <span class=\"_\"> </span>adjustm<span class=\"_ _1\"></span>ent <span class=\"_\"> </span>which <span class=\"_\"> </span>decrease<span class=\"_ _1\"></span>d <span class=\"_\"> </span>Vessels <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_\"> </span>and <span class=\"_\"> </span>Retained <span class=\"_ _28\"> </span>earnings <span class=\"_\"> </span>by <span class=\"_\"> </span>$10.5 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component of Vessels and equipment which increased Vessels and equipment and Retained earnings by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>capitalized <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate <span class=\"_ _f\"> </span>component <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>equipment <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _27\"> </span>Vessels <span class=\"_ _f\"> </span>and equipment and Retained earnings by $11.4 million.d.<span class=\"_ _38\"> </span>depreciation <span class=\"_ _2d\"> </span>expense <span class=\"_ _36\"> </span>on <span class=\"_ _36\"> </span>capitalized <span class=\"_ _36\"> </span>dry <span class=\"_ _36\"> </span>docking <span class=\"_ _36\"> </span>costs <span class=\"_ _36\"> </span>and <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>write <span class=\"_ _36\"> </span>off <span class=\"_ _36\"> </span>of <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>carrying <span class=\"_ _36\"> </span>amount <span class=\"_ _36\"> </span>of unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>vessels sold <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>resulted in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>decrease <span class=\"_ _d\"></span>in Vessels and equipment and Retained earnings of $13.3 million and $1.8 m<span class=\"_ _1\"></span>illion, respectively.3.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$44.9 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.9 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.6 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$1.1 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \"Current portion of obligations under leases\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$40.9 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.1 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.4.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$2.3 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.8 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $7.6 <span class=\"_ _10\"></span>million, <span class=\"_ _11\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>separately <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>reclassified <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>\"Trade <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>other <span class=\"_ _11\"> </span>payables\" under IFRS.5.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $1.0 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.6.<span class=\"_ _38\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.7.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$9.4 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.8.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.Reconciliation of Consolidated Statement of Profit or Loss<span class=\"ff2\"> </span>for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _ed\"> </span><span class=\"ff1\">Note<span class=\"_ _20\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSOperating revenues and other incomeVoyage charter revenues<span class=\"_ _17f\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _5a\"> </span>663,995 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(663,995) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Time charter revenues<span class=\"_ _180\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _12f\"> </span>71,236 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(71,236) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Revenues <span class=\"_ _148\"> </span>1a, 1b<span class=\"_ _11b\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>749,381 Other income<span class=\"_ _10f\"> </span>1b, 1c, 2c<span class=\"_ _9d\"> </span> <span class=\"_ _d1\"> </span>14,150 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,090) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>4,060 Total operating revenues and other income<span class=\"_ _182\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>4,060 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>753,441 </span>Other operating gains <span class=\"_ _7\"> </span><span class=\"ff2\">1c<span class=\"_ _183\"> </span> <span class=\"_ _b9\"> </span>5,893 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(5,893) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 </span>Operating expensesVoyage expenses and commission<span class=\"_ _6c\"> </span> <span class=\"_ _4a\"> </span>392,697 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>392,697 Contingent rental income<span class=\"_ _184\"> </span> <span class=\"_ _20\"> </span>(3,606) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Ship operating expenses<span class=\"_ _82\"> </span>2a<span class=\"_ _1a\"> </span> <span class=\"_ _cf\"> </span>175,607 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>164,246 Charter hire expenses<span class=\"_ _a6\"> </span>3a<span class=\"_ _1a\"> </span> <span class=\"_ _b9\"> </span>2,695 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(2,695) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Administrative expenses <span class=\"_ _14b\"> </span>3b<span class=\"_ _183\"> </span> <span class=\"_ _d1\"> </span>27,891 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>26,424 Depreciation<span class=\"_ _13\"> </span>2b, 3<span class=\"_ _185\"> </span> <span class=\"_ _cf\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>17,431 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>165,205 Total operating expenses<span class=\"_ _166\"> </span><span class=\"ff2\"> <span class=\"_ _4a\"> </span>743,058 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,908 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>744,966 </span>Net operating income<span class=\"_ _12d\"> </span><span class=\"ff2\"> <span class=\"_ _d1\"> </span>12,216 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,741) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>8,475 </span>Other income (expenses)<span class=\"_ _f4\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Finance income<span class=\"_ _118\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _15\"> </span>121 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>121 Interest income<span class=\"_ _135\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _26\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _1d\"> </span>(119) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Finance expense<span class=\"_ _186\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _a0\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(44,244) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(44,244) Interest expense<span class=\"_ _ed\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _187\"> </span>(61,435) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>61,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Gain on marketable securities<span class=\"_ _47\"> </span> <span class=\"_ _b9\"> </span>7,677 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,677 Share of results of associated company<span class=\"_ _188\"> </span> <span class=\"_ _53\"> </span>(724) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(724) Foreign currency exchange loss<span class=\"_ _189\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _53\"> </span>(116) <span class=\"_ _40\"> </span> <span class=\"_ _f6\"> </span>116 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Gain on derivatives<span class=\"_ _10b\"> </span>5<span class=\"_ _3c\"> </span> <span class=\"_ _88\"> </span>17,509 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(17,509) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Dividends received<span class=\"_ _b5\"> </span>6<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,367 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>18,367 Other non-operating items, net<span class=\"_ _86\"> </span>6<span class=\"_ _18a\"> </span> <span class=\"_ _d1\"> </span>18,239 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(18,239) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Net other expenses<span class=\"_ _cc\"> </span><span class=\"ff2\"> <span class=\"_ _41\"> </span>(18,731) <span class=\"_ _2a\"> </span> <span class=\"_ _a0\"> </span>(72) <span class=\"_ _40\"> </span> <span class=\"_ _d1\"> </span>(18,803) </span>Loss before income taxes<span class=\"_ _18b\"> </span><span class=\"ff2\"> <span class=\"_ _20\"> </span>(6,515) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(10,328) </span>Income tax expense<span class=\"_ _18c\"> </span> <span class=\"_ _20\"> </span>(4,633) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(4,633) Loss for the period<span class=\"_ _f1\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Loss attributable to the shareholders of the Company<span class=\"_ _18d\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Basic loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _4e\"> </span>$(0.02)<span class=\"_ _18f\"> </span>$(0.08)</span>Diluted loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _18f\"> </span>$(0.02)<span class=\"_ _4e\"> </span>$(0.08)</span>IFRS adjustments to the Consolidated Statement of Profit or Loss for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>The presentation of operating revenues and other income was adjust<span class=\"_ _1\"></span>ed as follows:a.<span class=\"_ _6f\"> </span>\"Voyage <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>\"Time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _11\"> </span>GAAP <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>\"Revenue\" under IFRS.b.<span class=\"_ _38\"> </span>\"Administrative <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$14.2 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\"Other <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _d\"></span>to \"Revenue\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Other operating gains\" of $5.9 million under U.S. GAAP was reclassified to \"Other income\" under IFRS. 2.<span class=\"_ _38\"> </span><span class=\"ff2\">Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as </span>incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _27\"> </span>delivery <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>period <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>following measurement and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>decreased <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating expense by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other income.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _e\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>two <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>leased <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>third <span class=\"_ _e\"></span>party on time charters that were classified as leases<span class=\"ff3\">,</span> was re<span class=\"_ _1\"></span>classified to Depreciation under IFRS.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation under IFRS.4.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _f\"> </span>income\" <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _f\"> </span>separately <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>\"Finance income\" under IFRS.5.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _e\"></span>expense\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$61.4 <span class=\"_ _e\"></span>million, <span class=\"_ _10\"></span>\"Gain <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>derivatives\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$17.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>\"Foreign <span class=\"_ _e\"></span>currency <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>loss\" <span class=\"_ _10\"></span>of $0.1 million, which were presented separately under U.S. GAAP, were recla<span class=\"_ _1\"></span>ssified to \"Finance expense\" under IFRS.6.<span class=\"_ _38\"> </span>\"Other <span class=\"_ _10\"></span>non-operating <span class=\"_ _10\"></span>items, <span class=\"_ _10\"></span>net\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$18.4 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>reclassified <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>\"Dividends <span class=\"_ _10\"></span>received\" <span class=\"_ _10\"></span>under IFRS.Reconciliation of Consolidated Comprehensive Income for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _190\"> </span><span class=\"ff1\">Note<span class=\"_ _8a\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSProfit (loss)<span class=\"_ _138\"> </span>1<span class=\"_ _185\"> </span> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) Items that may be reclassified to profit or loss:Foreign currency translation gain (loss)<span class=\"_ _6b\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Other comprehensive income (loss)<span class=\"_ _74\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Comprehensive income (loss)<span class=\"_ _166\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) Comprehensive income (loss) attributable to the shareholders of the Company<span class=\"_ _191\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) IFRS adjustments to the Consolidated Comprehensive Income for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.Reconciliation of Consolidated Statement of Cash Flows for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _192\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSNet loss for the period<span class=\"_ _184\"> </span><span class=\"ff2\">1<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(11,148) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(14,961) </span>Adjustments to reconcile loss for the period with net cash provided by operations:Net finance expense<span class=\"_ _193\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>44,123 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,123 Depreciation<span class=\"_ _194\"> </span>2b, 3<span class=\"_ _f0\"> </span> <span class=\"_ _cd\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>17,431 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>165,205 Amortization of deferred charges<span class=\"_ _c0\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12\"> </span>5,208 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,208) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other operating gains<span class=\"_ _10f\"> </span>2c<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(5,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,833 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,225) Amortization of acquired time charters<span class=\"_ _69\"> </span> <span class=\"_ _ab\"> </span>(5,045) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,045) Contingent rental income<span class=\"_ _195\"> </span> <span class=\"_ _c4\"> </span>(3,606) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Gain on marketable securities<span class=\"_ _16f\"> </span> <span class=\"_ _c4\"> </span>(7,677) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,677) Share of results from associated company<span class=\"_ _116\"> </span> <span class=\"_ _15\"> </span>724 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>724 Gain on derivatives<span class=\"_ _118\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12f\"> </span>(23,262) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>23,262 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Stock option expense<span class=\"_ _df\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 Other, net<span class=\"_ _d5\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>430 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(430) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Changes in operating assets and liabilities:Trade accounts receivable<span class=\"_ _ed\"> </span> <span class=\"_ _12f\"> </span>(22,449) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,449) Other receivables<span class=\"_ _196\"> </span> <span class=\"_ _12\"> </span>7,216 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,216 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _12f\"> </span>(22,929) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,929) Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _c4\"> </span>(3,787) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,787) Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _ab\"> </span>(1,174) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(1,174) Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _b9\"> </span>(1,128) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,128) Trade accounts payable<span class=\"_ _120\"> </span> <span class=\"_ _c4\"> </span>(5,533) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,533) Accrued expenses<span class=\"_ _11f\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(1,911) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(1,574) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,485) Related party balances<span class=\"_ _148\"> </span> <span class=\"_ _ce\"> </span>18,968 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,968 Other current liabilities<span class=\"_ _144\"> </span> <span class=\"_ _15\"> </span>135 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>135 Change in restricted cash<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,928 Other<span class=\"_ _197\"> </span> <span class=\"_ _c4\"> </span>(2,816) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(2,816) Interest paid<span class=\"_ _119\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,477) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(60,477) Debt issuance costs paid<span class=\"_ _166\"> </span>7<span class=\"_ _1e\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(8,050) Interest received<span class=\"_ _d0\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>119 Net cash provided by operating activities<span class=\"_ _e2\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>62,932 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,329 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>85,261 </span>Investing activities<span class=\"_ _198\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Additions to newbuildings, vessels and equipment<span class=\"_ _e0\"> </span>2a<span class=\"_ _46\"> </span> <span class=\"_ _5a\"> </span>(462,400) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(473,761) Purchase of shares<span class=\"_ _10e\"> </span> <span class=\"_ _1d\"> </span>(357) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(357) Net proceeds from sale of vessel<span class=\"_ _122\"> </span> <span class=\"_ _ce\"> </span>80,000 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,000 Net cash inflow on sale of subsidiary<span class=\"_ _7b\"> </span> <span class=\"_ _12\"> </span>5,625 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,625 Proceeds from sale of marketable securities<span class=\"_ _199\"> </span> <span class=\"_ _b8\"> </span>14,074 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,074 Net cash used in investing activities<span class=\"_ _67\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>(363,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(374,419) </span>Financing activities<span class=\"_ _19a\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Net proceeds from issuance of shares<span class=\"_ _83\"> </span> <span class=\"_ _ce\"> </span>52,447 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,447 Proceeds from issuance of debt<span class=\"_ _f8\"> </span> <span class=\"_ _cd\"> </span>403,868 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>403,868 Repayment of debt<span class=\"_ _19b\"> </span> <span class=\"_ _5a\"> </span>(219,521) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(219,521) Repayment of obligations under leases<span class=\"_ _19c\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(5,194) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(4,090) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(9,284) Debt fees paid <span class=\"_ _132\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _ab\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>8,050 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Net cash provided by financing activities<span class=\"_ _189\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>223,550 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,960 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>227,510 </span>Net change in cash and cash equivalents<span class=\"_ _19d\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(76,576) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(61,648) </span>Cash and cash equivalents at beginning of year<span class=\"_ _19e\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,649 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(14,928) <span class=\"_ _40\"> </span> <span class=\"_ _cd\"> </span>174,721 </span>Cash and cash equivalents at end of year<span class=\"_ _116\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>113,073 </span>IFRS adjustments to the Consolidated Statement of Cash Flows for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. Accordingly, the ca<span class=\"_ _1\"></span>rrying amount of unamortized dry docking costs at December 31, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _e\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the next scheduled dry docking (2.5 - 5). This resulted in the following measureme<span class=\"_ _1\"></span>nt and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs paid <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>capitalized <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>separate component <span class=\"_ _d\"></span>of Vessels and equipment which increased Additions to newbuildings, vesse<span class=\"_ _1\"></span>ls and equipment by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other operating gains.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>leased-in <span class=\"_ _e\"></span>vessels, <span class=\"_ _e\"></span><span class=\"ff3\">FPMC <span class=\"_ _e\"></span>Noble <span class=\"_ _e\"></span></span>and FPMC <span class=\"_ _10\"></span>Melody,<span class=\"ff2\"> <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>Depreciation <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>corresponding <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>in </span>Repayment of obligations under leases.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>IFRS <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>corresponding <span class=\"_ _28\"> </span>increase <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>Repayment <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _28\"> </span>under leases.4.<span class=\"_ _38\"> </span>\"Other, net\" of $0.2 million under U.S. GAAP was reclassified to \"Stock option expense<span class=\"_ _1\"></span>\" under IFRS.5.<span class=\"_ _38\"> </span>The \"Change in restricted cash\" of $14.9 million was presented wit<span class=\"_ _1\"></span>hin operating activities under IFRS.6.<span class=\"_ _38\"> </span>The presentation of net finance expenses was adjusted as follows:a.<span class=\"_ _6f\"> </span>\"Amortization <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>deferred <span class=\"_ _2d\"> </span>charges\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$5.2 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>\"Gain <span class=\"_ _29\"> </span>on <span class=\"_ _2d\"> </span>derivatives\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$23.3 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>were reclassified to \"Net finance expense\". b.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _27\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$60.5 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Interest <span class=\"_ _27\"> </span>received\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>separately, <span class=\"_ _27\"> </span>which resulted in an adjustment to accrued expenses of $1.6 million.7.<span class=\"_ _38\"> </span>\"Debt <span class=\"_ _27\"> </span>fees <span class=\"_ _28\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$8.1 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>within <span class=\"_ _28\"> </span>financing <span class=\"_ _27\"> </span>activities <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _28\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>\"Debt issuance costs paid\" within operating activities under IFRS.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__59": {
   "value": "3.<span class=\"_ _e8\"> </span>CHANGE IN ACCOUNTING POLICIESFirst-time adoption of IFRSThese <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>first <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>prepared <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with IFRS <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>adopted <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>European <span class=\"_ _d\"></span>Union. <span class=\"_ _e\"></span>Accordingly, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>prepared <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>comply <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>IFRS applicable <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>together <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>comparative <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis of <span class=\"_ _27\"> </span>preparation <span class=\"_ _f\"> </span>(Note <span class=\"_ _27\"> </span>2). <span class=\"_ _27\"> </span>In <span class=\"_ _27\"> </span>preparing <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>statements, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company\u2019s <span class=\"_ _27\"> </span>opening <span class=\"_ _27\"> </span>statement <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>position <span class=\"_ _27\"> </span>was prepared as of January 1, 2021, the Company\u2019s date of transition to IFRS. This <span class=\"_ _11\"> </span>note <span class=\"_ _f\"> </span>explains <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>principal <span class=\"_ _f\"> </span>adjustments <span class=\"_ _11\"> </span>made <span class=\"_ _f\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>when <span class=\"_ _11\"> </span>transitioning <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IFRS <span class=\"_ _11\"> </span>from <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>previous <span class=\"_ _11\"> </span>reporting framework, <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>principles <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>accepted <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>United <span class=\"_ _d\"></span>States <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>America <span class=\"_ _d\"></span>(\"U.S. <span class=\"_ _d\"></span>GAAP\") <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>as well as for the year ended December 31, 2021.Exemptions appliedIFRS <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span><span class=\"ff3\">First-Time <span class=\"_ _f\"> </span>Adoption <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>International <span class=\"_ _f\"> </span>Financial <span class=\"_ _f\"> </span>Reporting <span class=\"_ _f\"> </span>Standards</span>, <span class=\"_ _27\"> </span>allows <span class=\"_ _f\"> </span>first-time <span class=\"_ _f\"> </span>adopters <span class=\"_ _f\"> </span>certain <span class=\"_ _f\"> </span>exemptions from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>requirement <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>effective <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>retrospectively. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>availed <span class=\"_ _d\"></span>itself <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>certain of these exemptions as follows: \u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _e\"></span>elected <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>apply <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>3, <span class=\"_ _e\"></span><span class=\"ff3\">Business <span class=\"_ _e\"></span>Combinations,</span> <span class=\"_ _e\"></span>retrospectively <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>business <span class=\"_ _e\"></span>combinations <span class=\"_ _d\"></span>that occurred prior to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>elected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>use <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>practical <span class=\"_ _e\"></span>expedient <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15, <span class=\"_ _10\"></span><span class=\"ff3\">Revenue <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>Contracts <span class=\"_ _10\"></span>with <span class=\"_ _e\"></span>Customers,</span> <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>not restate <span class=\"_ _e\"></span>contracts <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>completed <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>transition <span class=\"_ _e\"></span>date, <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _e\"></span>2021. <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>1 <span class=\"_ _e\"></span>defines <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>completed <span class=\"_ _10\"></span>contract <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>a contract <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>has <span class=\"_ _f\"> </span>transferred <span class=\"_ _f\"> </span>all <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>goods <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>services <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>identified <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>accordance <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>previous GAAP.Effect of transition to IFRSThe main differences identified as a result of the transi<span class=\"_ _1\"></span>tion to IFRS are as follows:\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">Our <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _10\"></span>by <span class=\"_ _11\"> </span>their <span class=\"_ _11\"> </span>respective <span class=\"_ _10\"></span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _11\"> </span>at <span class=\"_ _10\"></span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In </span>general, <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>15 <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every <span class=\"_ _d\"></span>5 <span class=\"_ _e\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>older <span class=\"_ _e\"></span>than <span class=\"_ _d\"></span>15 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every 2.5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>Unlike <span class=\"_ _27\"> </span>Frontline's <span class=\"_ _27\"> </span>previous <span class=\"_ _f\"> </span>accounting <span class=\"_ _27\"> </span>policy <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>such <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _27\"> </span>as incurred, <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>requires <span class=\"_ _e\"></span>significant <span class=\"_ _e\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>property, <span class=\"_ _e\"></span>plant <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>differing <span class=\"_ _e\"></span>depreciation <span class=\"_ _e\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>depreciated <span class=\"_ _d\"></span>separately. <span class=\"_ _e\"></span>Under <span class=\"_ _d\"></span>IFRS, <span class=\"_ _e\"></span>major <span class=\"_ _d\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _d\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _d\"></span>docking, <span class=\"_ _e\"></span>should <span class=\"_ _d\"></span>be identified <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>accounted <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>separate <span class=\"_ _27\"> </span>component <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _28\"> </span>over <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>next <span class=\"_ _27\"> </span>scheduled <span class=\"_ _28\"> </span>dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery and <span class=\"_ _10\"></span>depreciated <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _11\"> </span>scheduled <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking. <span class=\"_ _11\"> </span>When <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>performed, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>carrying amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>remaining <span class=\"_ _d\"></span>unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>previous <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docks <span class=\"_ _d\"></span>(due <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>difference <span class=\"_ _d\"></span>between the <span class=\"_ _29\"> </span>estimated <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>actual <span class=\"_ _29\"> </span>time <span class=\"_ _2d\"> </span>between <span class=\"_ _29\"> </span>dry <span class=\"_ _2d\"> </span>docks) <span class=\"_ _2d\"> </span>is <span class=\"_ _2d\"> </span>derecognized. <span class=\"_ _29\"> </span>Costs <span class=\"_ _2d\"> </span>associated <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>routine <span class=\"_ _2d\"> </span>repairs <span class=\"_ _29\"> </span>and maintenance are expensed as incurred including routine ma<span class=\"_ _1\"></span>intenance performed while the vessel is in dry dock\u2022<span class=\"_ _2c\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one <span class=\"_ _27\"> </span>classification <span class=\"_ _27\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>is <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>lessee. <span class=\"_ _28\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _28\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>line <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>depending <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>nature <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>underlying <span class=\"_ _10\"></span>asset <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>recorded <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>a straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>whereas <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS, <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>amortization <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>are presented separately.\u2022<span class=\"_ _2c\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into a <span class=\"_ _d\"></span>financing agreement <span class=\"_ _d\"></span>before the <span class=\"_ _d\"></span>financial statements <span class=\"_ _d\"></span>are issued. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>accounting treatment is <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>permitted under IFRS.The impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated Statements <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial Position <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>transitioning from <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>detail <span class=\"_ _d\"></span>below. <span class=\"_ _d\"></span>Additionally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statements <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>Profit <span class=\"_ _11\"> </span>or <span class=\"_ _f\"> </span>Loss, <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statement <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>Comprehensive <span class=\"_ _f\"> </span>Income, <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Consolidated Statement <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>Cash <span class=\"_ _f\"> </span>Flows <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>described <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>detail <span class=\"_ _f\"> </span>further <span class=\"_ _f\"> </span>below. <span class=\"_ _11\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>figures presented <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>Annual <span class=\"_ _e\"></span>Report <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>Form <span class=\"_ _e\"></span>20-F <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>was filed with the Securities and Exchange Commission on March 17, 2022.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at January 1, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>174,721 Restricted cash <span class=\"_ _130\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 Marketable securities<span class=\"_ _c\"> </span>1<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,639 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,474 Marketable securities pledged to creditors<span class=\"_ _160\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,835) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Trade and other receivables<span class=\"_ _10d\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>63,924 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>63,924 Trade accounts receivable, net <span class=\"_ _61\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>40,974 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,974) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>13,255 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,255 Other receivables<span class=\"_ _161\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>22,950 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(22,950) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>57,858 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>57,858 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>34,705 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>34,705 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>7,725 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,725 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>2,729 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,729 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>378,319 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>378,319 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _b8\"> </span>48,498 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,498 Vessels and equipment<span class=\"_ _166\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,307,144 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,300,456 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>53,518 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(53,518) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>8,426 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(8,426) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>61,944 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>61,944 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _12\"> </span>1,279 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,279 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>7,197 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,197 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _16c\"> </span>6, 8<span class=\"_ _b1\"> </span> <span class=\"_ _cd\"> </span>167,082 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>67,805 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>234,887 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,810 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,810) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,548 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(4,548) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>19,853 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,853 Trade and other payables<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>55,002 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>55,002 Trade accounts payable <span class=\"_ _16f\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,860 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,860) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>5, 8<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,529 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,529) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(19,261) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _b8\"> </span>12,418 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(12,418) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>281,361 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>40,739 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>322,100 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _172\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>1,968,924 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,000) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>1,908,924 Obligations under finance leases<span class=\"_ _6b\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>48,467 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(48,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,177 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(4,177) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>4c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>52,644 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,644 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>19,261 Other non-current payables<span class=\"_ _174\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>3,739 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,739 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,306,668 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,306,668 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>197,692 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>197,692 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>402,021 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>402,021 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _73\"> </span>10<span class=\"_ _46\"> </span> <span class=\"_ _15\"> </span>200 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>200 Retained earnings<span class=\"_ _120\"> </span>3<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>8,018 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,330 Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,612,025 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,605,337 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,611,553 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,604,865 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>IFRS adjustments of Consolidated Statement of Financial Posit<span class=\"_ _1\"></span>ion as at January 1, 20211.<span class=\"_ _38\"> </span>\"Marketable securities <span class=\"_ _d\"></span>pledged <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>creditors\" of <span class=\"_ _d\"></span>$5.8 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP, were reclassified into \"Marketable securities\" under IFRS.2.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$41.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$23.0 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 3.<span class=\"_ _38\"> </span>Dry <span class=\"_ _e\"></span>docking <span class=\"_ _10\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _10\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred <span class=\"_ _e\"></span>within <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating <span class=\"_ _e\"></span>expense <span class=\"_ _10\"></span>under Frontline\u2019s <span class=\"_ _28\"> </span>historical <span class=\"_\"> </span>accounti<span class=\"_ _1\"></span>ng <span class=\"_\"> </span>pol<span class=\"_ _1\"></span>icy <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>U.S. <span class=\"_\"> </span>GAAP. <span class=\"_ _28\"> </span>Under <span class=\"_ _28\"> </span>IFRS, <span class=\"_\"> </span>significant<span class=\"_ _1\"></span> <span class=\"_\"> </span>com<span class=\"_ _1\"></span>ponents <span class=\"_ _28\"> </span>of property, plant and <span class=\"_ _d\"></span>equipment with differing depreciation <span class=\"_ _d\"></span>methods or lives are <span class=\"_ _d\"></span>required to be <span class=\"_ _d\"></span>depreciated separately. A portion of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>initial <span class=\"_ _d\"></span>cost of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>net <span class=\"_ _28\"> </span>measurement <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>recognition <span class=\"_ _28\"> </span>adjustment <span class=\"_ _27\"> </span>which decreased Vessels and equipment and Retained earnings by $6.7 mi<span class=\"_ _1\"></span>llion as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>Vessels <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>equipment <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _28\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>Retained <span class=\"_ _27\"> </span>earnings <span class=\"_ _28\"> </span>by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.4.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$53.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$8.4 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.8 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$4.5 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \u201cCurrent portion of obligations under leases\u201d under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$48.5 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$4.2 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.5.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$7.9 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.5 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $12.4 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\"Trade <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>other <span class=\"_ _e\"></span>payables\" under IFRS.6.<span class=\"_ _38\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>financing <span class=\"_ _10\"></span>agreement <span class=\"_ _10\"></span>before <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>issued. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company presented <span class=\"_ _11\"></span>the <span class=\"_ _11\"> </span>non-current <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>refinanced <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>February <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>long-term <span class=\"_ _11\"> </span>debt <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>1, 2021. <span class=\"_ _11\"> </span>This <span class=\"_ _11\"> </span>accounting <span class=\"_ _f\"> </span>treatment <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>permitted <span class=\"_ _f\"> </span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>reclassification <span class=\"_ _11\"> </span>adjustment <span class=\"_ _11\"> </span>which increased <span class=\"_ _d\"></span>Short-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>portion <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>long-term <span class=\"_ _e\"></span>debt <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>decreased <span class=\"_ _d\"></span>Long-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of January 1, 2021.7.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $3.7 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.8.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$7.8 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.9.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.10.<span class=\"_ _39\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>113,073 Marketable securities<span class=\"_ _179\"> </span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,435 Trade and other receivables<span class=\"_ _10d\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>73,532 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>73,532 Trade accounts receivable, net<span class=\"_ _17a\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>63,423 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(63,423) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>11,676 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>11,676 Other receivables<span class=\"_ _161\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>10,109 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,109) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>80,787 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,787 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>38,492 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>38,492 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>8,899 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,899 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>3,851 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,851 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>332,745 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>332,745 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _cd\"> </span>130,633 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>130,633 Vessels and equipment<span class=\"_ _166\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,477,801 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,467,300 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>44,880 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(44,880) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,914 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,914) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,794 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>48,794 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Derivative instrument receivable<span class=\"_ _72\"> </span> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,675 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _15\"> </span>555 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>555 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>3,055 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,055 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _17b\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,286 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>198,665 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,601 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,601) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>1,122 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(1,122) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>8,723 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,723 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>36,250 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>36,250 Trade and other payables<span class=\"_ _11d\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,364 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,364 Trade accounts payable<span class=\"_ _b5\"> </span>4<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,327 <span class=\"_ _37\"> </span> <span class=\"_ _b9\"> </span>(2,327) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>4, 7<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,836 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,836) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable <span class=\"_ _17c\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,580 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,580) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>292,675 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>287,002 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _108\"> </span> <span class=\"_ _e8\"> </span>2,126,910 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,126,910 Obligations under finance leases<span class=\"_ _6b\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>40,865 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,865) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,114 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,114) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>3c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,979 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,979 Derivative instruments payable<span class=\"_ _170\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 Other non-current payables<span class=\"_ _174\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>992 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>992 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,464,556 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,464,556 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>203,531 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>203,531 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>448,291 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>448,291 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _17d\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>228 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>228 Retained (deficit) earnings<span class=\"_ _17e\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(3,130) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(13,631) Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,653,014 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(10,501) <span class=\"_ _40\"> </span> <span class=\"_ _e8\"> </span>1,642,513 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,652,542 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,642,041 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>IFRS adjustments of the Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 20211.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$63.4 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$10.1 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _d\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>next <span class=\"_ _e\"></span>scheduled <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking. <span class=\"_ _e\"></span>This <span class=\"_ _e\"></span>resulted <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>net <span class=\"_ _e\"></span>measurement and <span class=\"_\"> </span>recognition <span class=\"_\"> </span>adjustm<span class=\"_ _1\"></span>ent <span class=\"_\"> </span>which <span class=\"_\"> </span>decrease<span class=\"_ _1\"></span>d <span class=\"_\"> </span>Vessels <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_\"> </span>and <span class=\"_\"> </span>Retained <span class=\"_ _28\"> </span>earnings <span class=\"_\"> </span>by <span class=\"_\"> </span>$10.5 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component of Vessels and equipment which increased Vessels and equipment and Retained earnings by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>capitalized <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate <span class=\"_ _f\"> </span>component <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>equipment <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _27\"> </span>Vessels <span class=\"_ _f\"> </span>and equipment and Retained earnings by $11.4 million.d.<span class=\"_ _38\"> </span>depreciation <span class=\"_ _2d\"> </span>expense <span class=\"_ _36\"> </span>on <span class=\"_ _36\"> </span>capitalized <span class=\"_ _36\"> </span>dry <span class=\"_ _36\"> </span>docking <span class=\"_ _36\"> </span>costs <span class=\"_ _36\"> </span>and <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>write <span class=\"_ _36\"> </span>off <span class=\"_ _36\"> </span>of <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>carrying <span class=\"_ _36\"> </span>amount <span class=\"_ _36\"> </span>of unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>vessels sold <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>resulted in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>decrease <span class=\"_ _d\"></span>in Vessels and equipment and Retained earnings of $13.3 million and $1.8 m<span class=\"_ _1\"></span>illion, respectively.3.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$44.9 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.9 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.6 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$1.1 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \"Current portion of obligations under leases\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$40.9 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.1 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.4.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$2.3 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.8 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $7.6 <span class=\"_ _10\"></span>million, <span class=\"_ _11\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>separately <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>reclassified <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>\"Trade <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>other <span class=\"_ _11\"> </span>payables\" under IFRS.5.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $1.0 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.6.<span class=\"_ _38\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.7.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$9.4 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.8.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.Reconciliation of Consolidated Statement of Profit or Loss<span class=\"ff2\"> </span>for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _ed\"> </span><span class=\"ff1\">Note<span class=\"_ _20\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSOperating revenues and other incomeVoyage charter revenues<span class=\"_ _17f\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _5a\"> </span>663,995 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(663,995) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Time charter revenues<span class=\"_ _180\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _12f\"> </span>71,236 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(71,236) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Revenues <span class=\"_ _148\"> </span>1a, 1b<span class=\"_ _11b\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>749,381 Other income<span class=\"_ _10f\"> </span>1b, 1c, 2c<span class=\"_ _9d\"> </span> <span class=\"_ _d1\"> </span>14,150 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,090) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>4,060 Total operating revenues and other income<span class=\"_ _182\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>4,060 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>753,441 </span>Other operating gains <span class=\"_ _7\"> </span><span class=\"ff2\">1c<span class=\"_ _183\"> </span> <span class=\"_ _b9\"> </span>5,893 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(5,893) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 </span>Operating expensesVoyage expenses and commission<span class=\"_ _6c\"> </span> <span class=\"_ _4a\"> </span>392,697 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>392,697 Contingent rental income<span class=\"_ _184\"> </span> <span class=\"_ _20\"> </span>(3,606) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Ship operating expenses<span class=\"_ _82\"> </span>2a<span class=\"_ _1a\"> </span> <span class=\"_ _cf\"> </span>175,607 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>164,246 Charter hire expenses<span class=\"_ _a6\"> </span>3a<span class=\"_ _1a\"> </span> <span class=\"_ _b9\"> </span>2,695 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(2,695) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Administrative expenses <span class=\"_ _14b\"> </span>3b<span class=\"_ _183\"> </span> <span class=\"_ _d1\"> </span>27,891 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>26,424 Depreciation<span class=\"_ _13\"> </span>2b, 3<span class=\"_ _185\"> </span> <span class=\"_ _cf\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>17,431 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>165,205 Total operating expenses<span class=\"_ _166\"> </span><span class=\"ff2\"> <span class=\"_ _4a\"> </span>743,058 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,908 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>744,966 </span>Net operating income<span class=\"_ _12d\"> </span><span class=\"ff2\"> <span class=\"_ _d1\"> </span>12,216 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,741) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>8,475 </span>Other income (expenses)<span class=\"_ _f4\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Finance income<span class=\"_ _118\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _15\"> </span>121 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>121 Interest income<span class=\"_ _135\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _26\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _1d\"> </span>(119) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Finance expense<span class=\"_ _186\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _a0\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(44,244) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(44,244) Interest expense<span class=\"_ _ed\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _187\"> </span>(61,435) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>61,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Gain on marketable securities<span class=\"_ _47\"> </span> <span class=\"_ _b9\"> </span>7,677 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,677 Share of results of associated company<span class=\"_ _188\"> </span> <span class=\"_ _53\"> </span>(724) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(724) Foreign currency exchange loss<span class=\"_ _189\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _53\"> </span>(116) <span class=\"_ _40\"> </span> <span class=\"_ _f6\"> </span>116 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Gain on derivatives<span class=\"_ _10b\"> </span>5<span class=\"_ _3c\"> </span> <span class=\"_ _88\"> </span>17,509 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(17,509) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Dividends received<span class=\"_ _b5\"> </span>6<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,367 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>18,367 Other non-operating items, net<span class=\"_ _86\"> </span>6<span class=\"_ _18a\"> </span> <span class=\"_ _d1\"> </span>18,239 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(18,239) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Net other expenses<span class=\"_ _cc\"> </span><span class=\"ff2\"> <span class=\"_ _41\"> </span>(18,731) <span class=\"_ _2a\"> </span> <span class=\"_ _a0\"> </span>(72) <span class=\"_ _40\"> </span> <span class=\"_ _d1\"> </span>(18,803) </span>Loss before income taxes<span class=\"_ _18b\"> </span><span class=\"ff2\"> <span class=\"_ _20\"> </span>(6,515) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(10,328) </span>Income tax expense<span class=\"_ _18c\"> </span> <span class=\"_ _20\"> </span>(4,633) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(4,633) Loss for the period<span class=\"_ _f1\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Loss attributable to the shareholders of the Company<span class=\"_ _18d\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Basic loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _4e\"> </span>$(0.02)<span class=\"_ _18f\"> </span>$(0.08)</span>Diluted loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _18f\"> </span>$(0.02)<span class=\"_ _4e\"> </span>$(0.08)</span>IFRS adjustments to the Consolidated Statement of Profit or Loss for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>The presentation of operating revenues and other income was adjust<span class=\"_ _1\"></span>ed as follows:a.<span class=\"_ _6f\"> </span>\"Voyage <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>\"Time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _11\"> </span>GAAP <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>\"Revenue\" under IFRS.b.<span class=\"_ _38\"> </span>\"Administrative <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$14.2 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\"Other <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _d\"></span>to \"Revenue\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Other operating gains\" of $5.9 million under U.S. GAAP was reclassified to \"Other income\" under IFRS. 2.<span class=\"_ _38\"> </span><span class=\"ff2\">Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as </span>incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _27\"> </span>delivery <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>period <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>following measurement and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>decreased <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating expense by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other income.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _e\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>two <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>leased <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>third <span class=\"_ _e\"></span>party on time charters that were classified as leases<span class=\"ff3\">,</span> was re<span class=\"_ _1\"></span>classified to Depreciation under IFRS.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation under IFRS.4.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _f\"> </span>income\" <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _f\"> </span>separately <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>\"Finance income\" under IFRS.5.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _e\"></span>expense\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$61.4 <span class=\"_ _e\"></span>million, <span class=\"_ _10\"></span>\"Gain <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>derivatives\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$17.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>\"Foreign <span class=\"_ _e\"></span>currency <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>loss\" <span class=\"_ _10\"></span>of $0.1 million, which were presented separately under U.S. GAAP, were recla<span class=\"_ _1\"></span>ssified to \"Finance expense\" under IFRS.6.<span class=\"_ _38\"> </span>\"Other <span class=\"_ _10\"></span>non-operating <span class=\"_ _10\"></span>items, <span class=\"_ _10\"></span>net\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$18.4 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>reclassified <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>\"Dividends <span class=\"_ _10\"></span>received\" <span class=\"_ _10\"></span>under IFRS.Reconciliation of Consolidated Comprehensive Income for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _190\"> </span><span class=\"ff1\">Note<span class=\"_ _8a\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSProfit (loss)<span class=\"_ _138\"> </span>1<span class=\"_ _185\"> </span> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) Items that may be reclassified to profit or loss:Foreign currency translation gain (loss)<span class=\"_ _6b\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Other comprehensive income (loss)<span class=\"_ _74\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Comprehensive income (loss)<span class=\"_ _166\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) Comprehensive income (loss) attributable to the shareholders of the Company<span class=\"_ _191\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) IFRS adjustments to the Consolidated Comprehensive Income for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.Reconciliation of Consolidated Statement of Cash Flows for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _192\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSNet loss for the period<span class=\"_ _184\"> </span><span class=\"ff2\">1<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(11,148) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(14,961) </span>Adjustments to reconcile loss for the period with net cash provided by operations:Net finance expense<span class=\"_ _193\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>44,123 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,123 Depreciation<span class=\"_ _194\"> </span>2b, 3<span class=\"_ _f0\"> </span> <span class=\"_ _cd\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>17,431 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>165,205 Amortization of deferred charges<span class=\"_ _c0\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12\"> </span>5,208 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,208) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other operating gains<span class=\"_ _10f\"> </span>2c<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(5,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,833 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,225) Amortization of acquired time charters<span class=\"_ _69\"> </span> <span class=\"_ _ab\"> </span>(5,045) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,045) Contingent rental income<span class=\"_ _195\"> </span> <span class=\"_ _c4\"> </span>(3,606) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Gain on marketable securities<span class=\"_ _16f\"> </span> <span class=\"_ _c4\"> </span>(7,677) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,677) Share of results from associated company<span class=\"_ _116\"> </span> <span class=\"_ _15\"> </span>724 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>724 Gain on derivatives<span class=\"_ _118\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12f\"> </span>(23,262) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>23,262 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Stock option expense<span class=\"_ _df\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 Other, net<span class=\"_ _d5\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>430 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(430) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Changes in operating assets and liabilities:Trade accounts receivable<span class=\"_ _ed\"> </span> <span class=\"_ _12f\"> </span>(22,449) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,449) Other receivables<span class=\"_ _196\"> </span> <span class=\"_ _12\"> </span>7,216 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,216 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _12f\"> </span>(22,929) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,929) Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _c4\"> </span>(3,787) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,787) Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _ab\"> </span>(1,174) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(1,174) Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _b9\"> </span>(1,128) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,128) Trade accounts payable<span class=\"_ _120\"> </span> <span class=\"_ _c4\"> </span>(5,533) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,533) Accrued expenses<span class=\"_ _11f\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(1,911) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(1,574) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,485) Related party balances<span class=\"_ _148\"> </span> <span class=\"_ _ce\"> </span>18,968 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,968 Other current liabilities<span class=\"_ _144\"> </span> <span class=\"_ _15\"> </span>135 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>135 Change in restricted cash<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,928 Other<span class=\"_ _197\"> </span> <span class=\"_ _c4\"> </span>(2,816) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(2,816) Interest paid<span class=\"_ _119\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,477) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(60,477) Debt issuance costs paid<span class=\"_ _166\"> </span>7<span class=\"_ _1e\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(8,050) Interest received<span class=\"_ _d0\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>119 Net cash provided by operating activities<span class=\"_ _e2\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>62,932 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,329 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>85,261 </span>Investing activities<span class=\"_ _198\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Additions to newbuildings, vessels and equipment<span class=\"_ _e0\"> </span>2a<span class=\"_ _46\"> </span> <span class=\"_ _5a\"> </span>(462,400) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(473,761) Purchase of shares<span class=\"_ _10e\"> </span> <span class=\"_ _1d\"> </span>(357) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(357) Net proceeds from sale of vessel<span class=\"_ _122\"> </span> <span class=\"_ _ce\"> </span>80,000 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,000 Net cash inflow on sale of subsidiary<span class=\"_ _7b\"> </span> <span class=\"_ _12\"> </span>5,625 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,625 Proceeds from sale of marketable securities<span class=\"_ _199\"> </span> <span class=\"_ _b8\"> </span>14,074 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,074 Net cash used in investing activities<span class=\"_ _67\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>(363,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(374,419) </span>Financing activities<span class=\"_ _19a\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Net proceeds from issuance of shares<span class=\"_ _83\"> </span> <span class=\"_ _ce\"> </span>52,447 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,447 Proceeds from issuance of debt<span class=\"_ _f8\"> </span> <span class=\"_ _cd\"> </span>403,868 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>403,868 Repayment of debt<span class=\"_ _19b\"> </span> <span class=\"_ _5a\"> </span>(219,521) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(219,521) Repayment of obligations under leases<span class=\"_ _19c\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(5,194) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(4,090) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(9,284) Debt fees paid <span class=\"_ _132\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _ab\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>8,050 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Net cash provided by financing activities<span class=\"_ _189\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>223,550 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,960 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>227,510 </span>Net change in cash and cash equivalents<span class=\"_ _19d\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(76,576) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(61,648) </span>Cash and cash equivalents at beginning of year<span class=\"_ _19e\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,649 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(14,928) <span class=\"_ _40\"> </span> <span class=\"_ _cd\"> </span>174,721 </span>Cash and cash equivalents at end of year<span class=\"_ _116\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>113,073 </span>IFRS adjustments to the Consolidated Statement of Cash Flows for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. Accordingly, the ca<span class=\"_ _1\"></span>rrying amount of unamortized dry docking costs at December 31, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _e\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the next scheduled dry docking (2.5 - 5). This resulted in the following measureme<span class=\"_ _1\"></span>nt and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs paid <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>capitalized <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>separate component <span class=\"_ _d\"></span>of Vessels and equipment which increased Additions to newbuildings, vesse<span class=\"_ _1\"></span>ls and equipment by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other operating gains.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>leased-in <span class=\"_ _e\"></span>vessels, <span class=\"_ _e\"></span><span class=\"ff3\">FPMC <span class=\"_ _e\"></span>Noble <span class=\"_ _e\"></span></span>and FPMC <span class=\"_ _10\"></span>Melody,<span class=\"ff2\"> <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>Depreciation <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>corresponding <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>in </span>Repayment of obligations under leases.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>IFRS <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>corresponding <span class=\"_ _28\"> </span>increase <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>Repayment <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _28\"> </span>under leases.4.<span class=\"_ _38\"> </span>\"Other, net\" of $0.2 million under U.S. GAAP was reclassified to \"Stock option expense<span class=\"_ _1\"></span>\" under IFRS.5.<span class=\"_ _38\"> </span>The \"Change in restricted cash\" of $14.9 million was presented wit<span class=\"_ _1\"></span>hin operating activities under IFRS.6.<span class=\"_ _38\"> </span>The presentation of net finance expenses was adjusted as follows:a.<span class=\"_ _6f\"> </span>\"Amortization <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>deferred <span class=\"_ _2d\"> </span>charges\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$5.2 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>\"Gain <span class=\"_ _29\"> </span>on <span class=\"_ _2d\"> </span>derivatives\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$23.3 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>were reclassified to \"Net finance expense\". b.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _27\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$60.5 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Interest <span class=\"_ _27\"> </span>received\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>separately, <span class=\"_ _27\"> </span>which resulted in an adjustment to accrued expenses of $1.6 million.7.<span class=\"_ _38\"> </span>\"Debt <span class=\"_ _27\"> </span>fees <span class=\"_ _28\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$8.1 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>within <span class=\"_ _28\"> </span>financing <span class=\"_ _27\"> </span>activities <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _28\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>\"Debt issuance costs paid\" within operating activities under IFRS.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__58": {
   "value": "3.<span class=\"_ _e8\"> </span>CHANGE IN ACCOUNTING POLICIESFirst-time adoption of IFRSThese <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>first <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>prepared <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with IFRS <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>adopted <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>European <span class=\"_ _d\"></span>Union. <span class=\"_ _e\"></span>Accordingly, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>prepared <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>comply <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>IFRS applicable <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>together <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>comparative <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis of <span class=\"_ _27\"> </span>preparation <span class=\"_ _f\"> </span>(Note <span class=\"_ _27\"> </span>2). <span class=\"_ _27\"> </span>In <span class=\"_ _27\"> </span>preparing <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>statements, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company\u2019s <span class=\"_ _27\"> </span>opening <span class=\"_ _27\"> </span>statement <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>position <span class=\"_ _27\"> </span>was prepared as of January 1, 2021, the Company\u2019s date of transition to IFRS. This <span class=\"_ _11\"> </span>note <span class=\"_ _f\"> </span>explains <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>principal <span class=\"_ _f\"> </span>adjustments <span class=\"_ _11\"> </span>made <span class=\"_ _f\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>when <span class=\"_ _11\"> </span>transitioning <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IFRS <span class=\"_ _11\"> </span>from <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>previous <span class=\"_ _11\"> </span>reporting framework, <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>principles <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>accepted <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>United <span class=\"_ _d\"></span>States <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>America <span class=\"_ _d\"></span>(\"U.S. <span class=\"_ _d\"></span>GAAP\") <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>as well as for the year ended December 31, 2021.Exemptions appliedIFRS <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span><span class=\"ff3\">First-Time <span class=\"_ _f\"> </span>Adoption <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>International <span class=\"_ _f\"> </span>Financial <span class=\"_ _f\"> </span>Reporting <span class=\"_ _f\"> </span>Standards</span>, <span class=\"_ _27\"> </span>allows <span class=\"_ _f\"> </span>first-time <span class=\"_ _f\"> </span>adopters <span class=\"_ _f\"> </span>certain <span class=\"_ _f\"> </span>exemptions from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>requirement <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>effective <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>retrospectively. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>availed <span class=\"_ _d\"></span>itself <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>certain of these exemptions as follows: \u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _e\"></span>elected <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>apply <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>3, <span class=\"_ _e\"></span><span class=\"ff3\">Business <span class=\"_ _e\"></span>Combinations,</span> <span class=\"_ _e\"></span>retrospectively <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>business <span class=\"_ _e\"></span>combinations <span class=\"_ _d\"></span>that occurred prior to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>elected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>use <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>practical <span class=\"_ _e\"></span>expedient <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15, <span class=\"_ _10\"></span><span class=\"ff3\">Revenue <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>Contracts <span class=\"_ _10\"></span>with <span class=\"_ _e\"></span>Customers,</span> <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>not restate <span class=\"_ _e\"></span>contracts <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>completed <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>transition <span class=\"_ _e\"></span>date, <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _e\"></span>2021. <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>1 <span class=\"_ _e\"></span>defines <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>completed <span class=\"_ _10\"></span>contract <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>a contract <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>has <span class=\"_ _f\"> </span>transferred <span class=\"_ _f\"> </span>all <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>goods <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>services <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>identified <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>accordance <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>previous GAAP.Effect of transition to IFRSThe main differences identified as a result of the transi<span class=\"_ _1\"></span>tion to IFRS are as follows:\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">Our <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _10\"></span>by <span class=\"_ _11\"> </span>their <span class=\"_ _11\"> </span>respective <span class=\"_ _10\"></span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _11\"> </span>at <span class=\"_ _10\"></span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In </span>general, <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>15 <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every <span class=\"_ _d\"></span>5 <span class=\"_ _e\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>older <span class=\"_ _e\"></span>than <span class=\"_ _d\"></span>15 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every 2.5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>Unlike <span class=\"_ _27\"> </span>Frontline's <span class=\"_ _27\"> </span>previous <span class=\"_ _f\"> </span>accounting <span class=\"_ _27\"> </span>policy <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>such <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _27\"> </span>as incurred, <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>requires <span class=\"_ _e\"></span>significant <span class=\"_ _e\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>property, <span class=\"_ _e\"></span>plant <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>differing <span class=\"_ _e\"></span>depreciation <span class=\"_ _e\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>depreciated <span class=\"_ _d\"></span>separately. <span class=\"_ _e\"></span>Under <span class=\"_ _d\"></span>IFRS, <span class=\"_ _e\"></span>major <span class=\"_ _d\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _d\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _d\"></span>docking, <span class=\"_ _e\"></span>should <span class=\"_ _d\"></span>be identified <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>accounted <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>separate <span class=\"_ _27\"> </span>component <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _28\"> </span>over <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>next <span class=\"_ _27\"> </span>scheduled <span class=\"_ _28\"> </span>dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery and <span class=\"_ _10\"></span>depreciated <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _11\"> </span>scheduled <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking. <span class=\"_ _11\"> </span>When <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>performed, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>carrying amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>remaining <span class=\"_ _d\"></span>unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>previous <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docks <span class=\"_ _d\"></span>(due <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>difference <span class=\"_ _d\"></span>between the <span class=\"_ _29\"> </span>estimated <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>actual <span class=\"_ _29\"> </span>time <span class=\"_ _2d\"> </span>between <span class=\"_ _29\"> </span>dry <span class=\"_ _2d\"> </span>docks) <span class=\"_ _2d\"> </span>is <span class=\"_ _2d\"> </span>derecognized. <span class=\"_ _29\"> </span>Costs <span class=\"_ _2d\"> </span>associated <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>routine <span class=\"_ _2d\"> </span>repairs <span class=\"_ _29\"> </span>and maintenance are expensed as incurred including routine ma<span class=\"_ _1\"></span>intenance performed while the vessel is in dry dock\u2022<span class=\"_ _2c\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one <span class=\"_ _27\"> </span>classification <span class=\"_ _27\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>is <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>lessee. <span class=\"_ _28\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _28\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>line <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>depending <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>nature <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>underlying <span class=\"_ _10\"></span>asset <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>recorded <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>a straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>whereas <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS, <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>amortization <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>are presented separately.\u2022<span class=\"_ _2c\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into a <span class=\"_ _d\"></span>financing agreement <span class=\"_ _d\"></span>before the <span class=\"_ _d\"></span>financial statements <span class=\"_ _d\"></span>are issued. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>accounting treatment is <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>permitted under IFRS.The impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated Statements <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial Position <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>transitioning from <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>detail <span class=\"_ _d\"></span>below. <span class=\"_ _d\"></span>Additionally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statements <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>Profit <span class=\"_ _11\"> </span>or <span class=\"_ _f\"> </span>Loss, <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statement <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>Comprehensive <span class=\"_ _f\"> </span>Income, <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Consolidated Statement <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>Cash <span class=\"_ _f\"> </span>Flows <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>described <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>detail <span class=\"_ _f\"> </span>further <span class=\"_ _f\"> </span>below. <span class=\"_ _11\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>figures presented <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>Annual <span class=\"_ _e\"></span>Report <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>Form <span class=\"_ _e\"></span>20-F <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>was filed with the Securities and Exchange Commission on March 17, 2022.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at January 1, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>174,721 Restricted cash <span class=\"_ _130\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 Marketable securities<span class=\"_ _c\"> </span>1<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,639 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,474 Marketable securities pledged to creditors<span class=\"_ _160\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,835) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Trade and other receivables<span class=\"_ _10d\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>63,924 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>63,924 Trade accounts receivable, net <span class=\"_ _61\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>40,974 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,974) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>13,255 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,255 Other receivables<span class=\"_ _161\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>22,950 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(22,950) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>57,858 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>57,858 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>34,705 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>34,705 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>7,725 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,725 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>2,729 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,729 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>378,319 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>378,319 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _b8\"> </span>48,498 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,498 Vessels and equipment<span class=\"_ _166\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,307,144 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,300,456 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>53,518 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(53,518) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>8,426 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(8,426) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>61,944 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>61,944 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _12\"> </span>1,279 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,279 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>7,197 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,197 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _16c\"> </span>6, 8<span class=\"_ _b1\"> </span> <span class=\"_ _cd\"> </span>167,082 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>67,805 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>234,887 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,810 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,810) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,548 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(4,548) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>19,853 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,853 Trade and other payables<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>55,002 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>55,002 Trade accounts payable <span class=\"_ _16f\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,860 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,860) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>5, 8<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,529 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,529) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(19,261) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _b8\"> </span>12,418 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(12,418) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>281,361 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>40,739 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>322,100 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _172\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>1,968,924 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,000) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>1,908,924 Obligations under finance leases<span class=\"_ _6b\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>48,467 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(48,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,177 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(4,177) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>4c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>52,644 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,644 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>19,261 Other non-current payables<span class=\"_ _174\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>3,739 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,739 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,306,668 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,306,668 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>197,692 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>197,692 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>402,021 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>402,021 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _73\"> </span>10<span class=\"_ _46\"> </span> <span class=\"_ _15\"> </span>200 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>200 Retained earnings<span class=\"_ _120\"> </span>3<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>8,018 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,330 Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,612,025 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,605,337 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,611,553 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,604,865 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>IFRS adjustments of Consolidated Statement of Financial Posit<span class=\"_ _1\"></span>ion as at January 1, 20211.<span class=\"_ _38\"> </span>\"Marketable securities <span class=\"_ _d\"></span>pledged <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>creditors\" of <span class=\"_ _d\"></span>$5.8 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP, were reclassified into \"Marketable securities\" under IFRS.2.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$41.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$23.0 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 3.<span class=\"_ _38\"> </span>Dry <span class=\"_ _e\"></span>docking <span class=\"_ _10\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _10\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred <span class=\"_ _e\"></span>within <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating <span class=\"_ _e\"></span>expense <span class=\"_ _10\"></span>under Frontline\u2019s <span class=\"_ _28\"> </span>historical <span class=\"_\"> </span>accounti<span class=\"_ _1\"></span>ng <span class=\"_\"> </span>pol<span class=\"_ _1\"></span>icy <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>U.S. <span class=\"_\"> </span>GAAP. <span class=\"_ _28\"> </span>Under <span class=\"_ _28\"> </span>IFRS, <span class=\"_\"> </span>significant<span class=\"_ _1\"></span> <span class=\"_\"> </span>com<span class=\"_ _1\"></span>ponents <span class=\"_ _28\"> </span>of property, plant and <span class=\"_ _d\"></span>equipment with differing depreciation <span class=\"_ _d\"></span>methods or lives are <span class=\"_ _d\"></span>required to be <span class=\"_ _d\"></span>depreciated separately. A portion of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>initial <span class=\"_ _d\"></span>cost of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>net <span class=\"_ _28\"> </span>measurement <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>recognition <span class=\"_ _28\"> </span>adjustment <span class=\"_ _27\"> </span>which decreased Vessels and equipment and Retained earnings by $6.7 mi<span class=\"_ _1\"></span>llion as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>Vessels <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>equipment <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _28\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>Retained <span class=\"_ _27\"> </span>earnings <span class=\"_ _28\"> </span>by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.4.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$53.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$8.4 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.8 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$4.5 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \u201cCurrent portion of obligations under leases\u201d under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$48.5 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$4.2 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.5.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$7.9 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.5 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $12.4 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\"Trade <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>other <span class=\"_ _e\"></span>payables\" under IFRS.6.<span class=\"_ _38\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>financing <span class=\"_ _10\"></span>agreement <span class=\"_ _10\"></span>before <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>issued. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company presented <span class=\"_ _11\"></span>the <span class=\"_ _11\"> </span>non-current <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>refinanced <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>February <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>long-term <span class=\"_ _11\"> </span>debt <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>1, 2021. <span class=\"_ _11\"> </span>This <span class=\"_ _11\"> </span>accounting <span class=\"_ _f\"> </span>treatment <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>permitted <span class=\"_ _f\"> </span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>reclassification <span class=\"_ _11\"> </span>adjustment <span class=\"_ _11\"> </span>which increased <span class=\"_ _d\"></span>Short-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>portion <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>long-term <span class=\"_ _e\"></span>debt <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>decreased <span class=\"_ _d\"></span>Long-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of January 1, 2021.7.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $3.7 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.8.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$7.8 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.9.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.10.<span class=\"_ _39\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>113,073 Marketable securities<span class=\"_ _179\"> </span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,435 Trade and other receivables<span class=\"_ _10d\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>73,532 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>73,532 Trade accounts receivable, net<span class=\"_ _17a\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>63,423 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(63,423) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>11,676 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>11,676 Other receivables<span class=\"_ _161\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>10,109 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,109) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>80,787 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,787 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>38,492 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>38,492 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>8,899 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,899 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>3,851 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,851 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>332,745 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>332,745 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _cd\"> </span>130,633 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>130,633 Vessels and equipment<span class=\"_ _166\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,477,801 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,467,300 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>44,880 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(44,880) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,914 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,914) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,794 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>48,794 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Derivative instrument receivable<span class=\"_ _72\"> </span> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,675 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _15\"> </span>555 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>555 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>3,055 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,055 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _17b\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,286 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>198,665 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,601 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,601) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>1,122 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(1,122) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>8,723 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,723 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>36,250 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>36,250 Trade and other payables<span class=\"_ _11d\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,364 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,364 Trade accounts payable<span class=\"_ _b5\"> </span>4<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,327 <span class=\"_ _37\"> </span> <span class=\"_ _b9\"> </span>(2,327) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>4, 7<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,836 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,836) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable <span class=\"_ _17c\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,580 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,580) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>292,675 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>287,002 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _108\"> </span> <span class=\"_ _e8\"> </span>2,126,910 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,126,910 Obligations under finance leases<span class=\"_ _6b\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>40,865 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,865) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,114 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,114) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>3c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,979 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,979 Derivative instruments payable<span class=\"_ _170\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 Other non-current payables<span class=\"_ _174\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>992 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>992 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,464,556 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,464,556 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>203,531 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>203,531 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>448,291 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>448,291 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _17d\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>228 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>228 Retained (deficit) earnings<span class=\"_ _17e\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(3,130) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(13,631) Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,653,014 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(10,501) <span class=\"_ _40\"> </span> <span class=\"_ _e8\"> </span>1,642,513 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,652,542 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,642,041 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>IFRS adjustments of the Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 20211.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$63.4 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$10.1 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _d\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>next <span class=\"_ _e\"></span>scheduled <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking. <span class=\"_ _e\"></span>This <span class=\"_ _e\"></span>resulted <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>net <span class=\"_ _e\"></span>measurement and <span class=\"_\"> </span>recognition <span class=\"_\"> </span>adjustm<span class=\"_ _1\"></span>ent <span class=\"_\"> </span>which <span class=\"_\"> </span>decrease<span class=\"_ _1\"></span>d <span class=\"_\"> </span>Vessels <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_\"> </span>and <span class=\"_\"> </span>Retained <span class=\"_ _28\"> </span>earnings <span class=\"_\"> </span>by <span class=\"_\"> </span>$10.5 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component of Vessels and equipment which increased Vessels and equipment and Retained earnings by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>capitalized <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate <span class=\"_ _f\"> </span>component <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>equipment <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _27\"> </span>Vessels <span class=\"_ _f\"> </span>and equipment and Retained earnings by $11.4 million.d.<span class=\"_ _38\"> </span>depreciation <span class=\"_ _2d\"> </span>expense <span class=\"_ _36\"> </span>on <span class=\"_ _36\"> </span>capitalized <span class=\"_ _36\"> </span>dry <span class=\"_ _36\"> </span>docking <span class=\"_ _36\"> </span>costs <span class=\"_ _36\"> </span>and <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>write <span class=\"_ _36\"> </span>off <span class=\"_ _36\"> </span>of <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>carrying <span class=\"_ _36\"> </span>amount <span class=\"_ _36\"> </span>of unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>vessels sold <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>resulted in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>decrease <span class=\"_ _d\"></span>in Vessels and equipment and Retained earnings of $13.3 million and $1.8 m<span class=\"_ _1\"></span>illion, respectively.3.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$44.9 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.9 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.6 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$1.1 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \"Current portion of obligations under leases\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$40.9 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.1 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.4.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$2.3 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.8 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $7.6 <span class=\"_ _10\"></span>million, <span class=\"_ _11\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>separately <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>reclassified <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>\"Trade <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>other <span class=\"_ _11\"> </span>payables\" under IFRS.5.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $1.0 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.6.<span class=\"_ _38\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.7.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$9.4 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.8.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.Reconciliation of Consolidated Statement of Profit or Loss<span class=\"ff2\"> </span>for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _ed\"> </span><span class=\"ff1\">Note<span class=\"_ _20\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSOperating revenues and other incomeVoyage charter revenues<span class=\"_ _17f\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _5a\"> </span>663,995 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(663,995) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Time charter revenues<span class=\"_ _180\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _12f\"> </span>71,236 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(71,236) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Revenues <span class=\"_ _148\"> </span>1a, 1b<span class=\"_ _11b\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>749,381 Other income<span class=\"_ _10f\"> </span>1b, 1c, 2c<span class=\"_ _9d\"> </span> <span class=\"_ _d1\"> </span>14,150 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,090) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>4,060 Total operating revenues and other income<span class=\"_ _182\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>4,060 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>753,441 </span>Other operating gains <span class=\"_ _7\"> </span><span class=\"ff2\">1c<span class=\"_ _183\"> </span> <span class=\"_ _b9\"> </span>5,893 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(5,893) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 </span>Operating expensesVoyage expenses and commission<span class=\"_ _6c\"> </span> <span class=\"_ _4a\"> </span>392,697 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>392,697 Contingent rental income<span class=\"_ _184\"> </span> <span class=\"_ _20\"> </span>(3,606) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Ship operating expenses<span class=\"_ _82\"> </span>2a<span class=\"_ _1a\"> </span> <span class=\"_ _cf\"> </span>175,607 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>164,246 Charter hire expenses<span class=\"_ _a6\"> </span>3a<span class=\"_ _1a\"> </span> <span class=\"_ _b9\"> </span>2,695 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(2,695) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Administrative expenses <span class=\"_ _14b\"> </span>3b<span class=\"_ _183\"> </span> <span class=\"_ _d1\"> </span>27,891 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>26,424 Depreciation<span class=\"_ _13\"> </span>2b, 3<span class=\"_ _185\"> </span> <span class=\"_ _cf\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>17,431 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>165,205 Total operating expenses<span class=\"_ _166\"> </span><span class=\"ff2\"> <span class=\"_ _4a\"> </span>743,058 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,908 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>744,966 </span>Net operating income<span class=\"_ _12d\"> </span><span class=\"ff2\"> <span class=\"_ _d1\"> </span>12,216 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,741) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>8,475 </span>Other income (expenses)<span class=\"_ _f4\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Finance income<span class=\"_ _118\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _15\"> </span>121 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>121 Interest income<span class=\"_ _135\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _26\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _1d\"> </span>(119) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Finance expense<span class=\"_ _186\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _a0\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(44,244) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(44,244) Interest expense<span class=\"_ _ed\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _187\"> </span>(61,435) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>61,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Gain on marketable securities<span class=\"_ _47\"> </span> <span class=\"_ _b9\"> </span>7,677 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,677 Share of results of associated company<span class=\"_ _188\"> </span> <span class=\"_ _53\"> </span>(724) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(724) Foreign currency exchange loss<span class=\"_ _189\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _53\"> </span>(116) <span class=\"_ _40\"> </span> <span class=\"_ _f6\"> </span>116 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Gain on derivatives<span class=\"_ _10b\"> </span>5<span class=\"_ _3c\"> </span> <span class=\"_ _88\"> </span>17,509 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(17,509) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Dividends received<span class=\"_ _b5\"> </span>6<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,367 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>18,367 Other non-operating items, net<span class=\"_ _86\"> </span>6<span class=\"_ _18a\"> </span> <span class=\"_ _d1\"> </span>18,239 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(18,239) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Net other expenses<span class=\"_ _cc\"> </span><span class=\"ff2\"> <span class=\"_ _41\"> </span>(18,731) <span class=\"_ _2a\"> </span> <span class=\"_ _a0\"> </span>(72) <span class=\"_ _40\"> </span> <span class=\"_ _d1\"> </span>(18,803) </span>Loss before income taxes<span class=\"_ _18b\"> </span><span class=\"ff2\"> <span class=\"_ _20\"> </span>(6,515) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(10,328) </span>Income tax expense<span class=\"_ _18c\"> </span> <span class=\"_ _20\"> </span>(4,633) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(4,633) Loss for the period<span class=\"_ _f1\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Loss attributable to the shareholders of the Company<span class=\"_ _18d\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Basic loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _4e\"> </span>$(0.02)<span class=\"_ _18f\"> </span>$(0.08)</span>Diluted loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _18f\"> </span>$(0.02)<span class=\"_ _4e\"> </span>$(0.08)</span>IFRS adjustments to the Consolidated Statement of Profit or Loss for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>The presentation of operating revenues and other income was adjust<span class=\"_ _1\"></span>ed as follows:a.<span class=\"_ _6f\"> </span>\"Voyage <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>\"Time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _11\"> </span>GAAP <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>\"Revenue\" under IFRS.b.<span class=\"_ _38\"> </span>\"Administrative <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$14.2 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\"Other <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _d\"></span>to \"Revenue\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Other operating gains\" of $5.9 million under U.S. GAAP was reclassified to \"Other income\" under IFRS. 2.<span class=\"_ _38\"> </span><span class=\"ff2\">Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as </span>incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _27\"> </span>delivery <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>period <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>following measurement and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>decreased <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating expense by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other income.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _e\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>two <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>leased <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>third <span class=\"_ _e\"></span>party on time charters that were classified as leases<span class=\"ff3\">,</span> was re<span class=\"_ _1\"></span>classified to Depreciation under IFRS.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation under IFRS.4.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _f\"> </span>income\" <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _f\"> </span>separately <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>\"Finance income\" under IFRS.5.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _e\"></span>expense\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$61.4 <span class=\"_ _e\"></span>million, <span class=\"_ _10\"></span>\"Gain <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>derivatives\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$17.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>\"Foreign <span class=\"_ _e\"></span>currency <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>loss\" <span class=\"_ _10\"></span>of $0.1 million, which were presented separately under U.S. GAAP, were recla<span class=\"_ _1\"></span>ssified to \"Finance expense\" under IFRS.6.<span class=\"_ _38\"> </span>\"Other <span class=\"_ _10\"></span>non-operating <span class=\"_ _10\"></span>items, <span class=\"_ _10\"></span>net\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$18.4 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>reclassified <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>\"Dividends <span class=\"_ _10\"></span>received\" <span class=\"_ _10\"></span>under IFRS.Reconciliation of Consolidated Comprehensive Income for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _190\"> </span><span class=\"ff1\">Note<span class=\"_ _8a\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSProfit (loss)<span class=\"_ _138\"> </span>1<span class=\"_ _185\"> </span> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) Items that may be reclassified to profit or loss:Foreign currency translation gain (loss)<span class=\"_ _6b\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Other comprehensive income (loss)<span class=\"_ _74\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Comprehensive income (loss)<span class=\"_ _166\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) Comprehensive income (loss) attributable to the shareholders of the Company<span class=\"_ _191\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) IFRS adjustments to the Consolidated Comprehensive Income for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.Reconciliation of Consolidated Statement of Cash Flows for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _192\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSNet loss for the period<span class=\"_ _184\"> </span><span class=\"ff2\">1<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(11,148) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(14,961) </span>Adjustments to reconcile loss for the period with net cash provided by operations:Net finance expense<span class=\"_ _193\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>44,123 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,123 Depreciation<span class=\"_ _194\"> </span>2b, 3<span class=\"_ _f0\"> </span> <span class=\"_ _cd\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>17,431 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>165,205 Amortization of deferred charges<span class=\"_ _c0\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12\"> </span>5,208 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,208) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other operating gains<span class=\"_ _10f\"> </span>2c<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(5,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,833 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,225) Amortization of acquired time charters<span class=\"_ _69\"> </span> <span class=\"_ _ab\"> </span>(5,045) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,045) Contingent rental income<span class=\"_ _195\"> </span> <span class=\"_ _c4\"> </span>(3,606) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Gain on marketable securities<span class=\"_ _16f\"> </span> <span class=\"_ _c4\"> </span>(7,677) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,677) Share of results from associated company<span class=\"_ _116\"> </span> <span class=\"_ _15\"> </span>724 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>724 Gain on derivatives<span class=\"_ _118\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12f\"> </span>(23,262) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>23,262 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Stock option expense<span class=\"_ _df\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 Other, net<span class=\"_ _d5\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>430 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(430) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Changes in operating assets and liabilities:Trade accounts receivable<span class=\"_ _ed\"> </span> <span class=\"_ _12f\"> </span>(22,449) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,449) Other receivables<span class=\"_ _196\"> </span> <span class=\"_ _12\"> </span>7,216 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,216 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _12f\"> </span>(22,929) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,929) Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _c4\"> </span>(3,787) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,787) Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _ab\"> </span>(1,174) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(1,174) Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _b9\"> </span>(1,128) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,128) Trade accounts payable<span class=\"_ _120\"> </span> <span class=\"_ _c4\"> </span>(5,533) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,533) Accrued expenses<span class=\"_ _11f\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(1,911) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(1,574) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,485) Related party balances<span class=\"_ _148\"> </span> <span class=\"_ _ce\"> </span>18,968 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,968 Other current liabilities<span class=\"_ _144\"> </span> <span class=\"_ _15\"> </span>135 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>135 Change in restricted cash<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,928 Other<span class=\"_ _197\"> </span> <span class=\"_ _c4\"> </span>(2,816) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(2,816) Interest paid<span class=\"_ _119\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,477) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(60,477) Debt issuance costs paid<span class=\"_ _166\"> </span>7<span class=\"_ _1e\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(8,050) Interest received<span class=\"_ _d0\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>119 Net cash provided by operating activities<span class=\"_ _e2\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>62,932 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,329 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>85,261 </span>Investing activities<span class=\"_ _198\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Additions to newbuildings, vessels and equipment<span class=\"_ _e0\"> </span>2a<span class=\"_ _46\"> </span> <span class=\"_ _5a\"> </span>(462,400) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(473,761) Purchase of shares<span class=\"_ _10e\"> </span> <span class=\"_ _1d\"> </span>(357) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(357) Net proceeds from sale of vessel<span class=\"_ _122\"> </span> <span class=\"_ _ce\"> </span>80,000 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,000 Net cash inflow on sale of subsidiary<span class=\"_ _7b\"> </span> <span class=\"_ _12\"> </span>5,625 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,625 Proceeds from sale of marketable securities<span class=\"_ _199\"> </span> <span class=\"_ _b8\"> </span>14,074 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,074 Net cash used in investing activities<span class=\"_ _67\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>(363,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(374,419) </span>Financing activities<span class=\"_ _19a\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Net proceeds from issuance of shares<span class=\"_ _83\"> </span> <span class=\"_ _ce\"> </span>52,447 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,447 Proceeds from issuance of debt<span class=\"_ _f8\"> </span> <span class=\"_ _cd\"> </span>403,868 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>403,868 Repayment of debt<span class=\"_ _19b\"> </span> <span class=\"_ _5a\"> </span>(219,521) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(219,521) Repayment of obligations under leases<span class=\"_ _19c\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(5,194) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(4,090) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(9,284) Debt fees paid <span class=\"_ _132\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _ab\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>8,050 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Net cash provided by financing activities<span class=\"_ _189\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>223,550 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,960 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>227,510 </span>Net change in cash and cash equivalents<span class=\"_ _19d\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(76,576) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(61,648) </span>Cash and cash equivalents at beginning of year<span class=\"_ _19e\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,649 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(14,928) <span class=\"_ _40\"> </span> <span class=\"_ _cd\"> </span>174,721 </span>Cash and cash equivalents at end of year<span class=\"_ _116\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>113,073 </span>IFRS adjustments to the Consolidated Statement of Cash Flows for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. Accordingly, the ca<span class=\"_ _1\"></span>rrying amount of unamortized dry docking costs at December 31, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _e\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the next scheduled dry docking (2.5 - 5). This resulted in the following measureme<span class=\"_ _1\"></span>nt and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs paid <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>capitalized <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>separate component <span class=\"_ _d\"></span>of Vessels and equipment which increased Additions to newbuildings, vesse<span class=\"_ _1\"></span>ls and equipment by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other operating gains.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>leased-in <span class=\"_ _e\"></span>vessels, <span class=\"_ _e\"></span><span class=\"ff3\">FPMC <span class=\"_ _e\"></span>Noble <span class=\"_ _e\"></span></span>and FPMC <span class=\"_ _10\"></span>Melody,<span class=\"ff2\"> <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>Depreciation <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>corresponding <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>in </span>Repayment of obligations under leases.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>IFRS <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>corresponding <span class=\"_ _28\"> </span>increase <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>Repayment <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _28\"> </span>under leases.4.<span class=\"_ _38\"> </span>\"Other, net\" of $0.2 million under U.S. GAAP was reclassified to \"Stock option expense<span class=\"_ _1\"></span>\" under IFRS.5.<span class=\"_ _38\"> </span>The \"Change in restricted cash\" of $14.9 million was presented wit<span class=\"_ _1\"></span>hin operating activities under IFRS.6.<span class=\"_ _38\"> </span>The presentation of net finance expenses was adjusted as follows:a.<span class=\"_ _6f\"> </span>\"Amortization <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>deferred <span class=\"_ _2d\"> </span>charges\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$5.2 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>\"Gain <span class=\"_ _29\"> </span>on <span class=\"_ _2d\"> </span>derivatives\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$23.3 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>were reclassified to \"Net finance expense\". b.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _27\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$60.5 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Interest <span class=\"_ _27\"> </span>received\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>separately, <span class=\"_ _27\"> </span>which resulted in an adjustment to accrued expenses of $1.6 million.7.<span class=\"_ _38\"> </span>\"Debt <span class=\"_ _27\"> </span>fees <span class=\"_ _28\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$8.1 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>within <span class=\"_ _28\"> </span>financing <span class=\"_ _27\"> </span>activities <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _28\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>\"Debt issuance costs paid\" within operating activities under IFRS.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__57": {
   "value": "3.<span class=\"_ _e8\"> </span>CHANGE IN ACCOUNTING POLICIESFirst-time adoption of IFRSThese <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>first <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>prepared <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with IFRS <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>adopted <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>European <span class=\"_ _d\"></span>Union. <span class=\"_ _e\"></span>Accordingly, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>prepared <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>comply <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>IFRS applicable <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>together <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>comparative <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis of <span class=\"_ _27\"> </span>preparation <span class=\"_ _f\"> </span>(Note <span class=\"_ _27\"> </span>2). <span class=\"_ _27\"> </span>In <span class=\"_ _27\"> </span>preparing <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>statements, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company\u2019s <span class=\"_ _27\"> </span>opening <span class=\"_ _27\"> </span>statement <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>position <span class=\"_ _27\"> </span>was prepared as of January 1, 2021, the Company\u2019s date of transition to IFRS. This <span class=\"_ _11\"> </span>note <span class=\"_ _f\"> </span>explains <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>principal <span class=\"_ _f\"> </span>adjustments <span class=\"_ _11\"> </span>made <span class=\"_ _f\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>when <span class=\"_ _11\"> </span>transitioning <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IFRS <span class=\"_ _11\"> </span>from <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>previous <span class=\"_ _11\"> </span>reporting framework, <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>principles <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>accepted <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>United <span class=\"_ _d\"></span>States <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>America <span class=\"_ _d\"></span>(\"U.S. <span class=\"_ _d\"></span>GAAP\") <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>as well as for the year ended December 31, 2021.Exemptions appliedIFRS <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span><span class=\"ff3\">First-Time <span class=\"_ _f\"> </span>Adoption <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>International <span class=\"_ _f\"> </span>Financial <span class=\"_ _f\"> </span>Reporting <span class=\"_ _f\"> </span>Standards</span>, <span class=\"_ _27\"> </span>allows <span class=\"_ _f\"> </span>first-time <span class=\"_ _f\"> </span>adopters <span class=\"_ _f\"> </span>certain <span class=\"_ _f\"> </span>exemptions from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>requirement <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>effective <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>retrospectively. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>availed <span class=\"_ _d\"></span>itself <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>certain of these exemptions as follows: \u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _e\"></span>elected <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>apply <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>3, <span class=\"_ _e\"></span><span class=\"ff3\">Business <span class=\"_ _e\"></span>Combinations,</span> <span class=\"_ _e\"></span>retrospectively <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>business <span class=\"_ _e\"></span>combinations <span class=\"_ _d\"></span>that occurred prior to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>elected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>use <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>practical <span class=\"_ _e\"></span>expedient <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15, <span class=\"_ _10\"></span><span class=\"ff3\">Revenue <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>Contracts <span class=\"_ _10\"></span>with <span class=\"_ _e\"></span>Customers,</span> <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>not restate <span class=\"_ _e\"></span>contracts <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>completed <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>transition <span class=\"_ _e\"></span>date, <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _e\"></span>2021. <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>1 <span class=\"_ _e\"></span>defines <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>completed <span class=\"_ _10\"></span>contract <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>a contract <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>has <span class=\"_ _f\"> </span>transferred <span class=\"_ _f\"> </span>all <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>goods <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>services <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>identified <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>accordance <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>previous GAAP.Effect of transition to IFRSThe main differences identified as a result of the transi<span class=\"_ _1\"></span>tion to IFRS are as follows:\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">Our <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _10\"></span>by <span class=\"_ _11\"> </span>their <span class=\"_ _11\"> </span>respective <span class=\"_ _10\"></span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _11\"> </span>at <span class=\"_ _10\"></span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In </span>general, <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>15 <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every <span class=\"_ _d\"></span>5 <span class=\"_ _e\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>older <span class=\"_ _e\"></span>than <span class=\"_ _d\"></span>15 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every 2.5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>Unlike <span class=\"_ _27\"> </span>Frontline's <span class=\"_ _27\"> </span>previous <span class=\"_ _f\"> </span>accounting <span class=\"_ _27\"> </span>policy <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>such <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _27\"> </span>as incurred, <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>requires <span class=\"_ _e\"></span>significant <span class=\"_ _e\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>property, <span class=\"_ _e\"></span>plant <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>differing <span class=\"_ _e\"></span>depreciation <span class=\"_ _e\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>depreciated <span class=\"_ _d\"></span>separately. <span class=\"_ _e\"></span>Under <span class=\"_ _d\"></span>IFRS, <span class=\"_ _e\"></span>major <span class=\"_ _d\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _d\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _d\"></span>docking, <span class=\"_ _e\"></span>should <span class=\"_ _d\"></span>be identified <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>accounted <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>separate <span class=\"_ _27\"> </span>component <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _28\"> </span>over <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>next <span class=\"_ _27\"> </span>scheduled <span class=\"_ _28\"> </span>dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery and <span class=\"_ _10\"></span>depreciated <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _11\"> </span>scheduled <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking. <span class=\"_ _11\"> </span>When <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>performed, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>carrying amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>remaining <span class=\"_ _d\"></span>unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>previous <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docks <span class=\"_ _d\"></span>(due <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>difference <span class=\"_ _d\"></span>between the <span class=\"_ _29\"> </span>estimated <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>actual <span class=\"_ _29\"> </span>time <span class=\"_ _2d\"> </span>between <span class=\"_ _29\"> </span>dry <span class=\"_ _2d\"> </span>docks) <span class=\"_ _2d\"> </span>is <span class=\"_ _2d\"> </span>derecognized. <span class=\"_ _29\"> </span>Costs <span class=\"_ _2d\"> </span>associated <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>routine <span class=\"_ _2d\"> </span>repairs <span class=\"_ _29\"> </span>and maintenance are expensed as incurred including routine ma<span class=\"_ _1\"></span>intenance performed while the vessel is in dry dock\u2022<span class=\"_ _2c\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one <span class=\"_ _27\"> </span>classification <span class=\"_ _27\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>is <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>lessee. <span class=\"_ _28\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _28\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>line <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>depending <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>nature <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>underlying <span class=\"_ _10\"></span>asset <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>recorded <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>a straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>whereas <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS, <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>amortization <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>are presented separately.\u2022<span class=\"_ _2c\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into a <span class=\"_ _d\"></span>financing agreement <span class=\"_ _d\"></span>before the <span class=\"_ _d\"></span>financial statements <span class=\"_ _d\"></span>are issued. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>accounting treatment is <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>permitted under IFRS.The impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated Statements <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial Position <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>transitioning from <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>detail <span class=\"_ _d\"></span>below. <span class=\"_ _d\"></span>Additionally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statements <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>Profit <span class=\"_ _11\"> </span>or <span class=\"_ _f\"> </span>Loss, <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statement <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>Comprehensive <span class=\"_ _f\"> </span>Income, <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Consolidated Statement <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>Cash <span class=\"_ _f\"> </span>Flows <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>described <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>detail <span class=\"_ _f\"> </span>further <span class=\"_ _f\"> </span>below. <span class=\"_ _11\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>figures presented <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>Annual <span class=\"_ _e\"></span>Report <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>Form <span class=\"_ _e\"></span>20-F <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>was filed with the Securities and Exchange Commission on March 17, 2022.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at January 1, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>174,721 Restricted cash <span class=\"_ _130\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 Marketable securities<span class=\"_ _c\"> </span>1<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,639 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,474 Marketable securities pledged to creditors<span class=\"_ _160\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,835) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Trade and other receivables<span class=\"_ _10d\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>63,924 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>63,924 Trade accounts receivable, net <span class=\"_ _61\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>40,974 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,974) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>13,255 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,255 Other receivables<span class=\"_ _161\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>22,950 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(22,950) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>57,858 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>57,858 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>34,705 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>34,705 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>7,725 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,725 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>2,729 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,729 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>378,319 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>378,319 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _b8\"> </span>48,498 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,498 Vessels and equipment<span class=\"_ _166\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,307,144 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,300,456 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>53,518 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(53,518) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>8,426 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(8,426) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>61,944 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>61,944 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _12\"> </span>1,279 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,279 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>7,197 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,197 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _16c\"> </span>6, 8<span class=\"_ _b1\"> </span> <span class=\"_ _cd\"> </span>167,082 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>67,805 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>234,887 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,810 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,810) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,548 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(4,548) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>19,853 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,853 Trade and other payables<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>55,002 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>55,002 Trade accounts payable <span class=\"_ _16f\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,860 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,860) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>5, 8<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,529 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,529) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(19,261) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _b8\"> </span>12,418 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(12,418) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>281,361 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>40,739 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>322,100 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _172\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>1,968,924 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,000) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>1,908,924 Obligations under finance leases<span class=\"_ _6b\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>48,467 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(48,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,177 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(4,177) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>4c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>52,644 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,644 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>19,261 Other non-current payables<span class=\"_ _174\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>3,739 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,739 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,306,668 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,306,668 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>197,692 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>197,692 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>402,021 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>402,021 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _73\"> </span>10<span class=\"_ _46\"> </span> <span class=\"_ _15\"> </span>200 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>200 Retained earnings<span class=\"_ _120\"> </span>3<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>8,018 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,330 Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,612,025 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,605,337 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,611,553 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,604,865 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>IFRS adjustments of Consolidated Statement of Financial Posit<span class=\"_ _1\"></span>ion as at January 1, 20211.<span class=\"_ _38\"> </span>\"Marketable securities <span class=\"_ _d\"></span>pledged <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>creditors\" of <span class=\"_ _d\"></span>$5.8 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP, were reclassified into \"Marketable securities\" under IFRS.2.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$41.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$23.0 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 3.<span class=\"_ _38\"> </span>Dry <span class=\"_ _e\"></span>docking <span class=\"_ _10\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _10\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred <span class=\"_ _e\"></span>within <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating <span class=\"_ _e\"></span>expense <span class=\"_ _10\"></span>under Frontline\u2019s <span class=\"_ _28\"> </span>historical <span class=\"_\"> </span>accounti<span class=\"_ _1\"></span>ng <span class=\"_\"> </span>pol<span class=\"_ _1\"></span>icy <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>U.S. <span class=\"_\"> </span>GAAP. <span class=\"_ _28\"> </span>Under <span class=\"_ _28\"> </span>IFRS, <span class=\"_\"> </span>significant<span class=\"_ _1\"></span> <span class=\"_\"> </span>com<span class=\"_ _1\"></span>ponents <span class=\"_ _28\"> </span>of property, plant and <span class=\"_ _d\"></span>equipment with differing depreciation <span class=\"_ _d\"></span>methods or lives are <span class=\"_ _d\"></span>required to be <span class=\"_ _d\"></span>depreciated separately. A portion of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>initial <span class=\"_ _d\"></span>cost of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>net <span class=\"_ _28\"> </span>measurement <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>recognition <span class=\"_ _28\"> </span>adjustment <span class=\"_ _27\"> </span>which decreased Vessels and equipment and Retained earnings by $6.7 mi<span class=\"_ _1\"></span>llion as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>Vessels <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>equipment <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _28\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>Retained <span class=\"_ _27\"> </span>earnings <span class=\"_ _28\"> </span>by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.4.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$53.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$8.4 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.8 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$4.5 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \u201cCurrent portion of obligations under leases\u201d under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$48.5 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$4.2 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.5.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$7.9 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.5 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $12.4 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\"Trade <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>other <span class=\"_ _e\"></span>payables\" under IFRS.6.<span class=\"_ _38\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>financing <span class=\"_ _10\"></span>agreement <span class=\"_ _10\"></span>before <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>issued. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company presented <span class=\"_ _11\"></span>the <span class=\"_ _11\"> </span>non-current <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>refinanced <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>February <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>long-term <span class=\"_ _11\"> </span>debt <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>1, 2021. <span class=\"_ _11\"> </span>This <span class=\"_ _11\"> </span>accounting <span class=\"_ _f\"> </span>treatment <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>permitted <span class=\"_ _f\"> </span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>reclassification <span class=\"_ _11\"> </span>adjustment <span class=\"_ _11\"> </span>which increased <span class=\"_ _d\"></span>Short-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>portion <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>long-term <span class=\"_ _e\"></span>debt <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>decreased <span class=\"_ _d\"></span>Long-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of January 1, 2021.7.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $3.7 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.8.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$7.8 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.9.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.10.<span class=\"_ _39\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>113,073 Marketable securities<span class=\"_ _179\"> </span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,435 Trade and other receivables<span class=\"_ _10d\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>73,532 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>73,532 Trade accounts receivable, net<span class=\"_ _17a\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>63,423 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(63,423) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>11,676 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>11,676 Other receivables<span class=\"_ _161\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>10,109 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,109) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>80,787 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,787 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>38,492 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>38,492 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>8,899 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,899 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>3,851 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,851 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>332,745 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>332,745 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _cd\"> </span>130,633 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>130,633 Vessels and equipment<span class=\"_ _166\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,477,801 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,467,300 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>44,880 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(44,880) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,914 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,914) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,794 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>48,794 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Derivative instrument receivable<span class=\"_ _72\"> </span> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,675 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _15\"> </span>555 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>555 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>3,055 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,055 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _17b\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,286 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>198,665 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,601 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,601) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>1,122 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(1,122) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>8,723 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,723 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>36,250 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>36,250 Trade and other payables<span class=\"_ _11d\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,364 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,364 Trade accounts payable<span class=\"_ _b5\"> </span>4<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,327 <span class=\"_ _37\"> </span> <span class=\"_ _b9\"> </span>(2,327) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>4, 7<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,836 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,836) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable <span class=\"_ _17c\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,580 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,580) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>292,675 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>287,002 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _108\"> </span> <span class=\"_ _e8\"> </span>2,126,910 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,126,910 Obligations under finance leases<span class=\"_ _6b\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>40,865 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,865) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,114 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,114) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>3c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,979 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,979 Derivative instruments payable<span class=\"_ _170\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 Other non-current payables<span class=\"_ _174\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>992 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>992 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,464,556 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,464,556 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>203,531 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>203,531 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>448,291 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>448,291 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _17d\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>228 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>228 Retained (deficit) earnings<span class=\"_ _17e\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(3,130) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(13,631) Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,653,014 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(10,501) <span class=\"_ _40\"> </span> <span class=\"_ _e8\"> </span>1,642,513 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,652,542 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,642,041 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>IFRS adjustments of the Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 20211.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$63.4 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$10.1 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _d\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>next <span class=\"_ _e\"></span>scheduled <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking. <span class=\"_ _e\"></span>This <span class=\"_ _e\"></span>resulted <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>net <span class=\"_ _e\"></span>measurement and <span class=\"_\"> </span>recognition <span class=\"_\"> </span>adjustm<span class=\"_ _1\"></span>ent <span class=\"_\"> </span>which <span class=\"_\"> </span>decrease<span class=\"_ _1\"></span>d <span class=\"_\"> </span>Vessels <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_\"> </span>and <span class=\"_\"> </span>Retained <span class=\"_ _28\"> </span>earnings <span class=\"_\"> </span>by <span class=\"_\"> </span>$10.5 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component of Vessels and equipment which increased Vessels and equipment and Retained earnings by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>capitalized <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate <span class=\"_ _f\"> </span>component <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>equipment <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _27\"> </span>Vessels <span class=\"_ _f\"> </span>and equipment and Retained earnings by $11.4 million.d.<span class=\"_ _38\"> </span>depreciation <span class=\"_ _2d\"> </span>expense <span class=\"_ _36\"> </span>on <span class=\"_ _36\"> </span>capitalized <span class=\"_ _36\"> </span>dry <span class=\"_ _36\"> </span>docking <span class=\"_ _36\"> </span>costs <span class=\"_ _36\"> </span>and <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>write <span class=\"_ _36\"> </span>off <span class=\"_ _36\"> </span>of <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>carrying <span class=\"_ _36\"> </span>amount <span class=\"_ _36\"> </span>of unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>vessels sold <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>resulted in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>decrease <span class=\"_ _d\"></span>in Vessels and equipment and Retained earnings of $13.3 million and $1.8 m<span class=\"_ _1\"></span>illion, respectively.3.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$44.9 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.9 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.6 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$1.1 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \"Current portion of obligations under leases\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$40.9 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.1 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.4.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$2.3 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.8 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $7.6 <span class=\"_ _10\"></span>million, <span class=\"_ _11\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>separately <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>reclassified <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>\"Trade <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>other <span class=\"_ _11\"> </span>payables\" under IFRS.5.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $1.0 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.6.<span class=\"_ _38\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.7.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$9.4 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.8.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.Reconciliation of Consolidated Statement of Profit or Loss<span class=\"ff2\"> </span>for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _ed\"> </span><span class=\"ff1\">Note<span class=\"_ _20\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSOperating revenues and other incomeVoyage charter revenues<span class=\"_ _17f\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _5a\"> </span>663,995 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(663,995) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Time charter revenues<span class=\"_ _180\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _12f\"> </span>71,236 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(71,236) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Revenues <span class=\"_ _148\"> </span>1a, 1b<span class=\"_ _11b\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>749,381 Other income<span class=\"_ _10f\"> </span>1b, 1c, 2c<span class=\"_ _9d\"> </span> <span class=\"_ _d1\"> </span>14,150 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,090) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>4,060 Total operating revenues and other income<span class=\"_ _182\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>4,060 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>753,441 </span>Other operating gains <span class=\"_ _7\"> </span><span class=\"ff2\">1c<span class=\"_ _183\"> </span> <span class=\"_ _b9\"> </span>5,893 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(5,893) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 </span>Operating expensesVoyage expenses and commission<span class=\"_ _6c\"> </span> <span class=\"_ _4a\"> </span>392,697 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>392,697 Contingent rental income<span class=\"_ _184\"> </span> <span class=\"_ _20\"> </span>(3,606) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Ship operating expenses<span class=\"_ _82\"> </span>2a<span class=\"_ _1a\"> </span> <span class=\"_ _cf\"> </span>175,607 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>164,246 Charter hire expenses<span class=\"_ _a6\"> </span>3a<span class=\"_ _1a\"> </span> <span class=\"_ _b9\"> </span>2,695 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(2,695) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Administrative expenses <span class=\"_ _14b\"> </span>3b<span class=\"_ _183\"> </span> <span class=\"_ _d1\"> </span>27,891 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>26,424 Depreciation<span class=\"_ _13\"> </span>2b, 3<span class=\"_ _185\"> </span> <span class=\"_ _cf\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>17,431 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>165,205 Total operating expenses<span class=\"_ _166\"> </span><span class=\"ff2\"> <span class=\"_ _4a\"> </span>743,058 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,908 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>744,966 </span>Net operating income<span class=\"_ _12d\"> </span><span class=\"ff2\"> <span class=\"_ _d1\"> </span>12,216 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,741) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>8,475 </span>Other income (expenses)<span class=\"_ _f4\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Finance income<span class=\"_ _118\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _15\"> </span>121 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>121 Interest income<span class=\"_ _135\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _26\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _1d\"> </span>(119) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Finance expense<span class=\"_ _186\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _a0\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(44,244) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(44,244) Interest expense<span class=\"_ _ed\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _187\"> </span>(61,435) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>61,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Gain on marketable securities<span class=\"_ _47\"> </span> <span class=\"_ _b9\"> </span>7,677 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,677 Share of results of associated company<span class=\"_ _188\"> </span> <span class=\"_ _53\"> </span>(724) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(724) Foreign currency exchange loss<span class=\"_ _189\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _53\"> </span>(116) <span class=\"_ _40\"> </span> <span class=\"_ _f6\"> </span>116 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Gain on derivatives<span class=\"_ _10b\"> </span>5<span class=\"_ _3c\"> </span> <span class=\"_ _88\"> </span>17,509 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(17,509) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Dividends received<span class=\"_ _b5\"> </span>6<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,367 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>18,367 Other non-operating items, net<span class=\"_ _86\"> </span>6<span class=\"_ _18a\"> </span> <span class=\"_ _d1\"> </span>18,239 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(18,239) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Net other expenses<span class=\"_ _cc\"> </span><span class=\"ff2\"> <span class=\"_ _41\"> </span>(18,731) <span class=\"_ _2a\"> </span> <span class=\"_ _a0\"> </span>(72) <span class=\"_ _40\"> </span> <span class=\"_ _d1\"> </span>(18,803) </span>Loss before income taxes<span class=\"_ _18b\"> </span><span class=\"ff2\"> <span class=\"_ _20\"> </span>(6,515) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(10,328) </span>Income tax expense<span class=\"_ _18c\"> </span> <span class=\"_ _20\"> </span>(4,633) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(4,633) Loss for the period<span class=\"_ _f1\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Loss attributable to the shareholders of the Company<span class=\"_ _18d\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Basic loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _4e\"> </span>$(0.02)<span class=\"_ _18f\"> </span>$(0.08)</span>Diluted loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _18f\"> </span>$(0.02)<span class=\"_ _4e\"> </span>$(0.08)</span>IFRS adjustments to the Consolidated Statement of Profit or Loss for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>The presentation of operating revenues and other income was adjust<span class=\"_ _1\"></span>ed as follows:a.<span class=\"_ _6f\"> </span>\"Voyage <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>\"Time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _11\"> </span>GAAP <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>\"Revenue\" under IFRS.b.<span class=\"_ _38\"> </span>\"Administrative <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$14.2 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\"Other <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _d\"></span>to \"Revenue\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Other operating gains\" of $5.9 million under U.S. GAAP was reclassified to \"Other income\" under IFRS. 2.<span class=\"_ _38\"> </span><span class=\"ff2\">Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as </span>incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _27\"> </span>delivery <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>period <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>following measurement and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>decreased <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating expense by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other income.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _e\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>two <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>leased <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>third <span class=\"_ _e\"></span>party on time charters that were classified as leases<span class=\"ff3\">,</span> was re<span class=\"_ _1\"></span>classified to Depreciation under IFRS.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation under IFRS.4.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _f\"> </span>income\" <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _f\"> </span>separately <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>\"Finance income\" under IFRS.5.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _e\"></span>expense\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$61.4 <span class=\"_ _e\"></span>million, <span class=\"_ _10\"></span>\"Gain <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>derivatives\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$17.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>\"Foreign <span class=\"_ _e\"></span>currency <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>loss\" <span class=\"_ _10\"></span>of $0.1 million, which were presented separately under U.S. GAAP, were recla<span class=\"_ _1\"></span>ssified to \"Finance expense\" under IFRS.6.<span class=\"_ _38\"> </span>\"Other <span class=\"_ _10\"></span>non-operating <span class=\"_ _10\"></span>items, <span class=\"_ _10\"></span>net\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$18.4 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>reclassified <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>\"Dividends <span class=\"_ _10\"></span>received\" <span class=\"_ _10\"></span>under IFRS.Reconciliation of Consolidated Comprehensive Income for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _190\"> </span><span class=\"ff1\">Note<span class=\"_ _8a\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSProfit (loss)<span class=\"_ _138\"> </span>1<span class=\"_ _185\"> </span> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) Items that may be reclassified to profit or loss:Foreign currency translation gain (loss)<span class=\"_ _6b\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Other comprehensive income (loss)<span class=\"_ _74\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Comprehensive income (loss)<span class=\"_ _166\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) Comprehensive income (loss) attributable to the shareholders of the Company<span class=\"_ _191\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) IFRS adjustments to the Consolidated Comprehensive Income for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.Reconciliation of Consolidated Statement of Cash Flows for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _192\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSNet loss for the period<span class=\"_ _184\"> </span><span class=\"ff2\">1<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(11,148) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(14,961) </span>Adjustments to reconcile loss for the period with net cash provided by operations:Net finance expense<span class=\"_ _193\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>44,123 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,123 Depreciation<span class=\"_ _194\"> </span>2b, 3<span class=\"_ _f0\"> </span> <span class=\"_ _cd\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>17,431 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>165,205 Amortization of deferred charges<span class=\"_ _c0\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12\"> </span>5,208 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,208) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other operating gains<span class=\"_ _10f\"> </span>2c<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(5,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,833 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,225) Amortization of acquired time charters<span class=\"_ _69\"> </span> <span class=\"_ _ab\"> </span>(5,045) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,045) Contingent rental income<span class=\"_ _195\"> </span> <span class=\"_ _c4\"> </span>(3,606) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Gain on marketable securities<span class=\"_ _16f\"> </span> <span class=\"_ _c4\"> </span>(7,677) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,677) Share of results from associated company<span class=\"_ _116\"> </span> <span class=\"_ _15\"> </span>724 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>724 Gain on derivatives<span class=\"_ _118\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12f\"> </span>(23,262) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>23,262 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Stock option expense<span class=\"_ _df\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 Other, net<span class=\"_ _d5\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>430 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(430) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Changes in operating assets and liabilities:Trade accounts receivable<span class=\"_ _ed\"> </span> <span class=\"_ _12f\"> </span>(22,449) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,449) Other receivables<span class=\"_ _196\"> </span> <span class=\"_ _12\"> </span>7,216 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,216 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _12f\"> </span>(22,929) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,929) Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _c4\"> </span>(3,787) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,787) Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _ab\"> </span>(1,174) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(1,174) Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _b9\"> </span>(1,128) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,128) Trade accounts payable<span class=\"_ _120\"> </span> <span class=\"_ _c4\"> </span>(5,533) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,533) Accrued expenses<span class=\"_ _11f\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(1,911) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(1,574) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,485) Related party balances<span class=\"_ _148\"> </span> <span class=\"_ _ce\"> </span>18,968 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,968 Other current liabilities<span class=\"_ _144\"> </span> <span class=\"_ _15\"> </span>135 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>135 Change in restricted cash<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,928 Other<span class=\"_ _197\"> </span> <span class=\"_ _c4\"> </span>(2,816) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(2,816) Interest paid<span class=\"_ _119\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,477) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(60,477) Debt issuance costs paid<span class=\"_ _166\"> </span>7<span class=\"_ _1e\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(8,050) Interest received<span class=\"_ _d0\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>119 Net cash provided by operating activities<span class=\"_ _e2\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>62,932 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,329 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>85,261 </span>Investing activities<span class=\"_ _198\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Additions to newbuildings, vessels and equipment<span class=\"_ _e0\"> </span>2a<span class=\"_ _46\"> </span> <span class=\"_ _5a\"> </span>(462,400) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(473,761) Purchase of shares<span class=\"_ _10e\"> </span> <span class=\"_ _1d\"> </span>(357) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(357) Net proceeds from sale of vessel<span class=\"_ _122\"> </span> <span class=\"_ _ce\"> </span>80,000 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,000 Net cash inflow on sale of subsidiary<span class=\"_ _7b\"> </span> <span class=\"_ _12\"> </span>5,625 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,625 Proceeds from sale of marketable securities<span class=\"_ _199\"> </span> <span class=\"_ _b8\"> </span>14,074 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,074 Net cash used in investing activities<span class=\"_ _67\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>(363,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(374,419) </span>Financing activities<span class=\"_ _19a\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Net proceeds from issuance of shares<span class=\"_ _83\"> </span> <span class=\"_ _ce\"> </span>52,447 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,447 Proceeds from issuance of debt<span class=\"_ _f8\"> </span> <span class=\"_ _cd\"> </span>403,868 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>403,868 Repayment of debt<span class=\"_ _19b\"> </span> <span class=\"_ _5a\"> </span>(219,521) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(219,521) Repayment of obligations under leases<span class=\"_ _19c\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(5,194) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(4,090) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(9,284) Debt fees paid <span class=\"_ _132\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _ab\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>8,050 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Net cash provided by financing activities<span class=\"_ _189\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>223,550 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,960 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>227,510 </span>Net change in cash and cash equivalents<span class=\"_ _19d\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(76,576) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(61,648) </span>Cash and cash equivalents at beginning of year<span class=\"_ _19e\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,649 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(14,928) <span class=\"_ _40\"> </span> <span class=\"_ _cd\"> </span>174,721 </span>Cash and cash equivalents at end of year<span class=\"_ _116\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>113,073 </span>IFRS adjustments to the Consolidated Statement of Cash Flows for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. Accordingly, the ca<span class=\"_ _1\"></span>rrying amount of unamortized dry docking costs at December 31, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _e\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the next scheduled dry docking (2.5 - 5). This resulted in the following measureme<span class=\"_ _1\"></span>nt and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs paid <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>capitalized <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>separate component <span class=\"_ _d\"></span>of Vessels and equipment which increased Additions to newbuildings, vesse<span class=\"_ _1\"></span>ls and equipment by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other operating gains.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>leased-in <span class=\"_ _e\"></span>vessels, <span class=\"_ _e\"></span><span class=\"ff3\">FPMC <span class=\"_ _e\"></span>Noble <span class=\"_ _e\"></span></span>and FPMC <span class=\"_ _10\"></span>Melody,<span class=\"ff2\"> <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>Depreciation <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>corresponding <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>in </span>Repayment of obligations under leases.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>IFRS <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>corresponding <span class=\"_ _28\"> </span>increase <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>Repayment <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _28\"> </span>under leases.4.<span class=\"_ _38\"> </span>\"Other, net\" of $0.2 million under U.S. GAAP was reclassified to \"Stock option expense<span class=\"_ _1\"></span>\" under IFRS.5.<span class=\"_ _38\"> </span>The \"Change in restricted cash\" of $14.9 million was presented wit<span class=\"_ _1\"></span>hin operating activities under IFRS.6.<span class=\"_ _38\"> </span>The presentation of net finance expenses was adjusted as follows:a.<span class=\"_ _6f\"> </span>\"Amortization <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>deferred <span class=\"_ _2d\"> </span>charges\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$5.2 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>\"Gain <span class=\"_ _29\"> </span>on <span class=\"_ _2d\"> </span>derivatives\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$23.3 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>were reclassified to \"Net finance expense\". b.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _27\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$60.5 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Interest <span class=\"_ _27\"> </span>received\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>separately, <span class=\"_ _27\"> </span>which resulted in an adjustment to accrued expenses of $1.6 million.7.<span class=\"_ _38\"> </span>\"Debt <span class=\"_ _27\"> </span>fees <span class=\"_ _28\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$8.1 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>within <span class=\"_ _28\"> </span>financing <span class=\"_ _27\"> </span>activities <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _28\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>\"Debt issuance costs paid\" within operating activities under IFRS.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__56": {
   "value": "3.<span class=\"_ _e8\"> </span>CHANGE IN ACCOUNTING POLICIESFirst-time adoption of IFRSThese <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>first <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>prepared <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with IFRS <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>adopted <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>European <span class=\"_ _d\"></span>Union. <span class=\"_ _e\"></span>Accordingly, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>prepared <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>comply <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>IFRS applicable <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>together <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>comparative <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis of <span class=\"_ _27\"> </span>preparation <span class=\"_ _f\"> </span>(Note <span class=\"_ _27\"> </span>2). <span class=\"_ _27\"> </span>In <span class=\"_ _27\"> </span>preparing <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>statements, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company\u2019s <span class=\"_ _27\"> </span>opening <span class=\"_ _27\"> </span>statement <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>position <span class=\"_ _27\"> </span>was prepared as of January 1, 2021, the Company\u2019s date of transition to IFRS. This <span class=\"_ _11\"> </span>note <span class=\"_ _f\"> </span>explains <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>principal <span class=\"_ _f\"> </span>adjustments <span class=\"_ _11\"> </span>made <span class=\"_ _f\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>when <span class=\"_ _11\"> </span>transitioning <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IFRS <span class=\"_ _11\"> </span>from <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>previous <span class=\"_ _11\"> </span>reporting framework, <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>principles <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>accepted <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>United <span class=\"_ _d\"></span>States <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>America <span class=\"_ _d\"></span>(\"U.S. <span class=\"_ _d\"></span>GAAP\") <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>as well as for the year ended December 31, 2021.Exemptions appliedIFRS <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span><span class=\"ff3\">First-Time <span class=\"_ _f\"> </span>Adoption <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>International <span class=\"_ _f\"> </span>Financial <span class=\"_ _f\"> </span>Reporting <span class=\"_ _f\"> </span>Standards</span>, <span class=\"_ _27\"> </span>allows <span class=\"_ _f\"> </span>first-time <span class=\"_ _f\"> </span>adopters <span class=\"_ _f\"> </span>certain <span class=\"_ _f\"> </span>exemptions from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>requirement <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>effective <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>retrospectively. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>availed <span class=\"_ _d\"></span>itself <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>certain of these exemptions as follows: \u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _e\"></span>elected <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>apply <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>3, <span class=\"_ _e\"></span><span class=\"ff3\">Business <span class=\"_ _e\"></span>Combinations,</span> <span class=\"_ _e\"></span>retrospectively <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>business <span class=\"_ _e\"></span>combinations <span class=\"_ _d\"></span>that occurred prior to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>elected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>use <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>practical <span class=\"_ _e\"></span>expedient <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15, <span class=\"_ _10\"></span><span class=\"ff3\">Revenue <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>Contracts <span class=\"_ _10\"></span>with <span class=\"_ _e\"></span>Customers,</span> <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>not restate <span class=\"_ _e\"></span>contracts <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>completed <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>transition <span class=\"_ _e\"></span>date, <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _e\"></span>2021. <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>1 <span class=\"_ _e\"></span>defines <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>completed <span class=\"_ _10\"></span>contract <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>a contract <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>has <span class=\"_ _f\"> </span>transferred <span class=\"_ _f\"> </span>all <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>goods <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>services <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>identified <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>accordance <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>previous GAAP.Effect of transition to IFRSThe main differences identified as a result of the transi<span class=\"_ _1\"></span>tion to IFRS are as follows:\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">Our <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _10\"></span>by <span class=\"_ _11\"> </span>their <span class=\"_ _11\"> </span>respective <span class=\"_ _10\"></span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _11\"> </span>at <span class=\"_ _10\"></span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In </span>general, <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>15 <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every <span class=\"_ _d\"></span>5 <span class=\"_ _e\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>older <span class=\"_ _e\"></span>than <span class=\"_ _d\"></span>15 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every 2.5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>Unlike <span class=\"_ _27\"> </span>Frontline's <span class=\"_ _27\"> </span>previous <span class=\"_ _f\"> </span>accounting <span class=\"_ _27\"> </span>policy <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>such <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _27\"> </span>as incurred, <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>requires <span class=\"_ _e\"></span>significant <span class=\"_ _e\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>property, <span class=\"_ _e\"></span>plant <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>differing <span class=\"_ _e\"></span>depreciation <span class=\"_ _e\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>depreciated <span class=\"_ _d\"></span>separately. <span class=\"_ _e\"></span>Under <span class=\"_ _d\"></span>IFRS, <span class=\"_ _e\"></span>major <span class=\"_ _d\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _d\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _d\"></span>docking, <span class=\"_ _e\"></span>should <span class=\"_ _d\"></span>be identified <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>accounted <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>separate <span class=\"_ _27\"> </span>component <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _28\"> </span>over <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>next <span class=\"_ _27\"> </span>scheduled <span class=\"_ _28\"> </span>dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery and <span class=\"_ _10\"></span>depreciated <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _11\"> </span>scheduled <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking. <span class=\"_ _11\"> </span>When <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>performed, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>carrying amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>remaining <span class=\"_ _d\"></span>unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>previous <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docks <span class=\"_ _d\"></span>(due <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>difference <span class=\"_ _d\"></span>between the <span class=\"_ _29\"> </span>estimated <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>actual <span class=\"_ _29\"> </span>time <span class=\"_ _2d\"> </span>between <span class=\"_ _29\"> </span>dry <span class=\"_ _2d\"> </span>docks) <span class=\"_ _2d\"> </span>is <span class=\"_ _2d\"> </span>derecognized. <span class=\"_ _29\"> </span>Costs <span class=\"_ _2d\"> </span>associated <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>routine <span class=\"_ _2d\"> </span>repairs <span class=\"_ _29\"> </span>and maintenance are expensed as incurred including routine ma<span class=\"_ _1\"></span>intenance performed while the vessel is in dry dock\u2022<span class=\"_ _2c\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one <span class=\"_ _27\"> </span>classification <span class=\"_ _27\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>is <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>lessee. <span class=\"_ _28\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _28\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>line <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>depending <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>nature <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>underlying <span class=\"_ _10\"></span>asset <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>recorded <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>a straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>whereas <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS, <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>amortization <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>are presented separately.\u2022<span class=\"_ _2c\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into a <span class=\"_ _d\"></span>financing agreement <span class=\"_ _d\"></span>before the <span class=\"_ _d\"></span>financial statements <span class=\"_ _d\"></span>are issued. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>accounting treatment is <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>permitted under IFRS.The impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated Statements <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial Position <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>transitioning from <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>detail <span class=\"_ _d\"></span>below. <span class=\"_ _d\"></span>Additionally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statements <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>Profit <span class=\"_ _11\"> </span>or <span class=\"_ _f\"> </span>Loss, <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statement <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>Comprehensive <span class=\"_ _f\"> </span>Income, <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Consolidated Statement <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>Cash <span class=\"_ _f\"> </span>Flows <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>described <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>detail <span class=\"_ _f\"> </span>further <span class=\"_ _f\"> </span>below. <span class=\"_ _11\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>figures presented <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>Annual <span class=\"_ _e\"></span>Report <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>Form <span class=\"_ _e\"></span>20-F <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>was filed with the Securities and Exchange Commission on March 17, 2022.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at January 1, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>174,721 Restricted cash <span class=\"_ _130\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 Marketable securities<span class=\"_ _c\"> </span>1<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,639 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,474 Marketable securities pledged to creditors<span class=\"_ _160\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,835) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Trade and other receivables<span class=\"_ _10d\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>63,924 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>63,924 Trade accounts receivable, net <span class=\"_ _61\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>40,974 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,974) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>13,255 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,255 Other receivables<span class=\"_ _161\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>22,950 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(22,950) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>57,858 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>57,858 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>34,705 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>34,705 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>7,725 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,725 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>2,729 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,729 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>378,319 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>378,319 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _b8\"> </span>48,498 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,498 Vessels and equipment<span class=\"_ _166\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,307,144 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,300,456 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>53,518 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(53,518) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>8,426 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(8,426) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>61,944 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>61,944 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _12\"> </span>1,279 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,279 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>7,197 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,197 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _16c\"> </span>6, 8<span class=\"_ _b1\"> </span> <span class=\"_ _cd\"> </span>167,082 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>67,805 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>234,887 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,810 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,810) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,548 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(4,548) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>19,853 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,853 Trade and other payables<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>55,002 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>55,002 Trade accounts payable <span class=\"_ _16f\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,860 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,860) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>5, 8<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,529 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,529) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(19,261) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _b8\"> </span>12,418 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(12,418) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>281,361 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>40,739 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>322,100 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _172\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>1,968,924 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,000) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>1,908,924 Obligations under finance leases<span class=\"_ _6b\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>48,467 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(48,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,177 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(4,177) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>4c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>52,644 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,644 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>19,261 Other non-current payables<span class=\"_ _174\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>3,739 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,739 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,306,668 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,306,668 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>197,692 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>197,692 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>402,021 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>402,021 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _73\"> </span>10<span class=\"_ _46\"> </span> <span class=\"_ _15\"> </span>200 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>200 Retained earnings<span class=\"_ _120\"> </span>3<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>8,018 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,330 Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,612,025 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,605,337 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,611,553 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,604,865 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>IFRS adjustments of Consolidated Statement of Financial Posit<span class=\"_ _1\"></span>ion as at January 1, 20211.<span class=\"_ _38\"> </span>\"Marketable securities <span class=\"_ _d\"></span>pledged <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>creditors\" of <span class=\"_ _d\"></span>$5.8 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP, were reclassified into \"Marketable securities\" under IFRS.2.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$41.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$23.0 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 3.<span class=\"_ _38\"> </span>Dry <span class=\"_ _e\"></span>docking <span class=\"_ _10\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _10\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred <span class=\"_ _e\"></span>within <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating <span class=\"_ _e\"></span>expense <span class=\"_ _10\"></span>under Frontline\u2019s <span class=\"_ _28\"> </span>historical <span class=\"_\"> </span>accounti<span class=\"_ _1\"></span>ng <span class=\"_\"> </span>pol<span class=\"_ _1\"></span>icy <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>U.S. <span class=\"_\"> </span>GAAP. <span class=\"_ _28\"> </span>Under <span class=\"_ _28\"> </span>IFRS, <span class=\"_\"> </span>significant<span class=\"_ _1\"></span> <span class=\"_\"> </span>com<span class=\"_ _1\"></span>ponents <span class=\"_ _28\"> </span>of property, plant and <span class=\"_ _d\"></span>equipment with differing depreciation <span class=\"_ _d\"></span>methods or lives are <span class=\"_ _d\"></span>required to be <span class=\"_ _d\"></span>depreciated separately. A portion of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>initial <span class=\"_ _d\"></span>cost of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>net <span class=\"_ _28\"> </span>measurement <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>recognition <span class=\"_ _28\"> </span>adjustment <span class=\"_ _27\"> </span>which decreased Vessels and equipment and Retained earnings by $6.7 mi<span class=\"_ _1\"></span>llion as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>Vessels <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>equipment <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _28\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>Retained <span class=\"_ _27\"> </span>earnings <span class=\"_ _28\"> </span>by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.4.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$53.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$8.4 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.8 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$4.5 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \u201cCurrent portion of obligations under leases\u201d under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$48.5 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$4.2 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.5.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$7.9 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.5 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $12.4 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\"Trade <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>other <span class=\"_ _e\"></span>payables\" under IFRS.6.<span class=\"_ _38\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>financing <span class=\"_ _10\"></span>agreement <span class=\"_ _10\"></span>before <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>issued. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company presented <span class=\"_ _11\"></span>the <span class=\"_ _11\"> </span>non-current <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>refinanced <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>February <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>long-term <span class=\"_ _11\"> </span>debt <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>1, 2021. <span class=\"_ _11\"> </span>This <span class=\"_ _11\"> </span>accounting <span class=\"_ _f\"> </span>treatment <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>permitted <span class=\"_ _f\"> </span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>reclassification <span class=\"_ _11\"> </span>adjustment <span class=\"_ _11\"> </span>which increased <span class=\"_ _d\"></span>Short-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>portion <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>long-term <span class=\"_ _e\"></span>debt <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>decreased <span class=\"_ _d\"></span>Long-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of January 1, 2021.7.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $3.7 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.8.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$7.8 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.9.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.10.<span class=\"_ _39\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>113,073 Marketable securities<span class=\"_ _179\"> </span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,435 Trade and other receivables<span class=\"_ _10d\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>73,532 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>73,532 Trade accounts receivable, net<span class=\"_ _17a\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>63,423 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(63,423) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>11,676 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>11,676 Other receivables<span class=\"_ _161\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>10,109 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,109) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>80,787 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,787 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>38,492 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>38,492 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>8,899 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,899 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>3,851 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,851 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>332,745 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>332,745 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _cd\"> </span>130,633 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>130,633 Vessels and equipment<span class=\"_ _166\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,477,801 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,467,300 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>44,880 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(44,880) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,914 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,914) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,794 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>48,794 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Derivative instrument receivable<span class=\"_ _72\"> </span> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,675 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _15\"> </span>555 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>555 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>3,055 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,055 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _17b\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,286 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>198,665 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,601 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,601) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>1,122 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(1,122) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>8,723 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,723 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>36,250 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>36,250 Trade and other payables<span class=\"_ _11d\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,364 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,364 Trade accounts payable<span class=\"_ _b5\"> </span>4<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,327 <span class=\"_ _37\"> </span> <span class=\"_ _b9\"> </span>(2,327) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>4, 7<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,836 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,836) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable <span class=\"_ _17c\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,580 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,580) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>292,675 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>287,002 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _108\"> </span> <span class=\"_ _e8\"> </span>2,126,910 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,126,910 Obligations under finance leases<span class=\"_ _6b\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>40,865 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,865) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,114 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,114) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>3c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,979 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,979 Derivative instruments payable<span class=\"_ _170\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 Other non-current payables<span class=\"_ _174\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>992 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>992 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,464,556 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,464,556 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>203,531 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>203,531 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>448,291 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>448,291 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _17d\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>228 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>228 Retained (deficit) earnings<span class=\"_ _17e\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(3,130) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(13,631) Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,653,014 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(10,501) <span class=\"_ _40\"> </span> <span class=\"_ _e8\"> </span>1,642,513 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,652,542 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,642,041 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>IFRS adjustments of the Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 20211.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$63.4 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$10.1 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _d\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>next <span class=\"_ _e\"></span>scheduled <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking. <span class=\"_ _e\"></span>This <span class=\"_ _e\"></span>resulted <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>net <span class=\"_ _e\"></span>measurement and <span class=\"_\"> </span>recognition <span class=\"_\"> </span>adjustm<span class=\"_ _1\"></span>ent <span class=\"_\"> </span>which <span class=\"_\"> </span>decrease<span class=\"_ _1\"></span>d <span class=\"_\"> </span>Vessels <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_\"> </span>and <span class=\"_\"> </span>Retained <span class=\"_ _28\"> </span>earnings <span class=\"_\"> </span>by <span class=\"_\"> </span>$10.5 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component of Vessels and equipment which increased Vessels and equipment and Retained earnings by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>capitalized <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate <span class=\"_ _f\"> </span>component <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>equipment <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _27\"> </span>Vessels <span class=\"_ _f\"> </span>and equipment and Retained earnings by $11.4 million.d.<span class=\"_ _38\"> </span>depreciation <span class=\"_ _2d\"> </span>expense <span class=\"_ _36\"> </span>on <span class=\"_ _36\"> </span>capitalized <span class=\"_ _36\"> </span>dry <span class=\"_ _36\"> </span>docking <span class=\"_ _36\"> </span>costs <span class=\"_ _36\"> </span>and <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>write <span class=\"_ _36\"> </span>off <span class=\"_ _36\"> </span>of <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>carrying <span class=\"_ _36\"> </span>amount <span class=\"_ _36\"> </span>of unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>vessels sold <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>resulted in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>decrease <span class=\"_ _d\"></span>in Vessels and equipment and Retained earnings of $13.3 million and $1.8 m<span class=\"_ _1\"></span>illion, respectively.3.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$44.9 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.9 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.6 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$1.1 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \"Current portion of obligations under leases\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$40.9 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.1 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.4.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$2.3 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.8 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $7.6 <span class=\"_ _10\"></span>million, <span class=\"_ _11\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>separately <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>reclassified <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>\"Trade <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>other <span class=\"_ _11\"> </span>payables\" under IFRS.5.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $1.0 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.6.<span class=\"_ _38\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.7.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$9.4 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.8.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.Reconciliation of Consolidated Statement of Profit or Loss<span class=\"ff2\"> </span>for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _ed\"> </span><span class=\"ff1\">Note<span class=\"_ _20\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSOperating revenues and other incomeVoyage charter revenues<span class=\"_ _17f\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _5a\"> </span>663,995 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(663,995) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Time charter revenues<span class=\"_ _180\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _12f\"> </span>71,236 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(71,236) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Revenues <span class=\"_ _148\"> </span>1a, 1b<span class=\"_ _11b\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>749,381 Other income<span class=\"_ _10f\"> </span>1b, 1c, 2c<span class=\"_ _9d\"> </span> <span class=\"_ _d1\"> </span>14,150 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,090) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>4,060 Total operating revenues and other income<span class=\"_ _182\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>4,060 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>753,441 </span>Other operating gains <span class=\"_ _7\"> </span><span class=\"ff2\">1c<span class=\"_ _183\"> </span> <span class=\"_ _b9\"> </span>5,893 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(5,893) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 </span>Operating expensesVoyage expenses and commission<span class=\"_ _6c\"> </span> <span class=\"_ _4a\"> </span>392,697 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>392,697 Contingent rental income<span class=\"_ _184\"> </span> <span class=\"_ _20\"> </span>(3,606) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Ship operating expenses<span class=\"_ _82\"> </span>2a<span class=\"_ _1a\"> </span> <span class=\"_ _cf\"> </span>175,607 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>164,246 Charter hire expenses<span class=\"_ _a6\"> </span>3a<span class=\"_ _1a\"> </span> <span class=\"_ _b9\"> </span>2,695 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(2,695) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Administrative expenses <span class=\"_ _14b\"> </span>3b<span class=\"_ _183\"> </span> <span class=\"_ _d1\"> </span>27,891 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>26,424 Depreciation<span class=\"_ _13\"> </span>2b, 3<span class=\"_ _185\"> </span> <span class=\"_ _cf\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>17,431 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>165,205 Total operating expenses<span class=\"_ _166\"> </span><span class=\"ff2\"> <span class=\"_ _4a\"> </span>743,058 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,908 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>744,966 </span>Net operating income<span class=\"_ _12d\"> </span><span class=\"ff2\"> <span class=\"_ _d1\"> </span>12,216 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,741) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>8,475 </span>Other income (expenses)<span class=\"_ _f4\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Finance income<span class=\"_ _118\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _15\"> </span>121 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>121 Interest income<span class=\"_ _135\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _26\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _1d\"> </span>(119) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Finance expense<span class=\"_ _186\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _a0\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(44,244) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(44,244) Interest expense<span class=\"_ _ed\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _187\"> </span>(61,435) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>61,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Gain on marketable securities<span class=\"_ _47\"> </span> <span class=\"_ _b9\"> </span>7,677 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,677 Share of results of associated company<span class=\"_ _188\"> </span> <span class=\"_ _53\"> </span>(724) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(724) Foreign currency exchange loss<span class=\"_ _189\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _53\"> </span>(116) <span class=\"_ _40\"> </span> <span class=\"_ _f6\"> </span>116 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Gain on derivatives<span class=\"_ _10b\"> </span>5<span class=\"_ _3c\"> </span> <span class=\"_ _88\"> </span>17,509 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(17,509) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Dividends received<span class=\"_ _b5\"> </span>6<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,367 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>18,367 Other non-operating items, net<span class=\"_ _86\"> </span>6<span class=\"_ _18a\"> </span> <span class=\"_ _d1\"> </span>18,239 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(18,239) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Net other expenses<span class=\"_ _cc\"> </span><span class=\"ff2\"> <span class=\"_ _41\"> </span>(18,731) <span class=\"_ _2a\"> </span> <span class=\"_ _a0\"> </span>(72) <span class=\"_ _40\"> </span> <span class=\"_ _d1\"> </span>(18,803) </span>Loss before income taxes<span class=\"_ _18b\"> </span><span class=\"ff2\"> <span class=\"_ _20\"> </span>(6,515) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(10,328) </span>Income tax expense<span class=\"_ _18c\"> </span> <span class=\"_ _20\"> </span>(4,633) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(4,633) Loss for the period<span class=\"_ _f1\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Loss attributable to the shareholders of the Company<span class=\"_ _18d\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Basic loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _4e\"> </span>$(0.02)<span class=\"_ _18f\"> </span>$(0.08)</span>Diluted loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _18f\"> </span>$(0.02)<span class=\"_ _4e\"> </span>$(0.08)</span>IFRS adjustments to the Consolidated Statement of Profit or Loss for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>The presentation of operating revenues and other income was adjust<span class=\"_ _1\"></span>ed as follows:a.<span class=\"_ _6f\"> </span>\"Voyage <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>\"Time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _11\"> </span>GAAP <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>\"Revenue\" under IFRS.b.<span class=\"_ _38\"> </span>\"Administrative <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$14.2 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\"Other <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _d\"></span>to \"Revenue\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Other operating gains\" of $5.9 million under U.S. GAAP was reclassified to \"Other income\" under IFRS. 2.<span class=\"_ _38\"> </span><span class=\"ff2\">Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as </span>incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _27\"> </span>delivery <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>period <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>following measurement and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>decreased <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating expense by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other income.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _e\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>two <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>leased <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>third <span class=\"_ _e\"></span>party on time charters that were classified as leases<span class=\"ff3\">,</span> was re<span class=\"_ _1\"></span>classified to Depreciation under IFRS.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation under IFRS.4.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _f\"> </span>income\" <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _f\"> </span>separately <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>\"Finance income\" under IFRS.5.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _e\"></span>expense\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$61.4 <span class=\"_ _e\"></span>million, <span class=\"_ _10\"></span>\"Gain <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>derivatives\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$17.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>\"Foreign <span class=\"_ _e\"></span>currency <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>loss\" <span class=\"_ _10\"></span>of $0.1 million, which were presented separately under U.S. GAAP, were recla<span class=\"_ _1\"></span>ssified to \"Finance expense\" under IFRS.6.<span class=\"_ _38\"> </span>\"Other <span class=\"_ _10\"></span>non-operating <span class=\"_ _10\"></span>items, <span class=\"_ _10\"></span>net\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$18.4 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>reclassified <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>\"Dividends <span class=\"_ _10\"></span>received\" <span class=\"_ _10\"></span>under IFRS.Reconciliation of Consolidated Comprehensive Income for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _190\"> </span><span class=\"ff1\">Note<span class=\"_ _8a\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSProfit (loss)<span class=\"_ _138\"> </span>1<span class=\"_ _185\"> </span> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) Items that may be reclassified to profit or loss:Foreign currency translation gain (loss)<span class=\"_ _6b\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Other comprehensive income (loss)<span class=\"_ _74\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Comprehensive income (loss)<span class=\"_ _166\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) Comprehensive income (loss) attributable to the shareholders of the Company<span class=\"_ _191\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) IFRS adjustments to the Consolidated Comprehensive Income for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.Reconciliation of Consolidated Statement of Cash Flows for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _192\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSNet loss for the period<span class=\"_ _184\"> </span><span class=\"ff2\">1<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(11,148) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(14,961) </span>Adjustments to reconcile loss for the period with net cash provided by operations:Net finance expense<span class=\"_ _193\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>44,123 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,123 Depreciation<span class=\"_ _194\"> </span>2b, 3<span class=\"_ _f0\"> </span> <span class=\"_ _cd\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>17,431 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>165,205 Amortization of deferred charges<span class=\"_ _c0\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12\"> </span>5,208 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,208) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other operating gains<span class=\"_ _10f\"> </span>2c<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(5,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,833 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,225) Amortization of acquired time charters<span class=\"_ _69\"> </span> <span class=\"_ _ab\"> </span>(5,045) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,045) Contingent rental income<span class=\"_ _195\"> </span> <span class=\"_ _c4\"> </span>(3,606) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Gain on marketable securities<span class=\"_ _16f\"> </span> <span class=\"_ _c4\"> </span>(7,677) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,677) Share of results from associated company<span class=\"_ _116\"> </span> <span class=\"_ _15\"> </span>724 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>724 Gain on derivatives<span class=\"_ _118\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12f\"> </span>(23,262) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>23,262 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Stock option expense<span class=\"_ _df\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 Other, net<span class=\"_ _d5\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>430 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(430) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Changes in operating assets and liabilities:Trade accounts receivable<span class=\"_ _ed\"> </span> <span class=\"_ _12f\"> </span>(22,449) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,449) Other receivables<span class=\"_ _196\"> </span> <span class=\"_ _12\"> </span>7,216 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,216 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _12f\"> </span>(22,929) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,929) Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _c4\"> </span>(3,787) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,787) Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _ab\"> </span>(1,174) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(1,174) Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _b9\"> </span>(1,128) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,128) Trade accounts payable<span class=\"_ _120\"> </span> <span class=\"_ _c4\"> </span>(5,533) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,533) Accrued expenses<span class=\"_ _11f\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(1,911) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(1,574) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,485) Related party balances<span class=\"_ _148\"> </span> <span class=\"_ _ce\"> </span>18,968 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,968 Other current liabilities<span class=\"_ _144\"> </span> <span class=\"_ _15\"> </span>135 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>135 Change in restricted cash<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,928 Other<span class=\"_ _197\"> </span> <span class=\"_ _c4\"> </span>(2,816) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(2,816) Interest paid<span class=\"_ _119\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,477) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(60,477) Debt issuance costs paid<span class=\"_ _166\"> </span>7<span class=\"_ _1e\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(8,050) Interest received<span class=\"_ _d0\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>119 Net cash provided by operating activities<span class=\"_ _e2\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>62,932 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,329 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>85,261 </span>Investing activities<span class=\"_ _198\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Additions to newbuildings, vessels and equipment<span class=\"_ _e0\"> </span>2a<span class=\"_ _46\"> </span> <span class=\"_ _5a\"> </span>(462,400) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(473,761) Purchase of shares<span class=\"_ _10e\"> </span> <span class=\"_ _1d\"> </span>(357) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(357) Net proceeds from sale of vessel<span class=\"_ _122\"> </span> <span class=\"_ _ce\"> </span>80,000 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,000 Net cash inflow on sale of subsidiary<span class=\"_ _7b\"> </span> <span class=\"_ _12\"> </span>5,625 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,625 Proceeds from sale of marketable securities<span class=\"_ _199\"> </span> <span class=\"_ _b8\"> </span>14,074 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,074 Net cash used in investing activities<span class=\"_ _67\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>(363,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(374,419) </span>Financing activities<span class=\"_ _19a\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Net proceeds from issuance of shares<span class=\"_ _83\"> </span> <span class=\"_ _ce\"> </span>52,447 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,447 Proceeds from issuance of debt<span class=\"_ _f8\"> </span> <span class=\"_ _cd\"> </span>403,868 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>403,868 Repayment of debt<span class=\"_ _19b\"> </span> <span class=\"_ _5a\"> </span>(219,521) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(219,521) Repayment of obligations under leases<span class=\"_ _19c\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(5,194) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(4,090) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(9,284) Debt fees paid <span class=\"_ _132\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _ab\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>8,050 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Net cash provided by financing activities<span class=\"_ _189\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>223,550 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,960 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>227,510 </span>Net change in cash and cash equivalents<span class=\"_ _19d\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(76,576) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(61,648) </span>Cash and cash equivalents at beginning of year<span class=\"_ _19e\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,649 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(14,928) <span class=\"_ _40\"> </span> <span class=\"_ _cd\"> </span>174,721 </span>Cash and cash equivalents at end of year<span class=\"_ _116\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>113,073 </span>IFRS adjustments to the Consolidated Statement of Cash Flows for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. Accordingly, the ca<span class=\"_ _1\"></span>rrying amount of unamortized dry docking costs at December 31, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _e\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the next scheduled dry docking (2.5 - 5). This resulted in the following measureme<span class=\"_ _1\"></span>nt and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs paid <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>capitalized <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>separate component <span class=\"_ _d\"></span>of Vessels and equipment which increased Additions to newbuildings, vesse<span class=\"_ _1\"></span>ls and equipment by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other operating gains.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>leased-in <span class=\"_ _e\"></span>vessels, <span class=\"_ _e\"></span><span class=\"ff3\">FPMC <span class=\"_ _e\"></span>Noble <span class=\"_ _e\"></span></span>and FPMC <span class=\"_ _10\"></span>Melody,<span class=\"ff2\"> <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>Depreciation <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>corresponding <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>in </span>Repayment of obligations under leases.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>IFRS <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>corresponding <span class=\"_ _28\"> </span>increase <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>Repayment <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _28\"> </span>under leases.4.<span class=\"_ _38\"> </span>\"Other, net\" of $0.2 million under U.S. GAAP was reclassified to \"Stock option expense<span class=\"_ _1\"></span>\" under IFRS.5.<span class=\"_ _38\"> </span>The \"Change in restricted cash\" of $14.9 million was presented wit<span class=\"_ _1\"></span>hin operating activities under IFRS.6.<span class=\"_ _38\"> </span>The presentation of net finance expenses was adjusted as follows:a.<span class=\"_ _6f\"> </span>\"Amortization <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>deferred <span class=\"_ _2d\"> </span>charges\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$5.2 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>\"Gain <span class=\"_ _29\"> </span>on <span class=\"_ _2d\"> </span>derivatives\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$23.3 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>were reclassified to \"Net finance expense\". b.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _27\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$60.5 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Interest <span class=\"_ _27\"> </span>received\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>separately, <span class=\"_ _27\"> </span>which resulted in an adjustment to accrued expenses of $1.6 million.7.<span class=\"_ _38\"> </span>\"Debt <span class=\"_ _27\"> </span>fees <span class=\"_ _28\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$8.1 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>within <span class=\"_ _28\"> </span>financing <span class=\"_ _27\"> </span>activities <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _28\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>\"Debt issuance costs paid\" within operating activities under IFRS.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__55": {
   "value": "3.<span class=\"_ _e8\"> </span>CHANGE IN ACCOUNTING POLICIESFirst-time adoption of IFRSThese <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>first <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>prepared <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with IFRS <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>adopted <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>European <span class=\"_ _d\"></span>Union. <span class=\"_ _e\"></span>Accordingly, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>prepared <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>comply <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>IFRS applicable <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>together <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>comparative <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis of <span class=\"_ _27\"> </span>preparation <span class=\"_ _f\"> </span>(Note <span class=\"_ _27\"> </span>2). <span class=\"_ _27\"> </span>In <span class=\"_ _27\"> </span>preparing <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>statements, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company\u2019s <span class=\"_ _27\"> </span>opening <span class=\"_ _27\"> </span>statement <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>position <span class=\"_ _27\"> </span>was prepared as of January 1, 2021, the Company\u2019s date of transition to IFRS. This <span class=\"_ _11\"> </span>note <span class=\"_ _f\"> </span>explains <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>principal <span class=\"_ _f\"> </span>adjustments <span class=\"_ _11\"> </span>made <span class=\"_ _f\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>when <span class=\"_ _11\"> </span>transitioning <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IFRS <span class=\"_ _11\"> </span>from <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>previous <span class=\"_ _11\"> </span>reporting framework, <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>principles <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>accepted <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>United <span class=\"_ _d\"></span>States <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>America <span class=\"_ _d\"></span>(\"U.S. <span class=\"_ _d\"></span>GAAP\") <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>as well as for the year ended December 31, 2021.Exemptions appliedIFRS <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span><span class=\"ff3\">First-Time <span class=\"_ _f\"> </span>Adoption <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>International <span class=\"_ _f\"> </span>Financial <span class=\"_ _f\"> </span>Reporting <span class=\"_ _f\"> </span>Standards</span>, <span class=\"_ _27\"> </span>allows <span class=\"_ _f\"> </span>first-time <span class=\"_ _f\"> </span>adopters <span class=\"_ _f\"> </span>certain <span class=\"_ _f\"> </span>exemptions from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>requirement <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>effective <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>retrospectively. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>availed <span class=\"_ _d\"></span>itself <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>certain of these exemptions as follows: \u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _e\"></span>elected <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>apply <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>3, <span class=\"_ _e\"></span><span class=\"ff3\">Business <span class=\"_ _e\"></span>Combinations,</span> <span class=\"_ _e\"></span>retrospectively <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>business <span class=\"_ _e\"></span>combinations <span class=\"_ _d\"></span>that occurred prior to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>elected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>use <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>practical <span class=\"_ _e\"></span>expedient <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15, <span class=\"_ _10\"></span><span class=\"ff3\">Revenue <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>Contracts <span class=\"_ _10\"></span>with <span class=\"_ _e\"></span>Customers,</span> <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>not restate <span class=\"_ _e\"></span>contracts <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>completed <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>transition <span class=\"_ _e\"></span>date, <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _e\"></span>2021. <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>1 <span class=\"_ _e\"></span>defines <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>completed <span class=\"_ _10\"></span>contract <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>a contract <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>has <span class=\"_ _f\"> </span>transferred <span class=\"_ _f\"> </span>all <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>goods <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>services <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>identified <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>accordance <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>previous GAAP.Effect of transition to IFRSThe main differences identified as a result of the transi<span class=\"_ _1\"></span>tion to IFRS are as follows:\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">Our <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _10\"></span>by <span class=\"_ _11\"> </span>their <span class=\"_ _11\"> </span>respective <span class=\"_ _10\"></span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _11\"> </span>at <span class=\"_ _10\"></span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In </span>general, <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>15 <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every <span class=\"_ _d\"></span>5 <span class=\"_ _e\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>older <span class=\"_ _e\"></span>than <span class=\"_ _d\"></span>15 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every 2.5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>Unlike <span class=\"_ _27\"> </span>Frontline's <span class=\"_ _27\"> </span>previous <span class=\"_ _f\"> </span>accounting <span class=\"_ _27\"> </span>policy <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>such <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _27\"> </span>as incurred, <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>requires <span class=\"_ _e\"></span>significant <span class=\"_ _e\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>property, <span class=\"_ _e\"></span>plant <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>differing <span class=\"_ _e\"></span>depreciation <span class=\"_ _e\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>depreciated <span class=\"_ _d\"></span>separately. <span class=\"_ _e\"></span>Under <span class=\"_ _d\"></span>IFRS, <span class=\"_ _e\"></span>major <span class=\"_ _d\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _d\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _d\"></span>docking, <span class=\"_ _e\"></span>should <span class=\"_ _d\"></span>be identified <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>accounted <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>separate <span class=\"_ _27\"> </span>component <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _28\"> </span>over <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>next <span class=\"_ _27\"> </span>scheduled <span class=\"_ _28\"> </span>dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery and <span class=\"_ _10\"></span>depreciated <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _11\"> </span>scheduled <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking. <span class=\"_ _11\"> </span>When <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>performed, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>carrying amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>remaining <span class=\"_ _d\"></span>unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>previous <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docks <span class=\"_ _d\"></span>(due <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>difference <span class=\"_ _d\"></span>between the <span class=\"_ _29\"> </span>estimated <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>actual <span class=\"_ _29\"> </span>time <span class=\"_ _2d\"> </span>between <span class=\"_ _29\"> </span>dry <span class=\"_ _2d\"> </span>docks) <span class=\"_ _2d\"> </span>is <span class=\"_ _2d\"> </span>derecognized. <span class=\"_ _29\"> </span>Costs <span class=\"_ _2d\"> </span>associated <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>routine <span class=\"_ _2d\"> </span>repairs <span class=\"_ _29\"> </span>and maintenance are expensed as incurred including routine ma<span class=\"_ _1\"></span>intenance performed while the vessel is in dry dock\u2022<span class=\"_ _2c\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one <span class=\"_ _27\"> </span>classification <span class=\"_ _27\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>is <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>lessee. <span class=\"_ _28\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _28\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>line <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>depending <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>nature <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>underlying <span class=\"_ _10\"></span>asset <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>recorded <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>a straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>whereas <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS, <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>amortization <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>are presented separately.\u2022<span class=\"_ _2c\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into a <span class=\"_ _d\"></span>financing agreement <span class=\"_ _d\"></span>before the <span class=\"_ _d\"></span>financial statements <span class=\"_ _d\"></span>are issued. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>accounting treatment is <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>permitted under IFRS.The impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated Statements <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial Position <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>transitioning from <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>detail <span class=\"_ _d\"></span>below. <span class=\"_ _d\"></span>Additionally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statements <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>Profit <span class=\"_ _11\"> </span>or <span class=\"_ _f\"> </span>Loss, <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statement <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>Comprehensive <span class=\"_ _f\"> </span>Income, <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Consolidated Statement <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>Cash <span class=\"_ _f\"> </span>Flows <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>described <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>detail <span class=\"_ _f\"> </span>further <span class=\"_ _f\"> </span>below. <span class=\"_ _11\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>figures presented <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>Annual <span class=\"_ _e\"></span>Report <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>Form <span class=\"_ _e\"></span>20-F <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>was filed with the Securities and Exchange Commission on March 17, 2022.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at January 1, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>174,721 Restricted cash <span class=\"_ _130\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 Marketable securities<span class=\"_ _c\"> </span>1<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,639 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,474 Marketable securities pledged to creditors<span class=\"_ _160\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,835) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Trade and other receivables<span class=\"_ _10d\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>63,924 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>63,924 Trade accounts receivable, net <span class=\"_ _61\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>40,974 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,974) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>13,255 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,255 Other receivables<span class=\"_ _161\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>22,950 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(22,950) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>57,858 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>57,858 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>34,705 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>34,705 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>7,725 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,725 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>2,729 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,729 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>378,319 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>378,319 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _b8\"> </span>48,498 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,498 Vessels and equipment<span class=\"_ _166\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,307,144 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,300,456 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>53,518 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(53,518) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>8,426 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(8,426) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>61,944 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>61,944 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _12\"> </span>1,279 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,279 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>7,197 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,197 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _16c\"> </span>6, 8<span class=\"_ _b1\"> </span> <span class=\"_ _cd\"> </span>167,082 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>67,805 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>234,887 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,810 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,810) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,548 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(4,548) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>19,853 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,853 Trade and other payables<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>55,002 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>55,002 Trade accounts payable <span class=\"_ _16f\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,860 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,860) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>5, 8<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,529 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,529) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(19,261) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _b8\"> </span>12,418 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(12,418) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>281,361 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>40,739 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>322,100 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _172\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>1,968,924 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,000) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>1,908,924 Obligations under finance leases<span class=\"_ _6b\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>48,467 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(48,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,177 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(4,177) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>4c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>52,644 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,644 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>19,261 Other non-current payables<span class=\"_ _174\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>3,739 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,739 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,306,668 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,306,668 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>197,692 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>197,692 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>402,021 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>402,021 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _73\"> </span>10<span class=\"_ _46\"> </span> <span class=\"_ _15\"> </span>200 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>200 Retained earnings<span class=\"_ _120\"> </span>3<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>8,018 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,330 Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,612,025 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,605,337 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,611,553 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,604,865 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>IFRS adjustments of Consolidated Statement of Financial Posit<span class=\"_ _1\"></span>ion as at January 1, 20211.<span class=\"_ _38\"> </span>\"Marketable securities <span class=\"_ _d\"></span>pledged <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>creditors\" of <span class=\"_ _d\"></span>$5.8 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP, were reclassified into \"Marketable securities\" under IFRS.2.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$41.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$23.0 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 3.<span class=\"_ _38\"> </span>Dry <span class=\"_ _e\"></span>docking <span class=\"_ _10\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _10\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred <span class=\"_ _e\"></span>within <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating <span class=\"_ _e\"></span>expense <span class=\"_ _10\"></span>under Frontline\u2019s <span class=\"_ _28\"> </span>historical <span class=\"_\"> </span>accounti<span class=\"_ _1\"></span>ng <span class=\"_\"> </span>pol<span class=\"_ _1\"></span>icy <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>U.S. <span class=\"_\"> </span>GAAP. <span class=\"_ _28\"> </span>Under <span class=\"_ _28\"> </span>IFRS, <span class=\"_\"> </span>significant<span class=\"_ _1\"></span> <span class=\"_\"> </span>com<span class=\"_ _1\"></span>ponents <span class=\"_ _28\"> </span>of property, plant and <span class=\"_ _d\"></span>equipment with differing depreciation <span class=\"_ _d\"></span>methods or lives are <span class=\"_ _d\"></span>required to be <span class=\"_ _d\"></span>depreciated separately. A portion of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>initial <span class=\"_ _d\"></span>cost of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>net <span class=\"_ _28\"> </span>measurement <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>recognition <span class=\"_ _28\"> </span>adjustment <span class=\"_ _27\"> </span>which decreased Vessels and equipment and Retained earnings by $6.7 mi<span class=\"_ _1\"></span>llion as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>Vessels <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>equipment <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _28\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>Retained <span class=\"_ _27\"> </span>earnings <span class=\"_ _28\"> </span>by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.4.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$53.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$8.4 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.8 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$4.5 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \u201cCurrent portion of obligations under leases\u201d under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$48.5 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$4.2 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.5.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$7.9 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.5 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $12.4 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\"Trade <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>other <span class=\"_ _e\"></span>payables\" under IFRS.6.<span class=\"_ _38\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>financing <span class=\"_ _10\"></span>agreement <span class=\"_ _10\"></span>before <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>issued. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company presented <span class=\"_ _11\"></span>the <span class=\"_ _11\"> </span>non-current <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>refinanced <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>February <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>long-term <span class=\"_ _11\"> </span>debt <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>1, 2021. <span class=\"_ _11\"> </span>This <span class=\"_ _11\"> </span>accounting <span class=\"_ _f\"> </span>treatment <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>permitted <span class=\"_ _f\"> </span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>reclassification <span class=\"_ _11\"> </span>adjustment <span class=\"_ _11\"> </span>which increased <span class=\"_ _d\"></span>Short-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>portion <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>long-term <span class=\"_ _e\"></span>debt <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>decreased <span class=\"_ _d\"></span>Long-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of January 1, 2021.7.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $3.7 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.8.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$7.8 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.9.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.10.<span class=\"_ _39\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>113,073 Marketable securities<span class=\"_ _179\"> </span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,435 Trade and other receivables<span class=\"_ _10d\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>73,532 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>73,532 Trade accounts receivable, net<span class=\"_ _17a\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>63,423 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(63,423) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>11,676 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>11,676 Other receivables<span class=\"_ _161\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>10,109 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,109) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>80,787 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,787 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>38,492 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>38,492 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>8,899 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,899 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>3,851 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,851 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>332,745 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>332,745 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _cd\"> </span>130,633 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>130,633 Vessels and equipment<span class=\"_ _166\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,477,801 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,467,300 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>44,880 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(44,880) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,914 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,914) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,794 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>48,794 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Derivative instrument receivable<span class=\"_ _72\"> </span> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,675 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _15\"> </span>555 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>555 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>3,055 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,055 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _17b\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,286 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>198,665 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,601 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,601) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>1,122 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(1,122) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>8,723 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,723 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>36,250 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>36,250 Trade and other payables<span class=\"_ _11d\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,364 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,364 Trade accounts payable<span class=\"_ _b5\"> </span>4<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,327 <span class=\"_ _37\"> </span> <span class=\"_ _b9\"> </span>(2,327) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>4, 7<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,836 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,836) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable <span class=\"_ _17c\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,580 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,580) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>292,675 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>287,002 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _108\"> </span> <span class=\"_ _e8\"> </span>2,126,910 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,126,910 Obligations under finance leases<span class=\"_ _6b\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>40,865 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,865) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,114 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,114) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>3c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,979 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,979 Derivative instruments payable<span class=\"_ _170\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 Other non-current payables<span class=\"_ _174\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>992 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>992 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,464,556 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,464,556 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>203,531 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>203,531 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>448,291 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>448,291 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _17d\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>228 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>228 Retained (deficit) earnings<span class=\"_ _17e\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(3,130) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(13,631) Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,653,014 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(10,501) <span class=\"_ _40\"> </span> <span class=\"_ _e8\"> </span>1,642,513 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,652,542 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,642,041 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>IFRS adjustments of the Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 20211.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$63.4 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$10.1 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _d\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>next <span class=\"_ _e\"></span>scheduled <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking. <span class=\"_ _e\"></span>This <span class=\"_ _e\"></span>resulted <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>net <span class=\"_ _e\"></span>measurement and <span class=\"_\"> </span>recognition <span class=\"_\"> </span>adjustm<span class=\"_ _1\"></span>ent <span class=\"_\"> </span>which <span class=\"_\"> </span>decrease<span class=\"_ _1\"></span>d <span class=\"_\"> </span>Vessels <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_\"> </span>and <span class=\"_\"> </span>Retained <span class=\"_ _28\"> </span>earnings <span class=\"_\"> </span>by <span class=\"_\"> </span>$10.5 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component of Vessels and equipment which increased Vessels and equipment and Retained earnings by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>capitalized <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate <span class=\"_ _f\"> </span>component <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>equipment <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _27\"> </span>Vessels <span class=\"_ _f\"> </span>and equipment and Retained earnings by $11.4 million.d.<span class=\"_ _38\"> </span>depreciation <span class=\"_ _2d\"> </span>expense <span class=\"_ _36\"> </span>on <span class=\"_ _36\"> </span>capitalized <span class=\"_ _36\"> </span>dry <span class=\"_ _36\"> </span>docking <span class=\"_ _36\"> </span>costs <span class=\"_ _36\"> </span>and <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>write <span class=\"_ _36\"> </span>off <span class=\"_ _36\"> </span>of <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>carrying <span class=\"_ _36\"> </span>amount <span class=\"_ _36\"> </span>of unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>vessels sold <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>resulted in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>decrease <span class=\"_ _d\"></span>in Vessels and equipment and Retained earnings of $13.3 million and $1.8 m<span class=\"_ _1\"></span>illion, respectively.3.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$44.9 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.9 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.6 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$1.1 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \"Current portion of obligations under leases\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$40.9 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.1 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.4.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$2.3 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.8 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $7.6 <span class=\"_ _10\"></span>million, <span class=\"_ _11\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>separately <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>reclassified <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>\"Trade <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>other <span class=\"_ _11\"> </span>payables\" under IFRS.5.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $1.0 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.6.<span class=\"_ _38\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.7.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$9.4 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.8.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.Reconciliation of Consolidated Statement of Profit or Loss<span class=\"ff2\"> </span>for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _ed\"> </span><span class=\"ff1\">Note<span class=\"_ _20\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSOperating revenues and other incomeVoyage charter revenues<span class=\"_ _17f\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _5a\"> </span>663,995 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(663,995) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Time charter revenues<span class=\"_ _180\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _12f\"> </span>71,236 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(71,236) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Revenues <span class=\"_ _148\"> </span>1a, 1b<span class=\"_ _11b\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>749,381 Other income<span class=\"_ _10f\"> </span>1b, 1c, 2c<span class=\"_ _9d\"> </span> <span class=\"_ _d1\"> </span>14,150 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,090) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>4,060 Total operating revenues and other income<span class=\"_ _182\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>4,060 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>753,441 </span>Other operating gains <span class=\"_ _7\"> </span><span class=\"ff2\">1c<span class=\"_ _183\"> </span> <span class=\"_ _b9\"> </span>5,893 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(5,893) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 </span>Operating expensesVoyage expenses and commission<span class=\"_ _6c\"> </span> <span class=\"_ _4a\"> </span>392,697 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>392,697 Contingent rental income<span class=\"_ _184\"> </span> <span class=\"_ _20\"> </span>(3,606) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Ship operating expenses<span class=\"_ _82\"> </span>2a<span class=\"_ _1a\"> </span> <span class=\"_ _cf\"> </span>175,607 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>164,246 Charter hire expenses<span class=\"_ _a6\"> </span>3a<span class=\"_ _1a\"> </span> <span class=\"_ _b9\"> </span>2,695 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(2,695) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Administrative expenses <span class=\"_ _14b\"> </span>3b<span class=\"_ _183\"> </span> <span class=\"_ _d1\"> </span>27,891 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>26,424 Depreciation<span class=\"_ _13\"> </span>2b, 3<span class=\"_ _185\"> </span> <span class=\"_ _cf\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>17,431 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>165,205 Total operating expenses<span class=\"_ _166\"> </span><span class=\"ff2\"> <span class=\"_ _4a\"> </span>743,058 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,908 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>744,966 </span>Net operating income<span class=\"_ _12d\"> </span><span class=\"ff2\"> <span class=\"_ _d1\"> </span>12,216 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,741) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>8,475 </span>Other income (expenses)<span class=\"_ _f4\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Finance income<span class=\"_ _118\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _15\"> </span>121 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>121 Interest income<span class=\"_ _135\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _26\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _1d\"> </span>(119) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Finance expense<span class=\"_ _186\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _a0\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(44,244) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(44,244) Interest expense<span class=\"_ _ed\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _187\"> </span>(61,435) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>61,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Gain on marketable securities<span class=\"_ _47\"> </span> <span class=\"_ _b9\"> </span>7,677 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,677 Share of results of associated company<span class=\"_ _188\"> </span> <span class=\"_ _53\"> </span>(724) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(724) Foreign currency exchange loss<span class=\"_ _189\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _53\"> </span>(116) <span class=\"_ _40\"> </span> <span class=\"_ _f6\"> </span>116 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Gain on derivatives<span class=\"_ _10b\"> </span>5<span class=\"_ _3c\"> </span> <span class=\"_ _88\"> </span>17,509 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(17,509) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Dividends received<span class=\"_ _b5\"> </span>6<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,367 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>18,367 Other non-operating items, net<span class=\"_ _86\"> </span>6<span class=\"_ _18a\"> </span> <span class=\"_ _d1\"> </span>18,239 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(18,239) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Net other expenses<span class=\"_ _cc\"> </span><span class=\"ff2\"> <span class=\"_ _41\"> </span>(18,731) <span class=\"_ _2a\"> </span> <span class=\"_ _a0\"> </span>(72) <span class=\"_ _40\"> </span> <span class=\"_ _d1\"> </span>(18,803) </span>Loss before income taxes<span class=\"_ _18b\"> </span><span class=\"ff2\"> <span class=\"_ _20\"> </span>(6,515) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(10,328) </span>Income tax expense<span class=\"_ _18c\"> </span> <span class=\"_ _20\"> </span>(4,633) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(4,633) Loss for the period<span class=\"_ _f1\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Loss attributable to the shareholders of the Company<span class=\"_ _18d\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Basic loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _4e\"> </span>$(0.02)<span class=\"_ _18f\"> </span>$(0.08)</span>Diluted loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _18f\"> </span>$(0.02)<span class=\"_ _4e\"> </span>$(0.08)</span>IFRS adjustments to the Consolidated Statement of Profit or Loss for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>The presentation of operating revenues and other income was adjust<span class=\"_ _1\"></span>ed as follows:a.<span class=\"_ _6f\"> </span>\"Voyage <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>\"Time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _11\"> </span>GAAP <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>\"Revenue\" under IFRS.b.<span class=\"_ _38\"> </span>\"Administrative <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$14.2 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\"Other <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _d\"></span>to \"Revenue\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Other operating gains\" of $5.9 million under U.S. GAAP was reclassified to \"Other income\" under IFRS. 2.<span class=\"_ _38\"> </span><span class=\"ff2\">Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as </span>incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _27\"> </span>delivery <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>period <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>following measurement and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>decreased <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating expense by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other income.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _e\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>two <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>leased <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>third <span class=\"_ _e\"></span>party on time charters that were classified as leases<span class=\"ff3\">,</span> was re<span class=\"_ _1\"></span>classified to Depreciation under IFRS.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation under IFRS.4.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _f\"> </span>income\" <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _f\"> </span>separately <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>\"Finance income\" under IFRS.5.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _e\"></span>expense\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$61.4 <span class=\"_ _e\"></span>million, <span class=\"_ _10\"></span>\"Gain <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>derivatives\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$17.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>\"Foreign <span class=\"_ _e\"></span>currency <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>loss\" <span class=\"_ _10\"></span>of $0.1 million, which were presented separately under U.S. GAAP, were recla<span class=\"_ _1\"></span>ssified to \"Finance expense\" under IFRS.6.<span class=\"_ _38\"> </span>\"Other <span class=\"_ _10\"></span>non-operating <span class=\"_ _10\"></span>items, <span class=\"_ _10\"></span>net\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$18.4 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>reclassified <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>\"Dividends <span class=\"_ _10\"></span>received\" <span class=\"_ _10\"></span>under IFRS.Reconciliation of Consolidated Comprehensive Income for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _190\"> </span><span class=\"ff1\">Note<span class=\"_ _8a\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSProfit (loss)<span class=\"_ _138\"> </span>1<span class=\"_ _185\"> </span> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) Items that may be reclassified to profit or loss:Foreign currency translation gain (loss)<span class=\"_ _6b\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Other comprehensive income (loss)<span class=\"_ _74\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Comprehensive income (loss)<span class=\"_ _166\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) Comprehensive income (loss) attributable to the shareholders of the Company<span class=\"_ _191\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) IFRS adjustments to the Consolidated Comprehensive Income for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.Reconciliation of Consolidated Statement of Cash Flows for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _192\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSNet loss for the period<span class=\"_ _184\"> </span><span class=\"ff2\">1<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(11,148) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(14,961) </span>Adjustments to reconcile loss for the period with net cash provided by operations:Net finance expense<span class=\"_ _193\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>44,123 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,123 Depreciation<span class=\"_ _194\"> </span>2b, 3<span class=\"_ _f0\"> </span> <span class=\"_ _cd\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>17,431 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>165,205 Amortization of deferred charges<span class=\"_ _c0\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12\"> </span>5,208 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,208) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other operating gains<span class=\"_ _10f\"> </span>2c<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(5,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,833 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,225) Amortization of acquired time charters<span class=\"_ _69\"> </span> <span class=\"_ _ab\"> </span>(5,045) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,045) Contingent rental income<span class=\"_ _195\"> </span> <span class=\"_ _c4\"> </span>(3,606) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Gain on marketable securities<span class=\"_ _16f\"> </span> <span class=\"_ _c4\"> </span>(7,677) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,677) Share of results from associated company<span class=\"_ _116\"> </span> <span class=\"_ _15\"> </span>724 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>724 Gain on derivatives<span class=\"_ _118\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12f\"> </span>(23,262) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>23,262 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Stock option expense<span class=\"_ _df\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 Other, net<span class=\"_ _d5\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>430 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(430) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Changes in operating assets and liabilities:Trade accounts receivable<span class=\"_ _ed\"> </span> <span class=\"_ _12f\"> </span>(22,449) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,449) Other receivables<span class=\"_ _196\"> </span> <span class=\"_ _12\"> </span>7,216 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,216 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _12f\"> </span>(22,929) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,929) Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _c4\"> </span>(3,787) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,787) Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _ab\"> </span>(1,174) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(1,174) Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _b9\"> </span>(1,128) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,128) Trade accounts payable<span class=\"_ _120\"> </span> <span class=\"_ _c4\"> </span>(5,533) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,533) Accrued expenses<span class=\"_ _11f\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(1,911) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(1,574) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,485) Related party balances<span class=\"_ _148\"> </span> <span class=\"_ _ce\"> </span>18,968 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,968 Other current liabilities<span class=\"_ _144\"> </span> <span class=\"_ _15\"> </span>135 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>135 Change in restricted cash<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,928 Other<span class=\"_ _197\"> </span> <span class=\"_ _c4\"> </span>(2,816) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(2,816) Interest paid<span class=\"_ _119\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,477) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(60,477) Debt issuance costs paid<span class=\"_ _166\"> </span>7<span class=\"_ _1e\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(8,050) Interest received<span class=\"_ _d0\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>119 Net cash provided by operating activities<span class=\"_ _e2\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>62,932 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,329 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>85,261 </span>Investing activities<span class=\"_ _198\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Additions to newbuildings, vessels and equipment<span class=\"_ _e0\"> </span>2a<span class=\"_ _46\"> </span> <span class=\"_ _5a\"> </span>(462,400) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(473,761) Purchase of shares<span class=\"_ _10e\"> </span> <span class=\"_ _1d\"> </span>(357) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(357) Net proceeds from sale of vessel<span class=\"_ _122\"> </span> <span class=\"_ _ce\"> </span>80,000 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,000 Net cash inflow on sale of subsidiary<span class=\"_ _7b\"> </span> <span class=\"_ _12\"> </span>5,625 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,625 Proceeds from sale of marketable securities<span class=\"_ _199\"> </span> <span class=\"_ _b8\"> </span>14,074 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,074 Net cash used in investing activities<span class=\"_ _67\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>(363,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(374,419) </span>Financing activities<span class=\"_ _19a\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Net proceeds from issuance of shares<span class=\"_ _83\"> </span> <span class=\"_ _ce\"> </span>52,447 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,447 Proceeds from issuance of debt<span class=\"_ _f8\"> </span> <span class=\"_ _cd\"> </span>403,868 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>403,868 Repayment of debt<span class=\"_ _19b\"> </span> <span class=\"_ _5a\"> </span>(219,521) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(219,521) Repayment of obligations under leases<span class=\"_ _19c\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(5,194) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(4,090) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(9,284) Debt fees paid <span class=\"_ _132\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _ab\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>8,050 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Net cash provided by financing activities<span class=\"_ _189\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>223,550 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,960 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>227,510 </span>Net change in cash and cash equivalents<span class=\"_ _19d\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(76,576) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(61,648) </span>Cash and cash equivalents at beginning of year<span class=\"_ _19e\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,649 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(14,928) <span class=\"_ _40\"> </span> <span class=\"_ _cd\"> </span>174,721 </span>Cash and cash equivalents at end of year<span class=\"_ _116\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>113,073 </span>IFRS adjustments to the Consolidated Statement of Cash Flows for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. Accordingly, the ca<span class=\"_ _1\"></span>rrying amount of unamortized dry docking costs at December 31, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _e\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the next scheduled dry docking (2.5 - 5). This resulted in the following measureme<span class=\"_ _1\"></span>nt and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs paid <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>capitalized <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>separate component <span class=\"_ _d\"></span>of Vessels and equipment which increased Additions to newbuildings, vesse<span class=\"_ _1\"></span>ls and equipment by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other operating gains.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>leased-in <span class=\"_ _e\"></span>vessels, <span class=\"_ _e\"></span><span class=\"ff3\">FPMC <span class=\"_ _e\"></span>Noble <span class=\"_ _e\"></span></span>and FPMC <span class=\"_ _10\"></span>Melody,<span class=\"ff2\"> <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>Depreciation <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>corresponding <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>in </span>Repayment of obligations under leases.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>IFRS <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>corresponding <span class=\"_ _28\"> </span>increase <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>Repayment <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _28\"> </span>under leases.4.<span class=\"_ _38\"> </span>\"Other, net\" of $0.2 million under U.S. GAAP was reclassified to \"Stock option expense<span class=\"_ _1\"></span>\" under IFRS.5.<span class=\"_ _38\"> </span>The \"Change in restricted cash\" of $14.9 million was presented wit<span class=\"_ _1\"></span>hin operating activities under IFRS.6.<span class=\"_ _38\"> </span>The presentation of net finance expenses was adjusted as follows:a.<span class=\"_ _6f\"> </span>\"Amortization <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>deferred <span class=\"_ _2d\"> </span>charges\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$5.2 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>\"Gain <span class=\"_ _29\"> </span>on <span class=\"_ _2d\"> </span>derivatives\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$23.3 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>were reclassified to \"Net finance expense\". b.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _27\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$60.5 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Interest <span class=\"_ _27\"> </span>received\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>separately, <span class=\"_ _27\"> </span>which resulted in an adjustment to accrued expenses of $1.6 million.7.<span class=\"_ _38\"> </span>\"Debt <span class=\"_ _27\"> </span>fees <span class=\"_ _28\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$8.1 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>within <span class=\"_ _28\"> </span>financing <span class=\"_ _27\"> </span>activities <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _28\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>\"Debt issuance costs paid\" within operating activities under IFRS.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__54": {
   "value": "3.<span class=\"_ _e8\"> </span>CHANGE IN ACCOUNTING POLICIESFirst-time adoption of IFRSThese <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>first <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>prepared <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with IFRS <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>adopted <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>European <span class=\"_ _d\"></span>Union. <span class=\"_ _e\"></span>Accordingly, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>prepared <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>comply <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>IFRS applicable <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>together <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>comparative <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis of <span class=\"_ _27\"> </span>preparation <span class=\"_ _f\"> </span>(Note <span class=\"_ _27\"> </span>2). <span class=\"_ _27\"> </span>In <span class=\"_ _27\"> </span>preparing <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>statements, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company\u2019s <span class=\"_ _27\"> </span>opening <span class=\"_ _27\"> </span>statement <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>position <span class=\"_ _27\"> </span>was prepared as of January 1, 2021, the Company\u2019s date of transition to IFRS. This <span class=\"_ _11\"> </span>note <span class=\"_ _f\"> </span>explains <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>principal <span class=\"_ _f\"> </span>adjustments <span class=\"_ _11\"> </span>made <span class=\"_ _f\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>when <span class=\"_ _11\"> </span>transitioning <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IFRS <span class=\"_ _11\"> </span>from <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>previous <span class=\"_ _11\"> </span>reporting framework, <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>principles <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>accepted <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>United <span class=\"_ _d\"></span>States <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>America <span class=\"_ _d\"></span>(\"U.S. <span class=\"_ _d\"></span>GAAP\") <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>as well as for the year ended December 31, 2021.Exemptions appliedIFRS <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span><span class=\"ff3\">First-Time <span class=\"_ _f\"> </span>Adoption <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>International <span class=\"_ _f\"> </span>Financial <span class=\"_ _f\"> </span>Reporting <span class=\"_ _f\"> </span>Standards</span>, <span class=\"_ _27\"> </span>allows <span class=\"_ _f\"> </span>first-time <span class=\"_ _f\"> </span>adopters <span class=\"_ _f\"> </span>certain <span class=\"_ _f\"> </span>exemptions from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>requirement <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>effective <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>retrospectively. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>availed <span class=\"_ _d\"></span>itself <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>certain of these exemptions as follows: \u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _e\"></span>elected <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>apply <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>3, <span class=\"_ _e\"></span><span class=\"ff3\">Business <span class=\"_ _e\"></span>Combinations,</span> <span class=\"_ _e\"></span>retrospectively <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>business <span class=\"_ _e\"></span>combinations <span class=\"_ _d\"></span>that occurred prior to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>elected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>use <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>practical <span class=\"_ _e\"></span>expedient <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15, <span class=\"_ _10\"></span><span class=\"ff3\">Revenue <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>Contracts <span class=\"_ _10\"></span>with <span class=\"_ _e\"></span>Customers,</span> <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>not restate <span class=\"_ _e\"></span>contracts <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>completed <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>transition <span class=\"_ _e\"></span>date, <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _e\"></span>2021. <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>1 <span class=\"_ _e\"></span>defines <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>completed <span class=\"_ _10\"></span>contract <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>a contract <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>has <span class=\"_ _f\"> </span>transferred <span class=\"_ _f\"> </span>all <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>goods <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>services <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>identified <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>accordance <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>previous GAAP.Effect of transition to IFRSThe main differences identified as a result of the transi<span class=\"_ _1\"></span>tion to IFRS are as follows:\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">Our <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _10\"></span>by <span class=\"_ _11\"> </span>their <span class=\"_ _11\"> </span>respective <span class=\"_ _10\"></span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _11\"> </span>at <span class=\"_ _10\"></span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In </span>general, <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>15 <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every <span class=\"_ _d\"></span>5 <span class=\"_ _e\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>older <span class=\"_ _e\"></span>than <span class=\"_ _d\"></span>15 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every 2.5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>Unlike <span class=\"_ _27\"> </span>Frontline's <span class=\"_ _27\"> </span>previous <span class=\"_ _f\"> </span>accounting <span class=\"_ _27\"> </span>policy <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>such <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _27\"> </span>as incurred, <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>requires <span class=\"_ _e\"></span>significant <span class=\"_ _e\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>property, <span class=\"_ _e\"></span>plant <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>differing <span class=\"_ _e\"></span>depreciation <span class=\"_ _e\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>depreciated <span class=\"_ _d\"></span>separately. <span class=\"_ _e\"></span>Under <span class=\"_ _d\"></span>IFRS, <span class=\"_ _e\"></span>major <span class=\"_ _d\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _d\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _d\"></span>docking, <span class=\"_ _e\"></span>should <span class=\"_ _d\"></span>be identified <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>accounted <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>separate <span class=\"_ _27\"> </span>component <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _28\"> </span>over <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>next <span class=\"_ _27\"> </span>scheduled <span class=\"_ _28\"> </span>dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery and <span class=\"_ _10\"></span>depreciated <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _11\"> </span>scheduled <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking. <span class=\"_ _11\"> </span>When <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>performed, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>carrying amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>remaining <span class=\"_ _d\"></span>unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>previous <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docks <span class=\"_ _d\"></span>(due <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>difference <span class=\"_ _d\"></span>between the <span class=\"_ _29\"> </span>estimated <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>actual <span class=\"_ _29\"> </span>time <span class=\"_ _2d\"> </span>between <span class=\"_ _29\"> </span>dry <span class=\"_ _2d\"> </span>docks) <span class=\"_ _2d\"> </span>is <span class=\"_ _2d\"> </span>derecognized. <span class=\"_ _29\"> </span>Costs <span class=\"_ _2d\"> </span>associated <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>routine <span class=\"_ _2d\"> </span>repairs <span class=\"_ _29\"> </span>and maintenance are expensed as incurred including routine ma<span class=\"_ _1\"></span>intenance performed while the vessel is in dry dock\u2022<span class=\"_ _2c\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one <span class=\"_ _27\"> </span>classification <span class=\"_ _27\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>is <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>lessee. <span class=\"_ _28\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _28\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>line <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>depending <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>nature <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>underlying <span class=\"_ _10\"></span>asset <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>recorded <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>a straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>whereas <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS, <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>amortization <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>are presented separately.\u2022<span class=\"_ _2c\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into a <span class=\"_ _d\"></span>financing agreement <span class=\"_ _d\"></span>before the <span class=\"_ _d\"></span>financial statements <span class=\"_ _d\"></span>are issued. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>accounting treatment is <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>permitted under IFRS.The impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated Statements <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial Position <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>transitioning from <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>detail <span class=\"_ _d\"></span>below. <span class=\"_ _d\"></span>Additionally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statements <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>Profit <span class=\"_ _11\"> </span>or <span class=\"_ _f\"> </span>Loss, <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statement <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>Comprehensive <span class=\"_ _f\"> </span>Income, <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Consolidated Statement <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>Cash <span class=\"_ _f\"> </span>Flows <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>described <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>detail <span class=\"_ _f\"> </span>further <span class=\"_ _f\"> </span>below. <span class=\"_ _11\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>figures presented <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>Annual <span class=\"_ _e\"></span>Report <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>Form <span class=\"_ _e\"></span>20-F <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>was filed with the Securities and Exchange Commission on March 17, 2022.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at January 1, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>174,721 Restricted cash <span class=\"_ _130\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 Marketable securities<span class=\"_ _c\"> </span>1<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,639 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,474 Marketable securities pledged to creditors<span class=\"_ _160\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,835) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Trade and other receivables<span class=\"_ _10d\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>63,924 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>63,924 Trade accounts receivable, net <span class=\"_ _61\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>40,974 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,974) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>13,255 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,255 Other receivables<span class=\"_ _161\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>22,950 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(22,950) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>57,858 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>57,858 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>34,705 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>34,705 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>7,725 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,725 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>2,729 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,729 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>378,319 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>378,319 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _b8\"> </span>48,498 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,498 Vessels and equipment<span class=\"_ _166\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,307,144 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,300,456 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>53,518 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(53,518) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>8,426 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(8,426) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>61,944 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>61,944 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _12\"> </span>1,279 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,279 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>7,197 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,197 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _16c\"> </span>6, 8<span class=\"_ _b1\"> </span> <span class=\"_ _cd\"> </span>167,082 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>67,805 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>234,887 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,810 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,810) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,548 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(4,548) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>19,853 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,853 Trade and other payables<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>55,002 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>55,002 Trade accounts payable <span class=\"_ _16f\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,860 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,860) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>5, 8<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,529 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,529) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(19,261) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _b8\"> </span>12,418 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(12,418) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>281,361 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>40,739 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>322,100 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _172\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>1,968,924 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,000) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>1,908,924 Obligations under finance leases<span class=\"_ _6b\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>48,467 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(48,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,177 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(4,177) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>4c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>52,644 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,644 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>19,261 Other non-current payables<span class=\"_ _174\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>3,739 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,739 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,306,668 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,306,668 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>197,692 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>197,692 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>402,021 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>402,021 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _73\"> </span>10<span class=\"_ _46\"> </span> <span class=\"_ _15\"> </span>200 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>200 Retained earnings<span class=\"_ _120\"> </span>3<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>8,018 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,330 Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,612,025 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,605,337 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,611,553 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,604,865 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>IFRS adjustments of Consolidated Statement of Financial Posit<span class=\"_ _1\"></span>ion as at January 1, 20211.<span class=\"_ _38\"> </span>\"Marketable securities <span class=\"_ _d\"></span>pledged <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>creditors\" of <span class=\"_ _d\"></span>$5.8 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP, were reclassified into \"Marketable securities\" under IFRS.2.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$41.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$23.0 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 3.<span class=\"_ _38\"> </span>Dry <span class=\"_ _e\"></span>docking <span class=\"_ _10\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _10\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred <span class=\"_ _e\"></span>within <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating <span class=\"_ _e\"></span>expense <span class=\"_ _10\"></span>under Frontline\u2019s <span class=\"_ _28\"> </span>historical <span class=\"_\"> </span>accounti<span class=\"_ _1\"></span>ng <span class=\"_\"> </span>pol<span class=\"_ _1\"></span>icy <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>U.S. <span class=\"_\"> </span>GAAP. <span class=\"_ _28\"> </span>Under <span class=\"_ _28\"> </span>IFRS, <span class=\"_\"> </span>significant<span class=\"_ _1\"></span> <span class=\"_\"> </span>com<span class=\"_ _1\"></span>ponents <span class=\"_ _28\"> </span>of property, plant and <span class=\"_ _d\"></span>equipment with differing depreciation <span class=\"_ _d\"></span>methods or lives are <span class=\"_ _d\"></span>required to be <span class=\"_ _d\"></span>depreciated separately. A portion of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>initial <span class=\"_ _d\"></span>cost of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>net <span class=\"_ _28\"> </span>measurement <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>recognition <span class=\"_ _28\"> </span>adjustment <span class=\"_ _27\"> </span>which decreased Vessels and equipment and Retained earnings by $6.7 mi<span class=\"_ _1\"></span>llion as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>Vessels <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>equipment <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _28\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>Retained <span class=\"_ _27\"> </span>earnings <span class=\"_ _28\"> </span>by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.4.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$53.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$8.4 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.8 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$4.5 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \u201cCurrent portion of obligations under leases\u201d under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$48.5 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$4.2 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.5.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$7.9 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.5 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $12.4 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\"Trade <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>other <span class=\"_ _e\"></span>payables\" under IFRS.6.<span class=\"_ _38\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>financing <span class=\"_ _10\"></span>agreement <span class=\"_ _10\"></span>before <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>issued. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company presented <span class=\"_ _11\"></span>the <span class=\"_ _11\"> </span>non-current <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>refinanced <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>February <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>long-term <span class=\"_ _11\"> </span>debt <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>1, 2021. <span class=\"_ _11\"> </span>This <span class=\"_ _11\"> </span>accounting <span class=\"_ _f\"> </span>treatment <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>permitted <span class=\"_ _f\"> </span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>reclassification <span class=\"_ _11\"> </span>adjustment <span class=\"_ _11\"> </span>which increased <span class=\"_ _d\"></span>Short-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>portion <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>long-term <span class=\"_ _e\"></span>debt <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>decreased <span class=\"_ _d\"></span>Long-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of January 1, 2021.7.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $3.7 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.8.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$7.8 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.9.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.10.<span class=\"_ _39\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>113,073 Marketable securities<span class=\"_ _179\"> </span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,435 Trade and other receivables<span class=\"_ _10d\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>73,532 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>73,532 Trade accounts receivable, net<span class=\"_ _17a\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>63,423 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(63,423) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>11,676 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>11,676 Other receivables<span class=\"_ _161\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>10,109 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,109) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>80,787 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,787 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>38,492 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>38,492 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>8,899 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,899 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>3,851 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,851 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>332,745 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>332,745 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _cd\"> </span>130,633 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>130,633 Vessels and equipment<span class=\"_ _166\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,477,801 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,467,300 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>44,880 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(44,880) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,914 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,914) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,794 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>48,794 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Derivative instrument receivable<span class=\"_ _72\"> </span> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,675 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _15\"> </span>555 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>555 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>3,055 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,055 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _17b\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,286 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>198,665 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,601 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,601) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>1,122 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(1,122) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>8,723 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,723 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>36,250 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>36,250 Trade and other payables<span class=\"_ _11d\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,364 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,364 Trade accounts payable<span class=\"_ _b5\"> </span>4<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,327 <span class=\"_ _37\"> </span> <span class=\"_ _b9\"> </span>(2,327) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>4, 7<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,836 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,836) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable <span class=\"_ _17c\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,580 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,580) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>292,675 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>287,002 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _108\"> </span> <span class=\"_ _e8\"> </span>2,126,910 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,126,910 Obligations under finance leases<span class=\"_ _6b\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>40,865 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,865) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,114 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,114) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>3c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,979 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,979 Derivative instruments payable<span class=\"_ _170\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 Other non-current payables<span class=\"_ _174\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>992 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>992 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,464,556 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,464,556 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>203,531 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>203,531 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>448,291 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>448,291 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _17d\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>228 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>228 Retained (deficit) earnings<span class=\"_ _17e\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(3,130) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(13,631) Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,653,014 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(10,501) <span class=\"_ _40\"> </span> <span class=\"_ _e8\"> </span>1,642,513 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,652,542 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,642,041 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>IFRS adjustments of the Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 20211.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$63.4 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$10.1 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _d\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>next <span class=\"_ _e\"></span>scheduled <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking. <span class=\"_ _e\"></span>This <span class=\"_ _e\"></span>resulted <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>net <span class=\"_ _e\"></span>measurement and <span class=\"_\"> </span>recognition <span class=\"_\"> </span>adjustm<span class=\"_ _1\"></span>ent <span class=\"_\"> </span>which <span class=\"_\"> </span>decrease<span class=\"_ _1\"></span>d <span class=\"_\"> </span>Vessels <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_\"> </span>and <span class=\"_\"> </span>Retained <span class=\"_ _28\"> </span>earnings <span class=\"_\"> </span>by <span class=\"_\"> </span>$10.5 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component of Vessels and equipment which increased Vessels and equipment and Retained earnings by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>capitalized <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate <span class=\"_ _f\"> </span>component <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>equipment <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _27\"> </span>Vessels <span class=\"_ _f\"> </span>and equipment and Retained earnings by $11.4 million.d.<span class=\"_ _38\"> </span>depreciation <span class=\"_ _2d\"> </span>expense <span class=\"_ _36\"> </span>on <span class=\"_ _36\"> </span>capitalized <span class=\"_ _36\"> </span>dry <span class=\"_ _36\"> </span>docking <span class=\"_ _36\"> </span>costs <span class=\"_ _36\"> </span>and <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>write <span class=\"_ _36\"> </span>off <span class=\"_ _36\"> </span>of <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>carrying <span class=\"_ _36\"> </span>amount <span class=\"_ _36\"> </span>of unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>vessels sold <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>resulted in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>decrease <span class=\"_ _d\"></span>in Vessels and equipment and Retained earnings of $13.3 million and $1.8 m<span class=\"_ _1\"></span>illion, respectively.3.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$44.9 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.9 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.6 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$1.1 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \"Current portion of obligations under leases\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$40.9 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.1 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.4.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$2.3 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.8 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $7.6 <span class=\"_ _10\"></span>million, <span class=\"_ _11\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>separately <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>reclassified <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>\"Trade <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>other <span class=\"_ _11\"> </span>payables\" under IFRS.5.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $1.0 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.6.<span class=\"_ _38\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.7.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$9.4 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.8.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.Reconciliation of Consolidated Statement of Profit or Loss<span class=\"ff2\"> </span>for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _ed\"> </span><span class=\"ff1\">Note<span class=\"_ _20\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSOperating revenues and other incomeVoyage charter revenues<span class=\"_ _17f\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _5a\"> </span>663,995 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(663,995) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Time charter revenues<span class=\"_ _180\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _12f\"> </span>71,236 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(71,236) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Revenues <span class=\"_ _148\"> </span>1a, 1b<span class=\"_ _11b\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>749,381 Other income<span class=\"_ _10f\"> </span>1b, 1c, 2c<span class=\"_ _9d\"> </span> <span class=\"_ _d1\"> </span>14,150 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,090) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>4,060 Total operating revenues and other income<span class=\"_ _182\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>4,060 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>753,441 </span>Other operating gains <span class=\"_ _7\"> </span><span class=\"ff2\">1c<span class=\"_ _183\"> </span> <span class=\"_ _b9\"> </span>5,893 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(5,893) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 </span>Operating expensesVoyage expenses and commission<span class=\"_ _6c\"> </span> <span class=\"_ _4a\"> </span>392,697 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>392,697 Contingent rental income<span class=\"_ _184\"> </span> <span class=\"_ _20\"> </span>(3,606) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Ship operating expenses<span class=\"_ _82\"> </span>2a<span class=\"_ _1a\"> </span> <span class=\"_ _cf\"> </span>175,607 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>164,246 Charter hire expenses<span class=\"_ _a6\"> </span>3a<span class=\"_ _1a\"> </span> <span class=\"_ _b9\"> </span>2,695 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(2,695) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Administrative expenses <span class=\"_ _14b\"> </span>3b<span class=\"_ _183\"> </span> <span class=\"_ _d1\"> </span>27,891 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>26,424 Depreciation<span class=\"_ _13\"> </span>2b, 3<span class=\"_ _185\"> </span> <span class=\"_ _cf\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>17,431 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>165,205 Total operating expenses<span class=\"_ _166\"> </span><span class=\"ff2\"> <span class=\"_ _4a\"> </span>743,058 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,908 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>744,966 </span>Net operating income<span class=\"_ _12d\"> </span><span class=\"ff2\"> <span class=\"_ _d1\"> </span>12,216 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,741) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>8,475 </span>Other income (expenses)<span class=\"_ _f4\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Finance income<span class=\"_ _118\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _15\"> </span>121 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>121 Interest income<span class=\"_ _135\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _26\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _1d\"> </span>(119) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Finance expense<span class=\"_ _186\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _a0\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(44,244) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(44,244) Interest expense<span class=\"_ _ed\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _187\"> </span>(61,435) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>61,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Gain on marketable securities<span class=\"_ _47\"> </span> <span class=\"_ _b9\"> </span>7,677 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,677 Share of results of associated company<span class=\"_ _188\"> </span> <span class=\"_ _53\"> </span>(724) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(724) Foreign currency exchange loss<span class=\"_ _189\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _53\"> </span>(116) <span class=\"_ _40\"> </span> <span class=\"_ _f6\"> </span>116 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Gain on derivatives<span class=\"_ _10b\"> </span>5<span class=\"_ _3c\"> </span> <span class=\"_ _88\"> </span>17,509 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(17,509) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Dividends received<span class=\"_ _b5\"> </span>6<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,367 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>18,367 Other non-operating items, net<span class=\"_ _86\"> </span>6<span class=\"_ _18a\"> </span> <span class=\"_ _d1\"> </span>18,239 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(18,239) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Net other expenses<span class=\"_ _cc\"> </span><span class=\"ff2\"> <span class=\"_ _41\"> </span>(18,731) <span class=\"_ _2a\"> </span> <span class=\"_ _a0\"> </span>(72) <span class=\"_ _40\"> </span> <span class=\"_ _d1\"> </span>(18,803) </span>Loss before income taxes<span class=\"_ _18b\"> </span><span class=\"ff2\"> <span class=\"_ _20\"> </span>(6,515) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(10,328) </span>Income tax expense<span class=\"_ _18c\"> </span> <span class=\"_ _20\"> </span>(4,633) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(4,633) Loss for the period<span class=\"_ _f1\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Loss attributable to the shareholders of the Company<span class=\"_ _18d\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Basic loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _4e\"> </span>$(0.02)<span class=\"_ _18f\"> </span>$(0.08)</span>Diluted loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _18f\"> </span>$(0.02)<span class=\"_ _4e\"> </span>$(0.08)</span>IFRS adjustments to the Consolidated Statement of Profit or Loss for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>The presentation of operating revenues and other income was adjust<span class=\"_ _1\"></span>ed as follows:a.<span class=\"_ _6f\"> </span>\"Voyage <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>\"Time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _11\"> </span>GAAP <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>\"Revenue\" under IFRS.b.<span class=\"_ _38\"> </span>\"Administrative <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$14.2 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\"Other <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _d\"></span>to \"Revenue\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Other operating gains\" of $5.9 million under U.S. GAAP was reclassified to \"Other income\" under IFRS. 2.<span class=\"_ _38\"> </span><span class=\"ff2\">Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as </span>incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _27\"> </span>delivery <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>period <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>following measurement and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>decreased <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating expense by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other income.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _e\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>two <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>leased <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>third <span class=\"_ _e\"></span>party on time charters that were classified as leases<span class=\"ff3\">,</span> was re<span class=\"_ _1\"></span>classified to Depreciation under IFRS.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation under IFRS.4.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _f\"> </span>income\" <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _f\"> </span>separately <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>\"Finance income\" under IFRS.5.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _e\"></span>expense\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$61.4 <span class=\"_ _e\"></span>million, <span class=\"_ _10\"></span>\"Gain <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>derivatives\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$17.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>\"Foreign <span class=\"_ _e\"></span>currency <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>loss\" <span class=\"_ _10\"></span>of $0.1 million, which were presented separately under U.S. GAAP, were recla<span class=\"_ _1\"></span>ssified to \"Finance expense\" under IFRS.6.<span class=\"_ _38\"> </span>\"Other <span class=\"_ _10\"></span>non-operating <span class=\"_ _10\"></span>items, <span class=\"_ _10\"></span>net\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$18.4 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>reclassified <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>\"Dividends <span class=\"_ _10\"></span>received\" <span class=\"_ _10\"></span>under IFRS.Reconciliation of Consolidated Comprehensive Income for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _190\"> </span><span class=\"ff1\">Note<span class=\"_ _8a\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSProfit (loss)<span class=\"_ _138\"> </span>1<span class=\"_ _185\"> </span> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) Items that may be reclassified to profit or loss:Foreign currency translation gain (loss)<span class=\"_ _6b\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Other comprehensive income (loss)<span class=\"_ _74\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Comprehensive income (loss)<span class=\"_ _166\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) Comprehensive income (loss) attributable to the shareholders of the Company<span class=\"_ _191\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) IFRS adjustments to the Consolidated Comprehensive Income for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.Reconciliation of Consolidated Statement of Cash Flows for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _192\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSNet loss for the period<span class=\"_ _184\"> </span><span class=\"ff2\">1<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(11,148) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(14,961) </span>Adjustments to reconcile loss for the period with net cash provided by operations:Net finance expense<span class=\"_ _193\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>44,123 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,123 Depreciation<span class=\"_ _194\"> </span>2b, 3<span class=\"_ _f0\"> </span> <span class=\"_ _cd\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>17,431 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>165,205 Amortization of deferred charges<span class=\"_ _c0\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12\"> </span>5,208 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,208) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other operating gains<span class=\"_ _10f\"> </span>2c<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(5,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,833 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,225) Amortization of acquired time charters<span class=\"_ _69\"> </span> <span class=\"_ _ab\"> </span>(5,045) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,045) Contingent rental income<span class=\"_ _195\"> </span> <span class=\"_ _c4\"> </span>(3,606) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Gain on marketable securities<span class=\"_ _16f\"> </span> <span class=\"_ _c4\"> </span>(7,677) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,677) Share of results from associated company<span class=\"_ _116\"> </span> <span class=\"_ _15\"> </span>724 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>724 Gain on derivatives<span class=\"_ _118\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12f\"> </span>(23,262) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>23,262 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Stock option expense<span class=\"_ _df\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 Other, net<span class=\"_ _d5\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>430 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(430) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Changes in operating assets and liabilities:Trade accounts receivable<span class=\"_ _ed\"> </span> <span class=\"_ _12f\"> </span>(22,449) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,449) Other receivables<span class=\"_ _196\"> </span> <span class=\"_ _12\"> </span>7,216 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,216 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _12f\"> </span>(22,929) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,929) Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _c4\"> </span>(3,787) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,787) Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _ab\"> </span>(1,174) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(1,174) Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _b9\"> </span>(1,128) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,128) Trade accounts payable<span class=\"_ _120\"> </span> <span class=\"_ _c4\"> </span>(5,533) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,533) Accrued expenses<span class=\"_ _11f\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(1,911) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(1,574) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,485) Related party balances<span class=\"_ _148\"> </span> <span class=\"_ _ce\"> </span>18,968 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,968 Other current liabilities<span class=\"_ _144\"> </span> <span class=\"_ _15\"> </span>135 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>135 Change in restricted cash<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,928 Other<span class=\"_ _197\"> </span> <span class=\"_ _c4\"> </span>(2,816) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(2,816) Interest paid<span class=\"_ _119\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,477) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(60,477) Debt issuance costs paid<span class=\"_ _166\"> </span>7<span class=\"_ _1e\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(8,050) Interest received<span class=\"_ _d0\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>119 Net cash provided by operating activities<span class=\"_ _e2\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>62,932 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,329 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>85,261 </span>Investing activities<span class=\"_ _198\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Additions to newbuildings, vessels and equipment<span class=\"_ _e0\"> </span>2a<span class=\"_ _46\"> </span> <span class=\"_ _5a\"> </span>(462,400) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(473,761) Purchase of shares<span class=\"_ _10e\"> </span> <span class=\"_ _1d\"> </span>(357) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(357) Net proceeds from sale of vessel<span class=\"_ _122\"> </span> <span class=\"_ _ce\"> </span>80,000 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,000 Net cash inflow on sale of subsidiary<span class=\"_ _7b\"> </span> <span class=\"_ _12\"> </span>5,625 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,625 Proceeds from sale of marketable securities<span class=\"_ _199\"> </span> <span class=\"_ _b8\"> </span>14,074 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,074 Net cash used in investing activities<span class=\"_ _67\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>(363,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(374,419) </span>Financing activities<span class=\"_ _19a\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Net proceeds from issuance of shares<span class=\"_ _83\"> </span> <span class=\"_ _ce\"> </span>52,447 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,447 Proceeds from issuance of debt<span class=\"_ _f8\"> </span> <span class=\"_ _cd\"> </span>403,868 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>403,868 Repayment of debt<span class=\"_ _19b\"> </span> <span class=\"_ _5a\"> </span>(219,521) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(219,521) Repayment of obligations under leases<span class=\"_ _19c\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(5,194) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(4,090) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(9,284) Debt fees paid <span class=\"_ _132\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _ab\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>8,050 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Net cash provided by financing activities<span class=\"_ _189\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>223,550 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,960 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>227,510 </span>Net change in cash and cash equivalents<span class=\"_ _19d\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(76,576) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(61,648) </span>Cash and cash equivalents at beginning of year<span class=\"_ _19e\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,649 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(14,928) <span class=\"_ _40\"> </span> <span class=\"_ _cd\"> </span>174,721 </span>Cash and cash equivalents at end of year<span class=\"_ _116\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>113,073 </span>IFRS adjustments to the Consolidated Statement of Cash Flows for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. Accordingly, the ca<span class=\"_ _1\"></span>rrying amount of unamortized dry docking costs at December 31, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _e\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the next scheduled dry docking (2.5 - 5). This resulted in the following measureme<span class=\"_ _1\"></span>nt and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs paid <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>capitalized <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>separate component <span class=\"_ _d\"></span>of Vessels and equipment which increased Additions to newbuildings, vesse<span class=\"_ _1\"></span>ls and equipment by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other operating gains.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>leased-in <span class=\"_ _e\"></span>vessels, <span class=\"_ _e\"></span><span class=\"ff3\">FPMC <span class=\"_ _e\"></span>Noble <span class=\"_ _e\"></span></span>and FPMC <span class=\"_ _10\"></span>Melody,<span class=\"ff2\"> <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>Depreciation <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>corresponding <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>in </span>Repayment of obligations under leases.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>IFRS <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>corresponding <span class=\"_ _28\"> </span>increase <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>Repayment <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _28\"> </span>under leases.4.<span class=\"_ _38\"> </span>\"Other, net\" of $0.2 million under U.S. GAAP was reclassified to \"Stock option expense<span class=\"_ _1\"></span>\" under IFRS.5.<span class=\"_ _38\"> </span>The \"Change in restricted cash\" of $14.9 million was presented wit<span class=\"_ _1\"></span>hin operating activities under IFRS.6.<span class=\"_ _38\"> </span>The presentation of net finance expenses was adjusted as follows:a.<span class=\"_ _6f\"> </span>\"Amortization <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>deferred <span class=\"_ _2d\"> </span>charges\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$5.2 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>\"Gain <span class=\"_ _29\"> </span>on <span class=\"_ _2d\"> </span>derivatives\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$23.3 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>were reclassified to \"Net finance expense\". b.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _27\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$60.5 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Interest <span class=\"_ _27\"> </span>received\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>separately, <span class=\"_ _27\"> </span>which resulted in an adjustment to accrued expenses of $1.6 million.7.<span class=\"_ _38\"> </span>\"Debt <span class=\"_ _27\"> </span>fees <span class=\"_ _28\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$8.1 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>within <span class=\"_ _28\"> </span>financing <span class=\"_ _27\"> </span>activities <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _28\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>\"Debt issuance costs paid\" within operating activities under IFRS.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__53": {
   "value": "3.<span class=\"_ _e8\"> </span>CHANGE IN ACCOUNTING POLICIESFirst-time adoption of IFRSThese <span class=\"_ _e\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>first <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>prepared <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with IFRS <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>adopted <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>European <span class=\"_ _d\"></span>Union. <span class=\"_ _e\"></span>Accordingly, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>prepared <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>comply <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>IFRS applicable <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>together <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>comparative <span class=\"_ _d\"></span>period <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>basis of <span class=\"_ _27\"> </span>preparation <span class=\"_ _f\"> </span>(Note <span class=\"_ _27\"> </span>2). <span class=\"_ _27\"> </span>In <span class=\"_ _27\"> </span>preparing <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>financial <span class=\"_ _27\"> </span>statements, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company\u2019s <span class=\"_ _27\"> </span>opening <span class=\"_ _27\"> </span>statement <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>financial <span class=\"_ _27\"> </span>position <span class=\"_ _27\"> </span>was prepared as of January 1, 2021, the Company\u2019s date of transition to IFRS. This <span class=\"_ _11\"> </span>note <span class=\"_ _f\"> </span>explains <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>principal <span class=\"_ _f\"> </span>adjustments <span class=\"_ _11\"> </span>made <span class=\"_ _f\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>when <span class=\"_ _11\"> </span>transitioning <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>IFRS <span class=\"_ _11\"> </span>from <span class=\"_ _f\"> </span>its <span class=\"_ _f\"> </span>previous <span class=\"_ _11\"> </span>reporting framework, <span class=\"_ _d\"></span>accounting <span class=\"_ _d\"></span>principles <span class=\"_ _d\"></span>generally <span class=\"_ _d\"></span>accepted <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>United <span class=\"_ _d\"></span>States <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>America <span class=\"_ _d\"></span>(\"U.S. <span class=\"_ _d\"></span>GAAP\") <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>as well as for the year ended December 31, 2021.Exemptions appliedIFRS <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span><span class=\"ff3\">First-Time <span class=\"_ _f\"> </span>Adoption <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>International <span class=\"_ _f\"> </span>Financial <span class=\"_ _f\"> </span>Reporting <span class=\"_ _f\"> </span>Standards</span>, <span class=\"_ _27\"> </span>allows <span class=\"_ _f\"> </span>first-time <span class=\"_ _f\"> </span>adopters <span class=\"_ _f\"> </span>certain <span class=\"_ _f\"> </span>exemptions from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>requirement <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>apply <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>effective <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>retrospectively. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>availed <span class=\"_ _d\"></span>itself <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>certain of these exemptions as follows: \u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _e\"></span>elected <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>apply <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>3, <span class=\"_ _e\"></span><span class=\"ff3\">Business <span class=\"_ _e\"></span>Combinations,</span> <span class=\"_ _e\"></span>retrospectively <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>business <span class=\"_ _e\"></span>combinations <span class=\"_ _d\"></span>that occurred prior to the adoption of IFRS.\u2022<span class=\"_ _2c\"> </span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>elected <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>use <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>practical <span class=\"_ _e\"></span>expedient <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>IFRS <span class=\"_ _e\"></span>15, <span class=\"_ _10\"></span><span class=\"ff3\">Revenue <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>Contracts <span class=\"_ _10\"></span>with <span class=\"_ _e\"></span>Customers,</span> <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>not restate <span class=\"_ _e\"></span>contracts <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>completed <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>transition <span class=\"_ _e\"></span>date, <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _e\"></span>2021. <span class=\"_ _10\"></span>IFRS <span class=\"_ _10\"></span>1 <span class=\"_ _e\"></span>defines <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>completed <span class=\"_ _10\"></span>contract <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>a contract <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>entity <span class=\"_ _f\"> </span>has <span class=\"_ _f\"> </span>transferred <span class=\"_ _f\"> </span>all <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>goods <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>services <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>identified <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>accordance <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>previous GAAP.Effect of transition to IFRSThe main differences identified as a result of the transi<span class=\"_ _1\"></span>tion to IFRS are as follows:\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">Our <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>are <span class=\"_ _11\"> </span>required <span class=\"_ _10\"></span>by <span class=\"_ _11\"> </span>their <span class=\"_ _11\"> </span>respective <span class=\"_ _10\"></span>classification <span class=\"_ _11\"> </span>societies <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>go <span class=\"_ _11\"> </span>through <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>dock <span class=\"_ _11\"> </span>at <span class=\"_ _10\"></span>regular <span class=\"_ _11\"> </span>intervals. <span class=\"_ _11\"> </span>In </span>general, <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>age <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>15 <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every <span class=\"_ _d\"></span>5 <span class=\"_ _e\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>older <span class=\"_ _e\"></span>than <span class=\"_ _d\"></span>15 <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>docked <span class=\"_ _e\"></span>every 2.5 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>Unlike <span class=\"_ _27\"> </span>Frontline's <span class=\"_ _27\"> </span>previous <span class=\"_ _f\"> </span>accounting <span class=\"_ _27\"> </span>policy <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>such <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _27\"> </span>as incurred, <span class=\"_ _d\"></span>IFRS <span class=\"_ _e\"></span>requires <span class=\"_ _e\"></span>significant <span class=\"_ _e\"></span>components <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>property, <span class=\"_ _e\"></span>plant <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>differing <span class=\"_ _e\"></span>depreciation <span class=\"_ _e\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>depreciated <span class=\"_ _d\"></span>separately. <span class=\"_ _e\"></span>Under <span class=\"_ _d\"></span>IFRS, <span class=\"_ _e\"></span>major <span class=\"_ _d\"></span>inspection <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>overhaul <span class=\"_ _e\"></span>costs, <span class=\"_ _d\"></span>such <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>dry <span class=\"_ _d\"></span>docking, <span class=\"_ _e\"></span>should <span class=\"_ _d\"></span>be identified <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>accounted <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _28\"> </span>separate <span class=\"_ _27\"> </span>component <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _28\"> </span>over <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>next <span class=\"_ _27\"> </span>scheduled <span class=\"_ _28\"> </span>dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery and <span class=\"_ _10\"></span>depreciated <span class=\"_ _11\"> </span>over <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>period <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>next <span class=\"_ _11\"> </span>scheduled <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking. <span class=\"_ _11\"> </span>When <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>dry <span class=\"_ _11\"> </span>docking <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>performed, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>carrying amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>remaining <span class=\"_ _d\"></span>unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>previous <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docks <span class=\"_ _d\"></span>(due <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>difference <span class=\"_ _d\"></span>between the <span class=\"_ _29\"> </span>estimated <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>actual <span class=\"_ _29\"> </span>time <span class=\"_ _2d\"> </span>between <span class=\"_ _29\"> </span>dry <span class=\"_ _2d\"> </span>docks) <span class=\"_ _2d\"> </span>is <span class=\"_ _2d\"> </span>derecognized. <span class=\"_ _29\"> </span>Costs <span class=\"_ _2d\"> </span>associated <span class=\"_ _29\"> </span>with <span class=\"_ _2d\"> </span>routine <span class=\"_ _2d\"> </span>repairs <span class=\"_ _29\"> </span>and maintenance are expensed as incurred including routine ma<span class=\"_ _1\"></span>intenance performed while the vessel is in dry dock\u2022<span class=\"_ _2c\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one <span class=\"_ _27\"> </span>classification <span class=\"_ _27\"> </span>when <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>is <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>lessee. <span class=\"_ _28\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _28\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _28\"> </span>as operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>presented <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>single <span class=\"_ _10\"></span>line <span class=\"_ _e\"></span>item <span class=\"_ _10\"></span>depending <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>nature <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>underlying <span class=\"_ _10\"></span>asset <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>recorded <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>a straight-line <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>whereas <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS, <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>liabilities <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>amortization <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>are presented separately.\u2022<span class=\"_ _2c\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into a <span class=\"_ _d\"></span>financing agreement <span class=\"_ _d\"></span>before the <span class=\"_ _d\"></span>financial statements <span class=\"_ _d\"></span>are issued. <span class=\"_ _d\"></span>This <span class=\"_ _d\"></span>accounting treatment is <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>permitted under IFRS.The impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Consolidated Statements <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Financial Position <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>transitioning from <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>described <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>detail <span class=\"_ _d\"></span>below. <span class=\"_ _d\"></span>Additionally, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>impact <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>transition <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>IFRS on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statements <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>Profit <span class=\"_ _11\"> </span>or <span class=\"_ _f\"> </span>Loss, <span class=\"_ _f\"> </span>Consolidated <span class=\"_ _11\"> </span>Statement <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>Comprehensive <span class=\"_ _f\"> </span>Income, <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Consolidated Statement <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>Cash <span class=\"_ _f\"> </span>Flows <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>described <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>detail <span class=\"_ _f\"> </span>further <span class=\"_ _f\"> </span>below. <span class=\"_ _11\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>figures presented <span class=\"_ _d\"></span>below <span class=\"_ _e\"></span>are <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>Annual <span class=\"_ _e\"></span>Report <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>Form <span class=\"_ _e\"></span>20-F <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>was filed with the Securities and Exchange Commission on March 17, 2022.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at January 1, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>174,721 Restricted cash <span class=\"_ _130\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 Marketable securities<span class=\"_ _c\"> </span>1<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,639 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,474 Marketable securities pledged to creditors<span class=\"_ _160\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,835 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,835) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Trade and other receivables<span class=\"_ _10d\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>63,924 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>63,924 Trade accounts receivable, net <span class=\"_ _61\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>40,974 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,974) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>13,255 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,255 Other receivables<span class=\"_ _161\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>22,950 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(22,950) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>57,858 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>57,858 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>34,705 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>34,705 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>7,725 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,725 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>2,729 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,729 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>378,319 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>378,319 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _b8\"> </span>48,498 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,498 Vessels and equipment<span class=\"_ _166\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,307,144 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,300,456 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>53,518 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(53,518) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>8,426 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(8,426) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>4a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>61,944 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>61,944 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _12\"> </span>1,279 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,279 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>7,197 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,197 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _16c\"> </span>6, 8<span class=\"_ _b1\"> </span> <span class=\"_ _cd\"> </span>167,082 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>67,805 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>234,887 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,810 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,810) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,548 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(4,548) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>4b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>12,358 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>19,853 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,853 Trade and other payables<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>55,002 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>55,002 Trade accounts payable <span class=\"_ _16f\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,860 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,860) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>5, 8<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,529 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,529) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(19,261) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _b8\"> </span>12,418 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(12,418) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>281,361 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>40,739 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>322,100 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _172\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>1,968,924 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,000) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>1,908,924 Obligations under finance leases<span class=\"_ _6b\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>48,467 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(48,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>4c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>4,177 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(4,177) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>4c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>52,644 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,644 Derivative instruments payable<span class=\"_ _170\"> </span>9<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>19,261 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>19,261 Other non-current payables<span class=\"_ _174\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>3,739 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,739 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,306,668 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,306,668 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>197,692 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>197,692 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>402,021 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>402,021 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _73\"> </span>10<span class=\"_ _46\"> </span> <span class=\"_ _15\"> </span>200 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>200 Retained earnings<span class=\"_ _120\"> </span>3<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>8,018 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,330 Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,612,025 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,605,337 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,611,553 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,604,865 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>3,918,221 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(6,688) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,911,533 </span>IFRS adjustments of Consolidated Statement of Financial Posit<span class=\"_ _1\"></span>ion as at January 1, 20211.<span class=\"_ _38\"> </span>\"Marketable securities <span class=\"_ _d\"></span>pledged <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>creditors\" of <span class=\"_ _d\"></span>$5.8 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP, were reclassified into \"Marketable securities\" under IFRS.2.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$41.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$23.0 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 3.<span class=\"_ _38\"> </span>Dry <span class=\"_ _e\"></span>docking <span class=\"_ _10\"></span>costs <span class=\"_ _e\"></span>incurred <span class=\"_ _10\"></span>prior <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>expensed <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>incurred <span class=\"_ _e\"></span>within <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating <span class=\"_ _e\"></span>expense <span class=\"_ _10\"></span>under Frontline\u2019s <span class=\"_ _28\"> </span>historical <span class=\"_\"> </span>accounti<span class=\"_ _1\"></span>ng <span class=\"_\"> </span>pol<span class=\"_ _1\"></span>icy <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>U.S. <span class=\"_\"> </span>GAAP. <span class=\"_ _28\"> </span>Under <span class=\"_ _28\"> </span>IFRS, <span class=\"_\"> </span>significant<span class=\"_ _1\"></span> <span class=\"_\"> </span>com<span class=\"_ _1\"></span>ponents <span class=\"_ _28\"> </span>of property, plant and <span class=\"_ _d\"></span>equipment with differing depreciation <span class=\"_ _d\"></span>methods or lives are <span class=\"_ _d\"></span>required to be <span class=\"_ _d\"></span>depreciated separately. A portion of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>initial <span class=\"_ _d\"></span>cost of <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>vessel is <span class=\"_ _d\"></span>allocated <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and depreciated <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>the period <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>net <span class=\"_ _28\"> </span>measurement <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>recognition <span class=\"_ _28\"> </span>adjustment <span class=\"_ _27\"> </span>which decreased Vessels and equipment and Retained earnings by $6.7 mi<span class=\"_ _1\"></span>llion as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>Vessels <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>equipment <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _28\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>Retained <span class=\"_ _27\"> </span>earnings <span class=\"_ _28\"> </span>by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.4.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$53.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$8.4 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.8 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$4.5 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \u201cCurrent portion of obligations under leases\u201d under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$48.5 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$4.2 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.5.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$7.9 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.5 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $12.4 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\"Trade <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>other <span class=\"_ _e\"></span>payables\" under IFRS.6.<span class=\"_ _38\"> </span>Under <span class=\"_\"> </span>U.S. <span class=\"_ _28\"> </span>GAAP, <span class=\"_ _28\"> </span>short-term <span class=\"_\"> </span>obligations <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>be <span class=\"_\"> </span>reclassified <span class=\"_ _28\"> </span>as <span class=\"_\"> </span>non-curre<span class=\"_ _1\"></span>nt <span class=\"_\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>balance <span class=\"_\"> </span>sheet <span class=\"_ _28\"> </span>date <span class=\"_ _28\"> </span>if <span class=\"_\"> </span>the borrower <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>both <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>intent <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>ability <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>short-term <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>basis. <span class=\"_ _d\"></span>In <span class=\"_ _d\"></span>lieu <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>actually issuing <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>new <span class=\"_ _e\"></span>long-term <span class=\"_ _e\"></span>obligation, <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>borrower <span class=\"_ _10\"></span>can <span class=\"_ _e\"></span>evidence <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>ability <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>refinance <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>long-term <span class=\"_ _e\"></span>basis <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>entering into <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>financing <span class=\"_ _10\"></span>agreement <span class=\"_ _10\"></span>before <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>statements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>issued. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>accordance <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company presented <span class=\"_ _11\"></span>the <span class=\"_ _11\"> </span>non-current <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>refinanced <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>February <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>long-term <span class=\"_ _11\"> </span>debt <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>1, 2021. <span class=\"_ _11\"> </span>This <span class=\"_ _11\"> </span>accounting <span class=\"_ _f\"> </span>treatment <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>not <span class=\"_ _11\"> </span>permitted <span class=\"_ _f\"> </span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>reclassification <span class=\"_ _11\"> </span>adjustment <span class=\"_ _11\"> </span>which increased <span class=\"_ _d\"></span>Short-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>portion <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>long-term <span class=\"_ _e\"></span>debt <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>decreased <span class=\"_ _d\"></span>Long-term <span class=\"_ _d\"></span>debt <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of January 1, 2021.7.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $3.7 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.8.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$7.8 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.9.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.10.<span class=\"_ _39\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.Reconciliation of Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 2021Effect of transition to  (in thousands of $)<span class=\"_ _15f\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSASSETS<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current Assets<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Cash and cash equivalents<span class=\"_ _b\"> </span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>113,073 Marketable securities<span class=\"_ _179\"> </span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,435 Trade and other receivables<span class=\"_ _10d\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>73,532 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>73,532 Trade accounts receivable, net<span class=\"_ _17a\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>63,423 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(63,423) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Related party receivables<span class=\"_ _15f\"> </span> <span class=\"_ _b8\"> </span>11,676 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>11,676 Other receivables<span class=\"_ _161\"> </span>1<span class=\"_ _aa\"> </span> <span class=\"_ _ce\"> </span>10,109 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,109) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _b8\"> </span>80,787 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,787 Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _ce\"> </span>38,492 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>38,492 Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _12\"> </span>8,899 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,899 Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _ea\"> </span>3,851 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,851 Total current assets<span class=\"_ _163\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>332,745 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>332,745 </span>Non-current assets<span class=\"_ _164\"> </span><span class=\"ff2\"> </span>Newbuildings<span class=\"_ _165\"> </span> <span class=\"_ _cd\"> </span>130,633 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>130,633 Vessels and equipment<span class=\"_ _166\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _121\"> </span>3,477,801 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>3,467,300 Vessels and equipment under finance leases, net<span class=\"_ _db\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>44,880 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(44,880) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Right-of-use assets under operating leases<span class=\"_ _167\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,914 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,914) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Right-of-use assets<span class=\"_ _15f\"> </span>3a<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>48,794 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>48,794 Goodwill<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>112,452 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>112,452 Derivative instrument receivable<span class=\"_ _72\"> </span> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,675 Investment in associated companies<span class=\"_ _67\"> </span> <span class=\"_ _15\"> </span>555 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>555 Loan notes receivable <span class=\"_ _169\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 Other non-current assets<span class=\"_ _16a\"> </span> <span class=\"_ _12\"> </span>3,055 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>3,055 Total assets<span class=\"_ _139\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>LIABILITIES AND EQUITY<span class=\"_ _130\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Current liabilities<span class=\"_ _16b\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Short-term debt and current portion of long-term debt<span class=\"_ _17b\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,286 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>198,665 Current portion of obligations under finance leases<span class=\"_ _16d\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>7,601 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,601) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under operating leases<span class=\"_ _e6\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>1,122 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(1,122) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Current portion of obligations under leases<span class=\"_ _16e\"> </span>3b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>8,723 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>8,723 Related party payables<span class=\"_ _bf\"> </span> <span class=\"_ _ce\"> </span>36,250 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>36,250 Trade and other payables<span class=\"_ _11d\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,364 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,364 Trade accounts payable<span class=\"_ _b5\"> </span>4<span class=\"_ _1e\"> </span> <span class=\"_ _12\"> </span>2,327 <span class=\"_ _37\"> </span> <span class=\"_ _b9\"> </span>(2,327) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Accrued expenses<span class=\"_ _14d\"> </span>4, 7<span class=\"_ _b1\"> </span> <span class=\"_ _b8\"> </span>42,836 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(42,836) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Derivative instruments payable <span class=\"_ _17c\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other current liabilities<span class=\"_ _142\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _12\"> </span>7,580 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(7,580) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Total current liabilities<span class=\"_ _171\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>292,675 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(5,673) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>287,002 </span>Non-current liabilities<span class=\"_ _f5\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Long-term debt<span class=\"_ _108\"> </span> <span class=\"_ _e8\"> </span>2,126,910 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,126,910 Obligations under finance leases<span class=\"_ _6b\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _ce\"> </span>40,865 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(40,865) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Obligations under operating leases  <span class=\"_ _173\"> </span>3c<span class=\"_ _46\"> </span> <span class=\"_ _12\"> </span>3,114 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,114) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Obligations under leases<span class=\"_ _11d\"> </span>3c<span class=\"_ _5d\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>43,979 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>43,979 Derivative instruments payable<span class=\"_ _170\"> </span>8<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 Other non-current payables<span class=\"_ _174\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>992 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>992 Total liabilities<span class=\"_ _9\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,464,556 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,464,556 </span>Equity<span class=\"_ _175\"> </span><span class=\"ff2\"> </span>Share capital<span class=\"_ _176\"> </span> <span class=\"_ _cd\"> </span>203,531 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>203,531 Additional paid in capital<span class=\"_ _177\"> </span> <span class=\"_ _cd\"> </span>448,291 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>448,291 Contributed surplus<span class=\"_ _14f\"> </span> <span class=\"_ _121\"> </span>1,004,094 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>1,004,094 Accumulated other reserves<span class=\"_ _17d\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>228 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>228 Retained (deficit) earnings<span class=\"_ _17e\"> </span>2<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(3,130) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(13,631) Total equity attributable to the shareholders of the Company<span class=\"_ _cb\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>1,653,014 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(10,501) <span class=\"_ _40\"> </span> <span class=\"_ _e8\"> </span>1,642,513 </span>Non-controlling interest<span class=\"_ _178\"> </span> <span class=\"_ _1d\"> </span>(472) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(472) Total equity<span class=\"_ _162\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>1,652,542 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _e8\"> </span>1,642,041 </span>Total liabilities and equity<span class=\"_ _b\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>4,117,098 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,501) <span class=\"_ _2a\"> </span> <span class=\"_ _121\"> </span>4,106,597 </span>IFRS adjustments of the Consolidated Statement of Financial P<span class=\"_ _1\"></span>osition as at December 31, 20211.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _11\"> </span>accounts <span class=\"_ _11\"> </span>receivable, <span class=\"_ _11\"> </span>net\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$63.4 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>\"Other <span class=\"_ _11\"> </span>receivables\" <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$10.1 <span class=\"_ _11\"> </span>million\", <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>were <span class=\"_ _f\"> </span>presented separately under U.S. GAAP, were reclassified into \"Trade and other rec<span class=\"_ _1\"></span>eivables\" under IFRS. 2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _d\"></span>over <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>next <span class=\"_ _e\"></span>scheduled <span class=\"_ _e\"></span>dry <span class=\"_ _e\"></span>docking. <span class=\"_ _e\"></span>This <span class=\"_ _e\"></span>resulted <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>net <span class=\"_ _e\"></span>measurement and <span class=\"_\"> </span>recognition <span class=\"_\"> </span>adjustm<span class=\"_ _1\"></span>ent <span class=\"_\"> </span>which <span class=\"_\"> </span>decrease<span class=\"_ _1\"></span>d <span class=\"_\"> </span>Vessels <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>equipment <span class=\"_\"> </span>and <span class=\"_\"> </span>Retained <span class=\"_ _28\"> </span>earnings <span class=\"_\"> </span>by <span class=\"_\"> </span>$10.5 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>as follows:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _27\"> </span>carrying <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>unamortized <span class=\"_ _27\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _27\"> </span>at <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>1, <span class=\"_ _27\"> </span>2021 <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>capitalized <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate component of Vessels and equipment which increased Vessels and equipment and Retained earnings by $26.2 million.b.<span class=\"_ _38\"> </span>a <span class=\"_ _11\"> </span>portion <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>initial <span class=\"_ _11\"> </span>cost <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>prior <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>allocated <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>dry <span class=\"_ _11\"> </span>docking component upon <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>depreciated over <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>next scheduled <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>which decreased Vessels and equipment and Retained earnings by $32.9 million.c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _27\"> </span>were <span class=\"_ _f\"> </span>capitalized <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>separate <span class=\"_ _f\"> </span>component <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>Vessels <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>equipment <span class=\"_ _27\"> </span>which <span class=\"_ _27\"> </span>increased <span class=\"_ _27\"> </span>Vessels <span class=\"_ _f\"> </span>and equipment and Retained earnings by $11.4 million.d.<span class=\"_ _38\"> </span>depreciation <span class=\"_ _2d\"> </span>expense <span class=\"_ _36\"> </span>on <span class=\"_ _36\"> </span>capitalized <span class=\"_ _36\"> </span>dry <span class=\"_ _36\"> </span>docking <span class=\"_ _36\"> </span>costs <span class=\"_ _36\"> </span>and <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>write <span class=\"_ _36\"> </span>off <span class=\"_ _36\"> </span>of <span class=\"_ _36\"> </span>the <span class=\"_ _36\"> </span>carrying <span class=\"_ _36\"> </span>amount <span class=\"_ _36\"> </span>of unamortized dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>vessels sold <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>resulted in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>decrease <span class=\"_ _d\"></span>in Vessels and equipment and Retained earnings of $13.3 million and $1.8 m<span class=\"_ _1\"></span>illion, respectively.3.<span class=\"_ _38\"> </span>Leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>either <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>leases <span class=\"_ _10\"></span>or <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _10\"></span>while <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>only one classification when the Company is a lessee which re<span class=\"_ _1\"></span>sulted in the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>\"Vessels <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>equipment <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>leases, <span class=\"_ _e\"></span>net\" <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$44.9 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>\"Right-of-use <span class=\"_ _e\"></span>assets <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>operating leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.9 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>separately <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _e\"></span>GAAP, <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>\"Right-of-use assets\" under IFRS.b.<span class=\"_ _38\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _f\"> </span>under <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>leases\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$7.6 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Current <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>obligations under operating <span class=\"_ _d\"></span>leases\" of <span class=\"_ _d\"></span>$1.1 million, <span class=\"_ _d\"></span>which were <span class=\"_ _d\"></span>presented separately <span class=\"_ _d\"></span>under U.S. <span class=\"_ _d\"></span>GAAP, were <span class=\"_ _d\"></span>reclassified into \"Current portion of obligations under leases\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$40.9 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>\"Obligations <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>leases\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$3.1 <span class=\"_ _d\"></span>million, which <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _e\"></span>separately <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _10\"></span>were <span class=\"_ _e\"></span>reclassified <span class=\"_ _10\"></span>into <span class=\"_ _e\"></span>\u201cObligations <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>leases\u201d <span class=\"_ _10\"></span>under IFRS.4.<span class=\"_ _38\"> </span>\"Trade <span class=\"_ _27\"> </span>accounts <span class=\"_ _27\"> </span>payable\" <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$2.3 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>\"Accrued <span class=\"_ _28\"> </span>expenses\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$42.8 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Other <span class=\"_ _27\"> </span>current <span class=\"_ _28\"> </span>liabilities\" <span class=\"_ _f\"> </span>of $7.6 <span class=\"_ _10\"></span>million, <span class=\"_ _11\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>presented <span class=\"_ _11\"> </span>separately <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _10\"></span>GAAP, <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>reclassified <span class=\"_ _11\"> </span>into <span class=\"_ _10\"></span>\"Trade <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>other <span class=\"_ _11\"> </span>payables\" under IFRS.5.<span class=\"_ _38\"> </span>\"Other long-term liabilities\" of $1.0 million under U.S. GAAP was rename<span class=\"_ _1\"></span>d \"Other non-current payables\" under IFRS.6.<span class=\"_ _38\"> </span>\"Accumulated <span class=\"_ _f\"> </span>other <span class=\"_ _27\"> </span>comprehensive <span class=\"_ _27\"> </span>income\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.2 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _27\"> </span>was <span class=\"_ _f\"> </span>renamed <span class=\"_ _27\"> </span>\"Accumulated <span class=\"_ _27\"> </span>other reserves\" under IFRS.7.<span class=\"_ _38\"> </span>Accrued <span class=\"_ _11\"> </span>interest <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$9.4 <span class=\"_ _27\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>presented <span class=\"_ _f\"> </span>within <span class=\"_ _f\"> </span>\"Accrued <span class=\"_ _f\"> </span>expenses\" <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _f\"> </span>GAAP <span class=\"_ _f\"> </span>was reclassified into \"Short-term debt and current portion of long-term de<span class=\"_ _1\"></span>bt\" under IFRS.8.<span class=\"_ _38\"> </span>\"Derivative <span class=\"_\"> </span>instruments <span class=\"_\"> </span>payable\", <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>was <span class=\"_\"> </span>classified <span class=\"_\"> </span>as <span class=\"_\"> </span>a <span class=\"_\"> </span>current <span class=\"_ _28\"> </span>liability <span class=\"_\"> </span>in <span class=\"_\"> </span>accordance <span class=\"_\"> </span>with <span class=\"_\"> </span>the<span class=\"_ _1\"></span> <span class=\"_\"> </span>Company's accounting <span class=\"_ _d\"></span>policies <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _d\"></span>GAAP, <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>non-current <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>contractual maturity dates.Reconciliation of Consolidated Statement of Profit or Loss<span class=\"ff2\"> </span>for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _ed\"> </span><span class=\"ff1\">Note<span class=\"_ _20\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSOperating revenues and other incomeVoyage charter revenues<span class=\"_ _17f\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _5a\"> </span>663,995 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(663,995) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Time charter revenues<span class=\"_ _180\"> </span>1a<span class=\"_ _1a\"> </span> <span class=\"_ _12f\"> </span>71,236 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(71,236) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Revenues <span class=\"_ _148\"> </span>1a, 1b<span class=\"_ _11b\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>749,381 Other income<span class=\"_ _10f\"> </span>1b, 1c, 2c<span class=\"_ _9d\"> </span> <span class=\"_ _d1\"> </span>14,150 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(10,090) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>4,060 Total operating revenues and other income<span class=\"_ _182\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>749,381 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>4,060 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>753,441 </span>Other operating gains <span class=\"_ _7\"> </span><span class=\"ff2\">1c<span class=\"_ _183\"> </span> <span class=\"_ _b9\"> </span>5,893 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(5,893) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 </span>Operating expensesVoyage expenses and commission<span class=\"_ _6c\"> </span> <span class=\"_ _4a\"> </span>392,697 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>392,697 Contingent rental income<span class=\"_ _184\"> </span> <span class=\"_ _20\"> </span>(3,606) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Ship operating expenses<span class=\"_ _82\"> </span>2a<span class=\"_ _1a\"> </span> <span class=\"_ _cf\"> </span>175,607 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _cd\"> </span>164,246 Charter hire expenses<span class=\"_ _a6\"> </span>3a<span class=\"_ _1a\"> </span> <span class=\"_ _b9\"> </span>2,695 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(2,695) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 Administrative expenses <span class=\"_ _14b\"> </span>3b<span class=\"_ _183\"> </span> <span class=\"_ _d1\"> </span>27,891 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,467) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>26,424 Depreciation<span class=\"_ _13\"> </span>2b, 3<span class=\"_ _185\"> </span> <span class=\"_ _cf\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>17,431 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>165,205 Total operating expenses<span class=\"_ _166\"> </span><span class=\"ff2\"> <span class=\"_ _4a\"> </span>743,058 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,908 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>744,966 </span>Net operating income<span class=\"_ _12d\"> </span><span class=\"ff2\"> <span class=\"_ _d1\"> </span>12,216 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,741) <span class=\"_ _40\"> </span> <span class=\"_ _12\"> </span>8,475 </span>Other income (expenses)<span class=\"_ _f4\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Finance income<span class=\"_ _118\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _15\"> </span>121 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>121 Interest income<span class=\"_ _135\"> </span>4<span class=\"_ _3c\"> </span> <span class=\"_ _26\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _1d\"> </span>(119) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Finance expense<span class=\"_ _186\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _a0\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(44,244) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(44,244) Interest expense<span class=\"_ _ed\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _187\"> </span>(61,435) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>61,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Gain on marketable securities<span class=\"_ _47\"> </span> <span class=\"_ _b9\"> </span>7,677 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,677 Share of results of associated company<span class=\"_ _188\"> </span> <span class=\"_ _53\"> </span>(724) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(724) Foreign currency exchange loss<span class=\"_ _189\"> </span>5<span class=\"_ _1f\"> </span> <span class=\"_ _53\"> </span>(116) <span class=\"_ _40\"> </span> <span class=\"_ _f6\"> </span>116 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Gain on derivatives<span class=\"_ _10b\"> </span>5<span class=\"_ _3c\"> </span> <span class=\"_ _88\"> </span>17,509 <span class=\"_ _37\"> </span> <span class=\"_ _d1\"> </span>(17,509) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Dividends received<span class=\"_ _b5\"> </span>6<span class=\"_ _3c\"> </span> <span class=\"_ _181\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,367 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>18,367 Other non-operating items, net<span class=\"_ _86\"> </span>6<span class=\"_ _18a\"> </span> <span class=\"_ _d1\"> </span>18,239 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(18,239) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 Net other expenses<span class=\"_ _cc\"> </span><span class=\"ff2\"> <span class=\"_ _41\"> </span>(18,731) <span class=\"_ _2a\"> </span> <span class=\"_ _a0\"> </span>(72) <span class=\"_ _40\"> </span> <span class=\"_ _d1\"> </span>(18,803) </span>Loss before income taxes<span class=\"_ _18b\"> </span><span class=\"ff2\"> <span class=\"_ _20\"> </span>(6,515) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(10,328) </span>Income tax expense<span class=\"_ _18c\"> </span> <span class=\"_ _20\"> </span>(4,633) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(4,633) Loss for the period<span class=\"_ _f1\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Loss attributable to the shareholders of the Company<span class=\"_ _18d\"> </span><span class=\"ff2\"> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) </span>Basic loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _4e\"> </span>$(0.02)<span class=\"_ _18f\"> </span>$(0.08)</span>Diluted loss per share attributable to shareholders of the Company <span class=\"_ _18e\"> </span><span class=\"ff2\">$(0.06)<span class=\"_ _18f\"> </span>$(0.02)<span class=\"_ _4e\"> </span>$(0.08)</span>IFRS adjustments to the Consolidated Statement of Profit or Loss for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>The presentation of operating revenues and other income was adjust<span class=\"_ _1\"></span>ed as follows:a.<span class=\"_ _6f\"> </span>\"Voyage <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>\"Time <span class=\"_ _11\"> </span>charter <span class=\"_ _11\"> </span>revenues\" <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>U.S. <span class=\"_ _11\"> </span>GAAP <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>\"Revenue\" under IFRS.b.<span class=\"_ _38\"> </span>\"Administrative <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$14.2 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>presented <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\"Other <span class=\"_ _d\"></span>income\" <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>GAAP <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>reclassified <span class=\"_ _d\"></span>to \"Revenue\" under IFRS.c.<span class=\"_ _6f\"> </span>\"Other operating gains\" of $5.9 million under U.S. GAAP was reclassified to \"Other income\" under IFRS. 2.<span class=\"_ _38\"> </span><span class=\"ff2\">Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as </span>incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. A <span class=\"_ _d\"></span>portion of the initial cost of <span class=\"_ _d\"></span>a vessel is allocated to <span class=\"_ _d\"></span>the dry docking component upon <span class=\"_ _27\"> </span>delivery <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>depreciated <span class=\"_ _27\"> </span>over <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>period <span class=\"_ _28\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>next <span class=\"_ _28\"> </span>scheduled <span class=\"_ _27\"> </span>dry <span class=\"_ _28\"> </span>docking. <span class=\"_ _27\"> </span>This <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>following measurement and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>dry <span class=\"_ _f\"> </span>docking <span class=\"_ _27\"> </span>costs <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _27\"> </span>2021 <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>were <span class=\"_ _f\"> </span>expensed <span class=\"_ _f\"> </span>as <span class=\"_ _27\"> </span>incurred <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S GAAP <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _e\"></span>which <span class=\"_ _10\"></span>decreased <span class=\"_ _e\"></span>Ship <span class=\"_ _10\"></span>operating expense by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other income.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _e\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>two <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>leased <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>third <span class=\"_ _e\"></span>party on time charters that were classified as leases<span class=\"ff3\">,</span> was re<span class=\"_ _1\"></span>classified to Depreciation under IFRS.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation under IFRS.4.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _f\"> </span>income\" <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _f\"> </span>separately <span class=\"_ _27\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>\"Finance income\" under IFRS.5.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _e\"></span>expense\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$61.4 <span class=\"_ _e\"></span>million, <span class=\"_ _10\"></span>\"Gain <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>derivatives\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$17.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>\"Foreign <span class=\"_ _e\"></span>currency <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>loss\" <span class=\"_ _10\"></span>of $0.1 million, which were presented separately under U.S. GAAP, were recla<span class=\"_ _1\"></span>ssified to \"Finance expense\" under IFRS.6.<span class=\"_ _38\"> </span>\"Other <span class=\"_ _10\"></span>non-operating <span class=\"_ _10\"></span>items, <span class=\"_ _10\"></span>net\" <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$18.4 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>under <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>reclassified <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>\"Dividends <span class=\"_ _10\"></span>received\" <span class=\"_ _10\"></span>under IFRS.Reconciliation of Consolidated Comprehensive Income for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _190\"> </span><span class=\"ff1\">Note<span class=\"_ _8a\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSProfit (loss)<span class=\"_ _138\"> </span>1<span class=\"_ _185\"> </span> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) Items that may be reclassified to profit or loss:Foreign currency translation gain (loss)<span class=\"_ _6b\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Other comprehensive income (loss)<span class=\"_ _74\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Comprehensive income (loss)<span class=\"_ _166\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) Comprehensive income (loss) attributable to the shareholders of the Company<span class=\"_ _191\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933) IFRS adjustments to the Consolidated Comprehensive Income for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.Reconciliation of Consolidated Statement of Cash Flows for the<span class=\"_ _1\"></span> year ended December 31, 2021Effect of transition to (in thousands of $)<span class=\"_ _192\"> </span><span class=\"ff1\">Note<span class=\"_ _8f\"> </span>U.S. GAAP</span>IFRS<span class=\"_ _104\"> </span>IFRSNet loss for the period<span class=\"_ _184\"> </span><span class=\"ff2\">1<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(11,148) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(14,961) </span>Adjustments to reconcile loss for the period with net cash provided by operations:Net finance expense<span class=\"_ _193\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>44,123 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,123 Depreciation<span class=\"_ _194\"> </span>2b, 3<span class=\"_ _f0\"> </span> <span class=\"_ _cd\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>17,431 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>165,205 Amortization of deferred charges<span class=\"_ _c0\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12\"> </span>5,208 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,208) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other operating gains<span class=\"_ _10f\"> </span>2c<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(5,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,833 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,225) Amortization of acquired time charters<span class=\"_ _69\"> </span> <span class=\"_ _ab\"> </span>(5,045) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,045) Contingent rental income<span class=\"_ _195\"> </span> <span class=\"_ _c4\"> </span>(3,606) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Gain on marketable securities<span class=\"_ _16f\"> </span> <span class=\"_ _c4\"> </span>(7,677) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,677) Share of results from associated company<span class=\"_ _116\"> </span> <span class=\"_ _15\"> </span>724 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>724 Gain on derivatives<span class=\"_ _118\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12f\"> </span>(23,262) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>23,262 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Stock option expense<span class=\"_ _df\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 Other, net<span class=\"_ _d5\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>430 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(430) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Changes in operating assets and liabilities:Trade accounts receivable<span class=\"_ _ed\"> </span> <span class=\"_ _12f\"> </span>(22,449) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,449) Other receivables<span class=\"_ _196\"> </span> <span class=\"_ _12\"> </span>7,216 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,216 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _12f\"> </span>(22,929) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,929) Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _c4\"> </span>(3,787) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,787) Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _ab\"> </span>(1,174) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(1,174) Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _b9\"> </span>(1,128) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,128) Trade accounts payable<span class=\"_ _120\"> </span> <span class=\"_ _c4\"> </span>(5,533) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,533) Accrued expenses<span class=\"_ _11f\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(1,911) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(1,574) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,485) Related party balances<span class=\"_ _148\"> </span> <span class=\"_ _ce\"> </span>18,968 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,968 Other current liabilities<span class=\"_ _144\"> </span> <span class=\"_ _15\"> </span>135 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>135 Change in restricted cash<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,928 Other<span class=\"_ _197\"> </span> <span class=\"_ _c4\"> </span>(2,816) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(2,816) Interest paid<span class=\"_ _119\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,477) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(60,477) Debt issuance costs paid<span class=\"_ _166\"> </span>7<span class=\"_ _1e\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(8,050) Interest received<span class=\"_ _d0\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>119 Net cash provided by operating activities<span class=\"_ _e2\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>62,932 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,329 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>85,261 </span>Investing activities<span class=\"_ _198\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Additions to newbuildings, vessels and equipment<span class=\"_ _e0\"> </span>2a<span class=\"_ _46\"> </span> <span class=\"_ _5a\"> </span>(462,400) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(473,761) Purchase of shares<span class=\"_ _10e\"> </span> <span class=\"_ _1d\"> </span>(357) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(357) Net proceeds from sale of vessel<span class=\"_ _122\"> </span> <span class=\"_ _ce\"> </span>80,000 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,000 Net cash inflow on sale of subsidiary<span class=\"_ _7b\"> </span> <span class=\"_ _12\"> </span>5,625 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,625 Proceeds from sale of marketable securities<span class=\"_ _199\"> </span> <span class=\"_ _b8\"> </span>14,074 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,074 Net cash used in investing activities<span class=\"_ _67\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>(363,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(374,419) </span>Financing activities<span class=\"_ _19a\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Net proceeds from issuance of shares<span class=\"_ _83\"> </span> <span class=\"_ _ce\"> </span>52,447 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,447 Proceeds from issuance of debt<span class=\"_ _f8\"> </span> <span class=\"_ _cd\"> </span>403,868 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>403,868 Repayment of debt<span class=\"_ _19b\"> </span> <span class=\"_ _5a\"> </span>(219,521) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(219,521) Repayment of obligations under leases<span class=\"_ _19c\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(5,194) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(4,090) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(9,284) Debt fees paid <span class=\"_ _132\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _ab\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>8,050 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Net cash provided by financing activities<span class=\"_ _189\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>223,550 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,960 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>227,510 </span>Net change in cash and cash equivalents<span class=\"_ _19d\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(76,576) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(61,648) </span>Cash and cash equivalents at beginning of year<span class=\"_ _19e\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,649 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(14,928) <span class=\"_ _40\"> </span> <span class=\"_ _cd\"> </span>174,721 </span>Cash and cash equivalents at end of year<span class=\"_ _116\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>113,073 </span>IFRS adjustments to the Consolidated Statement of Cash Flows for t<span class=\"_ _1\"></span>he year ended December 31, 20211.<span class=\"_ _38\"> </span>Refer <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>IFRS <span class=\"_ _d\"></span>adjustments <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Consolidated <span class=\"_ _d\"></span>Statement <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Profit <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Loss <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021 section above.2.<span class=\"_ _38\"> </span>Dry <span class=\"_ _f\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>incurred <span class=\"_ _f\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>and <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>expensed <span class=\"_ _f\"> </span>as incurred <span class=\"_ _d\"></span>within Ship <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>Frontline\u2019s <span class=\"_ _d\"></span>historical accounting <span class=\"_ _d\"></span>policy <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>accordance <span class=\"_ _d\"></span>with U.S. <span class=\"_ _d\"></span>GAAP. Under IFRS, <span class=\"_ _d\"></span>significant <span class=\"_ _d\"></span>components of <span class=\"_ _d\"></span>property, <span class=\"_ _d\"></span>plant and <span class=\"_ _d\"></span>equipment <span class=\"_ _d\"></span>with differing <span class=\"_ _d\"></span>depreciation <span class=\"_ _d\"></span>methods or <span class=\"_ _d\"></span>lives <span class=\"_ _d\"></span>are required to be depreciated separately. Accordingly, the ca<span class=\"_ _1\"></span>rrying amount of unamortized dry docking costs at December 31, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>capitalized <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>separate <span class=\"_ _10\"></span>component <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Vessels <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>equipment <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>depreciated <span class=\"_ _e\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>the next scheduled dry docking (2.5 - 5). This resulted in the following measureme<span class=\"_ _1\"></span>nt and recognition adjustments:a.<span class=\"_ _6f\"> </span>the <span class=\"_ _d\"></span>dry <span class=\"_ _d\"></span>docking <span class=\"_ _d\"></span>costs paid <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>capitalized <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>separate component <span class=\"_ _d\"></span>of Vessels and equipment which increased Additions to newbuildings, vesse<span class=\"_ _1\"></span>ls and equipment by $11.4 million.b.<span class=\"_ _38\"> </span>depreciation expense on capitalized dry docking costs result<span class=\"_ _1\"></span>ed in an increase in Depreciation of $13.3 million. c.<span class=\"_ _6f\"> </span>the <span class=\"_ _f\"> </span>write <span class=\"_ _27\"> </span>off <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>carrying <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _f\"> </span>unamortized <span class=\"_ _f\"> </span>dry <span class=\"_ _27\"> </span>docking <span class=\"_ _f\"> </span>costs <span class=\"_ _f\"> </span>on <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>sold <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2021 resulted in a $1.8 million decrease in the gai<span class=\"_ _1\"></span>ns on sales recognized within Other operating gains.3.<span class=\"_ _38\"> </span>Under <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP, <span class=\"_ _27\"> </span>rent <span class=\"_ _27\"> </span>expense <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>classified <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>operating <span class=\"_ _27\"> </span>leases <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>single <span class=\"_ _27\"> </span>line <span class=\"_ _27\"> </span>item depending <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>nature <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>underlying <span class=\"_ _11\"> </span>asset <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>recorded <span class=\"_ _11\"> </span>on <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>straight-line <span class=\"_ _11\"> </span>basis <span class=\"_ _f\"> </span>whereas <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>IFRS, <span class=\"_ _11\"> </span>interest expense <span class=\"_ _28\"> </span>on <span class=\"_\"> </span>lease <span class=\"_ _28\"> </span>liabilities <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>amortization <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>right-of-use <span class=\"_ _28\"> </span>assets <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>presented <span class=\"_ _28\"> </span>separately. <span class=\"_\"> </span>This <span class=\"_ _28\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>the following reclassification adjustments:a.<span class=\"_ _6f\"> </span>Charterhire <span class=\"_ _e\"></span>expense <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>$2.7 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>U.S. <span class=\"_ _10\"></span>GAAP <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>leased-in <span class=\"_ _e\"></span>vessels, <span class=\"_ _e\"></span><span class=\"ff3\">FPMC <span class=\"_ _e\"></span>Noble <span class=\"_ _e\"></span></span>and FPMC <span class=\"_ _10\"></span>Melody,<span class=\"ff2\"> <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>reclassified <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>Depreciation <span class=\"_ _10\"></span>under <span class=\"_ _11\"> </span>IFRS <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>resulted <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>corresponding <span class=\"_ _11\"> </span>increase <span class=\"_ _11\"> </span>in </span>Repayment of obligations under leases.b.<span class=\"_ _38\"> </span>Administrative <span class=\"_ _f\"> </span>expenses <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>office <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>was <span class=\"_ _27\"> </span>reclassified <span class=\"_ _f\"> </span>to Depreciation <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>IFRS <span class=\"_ _28\"> </span>which <span class=\"_ _27\"> </span>resulted <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>corresponding <span class=\"_ _28\"> </span>increase <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>Repayment <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>obligations <span class=\"_ _28\"> </span>under leases.4.<span class=\"_ _38\"> </span>\"Other, net\" of $0.2 million under U.S. GAAP was reclassified to \"Stock option expense<span class=\"_ _1\"></span>\" under IFRS.5.<span class=\"_ _38\"> </span>The \"Change in restricted cash\" of $14.9 million was presented wit<span class=\"_ _1\"></span>hin operating activities under IFRS.6.<span class=\"_ _38\"> </span>The presentation of net finance expenses was adjusted as follows:a.<span class=\"_ _6f\"> </span>\"Amortization <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>deferred <span class=\"_ _2d\"> </span>charges\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$5.2 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>\"Gain <span class=\"_ _29\"> </span>on <span class=\"_ _2d\"> </span>derivatives\" <span class=\"_ _29\"> </span>of <span class=\"_ _2d\"> </span>$23.3 <span class=\"_ _29\"> </span>million <span class=\"_ _2d\"> </span>were reclassified to \"Net finance expense\". b.<span class=\"_ _38\"> </span>\"Interest <span class=\"_ _27\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$60.5 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>\"Interest <span class=\"_ _27\"> </span>received\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>separately, <span class=\"_ _27\"> </span>which resulted in an adjustment to accrued expenses of $1.6 million.7.<span class=\"_ _38\"> </span>\"Debt <span class=\"_ _27\"> </span>fees <span class=\"_ _28\"> </span>paid\" <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$8.1 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>within <span class=\"_ _28\"> </span>financing <span class=\"_ _27\"> </span>activities <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>U.S. <span class=\"_ _27\"> </span>GAAP <span class=\"_ _28\"> </span>was <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>as <span class=\"_ _28\"> </span>\"Debt issuance costs paid\" within operating activities under IFRS.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__63-1": {
   "value": "Profit (loss)<span class=\"_ _138\"> </span>1<span class=\"_ _185\"> </span> <span class=\"_ _187\"> </span>(11,148) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,961) Items that may be reclassified to profit or loss:Foreign currency translation gain (loss)<span class=\"_ _6b\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Other comprehensive income (loss)<span class=\"_ _74\"> </span> <span class=\"_ _181\"> </span>28 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>28 Comprehensive income (loss)<span class=\"_ _166\"> </span> <span class=\"_ _187\"> </span>(11,120) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(14,933)13.VESSELS AND EQUIPMENTMovements in the two years ended December 31, 2022 are summarized a<span class=\"_ _1\"></span>s follows:Vessels and Dry dock (in thousands of $)equipmentcomponent<span class=\"_ _104\"> </span>TotalCostAs of January 1, 2022<span class=\"_ _12d\"> </span> <span class=\"_ _121\"> </span>4,089,351 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>107,616 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>4,196,967 Additions<span class=\"_ _f7\"> </span> <span class=\"_ _b8\"> </span>16,483 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>17,850 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>34,333 Transferred from new buildings<span class=\"_ _1cc\"> </span> <span class=\"_ _cd\"> </span>380,859 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,382 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>386,241 Disposals<span class=\"_ _106\"> </span> <span class=\"_ _12f\"> </span>(95,975) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(4,411) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(100,386) As of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _121\"> </span>4,390,718 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>126,437 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>4,517,155 Accumulated depreciationAs of January 1, 2022<span class=\"_ _12d\"> </span> <span class=\"_ _5a\"> </span>(666,860) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(62,807) <span class=\"_ _2a\"> </span> <span class=\"_ _cf\"> </span>(729,667) Charge for the period<span class=\"_ _12e\"> </span> <span class=\"_ _5a\"> </span>(145,623) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(16,324) <span class=\"_ _2a\"> </span> <span class=\"_ _cf\"> </span>(161,947) Disposals<span class=\"_ _106\"> </span> <span class=\"_ _b8\"> </span>22,137 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>2,974 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>25,111 As of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _5a\"> </span>(790,346) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(76,157) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(866,503) Net book valueAs of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _121\"> </span>3,600,372 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>50,280 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>3,650,652 CostAs of January 1, 2021<span class=\"_ _12d\"> </span> <span class=\"_ _121\"> </span>3,805,768 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>94,396 <span class=\"_ _37\"> </span> <span class=\"_ _e8\"> </span>3,900,164 Additions<span class=\"_ _f7\"> </span> <span class=\"_ _af\"> </span>189,193 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>12,740 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>201,933 Transferred from new buildings<span class=\"_ _1cc\"> </span> <span class=\"_ _cd\"> </span>189,035 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,127 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>194,162 Disposals<span class=\"_ _106\"> </span> <span class=\"_ _12f\"> </span>(94,645) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(4,647) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(99,292) As of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _121\"> </span>4,089,351 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>107,616 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>4,196,967 Accumulated depreciationAs of January 1, 2021<span class=\"_ _12d\"> </span> <span class=\"_ _5a\"> </span>(550,082) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(49,626) <span class=\"_ _2a\"> </span> <span class=\"_ _cf\"> </span>(599,708) Charge for the period<span class=\"_ _12e\"> </span> <span class=\"_ _5a\"> </span>(136,482) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(15,995) <span class=\"_ _2a\"> </span> <span class=\"_ _cf\"> </span>(152,477) Disposals<span class=\"_ _106\"> </span> <span class=\"_ _b8\"> </span>19,704 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>2,814 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,518 As of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _5a\"> </span>(666,860) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(62,807) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(729,667) Net book valueAs of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _121\"> </span>3,422,491 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>44,809 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>3,467,300 As of January 1, 2021<span class=\"_ _d3\"> </span> <span class=\"_ _e8\"> </span>3,255,686 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,770 <span class=\"_ _37\"> </span> <span class=\"_ _e8\"> </span>3,300,456 In the year ended December 31, 2022, the Company;\u2022<span class=\"_ _2c\"> </span>completed the installation of Exhaust Gas Cleaning Syst<span class=\"_ _1\"></span>ems on eight vessels;\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">took delivery of four VLCC newbuildings, </span>Front Alta, Front Tweed, Front Tana <span class=\"ff2\">and</span> F<span class=\"_ _1\"></span>ront Gaula;\u2022<span class=\"_ _2c\"> </span>sold two LR2 tankers, <span class=\"ff3\">Front Lion</span> and <span class=\"ff3\">Front Panther;</span> and\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">performed dry docks on 14 vessels.</span>In the year ended December 31, 2021, the Company;\u2022<span class=\"_ _2c\"> </span>completed the installation of EGCS on two vessels and the i<span class=\"_ _1\"></span>nstallation of BWTS on one vessel;\u2022<span class=\"_ _2c\"> </span>took delivery of two VLCCs, <span class=\"ff3\">Front Driva</span> and <span class=\"ff3\">Front Nausta;</span>\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">took delivery of four LR2 newbuildings, </span>Front Favour, Front Feature, Front Fusion <span class=\"_ _1\"></span><span class=\"ff2\">and<span class=\"ff3\"> Front Future</span>; </span>\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">sold two LR2 tankers, </span>Front Puma<span class=\"ff2\"> and </span>Front Tiger<span class=\"ff2\">; and</span>\u2022<span class=\"_ _2c\"> </span>performed dry docks on 11 vessels.ImpairmentAs of January 1, 2021To <span class=\"_ _e\"></span>determine <span class=\"_ _10\"></span>whether <span class=\"_ _e\"></span>detailed <span class=\"_ _10\"></span>impairment <span class=\"_ _e\"></span>testing <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>required <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>our <span class=\"_ _10\"></span>owned <span class=\"_ _e\"></span>vessels, <span class=\"_ _10\"></span>including <span class=\"_ _e\"></span>newbuildings, <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>date <span class=\"_ _e\"></span>of transition <span class=\"_ _d\"></span>to <span class=\"_ _10\"></span>IFRS, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>assessed <span class=\"_ _e\"></span>whether <span class=\"_ _e\"></span>there <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>any <span class=\"_ _e\"></span>indication <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>our <span class=\"_ _10\"></span>vessels <span class=\"_ _d\"></span>may <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>impaired <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, 2021 <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>considering <span class=\"_ _e\"></span>internal <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>external <span class=\"_ _e\"></span>indicators. <span class=\"_ _10\"></span>Based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>this <span class=\"_ _e\"></span>assessment, <span class=\"_ _e\"></span>we <span class=\"_ _10\"></span>observed <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>estimated <span class=\"_ _e\"></span>market <span class=\"_ _10\"></span>values received <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>independent <span class=\"_ _d\"></span>ship <span class=\"_ _e\"></span>brokers <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>less <span class=\"_ _e\"></span>than <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _d\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>majority <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>our <span class=\"_ _d\"></span>vessels. <span class=\"_ _e\"></span>This <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>considered to <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>indicator <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>such, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>recoverable <span class=\"_ _e\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>all <span class=\"_ _e\"></span>our <span class=\"_ _10\"></span>vessels <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>use calculation using cash flow projections. The <span class=\"_ _d\"></span>estimated recoverable amounts of all our vessels <span class=\"_ _d\"></span>were significantly greater than the carrying amounts and no impairment loss was recognized.As of December 31, 2021To <span class=\"_ _10\"></span>determine <span class=\"_ _10\"></span>whether <span class=\"_ _10\"></span>further <span class=\"_ _11\"> </span>detailed <span class=\"_ _10\"></span>impairment <span class=\"_ _10\"></span>testing <span class=\"_ _10\"></span>was <span class=\"_ _11\"> </span>required <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>our <span class=\"_ _11\"> </span>owned <span class=\"_ _10\"></span>vessels, <span class=\"_ _11\"> </span>including <span class=\"_ _10\"></span>newbuildings, <span class=\"_ _10\"></span>as <span class=\"_ _11\"> </span>of December 31, 2021, the Company assessed whether there was <span class=\"_ _d\"></span>any indication that our vessels may be impaired as of this date by considering <span class=\"_ _e\"></span>internal <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>external <span class=\"_ _e\"></span>indicators. <span class=\"_ _e\"></span>Based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>this <span class=\"_ _e\"></span>assessment, <span class=\"_ _e\"></span>we <span class=\"_ _e\"></span>observed <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>estimated <span class=\"_ _10\"></span>market <span class=\"_ _e\"></span>values <span class=\"_ _e\"></span>received from independent ship brokers continued to be less than the carrying amount of the majority of our vessels. This was considered to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _d\"></span>indicator <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>such, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>recoverable <span class=\"_ _e\"></span>amounts <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>all <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>estimated <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use calculation using <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flow <span class=\"_ _d\"></span>projections. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>estimated recoverable <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>vessels were <span class=\"_ _d\"></span>significantly <span class=\"_ _d\"></span>greater <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>the carrying amounts and no impairment loss was recognized.As of December 31, 2022To determine whether it was necessary to re-estimate the <span class=\"_ _d\"></span>recoverable amounts of our owned vessels, including newbuildings, as of <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>assessed <span class=\"_ _e\"></span>whether <span class=\"_ _e\"></span>any <span class=\"_ _d\"></span>events <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>occurred <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>would <span class=\"_ _e\"></span>eliminate <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>difference <span class=\"_ _e\"></span>calculated between <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _d\"></span>amounts <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>recoverable <span class=\"_ _d\"></span>amounts <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021. <span class=\"_ _e\"></span>Based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>assessment, <span class=\"_ _d\"></span>we <span class=\"_ _e\"></span>observed <span class=\"_ _e\"></span>that the <span class=\"_ _10\"></span>estimated <span class=\"_ _10\"></span>market <span class=\"_ _10\"></span>values <span class=\"_ _10\"></span>received <span class=\"_ _11\"> </span>from <span class=\"_ _10\"></span>independent <span class=\"_ _10\"></span>ship <span class=\"_ _11\"> </span>brokers <span class=\"_ _10\"></span>had <span class=\"_ _10\"></span>increased <span class=\"_ _10\"></span>significantly <span class=\"_ _11\"> </span>during <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>all <span class=\"_ _10\"></span>our vessels <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>actual <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>forecasted <span class=\"_ _e\"></span>TCE <span class=\"_ _10\"></span>rates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>results <span class=\"_ _e\"></span>had <span class=\"_ _10\"></span>also <span class=\"_ _d\"></span>improved <span class=\"_ _10\"></span>significantly. <span class=\"_ _d\"></span>Furthermore, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>estimated recoverable <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>sensitive <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>possible <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>including the <span class=\"_ _f\"> </span>change <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>useful <span class=\"_ _27\"> </span>life <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>our <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>25 <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>20 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>Accordingly, <span class=\"_ _f\"> </span>we <span class=\"_ _27\"> </span>did <span class=\"_ _f\"> </span>not <span class=\"_ _27\"> </span>re-estimate <span class=\"_ _f\"> </span>our <span class=\"_ _27\"> </span>vessel's <span class=\"_ _f\"> </span>recoverable amounts as of December 31, 2022 and no impairment loss was recognized.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__62": {
   "value": "Net loss for the period<span class=\"_ _184\"> </span><span class=\"ff2\">1<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(11,148) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(3,813) <span class=\"_ _2a\"> </span> <span class=\"_ _d1\"> </span>(14,961) </span>Adjustments to reconcile loss for the period with net cash provided by operations:Net finance expense<span class=\"_ _193\"> </span>6<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>44,123 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,123 Depreciation<span class=\"_ _194\"> </span>2b, 3<span class=\"_ _f0\"> </span> <span class=\"_ _cd\"> </span>147,774 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>17,431 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>165,205 Amortization of deferred charges<span class=\"_ _c0\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12\"> </span>5,208 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,208) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Other operating gains<span class=\"_ _10f\"> </span>2c<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(5,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>1,833 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(3,225) Amortization of acquired time charters<span class=\"_ _69\"> </span> <span class=\"_ _ab\"> </span>(5,045) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,045) Contingent rental income<span class=\"_ _195\"> </span> <span class=\"_ _c4\"> </span>(3,606) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,606) Gain on marketable securities<span class=\"_ _16f\"> </span> <span class=\"_ _c4\"> </span>(7,677) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(7,677) Share of results from associated company<span class=\"_ _116\"> </span> <span class=\"_ _15\"> </span>724 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>724 Gain on derivatives<span class=\"_ _118\"> </span>6a<span class=\"_ _5d\"> </span> <span class=\"_ _12f\"> </span>(23,262) <span class=\"_ _2a\"> </span> <span class=\"_ _b8\"> </span>23,262 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Stock option expense<span class=\"_ _df\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>185 Other, net<span class=\"_ _d5\"> </span>4<span class=\"_ _aa\"> </span> <span class=\"_ _15\"> </span>430 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(430) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 Changes in operating assets and liabilities:Trade accounts receivable<span class=\"_ _ed\"> </span> <span class=\"_ _12f\"> </span>(22,449) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,449) Other receivables<span class=\"_ _196\"> </span> <span class=\"_ _12\"> </span>7,216 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,216 Inventories<span class=\"_ _162\"> </span> <span class=\"_ _12f\"> </span>(22,929) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(22,929) Voyages in progress<span class=\"_ _12d\"> </span> <span class=\"_ _c4\"> </span>(3,787) <span class=\"_ _2a\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(3,787) Prepaid expenses and accrued income<span class=\"_ _68\"> </span> <span class=\"_ _ab\"> </span>(1,174) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(1,174) Other current assets<span class=\"_ _12e\"> </span> <span class=\"_ _b9\"> </span>(1,128) <span class=\"_ _40\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(1,128) Trade accounts payable<span class=\"_ _120\"> </span> <span class=\"_ _c4\"> </span>(5,533) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _c4\"> </span>(5,533) Accrued expenses<span class=\"_ _11f\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _c4\"> </span>(1,911) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(1,574) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,485) Related party balances<span class=\"_ _148\"> </span> <span class=\"_ _ce\"> </span>18,968 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>18,968 Other current liabilities<span class=\"_ _144\"> </span> <span class=\"_ _15\"> </span>135 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>135 Change in restricted cash<span class=\"_ _11d\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,928 Other<span class=\"_ _197\"> </span> <span class=\"_ _c4\"> </span>(2,816) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ab\"> </span>(2,816) Interest paid<span class=\"_ _119\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(60,477) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(60,477) Debt issuance costs paid<span class=\"_ _166\"> </span>7<span class=\"_ _1e\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _c4\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(8,050) Interest received<span class=\"_ _d0\"> </span>6b<span class=\"_ _46\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>119 <span class=\"_ _37\"> </span> <span class=\"_ _f6\"> </span>119 Net cash provided by operating activities<span class=\"_ _e2\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>62,932 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,329 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>85,261 </span>Investing activities<span class=\"_ _198\"> </span> <span class=\"_ _e6\"> </span><span class=\"ff2\"> </span>Additions to newbuildings, vessels and equipment<span class=\"_ _e0\"> </span>2a<span class=\"_ _46\"> </span> <span class=\"_ _5a\"> </span>(462,400) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(473,761) Purchase of shares<span class=\"_ _10e\"> </span> <span class=\"_ _1d\"> </span>(357) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _1d\"> </span>(357) Net proceeds from sale of vessel<span class=\"_ _122\"> </span> <span class=\"_ _ce\"> </span>80,000 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>80,000 Net cash inflow on sale of subsidiary<span class=\"_ _7b\"> </span> <span class=\"_ _12\"> </span>5,625 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,625 Proceeds from sale of marketable securities<span class=\"_ _199\"> </span> <span class=\"_ _b8\"> </span>14,074 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>14,074 Net cash used in investing activities<span class=\"_ _67\"> </span><span class=\"ff2\"> <span class=\"_ _cf\"> </span>(363,058) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(11,361) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(374,419) </span>Financing activities<span class=\"_ _19a\"> </span><span class=\"ff2\"> <span class=\"_ _e6\"> </span> </span>Net proceeds from issuance of shares<span class=\"_ _83\"> </span> <span class=\"_ _ce\"> </span>52,447 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>52,447 Proceeds from issuance of debt<span class=\"_ _f8\"> </span> <span class=\"_ _cd\"> </span>403,868 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>403,868 Repayment of debt<span class=\"_ _19b\"> </span> <span class=\"_ _5a\"> </span>(219,521) <span class=\"_ _2a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _5a\"> </span>(219,521) Repayment of obligations under leases<span class=\"_ _19c\"> </span>3<span class=\"_ _aa\"> </span> <span class=\"_ _c4\"> </span>(5,194) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(4,090) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(9,284) Debt fees paid <span class=\"_ _132\"> </span>7<span class=\"_ _aa\"> </span> <span class=\"_ _ab\"> </span>(8,050) <span class=\"_ _2a\"> </span> <span class=\"_ _12\"> </span>8,050 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Net cash provided by financing activities<span class=\"_ _189\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>223,550 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,960 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>227,510 </span>Net change in cash and cash equivalents<span class=\"_ _19d\"> </span><span class=\"ff2\">5<span class=\"_ _aa\"> </span> <span class=\"_ _12f\"> </span>(76,576) <span class=\"_ _2a\"> </span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _12f\"> </span>(61,648) </span>Cash and cash equivalents at beginning of year<span class=\"_ _19e\"> </span>5<span class=\"_ _aa\"> </span> <span class=\"_ _cd\"> </span>189,649 <span class=\"_ _a7\"> </span> <span class=\"_ _12f\"> </span>(14,928) <span class=\"_ _40\"> </span> <span class=\"_ _cd\"> </span>174,721",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__65": {
   "value": "4.<span class=\"_ _e8\"> </span>SEGMENT INFORMATIONThe <span class=\"_ _d\"></span>Company and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>chief <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>decision <span class=\"_ _d\"></span>maker, or <span class=\"_ _d\"></span>CODM, <span class=\"_ _d\"></span>measure <span class=\"_ _d\"></span>performance <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the Company's <span class=\"_ _d\"></span>overall <span class=\"_ _d\"></span>return to <span class=\"_ _d\"></span>shareholders based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>consolidated <span class=\"_ _d\"></span>profit <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>loss. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>CODM <span class=\"_ _d\"></span>does <span class=\"_ _d\"></span>not review <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>measure <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>operating <span class=\"_ _d\"></span>result <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>a lower <span class=\"_ _d\"></span>level than <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>consolidated <span class=\"_ _28\"> </span>group. <span class=\"_ _27\"> </span>Consequently, <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Company <span class=\"_ _27\"> </span>has <span class=\"_ _28\"> </span>only <span class=\"_ _28\"> </span>one <span class=\"_ _27\"> </span>reportable <span class=\"_ _28\"> </span>segment: <span class=\"_ _27\"> </span>tankers. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>tankers <span class=\"_ _27\"> </span>segment includes crude oil tankers and product tankers.The Group's internal organizational and management struct<span class=\"_ _1\"></span>ure does not distinguish any geographical segments.No <span class=\"_ _f\"> </span>customers <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>years <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>2021 <span class=\"_ _f\"> </span>individually <span class=\"_ _f\"> </span>accounted <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>10% <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>more <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company's consolidated operating revenues.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__68": {
   "value": "5.<span class=\"_ _e8\"> </span>REVENUE AND OTHER INCOMEThe accounting treatment of revenue is described in acc<span class=\"_ _1\"></span>ounting policies (Note 2).The lease and non-lease components of our revenues in the year ended De<span class=\"_ _1\"></span>cember 31, 2022 were as follows:(in thousands of $)Lease<span class=\"_ _19f\"> </span>Non-lease<span class=\"_ _b9\"> </span>TotalVoyage charter revenues <span class=\"_ _19f\"> </span>601,057 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>744,907 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _3f\"> </span>1,345,964 </span>Time charter revenues <span class=\"_ _11b\"> </span>45,515 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>26,276 <span class=\"_ _40\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>71,791 </span>Administrative income<span class=\"_ _1a0\"> </span> <span class=\"_ _1c\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>12,453 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>12,453 </span>Total revenues <span class=\"_ _19f\"> </span>646,572 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>783,636 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _3f\"> </span>1,430,208 </span>The lease and non-lease components of our revenues in the year ended De<span class=\"_ _1\"></span>cember 31, 2021 were as follows:(in thousands of $)Lease<span class=\"_ _19f\"> </span>Non-lease<span class=\"_ _b9\"> </span>TotalVoyage charter revenues <span class=\"_ _19f\"> </span>166,014 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>497,981 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _19f\"> </span>663,995 </span>Time charter revenues <span class=\"_ _11b\"> </span>49,785 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>21,451 <span class=\"_ _40\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>71,236 </span>Administrative income<span class=\"_ _1a0\"> </span> <span class=\"_ _1c\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>14,150 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>14,150 </span>Total revenues <span class=\"_ _19f\"> </span>215,799 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>533,582 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _19f\"> </span>749,381 </span>Certain voyage expenses are capitalized between the previous <span class=\"_ _d\"></span>discharge port, or contract date if later, and <span class=\"_ _d\"></span>the next load port and amortized between load port and discharge port. $5.3 million of contract assets were capita<span class=\"_ _1\"></span>lized in the year ended December 31, 2022 <span class=\"_ _e\"></span>(2021: <span class=\"_ _e\"></span>$5.2 <span class=\"_ _e\"></span>million) <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>Other <span class=\"_ _e\"></span>current <span class=\"_ _e\"></span>assets, <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>$2.5 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>amortized <span class=\"_ _e\"></span>up <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>(2021: <span class=\"_ _e\"></span>$2.6 million), <span class=\"_ _e\"></span>leaving <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>remaining <span class=\"_ _e\"></span>balance <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$2.9 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>(2021: <span class=\"_ _10\"></span>$2.6 <span class=\"_ _10\"></span>million) <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022. <span class=\"_ _10\"></span>$2.6 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>contract assets were amortized in the <span class=\"_ _d\"></span>year ended December 31, 2022 <span class=\"_ _d\"></span>in relation to voyages <span class=\"_ _d\"></span>in progress at the end <span class=\"_ _d\"></span>of December 31, 2021. No impairment losses were recognized in the period.Administrative income <span class=\"_ _d\"></span>primarily <span class=\"_ _d\"></span>comprises the <span class=\"_ _d\"></span>income <span class=\"_ _d\"></span>earned from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>technical and <span class=\"_ _d\"></span>commercial <span class=\"_ _d\"></span>management of <span class=\"_ _d\"></span>related party and third party vessels and newbuilding supervision fees derived from relat<span class=\"_ _1\"></span>ed parties. As <span class=\"_ _11\"> </span>at <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2022, <span class=\"_ _f\"> </span>2021 <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _f\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>reported <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>following <span class=\"_ _11\"> </span>contract <span class=\"_ _f\"> </span>assets <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>its contracts with customers:(in thousands of $)December 31, December 31, January 1, 202220212021Voyages in progress <span class=\"_ _17\"> </span>60,620 <span class=\"_ _40\"> </span><span class=\"ff2\"> <span class=\"_ _ab\"> </span>27,467 <span class=\"_ _40\"> </span> <span class=\"_ _15e\"> </span>23,559 </span>Trade accounts receivable <span class=\"_ _17\"> </span>67,397 <span class=\"_ _40\"> </span><span class=\"ff2\"> <span class=\"_ _ab\"> </span>45,258 <span class=\"_ _40\"> </span> <span class=\"_ _15e\"> </span>27,814 </span>Related party receivables <span class=\"_ _1a1\"> </span>9,913 <span class=\"_ _3f\"> </span><span class=\"ff2\"> <span class=\"_ _bb\"> </span>5,397 <span class=\"_ _3f\"> </span> <span class=\"_ _9c\"> </span>7,195 </span>Other current assets <span class=\"_ _1a1\"> </span>2,896 <span class=\"_ _3f\"> </span><span class=\"ff2\"> <span class=\"_ _bb\"> </span>2,748 <span class=\"_ _3f\"> </span> <span class=\"_ _9c\"> </span>1,853 </span>Total <span class=\"_ _18a\"> </span>140,826 <span class=\"_ _40\"> </span><span class=\"ff2\"> <span class=\"_ _ab\"> </span>80,870 <span class=\"_ _40\"> </span> <span class=\"_ _15e\"> </span>60,421 </span>Other income in the years ended December 31, 2022 and 2021 were as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Gain on settlement of claims<span class=\"_ _1a3\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,998 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Other gains<span class=\"_ _1a4\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>18 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>519 Gain on sale of vessels<span class=\"_ _1a5\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>4,596 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,226 Loss on termination of leased vessels<span class=\"_ _1a6\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(431) <span class=\"_ _2a\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Gain (loss) on pool arrangements<span class=\"_ _1a7\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(141) <span class=\"_ _2a\"> </span></span> <span class=\"_ _15\"> </span>315  Total<span class=\"_ _1a8\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>8,040 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>4,060 In the year ended December 31, <span class=\"_ _d\"></span>2022, the Company recorded other gains <span class=\"_ _d\"></span>of $0.02 million (2021: $0.5 million) in <span class=\"_ _d\"></span>relation to the settlement of miscellaneous claims.In <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>recorded <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>arbitration <span class=\"_ _d\"></span>award <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>$2.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>failed <span class=\"_ _d\"></span>sale of <span class=\"ff3\">Dewi Maeswara</span> and $1.5 million gain on the settlement of insuranc<span class=\"_ _1\"></span>e claims for <span class=\"ff3\">Front Altair</span>.In November <span class=\"_ _d\"></span>2021, the <span class=\"_ _d\"></span>Company announced <span class=\"_ _d\"></span>that it <span class=\"_ _d\"></span>had entered <span class=\"_ _d\"></span>into an <span class=\"_ _d\"></span>agreement to <span class=\"_ _d\"></span>sell four <span class=\"_ _d\"></span>of its <span class=\"_ _d\"></span>scrubber fitted <span class=\"_ _d\"></span>LR2 tankers for an aggregate sales price <span class=\"_ _d\"></span>of $160.0 million to SFL <span class=\"_ _d\"></span>Tanker Holding Ltd., a company related <span class=\"_ _d\"></span>to Hemen, its largest shareholder. Two <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>delivered <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>new <span class=\"_ _11\"> </span>owners <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>2021 <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>remaining <span class=\"_ _10\"></span>two <span class=\"_ _11\"> </span>vessels <span class=\"_ _10\"></span>were <span class=\"_ _11\"> </span>delivered <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>new owners <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>January <span class=\"_ _f\"> </span>2022. <span class=\"_ _11\"> </span>After <span class=\"_ _f\"> </span>repayment <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>debt <span class=\"_ _f\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>transaction <span class=\"_ _f\"> </span>generated <span class=\"_ _11\"> </span>total <span class=\"_ _11\"> </span>net <span class=\"_ _11\"> </span>cash <span class=\"_ _f\"> </span>proceeds <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$68.6 million, with <span class=\"_ _d\"></span>net <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>proceeds of <span class=\"_ _d\"></span>$35.1 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company recorded <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>gain on sale <span class=\"_ _d\"></span>in relation <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>first two <span class=\"_ _d\"></span>vessels of <span class=\"_ _d\"></span>$3.2 million in <span class=\"_ _d\"></span>the year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>and a <span class=\"_ _d\"></span>gain of <span class=\"_ _d\"></span>$4.6 million <span class=\"_ _d\"></span>in the year ended December 31, 2022.In <span class=\"_ _10\"></span>April <span class=\"_ _10\"></span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>announced <span class=\"_ _10\"></span>that <span class=\"_ _11\"> </span>its <span class=\"_ _10\"></span>subsidiary <span class=\"_ _10\"></span>Frontline <span class=\"_ _11\"> </span>Shipping <span class=\"_ _10\"></span>Limited <span class=\"_ _10\"></span>had <span class=\"_ _10\"></span>agreed <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>SFL <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>terminate <span class=\"_ _10\"></span>the long-term <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>2004-built <span class=\"_ _d\"></span>VLCCs, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Force</span> <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Energy</span>, <span class=\"_ _d\"></span>upon <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>sale <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>SFL to <span class=\"_ _11\"> </span>an <span class=\"_ _11\"> </span>unrelated <span class=\"_ _11\"> </span>third <span class=\"_ _11\"> </span>party. <span class=\"_ _f\"> </span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>recognized <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>non-cash <span class=\"_ _f\"> </span>reduction <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>obligations <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$46.6 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year ended <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>respect <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>these <span class=\"_ _10\"></span>vessels. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>agreed <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>total <span class=\"_ _10\"></span>compensation <span class=\"_ _10\"></span>payment <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>SFL <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$4.5 million <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the termination <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>charters. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>terminated and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>delivered <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>new <span class=\"_ _d\"></span>owners <span class=\"_ _d\"></span>in April 2022. The Company recorded a loss on termination of $0.4 million in t<span class=\"_ _1\"></span>he year ended December 31, 2022.In <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _f\"> </span>recorded <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _f\"> </span>million <span class=\"_ _27\"> </span>loss <span class=\"_ _27\"> </span>(2021: <span class=\"_ _f\"> </span>$0.3 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>gain) <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>the pooling <span class=\"_\"> </span>arrangement <span class=\"_ _28\"> </span>with <span class=\"_\"> </span>SFL <span class=\"_\"> </span>betwe<span class=\"_ _1\"></span>en <span class=\"_\"> </span>two <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>its <span class=\"_\"> </span>Suezmax <span class=\"_ _28\"> </span>tankers <span class=\"_\"> </span><span class=\"ff3\">Front <span class=\"_\"> </span>Odin</span> <span class=\"_ _28\"> </span>and <span class=\"_\"> </span><span class=\"ff3\">Front <span class=\"_ _28\"> </span>Njord</span> <span class=\"_\"> </span>and <span class=\"_\"> </span>two <span class=\"_ _28\"> </span>SFL <span class=\"_\"> </span>vessels Glorycrown<span class=\"ff2\"> and </span>Everbright<span class=\"ff2\">.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__67": {
   "value": "5.<span class=\"_ _e8\"> </span>REVENUE AND OTHER INCOMEThe accounting treatment of revenue is described in acc<span class=\"_ _1\"></span>ounting policies (Note 2).The lease and non-lease components of our revenues in the year ended De<span class=\"_ _1\"></span>cember 31, 2022 were as follows:(in thousands of $)Lease<span class=\"_ _19f\"> </span>Non-lease<span class=\"_ _b9\"> </span>TotalVoyage charter revenues <span class=\"_ _19f\"> </span>601,057 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>744,907 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _3f\"> </span>1,345,964 </span>Time charter revenues <span class=\"_ _11b\"> </span>45,515 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>26,276 <span class=\"_ _40\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>71,791 </span>Administrative income<span class=\"_ _1a0\"> </span> <span class=\"_ _1c\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>12,453 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>12,453 </span>Total revenues <span class=\"_ _19f\"> </span>646,572 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>783,636 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _3f\"> </span>1,430,208 </span>The lease and non-lease components of our revenues in the year ended De<span class=\"_ _1\"></span>cember 31, 2021 were as follows:(in thousands of $)Lease<span class=\"_ _19f\"> </span>Non-lease<span class=\"_ _b9\"> </span>TotalVoyage charter revenues <span class=\"_ _19f\"> </span>166,014 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>497,981 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _19f\"> </span>663,995 </span>Time charter revenues <span class=\"_ _11b\"> </span>49,785 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>21,451 <span class=\"_ _40\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>71,236 </span>Administrative income<span class=\"_ _1a0\"> </span> <span class=\"_ _1c\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>14,150 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>14,150 </span>Total revenues <span class=\"_ _19f\"> </span>215,799 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>533,582 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _19f\"> </span>749,381 </span>Certain voyage expenses are capitalized between the previous <span class=\"_ _d\"></span>discharge port, or contract date if later, and <span class=\"_ _d\"></span>the next load port and amortized between load port and discharge port. $5.3 million of contract assets were capita<span class=\"_ _1\"></span>lized in the year ended December 31, 2022 <span class=\"_ _e\"></span>(2021: <span class=\"_ _e\"></span>$5.2 <span class=\"_ _e\"></span>million) <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>Other <span class=\"_ _e\"></span>current <span class=\"_ _e\"></span>assets, <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>$2.5 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>amortized <span class=\"_ _e\"></span>up <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>(2021: <span class=\"_ _e\"></span>$2.6 million), <span class=\"_ _e\"></span>leaving <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>remaining <span class=\"_ _e\"></span>balance <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$2.9 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>(2021: <span class=\"_ _10\"></span>$2.6 <span class=\"_ _10\"></span>million) <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022. <span class=\"_ _10\"></span>$2.6 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>contract assets were amortized in the <span class=\"_ _d\"></span>year ended December 31, 2022 <span class=\"_ _d\"></span>in relation to voyages <span class=\"_ _d\"></span>in progress at the end <span class=\"_ _d\"></span>of December 31, 2021. No impairment losses were recognized in the period.Administrative income <span class=\"_ _d\"></span>primarily <span class=\"_ _d\"></span>comprises the <span class=\"_ _d\"></span>income <span class=\"_ _d\"></span>earned from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>technical and <span class=\"_ _d\"></span>commercial <span class=\"_ _d\"></span>management of <span class=\"_ _d\"></span>related party and third party vessels and newbuilding supervision fees derived from relat<span class=\"_ _1\"></span>ed parties. As <span class=\"_ _11\"> </span>at <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2022, <span class=\"_ _f\"> </span>2021 <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _f\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>reported <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>following <span class=\"_ _11\"> </span>contract <span class=\"_ _f\"> </span>assets <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>its contracts with customers:(in thousands of $)December 31, December 31, January 1, 202220212021Voyages in progress <span class=\"_ _17\"> </span>60,620 <span class=\"_ _40\"> </span><span class=\"ff2\"> <span class=\"_ _ab\"> </span>27,467 <span class=\"_ _40\"> </span> <span class=\"_ _15e\"> </span>23,559 </span>Trade accounts receivable <span class=\"_ _17\"> </span>67,397 <span class=\"_ _40\"> </span><span class=\"ff2\"> <span class=\"_ _ab\"> </span>45,258 <span class=\"_ _40\"> </span> <span class=\"_ _15e\"> </span>27,814 </span>Related party receivables <span class=\"_ _1a1\"> </span>9,913 <span class=\"_ _3f\"> </span><span class=\"ff2\"> <span class=\"_ _bb\"> </span>5,397 <span class=\"_ _3f\"> </span> <span class=\"_ _9c\"> </span>7,195 </span>Other current assets <span class=\"_ _1a1\"> </span>2,896 <span class=\"_ _3f\"> </span><span class=\"ff2\"> <span class=\"_ _bb\"> </span>2,748 <span class=\"_ _3f\"> </span> <span class=\"_ _9c\"> </span>1,853 </span>Total <span class=\"_ _18a\"> </span>140,826 <span class=\"_ _40\"> </span><span class=\"ff2\"> <span class=\"_ _ab\"> </span>80,870 <span class=\"_ _40\"> </span> <span class=\"_ _15e\"> </span>60,421 </span>Other income in the years ended December 31, 2022 and 2021 were as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Gain on settlement of claims<span class=\"_ _1a3\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,998 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Other gains<span class=\"_ _1a4\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>18 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>519 Gain on sale of vessels<span class=\"_ _1a5\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>4,596 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,226 Loss on termination of leased vessels<span class=\"_ _1a6\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(431) <span class=\"_ _2a\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Gain (loss) on pool arrangements<span class=\"_ _1a7\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(141) <span class=\"_ _2a\"> </span></span> <span class=\"_ _15\"> </span>315  Total<span class=\"_ _1a8\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>8,040 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>4,060 In the year ended December 31, <span class=\"_ _d\"></span>2022, the Company recorded other gains <span class=\"_ _d\"></span>of $0.02 million (2021: $0.5 million) in <span class=\"_ _d\"></span>relation to the settlement of miscellaneous claims.In <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>recorded <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>arbitration <span class=\"_ _d\"></span>award <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>$2.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>failed <span class=\"_ _d\"></span>sale of <span class=\"ff3\">Dewi Maeswara</span> and $1.5 million gain on the settlement of insuranc<span class=\"_ _1\"></span>e claims for <span class=\"ff3\">Front Altair</span>.In November <span class=\"_ _d\"></span>2021, the <span class=\"_ _d\"></span>Company announced <span class=\"_ _d\"></span>that it <span class=\"_ _d\"></span>had entered <span class=\"_ _d\"></span>into an <span class=\"_ _d\"></span>agreement to <span class=\"_ _d\"></span>sell four <span class=\"_ _d\"></span>of its <span class=\"_ _d\"></span>scrubber fitted <span class=\"_ _d\"></span>LR2 tankers for an aggregate sales price <span class=\"_ _d\"></span>of $160.0 million to SFL <span class=\"_ _d\"></span>Tanker Holding Ltd., a company related <span class=\"_ _d\"></span>to Hemen, its largest shareholder. Two <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>delivered <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>new <span class=\"_ _11\"> </span>owners <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>2021 <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>remaining <span class=\"_ _10\"></span>two <span class=\"_ _11\"> </span>vessels <span class=\"_ _10\"></span>were <span class=\"_ _11\"> </span>delivered <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>new owners <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>January <span class=\"_ _f\"> </span>2022. <span class=\"_ _11\"> </span>After <span class=\"_ _f\"> </span>repayment <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>debt <span class=\"_ _f\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>transaction <span class=\"_ _f\"> </span>generated <span class=\"_ _11\"> </span>total <span class=\"_ _11\"> </span>net <span class=\"_ _11\"> </span>cash <span class=\"_ _f\"> </span>proceeds <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$68.6 million, with <span class=\"_ _d\"></span>net <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>proceeds of <span class=\"_ _d\"></span>$35.1 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company recorded <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>gain on sale <span class=\"_ _d\"></span>in relation <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>first two <span class=\"_ _d\"></span>vessels of <span class=\"_ _d\"></span>$3.2 million in <span class=\"_ _d\"></span>the year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>and a <span class=\"_ _d\"></span>gain of <span class=\"_ _d\"></span>$4.6 million <span class=\"_ _d\"></span>in the year ended December 31, 2022.In <span class=\"_ _10\"></span>April <span class=\"_ _10\"></span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>announced <span class=\"_ _10\"></span>that <span class=\"_ _11\"> </span>its <span class=\"_ _10\"></span>subsidiary <span class=\"_ _10\"></span>Frontline <span class=\"_ _11\"> </span>Shipping <span class=\"_ _10\"></span>Limited <span class=\"_ _10\"></span>had <span class=\"_ _10\"></span>agreed <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>SFL <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>terminate <span class=\"_ _10\"></span>the long-term <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>2004-built <span class=\"_ _d\"></span>VLCCs, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Force</span> <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Energy</span>, <span class=\"_ _d\"></span>upon <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>sale <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>SFL to <span class=\"_ _11\"> </span>an <span class=\"_ _11\"> </span>unrelated <span class=\"_ _11\"> </span>third <span class=\"_ _11\"> </span>party. <span class=\"_ _f\"> </span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>recognized <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>non-cash <span class=\"_ _f\"> </span>reduction <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>obligations <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$46.6 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year ended <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>respect <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>these <span class=\"_ _10\"></span>vessels. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>agreed <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>total <span class=\"_ _10\"></span>compensation <span class=\"_ _10\"></span>payment <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>SFL <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$4.5 million <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the termination <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>charters. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>terminated and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>delivered <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>new <span class=\"_ _d\"></span>owners <span class=\"_ _d\"></span>in April 2022. The Company recorded a loss on termination of $0.4 million in t<span class=\"_ _1\"></span>he year ended December 31, 2022.In <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _f\"> </span>recorded <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _f\"> </span>million <span class=\"_ _27\"> </span>loss <span class=\"_ _27\"> </span>(2021: <span class=\"_ _f\"> </span>$0.3 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>gain) <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>the pooling <span class=\"_\"> </span>arrangement <span class=\"_ _28\"> </span>with <span class=\"_\"> </span>SFL <span class=\"_\"> </span>betwe<span class=\"_ _1\"></span>en <span class=\"_\"> </span>two <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>its <span class=\"_\"> </span>Suezmax <span class=\"_ _28\"> </span>tankers <span class=\"_\"> </span><span class=\"ff3\">Front <span class=\"_\"> </span>Odin</span> <span class=\"_ _28\"> </span>and <span class=\"_\"> </span><span class=\"ff3\">Front <span class=\"_ _28\"> </span>Njord</span> <span class=\"_\"> </span>and <span class=\"_\"> </span>two <span class=\"_ _28\"> </span>SFL <span class=\"_\"> </span>vessels Glorycrown<span class=\"ff2\"> and </span>Everbright<span class=\"ff2\">.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__66": {
   "value": "5.<span class=\"_ _e8\"> </span>REVENUE AND OTHER INCOMEThe accounting treatment of revenue is described in acc<span class=\"_ _1\"></span>ounting policies (Note 2).The lease and non-lease components of our revenues in the year ended De<span class=\"_ _1\"></span>cember 31, 2022 were as follows:(in thousands of $)Lease<span class=\"_ _19f\"> </span>Non-lease<span class=\"_ _b9\"> </span>TotalVoyage charter revenues <span class=\"_ _19f\"> </span>601,057 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>744,907 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _3f\"> </span>1,345,964 </span>Time charter revenues <span class=\"_ _11b\"> </span>45,515 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>26,276 <span class=\"_ _40\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>71,791 </span>Administrative income<span class=\"_ _1a0\"> </span> <span class=\"_ _1c\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>12,453 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>12,453 </span>Total revenues <span class=\"_ _19f\"> </span>646,572 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>783,636 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _3f\"> </span>1,430,208 </span>The lease and non-lease components of our revenues in the year ended De<span class=\"_ _1\"></span>cember 31, 2021 were as follows:(in thousands of $)Lease<span class=\"_ _19f\"> </span>Non-lease<span class=\"_ _b9\"> </span>TotalVoyage charter revenues <span class=\"_ _19f\"> </span>166,014 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>497,981 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _19f\"> </span>663,995 </span>Time charter revenues <span class=\"_ _11b\"> </span>49,785 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>21,451 <span class=\"_ _40\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>71,236 </span>Administrative income<span class=\"_ _1a0\"> </span> <span class=\"_ _1c\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _11b\"> </span>14,150 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _11b\"> </span>14,150 </span>Total revenues <span class=\"_ _19f\"> </span>215,799 <span class=\"_ _3f\"> </span> <span class=\"_ _19f\"> </span>533,582 <span class=\"_ _3f\"> </span><span class=\"ff1\"> <span class=\"_ _19f\"> </span>749,381 </span>Certain voyage expenses are capitalized between the previous <span class=\"_ _d\"></span>discharge port, or contract date if later, and <span class=\"_ _d\"></span>the next load port and amortized between load port and discharge port. $5.3 million of contract assets were capita<span class=\"_ _1\"></span>lized in the year ended December 31, 2022 <span class=\"_ _e\"></span>(2021: <span class=\"_ _e\"></span>$5.2 <span class=\"_ _e\"></span>million) <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>Other <span class=\"_ _e\"></span>current <span class=\"_ _e\"></span>assets, <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>$2.5 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>amortized <span class=\"_ _e\"></span>up <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>(2021: <span class=\"_ _e\"></span>$2.6 million), <span class=\"_ _e\"></span>leaving <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>remaining <span class=\"_ _e\"></span>balance <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$2.9 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>(2021: <span class=\"_ _10\"></span>$2.6 <span class=\"_ _10\"></span>million) <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022. <span class=\"_ _10\"></span>$2.6 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>contract assets were amortized in the <span class=\"_ _d\"></span>year ended December 31, 2022 <span class=\"_ _d\"></span>in relation to voyages <span class=\"_ _d\"></span>in progress at the end <span class=\"_ _d\"></span>of December 31, 2021. No impairment losses were recognized in the period.Administrative income <span class=\"_ _d\"></span>primarily <span class=\"_ _d\"></span>comprises the <span class=\"_ _d\"></span>income <span class=\"_ _d\"></span>earned from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>technical and <span class=\"_ _d\"></span>commercial <span class=\"_ _d\"></span>management of <span class=\"_ _d\"></span>related party and third party vessels and newbuilding supervision fees derived from relat<span class=\"_ _1\"></span>ed parties. As <span class=\"_ _11\"> </span>at <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2022, <span class=\"_ _f\"> </span>2021 <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _f\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>reported <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>following <span class=\"_ _11\"> </span>contract <span class=\"_ _f\"> </span>assets <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>its contracts with customers:(in thousands of $)December 31, December 31, January 1, 202220212021Voyages in progress <span class=\"_ _17\"> </span>60,620 <span class=\"_ _40\"> </span><span class=\"ff2\"> <span class=\"_ _ab\"> </span>27,467 <span class=\"_ _40\"> </span> <span class=\"_ _15e\"> </span>23,559 </span>Trade accounts receivable <span class=\"_ _17\"> </span>67,397 <span class=\"_ _40\"> </span><span class=\"ff2\"> <span class=\"_ _ab\"> </span>45,258 <span class=\"_ _40\"> </span> <span class=\"_ _15e\"> </span>27,814 </span>Related party receivables <span class=\"_ _1a1\"> </span>9,913 <span class=\"_ _3f\"> </span><span class=\"ff2\"> <span class=\"_ _bb\"> </span>5,397 <span class=\"_ _3f\"> </span> <span class=\"_ _9c\"> </span>7,195 </span>Other current assets <span class=\"_ _1a1\"> </span>2,896 <span class=\"_ _3f\"> </span><span class=\"ff2\"> <span class=\"_ _bb\"> </span>2,748 <span class=\"_ _3f\"> </span> <span class=\"_ _9c\"> </span>1,853 </span>Total <span class=\"_ _18a\"> </span>140,826 <span class=\"_ _40\"> </span><span class=\"ff2\"> <span class=\"_ _ab\"> </span>80,870 <span class=\"_ _40\"> </span> <span class=\"_ _15e\"> </span>60,421 </span>Other income in the years ended December 31, 2022 and 2021 were as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Gain on settlement of claims<span class=\"_ _1a3\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,998 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Other gains<span class=\"_ _1a4\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>18 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>519 Gain on sale of vessels<span class=\"_ _1a5\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>4,596 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,226 Loss on termination of leased vessels<span class=\"_ _1a6\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(431) <span class=\"_ _2a\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Gain (loss) on pool arrangements<span class=\"_ _1a7\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(141) <span class=\"_ _2a\"> </span></span> <span class=\"_ _15\"> </span>315  Total<span class=\"_ _1a8\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>8,040 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>4,060 In the year ended December 31, <span class=\"_ _d\"></span>2022, the Company recorded other gains <span class=\"_ _d\"></span>of $0.02 million (2021: $0.5 million) in <span class=\"_ _d\"></span>relation to the settlement of miscellaneous claims.In <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>recorded <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>arbitration <span class=\"_ _d\"></span>award <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>$2.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>failed <span class=\"_ _d\"></span>sale of <span class=\"ff3\">Dewi Maeswara</span> and $1.5 million gain on the settlement of insuranc<span class=\"_ _1\"></span>e claims for <span class=\"ff3\">Front Altair</span>.In November <span class=\"_ _d\"></span>2021, the <span class=\"_ _d\"></span>Company announced <span class=\"_ _d\"></span>that it <span class=\"_ _d\"></span>had entered <span class=\"_ _d\"></span>into an <span class=\"_ _d\"></span>agreement to <span class=\"_ _d\"></span>sell four <span class=\"_ _d\"></span>of its <span class=\"_ _d\"></span>scrubber fitted <span class=\"_ _d\"></span>LR2 tankers for an aggregate sales price <span class=\"_ _d\"></span>of $160.0 million to SFL <span class=\"_ _d\"></span>Tanker Holding Ltd., a company related <span class=\"_ _d\"></span>to Hemen, its largest shareholder. Two <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>delivered <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>new <span class=\"_ _11\"> </span>owners <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>2021 <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>remaining <span class=\"_ _10\"></span>two <span class=\"_ _11\"> </span>vessels <span class=\"_ _10\"></span>were <span class=\"_ _11\"> </span>delivered <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>new owners <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>January <span class=\"_ _f\"> </span>2022. <span class=\"_ _11\"> </span>After <span class=\"_ _f\"> </span>repayment <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>debt <span class=\"_ _f\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>transaction <span class=\"_ _f\"> </span>generated <span class=\"_ _11\"> </span>total <span class=\"_ _11\"> </span>net <span class=\"_ _11\"> </span>cash <span class=\"_ _f\"> </span>proceeds <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$68.6 million, with <span class=\"_ _d\"></span>net <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>proceeds of <span class=\"_ _d\"></span>$35.1 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company recorded <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>gain on sale <span class=\"_ _d\"></span>in relation <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>first two <span class=\"_ _d\"></span>vessels of <span class=\"_ _d\"></span>$3.2 million in <span class=\"_ _d\"></span>the year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>and a <span class=\"_ _d\"></span>gain of <span class=\"_ _d\"></span>$4.6 million <span class=\"_ _d\"></span>in the year ended December 31, 2022.In <span class=\"_ _10\"></span>April <span class=\"_ _10\"></span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>announced <span class=\"_ _10\"></span>that <span class=\"_ _11\"> </span>its <span class=\"_ _10\"></span>subsidiary <span class=\"_ _10\"></span>Frontline <span class=\"_ _11\"> </span>Shipping <span class=\"_ _10\"></span>Limited <span class=\"_ _10\"></span>had <span class=\"_ _10\"></span>agreed <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>SFL <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>terminate <span class=\"_ _10\"></span>the long-term <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>2004-built <span class=\"_ _d\"></span>VLCCs, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Force</span> <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Energy</span>, <span class=\"_ _d\"></span>upon <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>sale <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>SFL to <span class=\"_ _11\"> </span>an <span class=\"_ _11\"> </span>unrelated <span class=\"_ _11\"> </span>third <span class=\"_ _11\"> </span>party. <span class=\"_ _f\"> </span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>recognized <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>non-cash <span class=\"_ _f\"> </span>reduction <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>obligations <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$46.6 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year ended <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>respect <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>these <span class=\"_ _10\"></span>vessels. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>agreed <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>total <span class=\"_ _10\"></span>compensation <span class=\"_ _10\"></span>payment <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>SFL <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$4.5 million <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the termination <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>current <span class=\"_ _d\"></span>charters. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>terminated and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>delivered <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>new <span class=\"_ _d\"></span>owners <span class=\"_ _d\"></span>in April 2022. The Company recorded a loss on termination of $0.4 million in t<span class=\"_ _1\"></span>he year ended December 31, 2022.In <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _f\"> </span>recorded <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>$0.1 <span class=\"_ _f\"> </span>million <span class=\"_ _27\"> </span>loss <span class=\"_ _27\"> </span>(2021: <span class=\"_ _f\"> </span>$0.3 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>gain) <span class=\"_ _27\"> </span>related <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>the pooling <span class=\"_\"> </span>arrangement <span class=\"_ _28\"> </span>with <span class=\"_\"> </span>SFL <span class=\"_\"> </span>betwe<span class=\"_ _1\"></span>en <span class=\"_\"> </span>two <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>its <span class=\"_\"> </span>Suezmax <span class=\"_ _28\"> </span>tankers <span class=\"_\"> </span><span class=\"ff3\">Front <span class=\"_\"> </span>Odin</span> <span class=\"_ _28\"> </span>and <span class=\"_\"> </span><span class=\"ff3\">Front <span class=\"_ _28\"> </span>Njord</span> <span class=\"_\"> </span>and <span class=\"_\"> </span>two <span class=\"_ _28\"> </span>SFL <span class=\"_\"> </span>vessels Glorycrown<span class=\"ff2\"> and </span>Everbright<span class=\"ff2\">.</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__71-1": {
   "value": "6.<span class=\"_ _e8\"> </span>OPERATING EXPENSESVoyage expenses and commissions(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Commissions<span class=\"_ _154\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>46,029 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>22,239 Bunkers<span class=\"_ _96\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>416,830 <span class=\"_ _a7\"> </span></span> <span class=\"_ _af\"> </span>237,166 Other voyage related expenses<span class=\"_ _1a9\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>142,685 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>133,292  <span class=\"_ _1aa\"> </span> <span class=\"_ _cd\"> </span>605,544 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>392,697 </span>For <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>operated <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>spot <span class=\"_ _d\"></span>market, <span class=\"_ _d\"></span>voyage <span class=\"_ _d\"></span>expenses are <span class=\"_ _d\"></span>paid <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>shipowner <span class=\"_ _d\"></span>while <span class=\"_ _d\"></span>voyage <span class=\"_ _d\"></span>expenses <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>a time charter contract, are paid by the charterer. No i<span class=\"_ _1\"></span>nventory write-downs were recognized as an expense in the period.The majority of <span class=\"_ _d\"></span>other voyage <span class=\"_ _d\"></span>expenses are <span class=\"_ _d\"></span>port costs, agency <span class=\"_ _d\"></span>fees and <span class=\"_ _d\"></span>agent fees paid <span class=\"_ _d\"></span>to operate <span class=\"_ _d\"></span>the vessels on <span class=\"_ _d\"></span>the spot <span class=\"_ _d\"></span>market. Port costs vary depending on the number of spot voyages performed, number and type of ports. Ship operating expenses(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Technical management expenses<span class=\"_ _9b\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>66,238 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>56,007 Crew costs<span class=\"_ _1ab\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>96,283 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>96,915 Insurances<span class=\"_ _1ac\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,643 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>11,324  <span class=\"_ _1aa\"> </span> <span class=\"_ _cd\"> </span>175,164 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>164,246 </span>Ship operating expenses are the direct costs associated with running a vessel and include crew costs, vessel supplies, repairs and maintenance, <span class=\"_\"> </span>lubricating <span class=\"_\"> </span>oils <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>insurances. <span class=\"_\"> </span>The <span class=\"_ _29\"> </span>technical <span class=\"_\"> </span>management <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>our <span class=\"_\"> </span>vessels <span class=\"_\"> </span>is <span class=\"_ _29\"> </span>provided <span class=\"_\"> </span>by <span class=\"_ _29\"> </span>third <span class=\"_\"> </span>party <span class=\"_\"> </span>ship management companies.Administrative expenses(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Total compensation to employees and directors<span class=\"_ _1ad\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>22,442 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>13,325 Office and administrative expenses<span class=\"_ _1ae\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,105 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>10,544 Audit, legal and consultancy<span class=\"_ _15a\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,827 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>2,555  <span class=\"_ _b8\"> </span>47,374 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>26,424 </span>The <span class=\"_ _e\"></span>statutory <span class=\"_ _10\"></span>auditor <span class=\"_ _10\"></span>charged <span class=\"_ _e\"></span>fees <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$0.1 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>respective <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>audit <span class=\"_ _e\"></span>services <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>audit <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>statements. <span class=\"_ _10\"></span>No other fees were charged by the statutory auditor.Total compensation to employees and directors:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Directors fees<span class=\"_ _1af\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>465 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>329 Wages and salaries<span class=\"_ _1b0\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>15,247 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>9,504 Stock option expense<span class=\"_ _1b1\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>4,700 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>153 Social security costs<span class=\"_ _18e\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,130 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>1,751 Pension costs<span class=\"_ _1b2\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>772 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,401 Other staff related costs<span class=\"_ _1b3\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>128 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>187  <span class=\"_ _b8\"> </span>22,442 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>13,325 </span>The average <span class=\"_ _d\"></span>number of employees <span class=\"_ _d\"></span>employed by <span class=\"_ _d\"></span>the Company and <span class=\"_ _d\"></span>its subsidiaries <span class=\"_ _d\"></span>in the year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, 2022 was <span class=\"_ _d\"></span>79 (2021: 82).7.<span class=\"_ _e8\"> </span>NET FINANCE EXPENSE(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Interest income<span class=\"_ _1b4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,463 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>119 Foreign exchange gains<span class=\"_ _f9\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>16 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Other financial income<span class=\"_ _11a\"> </span><span class=\"ff1\"> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _37\"> </span></span> <span class=\"_ _101\"> </span>2 Finance income<span class=\"_ _1b5\"> </span> <span class=\"_ _12\"> </span>1,479 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _15\"> </span>121 </span>Interest expense on financial liabilities measure<span class=\"_ _1\"></span>d at amortized cost<span class=\"_ _1b6\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>92,222 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>52,328 Interest leasing<span class=\"_ _1b7\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>937 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,968 Gain on interest rate swaps<span class=\"_ _f7\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(53,623) <span class=\"_ _40\"> </span></span> <span class=\"_ _d1\"> </span>(17,509) Foreign exchange losses<span class=\"_ _197\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>116 Amortization of debt issuance costs<span class=\"_ _a1\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,553 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>5,210 Other financial expenses<span class=\"_ _1b8\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>241 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>131 Finance expense<span class=\"_ _133\"> </span> <span class=\"_ _ce\"> </span>45,330 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>44,244 </span>Net finance expense<span class=\"_ _1b9\"> </span> <span class=\"_ _12f\"> </span>(43,851) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(44,123)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__70": {
   "value": "6.<span class=\"_ _e8\"> </span>OPERATING EXPENSESVoyage expenses and commissions(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Commissions<span class=\"_ _154\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>46,029 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>22,239 Bunkers<span class=\"_ _96\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>416,830 <span class=\"_ _a7\"> </span></span> <span class=\"_ _af\"> </span>237,166 Other voyage related expenses<span class=\"_ _1a9\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>142,685 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>133,292  <span class=\"_ _1aa\"> </span> <span class=\"_ _cd\"> </span>605,544 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>392,697 </span>For <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>operated <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>spot <span class=\"_ _d\"></span>market, <span class=\"_ _d\"></span>voyage <span class=\"_ _d\"></span>expenses are <span class=\"_ _d\"></span>paid <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>shipowner <span class=\"_ _d\"></span>while <span class=\"_ _d\"></span>voyage <span class=\"_ _d\"></span>expenses <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>a time charter contract, are paid by the charterer. No i<span class=\"_ _1\"></span>nventory write-downs were recognized as an expense in the period.The majority of <span class=\"_ _d\"></span>other voyage <span class=\"_ _d\"></span>expenses are <span class=\"_ _d\"></span>port costs, agency <span class=\"_ _d\"></span>fees and <span class=\"_ _d\"></span>agent fees paid <span class=\"_ _d\"></span>to operate <span class=\"_ _d\"></span>the vessels on <span class=\"_ _d\"></span>the spot <span class=\"_ _d\"></span>market. Port costs vary depending on the number of spot voyages performed, number and type of ports. Ship operating expenses(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Technical management expenses<span class=\"_ _9b\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>66,238 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>56,007 Crew costs<span class=\"_ _1ab\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>96,283 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>96,915 Insurances<span class=\"_ _1ac\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,643 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>11,324  <span class=\"_ _1aa\"> </span> <span class=\"_ _cd\"> </span>175,164 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>164,246 </span>Ship operating expenses are the direct costs associated with running a vessel and include crew costs, vessel supplies, repairs and maintenance, <span class=\"_\"> </span>lubricating <span class=\"_\"> </span>oils <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>insurances. <span class=\"_\"> </span>The <span class=\"_ _29\"> </span>technical <span class=\"_\"> </span>management <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>our <span class=\"_\"> </span>vessels <span class=\"_\"> </span>is <span class=\"_ _29\"> </span>provided <span class=\"_\"> </span>by <span class=\"_ _29\"> </span>third <span class=\"_\"> </span>party <span class=\"_\"> </span>ship management companies.Administrative expenses(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Total compensation to employees and directors<span class=\"_ _1ad\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>22,442 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>13,325 Office and administrative expenses<span class=\"_ _1ae\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,105 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>10,544 Audit, legal and consultancy<span class=\"_ _15a\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,827 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>2,555  <span class=\"_ _b8\"> </span>47,374 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>26,424 </span>The <span class=\"_ _e\"></span>statutory <span class=\"_ _10\"></span>auditor <span class=\"_ _10\"></span>charged <span class=\"_ _e\"></span>fees <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$0.1 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>respective <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>audit <span class=\"_ _e\"></span>services <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>audit <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>statements. <span class=\"_ _10\"></span>No other fees were charged by the statutory auditor.Total compensation to employees and directors:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Directors fees<span class=\"_ _1af\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>465 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>329 Wages and salaries<span class=\"_ _1b0\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>15,247 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>9,504 Stock option expense<span class=\"_ _1b1\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>4,700 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>153 Social security costs<span class=\"_ _18e\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,130 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>1,751 Pension costs<span class=\"_ _1b2\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>772 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,401 Other staff related costs<span class=\"_ _1b3\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>128 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>187  <span class=\"_ _b8\"> </span>22,442 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>13,325 </span>The average <span class=\"_ _d\"></span>number of employees <span class=\"_ _d\"></span>employed by <span class=\"_ _d\"></span>the Company and <span class=\"_ _d\"></span>its subsidiaries <span class=\"_ _d\"></span>in the year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, 2022 was <span class=\"_ _d\"></span>79 (2021: 82).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__69": {
   "value": "6.<span class=\"_ _e8\"> </span>OPERATING EXPENSESVoyage expenses and commissions(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Commissions<span class=\"_ _154\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>46,029 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>22,239 Bunkers<span class=\"_ _96\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>416,830 <span class=\"_ _a7\"> </span></span> <span class=\"_ _af\"> </span>237,166 Other voyage related expenses<span class=\"_ _1a9\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>142,685 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>133,292  <span class=\"_ _1aa\"> </span> <span class=\"_ _cd\"> </span>605,544 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>392,697 </span>For <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>operated <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>spot <span class=\"_ _d\"></span>market, <span class=\"_ _d\"></span>voyage <span class=\"_ _d\"></span>expenses are <span class=\"_ _d\"></span>paid <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>shipowner <span class=\"_ _d\"></span>while <span class=\"_ _d\"></span>voyage <span class=\"_ _d\"></span>expenses <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>a time charter contract, are paid by the charterer. No i<span class=\"_ _1\"></span>nventory write-downs were recognized as an expense in the period.The majority of <span class=\"_ _d\"></span>other voyage <span class=\"_ _d\"></span>expenses are <span class=\"_ _d\"></span>port costs, agency <span class=\"_ _d\"></span>fees and <span class=\"_ _d\"></span>agent fees paid <span class=\"_ _d\"></span>to operate <span class=\"_ _d\"></span>the vessels on <span class=\"_ _d\"></span>the spot <span class=\"_ _d\"></span>market. Port costs vary depending on the number of spot voyages performed, number and type of ports. Ship operating expenses(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Technical management expenses<span class=\"_ _9b\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>66,238 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>56,007 Crew costs<span class=\"_ _1ab\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>96,283 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>96,915 Insurances<span class=\"_ _1ac\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,643 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>11,324  <span class=\"_ _1aa\"> </span> <span class=\"_ _cd\"> </span>175,164 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>164,246 </span>Ship operating expenses are the direct costs associated with running a vessel and include crew costs, vessel supplies, repairs and maintenance, <span class=\"_\"> </span>lubricating <span class=\"_\"> </span>oils <span class=\"_ _29\"> </span>and <span class=\"_\"> </span>insurances. <span class=\"_\"> </span>The <span class=\"_ _29\"> </span>technical <span class=\"_\"> </span>management <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>our <span class=\"_\"> </span>vessels <span class=\"_\"> </span>is <span class=\"_ _29\"> </span>provided <span class=\"_\"> </span>by <span class=\"_ _29\"> </span>third <span class=\"_\"> </span>party <span class=\"_\"> </span>ship management companies.Administrative expenses(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Total compensation to employees and directors<span class=\"_ _1ad\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>22,442 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>13,325 Office and administrative expenses<span class=\"_ _1ae\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,105 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>10,544 Audit, legal and consultancy<span class=\"_ _15a\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,827 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>2,555  <span class=\"_ _b8\"> </span>47,374 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>26,424 </span>The <span class=\"_ _e\"></span>statutory <span class=\"_ _10\"></span>auditor <span class=\"_ _10\"></span>charged <span class=\"_ _e\"></span>fees <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$0.1 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>respective <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>audit <span class=\"_ _e\"></span>services <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>audit <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>statements. <span class=\"_ _10\"></span>No other fees were charged by the statutory auditor.Total compensation to employees and directors:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Directors fees<span class=\"_ _1af\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>465 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>329 Wages and salaries<span class=\"_ _1b0\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>15,247 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>9,504 Stock option expense<span class=\"_ _1b1\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>4,700 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>153 Social security costs<span class=\"_ _18e\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,130 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>1,751 Pension costs<span class=\"_ _1b2\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>772 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,401 Other staff related costs<span class=\"_ _1b3\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>128 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>187  <span class=\"_ _b8\"> </span>22,442 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>13,325 </span>The average <span class=\"_ _d\"></span>number of employees <span class=\"_ _d\"></span>employed by <span class=\"_ _d\"></span>the Company and <span class=\"_ _d\"></span>its subsidiaries <span class=\"_ _d\"></span>in the year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, 2022 was <span class=\"_ _d\"></span>79 (2021: 82).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__76": {
   "value": "7.<span class=\"_ _e8\"> </span>NET FINANCE EXPENSE(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Interest income<span class=\"_ _1b4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,463 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>119 Foreign exchange gains<span class=\"_ _f9\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>16 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Other financial income<span class=\"_ _11a\"> </span><span class=\"ff1\"> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _37\"> </span></span> <span class=\"_ _101\"> </span>2 Finance income<span class=\"_ _1b5\"> </span> <span class=\"_ _12\"> </span>1,479 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _15\"> </span>121 </span>Interest expense on financial liabilities measure<span class=\"_ _1\"></span>d at amortized cost<span class=\"_ _1b6\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>92,222 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>52,328 Interest leasing<span class=\"_ _1b7\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>937 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,968 Gain on interest rate swaps<span class=\"_ _f7\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(53,623) <span class=\"_ _40\"> </span></span> <span class=\"_ _d1\"> </span>(17,509) Foreign exchange losses<span class=\"_ _197\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>116 Amortization of debt issuance costs<span class=\"_ _a1\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,553 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>5,210 Other financial expenses<span class=\"_ _1b8\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>241 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>131 Finance expense<span class=\"_ _133\"> </span> <span class=\"_ _ce\"> </span>45,330 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>44,244 </span>Net finance expense<span class=\"_ _1b9\"> </span> <span class=\"_ _12f\"> </span>(43,851) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(44,123)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__75": {
   "value": "7.<span class=\"_ _e8\"> </span>NET FINANCE EXPENSE(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Interest income<span class=\"_ _1b4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,463 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>119 Foreign exchange gains<span class=\"_ _f9\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>16 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Other financial income<span class=\"_ _11a\"> </span><span class=\"ff1\"> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _37\"> </span></span> <span class=\"_ _101\"> </span>2 Finance income<span class=\"_ _1b5\"> </span> <span class=\"_ _12\"> </span>1,479 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _15\"> </span>121 </span>Interest expense on financial liabilities measure<span class=\"_ _1\"></span>d at amortized cost<span class=\"_ _1b6\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>92,222 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>52,328 Interest leasing<span class=\"_ _1b7\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>937 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,968 Gain on interest rate swaps<span class=\"_ _f7\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(53,623) <span class=\"_ _40\"> </span></span> <span class=\"_ _d1\"> </span>(17,509) Foreign exchange losses<span class=\"_ _197\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>116 Amortization of debt issuance costs<span class=\"_ _a1\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,553 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>5,210 Other financial expenses<span class=\"_ _1b8\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>241 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>131 Finance expense<span class=\"_ _133\"> </span> <span class=\"_ _ce\"> </span>45,330 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>44,244 </span>Net finance expense<span class=\"_ _1b9\"> </span> <span class=\"_ _12f\"> </span>(43,851) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(44,123)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__74": {
   "value": "7.<span class=\"_ _e8\"> </span>NET FINANCE EXPENSE(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Interest income<span class=\"_ _1b4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,463 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>119 Foreign exchange gains<span class=\"_ _f9\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>16 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Other financial income<span class=\"_ _11a\"> </span><span class=\"ff1\"> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _37\"> </span></span> <span class=\"_ _101\"> </span>2 Finance income<span class=\"_ _1b5\"> </span> <span class=\"_ _12\"> </span>1,479 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _15\"> </span>121 </span>Interest expense on financial liabilities measure<span class=\"_ _1\"></span>d at amortized cost<span class=\"_ _1b6\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>92,222 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>52,328 Interest leasing<span class=\"_ _1b7\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>937 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,968 Gain on interest rate swaps<span class=\"_ _f7\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(53,623) <span class=\"_ _40\"> </span></span> <span class=\"_ _d1\"> </span>(17,509) Foreign exchange losses<span class=\"_ _197\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>116 Amortization of debt issuance costs<span class=\"_ _a1\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,553 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>5,210 Other financial expenses<span class=\"_ _1b8\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>241 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>131 Finance expense<span class=\"_ _133\"> </span> <span class=\"_ _ce\"> </span>45,330 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>44,244 </span>Net finance expense<span class=\"_ _1b9\"> </span> <span class=\"_ _12f\"> </span>(43,851) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(44,123)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__73": {
   "value": "7.<span class=\"_ _e8\"> </span>NET FINANCE EXPENSE(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Interest income<span class=\"_ _1b4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,463 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>119 Foreign exchange gains<span class=\"_ _f9\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>16 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 Other financial income<span class=\"_ _11a\"> </span><span class=\"ff1\"> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _37\"> </span></span> <span class=\"_ _101\"> </span>2 Finance income<span class=\"_ _1b5\"> </span> <span class=\"_ _12\"> </span>1,479 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _15\"> </span>121 </span>Interest expense on financial liabilities measure<span class=\"_ _1\"></span>d at amortized cost<span class=\"_ _1b6\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>92,222 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>52,328 Interest leasing<span class=\"_ _1b7\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>937 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,968 Gain on interest rate swaps<span class=\"_ _f7\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(53,623) <span class=\"_ _40\"> </span></span> <span class=\"_ _d1\"> </span>(17,509) Foreign exchange losses<span class=\"_ _197\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>116 Amortization of debt issuance costs<span class=\"_ _a1\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,553 <span class=\"_ _37\"> </span></span> <span class=\"_ _ea\"> </span>5,210 Other financial expenses<span class=\"_ _1b8\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>241 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>131 Finance expense<span class=\"_ _133\"> </span> <span class=\"_ _ce\"> </span>45,330 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _ce\"> </span>44,244 </span>Net finance expense<span class=\"_ _1b9\"> </span> <span class=\"_ _12f\"> </span>(43,851) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(44,123)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__77": {
   "value": "8.<span class=\"_ _e8\"> </span>INCOME TAXESCertain <span class=\"_ _d\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>Company's <span class=\"_ _e\"></span>subsidiaries <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>tax <span class=\"_ _10\"></span>resident <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>Cyprus, <span class=\"_ _10\"></span>Singapore, <span class=\"_ _d\"></span>China, <span class=\"_ _e\"></span>Norway <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>United <span class=\"_ _e\"></span>Kingdom <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>are subject <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>income <span class=\"_ _e\"></span>tax <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>their <span class=\"_ _e\"></span>respective <span class=\"_ _e\"></span>jurisdictions. <span class=\"_ _d\"></span>Such <span class=\"_ _e\"></span>taxes <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>material <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>consolidated <span class=\"_ _e\"></span>financial <span class=\"_ _d\"></span>statements <span class=\"_ _e\"></span>and related disclosures for the year ended December 31, 2022.CyprusUnder <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>provisions <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>Cyprus <span class=\"_ _d\"></span>tax <span class=\"_ _e\"></span>laws, <span class=\"_ _e\"></span>such <span class=\"_ _e\"></span>income <span class=\"_ _d\"></span>shall <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>included <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>estimation <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>taxable <span class=\"_ _d\"></span>income <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>taxed <span class=\"_ _d\"></span>at <span class=\"_ _e\"></span>the rate of 12.5%.Frontline <span class=\"_ _11\"> </span>intends <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>apply <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>treatment <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Cypriot <span class=\"_ _f\"> </span>tonnage <span class=\"_ _f\"> </span>tax <span class=\"_ _f\"> </span>system. <span class=\"_ _f\"> </span>In <span class=\"_ _f\"> </span>line <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>tonnage <span class=\"_ _f\"> </span>tax <span class=\"_ _f\"> </span>legislation, <span class=\"_ _f\"> </span>the Company <span class=\"_ _f\"> </span>will <span class=\"_ _f\"> </span>pay <span class=\"_ _f\"> </span>tax <span class=\"_ _27\"> </span>calculated <span class=\"_ _11\"> </span>on <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>basis <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>net <span class=\"_ _f\"> </span>tonnage <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>qualifying <span class=\"_ _f\"> </span>vessels <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _27\"> </span>owns, <span class=\"_ _f\"> </span>charters <span class=\"_ _f\"> </span>or manages. <span class=\"_ _f\"> </span>The <span class=\"_ _27\"> </span>option <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>tonnage <span class=\"_ _f\"> </span>tax <span class=\"_ _27\"> </span>should <span class=\"_ _27\"> </span>be <span class=\"_ _27\"> </span>valid <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>ten <span class=\"_ _27\"> </span>years. <span class=\"_ _27\"> </span>Tonnage <span class=\"_ _f\"> </span>tax <span class=\"_ _27\"> </span>payable <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>relation <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>our <span class=\"_ _27\"> </span>vessel <span class=\"_ _f\"> </span>owning subsidiaries are recorded as ship operating expenses in the Consolida<span class=\"_ _1\"></span>ted Statements of Profit or Loss.United StatesFor <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>did <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>accrue <span class=\"_ _10\"></span>U.S. <span class=\"_ _10\"></span>income <span class=\"_ _10\"></span>taxes <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>engaged <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>a U.S. trade or business and is exempted from a gross basis tax under Section 883 of the U.S. Int<span class=\"_ _1\"></span>ernal Revenue Code.Under <span class=\"_ _27\"> </span>Section <span class=\"_ _27\"> </span>863(c)(2)(A) <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Internal <span class=\"_ _27\"> </span>Revenue <span class=\"_ _27\"> </span>Code, <span class=\"_ _27\"> </span>50% <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>all <span class=\"_ _27\"> </span>transportation <span class=\"_ _27\"> </span>revenue <span class=\"_ _27\"> </span>attributable <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>transportation which <span class=\"_ _f\"> </span>begins <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>ends <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>United <span class=\"_ _f\"> </span>States <span class=\"_ _f\"> </span>shall <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>treated <span class=\"_ _f\"> </span>as <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>sources <span class=\"_ _11\"> </span>within <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>United <span class=\"_ _11\"> </span>States <span class=\"_ _f\"> </span>where <span class=\"_ _27\"> </span>no <span class=\"_ _f\"> </span>Section <span class=\"_ _f\"> </span>883 exemption <span class=\"_\"> </span>is <span class=\"_ _28\"> </span>available. <span class=\"_\"> </span>Such <span class=\"_\"> </span>revenue <span class=\"_ _28\"> </span>is <span class=\"_\"> </span>subject <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>4% <span class=\"_\"> </span>tax. <span class=\"_\"> </span>No <span class=\"_ _28\"> </span>revenue <span class=\"_\"> </span>tax <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_\"> </span>recorded <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>voyage <span class=\"_\"> </span>expenses <span class=\"_ _28\"> </span>and commissions in the year ended December 31, 2022 (2021: nil). Other JurisdictionsIn <span class=\"_\"> </span>the <span class=\"_\"> </span>year <span class=\"_ _28\"> </span>ended <span class=\"_\"> </span>December <span class=\"_\"> </span>31, <span class=\"_ _28\"> </span>2021, <span class=\"_\"> </span>the <span class=\"_\"> </span>Company <span class=\"_ _28\"> </span>received <span class=\"_\"> </span>a <span class=\"_\"> </span>distributi<span class=\"_ _1\"></span>on <span class=\"_\"> </span>from <span class=\"_\"> </span>Den <span class=\"_ _28\"> </span>Norske <span class=\"_\"> </span>Krigsforsikring <span class=\"_\"> </span>for <span class=\"_ _28\"> </span>Skib (\u201cDNK\u201d), <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Norwegian <span class=\"_ _27\"> </span>Shipowners <span class=\"_ _27\"> </span>Mutual <span class=\"_ _27\"> </span>War <span class=\"_ _f\"> </span>Risk <span class=\"_ _27\"> </span>Insurance <span class=\"_ _27\"> </span>Association, <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>amount <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$17.9 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>which <span class=\"_ _f\"> </span>was subject <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>withholding <span class=\"_ _e\"></span>tax <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>$4.5 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>recognized <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>income <span class=\"_ _e\"></span>tax <span class=\"_ _d\"></span>expense <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December 31, 2021.The Company does not have any unrecognized tax benefits, materi<span class=\"_ _1\"></span>al accrued interest or penalties relating to incom<span class=\"_ _1\"></span>e taxes.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__79": {
   "value": "9.<span class=\"_ _e8\"> </span>EARNINGS PER SHAREBasic earnings <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>is computed <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on the <span class=\"_ _d\"></span>income <span class=\"_ _d\"></span>available to <span class=\"_ _d\"></span>ordinary <span class=\"_ _d\"></span>shareholders and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>weighted average <span class=\"_ _d\"></span>number of <span class=\"_ _29\"> </span>shares <span class=\"_\"> </span>outstanding. <span class=\"_ _29\"> </span>Diluted <span class=\"_ _29\"> </span>earnings <span class=\"_\"> </span>per <span class=\"_ _29\"> </span>share <span class=\"_ _29\"> </span>includes <span class=\"_ _29\"> </span>the <span class=\"_\"> </span>effect <span class=\"_ _29\"> </span>of <span class=\"_ _29\"> </span>the <span class=\"_\"> </span>assumed <span class=\"_ _29\"> </span>conversion <span class=\"_ _29\"> </span>of <span class=\"_ _29\"> </span>potentially <span class=\"_\"> </span>dilutive instruments. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>impact <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>stock <span class=\"_ _10\"></span>options <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>treasury <span class=\"_ _10\"></span>stock <span class=\"_ _e\"></span>method <span class=\"_ _10\"></span>was <span class=\"_ _e\"></span>anti-dilutive <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>2021 <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>recorded net <span class=\"_ _e\"></span>losses <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>exercise <span class=\"_ _e\"></span>price <span class=\"_ _10\"></span>was <span class=\"_ _d\"></span>higher <span class=\"_ _10\"></span>than <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>average <span class=\"_ _10\"></span>share <span class=\"_ _d\"></span>price; <span class=\"_ _e\"></span>therefore <span class=\"_ _e\"></span>58,000 <span class=\"_ _10\"></span>options <span class=\"_ _d\"></span>were <span class=\"_ _10\"></span>excluded from the calculation in 2021.The <span class=\"_ _d\"></span>weighted <span class=\"_ _e\"></span>average <span class=\"_ _d\"></span>number <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>outstanding <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>purpose <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>calculating <span class=\"_ _d\"></span>basic <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>diluted <span class=\"_ _e\"></span>earnings <span class=\"_ _d\"></span>per <span class=\"_ _e\"></span>share <span class=\"_ _e\"></span>for <span class=\"_ _d\"></span>the year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>214,011,000, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>includes <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>impact <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>19,091,910 <span class=\"_ _d\"></span>shares <span class=\"_ _10\"></span>issued <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>Hemen <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>no cash consideration in connection with the Euronav NV (\"Euronav\") share ac<span class=\"_ _1\"></span>quisition.The components of the numerator and the denominator in the cal<span class=\"_ _1\"></span>culation of basic and diluted earnings per share are as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Profit (loss) attributable to the shareholders of the Company <span class=\"_ _cd\"> </span>475,537 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _d1\"> </span>(14,961) </span>(in thousands)Weighted average number of basic and diluted shares <span class=\"_ _cd\"> </span>214,011 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>198,965 </span>Cash dividends per share declared<span class=\"_ _1ba\"> </span><span class=\"ff1\">$0.15<span class=\"_ _d6\"> </span></span>$0.00",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__78": {
   "value": "9.<span class=\"_ _e8\"> </span>EARNINGS PER SHAREBasic earnings <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>is computed <span class=\"_ _d\"></span>based <span class=\"_ _d\"></span>on the <span class=\"_ _d\"></span>income <span class=\"_ _d\"></span>available to <span class=\"_ _d\"></span>ordinary <span class=\"_ _d\"></span>shareholders and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>weighted average <span class=\"_ _d\"></span>number of <span class=\"_ _29\"> </span>shares <span class=\"_\"> </span>outstanding. <span class=\"_ _29\"> </span>Diluted <span class=\"_ _29\"> </span>earnings <span class=\"_\"> </span>per <span class=\"_ _29\"> </span>share <span class=\"_ _29\"> </span>includes <span class=\"_ _29\"> </span>the <span class=\"_\"> </span>effect <span class=\"_ _29\"> </span>of <span class=\"_ _29\"> </span>the <span class=\"_\"> </span>assumed <span class=\"_ _29\"> </span>conversion <span class=\"_ _29\"> </span>of <span class=\"_ _29\"> </span>potentially <span class=\"_\"> </span>dilutive instruments. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>impact <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>stock <span class=\"_ _10\"></span>options <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>treasury <span class=\"_ _10\"></span>stock <span class=\"_ _e\"></span>method <span class=\"_ _10\"></span>was <span class=\"_ _e\"></span>anti-dilutive <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>2021 <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>recorded net <span class=\"_ _e\"></span>losses <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>exercise <span class=\"_ _e\"></span>price <span class=\"_ _10\"></span>was <span class=\"_ _d\"></span>higher <span class=\"_ _10\"></span>than <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>average <span class=\"_ _10\"></span>share <span class=\"_ _d\"></span>price; <span class=\"_ _e\"></span>therefore <span class=\"_ _e\"></span>58,000 <span class=\"_ _10\"></span>options <span class=\"_ _d\"></span>were <span class=\"_ _10\"></span>excluded from the calculation in 2021.The <span class=\"_ _d\"></span>weighted <span class=\"_ _e\"></span>average <span class=\"_ _d\"></span>number <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>outstanding <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>purpose <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>calculating <span class=\"_ _d\"></span>basic <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>diluted <span class=\"_ _e\"></span>earnings <span class=\"_ _d\"></span>per <span class=\"_ _e\"></span>share <span class=\"_ _e\"></span>for <span class=\"_ _d\"></span>the year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>214,011,000, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>includes <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>impact <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>19,091,910 <span class=\"_ _d\"></span>shares <span class=\"_ _10\"></span>issued <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>Hemen <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>no cash consideration in connection with the Euronav NV (\"Euronav\") share ac<span class=\"_ _1\"></span>quisition.The components of the numerator and the denominator in the cal<span class=\"_ _1\"></span>culation of basic and diluted earnings per share are as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Profit (loss) attributable to the shareholders of the Company <span class=\"_ _cd\"> </span>475,537 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _d1\"> </span>(14,961) </span>(in thousands)Weighted average number of basic and diluted shares <span class=\"_ _cd\"> </span>214,011 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>198,965 </span>Cash dividends per share declared<span class=\"_ _1ba\"> </span><span class=\"ff1\">$0.15<span class=\"_ _d6\"> </span></span>$0.00",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__82": {
   "value": "11.<span class=\"_ _95\"> </span>TRADE AND OTHER RECEIVABLESDecember 31, December 31, January 1, (in thousands of $)202220212021Receivables from contracts with customers<span class=\"_ _1bc\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>67,397 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>45,258 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>27,814 Lease receivables<span class=\"_ _1bd\"> </span> <span class=\"_ _b8\"> </span>55,608 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>18,165 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,160 Claims receivable<span class=\"_ _1ae\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,489 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>1,097 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,022 Advances<span class=\"_ _f7\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,959 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>1,263 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,911 Agent receivables<span class=\"_ _1ae\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>843 <span class=\"_ _37\"> </span></span> <span class=\"_ _f6\"> </span>149 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,229 Other receivables<span class=\"_ _155\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>11,171 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>7,600 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>15,788  <span class=\"_ _1be\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>139,467 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>73,532 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>63,924 Receivables <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>contracts <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>customers <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>lease <span class=\"_ _27\"> </span>receivables <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>presented <span class=\"_ _27\"> </span>net <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>allowances <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>doubtful <span class=\"_ _27\"> </span>accounts <span class=\"_ _f\"> </span>of $4.4 million as of December 31, 2022 (December 31, 2021: $1.9 million, January 1, 2021: $2.6 m<span class=\"_ _1\"></span>illion).Claims receivable is primarily attributable<span class=\"_ _1\"></span> to insurance claims.Other <span class=\"_ _d\"></span>receivables <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>presented <span class=\"_ _d\"></span>net <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>allowances <span class=\"_ _e\"></span>for <span class=\"_ _d\"></span>doubtful <span class=\"_ _e\"></span>accounts <span class=\"_ _d\"></span>amounting <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>nil <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>(December 31, 2021: nil, January 1, 2021: nil).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__83-1": {
   "value": "12.<span class=\"_ _95\"> </span>NEWBUILDINGSMovements in the two years ended December 31, 2022 are summarized a<span class=\"_ _1\"></span>s follows:(in thousands of $)<span class=\"_ _1bf\"> </span><span class=\"ff1\"> </span>Balance at January 1, 2021<span class=\"_ _1a4\"> </span> <span class=\"_ _ce\"> </span>48,498 Installments and other costs paid and payable<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>274,248 Transfer to Vessels and equipment<span class=\"_ _133\"> </span> <span class=\"_ _5a\"> </span>(194,162) Capitalized borrowing costs<span class=\"_ _1c0\"> </span> <span class=\"_ _12\"> </span>2,049 Balance at December 31, 2021<span class=\"_ _159\"> </span> <span class=\"_ _af\"> </span>130,633 Installments and other costs paid and payable<span class=\"_ _168\"> </span> <span class=\"_ _cd\"> </span>299,963 Transfer to Vessels and equipment<span class=\"_ _133\"> </span> <span class=\"_ _5a\"> </span>(386,241) Capitalized borrowing costs<span class=\"_ _1c0\"> </span> <span class=\"_ _12\"> </span>3,636 Balance at December 31, 2022<span class=\"_ _159\"> </span> <span class=\"_ _b8\"> </span>47,991 The following table sets forth certain details of our newbuildi<span class=\"_ _1\"></span>ngs delivered in the two years ended December 31, 2022:Vessel name<span class=\"_ _1c1\"> </span>Vessel type<span class=\"_ _15e\"> </span>Date of deliveryFront Gaula<span class=\"_ _1c2\"> </span>VLCC<span class=\"_ _48\"> </span>October 2022Front Tana<span class=\"_ _1c3\"> </span>VLCC<span class=\"_ _1c4\"> </span>August 2022Front Alta<span class=\"_ _1c5\"> </span>VLCC<span class=\"_ _e3\"> </span>April 2022Front Tweed<span class=\"_ _1b5\"> </span>VLCC<span class=\"_ _1c6\"> </span>June 2022Front Feature<span class=\"_ _1c7\"> </span>LR2<span class=\"_ _3a\"> </span>November 2021Front Favour<span class=\"_ _1c8\"> </span>LR2<span class=\"_ _b4\"> </span>September 2021Front Future<span class=\"_ _1c9\"> </span>LR2<span class=\"_ _1ca\"> </span>April 2021Front Fusion<span class=\"_ _1c9\"> </span>LR2<span class=\"_ _1cb\"> </span>March 2021As <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company's <span class=\"_ _10\"></span>newbuilding <span class=\"_ _10\"></span>program <span class=\"_ _10\"></span>comprised <span class=\"_ _10\"></span>four <span class=\"_ _10\"></span>LR2 <span class=\"_ _10\"></span>tankers, <span class=\"_ _10\"></span>all <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>delivered <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the year ended December 31, 2021.As <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>newbuilding <span class=\"_ _e\"></span>program <span class=\"_ _e\"></span>consisted <span class=\"_ _d\"></span>of <span class=\"_ _10\"></span>six <span class=\"_ _d\"></span>VLCCs, <span class=\"_ _e\"></span>four <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>delivered <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the year ended December 2022.As <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company\u2019s <span class=\"_ _11\"> </span>newbuilding <span class=\"_ _10\"></span>program <span class=\"_ _11\"> </span>consisted <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>VLCCs, <span class=\"_ _11\"> </span>which <span class=\"_ _10\"></span>were <span class=\"_ _11\"> </span>delivered <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>January 2023.Refer to Note 13 for impairment considerations.13.VESSELS AND EQUIPMENTMovements in the two years ended December 31, 2022 are summarized a<span class=\"_ _1\"></span>s follows:Vessels and Dry dock (in thousands of $)equipmentcomponent<span class=\"_ _104\"> </span>TotalCostAs of January 1, 2022<span class=\"_ _12d\"> </span> <span class=\"_ _121\"> </span>4,089,351 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>107,616 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>4,196,967 Additions<span class=\"_ _f7\"> </span> <span class=\"_ _b8\"> </span>16,483 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>17,850 <span class=\"_ _a7\"> </span> <span class=\"_ _ce\"> </span>34,333 Transferred from new buildings<span class=\"_ _1cc\"> </span> <span class=\"_ _cd\"> </span>380,859 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,382 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>386,241 Disposals<span class=\"_ _106\"> </span> <span class=\"_ _12f\"> </span>(95,975) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(4,411) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(100,386) As of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _121\"> </span>4,390,718 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>126,437 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>4,517,155 Accumulated depreciationAs of January 1, 2022<span class=\"_ _12d\"> </span> <span class=\"_ _5a\"> </span>(666,860) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(62,807) <span class=\"_ _2a\"> </span> <span class=\"_ _cf\"> </span>(729,667) Charge for the period<span class=\"_ _12e\"> </span> <span class=\"_ _5a\"> </span>(145,623) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(16,324) <span class=\"_ _2a\"> </span> <span class=\"_ _cf\"> </span>(161,947) Disposals<span class=\"_ _106\"> </span> <span class=\"_ _b8\"> </span>22,137 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>2,974 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>25,111 As of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _5a\"> </span>(790,346) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(76,157) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(866,503) Net book valueAs of December 31, 2022<span class=\"_ _1cd\"> </span> <span class=\"_ _121\"> </span>3,600,372 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>50,280 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>3,650,652 CostAs of January 1, 2021<span class=\"_ _12d\"> </span> <span class=\"_ _121\"> </span>3,805,768 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>94,396 <span class=\"_ _37\"> </span> <span class=\"_ _e8\"> </span>3,900,164 Additions<span class=\"_ _f7\"> </span> <span class=\"_ _af\"> </span>189,193 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>12,740 <span class=\"_ _a7\"> </span> <span class=\"_ _cd\"> </span>201,933 Transferred from new buildings<span class=\"_ _1cc\"> </span> <span class=\"_ _cd\"> </span>189,035 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>5,127 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>194,162 Disposals<span class=\"_ _106\"> </span> <span class=\"_ _12f\"> </span>(94,645) <span class=\"_ _40\"> </span> <span class=\"_ _c4\"> </span>(4,647) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(99,292) As of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _121\"> </span>4,089,351 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>107,616 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>4,196,967 Accumulated depreciationAs of January 1, 2021<span class=\"_ _12d\"> </span> <span class=\"_ _5a\"> </span>(550,082) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(49,626) <span class=\"_ _2a\"> </span> <span class=\"_ _cf\"> </span>(599,708) Charge for the period<span class=\"_ _12e\"> </span> <span class=\"_ _5a\"> </span>(136,482) <span class=\"_ _40\"> </span> <span class=\"_ _12f\"> </span>(15,995) <span class=\"_ _2a\"> </span> <span class=\"_ _cf\"> </span>(152,477) Disposals<span class=\"_ _106\"> </span> <span class=\"_ _b8\"> </span>19,704 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>2,814 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>22,518 As of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _5a\"> </span>(666,860) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(62,807) <span class=\"_ _2a\"> </span> <span class=\"_ _5a\"> </span>(729,667) Net book valueAs of December 31, 2021<span class=\"_ _1cd\"> </span> <span class=\"_ _121\"> </span>3,422,491 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>44,809 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>3,467,300 As of January 1, 2021<span class=\"_ _d3\"> </span> <span class=\"_ _e8\"> </span>3,255,686 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>44,770 <span class=\"_ _37\"> </span> <span class=\"_ _e8\"> </span>3,300,456 In the year ended December 31, 2022, the Company;\u2022<span class=\"_ _2c\"> </span>completed the installation of Exhaust Gas Cleaning Syst<span class=\"_ _1\"></span>ems on eight vessels;\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">took delivery of four VLCC newbuildings, </span>Front Alta, Front Tweed, Front Tana <span class=\"ff2\">and</span> F<span class=\"_ _1\"></span>ront Gaula;\u2022<span class=\"_ _2c\"> </span>sold two LR2 tankers, <span class=\"ff3\">Front Lion</span> and <span class=\"ff3\">Front Panther;</span> and\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">performed dry docks on 14 vessels.</span>In the year ended December 31, 2021, the Company;\u2022<span class=\"_ _2c\"> </span>completed the installation of EGCS on two vessels and the i<span class=\"_ _1\"></span>nstallation of BWTS on one vessel;\u2022<span class=\"_ _2c\"> </span>took delivery of two VLCCs, <span class=\"ff3\">Front Driva</span> and <span class=\"ff3\">Front Nausta;</span>\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">took delivery of four LR2 newbuildings, </span>Front Favour, Front Feature, Front Fusion <span class=\"_ _1\"></span><span class=\"ff2\">and<span class=\"ff3\"> Front Future</span>; </span>\u2022<span class=\"_ _2c\"> </span><span class=\"ff2\">sold two LR2 tankers, </span>Front Puma<span class=\"ff2\"> and </span>Front Tiger<span class=\"ff2\">; and</span>\u2022<span class=\"_ _2c\"> </span>performed dry docks on 11 vessels.ImpairmentAs of January 1, 2021To <span class=\"_ _e\"></span>determine <span class=\"_ _10\"></span>whether <span class=\"_ _e\"></span>detailed <span class=\"_ _10\"></span>impairment <span class=\"_ _e\"></span>testing <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>required <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>our <span class=\"_ _10\"></span>owned <span class=\"_ _e\"></span>vessels, <span class=\"_ _10\"></span>including <span class=\"_ _e\"></span>newbuildings, <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>date <span class=\"_ _e\"></span>of transition <span class=\"_ _d\"></span>to <span class=\"_ _10\"></span>IFRS, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>assessed <span class=\"_ _e\"></span>whether <span class=\"_ _e\"></span>there <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>any <span class=\"_ _e\"></span>indication <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>our <span class=\"_ _10\"></span>vessels <span class=\"_ _d\"></span>may <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>impaired <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, 2021 <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>considering <span class=\"_ _e\"></span>internal <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>external <span class=\"_ _e\"></span>indicators. <span class=\"_ _10\"></span>Based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>this <span class=\"_ _e\"></span>assessment, <span class=\"_ _e\"></span>we <span class=\"_ _10\"></span>observed <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>estimated <span class=\"_ _e\"></span>market <span class=\"_ _10\"></span>values received <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>independent <span class=\"_ _d\"></span>ship <span class=\"_ _e\"></span>brokers <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>less <span class=\"_ _e\"></span>than <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _d\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>majority <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>our <span class=\"_ _d\"></span>vessels. <span class=\"_ _e\"></span>This <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>considered to <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>indicator <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>such, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>recoverable <span class=\"_ _e\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>all <span class=\"_ _e\"></span>our <span class=\"_ _10\"></span>vessels <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>use calculation using cash flow projections. The <span class=\"_ _d\"></span>estimated recoverable amounts of all our vessels <span class=\"_ _d\"></span>were significantly greater than the carrying amounts and no impairment loss was recognized.As of December 31, 2021To <span class=\"_ _10\"></span>determine <span class=\"_ _10\"></span>whether <span class=\"_ _10\"></span>further <span class=\"_ _11\"> </span>detailed <span class=\"_ _10\"></span>impairment <span class=\"_ _10\"></span>testing <span class=\"_ _10\"></span>was <span class=\"_ _11\"> </span>required <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>our <span class=\"_ _11\"> </span>owned <span class=\"_ _10\"></span>vessels, <span class=\"_ _11\"> </span>including <span class=\"_ _10\"></span>newbuildings, <span class=\"_ _10\"></span>as <span class=\"_ _11\"> </span>of December 31, 2021, the Company assessed whether there was <span class=\"_ _d\"></span>any indication that our vessels may be impaired as of this date by considering <span class=\"_ _e\"></span>internal <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>external <span class=\"_ _e\"></span>indicators. <span class=\"_ _e\"></span>Based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>this <span class=\"_ _e\"></span>assessment, <span class=\"_ _e\"></span>we <span class=\"_ _e\"></span>observed <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>estimated <span class=\"_ _10\"></span>market <span class=\"_ _e\"></span>values <span class=\"_ _e\"></span>received from independent ship brokers continued to be less than the carrying amount of the majority of our vessels. This was considered to <span class=\"_ _d\"></span>be <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _d\"></span>indicator <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>such, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>recoverable <span class=\"_ _e\"></span>amounts <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>all <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>estimated <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>use calculation using <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>flow <span class=\"_ _d\"></span>projections. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>estimated recoverable <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>vessels were <span class=\"_ _d\"></span>significantly <span class=\"_ _d\"></span>greater <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>the carrying amounts and no impairment loss was recognized.As of December 31, 2022To determine whether it was necessary to re-estimate the <span class=\"_ _d\"></span>recoverable amounts of our owned vessels, including newbuildings, as of <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>assessed <span class=\"_ _e\"></span>whether <span class=\"_ _e\"></span>any <span class=\"_ _d\"></span>events <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>occurred <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>would <span class=\"_ _e\"></span>eliminate <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>difference <span class=\"_ _e\"></span>calculated between <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _d\"></span>amounts <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>recoverable <span class=\"_ _d\"></span>amounts <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2021. <span class=\"_ _e\"></span>Based <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>assessment, <span class=\"_ _d\"></span>we <span class=\"_ _e\"></span>observed <span class=\"_ _e\"></span>that the <span class=\"_ _10\"></span>estimated <span class=\"_ _10\"></span>market <span class=\"_ _10\"></span>values <span class=\"_ _10\"></span>received <span class=\"_ _11\"> </span>from <span class=\"_ _10\"></span>independent <span class=\"_ _10\"></span>ship <span class=\"_ _11\"> </span>brokers <span class=\"_ _10\"></span>had <span class=\"_ _10\"></span>increased <span class=\"_ _10\"></span>significantly <span class=\"_ _11\"> </span>during <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>all <span class=\"_ _10\"></span>our vessels <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>actual <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>forecasted <span class=\"_ _e\"></span>TCE <span class=\"_ _10\"></span>rates <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>operating <span class=\"_ _e\"></span>results <span class=\"_ _e\"></span>had <span class=\"_ _10\"></span>also <span class=\"_ _d\"></span>improved <span class=\"_ _10\"></span>significantly. <span class=\"_ _d\"></span>Furthermore, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>estimated recoverable <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>not <span class=\"_ _d\"></span>sensitive <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>possible <span class=\"_ _d\"></span>impairment <span class=\"_ _d\"></span>indicators <span class=\"_ _d\"></span>including the <span class=\"_ _f\"> </span>change <span class=\"_ _27\"> </span>in <span class=\"_ _f\"> </span>useful <span class=\"_ _27\"> </span>life <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>our <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>25 <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>20 <span class=\"_ _f\"> </span>years. <span class=\"_ _27\"> </span>Accordingly, <span class=\"_ _f\"> </span>we <span class=\"_ _27\"> </span>did <span class=\"_ _f\"> </span>not <span class=\"_ _27\"> </span>re-estimate <span class=\"_ _f\"> </span>our <span class=\"_ _27\"> </span>vessel's <span class=\"_ _f\"> </span>recoverable amounts as of December 31, 2022 and no impairment loss was recognized.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__86": {
   "value": "15.<span class=\"_ _95\"> </span>GOODWILLAccumulated impairment Net Carrying (in thousands of $)<span class=\"_ _176\"> </span><span class=\"ff1\">Goodwill</span>lossesValueBalance as of January 1, 2021, December 31, 2021 and 2022<span class=\"_ _dc\"> </span> <span class=\"_ _cd\"> </span>225,273 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>(112,821) <span class=\"_ _10\"></span> <span class=\"_ _cd\"> </span>112,452 ImpairmentFor impairment testing purposes, goodwill was allocated to one<span class=\"_ _1\"></span> group of CGUs, the Company.As of January 1, 2021The <span class=\"_ _10\"></span>recoverable <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>determined <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value, <span class=\"_ _10\"></span>less <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>sell, <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>market capitalization <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>control <span class=\"_ _d\"></span>premium. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company's <span class=\"_ _d\"></span>market <span class=\"_ _d\"></span>capitalization <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>$1,229.6 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>(based on <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>$6.22) <span class=\"_ _10\"></span>compared <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _e\"></span>carrying <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>approximately <span class=\"_ _e\"></span>$1,604.9 <span class=\"_ _10\"></span>million. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>reviewed <span class=\"_ _10\"></span>merger transactions in <span class=\"_ _d\"></span>North <span class=\"_ _d\"></span>America <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>values of <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>$25.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>12 <span class=\"_ _d\"></span>months <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>January 1, <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>global <span class=\"_ _d\"></span>deals <span class=\"_ _d\"></span>between public <span class=\"_ _e\"></span>companies <span class=\"_ _d\"></span>of <span class=\"_ _10\"></span>more <span class=\"_ _d\"></span>than <span class=\"_ _10\"></span>$100.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>last <span class=\"_ _e\"></span>3 <span class=\"_ _e\"></span>years <span class=\"_ _10\"></span>and <span class=\"_ _d\"></span>global <span class=\"_ _e\"></span>marine <span class=\"_ _e\"></span>transport <span class=\"_ _10\"></span>sector <span class=\"_ _d\"></span>transactions <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>more <span class=\"_ _e\"></span>than $100.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>last <span class=\"_ _d\"></span>5 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>calculated <span class=\"_ _d\"></span>average <span class=\"_ _d\"></span>control <span class=\"_ _d\"></span>premiums (based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>month <span class=\"_ _d\"></span>average <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>price <span class=\"_ _d\"></span>before the <span class=\"_ _11\"> </span>bid). <span class=\"_ _f\"> </span>Using <span class=\"_ _f\"> </span>32.5% <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>average <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>range <span class=\"_ _f\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>January <span class=\"_ _f\"> </span>1, <span class=\"_ _f\"> </span>2021, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fair <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>was <span class=\"_ _11\"> </span>calculated <span class=\"_ _f\"> </span>as $1,629.3 <span class=\"_ _e\"></span>million. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>excess <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>over <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>carrying <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>was <span class=\"_ _10\"></span>such <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>concluded that there was no requirement for an impairment.As of December 31, 2021The <span class=\"_ _10\"></span>recoverable <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>determined <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value, <span class=\"_ _10\"></span>less <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>sell, <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>market capitalization <span class=\"_ _10\"></span>plus <span class=\"_ _f\"> </span>a <span class=\"_ _11\"> </span>control <span class=\"_ _11\"> </span>premium. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>Company's <span class=\"_ _11\"> </span>market <span class=\"_ _11\"> </span>capitalization <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021 <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>$1,439.0 <span class=\"_ _f\"> </span>million (based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>price <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>$7.07) <span class=\"_ _11\"> </span>compared <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>carrying <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>approximately <span class=\"_ _10\"></span>$1,642.0 <span class=\"_ _10\"></span>million. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>reviewed merger <span class=\"_ _10\"></span>transactions <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>North <span class=\"_ _11\"></span>America <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>values <span class=\"_ _10\"></span>of <span class=\"_ _11\"></span>over <span class=\"_ _10\"></span>$25.0 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _10\"></span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _11\"> </span>global deals <span class=\"_ _d\"></span>between <span class=\"_ _d\"></span>public <span class=\"_ _d\"></span>companies <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>$100.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>last <span class=\"_ _d\"></span>3 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>global <span class=\"_ _d\"></span>marine <span class=\"_ _d\"></span>transport <span class=\"_ _d\"></span>sector <span class=\"_ _d\"></span>transactions of more <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>$100.0 million <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the last <span class=\"_ _d\"></span>5 <span class=\"_ _d\"></span>years and <span class=\"_ _d\"></span>observed <span class=\"_ _d\"></span> average <span class=\"_ _d\"></span>control <span class=\"_ _d\"></span>premiums (based <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>the one <span class=\"_ _d\"></span>month average <span class=\"_ _d\"></span>share price <span class=\"_ _e\"></span>before <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>bid) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>between <span class=\"_ _e\"></span>29.3% <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>32.2%. <span class=\"_ _10\"></span>Using <span class=\"_ _e\"></span>30.7% <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>average <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>range <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>fair value <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>calculated <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>$1,880.7 <span class=\"_ _d\"></span>million. <span class=\"_ _d\"></span>The excess <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>fair <span class=\"_ _d\"></span>value <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>over the <span class=\"_ _d\"></span>carrying <span class=\"_ _d\"></span>value was such that the Company concluded that there was no requirem<span class=\"_ _1\"></span>ent for an impairment.As of December 31, 2022The <span class=\"_ _10\"></span>recoverable <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>determined <span class=\"_ _10\"></span>based <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value, <span class=\"_ _10\"></span>less <span class=\"_ _10\"></span>cost <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>sell, <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>market capitalization. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>Company's <span class=\"_ _e\"></span>market <span class=\"_ _e\"></span>capitalization <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>$2,702.6 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>(based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>share <span class=\"_ _e\"></span>price <span class=\"_ _d\"></span>of $12.14) compared to its carrying value of <span class=\"_ _d\"></span>approximately $2,259.9 million. The excess of the fair value <span class=\"_ _d\"></span>of the Company over the carrying value was such that the Company concluded that there<span class=\"_ _1\"></span> was no requirement for an impairment.If <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>ordinary <span class=\"_ _e\"></span>share <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>declines <span class=\"_ _e\"></span>this <span class=\"_ _e\"></span>could <span class=\"_ _e\"></span>result <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>impairment <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>some <span class=\"_ _e\"></span>or <span class=\"_ _e\"></span>all <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>$112.5 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>goodwill. <span class=\"_ _e\"></span>In <span class=\"_ _10\"></span>the absence of <span class=\"_ _d\"></span>a control <span class=\"_ _d\"></span>premium, a <span class=\"_ _d\"></span>share price <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$9.65 per <span class=\"_ _d\"></span>share as <span class=\"_ _d\"></span>of December <span class=\"_ _d\"></span>31, 2022 <span class=\"_ _d\"></span>would <span class=\"_ _d\"></span>have resulted <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>recoverable amount equaling the carrying amount.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__88": {
   "value": "16.<span class=\"_ _95\"> </span>INVESTMENT IN ASSOCIATED COMPANIESFMS HoldcoAs <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _e\"></span>2021, <span class=\"_ _10\"></span>Frontline <span class=\"_ _e\"></span>owned <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>effective <span class=\"_ _e\"></span>17.34% <span class=\"_ _10\"></span>interest <span class=\"_ _d\"></span>in <span class=\"_ _10\"></span>Clean <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>AS <span class=\"_ _e\"></span>through <span class=\"_ _e\"></span>its 34.7% equity interest in FMS Holdco, which was accounted for under the equity m<span class=\"_ _1\"></span>ethod. In <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>agreement <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>subscribe <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>433 <span class=\"_ _d\"></span>shares <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>FMS <span class=\"_ _d\"></span>Holdco <span class=\"_ _e\"></span>for $1.5 million. <span class=\"_ _d\"></span>Furthermore, <span class=\"_ _d\"></span>FMS Holdco <span class=\"_ _d\"></span>entered <span class=\"_ _d\"></span>into a <span class=\"_ _d\"></span>sale <span class=\"_ _d\"></span>and purchase <span class=\"_ _d\"></span>agreement to <span class=\"_ _d\"></span>acquire <span class=\"_ _d\"></span>the remaining <span class=\"_ _d\"></span>50% <span class=\"_ _d\"></span>of the <span class=\"_ _d\"></span>issued share <span class=\"_ _d\"></span>capital <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>Clean <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>AS. <span class=\"_ _e\"></span>Following <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>transactions, <span class=\"_ _e\"></span>Frontline <span class=\"_ _e\"></span>owns <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>effective <span class=\"_ _e\"></span>43.6% <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>Clean <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>AS through its 43.6% equity interest in FMS Holdco, which is accounted for under the e<span class=\"_ _1\"></span>quity method.The <span class=\"_ _28\"> </span>carrying <span class=\"_ _27\"> </span>value <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>investment <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>December <span class=\"_ _28\"> </span>31, <span class=\"_ _27\"> </span>2022 <span class=\"_ _28\"> </span>was <span class=\"_ _28\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _28\"> </span>(2021: <span class=\"_ _28\"> </span>$0.6 <span class=\"_ _27\"> </span>million) <span class=\"_ _28\"> </span>as <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>result <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the additional <span class=\"_ _10\"></span>investment <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>2022. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>share <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>losses <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>Clean <span class=\"_ _11\"> </span>Marine <span class=\"_ _10\"></span>AS <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>$0.6 <span class=\"_ _11\"></span>million (2021: nil) was recognized. TFG MarineIn <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>2020, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>joint <span class=\"_ _e\"></span>venture <span class=\"_ _e\"></span>agreement <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>Golden <span class=\"_ _e\"></span>Ocean <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>companies <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Trafigura <span class=\"_ _e\"></span>Group <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>establish <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>leading global <span class=\"_ _10\"></span>supplier <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>marine <span class=\"_ _10\"></span>fuels <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>completed. <span class=\"_ _e\"></span>As <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>result, <span class=\"_ _10\"></span>Frontline <span class=\"_ _10\"></span>took <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>15% <span class=\"_ _e\"></span>interest <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>joint <span class=\"_ _10\"></span>venture <span class=\"_ _10\"></span>company, <span class=\"_ _e\"></span>TFG Marine, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>made <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>$1.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>shareholder <span class=\"_ _e\"></span>loan <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>TFG <span class=\"_ _e\"></span>Marine. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2020, <span class=\"_ _e\"></span>$0.1 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the shareholder <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>converted <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>equity. <span class=\"_ _f\"> </span>There <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>no <span class=\"_ _11\"> </span>change <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>ownership <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>result <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>this <span class=\"_ _11\"> </span>transaction <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>each shareholder <span class=\"_ _f\"> </span>converted <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>shareholder <span class=\"_ _27\"> </span>debt <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>equity <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>reference <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>their <span class=\"_ _f\"> </span>respective <span class=\"_ _27\"> </span>ownership <span class=\"_ _27\"> </span>interest. <span class=\"_ _27\"> </span>Frontline concluded <span class=\"_ _11\"> </span>that <span class=\"_ _11\"> </span>it <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>able <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>exercise <span class=\"_ _f\"> </span>significant <span class=\"_ _11\"> </span>influence <span class=\"_ _11\"> </span>over <span class=\"_ _f\"> </span>TFG <span class=\"_ _11\"> </span>Marine <span class=\"_ _f\"> </span>as <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>result <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>its <span class=\"_ _11\"> </span>equity <span class=\"_ _11\"> </span>shareholding <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>board representation and therefore its investment is accounte<span class=\"_ _1\"></span>d for under the equity method.The <span class=\"_ _10\"></span>carrying <span class=\"_ _11\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>investment <span class=\"_ _10\"></span>at <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022 <span class=\"_ _10\"></span>was <span class=\"_ _11\"> </span>$14.8 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>nil). <span class=\"_ _11\"> </span>In <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, 2022, a share of profits of TFG Marine of $14.8 million (2021: $0.7 million loss) was recogniz<span class=\"_ _1\"></span>ed.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__87": {
   "value": "16.<span class=\"_ _95\"> </span>INVESTMENT IN ASSOCIATED COMPANIESFMS HoldcoAs <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2021 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _e\"></span>2021, <span class=\"_ _10\"></span>Frontline <span class=\"_ _e\"></span>owned <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>effective <span class=\"_ _e\"></span>17.34% <span class=\"_ _10\"></span>interest <span class=\"_ _d\"></span>in <span class=\"_ _10\"></span>Clean <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>AS <span class=\"_ _e\"></span>through <span class=\"_ _e\"></span>its 34.7% equity interest in FMS Holdco, which was accounted for under the equity m<span class=\"_ _1\"></span>ethod. In <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>agreement <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>subscribe <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>433 <span class=\"_ _d\"></span>shares <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>FMS <span class=\"_ _d\"></span>Holdco <span class=\"_ _e\"></span>for $1.5 million. <span class=\"_ _d\"></span>Furthermore, <span class=\"_ _d\"></span>FMS Holdco <span class=\"_ _d\"></span>entered <span class=\"_ _d\"></span>into a <span class=\"_ _d\"></span>sale <span class=\"_ _d\"></span>and purchase <span class=\"_ _d\"></span>agreement to <span class=\"_ _d\"></span>acquire <span class=\"_ _d\"></span>the remaining <span class=\"_ _d\"></span>50% <span class=\"_ _d\"></span>of the <span class=\"_ _d\"></span>issued share <span class=\"_ _d\"></span>capital <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>Clean <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>AS. <span class=\"_ _e\"></span>Following <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>transactions, <span class=\"_ _e\"></span>Frontline <span class=\"_ _e\"></span>owns <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>effective <span class=\"_ _e\"></span>43.6% <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>Clean <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>AS through its 43.6% equity interest in FMS Holdco, which is accounted for under the e<span class=\"_ _1\"></span>quity method.The <span class=\"_ _28\"> </span>carrying <span class=\"_ _27\"> </span>value <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>investment <span class=\"_ _28\"> </span>as <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>December <span class=\"_ _28\"> </span>31, <span class=\"_ _27\"> </span>2022 <span class=\"_ _28\"> </span>was <span class=\"_ _28\"> </span>$1.5 <span class=\"_ _27\"> </span>million <span class=\"_ _28\"> </span>(2021: <span class=\"_ _28\"> </span>$0.6 <span class=\"_ _27\"> </span>million) <span class=\"_ _28\"> </span>as <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>result <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the additional <span class=\"_ _10\"></span>investment <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>2022. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>share <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>losses <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>Clean <span class=\"_ _11\"> </span>Marine <span class=\"_ _10\"></span>AS <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>$0.6 <span class=\"_ _11\"></span>million (2021: nil) was recognized. TFG MarineIn <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>2020, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>joint <span class=\"_ _e\"></span>venture <span class=\"_ _e\"></span>agreement <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>Golden <span class=\"_ _e\"></span>Ocean <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>companies <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Trafigura <span class=\"_ _e\"></span>Group <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>establish <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>leading global <span class=\"_ _10\"></span>supplier <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>marine <span class=\"_ _10\"></span>fuels <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>completed. <span class=\"_ _e\"></span>As <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>result, <span class=\"_ _10\"></span>Frontline <span class=\"_ _10\"></span>took <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>15% <span class=\"_ _e\"></span>interest <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>joint <span class=\"_ _10\"></span>venture <span class=\"_ _10\"></span>company, <span class=\"_ _e\"></span>TFG Marine, <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>made <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>$1.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>shareholder <span class=\"_ _e\"></span>loan <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>TFG <span class=\"_ _e\"></span>Marine. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2020, <span class=\"_ _e\"></span>$0.1 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the shareholder <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>converted <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>equity. <span class=\"_ _f\"> </span>There <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>no <span class=\"_ _11\"> </span>change <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>ownership <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>result <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>this <span class=\"_ _11\"> </span>transaction <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>each shareholder <span class=\"_ _f\"> </span>converted <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>portion <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>shareholder <span class=\"_ _27\"> </span>debt <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>equity <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>reference <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>their <span class=\"_ _f\"> </span>respective <span class=\"_ _27\"> </span>ownership <span class=\"_ _27\"> </span>interest. <span class=\"_ _27\"> </span>Frontline concluded <span class=\"_ _11\"> </span>that <span class=\"_ _11\"> </span>it <span class=\"_ _f\"> </span>is <span class=\"_ _11\"> </span>able <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>exercise <span class=\"_ _f\"> </span>significant <span class=\"_ _11\"> </span>influence <span class=\"_ _11\"> </span>over <span class=\"_ _f\"> </span>TFG <span class=\"_ _11\"> </span>Marine <span class=\"_ _f\"> </span>as <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>result <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>its <span class=\"_ _11\"> </span>equity <span class=\"_ _11\"> </span>shareholding <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>board representation and therefore its investment is accounte<span class=\"_ _1\"></span>d for under the equity method.The <span class=\"_ _10\"></span>carrying <span class=\"_ _11\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>investment <span class=\"_ _10\"></span>at <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022 <span class=\"_ _10\"></span>was <span class=\"_ _11\"> </span>$14.8 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>nil). <span class=\"_ _11\"> </span>In <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, 2022, a share of profits of TFG Marine of $14.8 million (2021: $0.7 million loss) was recogniz<span class=\"_ _1\"></span>ed.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__89": {
   "value": "17.<span class=\"_ _95\"> </span>TRADE AND OTHER PAYABLESDecember 31, December 31, January 1, (in thousands of $)202220212021Trade payables<span class=\"_ _1ce\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>7,994 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,327 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,860 Accrued voyage expenses<span class=\"_ _143\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>38,617 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>18,306 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>16,582 Accrued ship operating expenses<span class=\"_ _eb\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>16,252 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>11,063 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>10,180 Accrued administrative expenses<span class=\"_ _1cf\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>9,359 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,773 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,293 Deferred charter revenue<span class=\"_ _c2\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,124 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>5,687 Other<span class=\"_ _1a5\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>9,311 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>4,771 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>7,400 Total current trade and other payables<span class=\"_ _6c\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>81,533 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>43,364 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>55,002 Other<span class=\"_ _1a5\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,053 <span class=\"_ _37\"> </span></span> <span class=\"_ _15\"> </span>992 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,739 Total other non-current payables<span class=\"_ _1d0\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,053 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>992 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>3,739",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__92": {
   "value": "18.<span class=\"_ _95\"> </span>INTEREST BEARING LOANS AND BORROWINGSA summary of outstanding debt as of December 31, 2022 and 2021 and January 1, 2021 is as follows:December 31, December 31, January 1, (in thousands of $)202220212021U.S. dollar denominated floating rate debt  $252.4 million term loan facility <span class=\"_ _174\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>242,908 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>281,009 <span class=\"_ _1d1\"> </span> <span class=\"_ _cd\"> </span>319,112   $34.8 million term loan facility <span class=\"_ _1d2\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>34,814 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>39,348 <span class=\"_ _1d3\"> </span> <span class=\"_ _b8\"> </span>43,880   $250.7 million term loan facility <span class=\"_ _174\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>129,912 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>185,627 <span class=\"_ _1d1\"> </span> <span class=\"_ _cd\"> </span>250,738   $100.8 million term loan facility<span class=\"_ _1d4\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>85,399 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>93,075 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>100,750   $328.4 million term loan facility (CEXIM)<span class=\"_ _b0\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>184,981 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>200,255 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>215,529   $321.6 million term loan facility (CEXIM)<span class=\"_ _b0\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>184,183 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>203,163 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>222,145   $110.5 million term loan facility (ING)<span class=\"_ _1d5\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>84,469 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>91,709 <span class=\"_ _1d3\"> </span> <span class=\"_ _b8\"> </span>98,949   $104.0 million term loan facility (Credit Suisse)<span class=\"_ _1d6\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>100,141 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>98,166 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>105,178   $110.5 million term loan facility (Credit Suisse #2)<span class=\"_ _1d7\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>96,125 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>103,116 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>110,107   $544.0 million lease financing (ICBCL)<span class=\"_ _6a\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>459,918 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>490,500 <span class=\"_ _1d1\"> </span> <span class=\"_ _cd\"> </span>521,071   $42.9 million term loan facility (Credit Suisse)<span class=\"_ _1d8\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>36,942 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>39,325 <span class=\"_ _1d3\"> </span> <span class=\"_ _b8\"> </span>41,708   $62.5 million term loan facility (Credit Agricole)<span class=\"_ _1d9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>53,820 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>57,292 <span class=\"_ _1d3\"> </span> <span class=\"_ _b8\"> </span>60,764   $133.7 million term loan facility (CEXIM)<span class=\"_ _b0\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>123,367 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>131,229 <span class=\"_ _1d3\"> </span> <span class=\"_ _ba\"> </span>\u2014   $58.5 million term loan facility (SEB)<span class=\"_ _1da\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>55,250 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>58,500 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014   $58.5 million term loan facility (KFW)<span class=\"_ _1db\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>55,250 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>58,500 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014   $130.0 million term loan facility (DNB)<span class=\"_ _1dc\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>127,562 <span class=\"_ _37\"> </span></span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014   $65.0 million term loan facility (ABN)<span class=\"_ _1dd\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>65,000 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d1\"> </span> <span class=\"_ _104\"> </span>\u2014   $65.0 million term loan facility (ING)<span class=\"_ _52\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>64,187 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _ba\"> </span>\u2014 Total U.S. dollar denominated floating rate debt<span class=\"_ _152\"> </span> <span class=\"_ _121\"> </span>2,184,228 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>2,130,814 <span class=\"_ _1d3\"> </span> <span class=\"_ _121\"> </span>2,089,931 </span>U.S. dollar denominated fixed rate debt $275.0 million revolving credit facility <span class=\"_ _6b\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>209,700 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>209,700 <span class=\"_ _1d1\"> </span> <span class=\"_ _b8\"> </span>60,000 Total U.S. dollar denominated fixed rate debt<span class=\"_ _2e\"> </span> <span class=\"_ _af\"> </span>209,700 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>209,700 <span class=\"_ _1d3\"> </span> <span class=\"_ _ce\"> </span>60,000 </span>Secured borrowings<span class=\"_ _10e\"> </span><span class=\"ff1\"> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _12\"> </span>6,251 Debt issuance costs<span class=\"_ _137\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(23,113) <span class=\"_ _2a\"> </span></span> <span class=\"_ _12f\"> </span>(24,318) <span class=\"_ _39\"> </span> <span class=\"_ _12f\"> </span>(20,176) Accrued interest expense<span class=\"_ _120\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>19,499 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _1d1\"> </span> <span class=\"_ _12\"> </span>7,805 Total debt<span class=\"_ _1de\"> </span> <span class=\"_ _121\"> </span>2,390,314 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,325,575 <span class=\"_ _1d3\"> </span> <span class=\"_ _e8\"> </span>2,143,811 </span>Short-term debt and current portion of long-term debt<span class=\"_ _1df\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>277,854 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>198,665 <span class=\"_ _1d1\"> </span> <span class=\"_ _cd\"> </span>234,887 Long-term portion of debt<span class=\"_ _c9\"> </span> <span class=\"_ _e8\"> </span>2,112,460 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,126,910 <span class=\"_ _1d3\"> </span> <span class=\"_ _e8\"> </span>1,908,924 Movements in the year ended December 31, 2022 are summarized as fol<span class=\"_ _1\"></span>lows:December 31, December 31, (in thousands of $)2021<span class=\"_ _18f\"> </span>Proceeds<span class=\"_ _1a\"> </span>Repayments2022Total U.S. dollar denominated floating rate debt<span class=\"_ _12\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>2,130,814 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>651,248 <span class=\"_ _1d1\"> </span> <span class=\"_ _5a\"> </span>(597,834) <span class=\"_ _39\"> </span> <span class=\"_ _121\"> </span>2,184,228 </span>Total U.S. dollar denominated fixed rate debt<span class=\"_ _14\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>209,700 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d1\"> </span> <span class=\"_ _af\"> </span>209,700 </span>Secured borrowings<span class=\"_ _17a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d1\"> </span> <span class=\"_ _104\"> </span>\u2014 Debt issuance costs<span class=\"_ _71\"> </span> <span class=\"_ _12f\"> </span>(24,318) <span class=\"_ _77\"> </span> <span class=\"_ _12f\"> </span>(23,113) Accrued interest expense<span class=\"_ _188\"> </span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _1db\"> </span> <span class=\"_ _b8\"> </span>19,499 Total debt<span class=\"_ _df\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,325,575 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>651,248 <span class=\"_ _1d1\"> </span> <span class=\"_ _5a\"> </span>(597,834) <span class=\"_ _39\"> </span> <span class=\"_ _121\"> </span>2,390,314 </span>Short-term debt and current portion of long-term debt<span class=\"_ _1a\"> </span> <span class=\"_ _cd\"> </span>198,665 <span class=\"_ _69\"> </span> <span class=\"_ _cd\"> </span>277,854 Long-term portion of debt<span class=\"_ _1e0\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,126,910 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>651,248 <span class=\"_ _1d1\"> </span> <span class=\"_ _5a\"> </span>(597,834) <span class=\"_ _39\"> </span> <span class=\"_ _121\"> </span>2,112,460 </span>Movements in the year ended December 31, 2021 are summarized as fol<span class=\"_ _1\"></span>lows:January 1, December 31, (in thousands of $)2021<span class=\"_ _ce\"> </span>Proceeds<span class=\"_ _121\"> </span>Repayments<span class=\"_ _a8\"> </span>Other2021Total U.S. dollar denominated floating rate debt<span class=\"_ _23\"> </span><span class=\"ff2\"> <span class=\"_ _2a\"> </span>2,089,931 <span class=\"_ _a7\"> </span> <span class=\"_ _b1\"> </span>250,687 <span class=\"_ _1d3\"> </span> <span class=\"_ _46\"> </span>(209,804) <span class=\"_ _39\"> </span> <span class=\"_ _54\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _2c\"> </span>2,130,814 </span>Total U.S. dollar denominated fixed rate debt<span class=\"_ _43\"> </span><span class=\"ff2\"> <span class=\"_ _aa\"> </span>60,000 <span class=\"_ _a7\"> </span> <span class=\"_ _b1\"> </span>149,700 <span class=\"_ _1d3\"> </span> <span class=\"_ _15\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _54\"> </span>\u2014 <span class=\"_ _1d1\"> </span> <span class=\"_ _187\"> </span>209,700 </span>Secured borrowings<span class=\"_ _1e1\"> </span> <span class=\"_ _41\"> </span>6,251 <span class=\"_ _37\"> </span> <span class=\"_ _41\"> </span>3,481 <span class=\"_ _1d1\"> </span> <span class=\"_ _8d\"> </span>(9,717) <span class=\"_ _39\"> </span> <span class=\"_ _55\"> </span>(15) <span class=\"_ _39\"> </span> <span class=\"_ _1e2\"> </span>\u2014 Debt issuance costs<span class=\"_ _1d5\"> </span> <span class=\"_ _1e3\"> </span>(20,176) <span class=\"_ _66\"> </span> <span class=\"_ _cd\"> </span>(24,318) Accrued interest expense<span class=\"_ _1e4\"> </span> <span class=\"_ _41\"> </span>7,805 <span class=\"_ _174\"> </span> <span class=\"_ _15e\"> </span>9,379 Total debt<span class=\"_ _1e5\"> </span><span class=\"ff2\"> <span class=\"_ _2a\"> </span>2,143,811 <span class=\"_ _a7\"> </span> <span class=\"_ _b1\"> </span>403,868 <span class=\"_ _1d3\"> </span> <span class=\"_ _46\"> </span>(219,521) <span class=\"_ _39\"> </span> <span class=\"_ _55\"> </span>(15) <span class=\"_ _39\"> </span> <span class=\"_ _7e\"> </span>2,325,575 </span>Short-term debt and current portion of long-term debt<span class=\"_ _8b\"> </span> <span class=\"_ _b1\"> </span>234,887 <span class=\"_ _180\"> </span> <span class=\"_ _187\"> </span>198,665 Long-term portion of debt<span class=\"_ _1e6\"> </span><span class=\"ff2\"> <span class=\"_ _2a\"> </span>1,908,924 <span class=\"_ _a7\"> </span> <span class=\"_ _b1\"> </span>403,868 <span class=\"_ _1d3\"> </span> <span class=\"_ _46\"> </span>(219,521) <span class=\"_ _39\"> </span> <span class=\"_ _55\"> </span>(15) <span class=\"_ _39\"> </span> <span class=\"_ _7e\"> </span>2,126,910 </span>A summary of the Company's interest bearing loans and borrowings as of Decembe<span class=\"_ _1\"></span>r 31, 2022 is as follows:$252.4 million term loan facility In <span class=\"_ _11\"> </span>July <span class=\"_ _f\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>entered <span class=\"_ _11\"> </span>into <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>senior <span class=\"_ _11\"> </span>secured <span class=\"_ _f\"> </span>term <span class=\"_ _11\"> </span>loan <span class=\"_ _f\"> </span>facility <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>number <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>banks <span class=\"_ _f\"> </span>in <span class=\"_ _11\"> </span>an <span class=\"_ _f\"> </span>amount <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>up <span class=\"_ _f\"> </span>to $252.4 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>$328.6 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>maturing <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>February <span class=\"_ _d\"></span>2023. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>new <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>matures <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>September 2027, <span class=\"_\"> </span>carries <span class=\"_\"> </span>an <span class=\"_\"> </span>interest <span class=\"_\"> </span>rate <span class=\"_\"> </span>of <span class=\"_\"> </span>SOFR <span class=\"_\"> </span>plus <span class=\"_\"> </span>a <span class=\"_\"> </span>margin <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>180 <span class=\"_\"> </span>basis <span class=\"_\"> </span>points <span class=\"_\"> </span>and <span class=\"_\"> </span>has <span class=\"_\"> </span>an <span class=\"_\"> </span>amortization <span class=\"_\"> </span>profile <span class=\"_\"> </span>of <span class=\"_\"> </span>18 <span class=\"_\"> </span>years commencing <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>delivery <span class=\"_ _f\"> </span>date <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>yard. <span class=\"_ _f\"> </span>In <span class=\"_ _27\"> </span>August <span class=\"_ _f\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _f\"> </span>drew <span class=\"_ _f\"> </span>down <span class=\"_ _27\"> </span>$252.4 <span class=\"_ _f\"> </span>million <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>repaid <span class=\"_ _f\"> </span>the outstanding balance of the original facility of $262.0 milli<span class=\"_ _1\"></span>on. The facility is fully drawn down as of December 31, 2022. $34.8 million term loan facility In <span class=\"_ _d\"></span>October 2022, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>entered into <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>in an <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to $34.8 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance the <span class=\"_ _d\"></span>$50.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>maturing <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>March <span class=\"_ _e\"></span>2023. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>new <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>matures <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>2027, <span class=\"_ _d\"></span>carries <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>of SOFR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>180 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization <span class=\"_ _d\"></span>profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>20 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>the yard. <span class=\"_ _d\"></span>In <span class=\"_ _e\"></span>November <span class=\"_ _e\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$34.8 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>repaid <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>outstanding <span class=\"_ _e\"></span>balance <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>original <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>of $35.9 million. The facility is fully drawn down as of December 31, 2022.$250.7 million term loan facility In November <span class=\"_ _d\"></span>2020, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>entered <span class=\"_ _d\"></span>into a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility with <span class=\"_ _d\"></span>a number <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>banks in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amount of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to $250.7 <span class=\"_ _11\"></span>million <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>refinance <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>$466.5 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>loan <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>maturing <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>April <span class=\"_ _11\"> </span>2021. <span class=\"_ _11\"> </span>The <span class=\"_ _11\"> </span>new <span class=\"_ _11\"> </span>facility <span class=\"_ _10\"></span>matures <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>May <span class=\"_ _11\"> </span>2025, carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>190 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>18 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on the delivery date from the yard. In November 2020, the Company drew down $250.7 million and repaid the outstanding balance of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>original <span class=\"_ _11\"> </span>facility <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$252.4 <span class=\"_ _f\"> </span>million. <span class=\"_ _f\"> </span>In <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>sale <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>two <span class=\"_ _f\"> </span>LR2 <span class=\"_ _f\"> </span>tankers <span class=\"_ _f\"> </span>resulted <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>a prepayment of $46.5 million under the facility. The facili<span class=\"_ _1\"></span>ty is fully drawn down as of December 31, 2022.$100.8 million term loan facility In <span class=\"_ _d\"></span>November <span class=\"_ _e\"></span>2020, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>entered <span class=\"_ _e\"></span>into <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>senior <span class=\"_ _e\"></span>secured <span class=\"_ _e\"></span>term <span class=\"_ _e\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>ING <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>Credit <span class=\"_ _e\"></span>Suisse <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of up to <span class=\"_ _d\"></span>$100.8 million to <span class=\"_ _d\"></span>refinance the <span class=\"_ _d\"></span>$109.2 million loan <span class=\"_ _d\"></span>facility maturing <span class=\"_ _d\"></span>in June 2021. <span class=\"_ _d\"></span>The new <span class=\"_ _d\"></span>facility matures in <span class=\"_ _d\"></span>November 2025, <span class=\"_\"> </span>carries <span class=\"_ _28\"> </span>an <span class=\"_ _28\"> </span>interest <span class=\"_\"> </span>rate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>LIBOR<span class=\"_ _1\"></span> <span class=\"_\"> </span>plus <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>m<span class=\"_ _1\"></span>argin <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>190 <span class=\"_\"> </span>ba<span class=\"_ _1\"></span>sis <span class=\"_\"> </span>points <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>an <span class=\"_ _28\"> </span>amortization <span class=\"_\"> </span>profile<span class=\"_ _1\"></span> <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>17 <span class=\"_\"> </span>years commencing <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>delivery <span class=\"_ _10\"></span>date <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>yard. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>November <span class=\"_ _10\"></span>2020, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>drew <span class=\"_ _10\"></span>down <span class=\"_ _10\"></span>$100.8 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>repaid <span class=\"_ _10\"></span>the outstanding balance of the original facility of $84.3 milli<span class=\"_ _1\"></span>on. The facility is fully drawn down as of December 31, 2022.$328.4 million term loan facility (CEXIM)In August <span class=\"_ _d\"></span>2016, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>signed <span class=\"_ _d\"></span>a senior <span class=\"_ _d\"></span>secured term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility in <span class=\"_ _d\"></span>an amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>up to <span class=\"_ _d\"></span>$328.4 <span class=\"_ _d\"></span>million with <span class=\"_ _d\"></span>China Exim Bank. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>facility <span class=\"_ _10\"></span>matures <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>2029, <span class=\"_ _10\"></span>carries <span class=\"_ _10\"></span>an <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>LIBOR <span class=\"_ _10\"></span>plus <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>margin <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>line <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company\u2019s <span class=\"_ _11\"> </span>other <span class=\"_ _10\"></span>credit facilities and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an amortization <span class=\"_ _d\"></span>profile of <span class=\"_ _d\"></span>18 <span class=\"_ _d\"></span>years. The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>drew down <span class=\"_ _d\"></span>$109.0 <span class=\"_ _d\"></span>million in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2016 <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>connection <span class=\"_ _27\"> </span>with <span class=\"_\"> </span>one <span class=\"_ _27\"> </span>LR2 <span class=\"_\"> </span>ta<span class=\"_ _1\"></span>nker <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>two <span class=\"_ _28\"> </span>Suezmax <span class=\"_ _27\"> </span>tanker <span class=\"_\"> </span>newbuildi<span class=\"_ _1\"></span>ngs, <span class=\"_ _28\"> </span>which <span class=\"_ _28\"> </span>were <span class=\"_ _28\"> </span>delivered <span class=\"_ _27\"> </span>in <span class=\"_\"> </span>the <span class=\"_ _27\"> </span>year. <span class=\"_ _28\"> </span>The Company <span class=\"_ _e\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>further <span class=\"_ _e\"></span>$165.9 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2017 <span class=\"_ _d\"></span>in <span class=\"_ _10\"></span>connection <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>two <span class=\"_ _e\"></span>Suezmax <span class=\"_ _e\"></span>tankers and three LR2/Aframax tankers delivered in the year. The fa<span class=\"_ _1\"></span>cility is fully drawn down as of December 31, 2022.$321.6 million term loan facility (CEXIM)In <span class=\"_ _10\"></span>February <span class=\"_ _e\"></span>2017, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>signed <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>second <span class=\"_ _10\"></span>senior <span class=\"_ _10\"></span>secured <span class=\"_ _e\"></span>term <span class=\"_ _10\"></span>loan <span class=\"_ _10\"></span>facility <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>up <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>$321.6 <span class=\"_ _10\"></span>million. <span class=\"_ _10\"></span>The facility <span class=\"_ _10\"></span>provided <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>China <span class=\"_ _11\"> </span>Exim <span class=\"_ _10\"></span>Bank <span class=\"_ _10\"></span>is <span class=\"_ _11\"> </span>insured <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>China <span class=\"_ _11\"> </span>Export <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>Credit <span class=\"_ _10\"></span>Insurance <span class=\"_ _11\"> </span>Corporation. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>facility <span class=\"_ _10\"></span>matures <span class=\"_ _11\"> </span>in 2033, <span class=\"_ _d\"></span>carries an <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>rate of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a margin <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>line <span class=\"_ _d\"></span>with the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _d\"></span>other credit <span class=\"_ _d\"></span>facilities <span class=\"_ _d\"></span>and has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>15 <span class=\"_ _11\"> </span>years. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>drew <span class=\"_ _11\"> </span>down <span class=\"_ _10\"></span>$252.7 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>year <span class=\"_ _10\"></span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2017 <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>connection <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>four Suezmax <span class=\"_ _e\"></span>tankers <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>three <span class=\"_ _e\"></span>LR2/Aframax <span class=\"_ _e\"></span>tankers <span class=\"_ _10\"></span>delivered <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>drew <span class=\"_ _10\"></span>down <span class=\"_ _e\"></span>$32.0 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2018 <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>connection <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>one <span class=\"_ _10\"></span>LR2 <span class=\"_ _10\"></span>tanker <span class=\"_ _10\"></span>delivered <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>facility <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>fully <span class=\"_ _10\"></span>drawn <span class=\"_ _e\"></span>down <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>of December 31, 2022.$110.5 million term loan facility (ING)In <span class=\"_ _10\"></span>June <span class=\"_ _11\"> </span>2017, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>signed <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>senior <span class=\"_ _10\"></span>secured <span class=\"_ _11\"> </span>term <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>an <span class=\"_ _10\"></span>amount <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>up <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>$110.5 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>ING. <span class=\"_ _11\"> </span>The facility <span class=\"_ _d\"></span>matures <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>2023, <span class=\"_ _d\"></span>carries <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _e\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>190 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization <span class=\"_ _d\"></span>profile <span class=\"_ _e\"></span>of 18 <span class=\"_ _28\"> </span>years. <span class=\"_ _27\"> </span>The <span class=\"_ _28\"> </span>Company <span class=\"_ _28\"> </span>drew <span class=\"_ _28\"> </span>down <span class=\"_ _27\"> </span>$55.3 <span class=\"_\"> </span>mill<span class=\"_ _1\"></span>ion <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>ye<span class=\"_ _1\"></span>ar <span class=\"_ _28\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _28\"> </span>31, <span class=\"_ _28\"> </span>2017 <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>connection <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>one <span class=\"_ _28\"> </span>VLCC delivered <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$55.3 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2019 <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>connection <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>one VLCC <span class=\"_ _e\"></span>delivered <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>period. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>extended <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>$4.1 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2019 <span class=\"_ _10\"></span>and drew down <span class=\"_ _d\"></span>the $4.1 <span class=\"_ _d\"></span>million in connection <span class=\"_ _d\"></span>with the installation <span class=\"_ _d\"></span>of an <span class=\"_ _d\"></span>EGCS on <span class=\"_ _d\"></span>the VLCC delivered <span class=\"_ _d\"></span>in the period. <span class=\"_ _d\"></span>The facility <span class=\"_ _d\"></span>is fully drawn down as of December 31, 2022.$104.0 million term loan facility (Credit Suisse)In <span class=\"_\"> </span>April <span class=\"_ _29\"> </span>2022, <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_\"> </span>entered <span class=\"_ _29\"> </span>into <span class=\"_\"> </span>a <span class=\"_ _29\"> </span>senior <span class=\"_\"> </span>secured <span class=\"_\"> </span>term <span class=\"_ _29\"> </span>loan <span class=\"_\"> </span>facility <span class=\"_ _29\"> </span>with <span class=\"_\"> </span>Credit <span class=\"_ _29\"> </span>Suisse <span class=\"_\"> </span>AG <span class=\"_ _29\"> </span>in <span class=\"_\"> </span>an <span class=\"_ _29\"> </span>amount <span class=\"_\"> </span>of $104.0 million <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance the <span class=\"_ _d\"></span>$110.5 million <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility maturing <span class=\"_ _d\"></span>in 2023. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>new facility <span class=\"_ _d\"></span>matures in <span class=\"_ _d\"></span>May <span class=\"_ _d\"></span>2028, carries <span class=\"_ _d\"></span>an interest rate of <span class=\"_ _d\"></span>SOFR plus a <span class=\"_ _d\"></span>margin of 180 <span class=\"_ _d\"></span>basis points and <span class=\"_ _d\"></span>has an amortization <span class=\"_ _d\"></span>profile of 18 <span class=\"_ _d\"></span>years commencing on <span class=\"_ _d\"></span>the delivery date <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>yard. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>May <span class=\"_ _10\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>drew <span class=\"_ _10\"></span>down <span class=\"_ _e\"></span>$104.0 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>repaid <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>outstanding <span class=\"_ _e\"></span>balance <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>original facility of $96.4 million. The facility is fully drawn down as of Dec<span class=\"_ _1\"></span>ember 31, 2022.$110.5 million term loan facility (Credit Suisse #2)In <span class=\"_ _d\"></span>June <span class=\"_ _d\"></span>2017, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>signed <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>$110.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>Credit <span class=\"_ _d\"></span>Suisse. The facility matures in <span class=\"_ _d\"></span>2024, carries an interest rate <span class=\"_ _d\"></span>of LIBOR plus a <span class=\"_ _d\"></span>margin of 190 basis <span class=\"_ _d\"></span>points and has an <span class=\"_ _d\"></span>amortization profile of <span class=\"_ _11\"> </span>18 <span class=\"_ _f\"> </span>years. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>drew <span class=\"_ _f\"> </span>down <span class=\"_ _11\"> </span>$54.9 <span class=\"_ _f\"> </span>million <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2018 <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>connection <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>one <span class=\"_ _f\"> </span>VLCC delivered <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$55.3 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2019 <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>connection <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>one VLCC <span class=\"_ _d\"></span>delivered in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>extended the <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>$15.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2019. <span class=\"_ _d\"></span>The facility is fully drawn down as of December 31, 2022.$544.0 million lease financing (ICBCL)In March 2020, the <span class=\"_ _d\"></span>Company signed a sale-and-leaseback agreement in an <span class=\"_ _d\"></span>amount of $544.0 million with ICBCL <span class=\"_ _d\"></span>to finance the cash <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>upon <span class=\"_ _e\"></span>closing <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Acquisition, <span class=\"_ _e\"></span>which <span class=\"_ _d\"></span>took <span class=\"_ _d\"></span>place <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>March <span class=\"_ _d\"></span>16, <span class=\"_ _d\"></span>2020. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>financing <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>tenor <span class=\"_ _d\"></span>of seven <span class=\"_ _d\"></span>years, <span class=\"_ _e\"></span>carries <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>margin <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>230 <span class=\"_ _d\"></span>basis <span class=\"_ _e\"></span>points, <span class=\"_ _e\"></span>has <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>amortization <span class=\"_ _d\"></span>profile <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>17.8 <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>and includes <span class=\"_ _28\"> </span>purchase <span class=\"_ _28\"> </span>options <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Company <span class=\"_ _28\"> </span>throughout <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>te<span class=\"_ _1\"></span>rm <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>purchase <span class=\"_ _28\"> </span>obligation <span class=\"_ _28\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>e<span class=\"_ _1\"></span>nd <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>term. <span class=\"_ _28\"> </span>The Company <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>precluded <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>sale <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>due <span class=\"_ _10\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>purchase <span class=\"_ _d\"></span>obligation <span class=\"_ _e\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>end <span class=\"_ _10\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>term <span class=\"_ _d\"></span>which prevents <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>lessor <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>obtaining <span class=\"_ _d\"></span>control <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>such <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>has <span class=\"_ _d\"></span>been <span class=\"_ _e\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>secured <span class=\"_ _d\"></span>borrowing, with the vessels recorded under \"Vessels and equipment\". The facil<span class=\"_ _1\"></span>ity is fully drawn down as of December 31, 2022.$42.9 million term loan facility (Credit Suisse)In <span class=\"_ _10\"></span>November <span class=\"_ _10\"></span>2019, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>signed <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>senior <span class=\"_ _10\"></span>secured <span class=\"_ _10\"></span>term <span class=\"_ _10\"></span>loan <span class=\"_ _10\"></span>facility <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>up <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>$42.9 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>Credit Suisse <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>partially <span class=\"_ _e\"></span>finance <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>delivery <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>one <span class=\"_ _10\"></span>Suezmax <span class=\"_ _e\"></span>tanker. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>matures <span class=\"_ _10\"></span>five <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>after <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>vessel's <span class=\"_ _e\"></span>delivery <span class=\"_ _e\"></span>date, carries <span class=\"_ _d\"></span>an <span class=\"_ _10\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>LIBOR <span class=\"_ _e\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>margin <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>190 <span class=\"_ _d\"></span>basis <span class=\"_ _e\"></span>points <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>amortization <span class=\"_ _e\"></span>profile <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>18 <span class=\"_ _e\"></span>years. <span class=\"_ _10\"></span>In <span class=\"_ _d\"></span>May <span class=\"_ _e\"></span>2020, the Company <span class=\"_ _d\"></span>drew down <span class=\"_ _d\"></span>$42.9 million under <span class=\"_ _d\"></span>the facility <span class=\"_ _d\"></span>in connection <span class=\"_ _d\"></span>with the delivery <span class=\"_ _d\"></span>of one <span class=\"_ _d\"></span>Suezmax tanker. <span class=\"_ _d\"></span>The facility is fully drawn down as of December 31, 2022.$62.5 million term loan facility (Cr\u00e9dit Agricole)In <span class=\"_ _d\"></span>May 2020, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>signed a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>term <span class=\"_ _d\"></span>loan facility <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amount of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>$62.5 million <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>Cr\u00e9dit <span class=\"_ _d\"></span>Agricole to <span class=\"_ _d\"></span>partially finance <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>of one <span class=\"_ _d\"></span>VLCC. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>facility matures <span class=\"_ _d\"></span>five <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>after <span class=\"_ _d\"></span>the vessel's <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>date, <span class=\"_ _d\"></span>carries an <span class=\"_ _d\"></span>interest rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>190 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization <span class=\"_ _d\"></span>profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>18 <span class=\"_ _d\"></span>years. <span class=\"_ _d\"></span>In <span class=\"_ _e\"></span>June <span class=\"_ _d\"></span>2020, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>drew down <span class=\"_ _10\"></span>$62.5 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>connection <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>delivery <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>one <span class=\"_ _10\"></span>VLCC. <span class=\"_ _11\"> </span>The <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>fully <span class=\"_ _10\"></span>drawn <span class=\"_ _11\"> </span>down <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of December 31, 2022.$133.7 million term loan facility (CEXIM)In November <span class=\"_ _d\"></span>2020, the Company <span class=\"_ _d\"></span>entered into <span class=\"_ _d\"></span>a senior <span class=\"_ _d\"></span>secured term loan <span class=\"_ _d\"></span>facility with CEXIM <span class=\"_ _d\"></span>and Sinosure <span class=\"_ _d\"></span>in an <span class=\"_ _d\"></span>amount of up to <span class=\"_ _d\"></span>$133.7 million <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>partially finance <span class=\"_ _d\"></span>four <span class=\"_ _d\"></span>LR2 <span class=\"_ _d\"></span>tanker newbuildings. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>facility has <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tenor <span class=\"_ _d\"></span>of 12 <span class=\"_ _d\"></span>years, <span class=\"_ _d\"></span>carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate of <span class=\"_\"> </span>L<span class=\"_ _1\"></span>IBOR <span class=\"_ _28\"> </span>plus <span class=\"_\"> </span>a <span class=\"_ _28\"> </span>margin <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>line <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>Company\u2019s <span class=\"_ _28\"> </span>other <span class=\"_ _28\"> </span>credit <span class=\"_ _28\"> </span>facilities <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>an <span class=\"_\"> </span>a<span class=\"_ _1\"></span>mortization <span class=\"_ _28\"> </span>profile <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>17 <span class=\"_ _28\"> </span>years commencing on <span class=\"_ _d\"></span>the delivery date <span class=\"_ _d\"></span>from the <span class=\"_ _d\"></span>yard. The <span class=\"_ _d\"></span>Company drew <span class=\"_ _d\"></span>down $33.4 <span class=\"_ _d\"></span>million in March <span class=\"_ _d\"></span>2021, $33.4 <span class=\"_ _d\"></span>million in <span class=\"_ _d\"></span>April 2021, <span class=\"_ _d\"></span>$33.4 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>September <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>$33.4 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>November <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>delivery of four LR2 tankers. The facility is fully drawn down as of December 31, 2022.$58.5 million term loan facility (SEB)In September <span class=\"_ _d\"></span>2021, the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>entered into <span class=\"_ _d\"></span>a senior <span class=\"_ _d\"></span>secured term <span class=\"_ _d\"></span>loan facility <span class=\"_ _d\"></span>in an <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of up <span class=\"_ _d\"></span>to $58.5 <span class=\"_ _d\"></span>million with <span class=\"_ _d\"></span>SEB to <span class=\"_ _10\"></span>partially <span class=\"_ _10\"></span>finance <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>acquisition <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>one <span class=\"_ _11\"> </span>2019-built <span class=\"_ _10\"></span>VLCC. <span class=\"_ _11\"> </span>The <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>has <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>tenor <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>five <span class=\"_ _10\"></span>years, <span class=\"_ _11\"> </span>carries <span class=\"_ _10\"></span>an <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _11\"> </span>of LIBOR plus a <span class=\"_ _d\"></span>margin of 170 basis <span class=\"_ _d\"></span>points and has <span class=\"_ _d\"></span>an amortization profile of <span class=\"_ _d\"></span>20 years commencing on <span class=\"_ _d\"></span>the delivery date from <span class=\"_ _d\"></span>the yard. <span class=\"_ _10\"></span>In <span class=\"_ _11\"></span>October <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>took <span class=\"_ _11\"> </span>delivery <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>vessel <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>drew <span class=\"_ _10\"></span>down <span class=\"_ _11\"> </span>$58.5 <span class=\"_ _10\"></span>million <span class=\"_ _11\"> </span>under <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>partially finance the delivery. The facility is fully drawn down as of Dece<span class=\"_ _1\"></span>mber 31, 2022.$58.5 million term loan facility (KFW)In September 2021, the Company entered into a senior secured term loan facility in an amount of up to $58.5 million with KFW to <span class=\"_ _10\"></span>partially <span class=\"_ _10\"></span>finance <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>acquisition <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>one <span class=\"_ _11\"> </span>2019-built <span class=\"_ _10\"></span>VLCC. <span class=\"_ _11\"> </span>The <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>has <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>tenor <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>five <span class=\"_ _10\"></span>years, <span class=\"_ _11\"> </span>carries <span class=\"_ _10\"></span>an <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _11\"> </span>of LIBOR plus a <span class=\"_ _d\"></span>margin of 170 basis <span class=\"_ _d\"></span>points and has <span class=\"_ _d\"></span>an amortization profile of <span class=\"_ _d\"></span>20 years commencing on <span class=\"_ _d\"></span>the delivery date from <span class=\"_ _d\"></span>the yard. <span class=\"_ _d\"></span>In <span class=\"_ _e\"></span>November <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>took <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$58.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>facility <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>partially finance the delivery. The facility is fully drawn down as of Dece<span class=\"_ _1\"></span>mber 31, 2022.$130.0 million term loan facility (DNB)In <span class=\"_ _d\"></span>October <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>$130.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>DNB to <span class=\"_ _d\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>acquisition <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>two <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>six <span class=\"_ _e\"></span>resale <span class=\"_ _d\"></span>VLCC <span class=\"_ _e\"></span>newbuilding <span class=\"_ _d\"></span>contracts. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>facility <span class=\"_ _e\"></span>has <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>tenor <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>five <span class=\"_ _e\"></span>years, carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>170 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>20 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on the <span class=\"_ _f\"> </span>delivery <span class=\"_ _11\"> </span>date <span class=\"_ _f\"> </span>from <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>yard. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>drew <span class=\"_ _f\"> </span>down <span class=\"_ _27\"> </span>$65.0 <span class=\"_ _11\"> </span>million <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>April <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>$65.0 <span class=\"_ _11\"> </span>million <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>June <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>to partially <span class=\"_ _10\"></span>finance <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>delivery <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>2022 <span class=\"_ _10\"></span>built <span class=\"_ _11\"> </span>VLCCs, <span class=\"_ _10\"></span><span class=\"ff3\">Front <span class=\"_ _11\"> </span>Alta</span> <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span><span class=\"ff3\">Front <span class=\"_ _11\"> </span>Tweed</span>. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>facility <span class=\"_ _10\"></span>is <span class=\"_ _11\"> </span>fully <span class=\"_ _11\"> </span>drawn <span class=\"_ _10\"></span>down <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>of December 31, 2022.$65.0 million term loan facility (ABN)In December 2021, the <span class=\"_ _d\"></span>Company entered into a senior secured term <span class=\"_ _d\"></span>loan facility in an amount of <span class=\"_ _d\"></span>up to $65.0 million from <span class=\"_ _d\"></span>ABN AMRO <span class=\"_ _d\"></span>Bank <span class=\"_ _e\"></span>N.V. <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>acquisition <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>one <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>six <span class=\"_ _d\"></span>resale <span class=\"_ _e\"></span>VLCC <span class=\"_ _e\"></span>newbuilding <span class=\"_ _d\"></span>contracts. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>facility <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>a tenor <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>five <span class=\"_ _10\"></span>years, <span class=\"_ _10\"></span>carries <span class=\"_ _e\"></span>an <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>LIBOR <span class=\"_ _10\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>margin <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>170 <span class=\"_ _10\"></span>basis <span class=\"_ _10\"></span>points <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>amortization <span class=\"_ _e\"></span>profile <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>20 years <span class=\"_ _10\"></span>commencing <span class=\"_ _11\"> </span>on <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>delivery <span class=\"_ _10\"></span>date <span class=\"_ _11\"> </span>from <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>yard. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>October <span class=\"_ _10\"></span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>drew <span class=\"_ _11\"> </span>down <span class=\"_ _10\"></span>$65.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>partially finance the delivery of the 2022 built VLCC <span class=\"ff3\">Front Gaula</span>. The fac<span class=\"_ _1\"></span>ility is fully drawn down as of December 31, 2022.$65.0 million term loan facility (ING)In December <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>entered into <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>senior secured <span class=\"_ _d\"></span>term loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>in an <span class=\"_ _d\"></span>amount of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to $65.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>from ING Bank <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>partially <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>acquisition <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>one <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>six <span class=\"_ _d\"></span>resale <span class=\"_ _e\"></span>VLCC <span class=\"_ _10\"></span>newbuilding <span class=\"_ _d\"></span>contracts. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>a <span class=\"_ _d\"></span>tenor <span class=\"_ _10\"></span>of <span class=\"_ _d\"></span>five years, <span class=\"_ _28\"> </span>carries <span class=\"_\"> </span>an <span class=\"_ _28\"> </span>interest <span class=\"_ _28\"> </span>rate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>LIBOR <span class=\"_ _28\"> </span>plus <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>ma<span class=\"_ _1\"></span>rgin <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>170 <span class=\"_ _28\"> </span>basis <span class=\"_ _28\"> </span>points <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>an <span class=\"_\"> </span>amort<span class=\"_ _1\"></span>ization <span class=\"_ _28\"> </span>profile <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>20 <span class=\"_ _28\"> </span>years commencing <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>delivery <span class=\"_ _11\"> </span>date <span class=\"_ _11\"> </span>from <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>yard. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>facility <span class=\"_ _11\"> </span>includes <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>sustainability <span class=\"_ _11\"> </span>margin <span class=\"_ _11\"> </span>adjustment <span class=\"_ _f\"> </span>linked <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fleet sustainability <span class=\"_ _d\"></span>score. <span class=\"_ _e\"></span>In <span class=\"_ _d\"></span>August <span class=\"_ _e\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$65.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>delivery <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>2022 <span class=\"_ _d\"></span>built VLCC <span class=\"ff3\">Front Tana</span>. The facility is fully drawn down as of December 31, 2022.$65.0 million term loan facility (KFW)In December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from KFW to <span class=\"_ _10\"></span>partially <span class=\"_ _10\"></span>finance <span class=\"_ _11\"></span>the <span class=\"_ _10\"></span>acquisition <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>one <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>six <span class=\"_ _10\"></span>resale <span class=\"_ _11\"> </span>VLCC <span class=\"_ _10\"></span>newbuilding <span class=\"_ _10\"></span>contracts. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>facility <span class=\"_ _10\"></span>has <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>tenor <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>5 <span class=\"_ _10\"></span>years, carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>170 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>20 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on the <span class=\"_ _10\"></span>delivery <span class=\"_ _10\"></span>date <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>yard. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>facility <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>fully <span class=\"_ _10\"></span>undrawn <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>2023, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>took delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>VLCC <span class=\"_ _d\"></span>newbuilding, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Tyne</span>, <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>HHI <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>drew <span class=\"_ _d\"></span>down <span class=\"_ _e\"></span>$65.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>this <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>partially <span class=\"_ _d\"></span>finance the delivery. $65.0 million term loan facility (Cr\u00e9dit Agricole)In <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>2021, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>entered <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>senior <span class=\"_ _11\"> </span>secured <span class=\"_ _11\"> </span>term <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>an <span class=\"_ _11\"> </span>amount <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>up <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>$65.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>from Cr\u00e9dit Agricole to partially finance the acquisition of one of the six <span class=\"_ _d\"></span>resale VLCC newbuilding contracts. The facility has a tenor of <span class=\"_ _11\"> </span>5 <span class=\"_ _11\"> </span>years, <span class=\"_ _11\"> </span>carries <span class=\"_ _f\"> </span>an <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rate <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>LIBOR <span class=\"_ _11\"> </span>plus <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>margin <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>170 <span class=\"_ _f\"> </span>basis <span class=\"_ _11\"> </span>points <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>has <span class=\"_ _f\"> </span>an <span class=\"_ _11\"> </span>amortization <span class=\"_ _11\"> </span>profile <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>18 <span class=\"_ _11\"> </span>years commencing <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>delivery <span class=\"_ _e\"></span>date <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>yard. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>facility <span class=\"_ _d\"></span>is <span class=\"_ _10\"></span>fully <span class=\"_ _e\"></span>undrawn <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022. <span class=\"_ _e\"></span>In <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>2023, <span class=\"_ _e\"></span>the Company <span class=\"_ _d\"></span>took <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>VLCC <span class=\"_ _e\"></span>newbuilding, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _e\"></span>Orkla</span>, <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>HHI <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$65.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>facility <span class=\"_ _d\"></span>to partially finance the delivery.$275.0 million revolving credit facilityIn <span class=\"_ _28\"> </span>June <span class=\"_ _27\"> </span>2016, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>signed <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>$275.0 <span class=\"_ _28\"> </span>million <span class=\"_ _28\"> </span>senior <span class=\"_ _27\"> </span>unsecured <span class=\"_ _28\"> </span>facility <span class=\"_ _27\"> </span>agreement <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>affiliate <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Hemen, <span class=\"_ _28\"> </span>the Company's <span class=\"_ _e\"></span>largest <span class=\"_ _e\"></span>shareholder. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>original <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>carried <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>6.25% <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>was <span class=\"_ _e\"></span>available <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>a period of <span class=\"_ _d\"></span>18 months <span class=\"_ _d\"></span>from the <span class=\"_ _d\"></span>first utilization <span class=\"_ _d\"></span>date and was <span class=\"_ _d\"></span>repayable in <span class=\"_ _d\"></span>full on <span class=\"_ _d\"></span>the 18 <span class=\"_ _d\"></span>months anniversary <span class=\"_ _d\"></span>of the <span class=\"_ _d\"></span>first utilization date. There were no scheduled loan repayments before this date<span class=\"_ _1\"></span>. The facility does not include any financial covenants.As <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>had <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>outstanding <span class=\"_ _d\"></span>balance <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>up <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>$215.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>remained <span class=\"_ _d\"></span>available and undrawn under this facility. The balance outstanding was incl<span class=\"_ _1\"></span>uded in short-term debt as of January 1, 2021.In February 2021, the Company extended the terms of <span class=\"_ _d\"></span>the facility by 12 months to May 2022. In <span class=\"_ _d\"></span>November 2021, the Company extended <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>12 <span class=\"_ _d\"></span>months <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>May <span class=\"_ _d\"></span>2023. <span class=\"_ _d\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down $149.7 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>installments <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>six <span class=\"_ _e\"></span>VLCCs <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>construction, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>deposits <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>two <span class=\"_ _e\"></span>2019 <span class=\"_ _e\"></span>built VLCCs <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>general <span class=\"_ _10\"></span>corporate <span class=\"_ _10\"></span>purposes. <span class=\"_ _10\"></span>As <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>$65.3 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>remained <span class=\"_ _10\"></span>available <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>undrawn <span class=\"_ _10\"></span>under this facility. The balance outstanding of $209.7 million was i<span class=\"_ _1\"></span>ncluded in long-term debt as of December 31, 2021.In November <span class=\"_ _d\"></span>2022, the Company <span class=\"_ _d\"></span>extended the facility <span class=\"_ _d\"></span>by 12 <span class=\"_ _d\"></span>months to May <span class=\"_ _d\"></span>2024 at <span class=\"_ _d\"></span>an interest rate <span class=\"_ _d\"></span>of 8.50% <span class=\"_ _d\"></span>and otherwise on same terms. The balance outstanding of $209.7 million is inc<span class=\"_ _1\"></span>luded in long-term debt as of December 31, 2022. Secured borrowingsAs <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>had <span class=\"_ _d\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>forward <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>repurchase <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>1.3 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Golden <span class=\"_ _d\"></span>Ocean in <span class=\"_ _d\"></span>March 2021 <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>$6.2 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>the shares <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>marketable <span class=\"_ _d\"></span>securities and <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>as of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021 within <span class=\"_ _e\"></span>short-term <span class=\"_ _e\"></span>debt <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>$6.3 <span class=\"_ _10\"></span>million, <span class=\"_ _e\"></span>after <span class=\"_ _e\"></span>adjusting <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>effect <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>foreign <span class=\"_ _e\"></span>exchange. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>required <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>post collateral of <span class=\"_ _d\"></span>20% <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the total <span class=\"_ _d\"></span>repurchase <span class=\"_ _d\"></span>price for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>duration of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>agreement which <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>held <span class=\"_ _d\"></span>in restricted <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>as of <span class=\"_ _d\"></span>January 1, <span class=\"_ _11\"> </span>2021. <span class=\"_ _f\"> </span>In <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>sold <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Golden <span class=\"_ _f\"> </span>Ocean <span class=\"_ _f\"> </span>shares <span class=\"_ _11\"> </span>previously <span class=\"_ _f\"> </span>held <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>marketable securities. Debt restrictionsThe Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>borrowings <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>vessels <span class=\"_ _27\"> </span>securing <span class=\"_\"> </span>borrowings <span class=\"_ _27\"> </span>under <span class=\"_\"> </span>each <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>such agreements <span class=\"_ _d\"></span>decrease <span class=\"_ _10\"></span>below <span class=\"_ _d\"></span>required <span class=\"_ _10\"></span>levels. <span class=\"_ _d\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>contain <span class=\"_ _10\"></span>certain <span class=\"_ _d\"></span>financial <span class=\"_ _e\"></span>covenants, <span class=\"_ _e\"></span>including <span class=\"_ _e\"></span>the requirement <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>maintain <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>certain <span class=\"_ _e\"></span>level <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>free <span class=\"_ _10\"></span>cash, <span class=\"_ _e\"></span>positive <span class=\"_ _e\"></span>working <span class=\"_ _e\"></span>capital <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>adjusted <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>covenant. <span class=\"_ _e\"></span>Restricted cash <span class=\"_ _e\"></span>does <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>include <span class=\"_ _10\"></span>cash <span class=\"_ _e\"></span>balances <span class=\"_ _10\"></span>$54.4 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>(2021: <span class=\"_ _e\"></span>$67.0 <span class=\"_ _10\"></span>million, <span class=\"_ _10\"></span>2020: <span class=\"_ _10\"></span>$103.5 <span class=\"_ _e\"></span>million), <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>represents <span class=\"_ _10\"></span>50% <span class=\"_ _e\"></span>(2021: 64%, <span class=\"_ _e\"></span>2020: <span class=\"_ _10\"></span>100%) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>required <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>maintained <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>financial <span class=\"_ _e\"></span>covenants <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>our <span class=\"_ _10\"></span>loan <span class=\"_ _e\"></span>agreements. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>is permitted <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>satisfy <span class=\"_ _e\"></span>up <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>50% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>requirements <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>maintaining <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>committed <span class=\"_ _e\"></span>undrawn <span class=\"_ _10\"></span>credit <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>remaining availability of greater than 12 months. Failure <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>comply <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>any <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>covenants <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _d\"></span>could <span class=\"_ _d\"></span>result <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>default, <span class=\"_ _d\"></span>which <span class=\"_ _e\"></span>would <span class=\"_ _d\"></span>permit <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lender <span class=\"_ _d\"></span>to accelerate <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>maturity <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>debt <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>foreclose <span class=\"_ _27\"> </span>upon <span class=\"_ _27\"> </span>any <span class=\"_ _27\"> </span>collateral <span class=\"_ _27\"> </span>securing <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>debt. <span class=\"_ _27\"> </span>Under <span class=\"_ _27\"> </span>those <span class=\"_ _27\"> </span>circumstances, <span class=\"_ _27\"> </span>the Company might <span class=\"_ _d\"></span>not have <span class=\"_ _d\"></span>sufficient funds <span class=\"_ _d\"></span>or other <span class=\"_ _d\"></span>resources to satisfy <span class=\"_ _d\"></span>its obligations. <span class=\"_ _d\"></span>The Company <span class=\"_ _d\"></span>was in <span class=\"_ _d\"></span>compliance with all of the financial covenants contained in the Company's loan a<span class=\"_ _1\"></span>greements as of December 31, 2022 and 2021.Assets pledgedDecember 31, December 31, January 1, (in thousands of $)202220212021Vessels<span class=\"_ _1e7\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>3,650,325 <span class=\"_ _a7\"> </span></span> <span class=\"_ _121\"> </span>3,466,782 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>3,300,176 Debt issuance costsDecember 31, December 31, January 1, (in thousands of $)202220212021Debt issuance costs<span class=\"_ _137\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(46,039) <span class=\"_ _2a\"> </span></span> <span class=\"_ _12f\"> </span>(41,691) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(31,129) Accumulated amortization<span class=\"_ _1e8\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>22,926 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>17,373 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>10,953  <span class=\"_ _1be\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(23,113) <span class=\"_ _2a\"> </span></span> <span class=\"_ _12f\"> </span>(24,318) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(20,176) The Company paid $4.3 million of debt issuance costs in the year e<span class=\"_ _1\"></span>nded December 31, 2022 (2021: $8.1 million).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__91": {
   "value": "18.<span class=\"_ _95\"> </span>INTEREST BEARING LOANS AND BORROWINGSA summary of outstanding debt as of December 31, 2022 and 2021 and January 1, 2021 is as follows:December 31, December 31, January 1, (in thousands of $)202220212021U.S. dollar denominated floating rate debt  $252.4 million term loan facility <span class=\"_ _174\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>242,908 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>281,009 <span class=\"_ _1d1\"> </span> <span class=\"_ _cd\"> </span>319,112   $34.8 million term loan facility <span class=\"_ _1d2\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>34,814 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>39,348 <span class=\"_ _1d3\"> </span> <span class=\"_ _b8\"> </span>43,880   $250.7 million term loan facility <span class=\"_ _174\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>129,912 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>185,627 <span class=\"_ _1d1\"> </span> <span class=\"_ _cd\"> </span>250,738   $100.8 million term loan facility<span class=\"_ _1d4\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>85,399 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>93,075 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>100,750   $328.4 million term loan facility (CEXIM)<span class=\"_ _b0\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>184,981 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>200,255 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>215,529   $321.6 million term loan facility (CEXIM)<span class=\"_ _b0\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>184,183 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>203,163 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>222,145   $110.5 million term loan facility (ING)<span class=\"_ _1d5\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>84,469 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>91,709 <span class=\"_ _1d3\"> </span> <span class=\"_ _b8\"> </span>98,949   $104.0 million term loan facility (Credit Suisse)<span class=\"_ _1d6\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>100,141 <span class=\"_ _37\"> </span></span> <span class=\"_ _ce\"> </span>98,166 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>105,178   $110.5 million term loan facility (Credit Suisse #2)<span class=\"_ _1d7\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>96,125 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>103,116 <span class=\"_ _1d3\"> </span> <span class=\"_ _cd\"> </span>110,107   $544.0 million lease financing (ICBCL)<span class=\"_ _6a\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>459,918 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>490,500 <span class=\"_ _1d1\"> </span> <span class=\"_ _cd\"> </span>521,071   $42.9 million term loan facility (Credit Suisse)<span class=\"_ _1d8\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>36,942 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>39,325 <span class=\"_ _1d3\"> </span> <span class=\"_ _b8\"> </span>41,708   $62.5 million term loan facility (Credit Agricole)<span class=\"_ _1d9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>53,820 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>57,292 <span class=\"_ _1d3\"> </span> <span class=\"_ _b8\"> </span>60,764   $133.7 million term loan facility (CEXIM)<span class=\"_ _b0\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>123,367 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>131,229 <span class=\"_ _1d3\"> </span> <span class=\"_ _ba\"> </span>\u2014   $58.5 million term loan facility (SEB)<span class=\"_ _1da\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>55,250 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>58,500 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014   $58.5 million term loan facility (KFW)<span class=\"_ _1db\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>55,250 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>58,500 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014   $130.0 million term loan facility (DNB)<span class=\"_ _1dc\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>127,562 <span class=\"_ _37\"> </span></span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014   $65.0 million term loan facility (ABN)<span class=\"_ _1dd\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>65,000 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d1\"> </span> <span class=\"_ _104\"> </span>\u2014   $65.0 million term loan facility (ING)<span class=\"_ _52\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>64,187 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _ba\"> </span>\u2014 Total U.S. dollar denominated floating rate debt<span class=\"_ _152\"> </span> <span class=\"_ _121\"> </span>2,184,228 <span class=\"_ _37\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>2,130,814 <span class=\"_ _1d3\"> </span> <span class=\"_ _121\"> </span>2,089,931 </span>U.S. dollar denominated fixed rate debt $275.0 million revolving credit facility <span class=\"_ _6b\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>209,700 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>209,700 <span class=\"_ _1d1\"> </span> <span class=\"_ _b8\"> </span>60,000 Total U.S. dollar denominated fixed rate debt<span class=\"_ _2e\"> </span> <span class=\"_ _af\"> </span>209,700 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>209,700 <span class=\"_ _1d3\"> </span> <span class=\"_ _ce\"> </span>60,000 </span>Secured borrowings<span class=\"_ _10e\"> </span><span class=\"ff1\"> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _12\"> </span>6,251 Debt issuance costs<span class=\"_ _137\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(23,113) <span class=\"_ _2a\"> </span></span> <span class=\"_ _12f\"> </span>(24,318) <span class=\"_ _39\"> </span> <span class=\"_ _12f\"> </span>(20,176) Accrued interest expense<span class=\"_ _120\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>19,499 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _1d1\"> </span> <span class=\"_ _12\"> </span>7,805 Total debt<span class=\"_ _1de\"> </span> <span class=\"_ _121\"> </span>2,390,314 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,325,575 <span class=\"_ _1d3\"> </span> <span class=\"_ _e8\"> </span>2,143,811 </span>Short-term debt and current portion of long-term debt<span class=\"_ _1df\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>277,854 <span class=\"_ _37\"> </span></span> <span class=\"_ _cd\"> </span>198,665 <span class=\"_ _1d1\"> </span> <span class=\"_ _cd\"> </span>234,887 Long-term portion of debt<span class=\"_ _c9\"> </span> <span class=\"_ _e8\"> </span>2,112,460 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,126,910 <span class=\"_ _1d3\"> </span> <span class=\"_ _e8\"> </span>1,908,924 Movements in the year ended December 31, 2022 are summarized as fol<span class=\"_ _1\"></span>lows:December 31, December 31, (in thousands of $)2021<span class=\"_ _18f\"> </span>Proceeds<span class=\"_ _1a\"> </span>Repayments2022Total U.S. dollar denominated floating rate debt<span class=\"_ _12\"> </span><span class=\"ff2\"> <span class=\"_ _e8\"> </span>2,130,814 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>651,248 <span class=\"_ _1d1\"> </span> <span class=\"_ _5a\"> </span>(597,834) <span class=\"_ _39\"> </span> <span class=\"_ _121\"> </span>2,184,228 </span>Total U.S. dollar denominated fixed rate debt<span class=\"_ _14\"> </span><span class=\"ff2\"> <span class=\"_ _cd\"> </span>209,700 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d1\"> </span> <span class=\"_ _af\"> </span>209,700 </span>Secured borrowings<span class=\"_ _17a\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _1d1\"> </span> <span class=\"_ _104\"> </span>\u2014 Debt issuance costs<span class=\"_ _71\"> </span> <span class=\"_ _12f\"> </span>(24,318) <span class=\"_ _77\"> </span> <span class=\"_ _12f\"> </span>(23,113) Accrued interest expense<span class=\"_ _188\"> </span> <span class=\"_ _12\"> </span>9,379 <span class=\"_ _1db\"> </span> <span class=\"_ _b8\"> </span>19,499 Total debt<span class=\"_ _df\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,325,575 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>651,248 <span class=\"_ _1d1\"> </span> <span class=\"_ _5a\"> </span>(597,834) <span class=\"_ _39\"> </span> <span class=\"_ _121\"> </span>2,390,314 </span>Short-term debt and current portion of long-term debt<span class=\"_ _1a\"> </span> <span class=\"_ _cd\"> </span>198,665 <span class=\"_ _69\"> </span> <span class=\"_ _cd\"> </span>277,854 Long-term portion of debt<span class=\"_ _1e0\"> </span><span class=\"ff2\"> <span class=\"_ _121\"> </span>2,126,910 <span class=\"_ _a7\"> </span> <span class=\"_ _af\"> </span>651,248 <span class=\"_ _1d1\"> </span> <span class=\"_ _5a\"> </span>(597,834) <span class=\"_ _39\"> </span> <span class=\"_ _121\"> </span>2,112,460 </span>Movements in the year ended December 31, 2021 are summarized as fol<span class=\"_ _1\"></span>lows:January 1, December 31, (in thousands of $)2021<span class=\"_ _ce\"> </span>Proceeds<span class=\"_ _121\"> </span>Repayments<span class=\"_ _a8\"> </span>Other2021Total U.S. dollar denominated floating rate debt<span class=\"_ _23\"> </span><span class=\"ff2\"> <span class=\"_ _2a\"> </span>2,089,931 <span class=\"_ _a7\"> </span> <span class=\"_ _b1\"> </span>250,687 <span class=\"_ _1d3\"> </span> <span class=\"_ _46\"> </span>(209,804) <span class=\"_ _39\"> </span> <span class=\"_ _54\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _2c\"> </span>2,130,814 </span>Total U.S. dollar denominated fixed rate debt<span class=\"_ _43\"> </span><span class=\"ff2\"> <span class=\"_ _aa\"> </span>60,000 <span class=\"_ _a7\"> </span> <span class=\"_ _b1\"> </span>149,700 <span class=\"_ _1d3\"> </span> <span class=\"_ _15\"> </span>\u2014 <span class=\"_ _1d3\"> </span> <span class=\"_ _54\"> </span>\u2014 <span class=\"_ _1d1\"> </span> <span class=\"_ _187\"> </span>209,700 </span>Secured borrowings<span class=\"_ _1e1\"> </span> <span class=\"_ _41\"> </span>6,251 <span class=\"_ _37\"> </span> <span class=\"_ _41\"> </span>3,481 <span class=\"_ _1d1\"> </span> <span class=\"_ _8d\"> </span>(9,717) <span class=\"_ _39\"> </span> <span class=\"_ _55\"> </span>(15) <span class=\"_ _39\"> </span> <span class=\"_ _1e2\"> </span>\u2014 Debt issuance costs<span class=\"_ _1d5\"> </span> <span class=\"_ _1e3\"> </span>(20,176) <span class=\"_ _66\"> </span> <span class=\"_ _cd\"> </span>(24,318) Accrued interest expense<span class=\"_ _1e4\"> </span> <span class=\"_ _41\"> </span>7,805 <span class=\"_ _174\"> </span> <span class=\"_ _15e\"> </span>9,379 Total debt<span class=\"_ _1e5\"> </span><span class=\"ff2\"> <span class=\"_ _2a\"> </span>2,143,811 <span class=\"_ _a7\"> </span> <span class=\"_ _b1\"> </span>403,868 <span class=\"_ _1d3\"> </span> <span class=\"_ _46\"> </span>(219,521) <span class=\"_ _39\"> </span> <span class=\"_ _55\"> </span>(15) <span class=\"_ _39\"> </span> <span class=\"_ _7e\"> </span>2,325,575 </span>Short-term debt and current portion of long-term debt<span class=\"_ _8b\"> </span> <span class=\"_ _b1\"> </span>234,887 <span class=\"_ _180\"> </span> <span class=\"_ _187\"> </span>198,665 Long-term portion of debt<span class=\"_ _1e6\"> </span><span class=\"ff2\"> <span class=\"_ _2a\"> </span>1,908,924 <span class=\"_ _a7\"> </span> <span class=\"_ _b1\"> </span>403,868 <span class=\"_ _1d3\"> </span> <span class=\"_ _46\"> </span>(219,521) <span class=\"_ _39\"> </span> <span class=\"_ _55\"> </span>(15) <span class=\"_ _39\"> </span> <span class=\"_ _7e\"> </span>2,126,910 </span>A summary of the Company's interest bearing loans and borrowings as of Decembe<span class=\"_ _1\"></span>r 31, 2022 is as follows:$252.4 million term loan facility In <span class=\"_ _11\"> </span>July <span class=\"_ _f\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>entered <span class=\"_ _11\"> </span>into <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>senior <span class=\"_ _11\"> </span>secured <span class=\"_ _f\"> </span>term <span class=\"_ _11\"> </span>loan <span class=\"_ _f\"> </span>facility <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>number <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>banks <span class=\"_ _f\"> </span>in <span class=\"_ _11\"> </span>an <span class=\"_ _f\"> </span>amount <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>up <span class=\"_ _f\"> </span>to $252.4 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>$328.6 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>maturing <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>February <span class=\"_ _d\"></span>2023. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>new <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>matures <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>September 2027, <span class=\"_\"> </span>carries <span class=\"_\"> </span>an <span class=\"_\"> </span>interest <span class=\"_\"> </span>rate <span class=\"_\"> </span>of <span class=\"_\"> </span>SOFR <span class=\"_\"> </span>plus <span class=\"_\"> </span>a <span class=\"_\"> </span>margin <span class=\"_\"> </span>of <span class=\"_ _29\"> </span>180 <span class=\"_\"> </span>basis <span class=\"_\"> </span>points <span class=\"_\"> </span>and <span class=\"_\"> </span>has <span class=\"_\"> </span>an <span class=\"_\"> </span>amortization <span class=\"_\"> </span>profile <span class=\"_\"> </span>of <span class=\"_\"> </span>18 <span class=\"_\"> </span>years commencing <span class=\"_ _f\"> </span>on <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>delivery <span class=\"_ _f\"> </span>date <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>yard. <span class=\"_ _f\"> </span>In <span class=\"_ _27\"> </span>August <span class=\"_ _f\"> </span>2022, <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _f\"> </span>drew <span class=\"_ _f\"> </span>down <span class=\"_ _27\"> </span>$252.4 <span class=\"_ _f\"> </span>million <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>repaid <span class=\"_ _f\"> </span>the outstanding balance of the original facility of $262.0 milli<span class=\"_ _1\"></span>on. The facility is fully drawn down as of December 31, 2022. $34.8 million term loan facility In <span class=\"_ _d\"></span>October 2022, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>entered into <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>in an <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to $34.8 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance the <span class=\"_ _d\"></span>$50.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>maturing <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>March <span class=\"_ _e\"></span>2023. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>new <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>matures <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>2027, <span class=\"_ _d\"></span>carries <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>of SOFR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>180 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization <span class=\"_ _d\"></span>profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>20 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>the yard. <span class=\"_ _d\"></span>In <span class=\"_ _e\"></span>November <span class=\"_ _e\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$34.8 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>repaid <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>outstanding <span class=\"_ _e\"></span>balance <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>original <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>of $35.9 million. The facility is fully drawn down as of December 31, 2022.$250.7 million term loan facility In November <span class=\"_ _d\"></span>2020, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>entered <span class=\"_ _d\"></span>into a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility with <span class=\"_ _d\"></span>a number <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>banks in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amount of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to $250.7 <span class=\"_ _11\"></span>million <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>refinance <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>$466.5 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>loan <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>maturing <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>April <span class=\"_ _11\"> </span>2021. <span class=\"_ _11\"> </span>The <span class=\"_ _11\"> </span>new <span class=\"_ _11\"> </span>facility <span class=\"_ _10\"></span>matures <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>May <span class=\"_ _11\"> </span>2025, carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>190 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>18 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on the delivery date from the yard. In November 2020, the Company drew down $250.7 million and repaid the outstanding balance of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>original <span class=\"_ _11\"> </span>facility <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$252.4 <span class=\"_ _f\"> </span>million. <span class=\"_ _f\"> </span>In <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>sale <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>two <span class=\"_ _f\"> </span>LR2 <span class=\"_ _f\"> </span>tankers <span class=\"_ _f\"> </span>resulted <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>a prepayment of $46.5 million under the facility. The facili<span class=\"_ _1\"></span>ty is fully drawn down as of December 31, 2022.$100.8 million term loan facility In <span class=\"_ _d\"></span>November <span class=\"_ _e\"></span>2020, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>entered <span class=\"_ _e\"></span>into <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>senior <span class=\"_ _e\"></span>secured <span class=\"_ _e\"></span>term <span class=\"_ _e\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>ING <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>Credit <span class=\"_ _e\"></span>Suisse <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>of up to <span class=\"_ _d\"></span>$100.8 million to <span class=\"_ _d\"></span>refinance the <span class=\"_ _d\"></span>$109.2 million loan <span class=\"_ _d\"></span>facility maturing <span class=\"_ _d\"></span>in June 2021. <span class=\"_ _d\"></span>The new <span class=\"_ _d\"></span>facility matures in <span class=\"_ _d\"></span>November 2025, <span class=\"_\"> </span>carries <span class=\"_ _28\"> </span>an <span class=\"_ _28\"> </span>interest <span class=\"_\"> </span>rate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>LIBOR<span class=\"_ _1\"></span> <span class=\"_\"> </span>plus <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>m<span class=\"_ _1\"></span>argin <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>190 <span class=\"_\"> </span>ba<span class=\"_ _1\"></span>sis <span class=\"_\"> </span>points <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>an <span class=\"_ _28\"> </span>amortization <span class=\"_\"> </span>profile<span class=\"_ _1\"></span> <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>17 <span class=\"_\"> </span>years commencing <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>delivery <span class=\"_ _10\"></span>date <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>yard. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>November <span class=\"_ _10\"></span>2020, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>drew <span class=\"_ _10\"></span>down <span class=\"_ _10\"></span>$100.8 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>repaid <span class=\"_ _10\"></span>the outstanding balance of the original facility of $84.3 milli<span class=\"_ _1\"></span>on. The facility is fully drawn down as of December 31, 2022.$328.4 million term loan facility (CEXIM)In August <span class=\"_ _d\"></span>2016, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>signed <span class=\"_ _d\"></span>a senior <span class=\"_ _d\"></span>secured term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility in <span class=\"_ _d\"></span>an amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>up to <span class=\"_ _d\"></span>$328.4 <span class=\"_ _d\"></span>million with <span class=\"_ _d\"></span>China Exim Bank. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>facility <span class=\"_ _10\"></span>matures <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>2029, <span class=\"_ _10\"></span>carries <span class=\"_ _10\"></span>an <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>LIBOR <span class=\"_ _10\"></span>plus <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>margin <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>line <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company\u2019s <span class=\"_ _11\"> </span>other <span class=\"_ _10\"></span>credit facilities and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an amortization <span class=\"_ _d\"></span>profile of <span class=\"_ _d\"></span>18 <span class=\"_ _d\"></span>years. The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>drew down <span class=\"_ _d\"></span>$109.0 <span class=\"_ _d\"></span>million in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2016 <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>connection <span class=\"_ _27\"> </span>with <span class=\"_\"> </span>one <span class=\"_ _27\"> </span>LR2 <span class=\"_\"> </span>ta<span class=\"_ _1\"></span>nker <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>two <span class=\"_ _28\"> </span>Suezmax <span class=\"_ _27\"> </span>tanker <span class=\"_\"> </span>newbuildi<span class=\"_ _1\"></span>ngs, <span class=\"_ _28\"> </span>which <span class=\"_ _28\"> </span>were <span class=\"_ _28\"> </span>delivered <span class=\"_ _27\"> </span>in <span class=\"_\"> </span>the <span class=\"_ _27\"> </span>year. <span class=\"_ _28\"> </span>The Company <span class=\"_ _e\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>further <span class=\"_ _e\"></span>$165.9 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2017 <span class=\"_ _d\"></span>in <span class=\"_ _10\"></span>connection <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>two <span class=\"_ _e\"></span>Suezmax <span class=\"_ _e\"></span>tankers and three LR2/Aframax tankers delivered in the year. The fa<span class=\"_ _1\"></span>cility is fully drawn down as of December 31, 2022.$321.6 million term loan facility (CEXIM)In <span class=\"_ _10\"></span>February <span class=\"_ _e\"></span>2017, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>signed <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>second <span class=\"_ _10\"></span>senior <span class=\"_ _10\"></span>secured <span class=\"_ _e\"></span>term <span class=\"_ _10\"></span>loan <span class=\"_ _10\"></span>facility <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>up <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>$321.6 <span class=\"_ _10\"></span>million. <span class=\"_ _10\"></span>The facility <span class=\"_ _10\"></span>provided <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>China <span class=\"_ _11\"> </span>Exim <span class=\"_ _10\"></span>Bank <span class=\"_ _10\"></span>is <span class=\"_ _11\"> </span>insured <span class=\"_ _10\"></span>by <span class=\"_ _10\"></span>China <span class=\"_ _11\"> </span>Export <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>Credit <span class=\"_ _10\"></span>Insurance <span class=\"_ _11\"> </span>Corporation. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>facility <span class=\"_ _10\"></span>matures <span class=\"_ _11\"> </span>in 2033, <span class=\"_ _d\"></span>carries an <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>rate of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a margin <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>line <span class=\"_ _d\"></span>with the <span class=\"_ _d\"></span>Company\u2019s <span class=\"_ _d\"></span>other credit <span class=\"_ _d\"></span>facilities <span class=\"_ _d\"></span>and has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>15 <span class=\"_ _11\"> </span>years. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>drew <span class=\"_ _11\"> </span>down <span class=\"_ _10\"></span>$252.7 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>year <span class=\"_ _10\"></span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2017 <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>connection <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>four Suezmax <span class=\"_ _e\"></span>tankers <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>three <span class=\"_ _e\"></span>LR2/Aframax <span class=\"_ _e\"></span>tankers <span class=\"_ _10\"></span>delivered <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>drew <span class=\"_ _10\"></span>down <span class=\"_ _e\"></span>$32.0 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2018 <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>connection <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>one <span class=\"_ _10\"></span>LR2 <span class=\"_ _10\"></span>tanker <span class=\"_ _10\"></span>delivered <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>period. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>facility <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>fully <span class=\"_ _10\"></span>drawn <span class=\"_ _e\"></span>down <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>of December 31, 2022.$110.5 million term loan facility (ING)In <span class=\"_ _10\"></span>June <span class=\"_ _11\"> </span>2017, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>signed <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>senior <span class=\"_ _10\"></span>secured <span class=\"_ _11\"> </span>term <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>an <span class=\"_ _10\"></span>amount <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>up <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>$110.5 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>ING. <span class=\"_ _11\"> </span>The facility <span class=\"_ _d\"></span>matures <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>2023, <span class=\"_ _d\"></span>carries <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _e\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>190 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization <span class=\"_ _d\"></span>profile <span class=\"_ _e\"></span>of 18 <span class=\"_ _28\"> </span>years. <span class=\"_ _27\"> </span>The <span class=\"_ _28\"> </span>Company <span class=\"_ _28\"> </span>drew <span class=\"_ _28\"> </span>down <span class=\"_ _27\"> </span>$55.3 <span class=\"_\"> </span>mill<span class=\"_ _1\"></span>ion <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>ye<span class=\"_ _1\"></span>ar <span class=\"_ _28\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _28\"> </span>31, <span class=\"_ _28\"> </span>2017 <span class=\"_ _28\"> </span>in <span class=\"_ _27\"> </span>connection <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>one <span class=\"_ _28\"> </span>VLCC delivered <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$55.3 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2019 <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>connection <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>one VLCC <span class=\"_ _e\"></span>delivered <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>period. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>extended <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>$4.1 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2019 <span class=\"_ _10\"></span>and drew down <span class=\"_ _d\"></span>the $4.1 <span class=\"_ _d\"></span>million in connection <span class=\"_ _d\"></span>with the installation <span class=\"_ _d\"></span>of an <span class=\"_ _d\"></span>EGCS on <span class=\"_ _d\"></span>the VLCC delivered <span class=\"_ _d\"></span>in the period. <span class=\"_ _d\"></span>The facility <span class=\"_ _d\"></span>is fully drawn down as of December 31, 2022.$104.0 million term loan facility (Credit Suisse)In <span class=\"_\"> </span>April <span class=\"_ _29\"> </span>2022, <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_\"> </span>entered <span class=\"_ _29\"> </span>into <span class=\"_\"> </span>a <span class=\"_ _29\"> </span>senior <span class=\"_\"> </span>secured <span class=\"_\"> </span>term <span class=\"_ _29\"> </span>loan <span class=\"_\"> </span>facility <span class=\"_ _29\"> </span>with <span class=\"_\"> </span>Credit <span class=\"_ _29\"> </span>Suisse <span class=\"_\"> </span>AG <span class=\"_ _29\"> </span>in <span class=\"_\"> </span>an <span class=\"_ _29\"> </span>amount <span class=\"_\"> </span>of $104.0 million <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>refinance the <span class=\"_ _d\"></span>$110.5 million <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility maturing <span class=\"_ _d\"></span>in 2023. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>new facility <span class=\"_ _d\"></span>matures in <span class=\"_ _d\"></span>May <span class=\"_ _d\"></span>2028, carries <span class=\"_ _d\"></span>an interest rate of <span class=\"_ _d\"></span>SOFR plus a <span class=\"_ _d\"></span>margin of 180 <span class=\"_ _d\"></span>basis points and <span class=\"_ _d\"></span>has an amortization <span class=\"_ _d\"></span>profile of 18 <span class=\"_ _d\"></span>years commencing on <span class=\"_ _d\"></span>the delivery date <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>yard. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>May <span class=\"_ _10\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>drew <span class=\"_ _10\"></span>down <span class=\"_ _e\"></span>$104.0 <span class=\"_ _10\"></span>million <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>repaid <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>outstanding <span class=\"_ _e\"></span>balance <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>original facility of $96.4 million. The facility is fully drawn down as of Dec<span class=\"_ _1\"></span>ember 31, 2022.$110.5 million term loan facility (Credit Suisse #2)In <span class=\"_ _d\"></span>June <span class=\"_ _d\"></span>2017, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>signed <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>$110.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>Credit <span class=\"_ _d\"></span>Suisse. The facility matures in <span class=\"_ _d\"></span>2024, carries an interest rate <span class=\"_ _d\"></span>of LIBOR plus a <span class=\"_ _d\"></span>margin of 190 basis <span class=\"_ _d\"></span>points and has an <span class=\"_ _d\"></span>amortization profile of <span class=\"_ _11\"> </span>18 <span class=\"_ _f\"> </span>years. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>drew <span class=\"_ _f\"> </span>down <span class=\"_ _11\"> </span>$54.9 <span class=\"_ _f\"> </span>million <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2018 <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>connection <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>one <span class=\"_ _f\"> </span>VLCC delivered <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>period. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$55.3 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2019 <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>connection <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>one VLCC <span class=\"_ _d\"></span>delivered in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>period. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>extended the <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>by <span class=\"_ _d\"></span>$15.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2019. <span class=\"_ _d\"></span>The facility is fully drawn down as of December 31, 2022.$544.0 million lease financing (ICBCL)In March 2020, the <span class=\"_ _d\"></span>Company signed a sale-and-leaseback agreement in an <span class=\"_ _d\"></span>amount of $544.0 million with ICBCL <span class=\"_ _d\"></span>to finance the cash <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>upon <span class=\"_ _e\"></span>closing <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Acquisition, <span class=\"_ _e\"></span>which <span class=\"_ _d\"></span>took <span class=\"_ _d\"></span>place <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>March <span class=\"_ _d\"></span>16, <span class=\"_ _d\"></span>2020. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>lease <span class=\"_ _d\"></span>financing <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>tenor <span class=\"_ _d\"></span>of seven <span class=\"_ _d\"></span>years, <span class=\"_ _e\"></span>carries <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>margin <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>230 <span class=\"_ _d\"></span>basis <span class=\"_ _e\"></span>points, <span class=\"_ _e\"></span>has <span class=\"_ _e\"></span>an <span class=\"_ _e\"></span>amortization <span class=\"_ _d\"></span>profile <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>17.8 <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>and includes <span class=\"_ _28\"> </span>purchase <span class=\"_ _28\"> </span>options <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>Company <span class=\"_ _28\"> </span>throughout <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>te<span class=\"_ _1\"></span>rm <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>purchase <span class=\"_ _28\"> </span>obligation <span class=\"_ _28\"> </span>at <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>e<span class=\"_ _1\"></span>nd <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>term. <span class=\"_ _28\"> </span>The Company <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>precluded <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>accounting <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>sale <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>due <span class=\"_ _10\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>purchase <span class=\"_ _d\"></span>obligation <span class=\"_ _e\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _d\"></span>end <span class=\"_ _10\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>term <span class=\"_ _d\"></span>which prevents <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>lessor <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>obtaining <span class=\"_ _d\"></span>control <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>vessels <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>such <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>has <span class=\"_ _d\"></span>been <span class=\"_ _e\"></span>accounted <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>secured <span class=\"_ _d\"></span>borrowing, with the vessels recorded under \"Vessels and equipment\". The facil<span class=\"_ _1\"></span>ity is fully drawn down as of December 31, 2022.$42.9 million term loan facility (Credit Suisse)In <span class=\"_ _10\"></span>November <span class=\"_ _10\"></span>2019, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>signed <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>senior <span class=\"_ _10\"></span>secured <span class=\"_ _10\"></span>term <span class=\"_ _10\"></span>loan <span class=\"_ _10\"></span>facility <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>up <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>$42.9 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>Credit Suisse <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>partially <span class=\"_ _e\"></span>finance <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>delivery <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>one <span class=\"_ _10\"></span>Suezmax <span class=\"_ _e\"></span>tanker. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>matures <span class=\"_ _10\"></span>five <span class=\"_ _e\"></span>years <span class=\"_ _e\"></span>after <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>vessel's <span class=\"_ _e\"></span>delivery <span class=\"_ _e\"></span>date, carries <span class=\"_ _d\"></span>an <span class=\"_ _10\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>LIBOR <span class=\"_ _e\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>margin <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>190 <span class=\"_ _d\"></span>basis <span class=\"_ _e\"></span>points <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>amortization <span class=\"_ _e\"></span>profile <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>18 <span class=\"_ _e\"></span>years. <span class=\"_ _10\"></span>In <span class=\"_ _d\"></span>May <span class=\"_ _e\"></span>2020, the Company <span class=\"_ _d\"></span>drew down <span class=\"_ _d\"></span>$42.9 million under <span class=\"_ _d\"></span>the facility <span class=\"_ _d\"></span>in connection <span class=\"_ _d\"></span>with the delivery <span class=\"_ _d\"></span>of one <span class=\"_ _d\"></span>Suezmax tanker. <span class=\"_ _d\"></span>The facility is fully drawn down as of December 31, 2022.$62.5 million term loan facility (Cr\u00e9dit Agricole)In <span class=\"_ _d\"></span>May 2020, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>signed a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>term <span class=\"_ _d\"></span>loan facility <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amount of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>$62.5 million <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>Cr\u00e9dit <span class=\"_ _d\"></span>Agricole to <span class=\"_ _d\"></span>partially finance <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>of one <span class=\"_ _d\"></span>VLCC. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>facility matures <span class=\"_ _d\"></span>five <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>after <span class=\"_ _d\"></span>the vessel's <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>date, <span class=\"_ _d\"></span>carries an <span class=\"_ _d\"></span>interest rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>190 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization <span class=\"_ _d\"></span>profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>18 <span class=\"_ _d\"></span>years. <span class=\"_ _d\"></span>In <span class=\"_ _e\"></span>June <span class=\"_ _d\"></span>2020, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>drew down <span class=\"_ _10\"></span>$62.5 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>connection <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>delivery <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>one <span class=\"_ _10\"></span>VLCC. <span class=\"_ _11\"> </span>The <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>fully <span class=\"_ _10\"></span>drawn <span class=\"_ _11\"> </span>down <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of December 31, 2022.$133.7 million term loan facility (CEXIM)In November <span class=\"_ _d\"></span>2020, the Company <span class=\"_ _d\"></span>entered into <span class=\"_ _d\"></span>a senior <span class=\"_ _d\"></span>secured term loan <span class=\"_ _d\"></span>facility with CEXIM <span class=\"_ _d\"></span>and Sinosure <span class=\"_ _d\"></span>in an <span class=\"_ _d\"></span>amount of up to <span class=\"_ _d\"></span>$133.7 million <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>partially finance <span class=\"_ _d\"></span>four <span class=\"_ _d\"></span>LR2 <span class=\"_ _d\"></span>tanker newbuildings. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>facility has <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tenor <span class=\"_ _d\"></span>of 12 <span class=\"_ _d\"></span>years, <span class=\"_ _d\"></span>carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate of <span class=\"_\"> </span>L<span class=\"_ _1\"></span>IBOR <span class=\"_ _28\"> </span>plus <span class=\"_\"> </span>a <span class=\"_ _28\"> </span>margin <span class=\"_ _28\"> </span>in <span class=\"_\"> </span>line <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>Company\u2019s <span class=\"_ _28\"> </span>other <span class=\"_ _28\"> </span>credit <span class=\"_ _28\"> </span>facilities <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>an <span class=\"_\"> </span>a<span class=\"_ _1\"></span>mortization <span class=\"_ _28\"> </span>profile <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>17 <span class=\"_ _28\"> </span>years commencing on <span class=\"_ _d\"></span>the delivery date <span class=\"_ _d\"></span>from the <span class=\"_ _d\"></span>yard. The <span class=\"_ _d\"></span>Company drew <span class=\"_ _d\"></span>down $33.4 <span class=\"_ _d\"></span>million in March <span class=\"_ _d\"></span>2021, $33.4 <span class=\"_ _d\"></span>million in <span class=\"_ _d\"></span>April 2021, <span class=\"_ _d\"></span>$33.4 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>September <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>$33.4 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>November <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>delivery of four LR2 tankers. The facility is fully drawn down as of December 31, 2022.$58.5 million term loan facility (SEB)In September <span class=\"_ _d\"></span>2021, the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>entered into <span class=\"_ _d\"></span>a senior <span class=\"_ _d\"></span>secured term <span class=\"_ _d\"></span>loan facility <span class=\"_ _d\"></span>in an <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of up <span class=\"_ _d\"></span>to $58.5 <span class=\"_ _d\"></span>million with <span class=\"_ _d\"></span>SEB to <span class=\"_ _10\"></span>partially <span class=\"_ _10\"></span>finance <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>acquisition <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>one <span class=\"_ _11\"> </span>2019-built <span class=\"_ _10\"></span>VLCC. <span class=\"_ _11\"> </span>The <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>has <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>tenor <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>five <span class=\"_ _10\"></span>years, <span class=\"_ _11\"> </span>carries <span class=\"_ _10\"></span>an <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _11\"> </span>of LIBOR plus a <span class=\"_ _d\"></span>margin of 170 basis <span class=\"_ _d\"></span>points and has <span class=\"_ _d\"></span>an amortization profile of <span class=\"_ _d\"></span>20 years commencing on <span class=\"_ _d\"></span>the delivery date from <span class=\"_ _d\"></span>the yard. <span class=\"_ _10\"></span>In <span class=\"_ _11\"></span>October <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>took <span class=\"_ _11\"> </span>delivery <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>vessel <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>drew <span class=\"_ _10\"></span>down <span class=\"_ _11\"> </span>$58.5 <span class=\"_ _10\"></span>million <span class=\"_ _11\"> </span>under <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>partially finance the delivery. The facility is fully drawn down as of Dece<span class=\"_ _1\"></span>mber 31, 2022.$58.5 million term loan facility (KFW)In September 2021, the Company entered into a senior secured term loan facility in an amount of up to $58.5 million with KFW to <span class=\"_ _10\"></span>partially <span class=\"_ _10\"></span>finance <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>acquisition <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>one <span class=\"_ _11\"> </span>2019-built <span class=\"_ _10\"></span>VLCC. <span class=\"_ _11\"> </span>The <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>has <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>tenor <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>five <span class=\"_ _10\"></span>years, <span class=\"_ _11\"> </span>carries <span class=\"_ _10\"></span>an <span class=\"_ _11\"> </span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _11\"> </span>of LIBOR plus a <span class=\"_ _d\"></span>margin of 170 basis <span class=\"_ _d\"></span>points and has <span class=\"_ _d\"></span>an amortization profile of <span class=\"_ _d\"></span>20 years commencing on <span class=\"_ _d\"></span>the delivery date from <span class=\"_ _d\"></span>the yard. <span class=\"_ _d\"></span>In <span class=\"_ _e\"></span>November <span class=\"_ _e\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>took <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>vessel <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$58.5 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>facility <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>partially finance the delivery. The facility is fully drawn down as of Dece<span class=\"_ _1\"></span>mber 31, 2022.$130.0 million term loan facility (DNB)In <span class=\"_ _d\"></span>October <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility in <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amount <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>$130.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>DNB to <span class=\"_ _d\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>acquisition <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>two <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>six <span class=\"_ _e\"></span>resale <span class=\"_ _d\"></span>VLCC <span class=\"_ _e\"></span>newbuilding <span class=\"_ _d\"></span>contracts. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>facility <span class=\"_ _e\"></span>has <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>tenor <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>five <span class=\"_ _e\"></span>years, carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>170 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>20 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on the <span class=\"_ _f\"> </span>delivery <span class=\"_ _11\"> </span>date <span class=\"_ _f\"> </span>from <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>yard. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>drew <span class=\"_ _f\"> </span>down <span class=\"_ _27\"> </span>$65.0 <span class=\"_ _11\"> </span>million <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>April <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>$65.0 <span class=\"_ _11\"> </span>million <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>June <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>to partially <span class=\"_ _10\"></span>finance <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>delivery <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>2022 <span class=\"_ _10\"></span>built <span class=\"_ _11\"> </span>VLCCs, <span class=\"_ _10\"></span><span class=\"ff3\">Front <span class=\"_ _11\"> </span>Alta</span> <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span><span class=\"ff3\">Front <span class=\"_ _11\"> </span>Tweed</span>. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>facility <span class=\"_ _10\"></span>is <span class=\"_ _11\"> </span>fully <span class=\"_ _11\"> </span>drawn <span class=\"_ _10\"></span>down <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>of December 31, 2022.$65.0 million term loan facility (ABN)In December 2021, the <span class=\"_ _d\"></span>Company entered into a senior secured term <span class=\"_ _d\"></span>loan facility in an amount of <span class=\"_ _d\"></span>up to $65.0 million from <span class=\"_ _d\"></span>ABN AMRO <span class=\"_ _d\"></span>Bank <span class=\"_ _e\"></span>N.V. <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>acquisition <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>one <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>six <span class=\"_ _d\"></span>resale <span class=\"_ _e\"></span>VLCC <span class=\"_ _e\"></span>newbuilding <span class=\"_ _d\"></span>contracts. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>facility <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>a tenor <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>five <span class=\"_ _10\"></span>years, <span class=\"_ _10\"></span>carries <span class=\"_ _e\"></span>an <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>LIBOR <span class=\"_ _10\"></span>plus <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>margin <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>170 <span class=\"_ _10\"></span>basis <span class=\"_ _10\"></span>points <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>amortization <span class=\"_ _e\"></span>profile <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>20 years <span class=\"_ _10\"></span>commencing <span class=\"_ _11\"> </span>on <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>delivery <span class=\"_ _10\"></span>date <span class=\"_ _11\"> </span>from <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>yard. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>October <span class=\"_ _10\"></span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>drew <span class=\"_ _11\"> </span>down <span class=\"_ _10\"></span>$65.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>partially finance the delivery of the 2022 built VLCC <span class=\"ff3\">Front Gaula</span>. The fac<span class=\"_ _1\"></span>ility is fully drawn down as of December 31, 2022.$65.0 million term loan facility (ING)In December <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>the Company <span class=\"_ _d\"></span>entered into <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>senior secured <span class=\"_ _d\"></span>term loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>in an <span class=\"_ _d\"></span>amount of <span class=\"_ _d\"></span>up <span class=\"_ _d\"></span>to $65.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>from ING Bank <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>partially <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>acquisition <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>one <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>six <span class=\"_ _d\"></span>resale <span class=\"_ _e\"></span>VLCC <span class=\"_ _10\"></span>newbuilding <span class=\"_ _d\"></span>contracts. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>a <span class=\"_ _d\"></span>tenor <span class=\"_ _10\"></span>of <span class=\"_ _d\"></span>five years, <span class=\"_ _28\"> </span>carries <span class=\"_\"> </span>an <span class=\"_ _28\"> </span>interest <span class=\"_ _28\"> </span>rate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>LIBOR <span class=\"_ _28\"> </span>plus <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>ma<span class=\"_ _1\"></span>rgin <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>170 <span class=\"_ _28\"> </span>basis <span class=\"_ _28\"> </span>points <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>an <span class=\"_\"> </span>amort<span class=\"_ _1\"></span>ization <span class=\"_ _28\"> </span>profile <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>20 <span class=\"_ _28\"> </span>years commencing <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>delivery <span class=\"_ _11\"> </span>date <span class=\"_ _11\"> </span>from <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>yard. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>facility <span class=\"_ _11\"> </span>includes <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>sustainability <span class=\"_ _11\"> </span>margin <span class=\"_ _11\"> </span>adjustment <span class=\"_ _f\"> </span>linked <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fleet sustainability <span class=\"_ _d\"></span>score. <span class=\"_ _e\"></span>In <span class=\"_ _d\"></span>August <span class=\"_ _e\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$65.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>delivery <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>2022 <span class=\"_ _d\"></span>built VLCC <span class=\"ff3\">Front Tana</span>. The facility is fully drawn down as of December 31, 2022.$65.0 million term loan facility (KFW)In December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from KFW to <span class=\"_ _10\"></span>partially <span class=\"_ _10\"></span>finance <span class=\"_ _11\"></span>the <span class=\"_ _10\"></span>acquisition <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>one <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>six <span class=\"_ _10\"></span>resale <span class=\"_ _11\"> </span>VLCC <span class=\"_ _10\"></span>newbuilding <span class=\"_ _10\"></span>contracts. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>facility <span class=\"_ _10\"></span>has <span class=\"_ _11\"> </span>a <span class=\"_ _10\"></span>tenor <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>5 <span class=\"_ _10\"></span>years, carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>170 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>20 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on the <span class=\"_ _10\"></span>delivery <span class=\"_ _10\"></span>date <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>yard. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>facility <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>fully <span class=\"_ _10\"></span>undrawn <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2022. <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>January <span class=\"_ _10\"></span>2023, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>took delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>VLCC <span class=\"_ _d\"></span>newbuilding, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Tyne</span>, <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>HHI <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>drew <span class=\"_ _d\"></span>down <span class=\"_ _e\"></span>$65.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>this <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>partially <span class=\"_ _d\"></span>finance the delivery. $65.0 million term loan facility (Cr\u00e9dit Agricole)In <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>2021, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>entered <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>senior <span class=\"_ _11\"> </span>secured <span class=\"_ _11\"> </span>term <span class=\"_ _11\"> </span>loan <span class=\"_ _11\"> </span>facility <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>an <span class=\"_ _11\"> </span>amount <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>up <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>$65.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>from Cr\u00e9dit Agricole to partially finance the acquisition of one of the six <span class=\"_ _d\"></span>resale VLCC newbuilding contracts. The facility has a tenor of <span class=\"_ _11\"> </span>5 <span class=\"_ _11\"> </span>years, <span class=\"_ _11\"> </span>carries <span class=\"_ _f\"> </span>an <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rate <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>LIBOR <span class=\"_ _11\"> </span>plus <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>margin <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>170 <span class=\"_ _f\"> </span>basis <span class=\"_ _11\"> </span>points <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>has <span class=\"_ _f\"> </span>an <span class=\"_ _11\"> </span>amortization <span class=\"_ _11\"> </span>profile <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>18 <span class=\"_ _11\"> </span>years commencing <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>delivery <span class=\"_ _e\"></span>date <span class=\"_ _10\"></span>from <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>yard. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>facility <span class=\"_ _d\"></span>is <span class=\"_ _10\"></span>fully <span class=\"_ _e\"></span>undrawn <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022. <span class=\"_ _e\"></span>In <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>2023, <span class=\"_ _e\"></span>the Company <span class=\"_ _d\"></span>took <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>VLCC <span class=\"_ _e\"></span>newbuilding, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _e\"></span>Orkla</span>, <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>HHI <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _e\"></span>$65.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>under <span class=\"_ _d\"></span>this <span class=\"_ _e\"></span>facility <span class=\"_ _d\"></span>to partially finance the delivery.$275.0 million revolving credit facilityIn <span class=\"_ _28\"> </span>June <span class=\"_ _27\"> </span>2016, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>signed <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>$275.0 <span class=\"_ _28\"> </span>million <span class=\"_ _28\"> </span>senior <span class=\"_ _27\"> </span>unsecured <span class=\"_ _28\"> </span>facility <span class=\"_ _27\"> </span>agreement <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>affiliate <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Hemen, <span class=\"_ _28\"> </span>the Company's <span class=\"_ _e\"></span>largest <span class=\"_ _e\"></span>shareholder. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>original <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>carried <span class=\"_ _10\"></span>an <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>6.25% <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>was <span class=\"_ _e\"></span>available <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>a period of <span class=\"_ _d\"></span>18 months <span class=\"_ _d\"></span>from the <span class=\"_ _d\"></span>first utilization <span class=\"_ _d\"></span>date and was <span class=\"_ _d\"></span>repayable in <span class=\"_ _d\"></span>full on <span class=\"_ _d\"></span>the 18 <span class=\"_ _d\"></span>months anniversary <span class=\"_ _d\"></span>of the <span class=\"_ _d\"></span>first utilization date. There were no scheduled loan repayments before this date<span class=\"_ _1\"></span>. The facility does not include any financial covenants.As <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>had <span class=\"_ _e\"></span>an <span class=\"_ _d\"></span>outstanding <span class=\"_ _d\"></span>balance <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>up <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>$215.0 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>remained <span class=\"_ _d\"></span>available and undrawn under this facility. The balance outstanding was incl<span class=\"_ _1\"></span>uded in short-term debt as of January 1, 2021.In February 2021, the Company extended the terms of <span class=\"_ _d\"></span>the facility by 12 months to May 2022. In <span class=\"_ _d\"></span>November 2021, the Company extended <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>by <span class=\"_ _e\"></span>12 <span class=\"_ _d\"></span>months <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>May <span class=\"_ _d\"></span>2023. <span class=\"_ _d\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down $149.7 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>finance <span class=\"_ _e\"></span>installments <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>six <span class=\"_ _e\"></span>VLCCs <span class=\"_ _e\"></span>under <span class=\"_ _e\"></span>construction, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>deposits <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>two <span class=\"_ _e\"></span>2019 <span class=\"_ _e\"></span>built VLCCs <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>general <span class=\"_ _10\"></span>corporate <span class=\"_ _10\"></span>purposes. <span class=\"_ _10\"></span>As <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>$65.3 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>remained <span class=\"_ _10\"></span>available <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>undrawn <span class=\"_ _10\"></span>under this facility. The balance outstanding of $209.7 million was i<span class=\"_ _1\"></span>ncluded in long-term debt as of December 31, 2021.In November <span class=\"_ _d\"></span>2022, the Company <span class=\"_ _d\"></span>extended the facility <span class=\"_ _d\"></span>by 12 <span class=\"_ _d\"></span>months to May <span class=\"_ _d\"></span>2024 at <span class=\"_ _d\"></span>an interest rate <span class=\"_ _d\"></span>of 8.50% <span class=\"_ _d\"></span>and otherwise on same terms. The balance outstanding of $209.7 million is inc<span class=\"_ _1\"></span>luded in long-term debt as of December 31, 2022. Secured borrowingsAs <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>had <span class=\"_ _d\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>forward <span class=\"_ _d\"></span>contract <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>repurchase <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>1.3 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Golden <span class=\"_ _d\"></span>Ocean in <span class=\"_ _d\"></span>March 2021 <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>$6.2 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>the shares <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>marketable <span class=\"_ _d\"></span>securities and <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>liability <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>as of <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>1, <span class=\"_ _d\"></span>2021 within <span class=\"_ _e\"></span>short-term <span class=\"_ _e\"></span>debt <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>$6.3 <span class=\"_ _10\"></span>million, <span class=\"_ _e\"></span>after <span class=\"_ _e\"></span>adjusting <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>effect <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>foreign <span class=\"_ _e\"></span>exchange. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>required <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>post collateral of <span class=\"_ _d\"></span>20% <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the total <span class=\"_ _d\"></span>repurchase <span class=\"_ _d\"></span>price for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>duration of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>agreement which <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>held <span class=\"_ _d\"></span>in restricted <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>as of <span class=\"_ _d\"></span>January 1, <span class=\"_ _11\"> </span>2021. <span class=\"_ _f\"> </span>In <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2021, <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>sold <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Golden <span class=\"_ _f\"> </span>Ocean <span class=\"_ _f\"> </span>shares <span class=\"_ _11\"> </span>previously <span class=\"_ _f\"> </span>held <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>marketable securities. Debt restrictionsThe Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>borrowings <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>vessels <span class=\"_ _27\"> </span>securing <span class=\"_\"> </span>borrowings <span class=\"_ _27\"> </span>under <span class=\"_\"> </span>each <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>such agreements <span class=\"_ _d\"></span>decrease <span class=\"_ _10\"></span>below <span class=\"_ _d\"></span>required <span class=\"_ _10\"></span>levels. <span class=\"_ _d\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>contain <span class=\"_ _10\"></span>certain <span class=\"_ _d\"></span>financial <span class=\"_ _e\"></span>covenants, <span class=\"_ _e\"></span>including <span class=\"_ _e\"></span>the requirement <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>maintain <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>certain <span class=\"_ _e\"></span>level <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>free <span class=\"_ _10\"></span>cash, <span class=\"_ _e\"></span>positive <span class=\"_ _e\"></span>working <span class=\"_ _e\"></span>capital <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>adjusted <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>covenant. <span class=\"_ _e\"></span>Restricted cash <span class=\"_ _e\"></span>does <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>include <span class=\"_ _10\"></span>cash <span class=\"_ _e\"></span>balances <span class=\"_ _10\"></span>$54.4 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>(2021: <span class=\"_ _e\"></span>$67.0 <span class=\"_ _10\"></span>million, <span class=\"_ _10\"></span>2020: <span class=\"_ _10\"></span>$103.5 <span class=\"_ _e\"></span>million), <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>represents <span class=\"_ _10\"></span>50% <span class=\"_ _e\"></span>(2021: 64%, <span class=\"_ _e\"></span>2020: <span class=\"_ _10\"></span>100%) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>required <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _10\"></span>maintained <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>financial <span class=\"_ _e\"></span>covenants <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>our <span class=\"_ _10\"></span>loan <span class=\"_ _e\"></span>agreements. <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>is permitted <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>satisfy <span class=\"_ _e\"></span>up <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>50% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>cash <span class=\"_ _e\"></span>requirements <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>maintaining <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>committed <span class=\"_ _e\"></span>undrawn <span class=\"_ _10\"></span>credit <span class=\"_ _e\"></span>facility <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>remaining availability of greater than 12 months. Failure <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>comply <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>any <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>covenants <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _d\"></span>could <span class=\"_ _d\"></span>result <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>default, <span class=\"_ _d\"></span>which <span class=\"_ _e\"></span>would <span class=\"_ _d\"></span>permit <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lender <span class=\"_ _d\"></span>to accelerate <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>maturity <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>debt <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>to <span class=\"_ _f\"> </span>foreclose <span class=\"_ _27\"> </span>upon <span class=\"_ _27\"> </span>any <span class=\"_ _27\"> </span>collateral <span class=\"_ _27\"> </span>securing <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>debt. <span class=\"_ _27\"> </span>Under <span class=\"_ _27\"> </span>those <span class=\"_ _27\"> </span>circumstances, <span class=\"_ _27\"> </span>the Company might <span class=\"_ _d\"></span>not have <span class=\"_ _d\"></span>sufficient funds <span class=\"_ _d\"></span>or other <span class=\"_ _d\"></span>resources to satisfy <span class=\"_ _d\"></span>its obligations. <span class=\"_ _d\"></span>The Company <span class=\"_ _d\"></span>was in <span class=\"_ _d\"></span>compliance with all of the financial covenants contained in the Company's loan a<span class=\"_ _1\"></span>greements as of December 31, 2022 and 2021.Assets pledgedDecember 31, December 31, January 1, (in thousands of $)202220212021Vessels<span class=\"_ _1e7\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>3,650,325 <span class=\"_ _a7\"> </span></span> <span class=\"_ _121\"> </span>3,466,782 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>3,300,176 Debt issuance costsDecember 31, December 31, January 1, (in thousands of $)202220212021Debt issuance costs<span class=\"_ _137\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(46,039) <span class=\"_ _2a\"> </span></span> <span class=\"_ _12f\"> </span>(41,691) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(31,129) Accumulated amortization<span class=\"_ _1e8\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>22,926 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>17,373 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>10,953  <span class=\"_ _1be\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(23,113) <span class=\"_ _2a\"> </span></span> <span class=\"_ _12f\"> </span>(24,318) <span class=\"_ _2a\"> </span> <span class=\"_ _12f\"> </span>(20,176) The Company paid $4.3 million of debt issuance costs in the year e<span class=\"_ _1\"></span>nded December 31, 2022 (2021: $8.1 million).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__93": {
   "value": "19.<span class=\"_ _95\"> </span>LEASESAt <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>leased <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>two <span class=\"_ _d\"></span>vessels <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>SFL <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>charters <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>were <span class=\"_ _d\"></span>classified <span class=\"_ _d\"></span>as <span class=\"_ _e\"></span>leases, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>2004-built <span class=\"_ _11\"> </span>VLCCs <span class=\"_ _11\"> </span><span class=\"ff3\">Front <span class=\"_ _f\"> </span>Force</span> <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span><span class=\"ff3\">Front <span class=\"_ _f\"> </span>Energy</span>. <span class=\"_ _11\"> </span>In <span class=\"_ _f\"> </span>April <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _11\"> </span>announced <span class=\"_ _11\"> </span>that <span class=\"_ _f\"> </span>its <span class=\"_ _11\"> </span>subsidiary <span class=\"_ _f\"> </span>Frontline <span class=\"_ _11\"> </span>Shipping Limited <span class=\"_ _d\"></span>had <span class=\"_ _d\"></span>agreed <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>SFL <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>terminate <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>these <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>upon <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>sale <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>by SFL to an unrelated third party.As <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>January <span class=\"_ _10\"></span>1, <span class=\"_ _11\"> </span>2021, <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>leased <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>two <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>from <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>third <span class=\"_ _10\"></span>party <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>time <span class=\"_ _10\"></span>charters <span class=\"_ _10\"></span>that <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>classified <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>leases  which were terminated in the year end December 31, 2021 when the ve<span class=\"_ _1\"></span>ssels were redelivered to the owners.The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>also <span class=\"_ _f\"> </span>committed <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>make <span class=\"_ _f\"> </span>rental <span class=\"_ _f\"> </span>payments <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>for <span class=\"_ _27\"> </span>office <span class=\"_ _f\"> </span>premises. <span class=\"_ _f\"> </span>Certain <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>these <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>include variable <span class=\"_ _e\"></span>lease <span class=\"_ _e\"></span>elements <span class=\"_ _10\"></span>linked <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>inflation <span class=\"_ _10\"></span>indexes. <span class=\"_ _e\"></span>Such <span class=\"_ _10\"></span>variable <span class=\"_ _e\"></span>payments <span class=\"_ _e\"></span>have <span class=\"_ _10\"></span>been <span class=\"_ _e\"></span>estimated <span class=\"_ _e\"></span>at <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>recognition <span class=\"_ _e\"></span>on the index at that time and are included in the mini<span class=\"_ _1\"></span>mum lease payments.Rental expenseThe future minimum lease payments under the Company's lea<span class=\"_ _1\"></span>ses as at December 31, 2022 are as follows:(in thousands of $)<span class=\"_ _1bf\"> </span><span class=\"ff2\"> </span>2023<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,103 </span>2024<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,206 </span>2025<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,237 </span>Total minimum lease payments<span class=\"_ _1c5\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,546 </span>Less: Imputed interest<span class=\"_ _5\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(150) </span>Present value of obligations under leases<span class=\"_ _1ea\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,396 </span>The future minimum lease payments under the Company's lea<span class=\"_ _1\"></span>ses as at December 31, 2021 are as follows:(in thousands of $)<span class=\"_ _1bf\"> </span><span class=\"ff2\"> </span>2022<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,235 </span>2023<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,753 </span>2024<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,054 </span>2025<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>12,810 </span>2026<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>11,705 </span>Thereafter<span class=\"_ _1eb\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,641 </span>Total minimum lease payments<span class=\"_ _1c5\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>63,198 </span>Less: Imputed interest<span class=\"_ _5\"> </span><span class=\"ff1\"> <span class=\"_ _12f\"> </span>(10,496) </span>Present value of obligations under leases<span class=\"_ _1ea\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>52,702 </span>Total <span class=\"_\"> </span>cash <span class=\"_\"> </span>outflows <span class=\"_\"> </span>for <span class=\"_ _29\"> </span>leases <span class=\"_\"> </span>was <span class=\"_\"> </span>$2.9 <span class=\"_\"> </span>million <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>$11.8 <span class=\"_\"> </span>million <span class=\"_\"> </span>for <span class=\"_\"> </span>the <span class=\"_\"> </span>years <span class=\"_ _29\"> </span>ended <span class=\"_\"> </span>December <span class=\"_\"> </span>31, <span class=\"_\"> </span>2022 <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>2021, respectively. <span class=\"_ _10\"></span>Expense <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>office <span class=\"_ _10\"></span>leases <span class=\"_ _11\"> </span>was <span class=\"_ _10\"></span>$0.9 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>$1.5 <span class=\"_ _10\"></span>million <span class=\"_ _11\"> </span>for <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>years <span class=\"_ _10\"></span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _11\"> </span>2022 <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>2021, respectively. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>lease <span class=\"_ _11\"> </span>expenses <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>$2.2 <span class=\"_ _f\"> </span>million <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>$8.6 <span class=\"_ _11\"> </span>million) <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>relation <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>leased-in <span class=\"_ _11\"> </span>vessels, Front <span class=\"_ _10\"></span>Energy <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>Front <span class=\"_ _11\"> </span>Force<span class=\"ff2\">. <span class=\"_ _11\"> </span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>incurred <span class=\"_ _11\"> </span>lease <span class=\"_ _10\"></span>expenses <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>nil <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>$2.7 <span class=\"_ _11\"> </span>million) <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>relation <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>vessels </span>leased <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>from <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>third <span class=\"_ _e\"></span>party <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>time <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>classified <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>leases. <span class=\"_ _d\"></span>Interest <span class=\"_ _d\"></span>expense <span class=\"_ _d\"></span>incurred <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>leased-in vessels is disclosed <span class=\"_ _d\"></span>in Note 7. <span class=\"_ _d\"></span>The weighted-average discount <span class=\"_ _d\"></span>rate based on <span class=\"_ _d\"></span>the Company's <span class=\"_ _d\"></span>incremental borrowing rate, or <span class=\"_ _d\"></span>IBR, in <span class=\"_ _10\"></span>relation <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>leases <span class=\"_ _11\"> </span>was <span class=\"_ _10\"></span>2.7% <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>7.1%) <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _10\"></span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>weighted-average <span class=\"_ _10\"></span>remaining lease term was three years (2021: five years) as of December 31, 2022.Rental incomeTwo <span class=\"_ _e\"></span>LR2 <span class=\"_ _10\"></span>tankers <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>fixed <span class=\"_ _10\"></span>rate <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>charters <span class=\"_ _10\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022. <span class=\"_ _e\"></span>One <span class=\"_ _10\"></span>LR2 <span class=\"_ _e\"></span>tanker <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>two <span class=\"_ _10\"></span>VLCCs <span class=\"_ _e\"></span>were <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>fixed rate <span class=\"_ _e\"></span>time <span class=\"_ _10\"></span>charters <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>January <span class=\"_ _10\"></span>1, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>terms <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>all <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>addition, <span class=\"_ _10\"></span>the Company agreed <span class=\"_ _d\"></span>to charter-out <span class=\"_ _d\"></span>five Suezmax <span class=\"_ _d\"></span>tankers to <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>unrelated third <span class=\"_ _d\"></span>party, for <span class=\"_ _d\"></span>a period <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>3 years <span class=\"_ _d\"></span>commencing in <span class=\"_ _d\"></span>August 2019, <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>daily <span class=\"_ _10\"></span>base <span class=\"_ _10\"></span>rate <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>$28,400 <span class=\"_ _10\"></span>plus <span class=\"_ _10\"></span>50% <span class=\"_ _e\"></span>profit <span class=\"_ _10\"></span>share. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>terms <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>five <span class=\"_ _10\"></span>Suezmax <span class=\"_ _e\"></span>tankers <span class=\"_ _10\"></span>ended <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _10\"></span>ended December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>minimum <span class=\"_ _e\"></span>future <span class=\"_ _10\"></span>revenues <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>be <span class=\"_ _e\"></span>received <span class=\"_ _10\"></span>under <span class=\"_ _10\"></span>fixed <span class=\"_ _10\"></span>rate <span class=\"_ _e\"></span>contracts <span class=\"_ _10\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _10\"></span>are <span class=\"_ _10\"></span>as follows:(in thousands of $)<span class=\"_ _1bf\"> </span><span class=\"ff2\"> </span>2023<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>24,090 </span>2024<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>24,156 </span>2025<span class=\"_ _1e9\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>15,954 </span>Total minimum lease payments<span class=\"_ _1c5\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>64,200 </span>The minimum future revenues to be received under fixed rate c<span class=\"_ _1\"></span>ontracts as of December 31, 2021 were as follows:(in thousands of $)<span class=\"_ _1ec\"> </span><span class=\"ff2\"> </span>2022<span class=\"_ _1ed\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>28,968 </span>Total minimum lease payments<span class=\"_ _1ee\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>28,968 </span>Profit <span class=\"_ _d\"></span>share <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>earned <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>chartering <span class=\"_ _e\"></span>arrangements <span class=\"_ _d\"></span>has <span class=\"_ _e\"></span>been <span class=\"_ _e\"></span>excluded <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>minimum <span class=\"_ _e\"></span>future <span class=\"_ _d\"></span>revenues <span class=\"_ _e\"></span>above. <span class=\"_ _e\"></span>Our revenues <span class=\"_ _10\"></span>from <span class=\"_ _10\"></span>these <span class=\"_ _10\"></span>leases <span class=\"_ _10\"></span>have <span class=\"_ _e\"></span>been <span class=\"_ _10\"></span>included <span class=\"_ _10\"></span>within <span class=\"_ _10\"></span>time <span class=\"_ _10\"></span>charter <span class=\"_ _10\"></span>revenues <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Consolidated <span class=\"_ _10\"></span>Statement <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>Profit <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>Loss, which solely relates to leasing revenues.The two LR2 tankers on fixed rate time charters as of Decem<span class=\"_ _1\"></span>ber 31, 2022 have an option for a 1 year extension.The <span class=\"_ _11\"> </span>cost <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>accumulated <span class=\"_ _11\"> </span>depreciation <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>leased <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>third <span class=\"_ _11\"> </span>parties <span class=\"_ _11\"> </span>under <span class=\"_ _11\"> </span>time <span class=\"_ _11\"> </span>charters <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022 <span class=\"_ _f\"> </span>were $100.1 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>$3.9 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>respectively <span class=\"_ _10\"></span>(December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2021: <span class=\"_ _10\"></span>$328.0 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>$21.0 <span class=\"_ _e\"></span>million, <span class=\"_ _e\"></span>respectively, <span class=\"_ _10\"></span>January <span class=\"_ _e\"></span>1, 2021:  $509.5 million and $49.4 million, respectively). In <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _10\"></span>31, <span class=\"_ _f\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>recognized <span class=\"_ _10\"></span>profit <span class=\"_ _11\"> </span>share <span class=\"_ _11\"> </span>income <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$7.0 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>relation <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>five <span class=\"_ _11\"> </span>time charters (2021: nil), within Revenues in the Consolidated Stat<span class=\"_ _1\"></span>ements of Profit or Loss.For further details on the Company's right-of-use assets see note 14.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__97": {
   "value": "20.<span class=\"_ _95\"> </span>FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENTAccounting classifications and fair valuesThe following tables show the carrying amounts <span class=\"_ _d\"></span>and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. <span class=\"_ _1a6\"> </span><span class=\"ff1\">December 31, 2022<span class=\"_ _e8\"> </span></span>December 31, 2021<span class=\"_ _12f\"> </span>January 1, 2021Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)ValueValueValueValueValueValueFinancial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _5c\"> </span><span class=\"ff1\"> <span class=\"_ _1d3\"> </span>53,993 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>53,993 <span class=\"_ _35\"> </span></span> <span class=\"_ _a8\"> </span>9,675 <span class=\"_ _1ef\"> </span> <span class=\"_ _a8\"> </span>9,675 <span class=\"_ _1ef\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _88\"> </span>\u2014 Marketable securities<span class=\"_ _60\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>236,281 <span class=\"_ _1ef\"> </span> <span class=\"_ _2d\"> </span>236,281 <span class=\"_ _35\"> </span></span> <span class=\"_ _55\"> </span>2,435 <span class=\"_ _90\"> </span> <span class=\"_ _55\"> </span>2,435 <span class=\"_ _90\"> </span> <span class=\"_ _55\"> </span>8,474 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>8,474 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _1f1\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>254,525 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>254,525 <span class=\"_ _35\"> </span></span> <span class=\"_ _2d\"> </span>113,073 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>113,073 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>174,721 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>174,721 Restricted cash<span class=\"_ _1f2\"> </span><span class=\"ff1\"> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span></span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _1ef\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>14,928 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>14,928 Receivables<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _29\"> </span>139,467 <span class=\"_ _1ef\"> </span> <span class=\"_ _2d\"> </span>139,467 <span class=\"_ _35\"> </span></span> <span class=\"_ _1d3\"> </span>73,532 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>73,532 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>63,924 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>63,924 Loan notes receivable<span class=\"_ _1f3\"> </span><span class=\"ff1\"> <span class=\"_ _a8\"> </span>1,388 <span class=\"_ _1ef\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span></span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _3a\"> </span><span class=\"ff1\"> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _3c\"> </span>\u2014 <span class=\"_ _35\"> </span></span> <span class=\"_ _1f0\"> </span>5,673 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>5,673 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>19,261 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>19,261 Financial liabilities not measured at fair valueTrade and other payables<span class=\"_ _117\"> </span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>81,533 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>81,533 <span class=\"_ _1ef\"> </span></span> <span class=\"_ _a7\"> </span>43,364 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>43,364 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>55,002 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>55,002 Floating rate debt <span class=\"_ _3d\"></span>2,201,543  <span class=\"_ _3d\"></span>2,201,543  <span class=\"_ _3d\"></span>2,138,009  <span class=\"_ _3d\"></span>2,138,009  <span class=\"_ _3d\"></span>2,097,110  <span class=\"_ _3d\"></span>2,097,110 Fixed rate debt<span class=\"_ _66\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>211,884 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>212,203 <span class=\"_ _35\"> </span></span> <span class=\"_ _36\"> </span>211,884 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>206,552 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>66,876 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>65,348 Dec 31, 2022 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _b3\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>53,993 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>53,993 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Marketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>236,281 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>236,281 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>254,525 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>254,525 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,201,543 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,201,543 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>212,203 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>212,203 Dec 31, 2021 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _b3\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>9,675 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Marketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>113,073 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _16c\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _37\"> </span></span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,138,009 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,138,009 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>206,552 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>206,552 Jan 1, 2021 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossMarketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>8,474 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>8,474 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>174,721 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Restricted cash<span class=\"_ _1f6\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _16c\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>19,261 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>19,261 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,097,110 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,097,110 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>65,348 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>6,251 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>59,097 Measurement of fair valuesValuation techniques and significant unobservable inputsThe <span class=\"_ _d\"></span>following <span class=\"_ _e\"></span>tables <span class=\"_ _d\"></span>show <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>valuation <span class=\"_ _e\"></span>techniques <span class=\"_ _d\"></span>used <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>measuring <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>1, <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>2 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>3 <span class=\"_ _d\"></span>fair <span class=\"_ _e\"></span>values, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>well <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>the significant unobservable inputs that were used.Financial instruments measured at fair valueType<span class=\"_ _10f\"> </span>Valuation Techniques<span class=\"_ _1f7\"> </span>Significant unobservable inputsInterest rate swapsFair value was determined based on Not applicable.the market value.Marketable securitiesFair value was determined based on Not applicable.the actual trading of the securities.Financial instruments not measured at fair valueType<span class=\"_ _10f\"> </span>Valuation Techniques<span class=\"_ _1f7\"> </span>Significant unobservable inputsFloating rate debt<span class=\"_ _1dc\"> </span>Di<span class=\"_ _1\"></span>scounted cash flow.<span class=\"_ _d8\"> </span>Not applicable<span class=\"_ _1\"></span>.Fixed rate debt<span class=\"_ _83\"> </span>Discounted cash flow.<span class=\"_ _d8\"> </span>Discount rate.Assets Measured at Fair Value on a Recurring BasisThe <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>(level <span class=\"_ _e\"></span>2) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>swaps <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>present <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>would receive <span class=\"_ _d\"></span>or <span class=\"_ _10\"></span>pay <span class=\"_ _d\"></span>to <span class=\"_ _10\"></span>terminate <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>agreements <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>statement <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>financial <span class=\"_ _e\"></span>position <span class=\"_ _e\"></span>date, <span class=\"_ _e\"></span>taking <span class=\"_ _e\"></span>into <span class=\"_ _e\"></span>account, <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>applicable, <span class=\"_ _d\"></span>fixed interest <span class=\"_ _e\"></span>rates <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swaps, <span class=\"_ _e\"></span>current <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>forward <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>curves <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>credit <span class=\"_ _e\"></span>worthiness <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>both <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company and the derivative counterparty.Marketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>listed <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>securities <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>which <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>fair <span class=\"_ _10\"></span>value <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>statement <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>position <span class=\"_ _10\"></span>date <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>the aggregate market value based on quoted market prices (leve<span class=\"_ _1\"></span>l 1).Transfers between Level 1, 2 and 3There were no transfers between these levels in 2022 and 2021.Financial risk managementIn the course of its normal business, the Company is exposed to the following ri<span class=\"_ _1\"></span>sks:\u2022<span class=\"_ _2c\"> </span>Credit risk\u2022<span class=\"_ _2c\"> </span>Liquidity risk\u2022<span class=\"_ _2c\"> </span>Market risk (interest rate risk, foreign currency risk, and price risk)The <span class=\"_ _28\"> </span>Company\u2019s <span class=\"_\"> </span>B<span class=\"_ _1\"></span>oard <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>Directors <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>overall <span class=\"_ _28\"> </span>responsibility <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>establishm<span class=\"_ _1\"></span>ent <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>oversight <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>Company's <span class=\"_ _28\"> </span>risk management framework.Credit riskTrade and other receivablesAt <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>balance sheet <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>trade <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>receivables were <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>(i) <span class=\"_ _d\"></span>state-owned <span class=\"_ _d\"></span>enterprises, <span class=\"_ _d\"></span>(ii) oil <span class=\"_ _d\"></span>majors, <span class=\"_ _d\"></span>(iii) <span class=\"_ _d\"></span>commodities traders and (iv) related parties. Based on past experience, there was <span class=\"_ _d\"></span>only a small impact on doubtful amounts at year-end. Based on <span class=\"_ _d\"></span>individual <span class=\"_ _e\"></span>analyses, <span class=\"_ _d\"></span>provisions <span class=\"_ _e\"></span>for <span class=\"_ _d\"></span>doubtful <span class=\"_ _e\"></span>debtors <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>material <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>2021. <span class=\"_ _d\"></span>In addition, <span class=\"_ _d\"></span>no <span class=\"_ _d\"></span>customers <span class=\"_ _d\"></span>individually <span class=\"_ _d\"></span>accounted <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>10% <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>total <span class=\"_ _d\"></span>revenue <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>(see <span class=\"_ _d\"></span>Note <span class=\"_ _d\"></span>4). <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>maximum exposure to credit risk is represented by the carrying amount of each fi<span class=\"_ _1\"></span>nancial asset.Past <span class=\"_ _28\"> </span>due <span class=\"_\"> </span>amounts <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>not <span class=\"_\"> </span>cre<span class=\"_ _1\"></span>dit <span class=\"_ _28\"> </span>impaired <span class=\"_\"> </span>as <span class=\"_ _28\"> </span>collection <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>still <span class=\"_\"> </span>considere<span class=\"_ _1\"></span>d <span class=\"_\"> </span>t<span class=\"_ _1\"></span>o <span class=\"_\"> </span>be<span class=\"_ _1\"></span> <span class=\"_\"> </span>l<span class=\"_ _1\"></span>ikely <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>management <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>confident <span class=\"_ _28\"> </span>the outstanding <span class=\"_ _f\"> </span>amounts <span class=\"_ _f\"> </span>can <span class=\"_ _f\"> </span>be <span class=\"_ _27\"> </span>recovered. <span class=\"_ _f\"> </span>Amounts <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>past <span class=\"_ _27\"> </span>due <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>also <span class=\"_ _27\"> </span>with <span class=\"_ _f\"> </span>customers <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>high <span class=\"_ _27\"> </span>credit <span class=\"_ _f\"> </span>worthiness <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>are therefore not credit impaired.Loan note receivablesLoan <span class=\"_ _d\"></span>note <span class=\"_ _e\"></span>receivables <span class=\"_ _e\"></span>consist <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>$1.4 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>loan <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>TFG <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>(see <span class=\"_ _e\"></span>Note <span class=\"_ _e\"></span>16). <span class=\"_ _d\"></span>As <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>December 31, 2021, this loan had no maturity date, and was not credit impaired a<span class=\"_ _1\"></span>s there is no credit risk exposure for the Company.Cash and cash equivalentsThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>held <span class=\"_ _11\"> </span>cash <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>cash <span class=\"_ _11\"> </span>equivalents <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>$254.5 <span class=\"_ _10\"></span>million <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>$113.1 <span class=\"_ _11\"> </span>million, <span class=\"_ _11\"> </span>2020: <span class=\"_ _10\"></span>$174.7 million). The cash and cash equivalents are held with Skandinaviska Enskilda Banken, or SEB, HSBC, Royal Bank of Scotland, DNB <span class=\"_ _d\"></span>Bank <span class=\"_ _d\"></span>ASA <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Nordea <span class=\"_ _d\"></span>Bank <span class=\"_ _e\"></span>Norge, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>Nordea, <span class=\"_ _d\"></span>Cr\u00e9dit <span class=\"_ _d\"></span>Agricole, <span class=\"_ _d\"></span>Credit <span class=\"_ _d\"></span>Suisse <span class=\"_ _e\"></span>AG, <span class=\"_ _d\"></span>Standard <span class=\"_ _d\"></span>Chartered <span class=\"_ _d\"></span>Bank <span class=\"_ _d\"></span>Singapore, and <span class=\"_ _11\"> </span>Citibank <span class=\"_ _f\"> </span>N.A. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company\u2019s <span class=\"_ _f\"> </span>concentration <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>credit <span class=\"_ _f\"> </span>risk <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>respect <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>equivalents <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>considered significant <span class=\"_\"> </span>as <span class=\"_\"> </span>substantially <span class=\"_\"> </span>all <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>amounts <span class=\"_\"> </span>are <span class=\"_\"> </span>carried <span class=\"_\"> </span>with <span class=\"_\"> </span>a <span class=\"_\"> </span>diversified <span class=\"_ _29\"> </span>portfolio <span class=\"_\"> </span>of <span class=\"_\"> </span>banks <span class=\"_\"> </span>and <span class=\"_\"> </span>financial <span class=\"_\"> </span>institution counterparties.Restricted cashOur interest rate swaps can require us to post cash as collateral based on their fair value which is classifi<span class=\"_ _1\"></span>ed as restricted cash. As of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>no <span class=\"_ _e\"></span>cash <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>posted <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>collateral <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>our <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>swaps <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>borrowings (January 1, 2021: $13.4 million).DerivativesThe <span class=\"_ _d\"></span>Company is <span class=\"_ _d\"></span>exposed <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the risk <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>credit <span class=\"_ _d\"></span>loss <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>event <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>non-performance by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>counterparty <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>swap agreements. <span class=\"_ _d\"></span>Interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swap <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>banks <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>financial <span class=\"_ _d\"></span>institution <span class=\"_ _e\"></span>counterparties, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>rated AA-, based on rating agency S&amp;P.Liquidity riskLiquidity <span class=\"_ _10\"></span>risk <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>risk <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>will <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>be <span class=\"_ _10\"></span>able <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>meet <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>obligations <span class=\"_ _e\"></span>if <span class=\"_ _10\"></span>they <span class=\"_ _10\"></span>fall <span class=\"_ _10\"></span>due. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company\u2019s approach <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>managing <span class=\"_ _d\"></span>liquidity <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>ensure, <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>far <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>possible, <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>it <span class=\"_ _e\"></span>will <span class=\"_ _d\"></span>always <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>sufficient <span class=\"_ _d\"></span>liquidity <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>meet <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>liabilities when due. The Company has entered into several loan facilit<span class=\"_ _1\"></span>ies whose maturities are spread over different years (see Note 18).The following are the remaining contractual maturit<span class=\"_ _1\"></span>ies of financial liabilities:Contractual cash flows at December 31, 2022Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span><span class=\"ff1\"> <span class=\"_ _55\"> </span>2,178,430 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,201,543 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>275,670 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,555,143 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>370,730 </span>Fixed rate debt<span class=\"_ _1f8\"> </span><span class=\"ff1\"> <span class=\"_ _8f\"> </span>211,884 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>211,884 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>2,184 <span class=\"_ _3f\"> </span> <span class=\"_ _8f\"> </span>209,700 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Obligations under leases<span class=\"_ _1d7\"> </span><span class=\"ff1\"> <span class=\"_ _17\"> </span>3,396 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>3,396 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>1,024 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>2,372 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Trade and other payables<span class=\"_ _16\"> </span><span class=\"ff1\"> <span class=\"_ _18a\"> </span>81,533 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>81,533 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>81,533 <span class=\"_ _40\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Contractual cash flows at December 31, 2021Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span> <span class=\"_ _55\"> </span>2,113,691 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,138,009 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>196,481 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,279,839 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>661,689 Fixed rate debt<span class=\"_ _1f8\"> </span> <span class=\"_ _8f\"> </span>211,884 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>211,884 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>2,184 <span class=\"_ _3f\"> </span> <span class=\"_ _8f\"> </span>209,700 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Obligations under leases<span class=\"_ _1d7\"> </span> <span class=\"_ _3c\"> </span>52,702 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>52,702 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>8,723 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>42,362 <span class=\"_ _3f\"> </span> <span class=\"_ _1a1\"> </span>1,617 Trade and other payables<span class=\"_ _16\"> </span> <span class=\"_ _18a\"> </span>43,364 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>43,364 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>43,364 <span class=\"_ _40\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Derivative financial liabilitiesInterest rate swaps<span class=\"_ _1f1\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Contractual cash flows at January 1, 2021Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span> <span class=\"_ _55\"> </span>2,076,935 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,097,111 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>168,011 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,294,494 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>634,606 Fixed rate debt<span class=\"_ _1f8\"> </span> <span class=\"_ _3c\"> </span>66,876 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>66,876 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>66,876 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Obligations under leases<span class=\"_ _1d7\"> </span> <span class=\"_ _3c\"> </span>65,002 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>65,002 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>12,358 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>39,949 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>12,695 Trade and other payables<span class=\"_ _16\"> </span> <span class=\"_ _18a\"> </span>55,002 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>55,002 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>55,002 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Derivative financial liabilitiesInterest rate swaps<span class=\"_ _1f1\"> </span> <span class=\"_ _18a\"> </span>19,261 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>19,261 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>2,991 <span class=\"_ _3f\"> </span> <span class=\"_ _42\"> </span>16,270 The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>secured <span class=\"_ _10\"></span>bank <span class=\"_ _e\"></span>loans <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>contain <span class=\"_ _10\"></span>loan <span class=\"_ _e\"></span>covenants. <span class=\"_ _10\"></span>A <span class=\"_ _10\"></span>future <span class=\"_ _10\"></span>breach <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>covenant <span class=\"_ _10\"></span>may <span class=\"_ _10\"></span>require <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>to repay the loan earlier than indicated in the above ta<span class=\"_ _1\"></span>ble. For more details on these covenants, see Note 18. Fixed and floa<span class=\"_ _1\"></span>ting rate debt include expected payments <span class=\"_ _d\"></span>of accrued interest <span class=\"_ _d\"></span>as at the reporting <span class=\"_ _d\"></span>date. It is <span class=\"_ _d\"></span>not expected that the <span class=\"_ _d\"></span>cash flows included <span class=\"_ _d\"></span>in the table above (the maturity analysis) could occur significa<span class=\"_ _1\"></span>ntly earlier, or at significantly different amounts than st<span class=\"_ _1\"></span>ated above.Market riskInterest rate riskThe <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>exposed <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>impact <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>changes <span class=\"_ _e\"></span>primarily <span class=\"_ _10\"></span>through <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>floating-rate <span class=\"_ _e\"></span>borrowings <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>require <span class=\"_ _10\"></span>the Company <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>make <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>payments <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>SOFR <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>LIBOR. <span class=\"_ _e\"></span>Significant <span class=\"_ _e\"></span>increases <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rates <span class=\"_ _e\"></span>could <span class=\"_ _e\"></span>adversely <span class=\"_ _e\"></span>affect operating margins, results of operations and ability to service debt. The <span class=\"_ _d\"></span>Company uses interest rate swaps to reduce its exposure to <span class=\"_ _f\"> </span>market <span class=\"_ _27\"> </span>risk <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>changes <span class=\"_ _f\"> </span>in <span class=\"_ _27\"> </span>interest <span class=\"_ _f\"> </span>rates. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>principal <span class=\"_ _27\"> </span>objective <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>these <span class=\"_ _f\"> </span>contracts <span class=\"_ _27\"> </span>is <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>minimize <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>risks <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>costs associated <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>its <span class=\"_ _d\"></span>floating-rate <span class=\"_ _e\"></span>debt. <span class=\"_ _e\"></span>On <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>swaps <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>place <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>approximately 25% (2021: 26%) of the floating interest rates were switched to fixed rat<span class=\"_ _1\"></span>e.Managing interest rate benchmark reform and associated risksA <span class=\"_ _27\"> </span>fundamental <span class=\"_ _f\"> </span>reform <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>major <span class=\"_ _27\"> </span>interest <span class=\"_ _27\"> </span>rate <span class=\"_ _27\"> </span>benchmarks <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>being <span class=\"_ _27\"> </span>undertaken <span class=\"_ _27\"> </span>globally, <span class=\"_ _27\"> </span>including <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>replacement <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>some interbank <span class=\"_ _d\"></span>offered rates <span class=\"_ _d\"></span>(IBORs) <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>alternative <span class=\"_ _d\"></span>nearly risk-free <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>(RFR) <span class=\"_ _d\"></span>(referred <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\u2018IBOR reform\u2019). <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has transitioned <span class=\"_ _10\"></span>certain <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>instruments <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>RFR <span class=\"_ _10\"></span>(see <span class=\"_ _10\"></span>Note <span class=\"_ _10\"></span>18) <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>has <span class=\"_ _10\"></span>exposures <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>IBORs <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>remaining <span class=\"_ _10\"></span>financial instruments <span class=\"_ _11\"> </span>that <span class=\"_ _f\"> </span>will <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>replaced <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>reformed <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>part <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>these <span class=\"_ _f\"> </span>market-wide <span class=\"_ _f\"> </span>initiatives. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>anticipates <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>IBOR reform will not materially impact its risk manage<span class=\"_ _1\"></span>ment strategy.Cash flow sensitivity analysis for variable rate instrumentsAs <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company's <span class=\"_ _10\"></span>outstanding <span class=\"_ _10\"></span>debt <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>variable <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>net <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>subject <span class=\"_ _10\"></span>to interest rate swap agreements, was $1,634.2 million. Based on this, a one percentage point increa<span class=\"_ _1\"></span>se in annual LIBOR and SOFR interest <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>would <span class=\"_ _e\"></span>increase <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>annual <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>expense <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>approximately <span class=\"_ _d\"></span>$16.3 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>excluding <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>effects <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>capitalization of interest.Interest rate swap agreements<span class=\"ff1\"> </span>In <span class=\"_ _d\"></span>February <span class=\"_ _e\"></span>2016, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>entered <span class=\"_ _e\"></span>into <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>swap <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>DNB <span class=\"_ _d\"></span>whereby <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>floating <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>notional <span class=\"_ _e\"></span>debt <span class=\"_ _e\"></span>of $150.0 million was switched to fixed rate. The contract had a forwa<span class=\"_ _1\"></span>rd start date of February 2019.In <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _11\"> </span>2020, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>entered <span class=\"_ _f\"> </span>into <span class=\"_ _11\"> </span>three <span class=\"_ _f\"> </span>interest <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>swaps <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>DNB <span class=\"_ _f\"> </span>whereby <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>floating interest rate on notional debt totaling $250.0 million wa<span class=\"_ _1\"></span>s switched to a fixed rate.In <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2020, <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>entered <span class=\"_ _27\"> </span>into <span class=\"_ _27\"> </span>two <span class=\"_ _27\"> </span>interest <span class=\"_ _27\"> </span>rate <span class=\"_ _27\"> </span>swaps <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>Nordea <span class=\"_ _27\"> </span>Bank <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>the floating interest rate on notional debt totaling $150.0 mil<span class=\"_ _1\"></span>lion was switched to a fixed rate.The reference rate for our interest rate swaps is LIBOR.The aggregate <span class=\"_ _d\"></span>fair value <span class=\"_ _d\"></span>of these <span class=\"_ _d\"></span>swaps at <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022 was <span class=\"_ _d\"></span>an asset <span class=\"_ _d\"></span>of $54.0 <span class=\"_ _d\"></span>million (December <span class=\"_ _d\"></span>31, 2021: <span class=\"_ _d\"></span>$9.7 million, January <span class=\"_ _e\"></span>1, <span class=\"_ _e\"></span>2021: <span class=\"_ _10\"></span>nil <span class=\"_ _e\"></span>) <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>liability <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>nil <span class=\"_ _e\"></span>(December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2021: <span class=\"_ _e\"></span>$5.7 <span class=\"_ _10\"></span>million, <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021: <span class=\"_ _e\"></span>$19.3 <span class=\"_ _e\"></span>million). <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value (Level <span class=\"_ _e\"></span>2) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swap <span class=\"_ _e\"></span>agreements <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>would <span class=\"_ _e\"></span>receive <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>pay <span class=\"_ _e\"></span>to terminate <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>agreements <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>reporting <span class=\"_ _11\"> </span>date, <span class=\"_ _11\"> </span>taking <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>account, <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>applicable, <span class=\"_ _11\"> </span>fixed <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rates <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rate <span class=\"_ _11\"> </span>swaps, current <span class=\"_ _2d\"> </span>interest <span class=\"_ _2d\"> </span>rates, <span class=\"_ _29\"> </span>forward <span class=\"_ _2d\"> </span>rate <span class=\"_ _2d\"> </span>curves <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>current <span class=\"_ _2d\"> </span>credit <span class=\"_ _2d\"> </span>worthiness <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>both <span class=\"_ _2d\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>derivative counterparty. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>estimated <span class=\"_ _11\"> </span>fair <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>present <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>future <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows. <span class=\"_ _f\"> </span>In <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _f\"> </span>the Company recorded a gain on these interest rate swaps of $53.6 milli<span class=\"_ _1\"></span>on (2021: gain of $17.5 million).The interest rate swaps are not designated as hedges and are sum<span class=\"_ _1\"></span>marized as of December 31, 2022 as follows:Notional Amount<span class=\"_ _17b\"> </span>Inception Date<span class=\"_ _1fa\"> </span>Maturity Date<span class=\"_ _cb\"> </span>Fixed Interest Rate($000s) <span class=\"_ _1fb\"> </span>150,000 <span class=\"_ _1fc\"> </span>February 2019<span class=\"_ _e6\"> </span>February 2026<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>2.1970 <span class=\"_ _10\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.9750 <span class=\"_ _e\"></span>% <span class=\"_ _200\"> </span>50,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.6000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2025<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.9000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _201\"> </span>April 2020<span class=\"_ _202\"> </span>April 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.5970 <span class=\"_ _e\"></span>% <span class=\"_ _200\"> </span>50,000 <span class=\"_ _201\"> </span>April 2020<span class=\"_ _202\"> </span>April 2025<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.5000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>550,000 Foreign currency riskThe <span class=\"_ _f\"> </span>majority <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company's <span class=\"_ _27\"> </span>transactions, <span class=\"_ _f\"> </span>assets <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>liabilities <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>denominated <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>dollars, <span class=\"_ _f\"> </span>its <span class=\"_ _27\"> </span>functional <span class=\"_ _27\"> </span>currency. Certain <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>its <span class=\"_ _10\"></span>subsidiaries <span class=\"_ _11\"> </span>report <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>British <span class=\"_ _11\"> </span>pounds, <span class=\"_ _11\"> </span>Norwegian <span class=\"_ _10\"></span>kroner <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>Singapore <span class=\"_ _10\"></span>dollars <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>risks <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>kinds <span class=\"_ _10\"></span>arise <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>a result: <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>transaction <span class=\"_ _f\"> </span>risk, <span class=\"_ _28\"> </span>that <span class=\"_ _f\"> </span>is, <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>risk <span class=\"_ _27\"> </span>that <span class=\"_ _27\"> </span>currency <span class=\"_ _27\"> </span>fluctuations <span class=\"_ _27\"> </span>will <span class=\"_ _27\"> </span>have <span class=\"_ _27\"> </span>an <span class=\"_ _27\"> </span>effect <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>flows; <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>a translation <span class=\"_ _11\"> </span>risk, <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>impact <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>currency <span class=\"_ _f\"> </span>fluctuations <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>translation <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>foreign <span class=\"_ _f\"> </span>operations <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>foreign <span class=\"_ _f\"> </span>assets <span class=\"_ _11\"> </span>and liabilities into U.S. dollars in the consolidated financ<span class=\"_ _1\"></span>ial statements.Price riskOur <span class=\"_ _11\"> </span>exposure <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>equity <span class=\"_ _f\"> </span>securities <span class=\"_ _11\"> </span>price <span class=\"_ _f\"> </span>risk <span class=\"_ _f\"> </span>arises <span class=\"_ _f\"> </span>from <span class=\"_ _f\"> </span>marketable <span class=\"_ _11\"> </span>securities <span class=\"_ _f\"> </span>held <span class=\"_ _f\"> </span>by <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>listed <span class=\"_ _f\"> </span>equity securities <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>carried <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>FVTPL <span class=\"_ _10\"></span>unless <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>election <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>present <span class=\"_ _10\"></span>subsequent <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>investment's <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>OCI <span class=\"_ _10\"></span>is made. See Note 10 for further details.Capital managementWe <span class=\"_ _d\"></span>operate in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>capital <span class=\"_ _d\"></span>intensive <span class=\"_ _d\"></span>industry <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>historically financed <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>purchase <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>tankers <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other capital <span class=\"_ _d\"></span>expenditures through a <span class=\"_ _d\"></span>combination of <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>generated from <span class=\"_ _d\"></span>operations, equity <span class=\"_ _d\"></span>capital and <span class=\"_ _d\"></span>borrowings <span class=\"_ _d\"></span>from commercial <span class=\"_ _d\"></span>banks. Our <span class=\"_ _d\"></span>ability to generate adequate cash flows <span class=\"_ _d\"></span>on a short <span class=\"_ _d\"></span>and medium term basis <span class=\"_ _d\"></span>depends substantially on the <span class=\"_ _d\"></span>trading performance of our <span class=\"_ _d\"></span>vessels in <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>market. <span class=\"_ _e\"></span>Our <span class=\"_ _d\"></span>funding <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>treasury <span class=\"_ _e\"></span>activities <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>conducted <span class=\"_ _d\"></span>within <span class=\"_ _e\"></span>corporate <span class=\"_ _e\"></span>policies <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>increase <span class=\"_ _e\"></span>investment <span class=\"_ _d\"></span>returns <span class=\"_ _e\"></span>while maintaining appropriate liquidity for our requirements.The Company\u2019s objectives when managing capital are to:\u2022<span class=\"_ _2c\"> </span>safeguard <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>ability <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>continue <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>going <span class=\"_ _e\"></span>concern, <span class=\"_ _e\"></span>so <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>we <span class=\"_ _e\"></span>can <span class=\"_ _10\"></span>continue <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>provide <span class=\"_ _10\"></span>returns <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>shareholders <span class=\"_ _10\"></span>and benefits for other stakeholders, and\u2022<span class=\"_ _2c\"> </span>maintain an optimal capital structure to reduce<span class=\"_ _1\"></span> the cost of capital.The Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>borrowings <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>vessels <span class=\"_ _27\"> </span>securing <span class=\"_\"> </span>borrowings <span class=\"_ _27\"> </span>under <span class=\"_\"> </span>each <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>such agreements <span class=\"_ _d\"></span>decrease <span class=\"_ _10\"></span>below <span class=\"_ _d\"></span>required <span class=\"_ _10\"></span>levels. <span class=\"_ _d\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>contain <span class=\"_ _10\"></span>certain <span class=\"_ _d\"></span>financial <span class=\"_ _e\"></span>covenants, <span class=\"_ _e\"></span>including <span class=\"_ _e\"></span>the requirement <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>maintain <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>certain <span class=\"_ _10\"></span>level <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>free <span class=\"_ _e\"></span>cash, <span class=\"_ _10\"></span>positive <span class=\"_ _e\"></span>working <span class=\"_ _10\"></span>capital <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>adjusted <span class=\"_ _10\"></span>equity <span class=\"_ _e\"></span>covenant. <span class=\"_ _10\"></span>Failure <span class=\"_ _e\"></span>to comply <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>covenants <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _d\"></span>could <span class=\"_ _d\"></span>result <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>default, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>would <span class=\"_ _d\"></span>permit <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lender <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>accelerate the maturity of the debt and to foreclose upon any collateral<span class=\"_ _1\"></span> securing the debt.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__96": {
   "value": "20.<span class=\"_ _95\"> </span>FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENTAccounting classifications and fair valuesThe following tables show the carrying amounts <span class=\"_ _d\"></span>and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. <span class=\"_ _1a6\"> </span><span class=\"ff1\">December 31, 2022<span class=\"_ _e8\"> </span></span>December 31, 2021<span class=\"_ _12f\"> </span>January 1, 2021Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)ValueValueValueValueValueValueFinancial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _5c\"> </span><span class=\"ff1\"> <span class=\"_ _1d3\"> </span>53,993 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>53,993 <span class=\"_ _35\"> </span></span> <span class=\"_ _a8\"> </span>9,675 <span class=\"_ _1ef\"> </span> <span class=\"_ _a8\"> </span>9,675 <span class=\"_ _1ef\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _88\"> </span>\u2014 Marketable securities<span class=\"_ _60\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>236,281 <span class=\"_ _1ef\"> </span> <span class=\"_ _2d\"> </span>236,281 <span class=\"_ _35\"> </span></span> <span class=\"_ _55\"> </span>2,435 <span class=\"_ _90\"> </span> <span class=\"_ _55\"> </span>2,435 <span class=\"_ _90\"> </span> <span class=\"_ _55\"> </span>8,474 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>8,474 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _1f1\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>254,525 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>254,525 <span class=\"_ _35\"> </span></span> <span class=\"_ _2d\"> </span>113,073 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>113,073 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>174,721 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>174,721 Restricted cash<span class=\"_ _1f2\"> </span><span class=\"ff1\"> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span></span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _1ef\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>14,928 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>14,928 Receivables<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _29\"> </span>139,467 <span class=\"_ _1ef\"> </span> <span class=\"_ _2d\"> </span>139,467 <span class=\"_ _35\"> </span></span> <span class=\"_ _1d3\"> </span>73,532 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>73,532 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>63,924 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>63,924 Loan notes receivable<span class=\"_ _1f3\"> </span><span class=\"ff1\"> <span class=\"_ _a8\"> </span>1,388 <span class=\"_ _1ef\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span></span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _3a\"> </span><span class=\"ff1\"> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _3c\"> </span>\u2014 <span class=\"_ _35\"> </span></span> <span class=\"_ _1f0\"> </span>5,673 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>5,673 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>19,261 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>19,261 Financial liabilities not measured at fair valueTrade and other payables<span class=\"_ _117\"> </span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>81,533 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>81,533 <span class=\"_ _1ef\"> </span></span> <span class=\"_ _a7\"> </span>43,364 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>43,364 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>55,002 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>55,002 Floating rate debt <span class=\"_ _3d\"></span>2,201,543  <span class=\"_ _3d\"></span>2,201,543  <span class=\"_ _3d\"></span>2,138,009  <span class=\"_ _3d\"></span>2,138,009  <span class=\"_ _3d\"></span>2,097,110  <span class=\"_ _3d\"></span>2,097,110 Fixed rate debt<span class=\"_ _66\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>211,884 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>212,203 <span class=\"_ _35\"> </span></span> <span class=\"_ _36\"> </span>211,884 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>206,552 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>66,876 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>65,348 Dec 31, 2022 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _b3\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>53,993 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>53,993 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Marketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>236,281 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>236,281 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>254,525 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>254,525 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,201,543 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,201,543 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>212,203 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>212,203 Dec 31, 2021 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _b3\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>9,675 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Marketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>113,073 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _16c\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _37\"> </span></span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,138,009 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,138,009 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>206,552 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>206,552 Jan 1, 2021 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossMarketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>8,474 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>8,474 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>174,721 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Restricted cash<span class=\"_ _1f6\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _16c\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>19,261 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>19,261 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,097,110 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,097,110 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>65,348 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>6,251 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>59,097 Measurement of fair valuesValuation techniques and significant unobservable inputsThe <span class=\"_ _d\"></span>following <span class=\"_ _e\"></span>tables <span class=\"_ _d\"></span>show <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>valuation <span class=\"_ _e\"></span>techniques <span class=\"_ _d\"></span>used <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>measuring <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>1, <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>2 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>3 <span class=\"_ _d\"></span>fair <span class=\"_ _e\"></span>values, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>well <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>the significant unobservable inputs that were used.Financial instruments measured at fair valueType<span class=\"_ _10f\"> </span>Valuation Techniques<span class=\"_ _1f7\"> </span>Significant unobservable inputsInterest rate swapsFair value was determined based on Not applicable.the market value.Marketable securitiesFair value was determined based on Not applicable.the actual trading of the securities.Financial instruments not measured at fair valueType<span class=\"_ _10f\"> </span>Valuation Techniques<span class=\"_ _1f7\"> </span>Significant unobservable inputsFloating rate debt<span class=\"_ _1dc\"> </span>Di<span class=\"_ _1\"></span>scounted cash flow.<span class=\"_ _d8\"> </span>Not applicable<span class=\"_ _1\"></span>.Fixed rate debt<span class=\"_ _83\"> </span>Discounted cash flow.<span class=\"_ _d8\"> </span>Discount rate.Assets Measured at Fair Value on a Recurring BasisThe <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>(level <span class=\"_ _e\"></span>2) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>swaps <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>present <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>would receive <span class=\"_ _d\"></span>or <span class=\"_ _10\"></span>pay <span class=\"_ _d\"></span>to <span class=\"_ _10\"></span>terminate <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>agreements <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>statement <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>financial <span class=\"_ _e\"></span>position <span class=\"_ _e\"></span>date, <span class=\"_ _e\"></span>taking <span class=\"_ _e\"></span>into <span class=\"_ _e\"></span>account, <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>applicable, <span class=\"_ _d\"></span>fixed interest <span class=\"_ _e\"></span>rates <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swaps, <span class=\"_ _e\"></span>current <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>forward <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>curves <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>credit <span class=\"_ _e\"></span>worthiness <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>both <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company and the derivative counterparty.Marketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>listed <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>securities <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>which <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>fair <span class=\"_ _10\"></span>value <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>statement <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>position <span class=\"_ _10\"></span>date <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>the aggregate market value based on quoted market prices (leve<span class=\"_ _1\"></span>l 1).Transfers between Level 1, 2 and 3There were no transfers between these levels in 2022 and 2021.Financial risk managementIn the course of its normal business, the Company is exposed to the following ri<span class=\"_ _1\"></span>sks:\u2022<span class=\"_ _2c\"> </span>Credit risk\u2022<span class=\"_ _2c\"> </span>Liquidity risk\u2022<span class=\"_ _2c\"> </span>Market risk (interest rate risk, foreign currency risk, and price risk)The <span class=\"_ _28\"> </span>Company\u2019s <span class=\"_\"> </span>B<span class=\"_ _1\"></span>oard <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>Directors <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>overall <span class=\"_ _28\"> </span>responsibility <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>establishm<span class=\"_ _1\"></span>ent <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>oversight <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>Company's <span class=\"_ _28\"> </span>risk management framework.Credit riskTrade and other receivablesAt <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>balance sheet <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>trade <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>receivables were <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>(i) <span class=\"_ _d\"></span>state-owned <span class=\"_ _d\"></span>enterprises, <span class=\"_ _d\"></span>(ii) oil <span class=\"_ _d\"></span>majors, <span class=\"_ _d\"></span>(iii) <span class=\"_ _d\"></span>commodities traders and (iv) related parties. Based on past experience, there was <span class=\"_ _d\"></span>only a small impact on doubtful amounts at year-end. Based on <span class=\"_ _d\"></span>individual <span class=\"_ _e\"></span>analyses, <span class=\"_ _d\"></span>provisions <span class=\"_ _e\"></span>for <span class=\"_ _d\"></span>doubtful <span class=\"_ _e\"></span>debtors <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>material <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>2021. <span class=\"_ _d\"></span>In addition, <span class=\"_ _d\"></span>no <span class=\"_ _d\"></span>customers <span class=\"_ _d\"></span>individually <span class=\"_ _d\"></span>accounted <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>10% <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>total <span class=\"_ _d\"></span>revenue <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>(see <span class=\"_ _d\"></span>Note <span class=\"_ _d\"></span>4). <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>maximum exposure to credit risk is represented by the carrying amount of each fi<span class=\"_ _1\"></span>nancial asset.Past <span class=\"_ _28\"> </span>due <span class=\"_\"> </span>amounts <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>not <span class=\"_\"> </span>cre<span class=\"_ _1\"></span>dit <span class=\"_ _28\"> </span>impaired <span class=\"_\"> </span>as <span class=\"_ _28\"> </span>collection <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>still <span class=\"_\"> </span>considere<span class=\"_ _1\"></span>d <span class=\"_\"> </span>t<span class=\"_ _1\"></span>o <span class=\"_\"> </span>be<span class=\"_ _1\"></span> <span class=\"_\"> </span>l<span class=\"_ _1\"></span>ikely <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>management <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>confident <span class=\"_ _28\"> </span>the outstanding <span class=\"_ _f\"> </span>amounts <span class=\"_ _f\"> </span>can <span class=\"_ _f\"> </span>be <span class=\"_ _27\"> </span>recovered. <span class=\"_ _f\"> </span>Amounts <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>past <span class=\"_ _27\"> </span>due <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>also <span class=\"_ _27\"> </span>with <span class=\"_ _f\"> </span>customers <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>high <span class=\"_ _27\"> </span>credit <span class=\"_ _f\"> </span>worthiness <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>are therefore not credit impaired.Loan note receivablesLoan <span class=\"_ _d\"></span>note <span class=\"_ _e\"></span>receivables <span class=\"_ _e\"></span>consist <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>$1.4 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>loan <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>TFG <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>(see <span class=\"_ _e\"></span>Note <span class=\"_ _e\"></span>16). <span class=\"_ _d\"></span>As <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>December 31, 2021, this loan had no maturity date, and was not credit impaired a<span class=\"_ _1\"></span>s there is no credit risk exposure for the Company.Cash and cash equivalentsThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>held <span class=\"_ _11\"> </span>cash <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>cash <span class=\"_ _11\"> </span>equivalents <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>$254.5 <span class=\"_ _10\"></span>million <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>$113.1 <span class=\"_ _11\"> </span>million, <span class=\"_ _11\"> </span>2020: <span class=\"_ _10\"></span>$174.7 million). The cash and cash equivalents are held with Skandinaviska Enskilda Banken, or SEB, HSBC, Royal Bank of Scotland, DNB <span class=\"_ _d\"></span>Bank <span class=\"_ _d\"></span>ASA <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Nordea <span class=\"_ _d\"></span>Bank <span class=\"_ _e\"></span>Norge, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>Nordea, <span class=\"_ _d\"></span>Cr\u00e9dit <span class=\"_ _d\"></span>Agricole, <span class=\"_ _d\"></span>Credit <span class=\"_ _d\"></span>Suisse <span class=\"_ _e\"></span>AG, <span class=\"_ _d\"></span>Standard <span class=\"_ _d\"></span>Chartered <span class=\"_ _d\"></span>Bank <span class=\"_ _d\"></span>Singapore, and <span class=\"_ _11\"> </span>Citibank <span class=\"_ _f\"> </span>N.A. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company\u2019s <span class=\"_ _f\"> </span>concentration <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>credit <span class=\"_ _f\"> </span>risk <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>respect <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>equivalents <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>considered significant <span class=\"_\"> </span>as <span class=\"_\"> </span>substantially <span class=\"_\"> </span>all <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>amounts <span class=\"_\"> </span>are <span class=\"_\"> </span>carried <span class=\"_\"> </span>with <span class=\"_\"> </span>a <span class=\"_\"> </span>diversified <span class=\"_ _29\"> </span>portfolio <span class=\"_\"> </span>of <span class=\"_\"> </span>banks <span class=\"_\"> </span>and <span class=\"_\"> </span>financial <span class=\"_\"> </span>institution counterparties.Restricted cashOur interest rate swaps can require us to post cash as collateral based on their fair value which is classifi<span class=\"_ _1\"></span>ed as restricted cash. As of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>no <span class=\"_ _e\"></span>cash <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>posted <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>collateral <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>our <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>swaps <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>borrowings (January 1, 2021: $13.4 million).DerivativesThe <span class=\"_ _d\"></span>Company is <span class=\"_ _d\"></span>exposed <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the risk <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>credit <span class=\"_ _d\"></span>loss <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>event <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>non-performance by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>counterparty <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>swap agreements. <span class=\"_ _d\"></span>Interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swap <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>banks <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>financial <span class=\"_ _d\"></span>institution <span class=\"_ _e\"></span>counterparties, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>rated AA-, based on rating agency S&amp;P.Liquidity riskLiquidity <span class=\"_ _10\"></span>risk <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>risk <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>will <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>be <span class=\"_ _10\"></span>able <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>meet <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>obligations <span class=\"_ _e\"></span>if <span class=\"_ _10\"></span>they <span class=\"_ _10\"></span>fall <span class=\"_ _10\"></span>due. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company\u2019s approach <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>managing <span class=\"_ _d\"></span>liquidity <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>ensure, <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>far <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>possible, <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>it <span class=\"_ _e\"></span>will <span class=\"_ _d\"></span>always <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>sufficient <span class=\"_ _d\"></span>liquidity <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>meet <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>liabilities when due. The Company has entered into several loan facilit<span class=\"_ _1\"></span>ies whose maturities are spread over different years (see Note 18).The following are the remaining contractual maturit<span class=\"_ _1\"></span>ies of financial liabilities:Contractual cash flows at December 31, 2022Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span><span class=\"ff1\"> <span class=\"_ _55\"> </span>2,178,430 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,201,543 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>275,670 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,555,143 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>370,730 </span>Fixed rate debt<span class=\"_ _1f8\"> </span><span class=\"ff1\"> <span class=\"_ _8f\"> </span>211,884 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>211,884 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>2,184 <span class=\"_ _3f\"> </span> <span class=\"_ _8f\"> </span>209,700 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Obligations under leases<span class=\"_ _1d7\"> </span><span class=\"ff1\"> <span class=\"_ _17\"> </span>3,396 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>3,396 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>1,024 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>2,372 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Trade and other payables<span class=\"_ _16\"> </span><span class=\"ff1\"> <span class=\"_ _18a\"> </span>81,533 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>81,533 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>81,533 <span class=\"_ _40\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Contractual cash flows at December 31, 2021Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span> <span class=\"_ _55\"> </span>2,113,691 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,138,009 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>196,481 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,279,839 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>661,689 Fixed rate debt<span class=\"_ _1f8\"> </span> <span class=\"_ _8f\"> </span>211,884 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>211,884 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>2,184 <span class=\"_ _3f\"> </span> <span class=\"_ _8f\"> </span>209,700 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Obligations under leases<span class=\"_ _1d7\"> </span> <span class=\"_ _3c\"> </span>52,702 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>52,702 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>8,723 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>42,362 <span class=\"_ _3f\"> </span> <span class=\"_ _1a1\"> </span>1,617 Trade and other payables<span class=\"_ _16\"> </span> <span class=\"_ _18a\"> </span>43,364 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>43,364 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>43,364 <span class=\"_ _40\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Derivative financial liabilitiesInterest rate swaps<span class=\"_ _1f1\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Contractual cash flows at January 1, 2021Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span> <span class=\"_ _55\"> </span>2,076,935 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,097,111 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>168,011 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,294,494 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>634,606 Fixed rate debt<span class=\"_ _1f8\"> </span> <span class=\"_ _3c\"> </span>66,876 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>66,876 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>66,876 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Obligations under leases<span class=\"_ _1d7\"> </span> <span class=\"_ _3c\"> </span>65,002 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>65,002 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>12,358 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>39,949 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>12,695 Trade and other payables<span class=\"_ _16\"> </span> <span class=\"_ _18a\"> </span>55,002 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>55,002 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>55,002 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Derivative financial liabilitiesInterest rate swaps<span class=\"_ _1f1\"> </span> <span class=\"_ _18a\"> </span>19,261 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>19,261 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>2,991 <span class=\"_ _3f\"> </span> <span class=\"_ _42\"> </span>16,270 The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>secured <span class=\"_ _10\"></span>bank <span class=\"_ _e\"></span>loans <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>contain <span class=\"_ _10\"></span>loan <span class=\"_ _e\"></span>covenants. <span class=\"_ _10\"></span>A <span class=\"_ _10\"></span>future <span class=\"_ _10\"></span>breach <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>covenant <span class=\"_ _10\"></span>may <span class=\"_ _10\"></span>require <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>to repay the loan earlier than indicated in the above ta<span class=\"_ _1\"></span>ble. For more details on these covenants, see Note 18. Fixed and floa<span class=\"_ _1\"></span>ting rate debt include expected payments <span class=\"_ _d\"></span>of accrued interest <span class=\"_ _d\"></span>as at the reporting <span class=\"_ _d\"></span>date. It is <span class=\"_ _d\"></span>not expected that the <span class=\"_ _d\"></span>cash flows included <span class=\"_ _d\"></span>in the table above (the maturity analysis) could occur significa<span class=\"_ _1\"></span>ntly earlier, or at significantly different amounts than st<span class=\"_ _1\"></span>ated above.Market riskInterest rate riskThe <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>exposed <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>impact <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>changes <span class=\"_ _e\"></span>primarily <span class=\"_ _10\"></span>through <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>floating-rate <span class=\"_ _e\"></span>borrowings <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>require <span class=\"_ _10\"></span>the Company <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>make <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>payments <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>SOFR <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>LIBOR. <span class=\"_ _e\"></span>Significant <span class=\"_ _e\"></span>increases <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rates <span class=\"_ _e\"></span>could <span class=\"_ _e\"></span>adversely <span class=\"_ _e\"></span>affect operating margins, results of operations and ability to service debt. The <span class=\"_ _d\"></span>Company uses interest rate swaps to reduce its exposure to <span class=\"_ _f\"> </span>market <span class=\"_ _27\"> </span>risk <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>changes <span class=\"_ _f\"> </span>in <span class=\"_ _27\"> </span>interest <span class=\"_ _f\"> </span>rates. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>principal <span class=\"_ _27\"> </span>objective <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>these <span class=\"_ _f\"> </span>contracts <span class=\"_ _27\"> </span>is <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>minimize <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>risks <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>costs associated <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>its <span class=\"_ _d\"></span>floating-rate <span class=\"_ _e\"></span>debt. <span class=\"_ _e\"></span>On <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>swaps <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>place <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>approximately 25% (2021: 26%) of the floating interest rates were switched to fixed rat<span class=\"_ _1\"></span>e.Managing interest rate benchmark reform and associated risksA <span class=\"_ _27\"> </span>fundamental <span class=\"_ _f\"> </span>reform <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>major <span class=\"_ _27\"> </span>interest <span class=\"_ _27\"> </span>rate <span class=\"_ _27\"> </span>benchmarks <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>being <span class=\"_ _27\"> </span>undertaken <span class=\"_ _27\"> </span>globally, <span class=\"_ _27\"> </span>including <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>replacement <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>some interbank <span class=\"_ _d\"></span>offered rates <span class=\"_ _d\"></span>(IBORs) <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>alternative <span class=\"_ _d\"></span>nearly risk-free <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>(RFR) <span class=\"_ _d\"></span>(referred <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\u2018IBOR reform\u2019). <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has transitioned <span class=\"_ _10\"></span>certain <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>instruments <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>RFR <span class=\"_ _10\"></span>(see <span class=\"_ _10\"></span>Note <span class=\"_ _10\"></span>18) <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>has <span class=\"_ _10\"></span>exposures <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>IBORs <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>remaining <span class=\"_ _10\"></span>financial instruments <span class=\"_ _11\"> </span>that <span class=\"_ _f\"> </span>will <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>replaced <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>reformed <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>part <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>these <span class=\"_ _f\"> </span>market-wide <span class=\"_ _f\"> </span>initiatives. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>anticipates <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>IBOR reform will not materially impact its risk manage<span class=\"_ _1\"></span>ment strategy.Cash flow sensitivity analysis for variable rate instrumentsAs <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company's <span class=\"_ _10\"></span>outstanding <span class=\"_ _10\"></span>debt <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>variable <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>net <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>subject <span class=\"_ _10\"></span>to interest rate swap agreements, was $1,634.2 million. Based on this, a one percentage point increa<span class=\"_ _1\"></span>se in annual LIBOR and SOFR interest <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>would <span class=\"_ _e\"></span>increase <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>annual <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>expense <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>approximately <span class=\"_ _d\"></span>$16.3 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>excluding <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>effects <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>capitalization of interest.Interest rate swap agreements<span class=\"ff1\"> </span>In <span class=\"_ _d\"></span>February <span class=\"_ _e\"></span>2016, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>entered <span class=\"_ _e\"></span>into <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>swap <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>DNB <span class=\"_ _d\"></span>whereby <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>floating <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>notional <span class=\"_ _e\"></span>debt <span class=\"_ _e\"></span>of $150.0 million was switched to fixed rate. The contract had a forwa<span class=\"_ _1\"></span>rd start date of February 2019.In <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _11\"> </span>2020, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>entered <span class=\"_ _f\"> </span>into <span class=\"_ _11\"> </span>three <span class=\"_ _f\"> </span>interest <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>swaps <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>DNB <span class=\"_ _f\"> </span>whereby <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>floating interest rate on notional debt totaling $250.0 million wa<span class=\"_ _1\"></span>s switched to a fixed rate.In <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2020, <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>entered <span class=\"_ _27\"> </span>into <span class=\"_ _27\"> </span>two <span class=\"_ _27\"> </span>interest <span class=\"_ _27\"> </span>rate <span class=\"_ _27\"> </span>swaps <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>Nordea <span class=\"_ _27\"> </span>Bank <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>the floating interest rate on notional debt totaling $150.0 mil<span class=\"_ _1\"></span>lion was switched to a fixed rate.The reference rate for our interest rate swaps is LIBOR.The aggregate <span class=\"_ _d\"></span>fair value <span class=\"_ _d\"></span>of these <span class=\"_ _d\"></span>swaps at <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022 was <span class=\"_ _d\"></span>an asset <span class=\"_ _d\"></span>of $54.0 <span class=\"_ _d\"></span>million (December <span class=\"_ _d\"></span>31, 2021: <span class=\"_ _d\"></span>$9.7 million, January <span class=\"_ _e\"></span>1, <span class=\"_ _e\"></span>2021: <span class=\"_ _10\"></span>nil <span class=\"_ _e\"></span>) <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>liability <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>nil <span class=\"_ _e\"></span>(December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2021: <span class=\"_ _e\"></span>$5.7 <span class=\"_ _10\"></span>million, <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021: <span class=\"_ _e\"></span>$19.3 <span class=\"_ _e\"></span>million). <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value (Level <span class=\"_ _e\"></span>2) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swap <span class=\"_ _e\"></span>agreements <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>would <span class=\"_ _e\"></span>receive <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>pay <span class=\"_ _e\"></span>to terminate <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>agreements <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>reporting <span class=\"_ _11\"> </span>date, <span class=\"_ _11\"> </span>taking <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>account, <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>applicable, <span class=\"_ _11\"> </span>fixed <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rates <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rate <span class=\"_ _11\"> </span>swaps, current <span class=\"_ _2d\"> </span>interest <span class=\"_ _2d\"> </span>rates, <span class=\"_ _29\"> </span>forward <span class=\"_ _2d\"> </span>rate <span class=\"_ _2d\"> </span>curves <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>current <span class=\"_ _2d\"> </span>credit <span class=\"_ _2d\"> </span>worthiness <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>both <span class=\"_ _2d\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>derivative counterparty. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>estimated <span class=\"_ _11\"> </span>fair <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>present <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>future <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows. <span class=\"_ _f\"> </span>In <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _f\"> </span>the Company recorded a gain on these interest rate swaps of $53.6 milli<span class=\"_ _1\"></span>on (2021: gain of $17.5 million).The interest rate swaps are not designated as hedges and are sum<span class=\"_ _1\"></span>marized as of December 31, 2022 as follows:Notional Amount<span class=\"_ _17b\"> </span>Inception Date<span class=\"_ _1fa\"> </span>Maturity Date<span class=\"_ _cb\"> </span>Fixed Interest Rate($000s) <span class=\"_ _1fb\"> </span>150,000 <span class=\"_ _1fc\"> </span>February 2019<span class=\"_ _e6\"> </span>February 2026<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>2.1970 <span class=\"_ _10\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.9750 <span class=\"_ _e\"></span>% <span class=\"_ _200\"> </span>50,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.6000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2025<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.9000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _201\"> </span>April 2020<span class=\"_ _202\"> </span>April 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.5970 <span class=\"_ _e\"></span>% <span class=\"_ _200\"> </span>50,000 <span class=\"_ _201\"> </span>April 2020<span class=\"_ _202\"> </span>April 2025<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.5000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>550,000 Foreign currency riskThe <span class=\"_ _f\"> </span>majority <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company's <span class=\"_ _27\"> </span>transactions, <span class=\"_ _f\"> </span>assets <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>liabilities <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>denominated <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>dollars, <span class=\"_ _f\"> </span>its <span class=\"_ _27\"> </span>functional <span class=\"_ _27\"> </span>currency. Certain <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>its <span class=\"_ _10\"></span>subsidiaries <span class=\"_ _11\"> </span>report <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>British <span class=\"_ _11\"> </span>pounds, <span class=\"_ _11\"> </span>Norwegian <span class=\"_ _10\"></span>kroner <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>Singapore <span class=\"_ _10\"></span>dollars <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>risks <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>kinds <span class=\"_ _10\"></span>arise <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>a result: <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>transaction <span class=\"_ _f\"> </span>risk, <span class=\"_ _28\"> </span>that <span class=\"_ _f\"> </span>is, <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>risk <span class=\"_ _27\"> </span>that <span class=\"_ _27\"> </span>currency <span class=\"_ _27\"> </span>fluctuations <span class=\"_ _27\"> </span>will <span class=\"_ _27\"> </span>have <span class=\"_ _27\"> </span>an <span class=\"_ _27\"> </span>effect <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>flows; <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>a translation <span class=\"_ _11\"> </span>risk, <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>impact <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>currency <span class=\"_ _f\"> </span>fluctuations <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>translation <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>foreign <span class=\"_ _f\"> </span>operations <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>foreign <span class=\"_ _f\"> </span>assets <span class=\"_ _11\"> </span>and liabilities into U.S. dollars in the consolidated financ<span class=\"_ _1\"></span>ial statements.Price riskOur <span class=\"_ _11\"> </span>exposure <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>equity <span class=\"_ _f\"> </span>securities <span class=\"_ _11\"> </span>price <span class=\"_ _f\"> </span>risk <span class=\"_ _f\"> </span>arises <span class=\"_ _f\"> </span>from <span class=\"_ _f\"> </span>marketable <span class=\"_ _11\"> </span>securities <span class=\"_ _f\"> </span>held <span class=\"_ _f\"> </span>by <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>listed <span class=\"_ _f\"> </span>equity securities <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>carried <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>FVTPL <span class=\"_ _10\"></span>unless <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>election <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>present <span class=\"_ _10\"></span>subsequent <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>investment's <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>OCI <span class=\"_ _10\"></span>is made. See Note 10 for further details.Capital managementWe <span class=\"_ _d\"></span>operate in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>capital <span class=\"_ _d\"></span>intensive <span class=\"_ _d\"></span>industry <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>historically financed <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>purchase <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>tankers <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other capital <span class=\"_ _d\"></span>expenditures through a <span class=\"_ _d\"></span>combination of <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>generated from <span class=\"_ _d\"></span>operations, equity <span class=\"_ _d\"></span>capital and <span class=\"_ _d\"></span>borrowings <span class=\"_ _d\"></span>from commercial <span class=\"_ _d\"></span>banks. Our <span class=\"_ _d\"></span>ability to generate adequate cash flows <span class=\"_ _d\"></span>on a short <span class=\"_ _d\"></span>and medium term basis <span class=\"_ _d\"></span>depends substantially on the <span class=\"_ _d\"></span>trading performance of our <span class=\"_ _d\"></span>vessels in <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>market. <span class=\"_ _e\"></span>Our <span class=\"_ _d\"></span>funding <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>treasury <span class=\"_ _e\"></span>activities <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>conducted <span class=\"_ _d\"></span>within <span class=\"_ _e\"></span>corporate <span class=\"_ _e\"></span>policies <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>increase <span class=\"_ _e\"></span>investment <span class=\"_ _d\"></span>returns <span class=\"_ _e\"></span>while maintaining appropriate liquidity for our requirements.The Company\u2019s objectives when managing capital are to:\u2022<span class=\"_ _2c\"> </span>safeguard <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>ability <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>continue <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>going <span class=\"_ _e\"></span>concern, <span class=\"_ _e\"></span>so <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>we <span class=\"_ _e\"></span>can <span class=\"_ _10\"></span>continue <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>provide <span class=\"_ _10\"></span>returns <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>shareholders <span class=\"_ _10\"></span>and benefits for other stakeholders, and\u2022<span class=\"_ _2c\"> </span>maintain an optimal capital structure to reduce<span class=\"_ _1\"></span> the cost of capital.The Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>borrowings <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>vessels <span class=\"_ _27\"> </span>securing <span class=\"_\"> </span>borrowings <span class=\"_ _27\"> </span>under <span class=\"_\"> </span>each <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>such agreements <span class=\"_ _d\"></span>decrease <span class=\"_ _10\"></span>below <span class=\"_ _d\"></span>required <span class=\"_ _10\"></span>levels. <span class=\"_ _d\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>contain <span class=\"_ _10\"></span>certain <span class=\"_ _d\"></span>financial <span class=\"_ _e\"></span>covenants, <span class=\"_ _e\"></span>including <span class=\"_ _e\"></span>the requirement <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>maintain <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>certain <span class=\"_ _10\"></span>level <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>free <span class=\"_ _e\"></span>cash, <span class=\"_ _10\"></span>positive <span class=\"_ _e\"></span>working <span class=\"_ _10\"></span>capital <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>adjusted <span class=\"_ _10\"></span>equity <span class=\"_ _e\"></span>covenant. <span class=\"_ _10\"></span>Failure <span class=\"_ _e\"></span>to comply <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>covenants <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _d\"></span>could <span class=\"_ _d\"></span>result <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>default, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>would <span class=\"_ _d\"></span>permit <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lender <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>accelerate the maturity of the debt and to foreclose upon any collateral<span class=\"_ _1\"></span> securing the debt.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__95": {
   "value": "20.<span class=\"_ _95\"> </span>FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENTAccounting classifications and fair valuesThe following tables show the carrying amounts <span class=\"_ _d\"></span>and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. <span class=\"_ _1a6\"> </span><span class=\"ff1\">December 31, 2022<span class=\"_ _e8\"> </span></span>December 31, 2021<span class=\"_ _12f\"> </span>January 1, 2021Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)ValueValueValueValueValueValueFinancial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _5c\"> </span><span class=\"ff1\"> <span class=\"_ _1d3\"> </span>53,993 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>53,993 <span class=\"_ _35\"> </span></span> <span class=\"_ _a8\"> </span>9,675 <span class=\"_ _1ef\"> </span> <span class=\"_ _a8\"> </span>9,675 <span class=\"_ _1ef\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _88\"> </span>\u2014 Marketable securities<span class=\"_ _60\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>236,281 <span class=\"_ _1ef\"> </span> <span class=\"_ _2d\"> </span>236,281 <span class=\"_ _35\"> </span></span> <span class=\"_ _55\"> </span>2,435 <span class=\"_ _90\"> </span> <span class=\"_ _55\"> </span>2,435 <span class=\"_ _90\"> </span> <span class=\"_ _55\"> </span>8,474 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>8,474 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _1f1\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>254,525 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>254,525 <span class=\"_ _35\"> </span></span> <span class=\"_ _2d\"> </span>113,073 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>113,073 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>174,721 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>174,721 Restricted cash<span class=\"_ _1f2\"> </span><span class=\"ff1\"> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span></span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _1ef\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>14,928 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>14,928 Receivables<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _29\"> </span>139,467 <span class=\"_ _1ef\"> </span> <span class=\"_ _2d\"> </span>139,467 <span class=\"_ _35\"> </span></span> <span class=\"_ _1d3\"> </span>73,532 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>73,532 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>63,924 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>63,924 Loan notes receivable<span class=\"_ _1f3\"> </span><span class=\"ff1\"> <span class=\"_ _a8\"> </span>1,388 <span class=\"_ _1ef\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span></span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _3a\"> </span><span class=\"ff1\"> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _3c\"> </span>\u2014 <span class=\"_ _35\"> </span></span> <span class=\"_ _1f0\"> </span>5,673 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>5,673 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>19,261 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>19,261 Financial liabilities not measured at fair valueTrade and other payables<span class=\"_ _117\"> </span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>81,533 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>81,533 <span class=\"_ _1ef\"> </span></span> <span class=\"_ _a7\"> </span>43,364 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>43,364 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>55,002 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>55,002 Floating rate debt <span class=\"_ _3d\"></span>2,201,543  <span class=\"_ _3d\"></span>2,201,543  <span class=\"_ _3d\"></span>2,138,009  <span class=\"_ _3d\"></span>2,138,009  <span class=\"_ _3d\"></span>2,097,110  <span class=\"_ _3d\"></span>2,097,110 Fixed rate debt<span class=\"_ _66\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>211,884 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>212,203 <span class=\"_ _35\"> </span></span> <span class=\"_ _36\"> </span>211,884 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>206,552 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>66,876 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>65,348 Dec 31, 2022 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _b3\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>53,993 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>53,993 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Marketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>236,281 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>236,281 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>254,525 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>254,525 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,201,543 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,201,543 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>212,203 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>212,203 Dec 31, 2021 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _b3\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>9,675 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Marketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>113,073 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _16c\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _37\"> </span></span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,138,009 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,138,009 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>206,552 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>206,552 Jan 1, 2021 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossMarketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>8,474 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>8,474 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>174,721 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Restricted cash<span class=\"_ _1f6\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _16c\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>19,261 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>19,261 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,097,110 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,097,110 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>65,348 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>6,251 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>59,097 Measurement of fair valuesValuation techniques and significant unobservable inputsThe <span class=\"_ _d\"></span>following <span class=\"_ _e\"></span>tables <span class=\"_ _d\"></span>show <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>valuation <span class=\"_ _e\"></span>techniques <span class=\"_ _d\"></span>used <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>measuring <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>1, <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>2 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>3 <span class=\"_ _d\"></span>fair <span class=\"_ _e\"></span>values, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>well <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>the significant unobservable inputs that were used.Financial instruments measured at fair valueType<span class=\"_ _10f\"> </span>Valuation Techniques<span class=\"_ _1f7\"> </span>Significant unobservable inputsInterest rate swapsFair value was determined based on Not applicable.the market value.Marketable securitiesFair value was determined based on Not applicable.the actual trading of the securities.Financial instruments not measured at fair valueType<span class=\"_ _10f\"> </span>Valuation Techniques<span class=\"_ _1f7\"> </span>Significant unobservable inputsFloating rate debt<span class=\"_ _1dc\"> </span>Di<span class=\"_ _1\"></span>scounted cash flow.<span class=\"_ _d8\"> </span>Not applicable<span class=\"_ _1\"></span>.Fixed rate debt<span class=\"_ _83\"> </span>Discounted cash flow.<span class=\"_ _d8\"> </span>Discount rate.Assets Measured at Fair Value on a Recurring BasisThe <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>(level <span class=\"_ _e\"></span>2) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>swaps <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>present <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>would receive <span class=\"_ _d\"></span>or <span class=\"_ _10\"></span>pay <span class=\"_ _d\"></span>to <span class=\"_ _10\"></span>terminate <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>agreements <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>statement <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>financial <span class=\"_ _e\"></span>position <span class=\"_ _e\"></span>date, <span class=\"_ _e\"></span>taking <span class=\"_ _e\"></span>into <span class=\"_ _e\"></span>account, <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>applicable, <span class=\"_ _d\"></span>fixed interest <span class=\"_ _e\"></span>rates <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swaps, <span class=\"_ _e\"></span>current <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>forward <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>curves <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>credit <span class=\"_ _e\"></span>worthiness <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>both <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company and the derivative counterparty.Marketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>listed <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>securities <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>which <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>fair <span class=\"_ _10\"></span>value <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>statement <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>position <span class=\"_ _10\"></span>date <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>the aggregate market value based on quoted market prices (leve<span class=\"_ _1\"></span>l 1).Transfers between Level 1, 2 and 3There were no transfers between these levels in 2022 and 2021.Financial risk managementIn the course of its normal business, the Company is exposed to the following ri<span class=\"_ _1\"></span>sks:\u2022<span class=\"_ _2c\"> </span>Credit risk\u2022<span class=\"_ _2c\"> </span>Liquidity risk\u2022<span class=\"_ _2c\"> </span>Market risk (interest rate risk, foreign currency risk, and price risk)The <span class=\"_ _28\"> </span>Company\u2019s <span class=\"_\"> </span>B<span class=\"_ _1\"></span>oard <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>Directors <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>overall <span class=\"_ _28\"> </span>responsibility <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>establishm<span class=\"_ _1\"></span>ent <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>oversight <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>Company's <span class=\"_ _28\"> </span>risk management framework.Credit riskTrade and other receivablesAt <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>balance sheet <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>trade <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>receivables were <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>(i) <span class=\"_ _d\"></span>state-owned <span class=\"_ _d\"></span>enterprises, <span class=\"_ _d\"></span>(ii) oil <span class=\"_ _d\"></span>majors, <span class=\"_ _d\"></span>(iii) <span class=\"_ _d\"></span>commodities traders and (iv) related parties. Based on past experience, there was <span class=\"_ _d\"></span>only a small impact on doubtful amounts at year-end. Based on <span class=\"_ _d\"></span>individual <span class=\"_ _e\"></span>analyses, <span class=\"_ _d\"></span>provisions <span class=\"_ _e\"></span>for <span class=\"_ _d\"></span>doubtful <span class=\"_ _e\"></span>debtors <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>material <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>2021. <span class=\"_ _d\"></span>In addition, <span class=\"_ _d\"></span>no <span class=\"_ _d\"></span>customers <span class=\"_ _d\"></span>individually <span class=\"_ _d\"></span>accounted <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>10% <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>total <span class=\"_ _d\"></span>revenue <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>(see <span class=\"_ _d\"></span>Note <span class=\"_ _d\"></span>4). <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>maximum exposure to credit risk is represented by the carrying amount of each fi<span class=\"_ _1\"></span>nancial asset.Past <span class=\"_ _28\"> </span>due <span class=\"_\"> </span>amounts <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>not <span class=\"_\"> </span>cre<span class=\"_ _1\"></span>dit <span class=\"_ _28\"> </span>impaired <span class=\"_\"> </span>as <span class=\"_ _28\"> </span>collection <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>still <span class=\"_\"> </span>considere<span class=\"_ _1\"></span>d <span class=\"_\"> </span>t<span class=\"_ _1\"></span>o <span class=\"_\"> </span>be<span class=\"_ _1\"></span> <span class=\"_\"> </span>l<span class=\"_ _1\"></span>ikely <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>management <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>confident <span class=\"_ _28\"> </span>the outstanding <span class=\"_ _f\"> </span>amounts <span class=\"_ _f\"> </span>can <span class=\"_ _f\"> </span>be <span class=\"_ _27\"> </span>recovered. <span class=\"_ _f\"> </span>Amounts <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>past <span class=\"_ _27\"> </span>due <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>also <span class=\"_ _27\"> </span>with <span class=\"_ _f\"> </span>customers <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>high <span class=\"_ _27\"> </span>credit <span class=\"_ _f\"> </span>worthiness <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>are therefore not credit impaired.Loan note receivablesLoan <span class=\"_ _d\"></span>note <span class=\"_ _e\"></span>receivables <span class=\"_ _e\"></span>consist <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>$1.4 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>loan <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>TFG <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>(see <span class=\"_ _e\"></span>Note <span class=\"_ _e\"></span>16). <span class=\"_ _d\"></span>As <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>December 31, 2021, this loan had no maturity date, and was not credit impaired a<span class=\"_ _1\"></span>s there is no credit risk exposure for the Company.Cash and cash equivalentsThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>held <span class=\"_ _11\"> </span>cash <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>cash <span class=\"_ _11\"> </span>equivalents <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>$254.5 <span class=\"_ _10\"></span>million <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>$113.1 <span class=\"_ _11\"> </span>million, <span class=\"_ _11\"> </span>2020: <span class=\"_ _10\"></span>$174.7 million). The cash and cash equivalents are held with Skandinaviska Enskilda Banken, or SEB, HSBC, Royal Bank of Scotland, DNB <span class=\"_ _d\"></span>Bank <span class=\"_ _d\"></span>ASA <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Nordea <span class=\"_ _d\"></span>Bank <span class=\"_ _e\"></span>Norge, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>Nordea, <span class=\"_ _d\"></span>Cr\u00e9dit <span class=\"_ _d\"></span>Agricole, <span class=\"_ _d\"></span>Credit <span class=\"_ _d\"></span>Suisse <span class=\"_ _e\"></span>AG, <span class=\"_ _d\"></span>Standard <span class=\"_ _d\"></span>Chartered <span class=\"_ _d\"></span>Bank <span class=\"_ _d\"></span>Singapore, and <span class=\"_ _11\"> </span>Citibank <span class=\"_ _f\"> </span>N.A. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company\u2019s <span class=\"_ _f\"> </span>concentration <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>credit <span class=\"_ _f\"> </span>risk <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>respect <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>equivalents <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>considered significant <span class=\"_\"> </span>as <span class=\"_\"> </span>substantially <span class=\"_\"> </span>all <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>amounts <span class=\"_\"> </span>are <span class=\"_\"> </span>carried <span class=\"_\"> </span>with <span class=\"_\"> </span>a <span class=\"_\"> </span>diversified <span class=\"_ _29\"> </span>portfolio <span class=\"_\"> </span>of <span class=\"_\"> </span>banks <span class=\"_\"> </span>and <span class=\"_\"> </span>financial <span class=\"_\"> </span>institution counterparties.Restricted cashOur interest rate swaps can require us to post cash as collateral based on their fair value which is classifi<span class=\"_ _1\"></span>ed as restricted cash. As of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>no <span class=\"_ _e\"></span>cash <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>posted <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>collateral <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>our <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>swaps <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>borrowings (January 1, 2021: $13.4 million).DerivativesThe <span class=\"_ _d\"></span>Company is <span class=\"_ _d\"></span>exposed <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the risk <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>credit <span class=\"_ _d\"></span>loss <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>event <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>non-performance by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>counterparty <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>swap agreements. <span class=\"_ _d\"></span>Interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swap <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>banks <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>financial <span class=\"_ _d\"></span>institution <span class=\"_ _e\"></span>counterparties, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>rated AA-, based on rating agency S&amp;P.Liquidity riskLiquidity <span class=\"_ _10\"></span>risk <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>risk <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>will <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>be <span class=\"_ _10\"></span>able <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>meet <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>obligations <span class=\"_ _e\"></span>if <span class=\"_ _10\"></span>they <span class=\"_ _10\"></span>fall <span class=\"_ _10\"></span>due. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company\u2019s approach <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>managing <span class=\"_ _d\"></span>liquidity <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>ensure, <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>far <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>possible, <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>it <span class=\"_ _e\"></span>will <span class=\"_ _d\"></span>always <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>sufficient <span class=\"_ _d\"></span>liquidity <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>meet <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>liabilities when due. The Company has entered into several loan facilit<span class=\"_ _1\"></span>ies whose maturities are spread over different years (see Note 18).The following are the remaining contractual maturit<span class=\"_ _1\"></span>ies of financial liabilities:Contractual cash flows at December 31, 2022Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span><span class=\"ff1\"> <span class=\"_ _55\"> </span>2,178,430 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,201,543 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>275,670 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,555,143 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>370,730 </span>Fixed rate debt<span class=\"_ _1f8\"> </span><span class=\"ff1\"> <span class=\"_ _8f\"> </span>211,884 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>211,884 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>2,184 <span class=\"_ _3f\"> </span> <span class=\"_ _8f\"> </span>209,700 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Obligations under leases<span class=\"_ _1d7\"> </span><span class=\"ff1\"> <span class=\"_ _17\"> </span>3,396 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>3,396 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>1,024 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>2,372 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Trade and other payables<span class=\"_ _16\"> </span><span class=\"ff1\"> <span class=\"_ _18a\"> </span>81,533 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>81,533 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>81,533 <span class=\"_ _40\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Contractual cash flows at December 31, 2021Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span> <span class=\"_ _55\"> </span>2,113,691 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,138,009 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>196,481 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,279,839 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>661,689 Fixed rate debt<span class=\"_ _1f8\"> </span> <span class=\"_ _8f\"> </span>211,884 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>211,884 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>2,184 <span class=\"_ _3f\"> </span> <span class=\"_ _8f\"> </span>209,700 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Obligations under leases<span class=\"_ _1d7\"> </span> <span class=\"_ _3c\"> </span>52,702 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>52,702 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>8,723 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>42,362 <span class=\"_ _3f\"> </span> <span class=\"_ _1a1\"> </span>1,617 Trade and other payables<span class=\"_ _16\"> </span> <span class=\"_ _18a\"> </span>43,364 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>43,364 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>43,364 <span class=\"_ _40\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Derivative financial liabilitiesInterest rate swaps<span class=\"_ _1f1\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Contractual cash flows at January 1, 2021Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span> <span class=\"_ _55\"> </span>2,076,935 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,097,111 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>168,011 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,294,494 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>634,606 Fixed rate debt<span class=\"_ _1f8\"> </span> <span class=\"_ _3c\"> </span>66,876 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>66,876 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>66,876 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Obligations under leases<span class=\"_ _1d7\"> </span> <span class=\"_ _3c\"> </span>65,002 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>65,002 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>12,358 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>39,949 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>12,695 Trade and other payables<span class=\"_ _16\"> </span> <span class=\"_ _18a\"> </span>55,002 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>55,002 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>55,002 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Derivative financial liabilitiesInterest rate swaps<span class=\"_ _1f1\"> </span> <span class=\"_ _18a\"> </span>19,261 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>19,261 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>2,991 <span class=\"_ _3f\"> </span> <span class=\"_ _42\"> </span>16,270 The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>secured <span class=\"_ _10\"></span>bank <span class=\"_ _e\"></span>loans <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>contain <span class=\"_ _10\"></span>loan <span class=\"_ _e\"></span>covenants. <span class=\"_ _10\"></span>A <span class=\"_ _10\"></span>future <span class=\"_ _10\"></span>breach <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>covenant <span class=\"_ _10\"></span>may <span class=\"_ _10\"></span>require <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>to repay the loan earlier than indicated in the above ta<span class=\"_ _1\"></span>ble. For more details on these covenants, see Note 18. Fixed and floa<span class=\"_ _1\"></span>ting rate debt include expected payments <span class=\"_ _d\"></span>of accrued interest <span class=\"_ _d\"></span>as at the reporting <span class=\"_ _d\"></span>date. It is <span class=\"_ _d\"></span>not expected that the <span class=\"_ _d\"></span>cash flows included <span class=\"_ _d\"></span>in the table above (the maturity analysis) could occur significa<span class=\"_ _1\"></span>ntly earlier, or at significantly different amounts than st<span class=\"_ _1\"></span>ated above.Market riskInterest rate riskThe <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>exposed <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>impact <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>changes <span class=\"_ _e\"></span>primarily <span class=\"_ _10\"></span>through <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>floating-rate <span class=\"_ _e\"></span>borrowings <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>require <span class=\"_ _10\"></span>the Company <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>make <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>payments <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>SOFR <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>LIBOR. <span class=\"_ _e\"></span>Significant <span class=\"_ _e\"></span>increases <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rates <span class=\"_ _e\"></span>could <span class=\"_ _e\"></span>adversely <span class=\"_ _e\"></span>affect operating margins, results of operations and ability to service debt. The <span class=\"_ _d\"></span>Company uses interest rate swaps to reduce its exposure to <span class=\"_ _f\"> </span>market <span class=\"_ _27\"> </span>risk <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>changes <span class=\"_ _f\"> </span>in <span class=\"_ _27\"> </span>interest <span class=\"_ _f\"> </span>rates. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>principal <span class=\"_ _27\"> </span>objective <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>these <span class=\"_ _f\"> </span>contracts <span class=\"_ _27\"> </span>is <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>minimize <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>risks <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>costs associated <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>its <span class=\"_ _d\"></span>floating-rate <span class=\"_ _e\"></span>debt. <span class=\"_ _e\"></span>On <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>swaps <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>place <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>approximately 25% (2021: 26%) of the floating interest rates were switched to fixed rat<span class=\"_ _1\"></span>e.Managing interest rate benchmark reform and associated risksA <span class=\"_ _27\"> </span>fundamental <span class=\"_ _f\"> </span>reform <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>major <span class=\"_ _27\"> </span>interest <span class=\"_ _27\"> </span>rate <span class=\"_ _27\"> </span>benchmarks <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>being <span class=\"_ _27\"> </span>undertaken <span class=\"_ _27\"> </span>globally, <span class=\"_ _27\"> </span>including <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>replacement <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>some interbank <span class=\"_ _d\"></span>offered rates <span class=\"_ _d\"></span>(IBORs) <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>alternative <span class=\"_ _d\"></span>nearly risk-free <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>(RFR) <span class=\"_ _d\"></span>(referred <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\u2018IBOR reform\u2019). <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has transitioned <span class=\"_ _10\"></span>certain <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>instruments <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>RFR <span class=\"_ _10\"></span>(see <span class=\"_ _10\"></span>Note <span class=\"_ _10\"></span>18) <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>has <span class=\"_ _10\"></span>exposures <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>IBORs <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>remaining <span class=\"_ _10\"></span>financial instruments <span class=\"_ _11\"> </span>that <span class=\"_ _f\"> </span>will <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>replaced <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>reformed <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>part <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>these <span class=\"_ _f\"> </span>market-wide <span class=\"_ _f\"> </span>initiatives. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>anticipates <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>IBOR reform will not materially impact its risk manage<span class=\"_ _1\"></span>ment strategy.Cash flow sensitivity analysis for variable rate instrumentsAs <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company's <span class=\"_ _10\"></span>outstanding <span class=\"_ _10\"></span>debt <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>variable <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>net <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>subject <span class=\"_ _10\"></span>to interest rate swap agreements, was $1,634.2 million. Based on this, a one percentage point increa<span class=\"_ _1\"></span>se in annual LIBOR and SOFR interest <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>would <span class=\"_ _e\"></span>increase <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>annual <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>expense <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>approximately <span class=\"_ _d\"></span>$16.3 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>excluding <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>effects <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>capitalization of interest.Interest rate swap agreements<span class=\"ff1\"> </span>In <span class=\"_ _d\"></span>February <span class=\"_ _e\"></span>2016, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>entered <span class=\"_ _e\"></span>into <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>swap <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>DNB <span class=\"_ _d\"></span>whereby <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>floating <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>notional <span class=\"_ _e\"></span>debt <span class=\"_ _e\"></span>of $150.0 million was switched to fixed rate. The contract had a forwa<span class=\"_ _1\"></span>rd start date of February 2019.In <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _11\"> </span>2020, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>entered <span class=\"_ _f\"> </span>into <span class=\"_ _11\"> </span>three <span class=\"_ _f\"> </span>interest <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>swaps <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>DNB <span class=\"_ _f\"> </span>whereby <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>floating interest rate on notional debt totaling $250.0 million wa<span class=\"_ _1\"></span>s switched to a fixed rate.In <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2020, <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>entered <span class=\"_ _27\"> </span>into <span class=\"_ _27\"> </span>two <span class=\"_ _27\"> </span>interest <span class=\"_ _27\"> </span>rate <span class=\"_ _27\"> </span>swaps <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>Nordea <span class=\"_ _27\"> </span>Bank <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>the floating interest rate on notional debt totaling $150.0 mil<span class=\"_ _1\"></span>lion was switched to a fixed rate.The reference rate for our interest rate swaps is LIBOR.The aggregate <span class=\"_ _d\"></span>fair value <span class=\"_ _d\"></span>of these <span class=\"_ _d\"></span>swaps at <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022 was <span class=\"_ _d\"></span>an asset <span class=\"_ _d\"></span>of $54.0 <span class=\"_ _d\"></span>million (December <span class=\"_ _d\"></span>31, 2021: <span class=\"_ _d\"></span>$9.7 million, January <span class=\"_ _e\"></span>1, <span class=\"_ _e\"></span>2021: <span class=\"_ _10\"></span>nil <span class=\"_ _e\"></span>) <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>liability <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>nil <span class=\"_ _e\"></span>(December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2021: <span class=\"_ _e\"></span>$5.7 <span class=\"_ _10\"></span>million, <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021: <span class=\"_ _e\"></span>$19.3 <span class=\"_ _e\"></span>million). <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value (Level <span class=\"_ _e\"></span>2) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swap <span class=\"_ _e\"></span>agreements <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>would <span class=\"_ _e\"></span>receive <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>pay <span class=\"_ _e\"></span>to terminate <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>agreements <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>reporting <span class=\"_ _11\"> </span>date, <span class=\"_ _11\"> </span>taking <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>account, <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>applicable, <span class=\"_ _11\"> </span>fixed <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rates <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rate <span class=\"_ _11\"> </span>swaps, current <span class=\"_ _2d\"> </span>interest <span class=\"_ _2d\"> </span>rates, <span class=\"_ _29\"> </span>forward <span class=\"_ _2d\"> </span>rate <span class=\"_ _2d\"> </span>curves <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>current <span class=\"_ _2d\"> </span>credit <span class=\"_ _2d\"> </span>worthiness <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>both <span class=\"_ _2d\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>derivative counterparty. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>estimated <span class=\"_ _11\"> </span>fair <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>present <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>future <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows. <span class=\"_ _f\"> </span>In <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _f\"> </span>the Company recorded a gain on these interest rate swaps of $53.6 milli<span class=\"_ _1\"></span>on (2021: gain of $17.5 million).The interest rate swaps are not designated as hedges and are sum<span class=\"_ _1\"></span>marized as of December 31, 2022 as follows:Notional Amount<span class=\"_ _17b\"> </span>Inception Date<span class=\"_ _1fa\"> </span>Maturity Date<span class=\"_ _cb\"> </span>Fixed Interest Rate($000s) <span class=\"_ _1fb\"> </span>150,000 <span class=\"_ _1fc\"> </span>February 2019<span class=\"_ _e6\"> </span>February 2026<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>2.1970 <span class=\"_ _10\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.9750 <span class=\"_ _e\"></span>% <span class=\"_ _200\"> </span>50,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.6000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2025<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.9000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _201\"> </span>April 2020<span class=\"_ _202\"> </span>April 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.5970 <span class=\"_ _e\"></span>% <span class=\"_ _200\"> </span>50,000 <span class=\"_ _201\"> </span>April 2020<span class=\"_ _202\"> </span>April 2025<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.5000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>550,000 Foreign currency riskThe <span class=\"_ _f\"> </span>majority <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company's <span class=\"_ _27\"> </span>transactions, <span class=\"_ _f\"> </span>assets <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>liabilities <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>denominated <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>dollars, <span class=\"_ _f\"> </span>its <span class=\"_ _27\"> </span>functional <span class=\"_ _27\"> </span>currency. Certain <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>its <span class=\"_ _10\"></span>subsidiaries <span class=\"_ _11\"> </span>report <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>British <span class=\"_ _11\"> </span>pounds, <span class=\"_ _11\"> </span>Norwegian <span class=\"_ _10\"></span>kroner <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>Singapore <span class=\"_ _10\"></span>dollars <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>risks <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>kinds <span class=\"_ _10\"></span>arise <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>a result: <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>transaction <span class=\"_ _f\"> </span>risk, <span class=\"_ _28\"> </span>that <span class=\"_ _f\"> </span>is, <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>risk <span class=\"_ _27\"> </span>that <span class=\"_ _27\"> </span>currency <span class=\"_ _27\"> </span>fluctuations <span class=\"_ _27\"> </span>will <span class=\"_ _27\"> </span>have <span class=\"_ _27\"> </span>an <span class=\"_ _27\"> </span>effect <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>flows; <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>a translation <span class=\"_ _11\"> </span>risk, <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>impact <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>currency <span class=\"_ _f\"> </span>fluctuations <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>translation <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>foreign <span class=\"_ _f\"> </span>operations <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>foreign <span class=\"_ _f\"> </span>assets <span class=\"_ _11\"> </span>and liabilities into U.S. dollars in the consolidated financ<span class=\"_ _1\"></span>ial statements.Price riskOur <span class=\"_ _11\"> </span>exposure <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>equity <span class=\"_ _f\"> </span>securities <span class=\"_ _11\"> </span>price <span class=\"_ _f\"> </span>risk <span class=\"_ _f\"> </span>arises <span class=\"_ _f\"> </span>from <span class=\"_ _f\"> </span>marketable <span class=\"_ _11\"> </span>securities <span class=\"_ _f\"> </span>held <span class=\"_ _f\"> </span>by <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>listed <span class=\"_ _f\"> </span>equity securities <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>carried <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>FVTPL <span class=\"_ _10\"></span>unless <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>election <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>present <span class=\"_ _10\"></span>subsequent <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>investment's <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>OCI <span class=\"_ _10\"></span>is made. See Note 10 for further details.Capital managementWe <span class=\"_ _d\"></span>operate in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>capital <span class=\"_ _d\"></span>intensive <span class=\"_ _d\"></span>industry <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>historically financed <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>purchase <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>tankers <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other capital <span class=\"_ _d\"></span>expenditures through a <span class=\"_ _d\"></span>combination of <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>generated from <span class=\"_ _d\"></span>operations, equity <span class=\"_ _d\"></span>capital and <span class=\"_ _d\"></span>borrowings <span class=\"_ _d\"></span>from commercial <span class=\"_ _d\"></span>banks. Our <span class=\"_ _d\"></span>ability to generate adequate cash flows <span class=\"_ _d\"></span>on a short <span class=\"_ _d\"></span>and medium term basis <span class=\"_ _d\"></span>depends substantially on the <span class=\"_ _d\"></span>trading performance of our <span class=\"_ _d\"></span>vessels in <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>market. <span class=\"_ _e\"></span>Our <span class=\"_ _d\"></span>funding <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>treasury <span class=\"_ _e\"></span>activities <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>conducted <span class=\"_ _d\"></span>within <span class=\"_ _e\"></span>corporate <span class=\"_ _e\"></span>policies <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>increase <span class=\"_ _e\"></span>investment <span class=\"_ _d\"></span>returns <span class=\"_ _e\"></span>while maintaining appropriate liquidity for our requirements.The Company\u2019s objectives when managing capital are to:\u2022<span class=\"_ _2c\"> </span>safeguard <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>ability <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>continue <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>going <span class=\"_ _e\"></span>concern, <span class=\"_ _e\"></span>so <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>we <span class=\"_ _e\"></span>can <span class=\"_ _10\"></span>continue <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>provide <span class=\"_ _10\"></span>returns <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>shareholders <span class=\"_ _10\"></span>and benefits for other stakeholders, and\u2022<span class=\"_ _2c\"> </span>maintain an optimal capital structure to reduce<span class=\"_ _1\"></span> the cost of capital.The Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>borrowings <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>vessels <span class=\"_ _27\"> </span>securing <span class=\"_\"> </span>borrowings <span class=\"_ _27\"> </span>under <span class=\"_\"> </span>each <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>such agreements <span class=\"_ _d\"></span>decrease <span class=\"_ _10\"></span>below <span class=\"_ _d\"></span>required <span class=\"_ _10\"></span>levels. <span class=\"_ _d\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>contain <span class=\"_ _10\"></span>certain <span class=\"_ _d\"></span>financial <span class=\"_ _e\"></span>covenants, <span class=\"_ _e\"></span>including <span class=\"_ _e\"></span>the requirement <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>maintain <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>certain <span class=\"_ _10\"></span>level <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>free <span class=\"_ _e\"></span>cash, <span class=\"_ _10\"></span>positive <span class=\"_ _e\"></span>working <span class=\"_ _10\"></span>capital <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>adjusted <span class=\"_ _10\"></span>equity <span class=\"_ _e\"></span>covenant. <span class=\"_ _10\"></span>Failure <span class=\"_ _e\"></span>to comply <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>covenants <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _d\"></span>could <span class=\"_ _d\"></span>result <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>default, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>would <span class=\"_ _d\"></span>permit <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lender <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>accelerate the maturity of the debt and to foreclose upon any collateral<span class=\"_ _1\"></span> securing the debt.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__94": {
   "value": "20.<span class=\"_ _95\"> </span>FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENTAccounting classifications and fair valuesThe following tables show the carrying amounts <span class=\"_ _d\"></span>and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. <span class=\"_ _1a6\"> </span><span class=\"ff1\">December 31, 2022<span class=\"_ _e8\"> </span></span>December 31, 2021<span class=\"_ _12f\"> </span>January 1, 2021Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)ValueValueValueValueValueValueFinancial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _5c\"> </span><span class=\"ff1\"> <span class=\"_ _1d3\"> </span>53,993 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>53,993 <span class=\"_ _35\"> </span></span> <span class=\"_ _a8\"> </span>9,675 <span class=\"_ _1ef\"> </span> <span class=\"_ _a8\"> </span>9,675 <span class=\"_ _1ef\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _88\"> </span>\u2014 Marketable securities<span class=\"_ _60\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>236,281 <span class=\"_ _1ef\"> </span> <span class=\"_ _2d\"> </span>236,281 <span class=\"_ _35\"> </span></span> <span class=\"_ _55\"> </span>2,435 <span class=\"_ _90\"> </span> <span class=\"_ _55\"> </span>2,435 <span class=\"_ _90\"> </span> <span class=\"_ _55\"> </span>8,474 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>8,474 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _1f1\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>254,525 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>254,525 <span class=\"_ _35\"> </span></span> <span class=\"_ _2d\"> </span>113,073 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>113,073 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>174,721 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>174,721 Restricted cash<span class=\"_ _1f2\"> </span><span class=\"ff1\"> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span></span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _1ef\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>14,928 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>14,928 Receivables<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _29\"> </span>139,467 <span class=\"_ _1ef\"> </span> <span class=\"_ _2d\"> </span>139,467 <span class=\"_ _35\"> </span></span> <span class=\"_ _1d3\"> </span>73,532 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>73,532 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>63,924 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>63,924 Loan notes receivable<span class=\"_ _1f3\"> </span><span class=\"ff1\"> <span class=\"_ _a8\"> </span>1,388 <span class=\"_ _1ef\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span></span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _3a\"> </span><span class=\"ff1\"> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _3c\"> </span>\u2014 <span class=\"_ _35\"> </span></span> <span class=\"_ _1f0\"> </span>5,673 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>5,673 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>19,261 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>19,261 Financial liabilities not measured at fair valueTrade and other payables<span class=\"_ _117\"> </span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>81,533 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>81,533 <span class=\"_ _1ef\"> </span></span> <span class=\"_ _a7\"> </span>43,364 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>43,364 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>55,002 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>55,002 Floating rate debt <span class=\"_ _3d\"></span>2,201,543  <span class=\"_ _3d\"></span>2,201,543  <span class=\"_ _3d\"></span>2,138,009  <span class=\"_ _3d\"></span>2,138,009  <span class=\"_ _3d\"></span>2,097,110  <span class=\"_ _3d\"></span>2,097,110 Fixed rate debt<span class=\"_ _66\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>211,884 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>212,203 <span class=\"_ _35\"> </span></span> <span class=\"_ _36\"> </span>211,884 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>206,552 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>66,876 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>65,348 Dec 31, 2022 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _b3\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>53,993 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>53,993 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Marketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>236,281 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>236,281 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>254,525 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>254,525 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,201,543 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,201,543 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>212,203 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>212,203 Dec 31, 2021 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _b3\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>9,675 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ea\"> </span>9,675 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Marketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>2,435 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>113,073 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>113,073 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _16c\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _37\"> </span></span> <span class=\"_ _ba\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>5,673 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,138,009 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,138,009 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _cd\"> </span>206,552 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _cd\"> </span>206,552 Jan 1, 2021 <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)Fair ValueLevel 1<span class=\"_ _65\"> </span>Level 2<span class=\"_ _65\"> </span>Level 3Financial assets measured at fair value through profit or lossMarketable securities<span class=\"_ _84\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>8,474 <span class=\"_ _37\"> </span></span> <span class=\"_ _12\"> </span>8,474 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _173\"> </span><span class=\"ff1\"> <span class=\"_ _af\"> </span>174,721 <span class=\"_ _a7\"> </span></span> <span class=\"_ _cd\"> </span>174,721 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Restricted cash<span class=\"_ _1f6\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>14,928 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>14,928 <span class=\"_ _37\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Loan notes receivable<span class=\"_ _1f4\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>1,388 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _16c\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>19,261 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>19,261 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Financial liabilities not measured at fair valueFloating rate debt<span class=\"_ _1f5\"> </span><span class=\"ff1\"> <span class=\"_ _121\"> </span>2,097,110 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _121\"> </span>2,097,110 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Fixed rate debt<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _ce\"> </span>65,348 <span class=\"_ _37\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>6,251 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>59,097 Measurement of fair valuesValuation techniques and significant unobservable inputsThe <span class=\"_ _d\"></span>following <span class=\"_ _e\"></span>tables <span class=\"_ _d\"></span>show <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>valuation <span class=\"_ _e\"></span>techniques <span class=\"_ _d\"></span>used <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>measuring <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>1, <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>2 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>Level <span class=\"_ _e\"></span>3 <span class=\"_ _d\"></span>fair <span class=\"_ _e\"></span>values, <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>well <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>the significant unobservable inputs that were used.Financial instruments measured at fair valueType<span class=\"_ _10f\"> </span>Valuation Techniques<span class=\"_ _1f7\"> </span>Significant unobservable inputsInterest rate swapsFair value was determined based on Not applicable.the market value.Marketable securitiesFair value was determined based on Not applicable.the actual trading of the securities.Financial instruments not measured at fair valueType<span class=\"_ _10f\"> </span>Valuation Techniques<span class=\"_ _1f7\"> </span>Significant unobservable inputsFloating rate debt<span class=\"_ _1dc\"> </span>Di<span class=\"_ _1\"></span>scounted cash flow.<span class=\"_ _d8\"> </span>Not applicable<span class=\"_ _1\"></span>.Fixed rate debt<span class=\"_ _83\"> </span>Discounted cash flow.<span class=\"_ _d8\"> </span>Discount rate.Assets Measured at Fair Value on a Recurring BasisThe <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>(level <span class=\"_ _e\"></span>2) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>swaps <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>present <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>future <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>flows <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>would receive <span class=\"_ _d\"></span>or <span class=\"_ _10\"></span>pay <span class=\"_ _d\"></span>to <span class=\"_ _10\"></span>terminate <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>agreements <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>statement <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>financial <span class=\"_ _e\"></span>position <span class=\"_ _e\"></span>date, <span class=\"_ _e\"></span>taking <span class=\"_ _e\"></span>into <span class=\"_ _e\"></span>account, <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>applicable, <span class=\"_ _d\"></span>fixed interest <span class=\"_ _e\"></span>rates <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swaps, <span class=\"_ _e\"></span>current <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>forward <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>curves <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>credit <span class=\"_ _e\"></span>worthiness <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>both <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company and the derivative counterparty.Marketable <span class=\"_ _10\"></span>securities <span class=\"_ _10\"></span>are <span class=\"_ _11\"> </span>listed <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>securities <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>which <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>fair <span class=\"_ _10\"></span>value <span class=\"_ _11\"> </span>as <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>statement <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>financial <span class=\"_ _10\"></span>position <span class=\"_ _10\"></span>date <span class=\"_ _11\"> </span>is <span class=\"_ _11\"> </span>the aggregate market value based on quoted market prices (leve<span class=\"_ _1\"></span>l 1).Transfers between Level 1, 2 and 3There were no transfers between these levels in 2022 and 2021.Financial risk managementIn the course of its normal business, the Company is exposed to the following ri<span class=\"_ _1\"></span>sks:\u2022<span class=\"_ _2c\"> </span>Credit risk\u2022<span class=\"_ _2c\"> </span>Liquidity risk\u2022<span class=\"_ _2c\"> </span>Market risk (interest rate risk, foreign currency risk, and price risk)The <span class=\"_ _28\"> </span>Company\u2019s <span class=\"_\"> </span>B<span class=\"_ _1\"></span>oard <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>Directors <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>overall <span class=\"_ _28\"> </span>responsibility <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>establishm<span class=\"_ _1\"></span>ent <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>oversight <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>Company's <span class=\"_ _28\"> </span>risk management framework.Credit riskTrade and other receivablesAt <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>balance sheet <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>trade <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>receivables were <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>(i) <span class=\"_ _d\"></span>state-owned <span class=\"_ _d\"></span>enterprises, <span class=\"_ _d\"></span>(ii) oil <span class=\"_ _d\"></span>majors, <span class=\"_ _d\"></span>(iii) <span class=\"_ _d\"></span>commodities traders and (iv) related parties. Based on past experience, there was <span class=\"_ _d\"></span>only a small impact on doubtful amounts at year-end. Based on <span class=\"_ _d\"></span>individual <span class=\"_ _e\"></span>analyses, <span class=\"_ _d\"></span>provisions <span class=\"_ _e\"></span>for <span class=\"_ _d\"></span>doubtful <span class=\"_ _e\"></span>debtors <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>material <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>2021. <span class=\"_ _d\"></span>In addition, <span class=\"_ _d\"></span>no <span class=\"_ _d\"></span>customers <span class=\"_ _d\"></span>individually <span class=\"_ _d\"></span>accounted <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>10% <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>total <span class=\"_ _d\"></span>revenue <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>(see <span class=\"_ _d\"></span>Note <span class=\"_ _d\"></span>4). <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>maximum exposure to credit risk is represented by the carrying amount of each fi<span class=\"_ _1\"></span>nancial asset.Past <span class=\"_ _28\"> </span>due <span class=\"_\"> </span>amounts <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>not <span class=\"_\"> </span>cre<span class=\"_ _1\"></span>dit <span class=\"_ _28\"> </span>impaired <span class=\"_\"> </span>as <span class=\"_ _28\"> </span>collection <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>still <span class=\"_\"> </span>considere<span class=\"_ _1\"></span>d <span class=\"_\"> </span>t<span class=\"_ _1\"></span>o <span class=\"_\"> </span>be<span class=\"_ _1\"></span> <span class=\"_\"> </span>l<span class=\"_ _1\"></span>ikely <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>management <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>confident <span class=\"_ _28\"> </span>the outstanding <span class=\"_ _f\"> </span>amounts <span class=\"_ _f\"> </span>can <span class=\"_ _f\"> </span>be <span class=\"_ _27\"> </span>recovered. <span class=\"_ _f\"> </span>Amounts <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>past <span class=\"_ _27\"> </span>due <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>also <span class=\"_ _27\"> </span>with <span class=\"_ _f\"> </span>customers <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>high <span class=\"_ _27\"> </span>credit <span class=\"_ _f\"> </span>worthiness <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>are therefore not credit impaired.Loan note receivablesLoan <span class=\"_ _d\"></span>note <span class=\"_ _e\"></span>receivables <span class=\"_ _e\"></span>consist <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>$1.4 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>loan <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>TFG <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>(see <span class=\"_ _e\"></span>Note <span class=\"_ _e\"></span>16). <span class=\"_ _d\"></span>As <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>December 31, 2021, this loan had no maturity date, and was not credit impaired a<span class=\"_ _1\"></span>s there is no credit risk exposure for the Company.Cash and cash equivalentsThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>held <span class=\"_ _11\"> </span>cash <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>cash <span class=\"_ _11\"> </span>equivalents <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>$254.5 <span class=\"_ _10\"></span>million <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>$113.1 <span class=\"_ _11\"> </span>million, <span class=\"_ _11\"> </span>2020: <span class=\"_ _10\"></span>$174.7 million). The cash and cash equivalents are held with Skandinaviska Enskilda Banken, or SEB, HSBC, Royal Bank of Scotland, DNB <span class=\"_ _d\"></span>Bank <span class=\"_ _d\"></span>ASA <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Nordea <span class=\"_ _d\"></span>Bank <span class=\"_ _e\"></span>Norge, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>Nordea, <span class=\"_ _d\"></span>Cr\u00e9dit <span class=\"_ _d\"></span>Agricole, <span class=\"_ _d\"></span>Credit <span class=\"_ _d\"></span>Suisse <span class=\"_ _e\"></span>AG, <span class=\"_ _d\"></span>Standard <span class=\"_ _d\"></span>Chartered <span class=\"_ _d\"></span>Bank <span class=\"_ _d\"></span>Singapore, and <span class=\"_ _11\"> </span>Citibank <span class=\"_ _f\"> </span>N.A. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company\u2019s <span class=\"_ _f\"> </span>concentration <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>credit <span class=\"_ _f\"> </span>risk <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>respect <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>equivalents <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>considered significant <span class=\"_\"> </span>as <span class=\"_\"> </span>substantially <span class=\"_\"> </span>all <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>amounts <span class=\"_\"> </span>are <span class=\"_\"> </span>carried <span class=\"_\"> </span>with <span class=\"_\"> </span>a <span class=\"_\"> </span>diversified <span class=\"_ _29\"> </span>portfolio <span class=\"_\"> </span>of <span class=\"_\"> </span>banks <span class=\"_\"> </span>and <span class=\"_\"> </span>financial <span class=\"_\"> </span>institution counterparties.Restricted cashOur interest rate swaps can require us to post cash as collateral based on their fair value which is classifi<span class=\"_ _1\"></span>ed as restricted cash. As of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>no <span class=\"_ _e\"></span>cash <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>posted <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>collateral <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>our <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>swaps <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>borrowings (January 1, 2021: $13.4 million).DerivativesThe <span class=\"_ _d\"></span>Company is <span class=\"_ _d\"></span>exposed <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the risk <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>credit <span class=\"_ _d\"></span>loss <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>event <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>non-performance by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>counterparty <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>swap agreements. <span class=\"_ _d\"></span>Interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swap <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>banks <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>financial <span class=\"_ _d\"></span>institution <span class=\"_ _e\"></span>counterparties, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>rated AA-, based on rating agency S&amp;P.Liquidity riskLiquidity <span class=\"_ _10\"></span>risk <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>risk <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>will <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>be <span class=\"_ _10\"></span>able <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>meet <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>obligations <span class=\"_ _e\"></span>if <span class=\"_ _10\"></span>they <span class=\"_ _10\"></span>fall <span class=\"_ _10\"></span>due. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company\u2019s approach <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>managing <span class=\"_ _d\"></span>liquidity <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>ensure, <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>far <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>possible, <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>it <span class=\"_ _e\"></span>will <span class=\"_ _d\"></span>always <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>sufficient <span class=\"_ _d\"></span>liquidity <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>meet <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>liabilities when due. The Company has entered into several loan facilit<span class=\"_ _1\"></span>ies whose maturities are spread over different years (see Note 18).The following are the remaining contractual maturit<span class=\"_ _1\"></span>ies of financial liabilities:Contractual cash flows at December 31, 2022Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span><span class=\"ff1\"> <span class=\"_ _55\"> </span>2,178,430 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,201,543 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>275,670 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,555,143 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>370,730 </span>Fixed rate debt<span class=\"_ _1f8\"> </span><span class=\"ff1\"> <span class=\"_ _8f\"> </span>211,884 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>211,884 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>2,184 <span class=\"_ _3f\"> </span> <span class=\"_ _8f\"> </span>209,700 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Obligations under leases<span class=\"_ _1d7\"> </span><span class=\"ff1\"> <span class=\"_ _17\"> </span>3,396 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>3,396 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>1,024 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>2,372 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Trade and other payables<span class=\"_ _16\"> </span><span class=\"ff1\"> <span class=\"_ _18a\"> </span>81,533 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>81,533 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>81,533 <span class=\"_ _40\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Contractual cash flows at December 31, 2021Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span> <span class=\"_ _55\"> </span>2,113,691 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,138,009 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>196,481 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,279,839 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>661,689 Fixed rate debt<span class=\"_ _1f8\"> </span> <span class=\"_ _8f\"> </span>211,884 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>211,884 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>2,184 <span class=\"_ _3f\"> </span> <span class=\"_ _8f\"> </span>209,700 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Obligations under leases<span class=\"_ _1d7\"> </span> <span class=\"_ _3c\"> </span>52,702 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>52,702 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>8,723 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>42,362 <span class=\"_ _3f\"> </span> <span class=\"_ _1a1\"> </span>1,617 Trade and other payables<span class=\"_ _16\"> </span> <span class=\"_ _18a\"> </span>43,364 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>43,364 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>43,364 <span class=\"_ _40\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Derivative financial liabilitiesInterest rate swaps<span class=\"_ _1f1\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>5,673 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Contractual cash flows at January 1, 2021Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span> <span class=\"_ _55\"> </span>2,076,935 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,097,111 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>168,011 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,294,494 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>634,606 Fixed rate debt<span class=\"_ _1f8\"> </span> <span class=\"_ _3c\"> </span>66,876 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>66,876 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>66,876 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Obligations under leases<span class=\"_ _1d7\"> </span> <span class=\"_ _3c\"> </span>65,002 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>65,002 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>12,358 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>39,949 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>12,695 Trade and other payables<span class=\"_ _16\"> </span> <span class=\"_ _18a\"> </span>55,002 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>55,002 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>55,002 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Derivative financial liabilitiesInterest rate swaps<span class=\"_ _1f1\"> </span> <span class=\"_ _18a\"> </span>19,261 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>19,261 <span class=\"_ _40\"> </span> <span class=\"_ _1f9\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>2,991 <span class=\"_ _3f\"> </span> <span class=\"_ _42\"> </span>16,270 The <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>secured <span class=\"_ _10\"></span>bank <span class=\"_ _e\"></span>loans <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>contain <span class=\"_ _10\"></span>loan <span class=\"_ _e\"></span>covenants. <span class=\"_ _10\"></span>A <span class=\"_ _10\"></span>future <span class=\"_ _10\"></span>breach <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>covenant <span class=\"_ _10\"></span>may <span class=\"_ _10\"></span>require <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>to repay the loan earlier than indicated in the above ta<span class=\"_ _1\"></span>ble. For more details on these covenants, see Note 18. Fixed and floa<span class=\"_ _1\"></span>ting rate debt include expected payments <span class=\"_ _d\"></span>of accrued interest <span class=\"_ _d\"></span>as at the reporting <span class=\"_ _d\"></span>date. It is <span class=\"_ _d\"></span>not expected that the <span class=\"_ _d\"></span>cash flows included <span class=\"_ _d\"></span>in the table above (the maturity analysis) could occur significa<span class=\"_ _1\"></span>ntly earlier, or at significantly different amounts than st<span class=\"_ _1\"></span>ated above.Market riskInterest rate riskThe <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>exposed <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>impact <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>changes <span class=\"_ _e\"></span>primarily <span class=\"_ _10\"></span>through <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>floating-rate <span class=\"_ _e\"></span>borrowings <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>require <span class=\"_ _10\"></span>the Company <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>make <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>payments <span class=\"_ _e\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>SOFR <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>LIBOR. <span class=\"_ _e\"></span>Significant <span class=\"_ _e\"></span>increases <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rates <span class=\"_ _e\"></span>could <span class=\"_ _e\"></span>adversely <span class=\"_ _e\"></span>affect operating margins, results of operations and ability to service debt. The <span class=\"_ _d\"></span>Company uses interest rate swaps to reduce its exposure to <span class=\"_ _f\"> </span>market <span class=\"_ _27\"> </span>risk <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>changes <span class=\"_ _f\"> </span>in <span class=\"_ _27\"> </span>interest <span class=\"_ _f\"> </span>rates. <span class=\"_ _27\"> </span>The <span class=\"_ _f\"> </span>principal <span class=\"_ _27\"> </span>objective <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>these <span class=\"_ _f\"> </span>contracts <span class=\"_ _27\"> </span>is <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>minimize <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>risks <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>costs associated <span class=\"_ _d\"></span>with <span class=\"_ _e\"></span>its <span class=\"_ _d\"></span>floating-rate <span class=\"_ _e\"></span>debt. <span class=\"_ _e\"></span>On <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _e\"></span>swaps <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>place <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>approximately 25% (2021: 26%) of the floating interest rates were switched to fixed rat<span class=\"_ _1\"></span>e.Managing interest rate benchmark reform and associated risksA <span class=\"_ _27\"> </span>fundamental <span class=\"_ _f\"> </span>reform <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>major <span class=\"_ _27\"> </span>interest <span class=\"_ _27\"> </span>rate <span class=\"_ _27\"> </span>benchmarks <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>being <span class=\"_ _27\"> </span>undertaken <span class=\"_ _27\"> </span>globally, <span class=\"_ _27\"> </span>including <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>replacement <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>some interbank <span class=\"_ _d\"></span>offered rates <span class=\"_ _d\"></span>(IBORs) <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>alternative <span class=\"_ _d\"></span>nearly risk-free <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>(RFR) <span class=\"_ _d\"></span>(referred <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\u2018IBOR reform\u2019). <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has transitioned <span class=\"_ _10\"></span>certain <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>instruments <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>RFR <span class=\"_ _10\"></span>(see <span class=\"_ _10\"></span>Note <span class=\"_ _10\"></span>18) <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>has <span class=\"_ _10\"></span>exposures <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>IBORs <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>remaining <span class=\"_ _10\"></span>financial instruments <span class=\"_ _11\"> </span>that <span class=\"_ _f\"> </span>will <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>replaced <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>reformed <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>part <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>these <span class=\"_ _f\"> </span>market-wide <span class=\"_ _f\"> </span>initiatives. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>anticipates <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>IBOR reform will not materially impact its risk manage<span class=\"_ _1\"></span>ment strategy.Cash flow sensitivity analysis for variable rate instrumentsAs <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company's <span class=\"_ _10\"></span>outstanding <span class=\"_ _10\"></span>debt <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>variable <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>net <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>subject <span class=\"_ _10\"></span>to interest rate swap agreements, was $1,634.2 million. Based on this, a one percentage point increa<span class=\"_ _1\"></span>se in annual LIBOR and SOFR interest <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>would <span class=\"_ _e\"></span>increase <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>annual <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>expense <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>approximately <span class=\"_ _d\"></span>$16.3 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>excluding <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>effects <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>capitalization of interest.Interest rate swap agreements<span class=\"ff1\"> </span>In <span class=\"_ _d\"></span>February <span class=\"_ _e\"></span>2016, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>entered <span class=\"_ _e\"></span>into <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>swap <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>DNB <span class=\"_ _d\"></span>whereby <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>floating <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>notional <span class=\"_ _e\"></span>debt <span class=\"_ _e\"></span>of $150.0 million was switched to fixed rate. The contract had a forwa<span class=\"_ _1\"></span>rd start date of February 2019.In <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _11\"> </span>2020, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>entered <span class=\"_ _f\"> </span>into <span class=\"_ _11\"> </span>three <span class=\"_ _f\"> </span>interest <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>swaps <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>DNB <span class=\"_ _f\"> </span>whereby <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>floating interest rate on notional debt totaling $250.0 million wa<span class=\"_ _1\"></span>s switched to a fixed rate.In <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2020, <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>entered <span class=\"_ _27\"> </span>into <span class=\"_ _27\"> </span>two <span class=\"_ _27\"> </span>interest <span class=\"_ _27\"> </span>rate <span class=\"_ _27\"> </span>swaps <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>Nordea <span class=\"_ _27\"> </span>Bank <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>the floating interest rate on notional debt totaling $150.0 mil<span class=\"_ _1\"></span>lion was switched to a fixed rate.The reference rate for our interest rate swaps is LIBOR.The aggregate <span class=\"_ _d\"></span>fair value <span class=\"_ _d\"></span>of these <span class=\"_ _d\"></span>swaps at <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022 was <span class=\"_ _d\"></span>an asset <span class=\"_ _d\"></span>of $54.0 <span class=\"_ _d\"></span>million (December <span class=\"_ _d\"></span>31, 2021: <span class=\"_ _d\"></span>$9.7 million, January <span class=\"_ _e\"></span>1, <span class=\"_ _e\"></span>2021: <span class=\"_ _10\"></span>nil <span class=\"_ _e\"></span>) <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>liability <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>nil <span class=\"_ _e\"></span>(December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2021: <span class=\"_ _e\"></span>$5.7 <span class=\"_ _10\"></span>million, <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021: <span class=\"_ _e\"></span>$19.3 <span class=\"_ _e\"></span>million). <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value (Level <span class=\"_ _e\"></span>2) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swap <span class=\"_ _e\"></span>agreements <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>would <span class=\"_ _e\"></span>receive <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>pay <span class=\"_ _e\"></span>to terminate <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>agreements <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>reporting <span class=\"_ _11\"> </span>date, <span class=\"_ _11\"> </span>taking <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>account, <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>applicable, <span class=\"_ _11\"> </span>fixed <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rates <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rate <span class=\"_ _11\"> </span>swaps, current <span class=\"_ _2d\"> </span>interest <span class=\"_ _2d\"> </span>rates, <span class=\"_ _29\"> </span>forward <span class=\"_ _2d\"> </span>rate <span class=\"_ _2d\"> </span>curves <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>current <span class=\"_ _2d\"> </span>credit <span class=\"_ _2d\"> </span>worthiness <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>both <span class=\"_ _2d\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>derivative counterparty. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>estimated <span class=\"_ _11\"> </span>fair <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>present <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>future <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows. <span class=\"_ _f\"> </span>In <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _f\"> </span>the Company recorded a gain on these interest rate swaps of $53.6 milli<span class=\"_ _1\"></span>on (2021: gain of $17.5 million).The interest rate swaps are not designated as hedges and are sum<span class=\"_ _1\"></span>marized as of December 31, 2022 as follows:Notional Amount<span class=\"_ _17b\"> </span>Inception Date<span class=\"_ _1fa\"> </span>Maturity Date<span class=\"_ _cb\"> </span>Fixed Interest Rate($000s) <span class=\"_ _1fb\"> </span>150,000 <span class=\"_ _1fc\"> </span>February 2019<span class=\"_ _e6\"> </span>February 2026<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>2.1970 <span class=\"_ _10\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.9750 <span class=\"_ _e\"></span>% <span class=\"_ _200\"> </span>50,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.6000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2025<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.9000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _201\"> </span>April 2020<span class=\"_ _202\"> </span>April 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.5970 <span class=\"_ _e\"></span>% <span class=\"_ _200\"> </span>50,000 <span class=\"_ _201\"> </span>April 2020<span class=\"_ _202\"> </span>April 2025<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.5000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>550,000 Foreign currency riskThe <span class=\"_ _f\"> </span>majority <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company's <span class=\"_ _27\"> </span>transactions, <span class=\"_ _f\"> </span>assets <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>liabilities <span class=\"_ _f\"> </span>are <span class=\"_ _27\"> </span>denominated <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>U.S. <span class=\"_ _27\"> </span>dollars, <span class=\"_ _f\"> </span>its <span class=\"_ _27\"> </span>functional <span class=\"_ _27\"> </span>currency. Certain <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>its <span class=\"_ _10\"></span>subsidiaries <span class=\"_ _11\"> </span>report <span class=\"_ _11\"> </span>in <span class=\"_ _10\"></span>British <span class=\"_ _11\"> </span>pounds, <span class=\"_ _11\"> </span>Norwegian <span class=\"_ _10\"></span>kroner <span class=\"_ _11\"> </span>or <span class=\"_ _11\"> </span>Singapore <span class=\"_ _10\"></span>dollars <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>risks <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>kinds <span class=\"_ _10\"></span>arise <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>a result: <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>transaction <span class=\"_ _f\"> </span>risk, <span class=\"_ _28\"> </span>that <span class=\"_ _f\"> </span>is, <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>risk <span class=\"_ _27\"> </span>that <span class=\"_ _27\"> </span>currency <span class=\"_ _27\"> </span>fluctuations <span class=\"_ _27\"> </span>will <span class=\"_ _27\"> </span>have <span class=\"_ _27\"> </span>an <span class=\"_ _27\"> </span>effect <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>flows; <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>a translation <span class=\"_ _11\"> </span>risk, <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>impact <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>currency <span class=\"_ _f\"> </span>fluctuations <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>translation <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>foreign <span class=\"_ _f\"> </span>operations <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>foreign <span class=\"_ _f\"> </span>assets <span class=\"_ _11\"> </span>and liabilities into U.S. dollars in the consolidated financ<span class=\"_ _1\"></span>ial statements.Price riskOur <span class=\"_ _11\"> </span>exposure <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>equity <span class=\"_ _f\"> </span>securities <span class=\"_ _11\"> </span>price <span class=\"_ _f\"> </span>risk <span class=\"_ _f\"> </span>arises <span class=\"_ _f\"> </span>from <span class=\"_ _f\"> </span>marketable <span class=\"_ _11\"> </span>securities <span class=\"_ _f\"> </span>held <span class=\"_ _f\"> </span>by <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>which <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>listed <span class=\"_ _f\"> </span>equity securities <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>carried <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>FVTPL <span class=\"_ _10\"></span>unless <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>election <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>present <span class=\"_ _10\"></span>subsequent <span class=\"_ _e\"></span>changes <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>investment's <span class=\"_ _e\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>OCI <span class=\"_ _10\"></span>is made. See Note 10 for further details.Capital managementWe <span class=\"_ _d\"></span>operate in <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>capital <span class=\"_ _d\"></span>intensive <span class=\"_ _d\"></span>industry <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>historically financed <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>purchase <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>tankers <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other capital <span class=\"_ _d\"></span>expenditures through a <span class=\"_ _d\"></span>combination of <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>generated from <span class=\"_ _d\"></span>operations, equity <span class=\"_ _d\"></span>capital and <span class=\"_ _d\"></span>borrowings <span class=\"_ _d\"></span>from commercial <span class=\"_ _d\"></span>banks. Our <span class=\"_ _d\"></span>ability to generate adequate cash flows <span class=\"_ _d\"></span>on a short <span class=\"_ _d\"></span>and medium term basis <span class=\"_ _d\"></span>depends substantially on the <span class=\"_ _d\"></span>trading performance of our <span class=\"_ _d\"></span>vessels in <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>market. <span class=\"_ _e\"></span>Our <span class=\"_ _d\"></span>funding <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>treasury <span class=\"_ _e\"></span>activities <span class=\"_ _d\"></span>are <span class=\"_ _e\"></span>conducted <span class=\"_ _d\"></span>within <span class=\"_ _e\"></span>corporate <span class=\"_ _e\"></span>policies <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>increase <span class=\"_ _e\"></span>investment <span class=\"_ _d\"></span>returns <span class=\"_ _e\"></span>while maintaining appropriate liquidity for our requirements.The Company\u2019s objectives when managing capital are to:\u2022<span class=\"_ _2c\"> </span>safeguard <span class=\"_ _e\"></span>our <span class=\"_ _e\"></span>ability <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>continue <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>going <span class=\"_ _e\"></span>concern, <span class=\"_ _e\"></span>so <span class=\"_ _10\"></span>that <span class=\"_ _e\"></span>we <span class=\"_ _e\"></span>can <span class=\"_ _10\"></span>continue <span class=\"_ _e\"></span>to <span class=\"_ _e\"></span>provide <span class=\"_ _10\"></span>returns <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>shareholders <span class=\"_ _10\"></span>and benefits for other stakeholders, and\u2022<span class=\"_ _2c\"> </span>maintain an optimal capital structure to reduce<span class=\"_ _1\"></span> the cost of capital.The Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>borrowings <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>vessels <span class=\"_ _27\"> </span>securing <span class=\"_\"> </span>borrowings <span class=\"_ _27\"> </span>under <span class=\"_\"> </span>each <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>such agreements <span class=\"_ _d\"></span>decrease <span class=\"_ _10\"></span>below <span class=\"_ _d\"></span>required <span class=\"_ _10\"></span>levels. <span class=\"_ _d\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>contain <span class=\"_ _10\"></span>certain <span class=\"_ _d\"></span>financial <span class=\"_ _e\"></span>covenants, <span class=\"_ _e\"></span>including <span class=\"_ _e\"></span>the requirement <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>maintain <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>certain <span class=\"_ _10\"></span>level <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>free <span class=\"_ _e\"></span>cash, <span class=\"_ _10\"></span>positive <span class=\"_ _e\"></span>working <span class=\"_ _10\"></span>capital <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>adjusted <span class=\"_ _10\"></span>equity <span class=\"_ _e\"></span>covenant. <span class=\"_ _10\"></span>Failure <span class=\"_ _e\"></span>to comply <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>covenants <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _d\"></span>could <span class=\"_ _d\"></span>result <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>default, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>would <span class=\"_ _d\"></span>permit <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lender <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>accelerate the maturity of the debt and to foreclose upon any collateral<span class=\"_ _1\"></span> securing the debt.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__104": {
   "value": "Accounting classifications and fair valuesThe following tables show the carrying amounts <span class=\"_ _d\"></span>and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. <span class=\"_ _1a6\"> </span><span class=\"ff1\">December 31, 2022<span class=\"_ _e8\"> </span></span>December 31, 2021<span class=\"_ _12f\"> </span>January 1, 2021Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>Carrying Fair <span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span><span class=\"fc5 sc0\"> </span>(in thousands of $)ValueValueValueValueValueValueFinancial assets measured at fair value through profit or lossDerivative instruments receivable - non-current<span class=\"_ _5c\"> </span><span class=\"ff1\"> <span class=\"_ _1d3\"> </span>53,993 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>53,993 <span class=\"_ _35\"> </span></span> <span class=\"_ _a8\"> </span>9,675 <span class=\"_ _1ef\"> </span> <span class=\"_ _a8\"> </span>9,675 <span class=\"_ _1ef\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _88\"> </span>\u2014 Marketable securities<span class=\"_ _60\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>236,281 <span class=\"_ _1ef\"> </span> <span class=\"_ _2d\"> </span>236,281 <span class=\"_ _35\"> </span></span> <span class=\"_ _55\"> </span>2,435 <span class=\"_ _90\"> </span> <span class=\"_ _55\"> </span>2,435 <span class=\"_ _90\"> </span> <span class=\"_ _55\"> </span>8,474 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>8,474 Financial assets not measured at fair valueCash and cash equivalents<span class=\"_ _1f1\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>254,525 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>254,525 <span class=\"_ _35\"> </span></span> <span class=\"_ _2d\"> </span>113,073 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>113,073 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>174,721 <span class=\"_ _35\"> </span> <span class=\"_ _36\"> </span>174,721 Restricted cash<span class=\"_ _1f2\"> </span><span class=\"ff1\"> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span></span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _1ef\"> </span> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>14,928 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>14,928 Receivables<span class=\"_ _11d\"> </span><span class=\"ff1\"> <span class=\"_ _29\"> </span>139,467 <span class=\"_ _1ef\"> </span> <span class=\"_ _2d\"> </span>139,467 <span class=\"_ _35\"> </span></span> <span class=\"_ _1d3\"> </span>73,532 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>73,532 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>63,924 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>63,924 Loan notes receivable<span class=\"_ _1f3\"> </span><span class=\"ff1\"> <span class=\"_ _a8\"> </span>1,388 <span class=\"_ _1ef\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span></span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>1,388 Financial liabilities measured at fair valueDerivative instruments payable - non current<span class=\"_ _3a\"> </span><span class=\"ff1\"> <span class=\"_ _88\"> </span>\u2014 <span class=\"_ _35\"> </span> <span class=\"_ _3c\"> </span>\u2014 <span class=\"_ _35\"> </span></span> <span class=\"_ _1f0\"> </span>5,673 <span class=\"_ _35\"> </span> <span class=\"_ _1f0\"> </span>5,673 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>19,261 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>19,261 Financial liabilities not measured at fair valueTrade and other payables<span class=\"_ _117\"> </span><span class=\"ff1\"> <span class=\"_ _a7\"> </span>81,533 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>81,533 <span class=\"_ _1ef\"> </span></span> <span class=\"_ _a7\"> </span>43,364 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>43,364 <span class=\"_ _35\"> </span> <span class=\"_ _a7\"> </span>55,002 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>55,002 Floating rate debt <span class=\"_ _3d\"></span>2,201,543  <span class=\"_ _3d\"></span>2,201,543  <span class=\"_ _3d\"></span>2,138,009  <span class=\"_ _3d\"></span>2,138,009  <span class=\"_ _3d\"></span>2,097,110  <span class=\"_ _3d\"></span>2,097,110 Fixed rate debt<span class=\"_ _66\"> </span><span class=\"ff1\"> <span class=\"_ _2d\"> </span>211,884 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>212,203 <span class=\"_ _35\"> </span></span> <span class=\"_ _36\"> </span>211,884 <span class=\"_ _35\"> </span> <span class=\"_ _2d\"> </span>206,552 <span class=\"_ _35\"> </span> <span class=\"_ _1d3\"> </span>66,876 <span class=\"_ _90\"> </span> <span class=\"_ _1d3\"> </span>65,348 Dec 31, 2022",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__98": {
   "value": "At <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>balance sheet <span class=\"_ _d\"></span>date <span class=\"_ _d\"></span>all <span class=\"_ _d\"></span>trade <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>other <span class=\"_ _d\"></span>receivables were <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>(i) <span class=\"_ _d\"></span>state-owned <span class=\"_ _d\"></span>enterprises, <span class=\"_ _d\"></span>(ii) oil <span class=\"_ _d\"></span>majors, <span class=\"_ _d\"></span>(iii) <span class=\"_ _d\"></span>commodities traders and (iv) related parties. Based on past experience, there was <span class=\"_ _d\"></span>only a small impact on doubtful amounts at year-end. Based on <span class=\"_ _d\"></span>individual <span class=\"_ _e\"></span>analyses, <span class=\"_ _d\"></span>provisions <span class=\"_ _e\"></span>for <span class=\"_ _d\"></span>doubtful <span class=\"_ _e\"></span>debtors <span class=\"_ _d\"></span>were <span class=\"_ _e\"></span>not <span class=\"_ _e\"></span>material <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>years <span class=\"_ _e\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>2021. <span class=\"_ _d\"></span>In addition, <span class=\"_ _d\"></span>no <span class=\"_ _d\"></span>customers <span class=\"_ _d\"></span>individually <span class=\"_ _d\"></span>accounted <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>10% <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>more <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>total <span class=\"_ _d\"></span>revenue <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>(see <span class=\"_ _d\"></span>Note <span class=\"_ _d\"></span>4). <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>maximum exposure to credit risk is represented by the carrying amount of each fi<span class=\"_ _1\"></span>nancial asset.Past <span class=\"_ _28\"> </span>due <span class=\"_\"> </span>amounts <span class=\"_ _28\"> </span>are <span class=\"_ _28\"> </span>not <span class=\"_\"> </span>cre<span class=\"_ _1\"></span>dit <span class=\"_ _28\"> </span>impaired <span class=\"_\"> </span>as <span class=\"_ _28\"> </span>collection <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>still <span class=\"_\"> </span>considere<span class=\"_ _1\"></span>d <span class=\"_\"> </span>t<span class=\"_ _1\"></span>o <span class=\"_\"> </span>be<span class=\"_ _1\"></span> <span class=\"_\"> </span>l<span class=\"_ _1\"></span>ikely <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>management <span class=\"_ _28\"> </span>is <span class=\"_ _28\"> </span>confident <span class=\"_ _28\"> </span>the outstanding <span class=\"_ _f\"> </span>amounts <span class=\"_ _f\"> </span>can <span class=\"_ _f\"> </span>be <span class=\"_ _27\"> </span>recovered. <span class=\"_ _f\"> </span>Amounts <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>past <span class=\"_ _27\"> </span>due <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>also <span class=\"_ _27\"> </span>with <span class=\"_ _f\"> </span>customers <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>high <span class=\"_ _27\"> </span>credit <span class=\"_ _f\"> </span>worthiness <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>are therefore not credit impaired.Loan note receivablesLoan <span class=\"_ _d\"></span>note <span class=\"_ _e\"></span>receivables <span class=\"_ _e\"></span>consist <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>$1.4 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>loan <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>TFG <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>(see <span class=\"_ _e\"></span>Note <span class=\"_ _e\"></span>16). <span class=\"_ _d\"></span>As <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>December 31, 2021, this loan had no maturity date, and was not credit impaired a<span class=\"_ _1\"></span>s there is no credit risk exposure for the Company.Cash and cash equivalentsThe <span class=\"_ _10\"></span>Company <span class=\"_ _11\"> </span>held <span class=\"_ _11\"> </span>cash <span class=\"_ _11\"> </span>and <span class=\"_ _10\"></span>cash <span class=\"_ _11\"> </span>equivalents <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>$254.5 <span class=\"_ _10\"></span>million <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _10\"></span>2022 <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>$113.1 <span class=\"_ _11\"> </span>million, <span class=\"_ _11\"> </span>2020: <span class=\"_ _10\"></span>$174.7 million). The cash and cash equivalents are held with Skandinaviska Enskilda Banken, or SEB, HSBC, Royal Bank of Scotland, DNB <span class=\"_ _d\"></span>Bank <span class=\"_ _d\"></span>ASA <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Nordea <span class=\"_ _d\"></span>Bank <span class=\"_ _e\"></span>Norge, <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>Nordea, <span class=\"_ _d\"></span>Cr\u00e9dit <span class=\"_ _d\"></span>Agricole, <span class=\"_ _d\"></span>Credit <span class=\"_ _d\"></span>Suisse <span class=\"_ _e\"></span>AG, <span class=\"_ _d\"></span>Standard <span class=\"_ _d\"></span>Chartered <span class=\"_ _d\"></span>Bank <span class=\"_ _d\"></span>Singapore, and <span class=\"_ _11\"> </span>Citibank <span class=\"_ _f\"> </span>N.A. <span class=\"_ _f\"> </span>The <span class=\"_ _f\"> </span>Company\u2019s <span class=\"_ _f\"> </span>concentration <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>credit <span class=\"_ _f\"> </span>risk <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>respect <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>cash <span class=\"_ _f\"> </span>equivalents <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>not <span class=\"_ _f\"> </span>considered significant <span class=\"_\"> </span>as <span class=\"_\"> </span>substantially <span class=\"_\"> </span>all <span class=\"_\"> </span>of <span class=\"_\"> </span>the <span class=\"_ _29\"> </span>amounts <span class=\"_\"> </span>are <span class=\"_\"> </span>carried <span class=\"_\"> </span>with <span class=\"_\"> </span>a <span class=\"_\"> </span>diversified <span class=\"_ _29\"> </span>portfolio <span class=\"_\"> </span>of <span class=\"_\"> </span>banks <span class=\"_\"> </span>and <span class=\"_\"> </span>financial <span class=\"_\"> </span>institution counterparties.Restricted cashOur interest rate swaps can require us to post cash as collateral based on their fair value which is classifi<span class=\"_ _1\"></span>ed as restricted cash. As of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>no <span class=\"_ _e\"></span>cash <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>posted <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>collateral <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>relation <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>our <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>swaps <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>borrowings (January 1, 2021: $13.4 million).DerivativesThe <span class=\"_ _d\"></span>Company is <span class=\"_ _d\"></span>exposed <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the risk <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>credit <span class=\"_ _d\"></span>loss <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>event <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>non-performance by <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>counterparty <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>swap agreements. <span class=\"_ _d\"></span>Interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swap <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>are <span class=\"_ _10\"></span>entered <span class=\"_ _d\"></span>into <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>banks <span class=\"_ _d\"></span>and <span class=\"_ _10\"></span>financial <span class=\"_ _d\"></span>institution <span class=\"_ _e\"></span>counterparties, <span class=\"_ _e\"></span>which <span class=\"_ _e\"></span>are <span class=\"_ _e\"></span>rated AA-, based on rating agency S&amp;P.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__103": {
   "value": "therefore not credit impaired.Loan note receivablesLoan <span class=\"_ _d\"></span>note <span class=\"_ _e\"></span>receivables <span class=\"_ _e\"></span>consist <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>$1.4 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>loan <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>TFG <span class=\"_ _e\"></span>Marine <span class=\"_ _e\"></span>(see <span class=\"_ _e\"></span>Note <span class=\"_ _e\"></span>16). <span class=\"_ _d\"></span>As <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>December",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__100": {
   "value": "Liquidity <span class=\"_ _10\"></span>risk <span class=\"_ _10\"></span>is <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>risk <span class=\"_ _10\"></span>that <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>will <span class=\"_ _10\"></span>not <span class=\"_ _10\"></span>be <span class=\"_ _10\"></span>able <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>meet <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>obligations <span class=\"_ _e\"></span>if <span class=\"_ _10\"></span>they <span class=\"_ _10\"></span>fall <span class=\"_ _10\"></span>due. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company\u2019s approach <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>managing <span class=\"_ _d\"></span>liquidity <span class=\"_ _d\"></span>is <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>ensure, <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>far <span class=\"_ _e\"></span>as <span class=\"_ _d\"></span>possible, <span class=\"_ _d\"></span>that <span class=\"_ _d\"></span>it <span class=\"_ _e\"></span>will <span class=\"_ _d\"></span>always <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>sufficient <span class=\"_ _d\"></span>liquidity <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>meet <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>liabilities when due. The Company has entered into several loan facilit<span class=\"_ _1\"></span>ies whose maturities are spread over different years (see Note 18).The following are the remaining contractual maturit<span class=\"_ _1\"></span>ies of financial liabilities:Contractual cash flows at December 31, 2022Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span><span class=\"ff1\"> <span class=\"_ _55\"> </span>2,178,430 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,201,543 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>275,670 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,555,143 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>370,730 </span>Fixed rate debt<span class=\"_ _1f8\"> </span><span class=\"ff1\"> <span class=\"_ _8f\"> </span>211,884 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>211,884 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>2,184 <span class=\"_ _3f\"> </span> <span class=\"_ _8f\"> </span>209,700 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Obligations under leases<span class=\"_ _1d7\"> </span><span class=\"ff1\"> <span class=\"_ _17\"> </span>3,396 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>3,396 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>1,024 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>2,372 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Trade and other payables<span class=\"_ _16\"> </span><span class=\"ff1\"> <span class=\"_ _18a\"> </span>81,533 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>81,533 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>81,533 <span class=\"_ _40\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 </span>Contractual cash flows at December 31, 2021Carrying Less than 1 Between 1 More than 5 (in thousands of $)Value<span class=\"_ _4e\"> </span>Totalyearand 5 yearsyearsNon derivative financial liabilitiesFloating rate debt<span class=\"_ _1e0\"> </span> <span class=\"_ _55\"> </span>2,113,691 <span class=\"_ _40\"> </span> <span class=\"_ _55\"> </span>2,138,009 <span class=\"_ _40\"> </span> <span class=\"_ _8f\"> </span>196,481 <span class=\"_ _3f\"> </span> <span class=\"_ _55\"> </span>1,279,839 <span class=\"_ _40\"> </span> <span class=\"_ _1f\"> </span>661,689 Fixed rate debt<span class=\"_ _1f8\"> </span> <span class=\"_ _8f\"> </span>211,884 <span class=\"_ _3f\"> </span> <span class=\"_ _12b\"> </span>211,884 <span class=\"_ _40\"> </span> <span class=\"_ _17\"> </span>2,184 <span class=\"_ _3f\"> </span> <span class=\"_ _8f\"> </span>209,700 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Obligations under leases<span class=\"_ _1d7\"> </span> <span class=\"_ _3c\"> </span>52,702 <span class=\"_ _40\"> </span> <span class=\"_ _18a\"> </span>52,702 <span class=\"_ _3f\"> </span> <span class=\"_ _17\"> </span>8,723 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>42,362 <span class=\"_ _3f\"> </span> <span class=\"_ _1a1\"> </span>1,617 Trade and other payables<span class=\"_ _16\"> </span> <span class=\"_ _18a\"> </span>43,364 <span class=\"_ _3f\"> </span> <span class=\"_ _18a\"> </span>43,364 <span class=\"_ _40\"> </span> <span class=\"_ _3c\"> </span>43,364 <span class=\"_ _40\"> </span> <span class=\"_ _b7\"> </span>\u2014 <span class=\"_ _3f\"> </span> <span class=\"_ _cb\"> </span>\u2014 Derivative financial liabilities",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__101": {
   "value": "Managing interest rate benchmark reform and associated risksA <span class=\"_ _27\"> </span>fundamental <span class=\"_ _f\"> </span>reform <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>major <span class=\"_ _27\"> </span>interest <span class=\"_ _27\"> </span>rate <span class=\"_ _27\"> </span>benchmarks <span class=\"_ _27\"> </span>is <span class=\"_ _27\"> </span>being <span class=\"_ _27\"> </span>undertaken <span class=\"_ _27\"> </span>globally, <span class=\"_ _27\"> </span>including <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>replacement <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>some interbank <span class=\"_ _d\"></span>offered rates <span class=\"_ _d\"></span>(IBORs) <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>alternative <span class=\"_ _d\"></span>nearly risk-free <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>(RFR) <span class=\"_ _d\"></span>(referred <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>\u2018IBOR reform\u2019). <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has transitioned <span class=\"_ _10\"></span>certain <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>financial <span class=\"_ _10\"></span>instruments <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>RFR <span class=\"_ _10\"></span>(see <span class=\"_ _10\"></span>Note <span class=\"_ _10\"></span>18) <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>has <span class=\"_ _10\"></span>exposures <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>IBORs <span class=\"_ _10\"></span>on <span class=\"_ _10\"></span>its <span class=\"_ _10\"></span>remaining <span class=\"_ _10\"></span>financial instruments <span class=\"_ _11\"> </span>that <span class=\"_ _f\"> </span>will <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>replaced <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>reformed <span class=\"_ _11\"> </span>as <span class=\"_ _f\"> </span>part <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>these <span class=\"_ _f\"> </span>market-wide <span class=\"_ _f\"> </span>initiatives. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>anticipates <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>IBOR reform will not materially impact its risk manage<span class=\"_ _1\"></span>ment strategy.Cash flow sensitivity analysis for variable rate instrumentsAs <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company's <span class=\"_ _10\"></span>outstanding <span class=\"_ _10\"></span>debt <span class=\"_ _10\"></span>which <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>at <span class=\"_ _10\"></span>variable <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rates, <span class=\"_ _10\"></span>net <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>amount <span class=\"_ _10\"></span>subject <span class=\"_ _10\"></span>to interest rate swap agreements, was $1,634.2 million. Based on this, a one percentage point increa<span class=\"_ _1\"></span>se in annual LIBOR and SOFR interest <span class=\"_ _d\"></span>rates <span class=\"_ _d\"></span>would <span class=\"_ _e\"></span>increase <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>annual <span class=\"_ _e\"></span>interest <span class=\"_ _d\"></span>expense <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>approximately <span class=\"_ _d\"></span>$16.3 <span class=\"_ _e\"></span>million, <span class=\"_ _d\"></span>excluding <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>effects <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>capitalization of interest.Interest rate swap agreements<span class=\"ff1\"> </span>In <span class=\"_ _d\"></span>February <span class=\"_ _e\"></span>2016, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>entered <span class=\"_ _e\"></span>into <span class=\"_ _d\"></span>an <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _e\"></span>swap <span class=\"_ _e\"></span>with <span class=\"_ _e\"></span>DNB <span class=\"_ _d\"></span>whereby <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>floating <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>on <span class=\"_ _d\"></span>notional <span class=\"_ _e\"></span>debt <span class=\"_ _e\"></span>of $150.0 million was switched to fixed rate. The contract had a forwa<span class=\"_ _1\"></span>rd start date of February 2019.In <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _11\"> </span>2020, <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>entered <span class=\"_ _f\"> </span>into <span class=\"_ _11\"> </span>three <span class=\"_ _f\"> </span>interest <span class=\"_ _f\"> </span>rate <span class=\"_ _f\"> </span>swaps <span class=\"_ _11\"> </span>with <span class=\"_ _f\"> </span>DNB <span class=\"_ _f\"> </span>whereby <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>floating interest rate on notional debt totaling $250.0 million wa<span class=\"_ _1\"></span>s switched to a fixed rate.In <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2020, <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>entered <span class=\"_ _27\"> </span>into <span class=\"_ _27\"> </span>two <span class=\"_ _27\"> </span>interest <span class=\"_ _27\"> </span>rate <span class=\"_ _27\"> </span>swaps <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>Nordea <span class=\"_ _27\"> </span>Bank <span class=\"_ _27\"> </span>whereby <span class=\"_ _27\"> </span>the floating interest rate on notional debt totaling $150.0 mil<span class=\"_ _1\"></span>lion was switched to a fixed rate.The reference rate for our interest rate swaps is LIBOR.The aggregate <span class=\"_ _d\"></span>fair value <span class=\"_ _d\"></span>of these <span class=\"_ _d\"></span>swaps at <span class=\"_ _d\"></span>December 31, <span class=\"_ _d\"></span>2022 was <span class=\"_ _d\"></span>an asset <span class=\"_ _d\"></span>of $54.0 <span class=\"_ _d\"></span>million (December <span class=\"_ _d\"></span>31, 2021: <span class=\"_ _d\"></span>$9.7 million, January <span class=\"_ _e\"></span>1, <span class=\"_ _e\"></span>2021: <span class=\"_ _10\"></span>nil <span class=\"_ _e\"></span>) <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>liability <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>nil <span class=\"_ _e\"></span>(December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2021: <span class=\"_ _e\"></span>$5.7 <span class=\"_ _10\"></span>million, <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>1, <span class=\"_ _10\"></span>2021: <span class=\"_ _e\"></span>$19.3 <span class=\"_ _e\"></span>million). <span class=\"_ _10\"></span>The <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value (Level <span class=\"_ _e\"></span>2) <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>swap <span class=\"_ _e\"></span>agreements <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>amount <span class=\"_ _e\"></span>that <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>would <span class=\"_ _e\"></span>receive <span class=\"_ _e\"></span>or <span class=\"_ _10\"></span>pay <span class=\"_ _e\"></span>to terminate <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>agreements <span class=\"_ _11\"> </span>at <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>reporting <span class=\"_ _11\"> </span>date, <span class=\"_ _11\"> </span>taking <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>account, <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>applicable, <span class=\"_ _11\"> </span>fixed <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rates <span class=\"_ _11\"> </span>on <span class=\"_ _11\"> </span>interest <span class=\"_ _11\"> </span>rate <span class=\"_ _11\"> </span>swaps, current <span class=\"_ _2d\"> </span>interest <span class=\"_ _2d\"> </span>rates, <span class=\"_ _29\"> </span>forward <span class=\"_ _2d\"> </span>rate <span class=\"_ _2d\"> </span>curves <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>current <span class=\"_ _2d\"> </span>credit <span class=\"_ _2d\"> </span>worthiness <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>both <span class=\"_ _2d\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_ _2d\"> </span>and <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>derivative counterparty. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>estimated <span class=\"_ _11\"> </span>fair <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>is <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>present <span class=\"_ _f\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>future <span class=\"_ _f\"> </span>cash <span class=\"_ _11\"> </span>flows. <span class=\"_ _f\"> </span>In <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>year <span class=\"_ _f\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _f\"> </span>the Company recorded a gain on these interest rate swaps of $53.6 milli<span class=\"_ _1\"></span>on (2021: gain of $17.5 million).The interest rate swaps are not designated as hedges and are sum<span class=\"_ _1\"></span>marized as of December 31, 2022 as follows:Notional Amount<span class=\"_ _17b\"> </span>Inception Date<span class=\"_ _1fa\"> </span>Maturity Date<span class=\"_ _cb\"> </span>Fixed Interest Rate($000s) <span class=\"_ _1fb\"> </span>150,000 <span class=\"_ _1fc\"> </span>February 2019<span class=\"_ _e6\"> </span>February 2026<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>2.1970 <span class=\"_ _10\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.9750 <span class=\"_ _e\"></span>% <span class=\"_ _200\"> </span>50,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.6000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _1fe\"> </span>March 2020<span class=\"_ _1ff\"> </span>March 2025<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.9000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>100,000 <span class=\"_ _201\"> </span>April 2020<span class=\"_ _202\"> </span>April 2027<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.5970 <span class=\"_ _e\"></span>% <span class=\"_ _200\"> </span>50,000 <span class=\"_ _201\"> </span>April 2020<span class=\"_ _202\"> </span>April 2025<span class=\"_ _1fd\"> </span> <span class=\"_ _3d\"></span>0.5000 <span class=\"_ _e\"></span>% <span class=\"_ _1fb\"> </span>550,000",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__102": {
   "value": "The Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>portion <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>borrowings <span class=\"_ _28\"> </span>should <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>value <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>vessels <span class=\"_ _27\"> </span>securing <span class=\"_\"> </span>borrowings <span class=\"_ _27\"> </span>under <span class=\"_\"> </span>each <span class=\"_ _27\"> </span>of <span class=\"_\"> </span>such agreements <span class=\"_ _d\"></span>decrease <span class=\"_ _10\"></span>below <span class=\"_ _d\"></span>required <span class=\"_ _10\"></span>levels. <span class=\"_ _d\"></span>In <span class=\"_ _10\"></span>addition, <span class=\"_ _d\"></span>the <span class=\"_ _10\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _e\"></span>contain <span class=\"_ _10\"></span>certain <span class=\"_ _d\"></span>financial <span class=\"_ _e\"></span>covenants, <span class=\"_ _e\"></span>including <span class=\"_ _e\"></span>the requirement <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>maintain <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>certain <span class=\"_ _10\"></span>level <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>free <span class=\"_ _e\"></span>cash, <span class=\"_ _10\"></span>positive <span class=\"_ _e\"></span>working <span class=\"_ _10\"></span>capital <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>value <span class=\"_ _e\"></span>adjusted <span class=\"_ _10\"></span>equity <span class=\"_ _e\"></span>covenant. <span class=\"_ _10\"></span>Failure <span class=\"_ _e\"></span>to comply <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>any <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>covenants <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>agreements <span class=\"_ _d\"></span>could <span class=\"_ _d\"></span>result <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>default, <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>would <span class=\"_ _d\"></span>permit <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>lender <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>accelerate the maturity of the debt and to foreclose upon any collateral<span class=\"_ _1\"></span> securing the debt.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__105": {
   "value": "21.<span class=\"_ _95\"> </span>SHARE CAPITALAuthorized capitalizationThe <span class=\"_ _11\"> </span>authorized <span class=\"_ _f\"> </span>share <span class=\"_ _f\"> </span>capital <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>as <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>is <span class=\"_ _f\"> </span>$600,000,000 <span class=\"_ _f\"> </span>(2021: <span class=\"_ _f\"> </span>$500,000,000) <span class=\"_ _f\"> </span>divided <span class=\"_ _11\"> </span>into 600,000,000 <span class=\"_ _2d\"> </span>shares <span class=\"_ _2d\"> </span>(2021: <span class=\"_ _2d\"> </span>500,000,000) <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>$1.00 <span class=\"_ _2d\"> </span>par <span class=\"_ _29\"> </span>value <span class=\"_ _2d\"> </span>each, <span class=\"_ _2d\"> </span>of <span class=\"_ _2d\"> </span>which <span class=\"_ _2d\"> </span>222,622,889 <span class=\"_ _2d\"> </span>shares <span class=\"_ _2d\"> </span>(December <span class=\"_ _2d\"> </span>31, <span class=\"_ _2d\"> </span>2021: 203,530,979 shares and January 1, 2021: 197,692,321 shares) of $1.00 par value each are in issue and fully paid.ATM programIn <span class=\"_ _10\"></span>June <span class=\"_ _10\"></span>2020, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>entered <span class=\"_ _10\"></span>into <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>equity <span class=\"_ _10\"></span>distribution <span class=\"_ _e\"></span>agreement <span class=\"_ _10\"></span>with <span class=\"_ _10\"></span>Morgan <span class=\"_ _10\"></span>Stanley <span class=\"_ _10\"></span>&amp; <span class=\"_ _10\"></span>Co. <span class=\"_ _10\"></span>LLC <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>offer <span class=\"_ _10\"></span>and sale <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>up <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>$100.0 <span class=\"_ _28\"> </span>million <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>ordinary <span class=\"_ _28\"> </span>shares <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>C<span class=\"_ _1\"></span>ompany <span class=\"_\"> </span>through <span class=\"_ _28\"> </span>an <span class=\"_ _28\"> </span>at-the-market <span class=\"_\"> </span>offering <span class=\"_ _28\"> </span>program <span class=\"_ _28\"> </span>(the <span class=\"_\"> </span>\"ATM program\"). <span class=\"_ _27\"> </span>In <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _27\"> </span>ended <span class=\"_ _28\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2021, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>issued <span class=\"_ _27\"> </span>5,499,658 <span class=\"_ _28\"> </span>shares <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>combined <span class=\"_ _27\"> </span>gross <span class=\"_ _27\"> </span>proceeds <span class=\"_ _28\"> </span>of $51.2 million.Share optionsIn <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>issued <span class=\"_ _10\"></span>339,000 <span class=\"_ _e\"></span>ordinary <span class=\"_ _10\"></span>shares <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>its <span class=\"_ _e\"></span>share <span class=\"_ _10\"></span>option <span class=\"_ _e\"></span>scheme <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>strike price <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>$5.70 <span class=\"_ _10\"></span>per <span class=\"_ _10\"></span>share. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>shares <span class=\"_ _10\"></span>were <span class=\"_ _10\"></span>issued <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>John <span class=\"_ _10\"></span>Fredriksen <span class=\"_ _10\"></span>(198,000 <span class=\"_ _10\"></span>shares), <span class=\"_ _10\"></span>Inger <span class=\"_ _10\"></span>M. <span class=\"_ _10\"></span>Klemp <span class=\"_ _e\"></span>(120,000 <span class=\"_ _10\"></span>shares), <span class=\"_ _10\"></span>and Ola Lorentzon (21,000 shares). Euronav share acquisitionOn <span class=\"_ _e\"></span>May <span class=\"_ _10\"></span>28, <span class=\"_ _10\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>announced <span class=\"_ _e\"></span>that <span class=\"_ _10\"></span>it <span class=\"_ _e\"></span>agreed <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>acquire <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>privately <span class=\"_ _e\"></span>negotiated <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>exchange <span class=\"_ _e\"></span>transactions <span class=\"_ _10\"></span>with certain <span class=\"_ _28\"> </span>shareholders <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Euronav <span class=\"_\"> </span>a <span class=\"_ _27\"> </span>total <span class=\"_\"> </span>of <span class=\"_ _27\"> </span>5,955,705 <span class=\"_\"> </span>shares <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>Euronav, <span class=\"_ _28\"> </span>representing <span class=\"_ _28\"> </span>2.95% <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>outstanding <span class=\"_ _28\"> </span>shares <span class=\"_ _27\"> </span>in Euronav as <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>this date, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>exchange for <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>total of <span class=\"_ _d\"></span>8,337,986 <span class=\"_ _d\"></span>ordinary shares <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Frontline. Frontline <span class=\"_ _d\"></span>received the <span class=\"_ _d\"></span>$0.06 <span class=\"_ _d\"></span>dividend that was paid on June 8, 2022 by Euronav in respect of these 5,955,705 shares. On <span class=\"_ _29\"> </span>June <span class=\"_ _29\"> </span>10, <span class=\"_ _29\"> </span>2022, <span class=\"_ _29\"> </span>the <span class=\"_ _29\"> </span>Company <span class=\"_ _29\"> </span>announced <span class=\"_ _29\"> </span>that <span class=\"_ _29\"> </span>it <span class=\"_ _29\"> </span>agreed <span class=\"_ _29\"> </span>to <span class=\"_ _29\"> </span>acquire <span class=\"_ _29\"> </span>in <span class=\"_ _29\"> </span>privately <span class=\"_ _29\"> </span>negotiated <span class=\"_ _29\"> </span>transactions <span class=\"_ _29\"> </span>with <span class=\"_ _29\"> </span>certain shareholders <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Euronav <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>total <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>7,708,908 <span class=\"_ _d\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Euronav, <span class=\"_ _d\"></span>representing <span class=\"_ _d\"></span>3.82% <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>outstanding <span class=\"_ _d\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Euronav <span class=\"_ _d\"></span>as <span class=\"_ _d\"></span>of this date, in exchange for a total of 10,753,924 shares in Frontline. As <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>had <span class=\"_ _d\"></span>acquired <span class=\"_ _e\"></span>13,664,613 <span class=\"_ _e\"></span>shares <span class=\"_ _e\"></span>in <span class=\"_ _d\"></span>Euronav <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>result <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>above <span class=\"_ _e\"></span>transactions. <span class=\"_ _d\"></span>The transaction <span class=\"_ _11\"> </span>price <span class=\"_ _11\"> </span>paid <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>acquire <span class=\"_ _11\"> </span>these <span class=\"_ _11\"> </span>shares <span class=\"_ _f\"> </span>was <span class=\"_ _11\"> </span>$175.5 <span class=\"_ _11\"> </span>million, <span class=\"_ _11\"> </span>which <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>shares <span class=\"_ _11\"> </span>acquired <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the transaction dates.In connection with the above-referenced privately negotiated share exchange transactions, Frontline entered <span class=\"_ _d\"></span>into a share lending arrangement <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>Hemen <span class=\"_ _28\"> </span>to <span class=\"_ _28\"> </span>facilitate <span class=\"_ _27\"> </span>settlement <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>such <span class=\"_ _28\"> </span>transactions. <span class=\"_ _28\"> </span>Pursuant <span class=\"_ _28\"> </span>to <span class=\"_ _28\"> </span>such <span class=\"_ _28\"> </span>arrangement <span class=\"_ _28\"> </span>Hemen <span class=\"_ _28\"> </span>delivered <span class=\"_ _28\"> </span>an aggregate <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>19,091,910 <span class=\"_ _f\"> </span>Frontline <span class=\"_ _f\"> </span>shares <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>exchanging <span class=\"_ _f\"> </span>Euronav <span class=\"_ _11\"> </span>holders <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>June <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>Frontline <span class=\"_ _f\"> </span>agreed <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>issue <span class=\"_ _11\"> </span>to Hemen the <span class=\"_ _d\"></span>same number of <span class=\"_ _d\"></span>Frontline shares <span class=\"_ _d\"></span>in full satisfaction <span class=\"_ _d\"></span>of the <span class=\"_ _d\"></span>share lending arrangement. <span class=\"_ _d\"></span>This share <span class=\"_ _d\"></span>issuance to Hemen was completed in August 2022.The following <span class=\"_ _d\"></span>table <span class=\"_ _d\"></span>summarizes <span class=\"_ _d\"></span>the movement <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the number <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>shares <span class=\"_ _d\"></span>outstanding during <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 and December 31, 2021:Outstanding shares at January 1, 2021<span class=\"_ _1b3\"> </span> <span class=\"_ _150\"> </span>197,692,321 Shares issued under ATM program<span class=\"_ _1be\"> </span> <span class=\"_ _121\"> </span>5,499,658 Shares issued on exercise of options<span class=\"_ _3\"> </span> <span class=\"_ _cd\"> </span>339,000 Outstanding shares at December 31, 2021<span class=\"_ _f7\"> </span> <span class=\"_ _150\"> </span>203,530,979 Shares issued in connection with Euronav share acquisition<span class=\"_ _144\"> </span> <span class=\"_ _6f\"> </span>19,091,910 Outstanding shares at December 31, 2022<span class=\"_ _f7\"> </span> <span class=\"_ _150\"> </span>222,622,889",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__106": {
   "value": "22.<span class=\"_ _95\"> </span>SHARE OPTIONSThe <span class=\"_ _d\"></span>Company's <span class=\"_ _d\"></span>share <span class=\"_ _e\"></span>option <span class=\"_ _d\"></span>scheme, <span class=\"_ _d\"></span>or <span class=\"_ _e\"></span>Frontline <span class=\"_ _d\"></span>Scheme, <span class=\"_ _d\"></span>permits <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Board <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>Directors, <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>its <span class=\"_ _e\"></span>discretion, <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>grant <span class=\"_ _e\"></span>options <span class=\"_ _d\"></span>to acquire <span class=\"_ _10\"></span>shares <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>employees <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>directors <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>or <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>subsidiaries. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>subscription <span class=\"_ _11\"> </span>price <span class=\"_ _10\"></span>for <span class=\"_ _11\"> </span>all options <span class=\"_ _e\"></span>granted <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>scheme <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>reduced <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>amount <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>all <span class=\"_ _e\"></span>dividends <span class=\"_ _10\"></span>declared <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>period <span class=\"_ _e\"></span>from <span class=\"_ _10\"></span>the date <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>grant <span class=\"_ _e\"></span>until <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>date <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>option <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>exercised, <span class=\"_ _e\"></span>provided <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>subscription <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>is <span class=\"_ _e\"></span>never <span class=\"_ _d\"></span>reduced <span class=\"_ _e\"></span>below <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>par <span class=\"_ _d\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the share. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>vesting <span class=\"_ _e\"></span>periods <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>options <span class=\"_ _e\"></span>granted <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Frontline <span class=\"_ _d\"></span>Scheme <span class=\"_ _d\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _d\"></span>specific <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>each <span class=\"_ _d\"></span>grant. <span class=\"_ _d\"></span>There <span class=\"_ _e\"></span>is <span class=\"_ _d\"></span>no <span class=\"_ _e\"></span>maximum number <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>shares <span class=\"_ _10\"></span>authorized <span class=\"_ _11\"> </span>for <span class=\"_ _10\"></span>awards <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>equity <span class=\"_ _11\"> </span>share <span class=\"_ _10\"></span>options <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>authorized, <span class=\"_ _10\"></span>unissued <span class=\"_ _11\"> </span>or <span class=\"_ _10\"></span>treasury <span class=\"_ _11\"> </span>shares <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>Company may be used to satisfy exercised options.In <span class=\"_ _d\"></span>July <span class=\"_ _d\"></span>2016, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company granted <span class=\"_ _d\"></span>1,170,000 <span class=\"_ _d\"></span>share <span class=\"_ _d\"></span>options, <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>exercise <span class=\"_ _d\"></span>price <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$8.00 <span class=\"_ _d\"></span>per <span class=\"_ _d\"></span>share, to <span class=\"_ _d\"></span>directors <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>officers in <span class=\"_ _d\"></span>accordance with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>Scheme. <span class=\"_ _d\"></span>One <span class=\"_ _d\"></span>third <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>options vested <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>year, <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>third <span class=\"_ _d\"></span>vested <span class=\"_ _d\"></span>over <span class=\"_ _d\"></span>two years and one third vested over three years. The options had a five year t<span class=\"_ _1\"></span>erm which expired in July 2021.In <span class=\"_ _10\"></span>November <span class=\"_ _11\"> </span>2018, <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>granted <span class=\"_ _11\"> </span>180,000 <span class=\"_ _11\"> </span>share <span class=\"_ _10\"></span>options, <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>an <span class=\"_ _11\"> </span>exercise <span class=\"_ _11\"></span>price <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>$7.40 <span class=\"_ _10\"></span>per <span class=\"_ _11\"> </span>share, <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>employees <span class=\"_ _11\"> </span>in accordance <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>Scheme. <span class=\"_ _d\"></span>All <span class=\"_ _d\"></span>options <span class=\"_ _d\"></span>vested <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>July <span class=\"_ _d\"></span>2019. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>options <span class=\"_ _d\"></span>had <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>thirty-three <span class=\"_ _d\"></span>month <span class=\"_ _d\"></span>term which expired in July 2021.In <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>the Board <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Directors <span class=\"_ _d\"></span>approved <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>grant <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>1,280,000 <span class=\"_ _d\"></span>synthetic <span class=\"_ _d\"></span>options <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>employees and <span class=\"_ _d\"></span>board <span class=\"_ _d\"></span>members according to <span class=\"_ _d\"></span>the rules of <span class=\"_ _d\"></span>the Company\u2019s <span class=\"_ _d\"></span>synthetic option <span class=\"_ _d\"></span>scheme approved on <span class=\"_ _d\"></span>December 7, <span class=\"_ _d\"></span>2021. The <span class=\"_ _d\"></span>synthetic options <span class=\"_ _d\"></span> have <span class=\"_ _d\"></span>a five <span class=\"_ _e\"></span>year <span class=\"_ _10\"></span>term <span class=\"_ _e\"></span>expiring <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>2026. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>vesting <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>first <span class=\"_ _10\"></span>27.5% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>options, <span class=\"_ _e\"></span>24 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the next <span class=\"_ _e\"></span>27.5% <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>options <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>36 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>final <span class=\"_ _10\"></span>45% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>options. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>synthetic <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>will <span class=\"_ _10\"></span>be <span class=\"_ _e\"></span>settled <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the difference <span class=\"_ _d\"></span>between <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>market <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>exercise <span class=\"_ _d\"></span>price <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>date <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>exercise, <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>such, <span class=\"_ _d\"></span>have been classified as a liability.The <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>granted <span class=\"_ _e\"></span>option <span class=\"_ _e\"></span>awards <span class=\"_ _10\"></span>was <span class=\"_ _e\"></span>estimated <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>date <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>grant <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>Black-Scholes <span class=\"_ _e\"></span>option <span class=\"_ _10\"></span>valuation <span class=\"_ _e\"></span>model with the following assumptions: <span class=\"_ _203\"> </span>July 2016<span class=\"_ _204\"> </span>November 2018<span class=\"_ _1ef\"> </span>December 2021Risk free interest rate<span class=\"_ _205\"> </span> <span class=\"_ _3d\"></span>0.69% <span class=\"_ _a0\"> </span> <span class=\"_ _a2\"></span>2.78% <span class=\"_ _a0\"> </span> <span class=\"_ _3d\"></span>1.04% Expected life (years)<span class=\"_ _206\"> </span>3.5<span class=\"_ _59\"> </span>1.6<span class=\"_ _59\"> </span>3.4Expected volatility<span class=\"_ _207\"> </span> <span class=\"_ _3d\"></span>79.80% <span class=\"_ _5c\"> </span> <span class=\"_ _3d\"></span>38.24% <span class=\"_ _26\"> </span> <span class=\"_ _3d\"></span>58.42% Expected dividend yield<span class=\"_ _d5\"> </span> <span class=\"_ _3d\"></span>0.00% <span class=\"_ _181\"> </span> <span class=\"_ _3d\"></span>0.00% <span class=\"_ _a0\"> </span> <span class=\"_ _a2\"></span>0.00% The <span class=\"_ _e\"></span>risk-free <span class=\"_ _10\"></span>interest <span class=\"_ _e\"></span>rate <span class=\"_ _10\"></span>was <span class=\"_ _10\"></span>estimated <span class=\"_ _e\"></span>using <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _10\"></span>on <span class=\"_ _e\"></span>three <span class=\"_ _10\"></span>year <span class=\"_ _10\"></span>U.S. <span class=\"_ _e\"></span>treasury <span class=\"_ _10\"></span>zero <span class=\"_ _e\"></span>coupon <span class=\"_ _10\"></span>issues <span class=\"_ _10\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>options granted <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>July <span class=\"_ _d\"></span>2016 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>2021 <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>on <span class=\"_ _d\"></span>prorated <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>two <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>U.S. <span class=\"_ _d\"></span>treasury <span class=\"_ _d\"></span>zero <span class=\"_ _d\"></span>coupon <span class=\"_ _d\"></span>issues <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>options granted <span class=\"_ _d\"></span>in <span class=\"_ _e\"></span>November <span class=\"_ _e\"></span>2018. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>volatility <span class=\"_ _e\"></span>was <span class=\"_ _d\"></span>estimated <span class=\"_ _e\"></span>using <span class=\"_ _e\"></span>historical <span class=\"_ _d\"></span>share <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>data. <span class=\"_ _d\"></span>The <span class=\"_ _e\"></span>dividend <span class=\"_ _e\"></span>yield <span class=\"_ _d\"></span>was <span class=\"_ _e\"></span>estimated <span class=\"_ _e\"></span>at 0% as <span class=\"_ _d\"></span>the exercise price <span class=\"_ _d\"></span>is reduced <span class=\"_ _d\"></span>by all dividends <span class=\"_ _d\"></span>declared by <span class=\"_ _d\"></span>the Company from <span class=\"_ _d\"></span>the date <span class=\"_ _d\"></span>of grant <span class=\"_ _d\"></span>to the exercise <span class=\"_ _d\"></span>date. It <span class=\"_ _d\"></span>was assumed that all of the options granted in July 2016, November 2018 and Decem<span class=\"_ _1\"></span>ber 2021 will vest.Exercises and forfeitures of July 2016 and November 2018 grantsThe initial exercise price for the options granted in July 2016 and November 2018 <span class=\"_ _d\"></span>was reduced by the amount of dividends paid after <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>date <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>grants. <span class=\"_ _e\"></span>As <span class=\"_ _10\"></span>of <span class=\"_ _d\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>2021 <span class=\"_ _e\"></span>1,350,000 <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>these <span class=\"_ _e\"></span>options <span class=\"_ _10\"></span>had <span class=\"_ _e\"></span>vested. <span class=\"_ _e\"></span>As <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022 and <span class=\"_ _e\"></span>2021 <span class=\"_ _e\"></span>43,000 <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>these <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>been <span class=\"_ _e\"></span>forfeited. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _e\"></span>2022, <span class=\"_ _e\"></span>no <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>exercised. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>the year <span class=\"_ _27\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _27\"> </span>2021, <span class=\"_ _28\"> </span>339,000 <span class=\"_ _27\"> </span>options <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>exercised <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>Company <span class=\"_ _f\"> </span>issued <span class=\"_ _28\"> </span>339,000 <span class=\"_ _27\"> </span>shares <span class=\"_ _27\"> </span>for <span class=\"_ _27\"> </span>proceeds <span class=\"_ _27\"> </span>of $1.9 <span class=\"_\"> </span>m<span class=\"_ _1\"></span>illion. <span class=\"_ _28\"> </span>In <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>year <span class=\"_ _28\"> </span>ended <span class=\"_\"> </span>De<span class=\"_ _1\"></span>cember <span class=\"_ _28\"> </span>31, <span class=\"_\"> </span>2021, <span class=\"_ _28\"> </span>130,000 <span class=\"_ _28\"> </span>options <span class=\"_\"> </span>were <span class=\"_ _28\"> </span>exercised <span class=\"_ _28\"> </span>and <span class=\"_ _28\"> </span>settled <span class=\"_\"> </span>for <span class=\"_ _28\"> </span>a <span class=\"_ _28\"> </span>cash <span class=\"_ _28\"> </span>payment <span class=\"_\"> </span>of $0.3 <span class=\"_ _d\"></span>million. <span class=\"_ _e\"></span>As <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>no <span class=\"_ _e\"></span>options <span class=\"_ _d\"></span>remained <span class=\"_ _e\"></span>exercisable. <span class=\"_ _d\"></span>As <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _d\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _e\"></span>and <span class=\"_ _d\"></span>2021, <span class=\"_ _e\"></span>there was <span class=\"_ _29\"> </span>no <span class=\"_ _2d\"> </span>unrecognized <span class=\"_ _29\"> </span>stock <span class=\"_ _2d\"> </span>compensation <span class=\"_ _29\"> </span>expense <span class=\"_ _2d\"> </span>related <span class=\"_ _29\"> </span>to <span class=\"_ _2d\"> </span>non-vested <span class=\"_ _29\"> </span>options. <span class=\"_ _2d\"> </span>No <span class=\"_ _29\"> </span>stock <span class=\"_ _2d\"> </span>compensation <span class=\"_ _29\"> </span>expense <span class=\"_ _2d\"> </span>was recognized in the years ended December 31, 2022 and 2021.The <span class=\"_ _11\"> </span>weighted <span class=\"_ _11\"> </span>average <span class=\"_ _f\"> </span>grant-date <span class=\"_ _11\"> </span>fair <span class=\"_ _11\"> </span>value <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>options <span class=\"_ _f\"> </span>granted <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>2016 <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>$4.06 <span class=\"_ _f\"> </span>per <span class=\"_ _11\"> </span>share <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>$1.53 <span class=\"_ _f\"> </span>per <span class=\"_ _11\"> </span>share <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>the options granted in 2018.Exercises and forfeitures of December 2021 grantThe initial exercise price for the synthetic options granted <span class=\"_ _d\"></span>in December 2021 was reduced by the amount <span class=\"_ _d\"></span>of dividends paid after the date of grant. <span class=\"_ _d\"></span>As of December 31, <span class=\"_ _d\"></span>2022, 330,000 of <span class=\"_ _d\"></span>these options had vested. <span class=\"_ _d\"></span>As of December 31, <span class=\"_ _d\"></span>2022, 80,000 options had been forfeited and no <span class=\"_ _d\"></span>options were exercised. As <span class=\"_ _d\"></span>of December 31, 2022, <span class=\"_ _d\"></span>330,000 options remained exercisable. The <span class=\"_ _d\"></span>subsequent remeasurement <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>fair <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>synthetic <span class=\"_ _10\"></span>options <span class=\"_ _10\"></span>resulted <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>an <span class=\"_ _10\"></span>expense <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>$4.7 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>(2021: <span class=\"_ _10\"></span>$0.2 <span class=\"_ _11\"> </span>million) <span class=\"_ _10\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>year ended December 31, 2022.As <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>weighted <span class=\"_ _e\"></span>average <span class=\"_ _d\"></span>exercise <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>these <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>$7.64 <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company's <span class=\"_ _d\"></span>share <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>was $12.14.The <span class=\"_ _e\"></span>weighted <span class=\"_ _d\"></span>average <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>granted <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>2021 <span class=\"_ _e\"></span>was <span class=\"_ _e\"></span>$6.54 <span class=\"_ _10\"></span>per <span class=\"_ _d\"></span>share. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>synthetic <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>had <span class=\"_ _e\"></span>a <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>of $8.4 <span class=\"_ _27\"> </span>million <span class=\"_ _28\"> </span>(2021: <span class=\"_ _27\"> </span>$3.3 <span class=\"_ _28\"> </span>million) <span class=\"_ _27\"> </span>as <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>December <span class=\"_ _27\"> </span>31, <span class=\"_ _28\"> </span>2022 <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _27\"> </span>recorded <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>liability <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>$4.9 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>(2021: $0.2 <span class=\"_ _10\"></span>million) <span class=\"_ _e\"></span>as <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Consolidated <span class=\"_ _10\"></span>Statements <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Financial <span class=\"_ _10\"></span>Position. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>intrinsic <span class=\"_ _10\"></span>value <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>liabilities which had vested as of December 31, 2022 was $1.7 million (2021: nil).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__108": {
   "value": "23.<span class=\"_ _95\"> </span>RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIESWe <span class=\"_ _28\"> </span>transact <span class=\"_ _28\"> </span>business <span class=\"_\"> </span>with <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>following <span class=\"_ _28\"> </span>related <span class=\"_ _28\"> </span>parties <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>affiliat<span class=\"_ _1\"></span>ed <span class=\"_ _28\"> </span>companies, <span class=\"_\"> </span>be<span class=\"_ _1\"></span>ing <span class=\"_ _28\"> </span>companies <span class=\"_\"> </span>i<span class=\"_ _1\"></span>n <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>Hemen <span class=\"_ _28\"> </span>and companies associated <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>Hemen <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>significant influence <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>control: SFL, <span class=\"_ _d\"></span>Seatankers <span class=\"_ _d\"></span>Management <span class=\"_ _d\"></span>Norway <span class=\"_ _d\"></span>AS, Seatankers Management <span class=\"_ _d\"></span>Co. <span class=\"_ _d\"></span>Ltd, <span class=\"_ _d\"></span>Golden <span class=\"_ _d\"></span>Ocean, <span class=\"_ _d\"></span>Alta Trading <span class=\"_ _d\"></span>UK <span class=\"_ _d\"></span>Limited, <span class=\"_ _d\"></span>Archer <span class=\"_ _d\"></span>Limited, <span class=\"_ _d\"></span>Flex <span class=\"_ _d\"></span>LNG <span class=\"_ _d\"></span>Ltd, <span class=\"_ _d\"></span>Avance <span class=\"_ _d\"></span>Gas <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Front <span class=\"_ _d\"></span>Ocean Management AS. <span class=\"_ _d\"></span>We <span class=\"_ _d\"></span>also <span class=\"_ _d\"></span>own <span class=\"_ _d\"></span>interests in <span class=\"_ _d\"></span>TFG <span class=\"_ _d\"></span>Marine <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Clean Marine <span class=\"_ _d\"></span>AS <span class=\"_ _d\"></span>(through <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>interest in <span class=\"_ _d\"></span>FMS <span class=\"_ _d\"></span>Holdco) <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>are accounted for as equity method investments.SFL TransactionsSFL <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>counterparty <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>leases <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>2004-built <span class=\"_ _d\"></span>VLCCs, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _e\"></span>Force <span class=\"_ _d\"></span></span>and<span class=\"ff3\"> <span class=\"_ _d\"></span>Front <span class=\"_ _e\"></span>Energy,</span> <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company<span class=\"ff3\"> <span class=\"_ _d\"></span></span>held <span class=\"_ _e\"></span>as Right-of-use <span class=\"_ _27\"> </span>assets <span class=\"_ _28\"> </span>at <span class=\"_ _27\"> </span>December <span class=\"_ _28\"> </span>31, <span class=\"_ _27\"> </span>2021. <span class=\"_ _28\"> </span>In <span class=\"_ _28\"> </span>April <span class=\"_ _27\"> </span>2022, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>announced <span class=\"_ _27\"> </span>that <span class=\"_ _28\"> </span>its <span class=\"_ _27\"> </span>subsidiary <span class=\"_ _28\"> </span>Frontline <span class=\"_ _27\"> </span>Shipping Limited <span class=\"_ _d\"></span>had <span class=\"_ _d\"></span>agreed <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>SFL <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>terminate <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>these <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>upon <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>sale <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>by SFL <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>an <span class=\"_ _28\"> </span>unrelated <span class=\"_ _28\"> </span>third <span class=\"_\"> </span>pa<span class=\"_ _1\"></span>rty. <span class=\"_ _28\"> </span>The <span class=\"_\"> </span>Company <span class=\"_ _28\"> </span>agreed <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>a <span class=\"_ _28\"> </span>total <span class=\"_ _28\"> </span>compensation <span class=\"_ _28\"> </span>payment <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>SFL <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>$4.5 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>the termination <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>charters. <span class=\"_ _27\"> </span>The <span class=\"_ _27\"> </span>charters <span class=\"_ _f\"> </span>terminated <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>delivered <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>new <span class=\"_ _f\"> </span>owners <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>April <span class=\"_ _f\"> </span>2022. <span class=\"_ _27\"> </span>The Company recorded a loss on termination of $0.4 million in the year e<span class=\"_ _1\"></span>nded December 31, 2022.Furthermore, <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>Shipping <span class=\"_ _e\"></span>Limited <span class=\"_ _d\"></span>(\"FSL\"), <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>wholly <span class=\"_ _e\"></span>owned <span class=\"_ _d\"></span>subsidiary <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>chartering <span class=\"_ _d\"></span>counterparty with SFL had agreed to certain dividend restrictions. In order to make or pay any dividend or other distribution to the Company, FSL <span class=\"_ _27\"> </span>shall <span class=\"_ _27\"> </span>demonstrate <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>buffer <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>$2.0 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>per <span class=\"_ _28\"> </span>vessel <span class=\"_ _27\"> </span>both <span class=\"_ _27\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>following <span class=\"_ _27\"> </span>such <span class=\"_ _28\"> </span>payment, <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>following payment <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>next <span class=\"_ _10\"></span>monthly <span class=\"_ _e\"></span>hire <span class=\"_ _10\"></span>due <span class=\"_ _10\"></span>plus <span class=\"_ _10\"></span>any <span class=\"_ _e\"></span>profit <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>accrued <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>agreement. <span class=\"_ _e\"></span>As <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>cash held by <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>Shipping Limited, <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>respect to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>leases was <span class=\"_ _d\"></span>nil <span class=\"_ _d\"></span>(2021: $2.0 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>January 1, <span class=\"_ _d\"></span>2021: <span class=\"_ _d\"></span>$15.6 <span class=\"_ _d\"></span>million), and these amounts were included in \"Cash and cash equivalents\".A summary of leasing transactions with SFL in the years ended Dece<span class=\"_ _1\"></span>mber 31, 2022 and 2021 are as follows;(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Charter hire paid (principal and interest)<span class=\"_ _103\"> </span> <span class=\"_ _12\"> </span>1,980 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,830 Lease termination (receipts) payments<span class=\"_ _208\"> </span> <span class=\"_ _12\"> </span>4,456 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Lease interest expense<span class=\"_ _209\"> </span> <span class=\"_ _15\"> </span>937 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,895 Contingent rental income<span class=\"_ _20a\"> </span> <span class=\"_ _1d\"> </span>(623) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,606) Remaining lease obligation<span class=\"_ _20b\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>48,466 Contingent <span class=\"_ _11\"> </span>rental <span class=\"_ _f\"> </span>income <span class=\"_ _f\"> </span>recorded <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>primarily <span class=\"_ _f\"> </span>due <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fact <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>profit <span class=\"_ _11\"> </span>share <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>accrued <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>lease obligation <span class=\"_ _e\"></span>payable <span class=\"_ _e\"></span>when <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>recorded <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Frontline's <span class=\"_ _e\"></span>merger <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>Frontline <span class=\"_ _e\"></span>2012 <span class=\"_ _e\"></span>Ltd. <span class=\"_ _10\"></span>was $0.6 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>higher <span class=\"_ _11\"> </span>than <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>actual <span class=\"_ _11\"> </span>profit <span class=\"_ _11\"> </span>share <span class=\"_ _11\"> </span>expense <span class=\"_ _11\"> </span>payable <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>SFL, <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>no <span class=\"_ _11\"> </span>profit <span class=\"_ _11\"> </span>share <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>payable <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>period. <span class=\"_ _11\"> </span>The Company <span class=\"_ _27\"> </span>recorded <span class=\"_ _27\"> </span>contingent <span class=\"_ _27\"> </span>rental <span class=\"_ _27\"> </span>income <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$3.6 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>2021 <span class=\"_ _27\"> </span>primarily <span class=\"_ _27\"> </span>due <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>fact <span class=\"_ _27\"> </span>that <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>actual <span class=\"_ _27\"> </span>profit <span class=\"_ _28\"> </span>share expense <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$0.3 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>$3.6 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>less <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>amount <span class=\"_ _d\"></span>accrued <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>leases were recorded at fair value at the time of the merger be<span class=\"_ _1\"></span>tween the Company and Frontline 2012 Ltd.In <span class=\"_ _d\"></span>January <span class=\"_ _e\"></span>2014, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>commenced <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>pooling <span class=\"_ _e\"></span>arrangement <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>SFL, <span class=\"_ _e\"></span>between <span class=\"_ _e\"></span>two <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _d\"></span>Suezmax <span class=\"_ _e\"></span>tankers<span class=\"ff3\"> <span class=\"_ _e\"></span>Front</span> <span class=\"_ _e\"></span><span class=\"ff3\">Odin</span> and <span class=\"_ _27\"> </span><span class=\"ff3\">Front <span class=\"_ _28\"> </span>Njord</span> <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>two <span class=\"_ _28\"> </span>SFL <span class=\"_ _27\"> </span>vessels <span class=\"_ _28\"> </span><span class=\"ff3\">Glorycrown</span> <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span><span class=\"ff3\">Everbright.</span> <span class=\"_ _27\"> </span>In <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _28\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _28\"> </span>31, <span class=\"_ _27\"> </span>2022, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company recognized a loss of $0.1 million (2021: $0.3 million gain) in relati<span class=\"_ _1\"></span>on to the pooling arrangement which is payable from SFL. In November <span class=\"_ _d\"></span>2021, the <span class=\"_ _d\"></span>Company announced <span class=\"_ _d\"></span>that it <span class=\"_ _d\"></span>had entered <span class=\"_ _d\"></span>into an <span class=\"_ _d\"></span>agreement to <span class=\"_ _d\"></span>sell four <span class=\"_ _d\"></span>of its <span class=\"_ _d\"></span>scrubber fitted <span class=\"_ _d\"></span>LR2 tankers for <span class=\"_ _d\"></span>an aggregate <span class=\"_ _d\"></span>sale <span class=\"_ _d\"></span>price of <span class=\"_ _d\"></span>$160.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>to SFL <span class=\"_ _d\"></span>Tanker <span class=\"_ _d\"></span>Holding <span class=\"_ _d\"></span>Ltd., a <span class=\"_ _d\"></span>company <span class=\"_ _d\"></span>related to <span class=\"_ _d\"></span>Hemen, <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>largest shareholder. Two <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>delivered <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>new <span class=\"_ _11\"> </span>owners <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>2021 <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>remaining <span class=\"_ _10\"></span>two <span class=\"_ _11\"> </span>vessels <span class=\"_ _10\"></span>were <span class=\"_ _11\"> </span>delivered <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>new owners <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>January <span class=\"_ _f\"> </span>2022. <span class=\"_ _11\"> </span>After <span class=\"_ _f\"> </span>repayment <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>debt <span class=\"_ _f\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>transaction <span class=\"_ _f\"> </span>generated <span class=\"_ _11\"> </span>total <span class=\"_ _11\"> </span>net <span class=\"_ _11\"> </span>cash <span class=\"_ _f\"> </span>proceeds <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$68.6 million, <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>net <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>proceeds <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$35.1 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>company <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>gain on sale <span class=\"_ _d\"></span>in relation <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>first two <span class=\"_ _d\"></span>vessels of <span class=\"_ _d\"></span>$3.2 million in <span class=\"_ _d\"></span>the year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>and a <span class=\"_ _d\"></span>gain of <span class=\"_ _d\"></span>$4.6 million <span class=\"_ _d\"></span>in the year ended December 31, 2022.Transactions with associated companies In <span class=\"_ _10\"></span>September <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>increased <span class=\"_ _11\"> </span>its <span class=\"_ _11\"> </span>investment <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>Clean <span class=\"_ _11\"> </span>Marine <span class=\"_ _11\"> </span>AS <span class=\"_ _10\"></span>through <span class=\"_ _11\"> </span>FMS <span class=\"_ _11\"> </span>Holdco <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>$1.5 <span class=\"_ _11\"> </span>million. <span class=\"_ _10\"></span>FMS Holdco <span class=\"_ _11\"> </span>entered <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>sale <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>purchase <span class=\"_ _11\"> </span>agreement <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>Clue <span class=\"_ _f\"> </span>AS <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>purchase <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>Clue's <span class=\"_ _11\"> </span>equity <span class=\"_ _11\"> </span>share <span class=\"_ _f\"> </span>interests <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>Clean Marine Pte. Ltd. Following the transaction, Frontline <span class=\"_ _d\"></span>owns an effective 43.60% interest in Clean Marine <span class=\"_ _d\"></span>AS which is accounted for <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>method. <span class=\"_ _10\"></span>As <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>investment <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>Clean <span class=\"_ _10\"></span>Marine <span class=\"_ _e\"></span>AS <span class=\"_ _10\"></span>was <span class=\"_ _e\"></span>$1.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>(2021: $0.6 <span class=\"_ _10\"></span>million). <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>year <span class=\"_ _10\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>share <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>losses <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>Clean <span class=\"_ _10\"></span>Marine <span class=\"_ _10\"></span>AS <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>$0.6 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>(2021: <span class=\"_ _10\"></span>$<span class=\"_ _d\"></span>nil) <span class=\"_ _10\"></span>was recognized.The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>accounts <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>15% <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>share <span class=\"_ _e\"></span>capital <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>TFG <span class=\"_ _e\"></span>Marine <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>method. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December 31, 2022, a share of profits of <span class=\"_ _d\"></span>TFG Marine of $14.8 million (2021: $0.7 million losses) was <span class=\"_ _d\"></span>recognized. As a result of the losses up <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>advanced <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>shareholder <span class=\"_ _10\"></span>loan <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>$1.5 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>TFG <span class=\"_ _e\"></span>Marine <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>2021. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company subsequently <span class=\"_ _11\"> </span>converted <span class=\"_ _11\"> </span>$0.1 <span class=\"_ _11\"> </span>million <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>shareholder <span class=\"_ _11\"> </span>loan <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>equity. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _11\"> </span>has <span class=\"_ _11\"> </span>also <span class=\"_ _f\"> </span>entered <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>bunker <span class=\"_ _11\"> </span>supply arrangement with TFG <span class=\"_ _d\"></span>Marine, under <span class=\"_ _d\"></span>which it <span class=\"_ _d\"></span>has paid $434.4 <span class=\"_ _d\"></span>million (2021: <span class=\"_ _d\"></span>$240.5 million) to <span class=\"_ _d\"></span>TFG Marine <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>year ended December 31, <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and $14.8 <span class=\"_ _d\"></span>million (2021: <span class=\"_ _d\"></span>$20.6 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>January 1, <span class=\"_ _d\"></span>2021: <span class=\"_ _d\"></span>$5.4 million) <span class=\"_ _d\"></span>remains due <span class=\"_ _d\"></span>as of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2022. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>also <span class=\"_ _e\"></span>agreed <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>provide <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>guarantee <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>respect <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>performance <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>subsidiaries, <span class=\"_ _d\"></span>and two <span class=\"_ _d\"></span>subsidiaries of <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>affiliate of <span class=\"_ _d\"></span>Hemen, <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>a bunker <span class=\"_ _d\"></span>supply <span class=\"_ _d\"></span>arrangement <span class=\"_ _d\"></span>with TFG <span class=\"_ _d\"></span>Marine. <span class=\"_ _d\"></span>As <span class=\"_ _d\"></span>of December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and 2021, <span class=\"_ _f\"> </span>there <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>no <span class=\"_ _27\"> </span>amounts <span class=\"_ _f\"> </span>payable <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>this <span class=\"_ _27\"> </span>guarantee. <span class=\"_ _f\"> </span>In <span class=\"_ _f\"> </span>addition, <span class=\"_ _f\"> </span>should <span class=\"_ _f\"> </span>TFG <span class=\"_ _27\"> </span>Marine <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>required <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>provide <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>parent company <span class=\"_ _d\"></span>guarantee <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>its <span class=\"_ _d\"></span>bunker <span class=\"_ _d\"></span>suppliers <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>providers <span class=\"_ _d\"></span>then <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>any <span class=\"_ _d\"></span>guarantee <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>provided <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Trafigura <span class=\"_ _d\"></span>Group and becomes <span class=\"_ _d\"></span>payable, the <span class=\"_ _d\"></span>Company shall <span class=\"_ _d\"></span>pay a <span class=\"_ _d\"></span>pro-rata amount <span class=\"_ _d\"></span>based on <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>share of <span class=\"_ _d\"></span>the equity <span class=\"_ _d\"></span>in TFG <span class=\"_ _d\"></span>Marine. The <span class=\"_ _d\"></span>maximum liability <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>this <span class=\"_ _e\"></span>guarantee <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>$6.0 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>no <span class=\"_ _10\"></span>amounts <span class=\"_ _e\"></span>payable <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>this <span class=\"_ _10\"></span>guarantee <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022 and 2021.Transactions with other affiliates of HemenIn <span class=\"_ _28\"> </span>June <span class=\"_ _27\"> </span>2016, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>signed <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>$275.0 <span class=\"_ _28\"> </span>million <span class=\"_ _28\"> </span>senior <span class=\"_ _27\"> </span>unsecured <span class=\"_ _28\"> </span>facility <span class=\"_ _27\"> </span>agreement <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>affiliate <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Hemen, <span class=\"_ _28\"> </span>the Company's <span class=\"_ _10\"></span>largest <span class=\"_ _11\"> </span>shareholder. <span class=\"_ _11\"> </span>As <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021, <span class=\"_ _11\"> </span>up <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>$215.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>remained <span class=\"_ _11\"> </span>available <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>undrawn. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>November 2021, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>extended <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>terms <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>facility <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>May <span class=\"_ _e\"></span>2023. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the Company <span class=\"_ _27\"> </span>drew <span class=\"_ _27\"> </span>down <span class=\"_ _28\"> </span>$149.7 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>facility <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>installments <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>six <span class=\"_ _27\"> </span>VLCCs <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>construction, <span class=\"_ _27\"> </span>the deposits on <span class=\"_ _d\"></span>two <span class=\"_ _d\"></span>2019 <span class=\"_ _d\"></span>built VLCCs <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>for general <span class=\"_ _d\"></span>corporate <span class=\"_ _d\"></span>purposes. In <span class=\"_ _d\"></span>November <span class=\"_ _d\"></span>2022, the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>extended the <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>of the <span class=\"_ _10\"></span>facility <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>May <span class=\"_ _10\"></span>2024 <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>an <span class=\"_ _10\"></span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>8.50% <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>otherwise <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>same <span class=\"_ _10\"></span>terms. <span class=\"_ _10\"></span>As <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, $209.7 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>(2021: <span class=\"_\"> </span>$209.7 <span class=\"_ _28\"> </span>million) <span class=\"_\"> </span>drawn <span class=\"_\"> </span>from <span class=\"_ _28\"> </span>this <span class=\"_\"> </span>facility <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_ _28\"> </span>recorded <span class=\"_\"> </span>as <span class=\"_\"> </span>l<span class=\"_ _1\"></span>ong-term <span class=\"_\"> </span>debt. <span class=\"_ _28\"> </span>In <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>year <span class=\"_\"> </span>ended December 31, 2022, the Company recognized interest expense of $13.3 mil<span class=\"_ _1\"></span>lion (2021: $8.2 million). In <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>chartered <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>five) <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>its <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>an <span class=\"_ _11\"> </span>affiliate <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>Hemen. <span class=\"_ _11\"> </span>The charters <span class=\"_ _d\"></span>had <span class=\"_ _e\"></span>terms <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>less <span class=\"_ _d\"></span>than <span class=\"_ _e\"></span>6 <span class=\"_ _e\"></span>months. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>revenue <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>$5.6 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>(2021: <span class=\"_ _e\"></span>$2.9 <span class=\"_ _d\"></span>million) <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to these charters in the year ended December 31, 2022.SummaryA <span class=\"_ _f\"> </span>summary <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>income <span class=\"_ _f\"> </span>(expenses) <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>related <span class=\"_ _f\"> </span>party <span class=\"_ _f\"> </span>transactions <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>years <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span>2021</span>Seatankers Management Co. Ltd<span class=\"_ _165\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>866 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,810 SFL<span class=\"_ _99\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,751 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,555 Golden Ocean<span class=\"_ _20c\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,061 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,912 Seatankers Management Norway AS <span class=\"_ _20d\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(516) <span class=\"_ _2a\"> </span></span> <span class=\"_ _1d\"> </span>(461) Alta Trading UK Limited<span class=\"_ _20e\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,617 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,942 Seadrill Limited<span class=\"_ _1c7\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>277 Archer Limited <span class=\"_ _20f\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>143 Flex LNG Ltd<span class=\"_ _210\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,242 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,637 Avance Gas<span class=\"_ _211\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,191 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,404 TFG Marine<span class=\"_ _212\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>627 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>786 Front Ocean Management<span class=\"_ _213\"> </span><span class=\"ff1\"> <span class=\"_ _c4\"> </span>(1,966) <span class=\"_ _2a\"> </span></span> <span class=\"_ _1d\"> </span>(252) Other related parties<span class=\"_ _18e\"> </span><span class=\"ff1\"> <span class=\"_ _1c4\"> </span>9 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>208 Amounts <span class=\"_ _29\"> </span>earned <span class=\"_\"> </span>from <span class=\"_ _29\"> </span>other <span class=\"_ _29\"> </span>related <span class=\"_ _29\"> </span>parties <span class=\"_ _29\"> </span>comprise <span class=\"_\"> </span>office <span class=\"_ _29\"> </span>rental <span class=\"_ _29\"> </span>income, <span class=\"_ _29\"> </span>technical <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>commercial <span class=\"_ _29\"> </span>management <span class=\"_\"> </span>fees, newbuilding <span class=\"_ _10\"></span>supervision <span class=\"_ _10\"></span>fees, <span class=\"_ _10\"></span>freights, <span class=\"_ _10\"></span>administrative <span class=\"_ _10\"></span>services <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>interest <span class=\"_ _10\"></span>income. <span class=\"_ _10\"></span>Amounts <span class=\"_ _10\"></span>paid <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>related <span class=\"_ _10\"></span>parties <span class=\"_ _10\"></span>comprise primarily rental for office space, support staff costs, corporate adm<span class=\"_ _1\"></span>inistration and guarantee fees. Related party balancesA summary of balances due from related parties at Decembe<span class=\"_ _1\"></span>r 31, 2022 and 2021 and January 1, 2021 is as follows:December 31, December 31, January 1, (in thousands of $)202220212021SFL<span class=\"_ _214\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,505 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,886 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>4,835 Seatankers Management Co. Ltd<span class=\"_ _f8\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,368 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,546 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,578 Archer Limited<span class=\"_ _165\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>30 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>88 Golden Ocean<span class=\"_ _215\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>6,964 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,376 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,336 Seadrill Limited<span class=\"_ _216\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>625 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>25 Alta Trading UK Limited<span class=\"_ _18b\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>60 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>280 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,263 Flex LNG Ltd<span class=\"_ _217\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>303 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>425 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>366 TFG Marine<span class=\"_ _218\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>28 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>199 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>16 Avance Gas<span class=\"_ _219\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>695 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>737 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>540 Front Ocean Management<span class=\"_ _192\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>473 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>402 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Other related parties<span class=\"_ _a4\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>89 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>170 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>208  <span class=\"_ _1be\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>13,485 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>11,676 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,255 A summary of balances due to related parties at Decembe<span class=\"_ _1\"></span>r 31, 2022, 2021 and January 1, 2021 is as follows:December 31, December 31, January 1, (in thousands of $)202220212021SFL<span class=\"_ _214\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>6,702 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>6,878 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>8,978 Seatankers Management Co. Ltd<span class=\"_ _f8\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>351 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,226 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,147 Golden Ocean<span class=\"_ _215\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>8,470 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>6,016 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,040 Flex LNG Ltd<span class=\"_ _217\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>158 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>191 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>143 TFG Marine <span class=\"_ _0\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>14,831 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>20,605 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>5,369 Front Ocean Management<span class=\"_ _192\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>286 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Avance Gas<span class=\"_ _219\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>450 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>334 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>176  <span class=\"_ _1be\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>31,248 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>36,250 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>19,853 Transactions with key management personnelThe total amount of the remuneration earned by all direc<span class=\"_ _1\"></span>tors and key management personnel for their services as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Total remuneration<span class=\"_ _21a\"> </span> <span class=\"_ _12\"> </span>3,767 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _15\"> </span>784 </span>of which:Paid in capacity as directors<span class=\"_ _12c\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,678 <span class=\"_ _37\"> </span></span> <span class=\"_ _f6\"> </span>377 Other remuneration<span class=\"_ _1c1\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,089 <span class=\"_ _37\"> </span></span> <span class=\"_ _15\"> </span>407 The <span class=\"_ _10\"></span>Directors <span class=\"_ _10\"></span>annually <span class=\"_ _11\"> </span>review <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>remuneration <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>members <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>key <span class=\"_ _11\"> </span>management <span class=\"_ _10\"></span>personnel. <span class=\"_ _10\"></span>Directors' <span class=\"_ _10\"></span>fees <span class=\"_ _11\"> </span>are <span class=\"_ _10\"></span>approved annually <span class=\"_ _11\"> </span>at <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>AGM. <span class=\"_ _f\"> </span>No <span class=\"_ _f\"> </span>pensions <span class=\"_ _f\"> </span>were <span class=\"_ _11\"> </span>paid <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>directors <span class=\"_ _11\"> </span>or <span class=\"_ _f\"> </span>past <span class=\"_ _11\"> </span>directors. <span class=\"_ _f\"> </span>No <span class=\"_ _f\"> </span>compensation <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>paid <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>directors <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>past directors in respect of <span class=\"_ _d\"></span>loss of office. Total remuneration consists <span class=\"_ _d\"></span>of a fixed and <span class=\"_ _d\"></span>a variable component and can <span class=\"_ _d\"></span>be summarized as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Total fixed remuneration<span class=\"_ _106\"> </span> <span class=\"_ _15\"> </span>863 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _15\"> </span>689 </span>of which:Cost of pension<span class=\"_ _1c8\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>22 <span class=\"_ _37\"> </span></span> <span class=\"_ _ba\"> </span>24 Total variable remuneration<span class=\"_ _0\"> </span> <span class=\"_ _12\"> </span>2,904 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _104\"> </span>96 </span>of which:Share based payments<span class=\"_ _21b\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,679 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>96 In <span class=\"_ _e\"></span>July <span class=\"_ _10\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>issued <span class=\"_ _e\"></span>339,000 <span class=\"_ _10\"></span>ordinary <span class=\"_ _e\"></span>shares <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>share <span class=\"_ _e\"></span>option <span class=\"_ _10\"></span>scheme <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>strike <span class=\"_ _e\"></span>price <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>$5.70 <span class=\"_ _10\"></span>per <span class=\"_ _e\"></span>share. The <span class=\"_ _11\"> </span>shares <span class=\"_ _f\"> </span>were <span class=\"_ _11\"> </span>issued <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>John <span class=\"_ _f\"> </span>Fredriksen <span class=\"_ _11\"> </span>(198,000 <span class=\"_ _f\"> </span>shares), <span class=\"_ _11\"> </span>Inger <span class=\"_ _f\"> </span>M. <span class=\"_ _11\"> </span>Klemp <span class=\"_ _f\"> </span>(120,000 <span class=\"_ _11\"> </span>shares), <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>Ola <span class=\"_ _f\"> </span>Lorentzon <span class=\"_ _11\"> </span>(21,000 shares).In <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>the Board <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Directors <span class=\"_ _d\"></span>approved <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>grant <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>1,280,000 <span class=\"_ _d\"></span>synthetic <span class=\"_ _d\"></span>options <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>employees and <span class=\"_ _d\"></span>board <span class=\"_ _d\"></span>members according to <span class=\"_ _d\"></span>the rules of <span class=\"_ _d\"></span>the Company\u2019s <span class=\"_ _d\"></span>synthetic option <span class=\"_ _d\"></span>scheme approved on <span class=\"_ _d\"></span>December 7, <span class=\"_ _d\"></span>2021. The <span class=\"_ _d\"></span>synthetic options <span class=\"_ _d\"></span> have <span class=\"_ _d\"></span>a five <span class=\"_ _e\"></span>year <span class=\"_ _10\"></span>term <span class=\"_ _e\"></span>expiring <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>2026. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>vesting <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>first <span class=\"_ _10\"></span>27.5% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>options, <span class=\"_ _e\"></span>24 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the next <span class=\"_ _e\"></span>27.5% <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>options <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>36 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>final <span class=\"_ _10\"></span>45% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>options. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>synthetic <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>will <span class=\"_ _10\"></span>be <span class=\"_ _e\"></span>settled <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the difference <span class=\"_ _d\"></span>between <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>market <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>exercise <span class=\"_ _d\"></span>price <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>date <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>exercise, <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>such, <span class=\"_ _d\"></span>have been classified as a liability.See Note 5, Note 10, Note 16, Note 18,  Note 24 and Note 26 for details regarding other re<span class=\"_ _1\"></span>lated party transactions and balances.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__107": {
   "value": "23.<span class=\"_ _95\"> </span>RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIESWe <span class=\"_ _28\"> </span>transact <span class=\"_ _28\"> </span>business <span class=\"_\"> </span>with <span class=\"_ _28\"> </span>the <span class=\"_ _28\"> </span>following <span class=\"_ _28\"> </span>related <span class=\"_ _28\"> </span>parties <span class=\"_ _28\"> </span>and <span class=\"_\"> </span>affiliat<span class=\"_ _1\"></span>ed <span class=\"_ _28\"> </span>companies, <span class=\"_\"> </span>be<span class=\"_ _1\"></span>ing <span class=\"_ _28\"> </span>companies <span class=\"_\"> </span>i<span class=\"_ _1\"></span>n <span class=\"_ _28\"> </span>which <span class=\"_\"> </span>Hemen <span class=\"_ _28\"> </span>and companies associated <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>Hemen <span class=\"_ _d\"></span>have <span class=\"_ _d\"></span>significant influence <span class=\"_ _d\"></span>or <span class=\"_ _d\"></span>control: SFL, <span class=\"_ _d\"></span>Seatankers <span class=\"_ _d\"></span>Management <span class=\"_ _d\"></span>Norway <span class=\"_ _d\"></span>AS, Seatankers Management <span class=\"_ _d\"></span>Co. <span class=\"_ _d\"></span>Ltd, <span class=\"_ _d\"></span>Golden <span class=\"_ _d\"></span>Ocean, <span class=\"_ _d\"></span>Alta Trading <span class=\"_ _d\"></span>UK <span class=\"_ _d\"></span>Limited, <span class=\"_ _d\"></span>Archer <span class=\"_ _d\"></span>Limited, <span class=\"_ _d\"></span>Flex <span class=\"_ _d\"></span>LNG <span class=\"_ _d\"></span>Ltd, <span class=\"_ _d\"></span>Avance <span class=\"_ _d\"></span>Gas <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Front <span class=\"_ _d\"></span>Ocean Management AS. <span class=\"_ _d\"></span>We <span class=\"_ _d\"></span>also <span class=\"_ _d\"></span>own <span class=\"_ _d\"></span>interests in <span class=\"_ _d\"></span>TFG <span class=\"_ _d\"></span>Marine <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>Clean Marine <span class=\"_ _d\"></span>AS <span class=\"_ _d\"></span>(through <span class=\"_ _d\"></span>our <span class=\"_ _d\"></span>interest in <span class=\"_ _d\"></span>FMS <span class=\"_ _d\"></span>Holdco) <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>are accounted for as equity method investments.SFL TransactionsSFL <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>counterparty <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>leases <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>2004-built <span class=\"_ _d\"></span>VLCCs, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _e\"></span>Force <span class=\"_ _d\"></span></span>and<span class=\"ff3\"> <span class=\"_ _d\"></span>Front <span class=\"_ _e\"></span>Energy,</span> <span class=\"_ _d\"></span>which <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company<span class=\"ff3\"> <span class=\"_ _d\"></span></span>held <span class=\"_ _e\"></span>as Right-of-use <span class=\"_ _27\"> </span>assets <span class=\"_ _28\"> </span>at <span class=\"_ _27\"> </span>December <span class=\"_ _28\"> </span>31, <span class=\"_ _27\"> </span>2021. <span class=\"_ _28\"> </span>In <span class=\"_ _28\"> </span>April <span class=\"_ _27\"> </span>2022, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>announced <span class=\"_ _27\"> </span>that <span class=\"_ _28\"> </span>its <span class=\"_ _27\"> </span>subsidiary <span class=\"_ _28\"> </span>Frontline <span class=\"_ _27\"> </span>Shipping Limited <span class=\"_ _d\"></span>had <span class=\"_ _d\"></span>agreed <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>SFL <span class=\"_ _e\"></span>to <span class=\"_ _d\"></span>terminate <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>long-term <span class=\"_ _d\"></span>charters <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>these <span class=\"_ _d\"></span>vessels <span class=\"_ _e\"></span>upon <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>sale <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>vessels <span class=\"_ _d\"></span>by SFL <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>an <span class=\"_ _28\"> </span>unrelated <span class=\"_ _28\"> </span>third <span class=\"_\"> </span>pa<span class=\"_ _1\"></span>rty. <span class=\"_ _28\"> </span>The <span class=\"_\"> </span>Company <span class=\"_ _28\"> </span>agreed <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>a <span class=\"_ _28\"> </span>total <span class=\"_ _28\"> </span>compensation <span class=\"_ _28\"> </span>payment <span class=\"_ _28\"> </span>to <span class=\"_\"> </span>SFL <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>$4.5 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>for <span class=\"_ _28\"> </span>the termination <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>charters. <span class=\"_ _27\"> </span>The <span class=\"_ _27\"> </span>charters <span class=\"_ _f\"> </span>terminated <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>vessels <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>delivered <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>new <span class=\"_ _f\"> </span>owners <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>April <span class=\"_ _f\"> </span>2022. <span class=\"_ _27\"> </span>The Company recorded a loss on termination of $0.4 million in the year e<span class=\"_ _1\"></span>nded December 31, 2022.Furthermore, <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>Shipping <span class=\"_ _e\"></span>Limited <span class=\"_ _d\"></span>(\"FSL\"), <span class=\"_ _e\"></span>a <span class=\"_ _d\"></span>wholly <span class=\"_ _e\"></span>owned <span class=\"_ _d\"></span>subsidiary <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>chartering <span class=\"_ _d\"></span>counterparty with SFL had agreed to certain dividend restrictions. In order to make or pay any dividend or other distribution to the Company, FSL <span class=\"_ _27\"> </span>shall <span class=\"_ _27\"> </span>demonstrate <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>cash <span class=\"_ _27\"> </span>buffer <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>$2.0 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>per <span class=\"_ _28\"> </span>vessel <span class=\"_ _27\"> </span>both <span class=\"_ _27\"> </span>prior <span class=\"_ _27\"> </span>to <span class=\"_ _28\"> </span>and <span class=\"_ _27\"> </span>following <span class=\"_ _27\"> </span>such <span class=\"_ _28\"> </span>payment, <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>following payment <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>next <span class=\"_ _10\"></span>monthly <span class=\"_ _e\"></span>hire <span class=\"_ _10\"></span>due <span class=\"_ _10\"></span>plus <span class=\"_ _10\"></span>any <span class=\"_ _e\"></span>profit <span class=\"_ _10\"></span>share <span class=\"_ _10\"></span>accrued <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>agreement. <span class=\"_ _e\"></span>As <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022 <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>cash held by <span class=\"_ _d\"></span>Frontline <span class=\"_ _d\"></span>Shipping Limited, <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>respect to <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>leases was <span class=\"_ _d\"></span>nil <span class=\"_ _d\"></span>(2021: $2.0 <span class=\"_ _d\"></span>million, <span class=\"_ _d\"></span>January 1, <span class=\"_ _d\"></span>2021: <span class=\"_ _d\"></span>$15.6 <span class=\"_ _d\"></span>million), and these amounts were included in \"Cash and cash equivalents\".A summary of leasing transactions with SFL in the years ended Dece<span class=\"_ _1\"></span>mber 31, 2022 and 2021 are as follows;(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Charter hire paid (principal and interest)<span class=\"_ _103\"> </span> <span class=\"_ _12\"> </span>1,980 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>7,830 Lease termination (receipts) payments<span class=\"_ _208\"> </span> <span class=\"_ _12\"> </span>4,456 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>\u2014 Lease interest expense<span class=\"_ _209\"> </span> <span class=\"_ _15\"> </span>937 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,895 Contingent rental income<span class=\"_ _20a\"> </span> <span class=\"_ _1d\"> </span>(623) <span class=\"_ _2a\"> </span> <span class=\"_ _c4\"> </span>(3,606) Remaining lease obligation<span class=\"_ _20b\"> </span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span> <span class=\"_ _b8\"> </span>48,466 Contingent <span class=\"_ _11\"> </span>rental <span class=\"_ _f\"> </span>income <span class=\"_ _f\"> </span>recorded <span class=\"_ _11\"> </span>in <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>was <span class=\"_ _f\"> </span>primarily <span class=\"_ _f\"> </span>due <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>fact <span class=\"_ _f\"> </span>that <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>profit <span class=\"_ _11\"> </span>share <span class=\"_ _f\"> </span>expense <span class=\"_ _f\"> </span>accrued <span class=\"_ _f\"> </span>in <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>lease obligation <span class=\"_ _e\"></span>payable <span class=\"_ _e\"></span>when <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>leases <span class=\"_ _e\"></span>were <span class=\"_ _e\"></span>recorded <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>fair <span class=\"_ _e\"></span>value <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>time <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>Frontline's <span class=\"_ _e\"></span>merger <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>Frontline <span class=\"_ _e\"></span>2012 <span class=\"_ _e\"></span>Ltd. <span class=\"_ _10\"></span>was $0.6 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>higher <span class=\"_ _11\"> </span>than <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>actual <span class=\"_ _11\"> </span>profit <span class=\"_ _11\"> </span>share <span class=\"_ _11\"> </span>expense <span class=\"_ _11\"> </span>payable <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>SFL, <span class=\"_ _11\"> </span>as <span class=\"_ _11\"> </span>no <span class=\"_ _11\"> </span>profit <span class=\"_ _11\"> </span>share <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>payable <span class=\"_ _11\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>period. <span class=\"_ _11\"> </span>The Company <span class=\"_ _27\"> </span>recorded <span class=\"_ _27\"> </span>contingent <span class=\"_ _27\"> </span>rental <span class=\"_ _27\"> </span>income <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>$3.6 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>in <span class=\"_ _28\"> </span>2021 <span class=\"_ _27\"> </span>primarily <span class=\"_ _27\"> </span>due <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>fact <span class=\"_ _27\"> </span>that <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>actual <span class=\"_ _27\"> </span>profit <span class=\"_ _28\"> </span>share expense <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$0.3 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>was <span class=\"_ _d\"></span>$3.6 <span class=\"_ _d\"></span>million <span class=\"_ _e\"></span>less <span class=\"_ _d\"></span>than <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>amount <span class=\"_ _d\"></span>accrued <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>lease <span class=\"_ _d\"></span>obligation <span class=\"_ _d\"></span>payable <span class=\"_ _d\"></span>when <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>leases were recorded at fair value at the time of the merger be<span class=\"_ _1\"></span>tween the Company and Frontline 2012 Ltd.In <span class=\"_ _d\"></span>January <span class=\"_ _e\"></span>2014, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _e\"></span>commenced <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>pooling <span class=\"_ _e\"></span>arrangement <span class=\"_ _e\"></span>with <span class=\"_ _d\"></span>SFL, <span class=\"_ _e\"></span>between <span class=\"_ _e\"></span>two <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _d\"></span>Suezmax <span class=\"_ _e\"></span>tankers<span class=\"ff3\"> <span class=\"_ _e\"></span>Front</span> <span class=\"_ _e\"></span><span class=\"ff3\">Odin</span> and <span class=\"_ _27\"> </span><span class=\"ff3\">Front <span class=\"_ _28\"> </span>Njord</span> <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>two <span class=\"_ _28\"> </span>SFL <span class=\"_ _27\"> </span>vessels <span class=\"_ _28\"> </span><span class=\"ff3\">Glorycrown</span> <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span><span class=\"ff3\">Everbright.</span> <span class=\"_ _27\"> </span>In <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>year <span class=\"_ _28\"> </span>ended <span class=\"_ _27\"> </span>December <span class=\"_ _28\"> </span>31, <span class=\"_ _27\"> </span>2022, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company recognized a loss of $0.1 million (2021: $0.3 million gain) in relati<span class=\"_ _1\"></span>on to the pooling arrangement which is payable from SFL. In November <span class=\"_ _d\"></span>2021, the <span class=\"_ _d\"></span>Company announced <span class=\"_ _d\"></span>that it <span class=\"_ _d\"></span>had entered <span class=\"_ _d\"></span>into an <span class=\"_ _d\"></span>agreement to <span class=\"_ _d\"></span>sell four <span class=\"_ _d\"></span>of its <span class=\"_ _d\"></span>scrubber fitted <span class=\"_ _d\"></span>LR2 tankers for <span class=\"_ _d\"></span>an aggregate <span class=\"_ _d\"></span>sale <span class=\"_ _d\"></span>price of <span class=\"_ _d\"></span>$160.0 <span class=\"_ _d\"></span>million <span class=\"_ _d\"></span>to SFL <span class=\"_ _d\"></span>Tanker <span class=\"_ _d\"></span>Holding <span class=\"_ _d\"></span>Ltd., a <span class=\"_ _d\"></span>company <span class=\"_ _d\"></span>related to <span class=\"_ _d\"></span>Hemen, <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>largest shareholder. Two <span class=\"_ _10\"></span>vessels <span class=\"_ _11\"> </span>were <span class=\"_ _10\"></span>delivered <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>new <span class=\"_ _11\"> </span>owners <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>2021 <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>remaining <span class=\"_ _10\"></span>two <span class=\"_ _11\"> </span>vessels <span class=\"_ _10\"></span>were <span class=\"_ _11\"> </span>delivered <span class=\"_ _10\"></span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>new owners <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>January <span class=\"_ _f\"> </span>2022. <span class=\"_ _11\"> </span>After <span class=\"_ _f\"> </span>repayment <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>debt <span class=\"_ _f\"> </span>on <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>vessels, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>transaction <span class=\"_ _f\"> </span>generated <span class=\"_ _11\"> </span>total <span class=\"_ _11\"> </span>net <span class=\"_ _11\"> </span>cash <span class=\"_ _f\"> </span>proceeds <span class=\"_ _11\"> </span>of <span class=\"_ _f\"> </span>$68.6 million, <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>net <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>proceeds <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$35.1 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>year <span class=\"_ _d\"></span>ended <span class=\"_ _d\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _d\"></span>2022. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>company <span class=\"_ _d\"></span>recorded <span class=\"_ _d\"></span>a <span class=\"_ _e\"></span>gain on sale <span class=\"_ _d\"></span>in relation <span class=\"_ _d\"></span>to the <span class=\"_ _d\"></span>first two <span class=\"_ _d\"></span>vessels of <span class=\"_ _d\"></span>$3.2 million in <span class=\"_ _d\"></span>the year <span class=\"_ _d\"></span>ended December <span class=\"_ _d\"></span>31, 2021 <span class=\"_ _d\"></span>and a <span class=\"_ _d\"></span>gain of <span class=\"_ _d\"></span>$4.6 million <span class=\"_ _d\"></span>in the year ended December 31, 2022.Transactions with associated companies In <span class=\"_ _10\"></span>September <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _10\"></span>increased <span class=\"_ _11\"> </span>its <span class=\"_ _11\"> </span>investment <span class=\"_ _10\"></span>in <span class=\"_ _11\"> </span>Clean <span class=\"_ _11\"> </span>Marine <span class=\"_ _11\"> </span>AS <span class=\"_ _10\"></span>through <span class=\"_ _11\"> </span>FMS <span class=\"_ _11\"> </span>Holdco <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>$1.5 <span class=\"_ _11\"> </span>million. <span class=\"_ _10\"></span>FMS Holdco <span class=\"_ _11\"> </span>entered <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>a <span class=\"_ _11\"> </span>sale <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>purchase <span class=\"_ _11\"> </span>agreement <span class=\"_ _11\"> </span>with <span class=\"_ _11\"> </span>Clue <span class=\"_ _f\"> </span>AS <span class=\"_ _11\"> </span>for <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>purchase <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>Clue's <span class=\"_ _11\"> </span>equity <span class=\"_ _11\"> </span>share <span class=\"_ _f\"> </span>interests <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>Clean Marine Pte. Ltd. Following the transaction, Frontline <span class=\"_ _d\"></span>owns an effective 43.60% interest in Clean Marine <span class=\"_ _d\"></span>AS which is accounted for <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>method. <span class=\"_ _10\"></span>As <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _e\"></span>2022, <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>value <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>investment <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>Clean <span class=\"_ _10\"></span>Marine <span class=\"_ _e\"></span>AS <span class=\"_ _10\"></span>was <span class=\"_ _e\"></span>$1.5 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>(2021: $0.6 <span class=\"_ _10\"></span>million). <span class=\"_ _10\"></span>In <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>year <span class=\"_ _10\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>share <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>losses <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>Clean <span class=\"_ _10\"></span>Marine <span class=\"_ _10\"></span>AS <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>$0.6 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>(2021: <span class=\"_ _10\"></span>$<span class=\"_ _d\"></span>nil) <span class=\"_ _10\"></span>was recognized.The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>accounts <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>its <span class=\"_ _e\"></span>15% <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>share <span class=\"_ _e\"></span>capital <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>TFG <span class=\"_ _e\"></span>Marine <span class=\"_ _d\"></span>under <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>equity <span class=\"_ _e\"></span>method. <span class=\"_ _e\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _e\"></span>December 31, 2022, a share of profits of <span class=\"_ _d\"></span>TFG Marine of $14.8 million (2021: $0.7 million losses) was <span class=\"_ _d\"></span>recognized. As a result of the losses up <span class=\"_ _10\"></span>to <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>advanced <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>shareholder <span class=\"_ _10\"></span>loan <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>$1.5 <span class=\"_ _10\"></span>million <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>TFG <span class=\"_ _e\"></span>Marine <span class=\"_ _10\"></span>in <span class=\"_ _10\"></span>2021. <span class=\"_ _10\"></span>The <span class=\"_ _10\"></span>Company subsequently <span class=\"_ _11\"> </span>converted <span class=\"_ _11\"> </span>$0.1 <span class=\"_ _11\"> </span>million <span class=\"_ _f\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>shareholder <span class=\"_ _11\"> </span>loan <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>equity. <span class=\"_ _11\"> </span>The <span class=\"_ _f\"> </span>Company <span class=\"_ _11\"> </span>has <span class=\"_ _11\"> </span>also <span class=\"_ _f\"> </span>entered <span class=\"_ _11\"> </span>into <span class=\"_ _11\"> </span>a <span class=\"_ _f\"> </span>bunker <span class=\"_ _11\"> </span>supply arrangement with TFG <span class=\"_ _d\"></span>Marine, under <span class=\"_ _d\"></span>which it <span class=\"_ _d\"></span>has paid $434.4 <span class=\"_ _d\"></span>million (2021: <span class=\"_ _d\"></span>$240.5 million) to <span class=\"_ _d\"></span>TFG Marine <span class=\"_ _d\"></span>in the <span class=\"_ _d\"></span>year ended December 31, <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and $14.8 <span class=\"_ _d\"></span>million (2021: <span class=\"_ _d\"></span>$20.6 <span class=\"_ _d\"></span>million and <span class=\"_ _d\"></span>January 1, <span class=\"_ _d\"></span>2021: <span class=\"_ _d\"></span>$5.4 million) <span class=\"_ _d\"></span>remains due <span class=\"_ _d\"></span>as of <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>31, 2022. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>also <span class=\"_ _e\"></span>agreed <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>provide <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _d\"></span>guarantee <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>respect <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>performance <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>subsidiaries, <span class=\"_ _d\"></span>and two <span class=\"_ _d\"></span>subsidiaries of <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>affiliate of <span class=\"_ _d\"></span>Hemen, <span class=\"_ _d\"></span>under <span class=\"_ _d\"></span>a bunker <span class=\"_ _d\"></span>supply <span class=\"_ _d\"></span>arrangement <span class=\"_ _d\"></span>with TFG <span class=\"_ _d\"></span>Marine. <span class=\"_ _d\"></span>As <span class=\"_ _d\"></span>of December <span class=\"_ _d\"></span>31, <span class=\"_ _d\"></span>2022 <span class=\"_ _d\"></span>and 2021, <span class=\"_ _f\"> </span>there <span class=\"_ _f\"> </span>are <span class=\"_ _f\"> </span>no <span class=\"_ _27\"> </span>amounts <span class=\"_ _f\"> </span>payable <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>this <span class=\"_ _27\"> </span>guarantee. <span class=\"_ _f\"> </span>In <span class=\"_ _f\"> </span>addition, <span class=\"_ _f\"> </span>should <span class=\"_ _f\"> </span>TFG <span class=\"_ _27\"> </span>Marine <span class=\"_ _f\"> </span>be <span class=\"_ _f\"> </span>required <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>provide <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>parent company <span class=\"_ _d\"></span>guarantee <span class=\"_ _d\"></span>to <span class=\"_ _e\"></span>its <span class=\"_ _d\"></span>bunker <span class=\"_ _d\"></span>suppliers <span class=\"_ _e\"></span>or <span class=\"_ _d\"></span>finance <span class=\"_ _e\"></span>providers <span class=\"_ _d\"></span>then <span class=\"_ _d\"></span>for <span class=\"_ _e\"></span>any <span class=\"_ _d\"></span>guarantee <span class=\"_ _e\"></span>that <span class=\"_ _d\"></span>is <span class=\"_ _d\"></span>provided <span class=\"_ _e\"></span>by <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Trafigura <span class=\"_ _d\"></span>Group and becomes <span class=\"_ _d\"></span>payable, the <span class=\"_ _d\"></span>Company shall <span class=\"_ _d\"></span>pay a <span class=\"_ _d\"></span>pro-rata amount <span class=\"_ _d\"></span>based on <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>share of <span class=\"_ _d\"></span>the equity <span class=\"_ _d\"></span>in TFG <span class=\"_ _d\"></span>Marine. The <span class=\"_ _d\"></span>maximum liability <span class=\"_ _e\"></span>under <span class=\"_ _10\"></span>this <span class=\"_ _e\"></span>guarantee <span class=\"_ _e\"></span>is <span class=\"_ _10\"></span>$6.0 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>there <span class=\"_ _10\"></span>are <span class=\"_ _e\"></span>no <span class=\"_ _10\"></span>amounts <span class=\"_ _e\"></span>payable <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>this <span class=\"_ _10\"></span>guarantee <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022 and 2021.Transactions with other affiliates of HemenIn <span class=\"_ _28\"> </span>June <span class=\"_ _27\"> </span>2016, <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>Company <span class=\"_ _28\"> </span>signed <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>$275.0 <span class=\"_ _28\"> </span>million <span class=\"_ _28\"> </span>senior <span class=\"_ _27\"> </span>unsecured <span class=\"_ _28\"> </span>facility <span class=\"_ _27\"> </span>agreement <span class=\"_ _28\"> </span>with <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>affiliate <span class=\"_ _28\"> </span>of <span class=\"_ _27\"> </span>Hemen, <span class=\"_ _28\"> </span>the Company's <span class=\"_ _10\"></span>largest <span class=\"_ _11\"> </span>shareholder. <span class=\"_ _11\"> </span>As <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>1, <span class=\"_ _11\"> </span>2021, <span class=\"_ _11\"> </span>up <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>$215.0 <span class=\"_ _11\"> </span>million <span class=\"_ _11\"> </span>remained <span class=\"_ _11\"> </span>available <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>undrawn. <span class=\"_ _11\"> </span>In <span class=\"_ _11\"> </span>November 2021, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>extended <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>terms <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>facility <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>May <span class=\"_ _e\"></span>2023. <span class=\"_ _10\"></span>In <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>year <span class=\"_ _e\"></span>ended <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2021, <span class=\"_ _10\"></span>the Company <span class=\"_ _27\"> </span>drew <span class=\"_ _27\"> </span>down <span class=\"_ _28\"> </span>$149.7 <span class=\"_ _27\"> </span>million <span class=\"_ _27\"> </span>under <span class=\"_ _27\"> </span>the <span class=\"_ _28\"> </span>facility <span class=\"_ _27\"> </span>to <span class=\"_ _27\"> </span>finance <span class=\"_ _27\"> </span>installments <span class=\"_ _27\"> </span>for <span class=\"_ _28\"> </span>the <span class=\"_ _27\"> </span>six <span class=\"_ _27\"> </span>VLCCs <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>construction, <span class=\"_ _27\"> </span>the deposits on <span class=\"_ _d\"></span>two <span class=\"_ _d\"></span>2019 <span class=\"_ _d\"></span>built VLCCs <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>for general <span class=\"_ _d\"></span>corporate <span class=\"_ _d\"></span>purposes. In <span class=\"_ _d\"></span>November <span class=\"_ _d\"></span>2022, the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>extended the <span class=\"_ _d\"></span>terms <span class=\"_ _d\"></span>of the <span class=\"_ _10\"></span>facility <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>May <span class=\"_ _10\"></span>2024 <span class=\"_ _10\"></span>at <span class=\"_ _e\"></span>an <span class=\"_ _10\"></span>interest <span class=\"_ _10\"></span>rate <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>8.50% <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>otherwise <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>same <span class=\"_ _10\"></span>terms. <span class=\"_ _10\"></span>As <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, $209.7 <span class=\"_\"> </span>million <span class=\"_ _28\"> </span>(2021: <span class=\"_\"> </span>$209.7 <span class=\"_ _28\"> </span>million) <span class=\"_\"> </span>drawn <span class=\"_\"> </span>from <span class=\"_ _28\"> </span>this <span class=\"_\"> </span>facility <span class=\"_ _28\"> </span>has <span class=\"_\"> </span>been <span class=\"_ _28\"> </span>recorded <span class=\"_\"> </span>as <span class=\"_\"> </span>l<span class=\"_ _1\"></span>ong-term <span class=\"_\"> </span>debt. <span class=\"_ _28\"> </span>In <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>year <span class=\"_\"> </span>ended December 31, 2022, the Company recognized interest expense of $13.3 mil<span class=\"_ _1\"></span>lion (2021: $8.2 million). In <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>year <span class=\"_ _11\"> </span>ended <span class=\"_ _11\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _11\"> </span>2022, <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Company <span class=\"_ _11\"> </span>chartered <span class=\"_ _11\"> </span>two <span class=\"_ _11\"> </span>(2021: <span class=\"_ _11\"> </span>five) <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>its <span class=\"_ _11\"> </span>vessels <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>an <span class=\"_ _11\"> </span>affiliate <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>Hemen. <span class=\"_ _11\"> </span>The charters <span class=\"_ _d\"></span>had <span class=\"_ _e\"></span>terms <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>less <span class=\"_ _d\"></span>than <span class=\"_ _e\"></span>6 <span class=\"_ _e\"></span>months. <span class=\"_ _e\"></span>The <span class=\"_ _d\"></span>Company <span class=\"_ _e\"></span>recognized <span class=\"_ _e\"></span>revenue <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>$5.6 <span class=\"_ _e\"></span>million <span class=\"_ _e\"></span>(2021: <span class=\"_ _e\"></span>$2.9 <span class=\"_ _d\"></span>million) <span class=\"_ _e\"></span>in <span class=\"_ _e\"></span>relation <span class=\"_ _e\"></span>to these charters in the year ended December 31, 2022.SummaryA <span class=\"_ _f\"> </span>summary <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>income <span class=\"_ _f\"> </span>(expenses) <span class=\"_ _f\"> </span>from <span class=\"_ _27\"> </span>related <span class=\"_ _f\"> </span>party <span class=\"_ _f\"> </span>transactions <span class=\"_ _f\"> </span>for <span class=\"_ _f\"> </span>the <span class=\"_ _f\"> </span>years <span class=\"_ _27\"> </span>ended <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>and <span class=\"_ _f\"> </span>2021 <span class=\"_ _27\"> </span>are <span class=\"_ _f\"> </span>as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span>2021</span>Seatankers Management Co. Ltd<span class=\"_ _165\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>866 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,810 SFL<span class=\"_ _99\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,751 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,555 Golden Ocean<span class=\"_ _20c\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,061 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,912 Seatankers Management Norway AS <span class=\"_ _20d\"> </span><span class=\"ff1\"> <span class=\"_ _1d\"> </span>(516) <span class=\"_ _2a\"> </span></span> <span class=\"_ _1d\"> </span>(461) Alta Trading UK Limited<span class=\"_ _20e\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>5,617 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,942 Seadrill Limited<span class=\"_ _1c7\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>277 Archer Limited <span class=\"_ _20f\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>143 Flex LNG Ltd<span class=\"_ _210\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,242 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,637 Avance Gas<span class=\"_ _211\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,191 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,404 TFG Marine<span class=\"_ _212\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>627 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>786 Front Ocean Management<span class=\"_ _213\"> </span><span class=\"ff1\"> <span class=\"_ _c4\"> </span>(1,966) <span class=\"_ _2a\"> </span></span> <span class=\"_ _1d\"> </span>(252) Other related parties<span class=\"_ _18e\"> </span><span class=\"ff1\"> <span class=\"_ _1c4\"> </span>9 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>208 Amounts <span class=\"_ _29\"> </span>earned <span class=\"_\"> </span>from <span class=\"_ _29\"> </span>other <span class=\"_ _29\"> </span>related <span class=\"_ _29\"> </span>parties <span class=\"_ _29\"> </span>comprise <span class=\"_\"> </span>office <span class=\"_ _29\"> </span>rental <span class=\"_ _29\"> </span>income, <span class=\"_ _29\"> </span>technical <span class=\"_\"> </span>and <span class=\"_ _29\"> </span>commercial <span class=\"_ _29\"> </span>management <span class=\"_\"> </span>fees, newbuilding <span class=\"_ _10\"></span>supervision <span class=\"_ _10\"></span>fees, <span class=\"_ _10\"></span>freights, <span class=\"_ _10\"></span>administrative <span class=\"_ _10\"></span>services <span class=\"_ _10\"></span>and <span class=\"_ _10\"></span>interest <span class=\"_ _10\"></span>income. <span class=\"_ _10\"></span>Amounts <span class=\"_ _10\"></span>paid <span class=\"_ _10\"></span>to <span class=\"_ _10\"></span>related <span class=\"_ _10\"></span>parties <span class=\"_ _10\"></span>comprise primarily rental for office space, support staff costs, corporate adm<span class=\"_ _1\"></span>inistration and guarantee fees. Related party balancesA summary of balances due from related parties at Decembe<span class=\"_ _1\"></span>r 31, 2022 and 2021 and January 1, 2021 is as follows:December 31, December 31, January 1, (in thousands of $)202220212021SFL<span class=\"_ _214\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>3,505 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,886 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>4,835 Seatankers Management Co. Ltd<span class=\"_ _f8\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,368 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>1,546 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,578 Archer Limited<span class=\"_ _165\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>30 <span class=\"_ _a7\"> </span> <span class=\"_ _104\"> </span>88 Golden Ocean<span class=\"_ _215\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>6,964 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>3,376 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,336 Seadrill Limited<span class=\"_ _216\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>625 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>25 Alta Trading UK Limited<span class=\"_ _18b\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>60 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>280 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>1,263 Flex LNG Ltd<span class=\"_ _217\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>303 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>425 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>366 TFG Marine<span class=\"_ _218\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>28 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>199 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>16 Avance Gas<span class=\"_ _219\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>695 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>737 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>540 Front Ocean Management<span class=\"_ _192\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>473 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>402 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Other related parties<span class=\"_ _a4\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>89 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>170 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>208  <span class=\"_ _1be\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>13,485 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>11,676 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>13,255 A summary of balances due to related parties at Decembe<span class=\"_ _1\"></span>r 31, 2022, 2021 and January 1, 2021 is as follows:December 31, December 31, January 1, (in thousands of $)202220212021SFL<span class=\"_ _214\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>6,702 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>6,878 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>8,978 Seatankers Management Co. Ltd<span class=\"_ _f8\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>351 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>2,226 <span class=\"_ _a7\"> </span> <span class=\"_ _12\"> </span>3,147 Golden Ocean<span class=\"_ _215\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>8,470 <span class=\"_ _a7\"> </span></span> <span class=\"_ _12\"> </span>6,016 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>2,040 Flex LNG Ltd<span class=\"_ _217\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>158 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>191 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>143 TFG Marine <span class=\"_ _0\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>14,831 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>20,605 <span class=\"_ _37\"> </span> <span class=\"_ _12\"> </span>5,369 Front Ocean Management<span class=\"_ _192\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>286 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>\u2014 <span class=\"_ _37\"> </span> <span class=\"_ _ba\"> </span>\u2014 Avance Gas<span class=\"_ _219\"> </span><span class=\"ff1\"> <span class=\"_ _15\"> </span>450 <span class=\"_ _a7\"> </span></span> <span class=\"_ _15\"> </span>334 <span class=\"_ _a7\"> </span> <span class=\"_ _15\"> </span>176  <span class=\"_ _1be\"> </span><span class=\"ff1\"> <span class=\"_ _b8\"> </span>31,248 <span class=\"_ _a7\"> </span></span> <span class=\"_ _ce\"> </span>36,250 <span class=\"_ _37\"> </span> <span class=\"_ _ce\"> </span>19,853 Transactions with key management personnelThe total amount of the remuneration earned by all direc<span class=\"_ _1\"></span>tors and key management personnel for their services as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Total remuneration<span class=\"_ _21a\"> </span> <span class=\"_ _12\"> </span>3,767 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _15\"> </span>784 </span>of which:Paid in capacity as directors<span class=\"_ _12c\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>1,678 <span class=\"_ _37\"> </span></span> <span class=\"_ _f6\"> </span>377 Other remuneration<span class=\"_ _1c1\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,089 <span class=\"_ _37\"> </span></span> <span class=\"_ _15\"> </span>407 The <span class=\"_ _10\"></span>Directors <span class=\"_ _10\"></span>annually <span class=\"_ _11\"> </span>review <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>remuneration <span class=\"_ _10\"></span>of <span class=\"_ _11\"> </span>the <span class=\"_ _10\"></span>members <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>key <span class=\"_ _11\"> </span>management <span class=\"_ _10\"></span>personnel. <span class=\"_ _10\"></span>Directors' <span class=\"_ _10\"></span>fees <span class=\"_ _11\"> </span>are <span class=\"_ _10\"></span>approved annually <span class=\"_ _11\"> </span>at <span class=\"_ _f\"> </span>the <span class=\"_ _11\"> </span>AGM. <span class=\"_ _f\"> </span>No <span class=\"_ _f\"> </span>pensions <span class=\"_ _f\"> </span>were <span class=\"_ _11\"> </span>paid <span class=\"_ _f\"> </span>to <span class=\"_ _f\"> </span>directors <span class=\"_ _11\"> </span>or <span class=\"_ _f\"> </span>past <span class=\"_ _11\"> </span>directors. <span class=\"_ _f\"> </span>No <span class=\"_ _f\"> </span>compensation <span class=\"_ _11\"> </span>was <span class=\"_ _f\"> </span>paid <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>directors <span class=\"_ _f\"> </span>or <span class=\"_ _f\"> </span>past directors in respect of <span class=\"_ _d\"></span>loss of office. Total remuneration consists <span class=\"_ _d\"></span>of a fixed and <span class=\"_ _d\"></span>a variable component and can <span class=\"_ _d\"></span>be summarized as follows:(in thousands of $)<span class=\"_ _1a2\"> </span><span class=\"ff1\">2022<span class=\"_ _cb\"> </span><span class=\"ff2\">2021</span></span>Total fixed remuneration<span class=\"_ _106\"> </span> <span class=\"_ _15\"> </span>863 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _15\"> </span>689 </span>of which:Cost of pension<span class=\"_ _1c8\"> </span><span class=\"ff1\"> <span class=\"_ _104\"> </span>22 <span class=\"_ _37\"> </span></span> <span class=\"_ _ba\"> </span>24 Total variable remuneration<span class=\"_ _0\"> </span> <span class=\"_ _12\"> </span>2,904 <span class=\"_ _a7\"> </span><span class=\"ff2\"> <span class=\"_ _104\"> </span>96 </span>of which:Share based payments<span class=\"_ _21b\"> </span><span class=\"ff1\"> <span class=\"_ _12\"> </span>2,679 <span class=\"_ _a7\"> </span></span> <span class=\"_ _104\"> </span>96 In <span class=\"_ _e\"></span>July <span class=\"_ _10\"></span>2021, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>issued <span class=\"_ _e\"></span>339,000 <span class=\"_ _10\"></span>ordinary <span class=\"_ _e\"></span>shares <span class=\"_ _10\"></span>under <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>share <span class=\"_ _e\"></span>option <span class=\"_ _10\"></span>scheme <span class=\"_ _e\"></span>at <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>strike <span class=\"_ _e\"></span>price <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>$5.70 <span class=\"_ _10\"></span>per <span class=\"_ _e\"></span>share. The <span class=\"_ _11\"> </span>shares <span class=\"_ _f\"> </span>were <span class=\"_ _11\"> </span>issued <span class=\"_ _f\"> </span>to <span class=\"_ _11\"> </span>John <span class=\"_ _f\"> </span>Fredriksen <span class=\"_ _11\"> </span>(198,000 <span class=\"_ _f\"> </span>shares), <span class=\"_ _11\"> </span>Inger <span class=\"_ _f\"> </span>M. <span class=\"_ _11\"> </span>Klemp <span class=\"_ _f\"> </span>(120,000 <span class=\"_ _11\"> </span>shares), <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>Ola <span class=\"_ _f\"> </span>Lorentzon <span class=\"_ _11\"> </span>(21,000 shares).In <span class=\"_ _d\"></span>December <span class=\"_ _d\"></span>2021, <span class=\"_ _d\"></span>the Board <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>Directors <span class=\"_ _d\"></span>approved <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>grant <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>1,280,000 <span class=\"_ _d\"></span>synthetic <span class=\"_ _d\"></span>options <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>employees and <span class=\"_ _d\"></span>board <span class=\"_ _d\"></span>members according to <span class=\"_ _d\"></span>the rules of <span class=\"_ _d\"></span>the Company\u2019s <span class=\"_ _d\"></span>synthetic option <span class=\"_ _d\"></span>scheme approved on <span class=\"_ _d\"></span>December 7, <span class=\"_ _d\"></span>2021. The <span class=\"_ _d\"></span>synthetic options <span class=\"_ _d\"></span> have <span class=\"_ _d\"></span>a five <span class=\"_ _e\"></span>year <span class=\"_ _10\"></span>term <span class=\"_ _e\"></span>expiring <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>December <span class=\"_ _10\"></span>2026. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>vesting <span class=\"_ _e\"></span>period <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>12 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>first <span class=\"_ _10\"></span>27.5% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>options, <span class=\"_ _e\"></span>24 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the next <span class=\"_ _e\"></span>27.5% <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>options <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>36 <span class=\"_ _10\"></span>months <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>final <span class=\"_ _10\"></span>45% <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>options. <span class=\"_ _e\"></span>The <span class=\"_ _10\"></span>synthetic <span class=\"_ _e\"></span>options <span class=\"_ _e\"></span>will <span class=\"_ _10\"></span>be <span class=\"_ _e\"></span>settled <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>cash <span class=\"_ _10\"></span>based <span class=\"_ _e\"></span>on <span class=\"_ _10\"></span>the difference <span class=\"_ _d\"></span>between <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>market <span class=\"_ _e\"></span>price <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company\u2019s <span class=\"_ _e\"></span>shares <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>exercise <span class=\"_ _d\"></span>price <span class=\"_ _e\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>date <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>exercise, <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>as <span class=\"_ _e\"></span>such, <span class=\"_ _d\"></span>have been classified as a liability.See Note 5, Note 10, Note 16, Note 18,  Note 24 and Note 26 for details regarding other re<span class=\"_ _1\"></span>lated party transactions and balances.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__109": {
   "value": "24.<span class=\"_ _95\"> </span>COMMITMENTS AND CONTINGENCIESAs <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>December <span class=\"_ _e\"></span>31, <span class=\"_ _10\"></span>2022, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>has <span class=\"_ _10\"></span>agreed <span class=\"_ _e\"></span>to <span class=\"_ _10\"></span>provide <span class=\"_ _e\"></span>a <span class=\"_ _10\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>guarantee <span class=\"_ _e\"></span>in <span class=\"_ _10\"></span>respect <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>performance <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>its subsidiaries, <span class=\"_ _27\"> </span>and <span class=\"_ _28\"> </span>two <span class=\"_ _27\"> </span>subsidiaries <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>an <span class=\"_ _27\"> </span>affiliate <span class=\"_ _27\"> </span>of <span class=\"_ _28\"> </span>Hemen, <span class=\"_ _27\"> </span>under <span class=\"_ _28\"> </span>a <span class=\"_ _27\"> </span>bunker <span class=\"_ _27\"> </span>supply <span class=\"_ _28\"> </span>arrangement <span class=\"_ _27\"> </span>with <span class=\"_ _27\"> </span>TFG <span class=\"_ _28\"> </span>Marine. <span class=\"_ _27\"> </span>As <span class=\"_ _28\"> </span>of December 31, <span class=\"_ _d\"></span>2022, <span class=\"_ _d\"></span>there are <span class=\"_ _d\"></span>no <span class=\"_ _d\"></span>amounts <span class=\"_ _d\"></span>payable under <span class=\"_ _d\"></span>this <span class=\"_ _d\"></span>guarantee. In <span class=\"_ _d\"></span>addition, should <span class=\"_ _d\"></span>TFG <span class=\"_ _d\"></span>Marine <span class=\"_ _d\"></span>be required <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>provide a parent company <span class=\"_ _d\"></span>guarantee to its bunker <span class=\"_ _d\"></span>suppliers or finance <span class=\"_ _d\"></span>providers then for <span class=\"_ _d\"></span>any guarantee that is <span class=\"_ _d\"></span>provided by the <span class=\"_ _d\"></span>Trafigura Group <span class=\"_ _27\"> </span>and <span class=\"_ _27\"> </span>becomes <span class=\"_ _27\"> </span>payable, <span class=\"_ _27\"> </span>Frontline <span class=\"_ _27\"> </span>shall <span class=\"_ _27\"> </span>pay <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>pro <span class=\"_ _27\"> </span>rata <span class=\"_ _27\"> </span>amount <span class=\"_ _27\"> </span>based <span class=\"_ _27\"> </span>on <span class=\"_ _27\"> </span>its <span class=\"_ _27\"> </span>share <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>equity <span class=\"_ _27\"> </span>in <span class=\"_ _27\"> </span>TFG <span class=\"_ _27\"> </span>Marine. <span class=\"_ _27\"> </span>The maximum <span class=\"_ _29\"> </span>liability <span class=\"_ _29\"> </span>under <span class=\"_ _2d\"> </span>this <span class=\"_ _29\"> </span>guarantee <span class=\"_ _2d\"> </span>is <span class=\"_ _29\"> </span>$6.0 <span class=\"_ _2d\"> </span>million <span class=\"_ _29\"> </span>and <span class=\"_ _2d\"> </span>there <span class=\"_ _29\"> </span>are <span class=\"_ _2d\"> </span>no <span class=\"_ _29\"> </span>amounts <span class=\"_ _29\"> </span>payable <span class=\"_ _2d\"> </span>under <span class=\"_ _29\"> </span>this <span class=\"_ _2d\"> </span>guarantee <span class=\"_ _29\"> </span>as <span class=\"_ _2d\"> </span>at December 31, 2022.As of December 31, <span class=\"_ _d\"></span>2022, the Company has committed to <span class=\"_ _d\"></span>the purchase of scrubber equipment from <span class=\"_ _d\"></span>Clean Marine AS, a related party, <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>two <span class=\"_ _e\"></span>vessels <span class=\"_ _10\"></span>owned <span class=\"_ _e\"></span>by <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>Company, <span class=\"_ _e\"></span>with <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>remaining <span class=\"_ _10\"></span>financial <span class=\"_ _e\"></span>commitment <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>$0.7 <span class=\"_ _10\"></span>million, <span class=\"_ _e\"></span>excluding <span class=\"_ _e\"></span>installation costs, <span class=\"_ _28\"> </span>due <span class=\"_ _28\"> </span>in <span class=\"_ _28\"> </span>2023. <span class=\"_ _28\"> </span>The <span class=\"_ _28\"> </span>Company <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>paid <span class=\"_ _28\"> </span>$6.5 <span class=\"_ _28\"> </span>million <span class=\"_ _27\"> </span>to <span class=\"_\"> </span>Clean <span class=\"_ _27\"> </span>Marine <span class=\"_\"> </span>AS <span class=\"_ _27\"> </span>for <span class=\"_\"> </span>scrubber <span class=\"_ _27\"> </span>equipment <span class=\"_\"> </span>in <span class=\"_ _27\"> </span>the <span class=\"_\"> </span>year <span class=\"_ _27\"> </span>ended December 31, 2022.As <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2022, <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>has <span class=\"_ _f\"> </span>entered <span class=\"_ _f\"> </span>into <span class=\"_ _f\"> </span>two <span class=\"_ _27\"> </span>forward <span class=\"_ _f\"> </span>bunker <span class=\"_ _f\"> </span>purchase <span class=\"_ _f\"> </span>arrangements <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>TFG <span class=\"_ _27\"> </span>Marine, <span class=\"_ _f\"> </span>a related <span class=\"_ _e\"></span>party, <span class=\"_ _e\"></span>for <span class=\"_ _10\"></span>the <span class=\"_ _e\"></span>delivery <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>1,000 <span class=\"_ _10\"></span>MT <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>low <span class=\"_ _e\"></span>sulfur <span class=\"_ _10\"></span>bunker <span class=\"_ _e\"></span>fuel <span class=\"_ _10\"></span>per <span class=\"_ _e\"></span>month <span class=\"_ _10\"></span>and <span class=\"_ _e\"></span>1,000 <span class=\"_ _10\"></span>MT <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>high <span class=\"_ _10\"></span>sulfur <span class=\"_ _e\"></span>bunker <span class=\"_ _10\"></span>fuel <span class=\"_ _e\"></span>per month for delivery in January 2023 to December 2023. The contracts obligate the Company to purchase and take delivery of the physical fuel <span class=\"_ _d\"></span>at <span class=\"_ _d\"></span>a price <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>$650 per <span class=\"_ _d\"></span>MT <span class=\"_ _d\"></span>of low <span class=\"_ _d\"></span>sulfur <span class=\"_ _d\"></span>bunker fuel <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>$465 per <span class=\"_ _d\"></span>MT <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>high sulfur <span class=\"_ _d\"></span>bunker <span class=\"_ _d\"></span>fuel. As <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>December 31, 2022, the remaining commitments amounted to $13.4 milli<span class=\"_ _1\"></span>on, all of which is expected to be paid in 2023.As <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>December <span class=\"_ _f\"> </span>31, <span class=\"_ _f\"> </span>2022, <span class=\"_ _27\"> </span>total <span class=\"_ _f\"> </span>installments <span class=\"_ _f\"> </span>of <span class=\"_ _27\"> </span>$45.1 <span class=\"_ _f\"> </span>million <span class=\"_ _f\"> </span>had <span class=\"_ _27\"> </span>been <span class=\"_ _f\"> </span>paid <span class=\"_ _f\"> </span>in <span class=\"_ _27\"> </span>connection <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Company\u2019s <span class=\"_ _f\"> </span>remaining newbuilding <span class=\"_ _10\"></span>program, <span class=\"_ _11\"> </span>and <span class=\"_ _11\"> </span>remaining <span class=\"_ _11\"> </span>commitments <span class=\"_ _11\"> </span>amounted <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>$144.8 <span class=\"_ _11\"> </span>million <span class=\"_ _10\"></span>which <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>paid <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>January <span class=\"_ _11\"> </span>2023, <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>which $130.0 million was financed by committed term loan facil<span class=\"_ _1\"></span>ities.The <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>insures <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>legal liability <span class=\"_ _d\"></span>risks <span class=\"_ _d\"></span>for <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>shipping <span class=\"_ _d\"></span>activities <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>mutual <span class=\"_ _d\"></span>protection and <span class=\"_ _d\"></span>indemnity <span class=\"_ _d\"></span>associations, <span class=\"_ _d\"></span>who are <span class=\"_ _e\"></span>members <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>the <span class=\"_ _10\"></span>International <span class=\"_ _e\"></span>Group <span class=\"_ _10\"></span>of <span class=\"_ _10\"></span>P&amp;I <span class=\"_ _e\"></span>Clubs. <span class=\"_ _10\"></span>As <span class=\"_ _10\"></span>a <span class=\"_ _10\"></span>member <span class=\"_ _e\"></span>of <span class=\"_ _10\"></span>these <span class=\"_ _10\"></span>mutual <span class=\"_ _10\"></span>associations, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _10\"></span>is <span class=\"_ _e\"></span>subject <span class=\"_ _10\"></span>to calls payable to the <span class=\"_ _d\"></span>associations based on the <span class=\"_ _d\"></span>Company's claims record in addition <span class=\"_ _d\"></span>to the claims records of <span class=\"_ _d\"></span>all other members of the <span class=\"_ _11\"> </span>associations. <span class=\"_ _10\"></span>A <span class=\"_ _11\"> </span>contingent <span class=\"_ _11\"> </span>liability <span class=\"_ _11\"> </span>exists <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>extent <span class=\"_ _11\"> </span>that <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>claims <span class=\"_ _11\"> </span>records <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>members <span class=\"_ _11\"> </span>of <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>associations <span class=\"_ _11\"> </span>in <span class=\"_ _11\"> </span>the aggregate show significant deterioration, which result in addi<span class=\"_ _1\"></span>tional calls on the members. The Company is a party, as plaintiff or <span class=\"_ _d\"></span>defendant, to several lawsuits in various jurisdictions for unpaid charter hire, demurrage, damages, <span class=\"_ _d\"></span>off-hire <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>other <span class=\"_ _d\"></span>claims <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>commercial <span class=\"_ _d\"></span>disputes <span class=\"_ _d\"></span>arising <span class=\"_ _e\"></span>from <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>operation <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>its <span class=\"_ _e\"></span>vessels, <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>ordinary <span class=\"_ _d\"></span>course <span class=\"_ _e\"></span>of business or in connection with its acquisition activities. The Company believes that the resolution <span class=\"_ _d\"></span>of such claims will not have a material adverse effect on the Company's operations or financ<span class=\"_ _1\"></span>ial condition individually and in the aggregate.Following <span class=\"_ _d\"></span>assignments of <span class=\"_ _d\"></span>two <span class=\"_ _d\"></span>property <span class=\"_ _d\"></span>leases <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>2015, <span class=\"_ _d\"></span>each to <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>related <span class=\"_ _d\"></span>party, <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company through <span class=\"_ _d\"></span>one <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>subsidiaries <span class=\"_ _d\"></span>has guaranteed <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>remaining <span class=\"_ _11\"> </span>outstanding <span class=\"_ _f\"> </span>payments <span class=\"_ _f\"> </span>due <span class=\"_ _f\"> </span>under <span class=\"_ _11\"> </span>the <span class=\"_ _f\"> </span>leases <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>$1.8 <span class=\"_ _11\"> </span>million <span class=\"_ _f\"> </span>as <span class=\"_ _f\"> </span>of <span class=\"_ _f\"> </span>December <span class=\"_ _11\"> </span>31, <span class=\"_ _f\"> </span>2022 <span class=\"_ _f\"> </span>(2021: <span class=\"_ _f\"> </span>$3.2 million). <span class=\"_ _11\"> </span>The <span class=\"_ _11\"> </span>Company <span class=\"_ _f\"> </span>does <span class=\"_ _f\"> </span>not <span class=\"_ _11\"> </span>believe <span class=\"_ _f\"> </span>that <span class=\"_ _11\"> </span>it <span class=\"_ _f\"> </span>will <span class=\"_ _11\"> </span>be <span class=\"_ _f\"> </span>required <span class=\"_ _11\"> </span>to <span class=\"_ _f\"> </span>make <span class=\"_ _11\"> </span>any <span class=\"_ _f\"> </span>payments <span class=\"_ _11\"> </span>under <span class=\"_ _f\"> </span>these <span class=\"_ _11\"> </span>guarantees <span class=\"_ _f\"> </span>and <span class=\"_ _11\"> </span>has <span class=\"_ _f\"> </span>not recorded a liability in the statement of financia<span class=\"_ _1\"></span>l position in this respect.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__110": {
   "value": "25.<span class=\"_ _95\"> </span>GROUP ENTITIESCountry of Ownership and NameIncorporationVoting PercentageFrontline Management (Bermuda) Ltd<span class=\"_ _1da\"> </span>Bermuda<span class=\"_ _de\"> </span>100%Frontline Corporate Services Ltd<span class=\"_ _6e\"> </span>United Kingdom<span class=\"_ _21c\"> </span>100%Frontline Management AS<span class=\"_ _151\"> </span>Norway<span class=\"_ _11c\"> </span>100%Frontline 2012 Ltd.<span class=\"_ _19b\"> </span>Bermuda<span class=\"_ _de\"> </span>100%Frontline Chartering Services Inc.<span class=\"_ _122\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Frontline Shipping Singapore Pte Ltd.<span class=\"_ _21e\"> </span>Singapore<span class=\"_ _21f\"> </span>100%Frontfleet Ltd<span class=\"_ _12a\"> </span>Bermuda<span class=\"_ _de\"> </span>100%Frontfleet II Ltd<span class=\"_ _105\"> </span>Bermuda<span class=\"_ _de\"> </span>100%Front Thor Inc.<span class=\"_ _220\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Odin Inc.<span class=\"_ _165\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Loki Inc.<span class=\"_ _1ce\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Njord Inc.<span class=\"_ _216\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Ull Inc<span class=\"_ _fc\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Idun Inc<span class=\"_ _176\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front King Inc.<span class=\"_ _165\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Queen Inc.<span class=\"_ _d5\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Sovereign Inc.<span class=\"_ _222\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Monarch Inc.<span class=\"_ _137\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Eminence Inc.<span class=\"_ _19b\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Endurance Inc.<span class=\"_ _13a\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Duke Inc.<span class=\"_ _c\"> </span>Republic of the Marshall<span class=\"_ _1\"></span> Islands<span class=\"_ _1c4\"> </span>100%Front Brage Inc.<span class=\"_ _223\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Balder Inc.<span class=\"_ _108\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Challenger Inc.<span class=\"_ _224\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Crown Inc.<span class=\"_ _130\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Coral Inc.<span class=\"_ _191\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Crystal II Inc.<span class=\"_ _1a6\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Classic Inc.<span class=\"_ _1bd\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Clipper Inc.<span class=\"_ _225\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Cosmos Inc.<span class=\"_ _138\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Cascade Inc.<span class=\"_ _226\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Duchess Inc.<span class=\"_ _227\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Sea Hull L0037 Corp.<span class=\"_ _132\"> </span>Liberia<span class=\"_ _221\"> </span>100%Sea Hull L0044 Corp.<span class=\"_ _132\"> </span>Liberia<span class=\"_ _221\"> </span>100%Sea Hull L0045 Corp.<span class=\"_ _132\"> </span>Liberia<span class=\"_ _221\"> </span>100%Sea Hull L0046 Corp.<span class=\"_ _132\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Cheetah Inc.<span class=\"_ _119\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Cougar Inc.<span class=\"_ _1ae\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Aphrodite Inc.<span class=\"_ _222\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Athena Inc.<span class=\"_ _1bd\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Hebe Inc.<span class=\"_ _9\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Hera Inc.<span class=\"_ _220\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Altair Inc.<span class=\"_ _216\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Antares Inc<span class=\"_ _1bd\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Vega Inc.<span class=\"_ _9\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Sirius Inc.<span class=\"_ _216\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Castor Inc.<span class=\"_ _d5\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Pollux Inc.<span class=\"_ _d5\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Capella Inc.<span class=\"_ _229\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Polaris Inc.<span class=\"_ _ee\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Earl Inc.<span class=\"_ _22a\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Empire Inc.<span class=\"_ _1ae\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Prince I Inc.<span class=\"_ _a1\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Princess I Inc.<span class=\"_ _20d\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Defender Inc.<span class=\"_ _22b\"> </span>Liberia<span class=\"_ _221\"> </span>100%Front Discovery Inc.<span class=\"_ _156\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Cruiser Inc.<span class=\"_ _1ae\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Dynamic I Inc.<span class=\"_ _13a\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Favour Inc.<span class=\"_ _22c\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Front Feature Inc.<span class=\"_ _b5\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Front Future Inc.<span class=\"_ _d5\"> </span>Liberia<span class=\"_ _21d\"> </span>100%Front Fusion Inc.<span class=\"_ _130\"> </span>Liberia<span class=\"_ _21d\"> </span>100%White Flag Ventures XXXVI LLC<span class=\"_ _22d\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XXXIX LLC<span class=\"_ _22d\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XL LLC<span class=\"_ _1f8\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLI LLC<span class=\"_ _22e\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLII LLC<span class=\"_ _5f\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLIII LLC<span class=\"_ _117\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLIV LLC<span class=\"_ _1e0\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLV LLC<span class=\"_ _22f\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLVI LLC<span class=\"_ _1e0\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%White Flag Ventures XLVII LLC<span class=\"_ _230\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3240 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3241 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3283 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3284 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3285 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Hull 3286 Inc.<span class=\"_ _118\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Front Driva Inc.<span class=\"_ _184\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Front Nausta Inc.<span class=\"_ _166\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%Frontfleet Chartering Inc.<span class=\"_ _170\"> </span>Republic of the Marshall Islands<span class=\"_ _228\"> </span>100%",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s8_notes__7__111": {
   "value": "26.<span class=\"_ _95\"> </span>SUBSEQUENT EVENTSIn <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>2023, <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>took <span class=\"_ _e\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>VLCC <span class=\"_ _d\"></span>newbuilding, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _e\"></span>Orkla</span>, <span class=\"_ _d\"></span>from <span class=\"_ _e\"></span>HHI <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>drew <span class=\"_ _e\"></span>down <span class=\"_ _d\"></span>$65.0 <span class=\"_ _e\"></span>million under <span class=\"_ _d\"></span>its <span class=\"_ _d\"></span>senior <span class=\"_ _d\"></span>secured <span class=\"_ _d\"></span>term <span class=\"_ _d\"></span>loan <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>with <span class=\"_ _d\"></span>Cr\u00e9dit <span class=\"_ _d\"></span>Agricole <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>partially <span class=\"_ _d\"></span>finance <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>delivery. <span class=\"_ _d\"></span>The <span class=\"_ _d\"></span>facility <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>tenor <span class=\"_ _d\"></span>of <span class=\"_ _e\"></span>five years, <span class=\"_ _28\"> </span>carries <span class=\"_\"> </span>an <span class=\"_ _28\"> </span>interest <span class=\"_ _28\"> </span>rate <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>LIBOR <span class=\"_ _28\"> </span>plus <span class=\"_ _28\"> </span>a <span class=\"_\"> </span>ma<span class=\"_ _1\"></span>rgin <span class=\"_ _28\"> </span>of <span class=\"_\"> </span>170 <span class=\"_ _28\"> </span>basis <span class=\"_ _28\"> </span>points <span class=\"_\"> </span>and <span class=\"_ _28\"> </span>has <span class=\"_ _28\"> </span>an <span class=\"_\"> </span>amort<span class=\"_ _1\"></span>ization <span class=\"_ _28\"> </span>profile <span class=\"_\"> </span>of <span class=\"_ _28\"> </span>18 <span class=\"_ _28\"> </span>years commencing on the delivery date from the yard. The facili<span class=\"_ _1\"></span>ty was fully drawn down in January 2023.In <span class=\"_ _e\"></span>January <span class=\"_ _e\"></span>2023, <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _10\"></span>took <span class=\"_ _e\"></span>delivery <span class=\"_ _e\"></span>of <span class=\"_ _e\"></span>the <span class=\"_ _e\"></span>VLCC <span class=\"_ _e\"></span>newbuilding, <span class=\"_ _e\"></span><span class=\"ff3\">Front <span class=\"_ _10\"></span>Tyne</span>, <span class=\"_ _e\"></span>from <span class=\"_ _e\"></span>HHI <span class=\"_ _e\"></span>and <span class=\"_ _e\"></span>drew <span class=\"_ _10\"></span>down <span class=\"_ _e\"></span>$65.0 <span class=\"_ _e\"></span>million under <span class=\"_ _10\"></span>its <span class=\"_ _11\"> </span>senior <span class=\"_ _10\"></span>secured <span class=\"_ _11\"> </span>term <span class=\"_ _10\"></span>loan <span class=\"_ _10\"></span>facility <span class=\"_ _11\"> </span>with <span class=\"_ _10\"></span>KFW <span class=\"_ _11\"> </span>to <span class=\"_ _10\"></span>partially <span class=\"_ _11\"> </span>finance <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>delivery. <span class=\"_ _10\"></span>The <span class=\"_ _11\"> </span>facility <span class=\"_ _10\"></span>has <span class=\"_ _10\"></span>a <span class=\"_ _11\"> </span>tenor <span class=\"_ _11\"> </span>of <span class=\"_ _10\"></span>five <span class=\"_ _11\"> </span>years, carries <span class=\"_ _d\"></span>an interest <span class=\"_ _d\"></span>rate <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>LIBOR <span class=\"_ _d\"></span>plus <span class=\"_ _d\"></span>a <span class=\"_ _d\"></span>margin of <span class=\"_ _d\"></span>170 <span class=\"_ _d\"></span>basis <span class=\"_ _d\"></span>points <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>has <span class=\"_ _d\"></span>an <span class=\"_ _d\"></span>amortization profile <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>20 <span class=\"_ _d\"></span>years <span class=\"_ _d\"></span>commencing on the delivery date from the yard. The facility was fully drawn down i<span class=\"_ _1\"></span>n January 2023.In <span class=\"_ _d\"></span>January <span class=\"_ _e\"></span>2023, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>Company <span class=\"_ _d\"></span>sold <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>2009-built <span class=\"_ _e\"></span>VLCC, <span class=\"_ _d\"></span><span class=\"ff3\">Front <span class=\"_ _e\"></span>Eminence</span>, <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>2009-built <span class=\"_ _e\"></span>Suezmax <span class=\"_ _d\"></span>tanker, <span class=\"_ _e\"></span><span class=\"ff3\">Front <span class=\"_ _d\"></span>Balder</span>, for <span class=\"_ _27\"> </span>gross <span class=\"_ _f\"> </span>proceeds <span class=\"_ _27\"> </span>of <span class=\"_ _27\"> </span>approximately <span class=\"_ _27\"> </span>$61.0 <span class=\"_ _27\"> </span>million <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>$39.5 <span class=\"_ _27\"> </span>million, <span class=\"_ _27\"> </span>respectively. <span class=\"_ _f\"> </span>The <span class=\"_ _27\"> </span>vessels <span class=\"_ _27\"> </span>were <span class=\"_ _27\"> </span>delivered <span class=\"_ _f\"> </span>to <span class=\"_ _27\"> </span>the <span class=\"_ _27\"> </span>new owners <span class=\"_ _d\"></span>in <span class=\"_ _d\"></span>January <span class=\"_ _d\"></span>and <span class=\"_ _e\"></span>February, <span class=\"_ _d\"></span>respectively. <span class=\"_ _d\"></span>After <span class=\"_ _d\"></span>repayment <span class=\"_ _e\"></span>of <span class=\"_ _d\"></span>existing <span class=\"_ _d\"></span>debt <span class=\"_ _d\"></span>on <span class=\"_ _e\"></span>the <span class=\"_ _d\"></span>vessels, <span class=\"_ _d\"></span>the <span class=\"_ _e\"></span>transactions <span class=\"_ _d\"></span>are <span class=\"_ _d\"></span>expected <span class=\"_ _d\"></span>to generate net <span class=\"_ _d\"></span>cash <span class=\"_ _d\"></span>proceeds of <span class=\"_ _d\"></span>approximately $63.6 <span class=\"_ _d\"></span>million, and <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company expects <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>record a <span class=\"_ _d\"></span>gain on <span class=\"_ _d\"></span>sale <span class=\"_ _d\"></span>of approximately $9.7 million and $2.0 million, respectively, in the first quarte<span class=\"_ _1\"></span>r of 2023.In <span class=\"_ _27\"> </span>January <span class=\"_ _27\"> </span>2023, <span class=\"_ _28\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _28\"> </span>terminated <span class=\"_ _f\"> </span>a <span class=\"_ _28\"> </span>combination <span class=\"_ _f\"> </span>agreement <span class=\"_ _27\"> </span>(the <span class=\"_ _28\"> </span>\u201cCombination <span class=\"_ _f\"> </span>Agreement\u201d) <span class=\"_ _28\"> </span>for <span class=\"_ _27\"> </span>a <span class=\"_ _27\"> </span>stock-for-stock combination <span class=\"_ _28\"> </span>with <span class=\"_\"> </span>Euronav <span class=\"_ _28\"> </span>based <span class=\"_\"> </span>on <span class=\"_ _28\"> </span>an <span class=\"_\"> </span>excha<span class=\"_ _1\"></span>nge <span class=\"_\"> </span>ratio <span class=\"_ _28\"> </span>of <span class=\"_ _28\"> </span>1.45 <span class=\"_\"> </span>Frontline <span class=\"_ _28\"> </span>shares <span class=\"_\"> </span>for <span class=\"_ _28\"> </span>every <span class=\"_\"> </span>1.0 <span class=\"_ _28\"> </span>Euronav <span class=\"_ _28\"> </span>share, <span class=\"_\"> </span>as <span class=\"_ _28\"> </span>certain conditions <span class=\"_ _f\"> </span>and <span class=\"_ _27\"> </span>assumptions <span class=\"_ _f\"> </span>under <span class=\"_ _f\"> </span>the <span class=\"_ _27\"> </span>Agreement <span class=\"_ _f\"> </span>were <span class=\"_ _27\"> </span>not <span class=\"_ _f\"> </span>met. <span class=\"_ _27\"> </span>On <span class=\"_ _f\"> </span>January <span class=\"_ _27\"> </span>18, <span class=\"_ _f\"> </span>2023 <span class=\"_ _27\"> </span>Frontline <span class=\"_ _f\"> </span>received <span class=\"_ _27\"> </span>from <span class=\"_ _f\"> </span>Euronav <span class=\"_ _f\"> </span>an emergency <span class=\"_ _10\"></span>arbitration <span class=\"_ _10\"></span>request <span class=\"_ _11\"> </span>for <span class=\"_ _10\"></span>urgent <span class=\"_ _11\"> </span>interim <span class=\"_ _10\"></span>and <span class=\"_ _11\"> </span>conservatory <span class=\"_ _10\"></span>measures. <span class=\"_ _11\"> </span>On <span class=\"_ _11\"> </span>February <span class=\"_ _10\"></span>7, <span class=\"_ _11\"> </span>2023 <span class=\"_ _10\"></span>the <span class=\"_ _11\"> </span>emergency <span class=\"_ _10\"></span>arbitration claims <span class=\"_ _11\"> </span>filed <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>Euronav <span class=\"_ _11\"> </span>were <span class=\"_ _11\"> </span>fully <span class=\"_ _f\"> </span>dismissed <span class=\"_ _11\"> </span>by <span class=\"_ _11\"> </span>the <span class=\"_ _11\"> </span>Emergency <span class=\"_ _11\"> </span>Arbitrator <span class=\"_ _11\"> </span>and <span class=\"_ _f\"> </span>Euronav <span class=\"_ _11\"> </span>was <span class=\"_ _11\"> </span>ordered <span class=\"_ _11\"> </span>to <span class=\"_ _11\"> </span>reimburse <span class=\"_ _f\"> </span>all <span class=\"_ _11\"> </span>costs incurred by Frontline.On <span class=\"_\"> </span>January <span class=\"_\"> </span>28, <span class=\"_\"> </span>2023, <span class=\"_ _28\"> </span>the <span class=\"_\"> </span>Company <span class=\"_\"> </span>received <span class=\"_\"> </span>from <span class=\"_\"> </span>Eurona<span class=\"_ _1\"></span>v <span class=\"_\"> </span>an <span class=\"_\"> </span>arbitration <span class=\"_ _28\"> </span>request <span class=\"_\"> </span>for <span class=\"_\"> </span>proceedings <span class=\"_\"> </span>on <span class=\"_\"> </span>the <span class=\"_ _28\"> </span>merits <span class=\"_\"> </span>of <span class=\"_\"> </span>the termination. <span class=\"_ _e\"></span>The <span class=\"_ _e\"></span>arbitral <span class=\"_ _e\"></span>tribunal <span class=\"_ _10\"></span>has <span class=\"_ _e\"></span>been <span class=\"_ _e\"></span>constituted <span class=\"_ _e\"></span>and <span class=\"_ _10\"></span>a <span class=\"_ _e\"></span>timetable <span class=\"_ _e\"></span>for <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>arbitration <span class=\"_ _e\"></span>will <span class=\"_ _e\"></span>be <span class=\"_ _e\"></span>set <span class=\"_ _10\"></span>in <span class=\"_ _e\"></span>principle <span class=\"_ _e\"></span>by <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>end <span class=\"_ _e\"></span>of April 2023. Frontline once again maintains that its decisi<span class=\"_ _1\"></span>on to terminate the Combination Agreement was entire<span class=\"_ _1\"></span>ly lawful.In February 2023, the Company received $1.4 million in loan repayment a<span class=\"_ _1\"></span>nd $7.3 million in dividends from TFG Marine. In <span class=\"_ _e\"></span>February <span class=\"_ _10\"></span>2023, <span class=\"_ _e\"></span>the <span class=\"_ _10\"></span>Company <span class=\"_ _e\"></span>repaid <span class=\"_ _10\"></span>$60.0 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>of <span class=\"_ _e\"></span>its <span class=\"_ _10\"></span>$275.0 <span class=\"_ _e\"></span>million <span class=\"_ _10\"></span>senior <span class=\"_ _e\"></span>unsecured <span class=\"_ _10\"></span>credit <span class=\"_ _e\"></span>facility <span class=\"_ _10\"></span>with <span class=\"_ _e\"></span>an <span class=\"_ _10\"></span>affiliate <span class=\"_ _e\"></span>of Hemen. Up to $125.3 million remains available following the re<span class=\"_ _1\"></span>payment. In <span class=\"_ _f\"> </span>March <span class=\"_ _f\"> </span>2023, <span class=\"_ _27\"> </span>the <span class=\"_ _f\"> </span>Company <span class=\"_ _f\"> </span>entered <span class=\"_ _27\"> </span>into <span class=\"_ _f\"> </span>eight <span class=\"_ _f\"> </span>forward <span class=\"_ _f\"> </span>bunker <span class=\"_ _27\"> </span>purchase <span class=\"_ _f\"> </span>arrangements <span class=\"_ _f\"> </span>with <span class=\"_ _f\"> </span>TFG <span class=\"_ _27\"> </span>Marine, <span class=\"_ _f\"> </span>a <span class=\"_ _f\"> </span>related <span class=\"_ _27\"> </span>party, which <span class=\"_ _d\"></span>obligate <span class=\"_ _d\"></span>the <span class=\"_ _d\"></span>Company <span class=\"_ _d\"></span>to <span class=\"_ _d\"></span>purchase and <span class=\"_ _d\"></span>take <span class=\"_ _d\"></span>delivery <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>minimum <span class=\"_ _d\"></span>quantities <span class=\"_ _d\"></span>of <span class=\"_ _d\"></span>low <span class=\"_ _d\"></span>sulfur <span class=\"_ _d\"></span>and <span class=\"_ _d\"></span>high <span class=\"_ _d\"></span>sulfur <span class=\"_ _d\"></span>bunker <span class=\"_ _d\"></span>fuel, <span class=\"_ _d\"></span>at fixed <span class=\"_ _2d\"> </span>prices, <span class=\"_ _2d\"> </span>over <span class=\"_ _2d\"> </span>the <span class=\"_ _2d\"> </span>period <span class=\"_ _2d\"> </span>from <span class=\"_ _29\"> </span>June <span class=\"_ _2d\"> </span>2023 <span class=\"_ _2d\"> </span>to <span class=\"_ _2d\"> </span>December <span class=\"_ _2d\"> </span>2024. <span class=\"_ _2d\"> </span>The <span class=\"_ _2d\"> </span>total <span class=\"_ _2d\"> </span>commitment <span class=\"_ _2d\"> </span>amounted <span class=\"_ _2d\"> </span>to <span class=\"_ _2d\"> </span>$37.1 <span class=\"_ _2d\"> </span>million, $13.2 million of which is expected to be paid in 2023 and $23.9 million of whic<span class=\"_ _1\"></span>h is expected to be paid in 2024.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:5493004BCIKYU1YL3H63",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  }
 }
}