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"value": "Notes to Consolidated Financial Statements1. 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\u2019s 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 were 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 were 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, 2024, the Company\u2019s fleet consisted of 81 owned vessels, with an aggregate capacity of approximately 17.8 million DWT (41 VLCCs, 22 Suezmax tankers and 18 LR2/Aframax tankers).2. MATERIAL ACCOUNTING POLICY INFORMATION1. Basis of presentationOur consolidated financial statements are prepared in accordance with IFRS\u00ae Accounting Standards (\u201cIFRS\u201d) as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113.The financial statements were approved by the Board of Directors on April 7, 2025, and authorized for issue.2. Use of judgements and estimatesThe preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of the Company\u2019s accounting policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which are the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed periodically. Revisions to estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.Information about judgements and areas where significant estimates have been made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statement is included in the following notes:\u2022 Note 12 - Depreciation: The cost of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels' estimated remaining economic useful lives. The selection of an appropriate useful economic life requires significant estimation. In addition, residual value may vary due to changes in market prices on scrap. See policy 8.3. for further details.Change in useful life of vesselsHistorically the Company has applied a 25 year useful economic life to its vessels. The Company reviews estimated useful lives and residual values each year. Estimated useful lives may change due to changed end user requirements, costs related to maintenance and upgrades, technological development and competition as well as industry, environmental and legal requirements. Specifically, the Company has noted that many of our customers apply stringent vetting requirements to vessels to ensure that the most rigorous technical standards are adhered to in their value chain. As a result, many customers apply age criteria to the vessels they are willing to charter. In recent years, the Company has noted a two-tier market forming, with vessels under 20 years of age, or lower, favored by top tier charterers, and vessels over 20 years being considered candidates for recycling, or being utilized in markets other than the spot market in which we primarily compete. Furthermore, as a result of the increased focus on environmental factors for both owners and investors it is expected that the competitive age threshold for a vessel may decrease as costs to comply with upcoming regulations may increase moving forward. As of December 31, 2022, the Company revised the estimated useful life of its vessels from 25 years to 20 years as a result of its analysis of the aforementioned factors. This change in estimate was applied prospectively from January 1, 2023 and did not result in any restatement to the prior year consolidated financial statements.\u2022 Note 12 - Vessel impairment: The carrying amounts of the Company\u2019s vessels may not represent their fair market value at any point in time since the market prices of secondhand vessels tend to fluctuate with changes in charter rates and the cost of newbuildings. Historically, both charter rates and vessel values tend to be cyclical. When events and changes in circumstances indicate that the carrying amount of the asset or Cash Generating Unit (\u201cCGU\u201d) might not be recovered, the Company performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use, based on discounted cash flows, and its fair value less cost to sell. In developing estimates of future cash flows in order to assess value in use, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry docking and other capital requirements, residual value, the estimated remaining useful lives of the vessels and the probability of lease terminations for right-of-use assets. These assumptions are based on historical trends as well as future expectations. See policy 10.2. for further details.\u2022 Note 14 - Goodwill impairment: The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgment at many points during the analysis. Our future operating results may be affected by potential impairment charges related to goodwill. Events or circumstances may occur that could negatively impact our ordinary share price, including changes in our anticipated revenues and profits and our ability to execute on our strategies. See policy 10.2. for further details.Measurement of fair valuesA number of the Company\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Company uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.\u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.Further information about the assumptions made in measuring fair values is included in the following notes:\u2022 Note 9 - Marketable securities\u2022 Note 12 - Vessel impairment\u2022 Note 14 - Goodwill impairment\u2022 Note 19 - Financial instruments; and\u2022 Note 21 - Share options3. Principles of consolidationThe consolidated financial statements include the accounts for us and our wholly and majority owned subsidiaries. Intercompany accounts and transactions have been eliminated on consolidation. The results of acquired companies are included in our Consolidated Statement of Profit or Loss from the date of acquisition.For investments in which we have significant influence over the operating and financial policies, the equity method of accounting is used. Accordingly, our share of the earnings and losses of these companies are included in the share of results of associated companies in the Consolidated Statements of Profit or Loss. 4. Foreign currencyOur functional currency is the U.S. dollar. Transactions in foreign currencies are translated to U.S. dollars at the foreign exchange rate applicable at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are translated to U.S. dollars at the foreign exchange rate applicable at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are generally recognized in profit or loss.5. Financial InstrumentsRecognition and initial measurementTrade and other receivables and trade and other payables are initially recognized when they are originated. All other financial assets and financial liabilities (including financial assets designated as Fair Value through Other Comprehensive Income (\u201cFVOCI\u201d) are initially recognized on the trade date, which is the date that the Company becomes a party to the contractual provisions of the instrument.Financial assets are initially measured at their transaction price including any transaction costs, except equity instruments designated as Fair Value through Profit or Loss (\u201cFVTPL\u201d) or FVOCI, which are measured at fair value. Financial liabilities are recognized initially at their transaction price less any directly attributable transaction costs.The fair values of equity investments are based on quoted prices.Financial assets and liabilities are not offset and are presented gross in the Consolidated Statement of Financial Position 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 initial recognition, a financial asset is classified and measured at: amortized cost; FVOCI-equity instrument; or FVTPL. The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:\u2022 It is held within a business model whose objectives is to hold assets to collect contractual cash flows; and\u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis.All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.Marketable securitiesMarketable securities held by the Company are listed equity securities and are classified and measured at FVTPL unless the election to present subsequent changes in the investment's fair value in OCI is made. No such elections have been made by the Company.DerecognitionThe Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor 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 subsequently measured at amortized cost or FVTPL.A financial liability is classified as at FVTPL if it is a derivative. Financial liabilities at FVTPL are measured at fair value and gains and losses are recognized in profit or loss.Non-derivative financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense is recognized in profit or loss unless the interest is capitalized as borrowing costs. Non-derivative financial liabilities comprise loans and borrowings, lease liabilities, related party payables and trade and other payables.DerecognitionThe Company derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expired. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized.On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.Debt issuance costsDebt issuance costs, including debt arrangement fees, are capitalized and amortized using the effective interest method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense. If a loan is repaid early, any unamortized portion of the related debt issuance costs is expensed in the period in which the loan is repaid. Debt modifications are accounted for prospectively and any applicable new debt issuance costs are deferred and amortized together with the existing unamortized debt issuance costs as of the date of the modification. The Company has recorded debt issuance costs as a deduction from the carrying amount of debt.5.3. Derivative financial instrumentsThe Company enters into interest rate swap transactions from time to time to hedge a portion of its exposure to floating interest rates. These transactions involve the conversion of floating rates into fixed rates for an agreed period without an exchange of underlying principal. The fair values of the interest rate swap contracts are recognized as assets or liabilities. None of the interest rate swaps qualify for hedge accounting. Changes in fair values of the interest rate swap contracts are recognized net of interest income or expense in profit or loss within Finance expense. Cash outflows and inflows resulting from the interest rate swap contracts are classified as cash flows from operations in the Consolidated Statement of Cash Flows to align with the classification of the underlying finance costs.IFRS 9 applies to contracts to buy or sell a non-derivative non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, with the exception of contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the entity\u2019s expected purchase, sale or usage requirements.6. Cash and cash equivalentsCash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents that are restricted as to their use are classified separately in the Consolidated Statement of Financial Position, either as Restricted cash or another financial statement line item based on the nature of the balance. Cash and cash equivalents that are restricted as to their use for at least 12 months following the balance sheet date, and/or are non-current in nature are classified as non-current assets. Changes in restricted cash are classified and presented in the Consolidated Statement of Cash Flows based on the nature of the underlying transaction.7. InventoriesInventories comprise principally of bunkers and lubricating oils and are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. Bunkers and lubricating oils expense is recognized in profit or loss upon consumption.8. Vessels and equipment8.1 Owned assetsVessels and items of equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of assets includes;\u2022 The cost of materials and direct labour;\u2022 Any other costs directly attributable to bringing the assets to a working condition for their intended use; and\u2022 Capitalized borrowing costs.Gains and losses on disposal of a vessel or of another item of equipment are determined by comparing the net proceeds from disposal with the carrying amount of the vessel or the item of equipment and are recognized in profit or loss. For the sale of vessels, transfer of risks and rewards usually occurs upon delivery of the vessel to the new owner.8.2 NewbuildingsNewbuildings represent vessels under construction and are carried at the amounts paid or payable according to the installments in the contract and capitalized borrowing costs. Installments are often linked to milestones such as signing of contract, steel cutting, keel laying, launching and delivery. Borrowing costs are capitalized during construction of newbuildings based on accumulated expenditures for the applicable project at the Company\u2019s current weighted average rate of borrowing.Refer to accounting policy 10.2. for impairment considerations for owned vessels and newbuildings.8.3. DepreciationDepreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of vessels and items of equipment. Right-of-use assets are depreciated using the straight-line method from the commencement date to the end of the lease term, unless the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset.The cost of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels' estimated remaining economic useful lives. Depreciation methods, useful lives and residual values are reviewed annually and adjusted prospectively, if appropriate. As explained in policy 2.2., as of December 31, 2022, the Company revised the estimated useful life of its vessels from 25 years to 20 years. This change in estimate was applied prospectively from January 1, 2023 and did not result in any restatement to the prior year consolidated financial statements. Other equipment, excluding vessel upgrades, is depreciated over its estimated remaining useful life, which approximates 5 years. The residual value for owned vessels is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per ton.The Company capitalizes and depreciates the costs of significant replacements, renewals and upgrades to its vessels over the shorter of the vessel\u2019s remaining useful life or the life of the renewal or upgrade. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred. Advances paid in respect of vessel upgrades in relation to exhaust gas cleaning systems (\u201cEGCS\u201d) and ballast water treatment systems (\u201cBWTS\u201d) are included within \"other non-current assets\", until such time as the equipment is installed on a vessel, at which point it is transferred to \"Vessels and equipment\".8.4. Dry docking \u2013 component approachOur vessels are required by their respective classification societies to go through a dry dock at regular intervals. In general, vessels below the age of 15 years are docked every 5 years and vessels older than 15 years are docked every 2.5 years. Significant components of property, plant and equipment with differing depreciation methods or lives are depreciated separately. Major inspection or overhaul costs, such as dry docking, are identified and accounted for as a separate component and depreciated over the period to the next scheduled dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery based on the age of the vessel and an estimate of the expected dry dock cost and depreciated over the period to the next scheduled dry docking. When a dry docking is performed, the carrying amount of any remaining unamortized dry docking costs related to previous dry docks (due to any difference between the estimated and actual time between dry docks) is derecognized. Costs associated with routine repairs and maintenance are expensed as incurred including routine maintenance performed while the vessel is in dry dock.9. GoodwillWe allocate the cost of acquired companies to identifiable tangible and intangible assets and liabilities acquired, with the remaining amount being classified as goodwill. When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss. After initial recognition goodwill is measured at cost less accumulated impairment losses, refer to accounting policy 10.2.10. Impairment10.1 Loans, receivables and contract assetsThe gross carrying amount of a loans, receivables and contract assets is written off when the Company has no reasonable expectations of recovering the outstanding amount in its entirety or a portion thereof. The Company assesses allowances for its estimate of expected credit losses based on historical experience, other currently available evidence, and reasonable and supportable forecasts about the future, including the use of credit default ratings from third party providers of credit rating data. The Company assesses credit risk in relation to its receivables using a portfolio approach. The Company\u2019s main portfolio segments include (i) state-owned enterprises, (ii) oil majors, (iii) commodities traders and (iv) related parties and affiliated companies. In addition, the Company performs individual assessments for customers that do not share risk characteristics with other customers (for example a customer under bankruptcy or a customer with known disputes or collectability issues). The Company makes judgements and assumptions to estimate its expected losses. 10.2. Non-financial assetsThe carrying amounts of the Company\u2019s non-financial assets, other than inventory and contract assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated.For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.The recoverable amount of an asset or CGU is the greater of its fair value less cost of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Future cash flows are based on current market conditions, historical trends as well as future expectations.An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.An impairment loss recognized for goodwill shall not be reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen events and changes in circumstances indicate that the carrying amount of the asset or CGU might not be recovered, the Company performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use, based on discounted cash flows, and its fair value less cost to sell. We define our CGU as a single vessel as each vessel generates cash inflows that are largely independent of the cash inflows from other vessels. In assessing whether there is any indication that a vessel may be impaired, the Company considers internal and external indicators, including but not limited to:\u2022 the estimated market values for our vessels received from independent ship brokers have declined during the period significantly more than we would expect as a result of the passage of time or normal use. The ship brokers assess each vessel based on, among others, age, yard, deadweight capacity and compare this to market transactions.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or will take place in the near future, in the legal and regulatory environment in which the Company operates, and the tanker market, including negative developments in actual and forecasted time charter equivalent rates (\u201cTCE rates\u201d).\u2022 market interest rates have increased during the period, and the increase is likely to affect the discount rate used in calculating a vessel\u2019s value in use and decrease the asset\u2019s recoverable amount materially.\u2022 the carrying amount of the net assets of the Company is more than its market capitalization.\u2022 evidence is available of obsolescence or physical damage of a vessel.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or are expected to take place in the near future, in the extent to which, or manner in which, a vessel is used or is expected to be used.\u2022 evidence that the economic performance of a vessel is, or will be, worse than expected, including:\u25e6 actual or forecasted TCE rates are significantly worse than expected;\u25e6 cash flows for acquiring a vessel, or subsequent cash needs for operating or maintaining it, are significantly higher than expected;\u25e6 actual net cash flows or operating profit are significantly worse than expected;\u25e6 a significant decline in budgeted net cash flows or operating profit; or\u25e6 operating losses or net cash outflows.If such impairment indicators are identified, the vessel\u2019s recoverable amount is estimated. In developing estimates of future cash flows in order to assess value in use, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry docking and other capital requirements, residual value, the estimated remaining useful lives of the vessels and the probability of lease terminations for vessels held under lease. These assumptions are based on historical trends as well as future expectations. Specifically, in estimating future charter rates, management takes into consideration rates currently in effect for existing time charters and estimated daily time charter equivalent rates for each vessel class for the unfixed days over the estimated remaining lives of each of the vessels. The estimated daily time charter equivalent rates used for unfixed days are based on a combination of (i) internally developed forecasts, and (ii) historical rates, based on quarterly average rates published by an independent third party maritime research service, for a historical period determined based on management's judgment of past and ongoing shipping cycles. Recognizing that the transportation of crude oil is cyclical and subject to significant volatility based on factors beyond the Company\u2019s control, management believes the use of estimates based on the combination of internally forecast rates and historical average rates calculated as of the reporting date to be reasonable.Estimated outflows for operating expenses and dry docking requirements are based on historical and budgeted costs and are adjusted for assumed inflation. Finally, utilization is based on historical levels achieved and estimates of a residual value are consistent with the pattern of scrap rates used in management's evaluation of salvage value. Other capital requirements for newbuildings are primarily based on amounts payable according to the installments in the contract.The weighted average cost of capital (\u201cWACC\u201d) used to calculate the value in use of our assets is calculated to reflect the industry-weighted average return on debt and equity using observable market data and approximates a pre-tax discount rate.The more significant factors that could impact management's assumptions regarding time charter equivalent rates include (i) loss or reduction in business from significant customers, (ii) unanticipated changes in demand for transportation of crude oil and oil products, (iii) changes in production of or demand for oil, generally or in particular regions, (iv) greater than anticipated levels of tanker newbuilding orders or lower than anticipated levels of tanker scrapping, and (v) changes in rules and regulations applicable to the tanker industry, including legislation adopted by international organizations such as IMO and the EU or by individual countries. Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate at the time they were made, such assumptions are highly subjective and likely to change, possibly materially, in the future. Tanker charter rates are volatile and can experience long periods at depressed levels. Future assessments of vessel impairment would be adversely affected by reductions in vessel values and charter rates.GoodwillGoodwill is not amortized, but rather reviewed for impairment annually, or more frequently if impairment indicators arise. The Company has one group of CGUs for the purpose of assessing potential goodwill impairment and has selected September 30 as its annual goodwill impairment testing date. A CGU is impaired when its carrying amount exceeds its recoverable amount. In assessing whether the recoverable amount of a CGU to which goodwill has been allocated is less than its carrying amount, the Company assesses relevant events and circumstances, including (i) macroeconomic conditions; (ii) industry and market conditions; (iii) changes in cost factors that may impact earnings and cash flows; (iv) overall financial performance; (v) other entity specific events such as changes in management, strategy, customers or key personnel; (vi) other events and (vii) if applicable, changes in the Company\u2019s share price, both in absolute terms and relative to peers.The recoverable amount of the Company\u2019s one group of CGUs is the higher of its fair value less cost of disposal and value in use. We estimate the fair value less cost of disposal of this group of CGUs based on the Company\u2019s market capitalization plus a control premium, as needed. Control premium assumptions require judgment and actual results may differ from assumed or estimated amounts. In assessing value in use, the estimated future cash flows are discounted to present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the Company.11. Revenue and expense recognition11.1. Voyage chartersIn a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charterer is responsible for any short loading of cargo or \u201cdead\u201d freight. The voyage charter party generally has standard payment terms with freight paid on completion of discharge. The voyage charter party generally has a \"demurrage\" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited, which is recorded as voyage revenue. As such, demurrage is considered variable consideration under the contract. Estimates and judgments are required in ascertaining the most likely outcome of a particular voyage and actual outcomes may differ from estimates. Such estimates are reviewed and updated over the term of the voyage charter contract.The non-lease component of voyage charters (and other contracts) are accounted for under the provisions of IFRS 15 Revenue from Contracts with Customers. The Company has determined that its voyage charter contracts that qualify for accounting under IFRS 15 consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and the voyage revenue and expenses are recognized on a straight-line basis over the voyage days from the commencement of loading to completion of discharge. Contract assets with regards to voyage revenues are reported as \u201cVoyages in progress\u201d as the performance obligation is satisfied over time. Voyage revenues typically become billable and due for payment on completion of the voyage and discharge of the cargo, at which point the receivable is recognized within \u201cTrade and other receivables\u201d.Voyage charters contain a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. The lease component of voyage charter contracts are accounted for under IFRS 16 Leases which results in revenue recognition consistent with the non-lease component accounted for under IFRS 15.In a voyage contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. To recognize costs incurred to fulfill a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are subsequently amortized on a straight-line basis as we satisfy the performance obligations under the contract. Costs incurred to obtain a contract, such as commissions, are also deferred and expensed over the same period. Costs incurred during the performance of a voyage are expensed as incurred.The Company has taken the practical expedient not to disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period as the performance obligations are part of contracts having an original expected duration of one year or less. 11.2. Time chartersIn a time charter voyage, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. Generally, the charterer has the discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer and carries only lawful or non-hazardous cargo. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges, and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire in advance of the upcoming contract period. The lease component of time charter contracts are accounted for under IFRS 16 Leases and revenues are recorded over the term of the charter. The non-lease component of time charter contracts are accounted for under IFRS 15 which results in revenue recognition consistent with the lease component accounted for under IFRS 16. When a time charter contract is linked to an index, we recognize revenue for the applicable period based on the actual index for that period.11.3. Administrative incomeAdministrative income primarily comprises income earned from the commercial and technical management of vessels and newbuilding supervision fees derived from related parties, affiliated companies and third parties. Administrative income is recognized over time as the services are provided and performance obligations are met.12. Other operating incomeOther operating income relates to (i) gains on the sale of vessels, which are recognized when the vessel has been delivered and substantially all risks have been transferred and are determined by comparing the proceeds received with the carrying value of the vessel, (ii) gains on settlements of insurance and legal claims, which are recognized when an inflow of economic benefit is virtually certain, (iii) gains and losses on the termination of leases before the expiration of the lease term, which are accounted for by derecognizing the carrying value of the right-of-use asset and lease obligation, with a gain or loss recognized for the difference. Gains and losses on the termination of leases are accounted for when the lease is terminated and the vessel is redelivered to the owners, and (iv) gains and losses from pooling and other revenue sharing arrangements where the Company is considered the principal under the charter parties and records voyage revenues and costs gross, with the adjustments required as a result of the revenue sharing arrangement being recognized as other operating gains or losses.13. LeasesAt inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.13.1. As a lesseeThe Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at the amount equal to the lease liability adjusted by initial direct costs incurred by the lessee. Adjustments may also be required for any payments made at or before the commencement date, less any lease incentives received.After lease commencement, the Company measures the right-of-use asset at cost less accumulated depreciation and accumulated impairment. The right-of-use asset is subsequently depreciated using the straight-line method. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company\u2019s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The lessee's incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.Lease payments included in the measurement of the lease liability comprise the following:\u2022 Fixed payments;\u2022 Variable lease payments that depend on an index or a rate;\u2022 Amounts expected to be payable under a residual value guarantee, and;\u2022 The exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.The Company has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether the purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-to-use asset has been reduced to zero.Lease and non-lease components in the contracts are separated and the non-lease components are expensed as incurred and classified based on the nature of the expense.Short-term leases and leases of low-value assetsThe Company has elected not to recognize certain right-of-use assets and lease liabilities for leases of low-value assets and short-term leases (i.e., leases with an original term of 12-months or less), including IT equipment. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.Refer to accounting policy 10.2. for impairment considerations for vessel right-of-use assets.13.2 As a lessorWhen the Company acts as a lessor, it determines at lease inception whether each lease is a finance or operating lease.To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Company considers certain indicators such as whether the lease is for the major part of the economic life of the asset.If the lease qualifies as an operating lease, e.g. time charter contracts and the lease component of voyage charter contracts, the leased asset remains on the statement of financial position of the lessor and continues being depreciated. The Company separates the lease and non-lease component in the contract, with the lease component qualified as operating lease and the non-lease component accounted for under IFRS 15. The Company makes significant judgments and assumptions to separate lease components from non-lease components of our contracts. For purposes of determining the standalone selling price of the vessel lease and non-lease components of the Company\u2019s time charters and voyage charters, the Company uses the residual approach given that vessel rates are highly variable depending on shipping market conditions. The Company believes that the standalone transaction price attributable to the non-lease component is more readily determinable than the price of the lease component and, accordingly, the price of the service components is estimated using cost plus a margin and the residual transaction price is attributed to the lease component. Refer to the Revenue policy for further details of the accounting for the lease and the non-lease component.13.3 Sale and leaseback transactionsIf the Company has an obligation or a right to repurchase an asset (a forward or a call option), sold under a sale and leaseback transaction, a counterparty does not obtain control of the asset because the counterparty is limited in its ability to direct the use of, and obtain substantially all of the remaining benefits from the asset, even though the counterparty may have physical possession of the asset. Consequently, the Company accounts for the contract by continuing to recognize the asset and recording a financial liability for any consideration received from the counterparty. The financial liability is subsequently measured at amortized cost using the effective interest method. See 5.2 Financial Liabilities for further details.14. Share-based compensation The fair value of the amount payable to beneficiaries in respect of synthetic options, which are settled in cash, is recognized as an expense with a corresponding liability, over the period during which the beneficiaries become unconditionally entitled to payment. The fair value of the liability is remeasured at each reporting period.15. Dividends receivedThe Company records dividends received in the period in which they are declared and receivable.16. New standards and interpretationsDuring the current financial period, the Company has adopted all relevant new and revised Standards and Interpretations that were issued by the IASB and the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) of the IASB. The following new Standards, Interpretations and Amendments issued by the IASB and the IFRIC are effective for the current financial year end: \u2022 Amendments to IAS 1 Presentation of Financial Statements to specify the requirements for classifying liabilities as current or non-current.The adoption of these new standards, interpretations and amendments had no material effect on the financial statements.New and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company\u2019s financial statements are disclosed below. The below list includes the new standards and amendments that we believe are the most relevant for the Company:IFRS 18 Presentation and Disclosure in Financial StatementsIn April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1, with a focus on updates to the statement of profit or loss. The new and standard is effective for annual reporting periods beginning on or after January 1, 2027 and must be applied retrospectively. The key new concepts introduced in IFRS 18 relate to:\u25aa the structure of the statement of profit or loss and statement of cash flow;\u25aa required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (that is, management-defined performance measures); and\u25aa enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.Amendments to the Classification and Measurement of Financial InstrumentsIn May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The amendments include clarifying the date of recognition and derecognition of some financial assets and liabilities and new disclosures for certain instruments with contractual terms that can change cash flows. The amendments are effective for annual reporting periods beginning on or after January 1, 2026 and must be applied retrospectively.The Company has not applied or early adopted any new IFRS requirements that are not yet effective as per December 31, 2024.3. SEGMENT INFORMATIONThe Company and the chief operating decision maker (\u201cCODM\u201d) measure performance based on the Company\u2019s overall return to shareholders based on consolidated profit or loss. The CODM does not review a measure of operating result at a lower level than the consolidated group. Consequently, the Company has only one reportable segment: tankers. The tankers segment includes crude oil tankers and product tankers.The Group's internal organizational and management structure does not distinguish any geographical segments.No customers in the years ended December 31, 2024, 2023 or 2022 individually accounted for 10% or more of the Company\u2019s consolidated operating revenues.4. REVENUE AND OTHER OPERATING INCOMEThe lease and non-lease components of our revenues in the year ended December 31, 2024 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues 1,029,163 925,872 1,955,035 Time charter revenues 64,359 20,714 85,073 Administrative income \u2014 10,277 10,277 Total revenues 1,093,522 956,863 2,050,385 The lease and non-lease components of our revenues in the year ended December 31, 2023 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues 982,818 740,399 1,723,217 Time charter revenues 49,870 13,901 63,771 Administrative income \u2014 15,196 15,196 Total revenues 1,032,688 769,496 1,802,184 The lease and non-lease components of our revenues in the year ended December 31, 2022 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues 601,057 744,907 1,345,964 Time charter revenues 45,515 26,276 71,791 Administrative income \u2014 12,453 12,453 Total revenues 646,572 783,636 1,430,208 Certain voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. $7.9 million of contract costs were capitalized in the year ended December 31, 2024 (2023: $6.2 million) as Other current assets, of which $3.3 million was amortized up to December 31, 2024 (2023: $2.7 million), leaving a remaining balance of $4.6 million as of December 31, 2024 (2023: $3.5 million). $3.5 million of contract assets were amortized in the year ended December 31, 2024 in relation to voyages in progress as of December 31, 2023. No impairment losses were recognized in the years ended December 31, 2024, 2023 and 2022.Administrative income primarily comprises the income earned from the technical and commercial management of vessels and newbuilding supervision fees from related parties, affiliated companies and third parties.Assets from contracts with customers (excluding amounts in relation to lease components) as of December 31, 2024 and 2023 are presented within the statements of financial position as follows:(in thousands of $)2024 2023Voyages in progress 46,772 46,994 Trade accounts receivable 54,892 48,136 Related party receivables 6,522 14,591 Other current assets 4,572 3,503 Total 112,758 113,224 Other operating income in the years ended December 31, 2024, 2023 and 2022 was as follows:(in thousands of $)20242023 2022Gain on settlement of claims \u2014 397 3,998 Other gains 42 41 18 Gain on sale of vessels 112,079 21,959 4,596 Loss on termination of leased vessels \u2014 \u2014 (431) Gain (loss) on pool arrangements \u2014 1,683 (141) Total 112,121 24,080 8,040In the year ended December 31, 2023, the Company recorded an arbitration award of $0.4 million (2022: $2.5 million) in relation to the failed sale of a vessel. In the year ended December 31, 2022, the Company also recorded a $1.5 million gain on the settlement of insurance claims for a vessel.In January 2024, the Company announced that it had entered into an agreement to sell its five oldest VLCCs, built in 2009 and 2010, for an aggregate net sale price of $290.0 million. Three of the vessels were delivered to the new owner during the first quarter of 2024, and the two remaining vessels were delivered in the second quarter of 2024. After repayment of existing debt on the five vessels, the transaction generated net cash proceeds of $208.0 million. The Company recorded a gain of $68.6 million in the year ended December 31, 2024. In January 2024, the Company entered into an agreement to sell one of its oldest Suezmax tankers, built in 2010, for a net sale price of $45.0 million. The vessel was delivered to the new owner during the second quarter of 2024. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of $32.0 million, and the Company recorded a gain of $11.8 million in the year ended December 31, 2024.In March 2024, the Company entered into an agreement to sell another one of its oldest Suezmax tankers, built in 2010, for a net sale price of $46.9 million. The vessel was delivered to the new owner during the second quarter of 2024. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of $34.0 million, and the Company recorded a gain of $13.8 million in the year ended December 31, 2024.In June 2024, the Company entered into an agreement to sell its oldest Suezmax tanker, built in 2010, for a net sale price of $48.5 million. The vessel was delivered to the new owner in October 2024. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of $36.5 million, and the Company recorded a gain of $17.9 million in the year ended December 31, 2024.In January 2023, the Company sold a 2009-built VLCC and a 2009-built Suezmax tanker for gross proceeds of $61.0 million and $39.5 million, respectively. The vessels were delivered to new owners in January and February 2023, respectively. After repayment of existing debt on the vessels, the transactions generated net cash proceeds of $63.6 million, and the Company recorded a gain on sale of $9.9 million and $2.8 million, respectively, in the year ended December 31, 2023.In May 2023, the Company sold a 2010-built Suezmax tanker for gross proceeds of $44.5 million. The vessel was delivered to the new owner in June 2023. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of $28.2 million, and the Company recorded a gain on sale of $9.3 million in the year ended December 31, 2023.In November 2021, the Company announced that it had entered into an agreement to sell four of its scrubber-fitted LR2 tankers for an aggregate sales price of $160.0 million to SFL Tanker Holding Ltd., a company related to Hemen, its largest shareholder. Two vessels were delivered to the new owners in December 2021 and the remaining two vessels were delivered to the new owners in January 2022. After repayment of debt on the vessels, the transaction generated net cash proceeds of $35.1 million and the Company recorded a gain of $4.6 million in the year ended December 31, 2022 for the two vessels delivered in the period.In April 2022, the Company announced that its subsidiary Frontline Shipping Limited had agreed with SFL, an affiliated company, to terminate the long-term charters for the two VLCCs, upon the sale and delivery of the vessels by SFL to an unrelated third party. The Company recognized a non-cash reduction in lease obligations of $46.6 million in the year ended December 31, 2022 in respect of these vessels. The Company agreed to a total compensation payment to SFL of $4.5 million for the termination of the current charters. The charters terminated and the vessels were delivered to the new owners in April 2022. The Company recorded a loss on termination of $0.4 million in the year ended December 31, 2022.In the year ended December 31, 2023, the Company recorded income of $1.7 million (2022: loss of $0.1 million) related to the pooling arrangement with SFL between two of its Suezmax tankers and two SFL vessels. As of December 31, 2023, vessels have been sold and delivered to their respective new owners resulting in the termination of the pooling arrangement.5. OPERATING EXPENSESVoyage expenses and commissions(in thousands of $) 2024 2023 2022Commissions 72,699 62,764 46,029 Bunkers 529,585 390,658 416,830 Other voyage related expenses 171,150 165,173 142,685 773,434 618,595 605,544 For vessels operated in the spot market, voyage expenses are paid by the shipowner while voyage expenses for vessels under a time charter contract, are paid by the charterer. No inventory write-downs were recognized as an expense in the years ended December 31, 2024, 2023 and 2022.The majority of other voyage expenses are port costs, agency fees and agent fees paid to operate the vessels on the spot market. Port costs vary depending on the number of spot voyages performed, number and type of ports. Ship operating expenses(in thousands of $) 2024 2023 2022Technical management expenses 88,433 62,207 66,238 Crew costs 125,602 99,809 96,283 Insurances 18,208 14,517 12,643 232,243 176,533 175,164 Ship operating expenses are the direct costs associated with running a vessel and include crew costs, vessel supplies, repairs and maintenance, lubricating oils and insurances. The technical management of our vessels is provided by third-party ship management companies.Administrative expenses(in thousands of $) 2024 2023 2022Total compensation to employees and directors 17,892 29,894 22,442 Office and administrative expenses 14,183 15,573 12,105 Audit, legal and consultancy 4,011 8,061 12,827 36,086 53,528 47,374 Total compensation to employees and directors:(in thousands of $) 2024 2023 2022Directors fees 511 511 465 Wages and salaries 15,659 14,838 15,247 Stock option expense (1,422) 11,247 4,700 Social security costs 1,711 2,001 1,130 Pension costs 1,054 1,040 772 Other staff related costs 379 257 128 17,892 29,894 22,442 The average number of employees employed by the Company and its subsidiaries in the year ended December 31, 2024 was 87 (2023: 83, 2022: 79).Fees paid or accrued for audit and related services:(in thousands of $) 2024 2023 2022Audit of annual financial statements:Statutory auditor 637 141 136 Other PwC Network firms 1,155 1,333 2,290 Services provided by Other PwC Network firms:Other non assurance services 5 15 4 Total 1,797 1,489 2,430 The fees charged by the statutory auditor in the year ended December 31, 2024 include an amount of $0.5 million (2023: $nil, 2022: nil) that relates to the audit of the financial statements of subsidiary undertakings.6. NET FINANCE EXPENSE(in thousands of $) 2024 2023 2022Interest income 16,785 16,496 1,463 Foreign exchange gains 313 1,569 16 Finance income 17,098 18,065 1,479 Interest expense on financial liabilities measured at amortized cost 302,324 178,498 97,775 Interest leasing \u2014 \u2014 937 Gain on interest rate swaps (9,206) (8,039) (53,623) Foreign exchange losses 1,023 335 \u2014 Other financial expenses 947 542 241 Finance expense 295,088 171,336 45,330 Net finance expense (277,990) (153,271) (43,851)7. INCOME TAXESCertain of the Company's subsidiaries are tax resident in Cyprus, Singapore, China, Norway and the United Kingdom and are subject to income tax in their respective jurisdictions. Such taxes are not material to our consolidated financial statements and related disclosures for the years ended December 31, 2024, 2023 and 2022.CyprusUnder the provisions of Cyprus tax laws, such income shall be included in the estimation of taxable income to be taxed at the rate of 12.5%.In line with the Cypriot tonnage tax system, the Company pays tax calculated on the basis of the net tonnage of the qualifying vessels the Company owns, charters or manages. The option for tonnage tax once made is obligatory for ten years. Tonnage tax payable in relation to our vessel owning subsidiaries are recorded as ship operating expenses in the Consolidated Statements of Profit or Loss.On October 3, 2023, the Cyprus Ministry of Finance initiated a public consultation to incorporate the EU Directive, aimed at establishing a global minimum tax level for multinational and large-scale domestic enterprise groups, into national legislation. This Directive, originating from the OECD/G20 BEPS Pillar Two Model Rules was voted on by the EU states on December 14, 2022, and seeks to ensure fair taxation practices internationally. The Directive was voted into domestic law on December 18 2024, \u201cThe Safeguarding of a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union Law of 2023\u201d, with application to financial periods starting on or after December 31, 2023, harmonizing the Cyprus tax framework with the Directive. This new law does not amend the CIT legislation; the law introduces an additional set of tax rules to be applied alongside the application of CIT and other relevant taxes for MNEs in scope. The law introduces the Qualified Income Inclusion Rule (\u201cQIIR\u201d) which is effective for accounting periods beginning on or after December 31, 2023 and the Qualified Undertaxed Profits Rule (\u201cUTPR\u201d) which is effective for accounting periods beginning on or after December 31, 2024.Cyprus has elected to adopt the Qualifying Domestic Minimum Top Up Tax (\u201cQDMTT\u201d) and will be effective as of January 1, 2025. This will allow Cyprus jurisdiction to collect the top-up tax in its own jurisdiction instead of allowing a foreign jurisdiction to charge top-up taxes elsewhere.The legislation targets multinational and large domestic enterprise groups with a consolidated revenue exceeding EUR 750 million in two of the last four years before the assessed fiscal year. It proposes a global minimum effective tax rate of 15%, as compared to the corporate tax rate in Cyprus of 12.5%, and includes specific exemptions (provided that certain conditions are met) for International Shipping Income. In light of these developments, management is currently evaluating the potential implications of the law on the Company\u2019s operations and financial planning. As these and other tax laws and related regulations change (including changes in the interpretation, approach and guidance of tax authorities), our financial results could be materially impacted. United StatesFor the three years ended December 31, 2024, 2023 and 2022, the Company did not accrue U.S. income taxes as the Company is not engaged in a U.S. trade or business and is exempted from a gross basis tax under Section 883 of the U.S. Internal Revenue Code.Under Section 863(c)(2)(A) of the Internal Revenue Code, 50% of all transportation revenue attributable to transportation which begins or ends in the United States shall be treated as from sources within the United States where no Section 883 exemption is available. Such revenue is subject to 4% tax. No revenue tax has been recorded in voyage expenses and commissions in the year ended December 31, 2024 (2023: nil, 2022: nil).The Company does not have any unrecognized tax benefits, material accrued interest or penalties relating to income taxes.8. EARNINGS PER SHAREBasic earnings per share is computed based on the income available to ordinary shareholders and the weighted average number of shares outstanding. Diluted earnings per share includes the effect of the assumed conversion of potentially dilutive instruments, for which there was no impact in the years ended December 31, 2024, 2023 and 2022 as there were no potentially dilutive stock options in the periods.The weighted average number of shares outstanding for the purpose of calculating basic and diluted earnings per share for the year ended December 31, 2022 of 214,011,000 includes the impact of the 19,091,910 shares issued to Hemen for no cash consideration in connection with the CMB.TECH NV (formerly Euronav NV) (\u201cCMB.TECH\u201d) share acquisition. Refer to Note 9 for further details.The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows:(in thousands of $) 2024 2023 2022Profit for the period 495,583 656,414 475,537 (in thousands)Weighted average number of basic and diluted shares 222,623 222,623 214,011 Cash dividends paid per share $1.95 $2.87 $0.159. MARKETABLE SECURITIESMarketable securities held by the Company are listed equity securities. In the year ended December 31, 2024, the Company received dividends of $3.5 million (2023: $36.9 million, 2022: $1.6 million) from its investments in marketable securities.Movements in marketable securities for the years ended December 31, 2024, 2023 and 2022 are as follows:(in thousands of $) 2024 2023 2022Balance at the beginning of the year 7,432 236,281 2,435 Marketable securities acquired \u2014 \u2014 167,709 Proceeds from sale of marketable securities \u2014 (251,839) \u2014 Gain on marketable securities sold during the year \u2014 18,994 \u2014 Unrealized gain (loss) on marketable securities held at the end of the year (3,405) 3,996 66,137 Balance at the end of the year 4,027 7,432 236,281 Avance GasAs of December 31, 2024, 2023 and 2022, the Company held 442,384 shares in Avance Gas. In the year ended December 31, 2024, the Company recognized an unrealized loss of $3.3 million (2023: gain of $3.8 million, 2022: gain of $0.9 million) in relation to these shares.SFLAs of December 31, 2024, 2023 and 2022, the Company held 73,165 shares in SFL. In the year ended December 31, 2024, the Company recognized an unrealized loss of $0.1 million (2023: gain of $0.1 million, 2022: gain of $0.1 million) in relation to these shares.Golden OceanAs of December 31, 2024, 2023 and 2022, the Company held 10,299 shares in Golden Ocean. In the year ended December 31, 2024, the Company recognized an unrealized loss of $0.01 million (2023: gain of $0.01 million, 2022: loss of $0.01 million) in relation to these shares.CMB.TECHShare acquisition in the year ended December 31, 2022On May 28, 2022, the Company announced that it agreed to acquire in privately negotiated share exchange transactions with certain shareholders of CMB.TECH a total of 5,955,705 shares in CMB.TECH, representing 2.95% of the outstanding shares in CMB.TECH as of this date, in exchange for a total of 8,337,986 ordinary shares of Frontline. Frontline received the $0.06 dividend per share that was paid on June 8, 2022 by CMB.TECH in respect of these 5,955,705 shares. On June 10, 2022, the Company announced that it agreed to acquire in privately negotiated transactions with certain shareholders of CMB.TECH a total of 7,708,908 shares in CMB.TECH, representing 3.82% of the outstanding shares in CMB.TECH as 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 into a share lending arrangement with Hemen to facilitate settlement of such transactions. Pursuant to such arrangement, Hemen delivered an aggregate of 19,091,910 Frontline shares to the exchanging CMB.TECH holders in June 2022 and Frontline agreed to issue to Hemen the same number of shares of Frontline in full satisfaction of the share lending arrangement. The shares were issued to Hemen in August 2022.As of December 31, 2022, the Company held 13,664,613 shares in CMB.TECH, as a result of the above transactions. The acquired shares were initially recognized at their fair value of $167.7 million and the Company recorded a realized loss of $7.8 million in relation to these transactions, being the difference between the transaction price to acquire these shares and their fair value as of the transaction dates. The transaction price paid to acquire these shares was $175.5 million, which was the fair value of the Frontline's shares as of the transaction dates.Based on the CMB.TECH share price as of December 31, 2022, the fair value of the shares held in CMB.TECH was $232.8 million, which resulted in an unrealized gain of $65.1 million.Share sale in the year ended December 31, 2023On October 9, 2023, in connection with the Acquisition (as defined in Note 12), Frontline and Famatown Finance Limited, a company related to Hemen agreed to sell all their shares in CMB.TECH (57,479,744 shares, representing in aggregate 26.12% of CMB.TECH\u2019s issued shares) to Compagnie Maritime Belge NV (\u201cCMB\u201d) at a price of $18.43 per share (the \u201cShare Sale\u201d). In November 2023, all conditions precedent to the Share Sale, including approval of the inter-conditionality of the Share Sale and the Acquisition by the CMB.TECH shareholders and receipt of anti-trust approvals, were fulfilled. The Share Sale closed in November 2023 at which time Frontline sold its 13,664,613 shares in CMB.TECH to CMB for $251.8 million. The proceeds from the Share Sale have been used to partly finance the Acquisition.In the year ended December 31, 2023, the Company recognized a gain on marketable securities in relation to the CMB.TECH shares of $19.0 million.10. TRADE AND OTHER RECEIVABLESDecember 31, December 31, (in thousands of $)20242023Trade receivables 117,624 112,735 Other receivables 11,319 11,912 128,943 124,647 Trade and other receivables are presented net of allowances for doubtful accounts of $6.4 million as of December 31, 2024 (2023: $4.3 million).11. NEWBUILDINGSMovements in the three years ended December 31, 2024 are as follows:(in thousands of $) Balance at January 1, 2022 130,633 Installments and other costs paid and payable 299,963 Transfer to Vessels and equipment (386,241) Capitalized borrowing costs 3,636 Balance at December 31, 2022 47,991 Installments and other costs paid and payable 145,753 Transfer to Vessels and equipment (193,878) Capitalized borrowing costs 134 Balance at December 31, 2023 \u2014 Balance at December 31, 2024 \u2014 No newbuildings were delivered in the year ended December 31, 2024 (2023: two VLCCs, 2022: four VLCCs).As of December 31, 2024, there are no vessels in the Company\u2019s newbuilding program and there are no commitments. 12.VESSELS AND EQUIPMENTMovements in the three years ended December 31, 2024 are as follows:Vessels and Dry dock Net Carrying (in thousands of $)equipmentcomponentValueCostAs of January 1, 2024 5,464,799 147,655 5,612,454 Additions 1,235,070 33,279 1,268,349 Disposals (788,737) (26,331) (815,068) As of December 31, 2024 5,911,132 154,603 6,065,735 Accumulated depreciationAs of January 1, 2024 (890,918) (88,367) (979,285) Charge for the period (315,483) (22,746) (338,229) Disposals 478,524 19,952 498,476 As of December 31, 2024 (727,877) (91,161) (819,038) Net book value as of December 31, 2024 5,183,255 63,442 5,246,697 CostAs of January 1, 2023 4,390,718 126,437 4,517,155 Additions 1,113,143 26,114 1,139,257 Transfers from newbuildings 191,132 2,746 193,878 Disposals (230,194) (7,642) (237,836) As of December 31, 2023 5,464,799 147,655 5,612,454 Accumulated depreciationAs of January 1, 2023 (790,346) (76,157) (866,503) Charge for the period (212,088) (17,982) (230,070) Disposals 111,516 5,772 117,288 As of December 31, 2023 (890,918) (88,367) (979,285) Net book value as of December 31, 2023 4,573,881 59,288 4,633,169 CostAs of January 1, 2022 4,089,351 107,616 4,196,967 Additions 16,483 17,850 34,333 Transfers from newbuildings 380,859 5,382 386,241 Disposals (95,975) (4,411) (100,386) As of December 31, 2022 4,390,718 126,437 4,517,155 Accumulated depreciationAs of January 1, 2022 (666,860) (62,807) (729,667) Charge for the period (145,623) (16,324) (161,947) Disposals 22,137 2,974 25,111 As of December 31, 2022 (790,346) (76,157) (866,503) CMB.TECH VLCC AcquisitionOn October 9, 2023, Frontline entered into a Framework Agreement (the \u201cFramework Agreement\u201d) with CMB.TECH. Pursuant to the Framework Agreement, the Company agreed to purchase 24 VLCCs with an average age of 5.3 years, for an aggregate purchase price of $2,350.0 million from CMB.TECH (the \u201cAcquisition\u201d).All of the agreements relating to the Acquisition came into effect in November 2023. In December 2023, the Company took delivery of 11 of the vessels for consideration of $1,112.2 million. The Company had a commitment of $890.0 million for the remaining 13 vessels to be delivered excluding $347.8 million of prepaid consideration as of December 31, 2023. The Company took delivery of the 13 remaining vessels for consideration of $1,237.8 million in the year ended December 31, 2024.In the year ended December 31, 2024, the Company:\u2022 sold five VLCCs and three Suezmax tankers;\u2022 completed the installation of a ballast water treatment system on one vessel; and\u2022 performed dry docks on 12 vessels.In the year ended December 31, 2023, the Company:\u2022 completed the installation of EGCS on two vessels;\u2022 took delivery of two VLCC newbuildings; \u2022 sold one VLCC and two Suezmax tankers; and\u2022 performed dry docks on 10 vessels.In the year ended December 31, 2022, the Company:\u2022 completed the installation of EGCS on eight vessels;\u2022 took delivery of four VLCC newbuildings;\u2022 sold two LR2 tankers; and\u2022 performed dry docks on 14 vessels.ImpairmentAs of December 31, 2022To determine whether it was necessary to re-estimate the recoverable amounts of our owned vessels, including newbuildings, as of December 31, 2022, the Company assessed whether any events had occurred that would eliminate the difference calculated between the carrying amounts and recoverable amounts as of December 31, 2021. Based on this assessment, we observed that the estimated market values received from independent ship brokers had increased significantly during the period for all our vessels and actual and forecasted TCE rates and operating results had also improved significantly. Furthermore, the estimated recoverable amounts of all our vessels as of December 31, 2021 were not sensitive to possible impairment indicators, including the change in useful life of our vessels from 25 to 20 years as of January 1, 2023. Accordingly, we did not re-estimate our vessel's recoverable amounts as of December 31, 2022 and no impairment loss was recognized in the year ended December 31, 2022.As of December 31, 2023We did not identify any events or changes in circumstances indicating that the carrying amounts of our owned vessels might not be recovered as of December 31, 2023. Based on our assessment, we observed that the estimated market values received from independent ship brokers had increased since December 31, 2022 for all our vessels. We did not observe negative developments in forecasted market TCE rates and operating results had also improved significantly during the period. Furthermore, the Company's market capitalization was significantly higher than the carrying amount of its net assets as of December 31, 2023. Accordingly, no impairment loss was recognized in the year ended December 31, 2023.As of December 31, 2024We did not identify any events or changes in circumstances indicating that the carrying amounts of our owned vessels might not be recovered as of December 31, 2024. Based on our assessment, we observed that the estimated market values received from independent ship brokers remain strong and are in excess of each vessel\u2019s respective carrying amount. We also observed that the sales prices for all eight vessels sold in the year ended December 31, 2024 were in excess of their respective carrying amounts. We did not observe negative developments in forecasted market TCE rates or actual operating results. Furthermore, the Company's market capitalization was significantly higher than the carrying amount of its net assets as of December 31, 2024. Accordingly, no impairment loss was recognized in the year ended December 31, 2024.13. RIGHT OF USE ASSETSMovements in the three years ended December 31, 2024 are as follows:(in thousands of $) Offices Vessels TotalCostAs of December 31, 2023 and 2024 11,395 \u2014 11,395 Accumulated depreciationAs of January 1, 2024 (9,159) \u2014 (9,159) Depreciation charge for the period (896) \u2014 (896) Translation differences 95 \u2014 95 As of December 31, 2024 (9,960) \u2014 (9,960) Net book value as of December 31, 2024 1,435 \u2014 1,435 Accumulated depreciationAs of January 1, 2023 (8,287) \u2014 (8,287) Depreciation charge for the period (906) \u2014 (906) Translation differences 34 \u2014 34 As of December 31, 2023 (9,159) \u2014 (9,159) Net book value as of December 31, 2023 2,236 \u2014 2,236 CostAs of January 1, 2022 11,719 103,888 115,607 Additions 159 \u2014 159 Lease terminations \u2014 (103,888) (103,888) Disposals (483) (483) As of December 31, 2022 11,395 \u2014 11,395 Accumulated depreciationAs of January 1, 2022 (7,805) (59,008) (66,813) Depreciation charge for the period (926) (2,297) (3,223) Lease terminations \u2014 61,305 61,305 Disposals 483 \u2014 483 Translation differences (39) \u2014 (39) As of December 31, 2022 (8,287) \u2014 (8,287) As of January 1, 2022, the Company leased in two vessels from SFL, an affiliated company, on time charters that were classified as leases. In April 2022, the Company announced that its subsidiary Frontline Shipping Limited had agreed with SFL to terminate the long-term charters for these vessels upon the sale and delivery of the vessels by SFL to an unrelated third party.The right-of-use assets for offices relate to lease agreements for office space.For further details on the Company's leases see Note 18.14. GOODWILLAccumulated Net Carrying (in thousands of $) Goodwillimpairment lossesValueBalance as of December 31, 2024, 2023 and 2022 225,273 (112,821) 112,452 ImpairmentFor impairment testing purposes, goodwill was allocated to one group of CGUs, the Company.As of December 31, 2022The recoverable amount of the Company was determined based on its fair value, less cost of disposal, estimated using its market capitalization as a basis. The Company's market capitalization as of December 31, 2022 was $2,702.6 million (based on a share price of $12.14) compared to its carrying value of net assets of approximately $2,259.9 million. The excess of the fair value of the Company over its carrying value of net assets was such that the Company concluded that there was no requirement for an impairment in the year ended December 31, 2022.If our ordinary share price declines this could result in an impairment of some or all of the $112.5 million of goodwill. In the absence of a control premium, a share price of $9.65 per share as of December 31, 2022 would have resulted in the market capitalization being equal to the carrying value of net assets excluding the carrying value of goodwill.As of December 31, 2023The recoverable amount of the Company was determined based on its fair value, less cost of disposal, estimated using its market capitalization as a basis. The Company's market capitalization as of December 31, 2023 was $4,463.6 million (based on a share price of $20.05) compared to its carrying value of net assets of approximately $2,277.3 million. The excess of the fair value of the Company over its carrying value of net assets was such that the Company concluded that there was no requirement for an impairment in the year ended December 31, 2023.If our ordinary share price declines this could result in an impairment of some or all of the $112.5 million of goodwill. In the absence of a control premium, a share price of $9.72 per share as of December 31, 2023 would have resulted in the market capitalization being equal to the carrying value of net assets excluding the carrying value of goodwill.As of December 31, 2024The recoverable amount of the Company was determined based on its fair value, less cost of disposal, estimated using its market capitalization as a basis. The Company's market capitalization as of December 31, 2024 was $3,159.0 million (based on a share price of $14.19) compared to its carrying value of net assets of approximately $2,340.2 million. The excess of the fair value of the Company over its carrying value of net assets was such that the Company concluded that there was no requirement for an impairment in the year ended December 31, 2024.If our ordinary share price declines this could result in an impairment of some or all of the $112.5 million of goodwill. In the absence of a control premium, a share price of $10.01 per share as of December 31, 2024 would have resulted in the market capitalization being equal to the carrying value of net assets excluding the carrying value of goodwill.15. INVESTMENT IN ASSOCIATED COMPANIESFMS HoldcoIn the year ended December 31, 2022, the Company entered into an agreement to subscribe for 433 shares in FMS Holdco for $1.5 million. Furthermore, FMS Holdco entered into a sale and purchase agreement to acquire the remaining 50% of the issued share capital of Clean Marine AS. Following the transactions, Frontline owns an effective 43.6% interest in Clean Marine AS through its 43.6% equity interest in FMS Holdco, which is accounted for under the equity method.The carrying value of the investment as of December 31, 2024 was $3.2 million (2023: $2.1 million). In the year ended December 31, 2024, a share of profits of Clean Marine AS of $1.1 million (2023: share of profits of $0.6 million, 2022: share of losses of $0.6 million) was recognized. TFG MarineIn January 2020, the joint venture agreement with Golden Ocean and companies in the Trafigura Group to establish a leading global supplier of marine fuels was completed. As a result, Frontline took a 15% interest in the joint venture company, TFG Marine, and made a $1.5 million shareholder loan to TFG Marine. In the year ended December 31, 2020, $0.1 million of the shareholder loan was converted to equity. There was no change in ownership interest as a result of this transaction as each shareholder converted a portion of shareholder debt to equity in reference to their respective ownership interest. Frontline concluded that it is able to exercise significant influence over TFG Marine as a result of its equity shareholding and board representation and therefore its investment is accounted for under the equity method.The carrying value of the investment as of December 31, 2024 was $8.6 million (2023: $10.3 million). In the year ended December 31, 2024, a share of losses of TFG Marine of $1.7 million (2023: share of profits of $2.8 million, 2022: share of profits of $14.8 million) was recognized. In the year ended December 31, 2023, the Company also received $1.4 million in loan repayments which reduced the loan receivable to nil and a dividend of $7.3 million from TFG Marine which was recognized as a reduction in the carrying value of the investment.16. TRADE AND OTHER PAYABLESDecember 31, December 31, (in thousands of $)20242023Trade payables 5,985 7,801 Accrued voyage expenses 51,799 43,766 Accrued ship operating expenses 14,296 17,687 Accrued administrative expenses 8,126 11,057 Deferred charter revenue 2,631 \u2014 Other 15,975 17,921 Total current trade and other payables 98,812 98,232 Other 452 472 Total other non-current payables 452 47217. INTEREST BEARING LOANS AND BORROWINGSOutstanding debt as of December 31, 2024 and December 31, 2023 was as follows:December 31, December 31, (in thousands of $)20242023U.S. dollar denominated floating rate debt $252.4 million term loan facility 39,285 174,125 $34.8 million term loan facility 14,259 16,370 $250.7 million term loan facility \u2014 119,088 $219.6 million term loan facility 203,122 \u2014 $606.7 million term loan facility 594,586 \u2014 $100.8 million term loan facility 70,050 77,725 $328.4 million term loan facility \u2014 169,705 $321.6 million term loan facility \u2014 165,203 $129.4 million term loan facility 114,498 124,415 $104.0 million term loan facility 84,703 92,422 $60.6 million term loan facility 55,939 60,600 $63.5 million term loan facility 58,918 63,450 $544.0 million lease financing \u2014 429,352 $512.1 million lease financing 512,057 \u2014 $42.9 million term loan facility 32,175 34,559 $62.5 million term loan facility 46,875 50,347 $94.5 million term loan facility 90,349 \u2014 $133.7 million term loan facility 55,048 115,502 $58.5 million term loan facility 48,750 52,000 $58.5 million term loan facility 48,750 52,000 $130.0 million term loan facility 114,563 121,062 $65.0 million term loan facility 58,500 61,750 $65.0 million term loan facility 57,688 60,937 $65.0 million term loan facility 58,681 62,292 $65.0 million term loan facility 59,312 62,562 $1,410.0 million term loan facility 1,335,925 891,324 $539.9 million Shareholder loan facility \u2014 235,000 Total U.S. dollar denominated floating rate debt 3,754,033 3,291,790 U.S. dollar denominated fixed rate debt $275.0 million revolving credit facility \u2014 175,000 Total U.S. dollar denominated fixed rate debt \u2014 175,000 Debt issuance costs (48,188) (42,720) Accrued finance expense 38,543 32,393 Total debt 3,744,388 3,456,463 Short-term debt and current portion of long-term debt 460,318 261,999 Long-term portion of debt 3,284,070 3,194,464 Proceeds and repayments of debt in the year ended December 31, 2024 are summarized as follows:December 31, December 31, (in thousands of $)2023 Proceeds Repayments Other2024Total U.S. dollar denominated floating rate debt 3,279,626 2,167,296 (1,705,055) 2,521 3,744,388 Total U.S. dollar denominated fixed rate debt 176,837 \u2014 (175,000) (1,837) \u2014 Total debt 3,456,463 2,167,296 (1,880,055) 684 3,744,388 Proceeds and repayments of debt in the year ended December 31, 2023 are summarized as follows:December 31, December 31, (in thousands of $)2022 Proceeds Repayments Other2023Total U.S. dollar denominated floating rate debt 2,178,430 1,509,749 (402,187) (6,366) 3,279,626 Total U.S. dollar denominated fixed rate debt 211,884 99,700 (134,400) (347) 176,837 Total debt 2,390,314 1,609,449 (536,587) (6,713) 3,456,463 Proceeds and repayments of debt in the year ended December 31, 2022 are summarized as follows:January 1, December 31, (in thousands of $)2022 Proceeds Repayments Other2022Total U.S. dollar denominated floating rate debt 2,114,625 651,248 (597,834) 10,391 2,178,430 Total U.S. dollar denominated fixed rate debt 210,950 \u2014 \u2014 934 211,884 Total debt 2,325,575 651,248 (597,834) 11,325 2,390,314 A summary of the Company's interest bearing loans and borrowings as of December 31, 2024 is as follows:$252.4 million term loan facility In July 2022, the Company entered into a senior secured term loan facility with a number of banks in an amount of up to $252.4 million to refinance the original $328.6 million loan facility maturing in February 2023. The new facility matures in September 2027, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. In August 2022, the Company drew down $252.4 million and repaid the outstanding balance of the original facility of $262.0 million. The facility is fully drawn down as of December 31, 2024. $34.8 million term loan facility In October 2022, the Company entered into a senior secured term loan facility in an amount of up to $34.8 million to refinance the original $50.0 million loan facility maturing in March 2023. The new facility matures in December 2027, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In November 2022, the Company drew down $34.8 million and repaid the outstanding balance of the original facility of $35.9 million. The facility is fully drawn down as of December 31, 2024.$250.7 million term loan facility In November 2020, the Company entered into a senior secured term loan facility with a number of banks in an amount of up to $250.7 million. The facility was maturing in May 2025, carried an interest rate of SOFR plus Credit Adjustment Spread (\u201cCAS\u201d) (as a result of the rate reform transition discussed below) plus a margin of 190 basis points and had an amortization profile of 18 years commencing on the delivery date from the yard. In November 2020, the Company drew down $250.7 million. In the year ended December 31, 2021, the sale of two LR2 tankers resulted in a prepayment of $46.5 million under the facility. The facility is fully drawn down and fully repaid as of December 31, 2024.$219.6 million term loan facilityIn March 2024, the Company entered into a senior secured term loan facility in an amount of up to $219.6 million with a syndicate of banks to refinance six LR2 tankers previously financed under the $250.7 million facility. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. The refinancing generated net cash proceeds of approximately $101.0 million. The facility is fully drawn down as of December 31, 2024.$100.8 million term loan facility In November 2020, the Company entered into a senior secured term loan facility with ING and Credit Suisse in an amount of up to $100.8 million. The facility matures in November 2025, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 190 basis points and has an amortization profile of 17 years commencing on the delivery date from the yard. In November 2020, the Company drew down $100.8 million. The facility is fully drawn down as of December 31, 2024.In February 2025, the Company entered into a senior secured credit facility in an amount of up to $119.7 million with ING and First Citizens to refinance the $100.8 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $51.6 million. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 165 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. $328.4 million term loan facilityIn August 2016, the Company signed a senior secured term loan facility in an amount of up to $328.4 million with China Exim Bank. The facility matures in 2029, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin in line with the Company\u2019s other credit facilities and has an amortization profile of 18 years. The Company drew down $109.0 million in the year ended December 31, 2016 in connection with one LR2 tanker and two Suezmax tanker newbuildings, which were delivered in the year. The Company drew down a further $165.9 million in the year ended December 31, 2017 in connection with two Suezmax tankers and three LR2/Aframax tankers delivered in the year. The facility is fully drawn down and fully repaid as of December 31, 2024.$321.6 million term loan facilityIn February 2017, the Company signed a second senior secured term loan facility in an amount of up to $321.6 million. The facility provided by China Exim Bank is insured by China Export and Credit Insurance Corporation. The facility matures in 2033, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin in line with the Company\u2019s other credit facilities and has an amortization profile of 15 years. The Company drew down $252.7 million in the year ended December 31, 2017 in connection with four Suezmax tankers and three LR2/Aframax tankers delivered in the period. The Company drew down $32.0 million in the year ended December 31, 2018 in connection with one LR2 tanker delivered in the period. The facility is fully drawn down and fully repaid as of December 31, 2024.$606.7 million term loan facilityIn May 2024, the Company entered into a senior secured term loan facility in an amount of up to $606.7 million with China Exim Bank and DNB, insured by China Export and Credit Insurance Corporation, to refinance eight Suezmax tankers and eight LR2 tankers. The facility has a tenor of approximately nine years, carries an interest rate of SOFR plus a margin in line with the Company\u2019s existing loan facilities and has an amortization profile of 19.7 years commencing on the delivery date from the yard. The refinancing generated net cash proceeds of approximately $275.0 million. The facility is fully drawn down as of December 31, 2024.$129.4 million term loan facilityIn May 2023, the Company entered into a senior secured term loan facility in an amount of up to $129.4 million from ING to refinance an existing term loan facility with total balloon payments of $80.1 million due in August 2023. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. The facility includes a sustainability margin adjustment linked to the fleet sustainability score. In June 2023, the Company drew down $129.4 million under the new facility and repaid the outstanding balance of the existing facility of $84.5 million in full. The new facility is fully drawn down as of December 31, 2024.$104.0 million term loan facilityIn April 2022, the Company entered into a senior secured term loan facility with Credit Suisse AG in an amount of $104.0 million to refinance the $110.5 million loan facility maturing in 2023. The new facility matures in May 2028, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. In May 2022, the Company drew down $104.0 million and repaid the outstanding balance of the original facility of $96.4 million. The facility is fully drawn down as of December 31, 2024.$60.6 million term loan facility and $63.5 million term loan facilityIn November 2023, the Company entered into two senior secured term loan facilities in an amount of up to $124.1 million with Deka Bank to refinance an existing facility which had total balloon payments of $89.0 million due in January 2024. The facilities have a tenor of four and six years, respectively, carry an interest rate of SOFR plus a margin of 171 basis points and have an amortization profile of 18 years commencing on the delivery year from the yard. The facilities were fully drawn down in November 2023. The Company used $90.9 million of the proceeds to repay the existing loan facility in full and used the remaining net cash proceeds from the refinancing of $33.2 million to partly finance the Acquisition.$544.0 million lease financingIn March 2020, the Company signed a sale-and-leaseback agreement in an amount of $544.0 million with ICBCL to finance the cash amount payable upon closing of the acquisition of 10 Suezmax tankers from Trafigura, which took place on March 16, 2020. The lease financing has a tenor of seven years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 230 basis points, has an amortization profile of 17.8 years and includes purchase options for the Company throughout the term with a purchase obligation at the end of the term. The facility is fully drawn down and repaid as of December 31, 2024.$512.1 million lease financingIn October 2024, the Company entered into a sale-and-leaseback agreement in an amount of up to $512.1 million with CMB Financial Leasing Co., Ltd to refinance an existing sale-and-leaseback agreement for 10 Suezmax tankers. The lease financing has a tenor of 10 years, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 20.6 years commencing on the delivery date from the yard and includes purchase options for Frontline throughout the term of the agreement. The refinancing generated net cash proceeds of $101.0 million. The facility is fully drawn down as of December 31, 2024.$42.9 million term loan facilityIn November 2019, the Company signed a senior secured term loan facility in an amount of up to $42.9 million with Credit Suisse to partially finance the delivery of one Suezmax tanker. The facility matures five years after the vessel's delivery date, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 190 basis points and has an amortization profile of 18 years. In May 2020, the Company drew down $42.9 million under the facility in connection with the delivery of one Suezmax tanker. The facility is fully drawn down as of December 31, 2024.In February 2025, the Company entered into a senior secured credit facility in an amount of up to $47.0 million with SEB to refinance the $42.9 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $14.9 million. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard.$62.5 million term loan facilityIn May 2020, the Company signed a senior secured term loan facility in an amount of up to $62.5 million with Cr\u00e9dit Agricole to partially finance the delivery of one VLCC. The facility matures five years after the vessel's delivery date, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 190 basis points and has an amortization profile of 18 years. In June 2020, the Company drew down $62.5 million under the facility in connection with the delivery of one VLCC. The facility is fully drawn down as of December 31, 2024.In February 2025, the Company entered into a senior secured credit facility in an amount of up to $72.3 million with Cr\u00e9dit Agricole to refinance the $62.5 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $25.4 million. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 170 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard.$133.7 million term loan facilityIn November 2020, the Company entered into a senior secured term loan facility with CEXIM and Sinosure in an amount of up to $133.7 million to partially finance four LR2 tanker newbuildings in the Company's newbuilding program at that time. The facility has a tenor of 12 years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin in line with the Company\u2019s other credit facilities and has an amortization profile of 17 years commencing on the delivery date from the yard. The Company drew down $33.4 million in March 2021, $33.4 million in April 2021, $33.4 million in September 2021 and $33.4 million in November 2021 under the facility to partially finance the delivery of four LR2 tankers. The facility is fully drawn down as of December 31, 2024.$94.5 million term loan facilityIn February 2024, the Company entered into a secured term loan facility in an amount of up to $94.5 million with KFW Bank to refinance two LR2 tankers previously financed under the $133.7 million facility. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. The refinancing generated net cash proceeds of approximately $38.0 million. The facility is fully drawn down as of December 31, 2024.$58.5 million term loan facilityIn September 2021, the Company entered into a senior secured term loan facility in an amount of up to $58.5 million with SEB to partially finance the acquisition of one 2019-built VLCC. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In October 2021, the Company took delivery of the vessel and drew down $58.5 million under the facility to partially finance the delivery. The facility is fully drawn down as of December 31, 2024.$58.5 million term loan facilityIn September 2021, the Company entered into a senior secured term loan facility in an amount of up to $58.5 million with KFW to partially finance the acquisition of one 2019-built VLCC. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In November 2021, the Company took delivery of the vessel and drew down $58.5 million under the facility to partially finance the delivery. The facility is fully drawn down as of December 31, 2024.$130.0 million term loan facilityIn October 2021, the Company entered into a senior secured term loan facility in an amount of up to $130.0 million with DNB to partially finance the acquisition of two of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. The Company drew down $65.0 million in April 2022 and $65.0 million in June 2022 to partially finance the delivery of two 2022 built VLCCs. The facility is fully drawn down as of December 31, 2024.$65.0 million term loan facilityIn December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from ABN AMRO Bank N.V. to partially finance the acquisition of one of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In October 2022, the Company drew down $65.0 million to partially finance the delivery of a 2022 built VLCC. The facility is fully drawn down as of December 31, 2024.$65.0 million term loan facilityIn December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from ING Bank to partially finance the acquisition of one of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. The facility includes a sustainability margin adjustment linked to the fleet sustainability score. In August 2022, the Company drew down $65.0 million to partially finance the delivery of a 2022 built VLCC. The facility is fully drawn down as of December 31, 2024.$65.0 million term loan facilityIn December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from KFW to partially finance the acquisition of one of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In January 2023, the Company took delivery of a VLCC newbuilding and drew down $65.0 million under this facility to partially finance the delivery. The facility is fully drawn as of December 31, 2024.$65.0 million term loan facilityIn December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from Cr\u00e9dit Agricole to partially finance the acquisition of one of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. In January 2023, the Company took delivery of a VLCC newbuilding and drew down $65.0 million under this facility to partially finance the delivery. The facility is fully drawn as of December 31, 2024.$1,410.0 million term loan facilityIn November 2023, the Company entered into a senior secured term loan facility in an amount of up to $1,410.0 million with a group of our relationship banks to partially finance the Acquisition. The facility has a tenor of five years, carries an interest rate of SOFR plus a margin in line with the Company\u2019s existing loan facilities and has an amortization profile of 20 years commencing on the delivery date from the yard. In December 2023, the company drew down $891.3 million under the facility to partly finance the Acquisition. Up to $518.7 million remained available and undrawn under the facility as of December 31, 2023 all of which was drawn down to partially finance the remaining 13 vessels delivered as a result of the Acquisition in the first quarter of 2024.$275.0 million revolving credit facilityIn June 2016, the Company signed a $275.0 million senior unsecured facility agreement with an affiliate of Hemen, the Company's largest shareholder. The original facility carried an interest rate of 6.25% and was available to the Company for a period of an initial period of 18 months from the first utilization date. The facility does not include any financial covenants.In November 2022, the Company extended the facility by 12 months to May 2024 at an interest rate of 8.50% and otherwise on same terms. In February and June 2023, the Company repaid $60.0 million and $74.4 million, respectively, under the facility. In October 2023, the Company extended the facility by 20 months to January 4, 2026, at an interest rate of 10.0% and otherwise on existing terms. In December 2023, the Company drew down $99.7 million under the facility to partly finance the Acquisition. The balance outstanding of $175.0 million was included in long-term debt as of December 31, 2023.In April 2024, the Company repaid $100.0 million under the facility. In October 2024, the Company repaid $75.0 million under the facility. Up to $275.0 million remains available to be drawn as of December 31, 2024.$539.9 million Shareholder loanIn November 2023, the Company entered into a subordinated unsecured shareholder loan in an amount of up to $539.9 million with Hemen to partly finance the Acquisition. The facility had a tenor of five years and carried an interest rate of SOFR plus a margin equal to the $1,410.0 million facility, in line with the Company\u2019s existing loan facilities. In December 2023, the Company drew down $235.0 million under the facility to partly finance the Acquisition. In January 2024, the Company drew down $60.0 million to partially finance the remaining 13 vessels delivered as a result of the Acquisition in the first quarter of 2024. In June 2024, the Company repaid $147.5 million under the Hemen shareholder loan. In August 2024, the Company repaid the Hemen shareholder loan in full, and no amount remained available to be drawn as of December 31, 2024.Rate reform transitionDue to the discontinuance of the London Interbank Offered Rate (\u201cLIBOR\u201d) after June 30, 2023, the Company entered into amendments to existing loan agreements with an aggregate outstanding principal of $1,634.1 million as of December 31, 2023 (as denoted above), for the transition from LIBOR to SOFR. As of December 31, 2023, the weighted average CAS of these amendment agreements was 15 basis points based on a three months interest period. As of December 31, 2024, the reference rate of all the Company's loan arrangements is SOFR.The amendments to our loan agreements, which are measured at amortized cost using the effective interest method, were accounted for as an adjustment to the effective interest rate which did not have a significant effect on the carrying amount of the loans.Debt restrictionsThe Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay a portion of the outstanding borrowings should the value of the vessels securing borrowings under each of such agreements decrease below required levels. In addition, the loan agreements contain certain financial covenants, including the requirement to maintain a certain level of free cash, positive working capital and a value adjusted equity covenant. Cash and cash equivalents include cash balances of $92.6 million (2023: $75.4 million), which represents 50% (2023: 50%) of the cash required to be maintained by the financial covenants in our loan agreements. The Company is permitted to satisfy up to 50% of the cash requirements by maintaining a committed undrawn credit facility with a remaining availability of greater than 12 months.Failure to comply with any of the covenants in the loan agreements could result in a default, which would permit the lender to accelerate the maturity of the debt and to foreclose upon any collateral securing the debt. Under those circumstances, the Company might not have sufficient funds or other resources to satisfy its obligations. The Company was in compliance with all of the financial covenants contained in the Company's loan agreements as of December 31, 2024 and December 31, 2023.Assets pledgedDecember 31, December 31, (in thousands of $)20242023Vessels 5,246,518 4,632,90118. LEASESAs a lesseeThe Company is committed to make rental payments under leases for office premises. Certain of these leases include variable lease elements linked to inflation indexes. Such variable payments were estimated at the time of recognition on the index at that time and are included in the minimum lease payments.The future minimum lease payments under the Company's leases as at December 31, 2024 were as follows:(in thousands of $) 2025 1,171 2026 451 Total minimum lease payments 1,622 Less: Imputed interest (18) Present value of obligations under leases 1,604 The future minimum lease payments under the Company's leases as at December 31, 2023 were as follows:(in thousands of $) 2024 1,154 2025 1,450 Total minimum lease payments 2,604 Less: Imputed interest (70) Present value of obligations under leases 2,534 Total cash outflows for leases was $1.0 million, $0.9 million and $2.9 million in the years ended December 31, 2024, 2023 and 2022, respectively. Expense for office leases was $0.9 million, $0.9 million and $0.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.The Company incurred lease expenses of $2.2 million in the year ended December 31, 2022 in relation to the vessels leased-in from SFL, an affiliated company.Interest expense incurred in relation to the leased-in vessels is disclosed in Note 6.The weighted-average discount rate based on the Company\u2019s incremental borrowing rate in relation to the leases was 1.8% for the year ended December 31, 2024 (2023: 2.5%, 2022: 2.7%) and the weighted-average remaining lease term was one year as of December 31, 2024 (2023: two years, 2022: three years).For further details on the Company\u2019s right-of-use assets see Note 13.As a lessorFour LR2 tankers were on fixed rate time charters as of December 31, 2024 and 2023.In March 2024, the Company entered into a fixed rate time charter-out contract for one VLCC to a third party on a three-year time charter at a daily base rate of $51,500. The time charter commenced in the third quarter of 2024.In April 2024, the Company entered into a time charter-out contract for one Suezmax tanker to a third party on a three-year time charter at a daily base rate of $32,950 plus 50% profit share. In the year ended December 31, 2024, the Company received profit share income of $0.5 million in relation to this charter.The minimum future revenues to be received under these contracts as of December 31, 2024 were as follows:(in thousands of $) 2025 60,562 2026 30,975 2027 11,348 Total minimum lease payments 102,885 The minimum future revenues to be received under these contracts as of December 31, 2023 were as follows:(in thousands of $) 2024 58,194 2025 30,895 Total minimum lease payments 89,089 Our revenues from these leases have been included within time charter revenues in the Consolidated Statement of Profit or Loss, which solely relates to leasing revenues.Two of the LR2 tankers on fixed rate time charters as of December 31, 2024 and 2023 have an option for a one year extension.The cost and accumulated depreciation of vessels leased under time charters as of December 31, 2024 were $364.2 million and $72.1 million, respectively (December 31, 2023: $206.1 million and $36.0 million, respectively).19. FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENTAccounting classifications and fair valuesThe carrying values and fair values of financial assets and financial liabilities as of December 31, 2024 and 2023 are as follows:December 31, 2024 December 31, 2023Carrying Carrying (in thousands of $)Value Fair ValueValue Fair ValueFinancial assets measured at fair value through profit or lossDerivative instruments 24,419 24,419 39,117 39,117 Marketable securities 4,027 4,027 7,432 7,432 Financial assets not measured at fair valueCash and cash equivalents 413,532 413,532 308,322 308,322 Trade and other receivables 128,943 128,943 124,647 124,647 Financial liabilities not measured at fair valueTrade and other payables 98,812 98,812 98,232 98,232 Floating rate debt 3,744,388 3,792,576 3,279,626 3,322,347 Fixed rate debt \u2014 \u2014 176,837 184,462 The table below shows the levels in the fair value hierarchy of financial assets and financial liabilities as of December 31, 2024 and 2023, excluding those whose fair values approximate their respective carrying values due to their short-term nature.Dec 31, 2024 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 24,419 \u2014 24,419 \u2014 Marketable securities 4,027 4,027 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,792,576 \u2014 3,792,576 \u2014 Dec 31, 2023 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 39,117 \u2014 39,117 \u2014 Marketable securities 7,432 7,432 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,322,347 \u2014 3,322,347 \u2014 Fixed rate debt 184,462 \u2014 \u2014 184,462Measurement of fair valuesValuation techniques and significant unobservable inputsThe following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant unobservable inputs that were used.Financial instruments measured at fair valueType Valuation Techniques Significant unobservable inputsInterest rate swapsFair value was determined based on Not applicable.the present value of the estimated future cash flows.Marketable securitiesFair value was determined based on Not applicable.the quoted market prices of the securities.Financial instruments not measured at fair valueType Valuation Techniques Significant unobservable inputsFloating rate debt Discounted cash flow. Not applicable.Fixed rate debt Discounted cash flow. Discount rate.Assets Measured at Fair Value on a Recurring BasisThe fair value (level 2) of interest rate swaps is the present value of the estimated future cash flows that the Company would receive or pay to terminate the agreements at the end of the reporting period, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves and the credit worthiness of both the Company and the derivative counterparty.Marketable securities are listed equity securities for which the fair value is the aggregate market value based on quoted market prices (level 1).Transfers between Level 1, 2 and 3There were no transfers between these levels in 2024 and 2023.Financial risk managementIn the course of its normal business, the Company is exposed to the following risks:\u2022 Credit risk\u2022 Liquidity risk\u2022 Market risk (interest rate risk, foreign currency risk, and price risk)The Company\u2019s Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework.Credit riskTrade and other receivablesAt the balance sheet date all trade and other receivables were with (i) state-owned enterprises, (ii) oil majors, (iii) commodities traders and (iv) related parties and affiliated companies. Based on past experience, there was only a small impact on doubtful amounts at year-end. Based on individual analyses, provisions for doubtful debtors were not material for the years ended December 31, 2024 and 2023. In addition, no customers individually accounted for 10% or more of total revenue in the year ended December 31, 2024 (2023: no customers) (see Note 3). The maximum exposure to credit risk is represented by the carrying amount of each financial asset.Past due amounts are not credit impaired as collection is still considered to be likely and management is confident the outstanding amounts can be recovered. Amounts not past due are also with customers with high credit worthiness and are therefore not credit impaired.Cash and cash equivalentsThe Company held cash and cash equivalents of $413.5 million at December 31, 2024 (2023: $308.3 million). The cash and cash equivalents are held with SEB, HSBC, Royal Bank of Scotland, DNB Bank ASA and Nordea Bank Norge, or Nordea, Cr\u00e9dit Agricole, UBS, Standard Chartered Bank Singapore, ABN Amro, ING Bank N.V., Bank of Cyprus and Citibank N.A. The Company\u2019s concentration of credit risk with respect to cash and cash equivalents is not considered significant as substantially all of the amounts are carried with a diversified portfolio of banks and financial institution counterparties.Restricted cashOur interest rate swaps can require us to post cash as collateral based on their fair value which is classified as restricted cash. As of December 31, 2024 and 2023 no cash was posted as collateral in relation to our interest rate swaps and secured borrowings.DerivativesThe Company is exposed to the risk of credit loss in the event of non-performance by the counterparty to the interest rate swap agreements. Interest rate swap agreements are entered into with banks and financial institution counterparties, which are rated AA-, based on rating agency S&P.Liquidity riskLiquidity risk is the risk that the Company will not be able to meet its financial obligations if they fall due. The Company\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The Company has entered into several loan facilities whose maturities are spread over different years (see Note 17).The following are the remaining contractual maturities of financial liabilities:Contractual cash flows at December 31, 2024Carrying Less than 1 Between 1 Between 3 Between 6 (in thousands of $)Value Totalyearand 3 yearsand 6 yearsand 10 yearsNon derivative financial liabilitiesFloating rate debt 3,744,388 3,754,033 421,775 890,781 1,799,346 642,131 Interest on floating rate debt \u2014 905,002 226,094 375,184 212,995 90,729 Obligations under leases 1,604 1,604 1,153 451 \u2014 \u2014 Trade and other payables 98,812 98,812 98,812 \u2014 \u2014 \u2014 Contractual cash flows at December 31, 2023Carrying Less than 1 Between 1 Between 3 Between 6 (in thousands of $)Value Totalyearand 3 yearsand 6 yearsand 10 yearsNon derivative financial liabilitiesFloating rate debt 3,279,626 3,291,792 229,606 782,878 2,159,679 119,629 Interest on floating rate debt \u2014 834,670 232,684 383,406 201,216 17,364 Fixed rate debt 176,837 175,000 \u2014 175,000 \u2014 \u2014 Interest on fixed rate debt \u2014 32,131 12,395 19,736 \u2014 \u2014 Obligations under leases 2,534 2,534 1,104 1,430 \u2014 \u2014 Trade and other payables 98,232 98,232 98,232 \u2014 \u2014 \u2014 The Company has secured bank loans that contain loan covenants. A future breach of covenant may require the Company to repay the loan earlier than indicated in the above table. For more details on these covenants, see Note 17. The carrying values of fixed and floating rate debt include expected payments of accrued interest as of the reporting date. The interest on floating rate debt is based on the SOFR spot rate as of December 31, 2024 and 2023. The interest rate on fixed rate debt was based on the contractual interest rate for the period presented. It is not expected that the cash flows included in the table above (the maturity analysis) could occur significantly earlier, or at significantly different amounts than those stated above.Market riskInterest rate riskThe Company is exposed to the impact of interest rate changes primarily through its floating-rate borrowings that require the Company to make interest payments based on SOFR. Significant increases in interest rates could adversely affect operating margins, results of operations and ability to service debt. The Company uses interest rate swaps to reduce its exposure to market risk from changes in interest rates. The principal objective of these contracts is to minimize the risks and costs associated with its floating-rate debt. On December 31, 2024 the Company had interest rate swaps in place and approximately 15% (2023: 17%) of the floating interest rates were switched to fixed rate.Cash flow sensitivity analysis for variable rate instrumentsAs of December 31, 2024, the Company's outstanding debt which was at variable interest rates, net of the amount subject to interest rate swap agreements, was $3,204.0 million (2023: $2,741.8 million). Based on this, a one percentage point increase in annual SOFR interest rates would increase its annual interest expense by approximately $32.0 million (2023: $27.4 million), excluding the effects of capitalization of interest.Interest rate swap agreements In February 2016, the Company entered into an interest rate swap with DNB whereby the floating interest on notional debt of $150.0 million was switched to fixed rate. The contract had a forward start date of February 2019.In the year ended December 31, 2020, the Company entered into three interest rate swaps with DNB whereby the floating interest rate on notional debt totaling $250.0 million was switched to a fixed rate.In the year ended December 31, 2020, the Company entered into two interest rate swaps with Nordea Bank whereby the floating interest rate on notional debt totaling $150.0 million was switched to a fixed rate.The reference rate for our interest rate swaps, which are measured at fair value through profit or loss, was transitioned from LIBOR to SOFR in the year ended December 31, 2023 which did not affect the accounting for these derivatives.The aggregate fair value of these swaps at December 31, 2024 was an asset of $24.4 million (2023: $39.1 million) and a liability of nil (2023: nil). The fair value (Level 2) of the Company\u2019s interest rate swap agreements is the estimated amount that the Company would receive or pay to terminate the agreements at the reporting date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves and the current credit worthiness of both the Company and the derivative counterparty. The estimated fair value is the present value of future cash flows. In the year ended December 31, 2024, the Company recorded a gain on these interest rate swaps of $9.2 million (2023: gain of $8.0 million, 2022: gain of $53.6 million).The interest rate swaps are not designated as hedges and are summarized as of December 31, 2024 as follows:Notional Amount Inception Date Maturity Date Fixed Interest Rate($000s) 150,000 February 2019 February 2026 2.1970 % 100,000 March 2020 March 2027 0.9750 % 50,000 March 2020 March 2027 0.6000 % 100,000 March 2020 March 2025 0.9000 % 100,000 April 2020 April 2027 0.5970 % 50,000 April 2020 April 2025 0.5000 % 550,000Foreign currency riskThe majority of the Company's transactions, assets and liabilities are denominated in U.S. dollars, its functional currency. Certain of its subsidiaries report in British pounds, Norwegian kroner or Singapore dollars and risks of two kinds arise as a result: a transaction risk, that is, the risk that currency fluctuations will have an effect on the value of cash flows; and a translation risk, which is the impact of currency fluctuations in the translation of foreign operations and foreign assets and liabilities into U.S. dollars in the consolidated financial statements.Price riskOur exposure to equity securities price risk arises from marketable securities held by the Company which are listed equity securities and are carried at FVTPL unless the election to present subsequent changes in the investment's fair value in OCI is made. See Note 9 for further details.Capital managementWe operate in a capital intensive industry and have historically financed our purchase of tankers and other capital expenditures through a combination of cash generated from operations, equity capital and borrowings from commercial banks. Our ability to generate adequate cash flows on a short and medium term basis depends substantially on the trading performance of our vessels in the market. Our funding and treasury activities are conducted within corporate policies to increase investment returns while maintaining appropriate liquidity for our requirements.The Company\u2019s objectives when managing capital are to:\u2022 safeguard our ability to continue as a going concern, so that we can continue to provide returns for shareholders and benefits for other stakeholders, and\u2022 maintain an optimal capital structure to reduce the cost of capital.In November 2024, we declared a dividend of $0.34 per share for the third quarter of 2024. In August 2024, we declared a dividend of $0.62 per share for the second quarter of 2024. In May 2024, we declared a dividend of $0.62 per share for the first quarter of 2024. In February 2024, the Board of Directors declared a dividend of $0.37 per share for the fourth quarter of 2023.The Company's loan agreements contain loan-to-value clauses, and financial covenants. For more details on these covenants, see Note 17.20. SHARE CAPITALThe authorized share capital of the Company as of December 31, 2024 is $600,000,000 (2023: $600,000,000) divided into 600,000,000 shares (2023: 600,000,000) of $1.00 nominal value each, of which 222,622,889 shares of $1.00 nominal value each are in issue and fully paid as of December 31, 2024 and 2023.The movement in the number of shares outstanding during the years ended December 31, 2024 and 2023 are as follows:Outstanding shares as of January 1, 2022 203,530,979 Shares issued in connection with CMB.TECH share acquisition (see Note 9) 19,091,910 Outstanding shares as of December 31, 2022, 2023 and 2024 222,622,88921. SHARE OPTIONSIn the year ended December 2021, the Board of Directors approved the grant of 1,280,000 synthetic options to employees and board members according to the rules of the Company\u2019s synthetic option scheme approved on December 7, 2021. The synthetic options have a five year term expiring in December 2026. The vesting period is 12 months for the first 27.5% of options, 24 months for the next 27.5% of options and 36 months for the final 45% of options. The exercise price is NOK 71, which shall increase by NOK 5 on each of December 7, 2023, and December 7, 2024, and will further be adjusted for any distribution of dividends made before the relevant synthetic options are exercised. The synthetic options will be settled in cash based on the difference between the market price of the Company\u2019s shares and the exercise price on the date of exercise, and as such, have been classified as a liability. The synthetic options are not subject to a retention period. There were no options awarded in 2022, 2023 or 2024.The synthetic options have an estimated expected life of 3.4 years. The risk-free interest rate was estimated using the interest rate on three year U.S. treasury zero coupon issues. The volatility was estimated using historical share price data. The dividend yield was estimated at 0% as the exercise price is reduced by all dividends declared by the Company from the date of grant to the exercise date. It was assumed that all of the options granted will vest.The initial exercise price for the synthetic options granted in December 2021 was reduced by the amount of dividends paid after the date of grant. As of December 31, 2024, all of these options had vested. As of December 31, 2024, 86,100 options had been forfeited (2023: 86,100) and 172,000 options were exercised (2023: 92,400) at a weighted average exercise price of $4.45. As of December 31, 2024, 1,021,900 options remained outstanding (2023: 1,101,500) and exercisable (2023: 564,650). The subsequent remeasurement of fair value of the synthetic options resulted in a gain of $2.2 million in the year ended December 31, 2024 (2023: expense of $10.7 million, 2022: expense of $4.7 million).As of December 31, 2024, the weighted average exercise price of these options was $2.17 (2023: $4.48) and the Company's share price was $14.19.The weighted average fair value of the options granted in 2021 was $6.54 per share. The synthetic options had a fair value of $12.5 million as of December 31, 2024 (2023: $17.5 million) and the Company recorded a liability of $11.7 million as of December 31, 2024 (2023: $15.0 million) in the Consolidated Statements of Financial Position. The intrinsic value of liabilities which had vested as of December 31, 2024 was $12.3 million (2023: $9.0 million).22. RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIESWe transact business with the following related parties: Seatankers Management Norway AS, Seatankers Management Co. Ltd, Avance Gas and Alta Trading UK Limited. We also own interests in TFG Marine and Clean Marine AS (through our interest in FMS Holdco) which are accounted for as equity method investments.We also transact business with the following affiliated companies, being companies in which Hemen and companies associated with Hemen have significant influence: SFL, Flex LNG Ltd, Front Ocean Management and Golden Ocean. On March 12, 2025, Hemen disposed of its entire shareholding in Golden Ocean via a sale to a third party at which time Golden Ocean ceased to be affiliated with us.SummaryA summary transactions with related parties and affiliated companies for the years ended December 31, 2024, 2023 and 2022 was as follows:(in thousands of $) Note 2024 2023 2022Revenues and other operating incomeSeatankers Management Co. Ltd 2,027 2,196 1,669 SFL 4 3,191 5,925 7,634 Golden Ocean 1,212 4,182 3,061 Alta Trading UK Limited 11 8 5,617 Flex LNG Ltd 1,538 1,513 1,242 Avance Gas 1,697 1,989 2,191 TFG Marine 598 1,060 627 Other related parties and affiliated companies \u2014 7 53 Total revenues and other operating income 10,274 16,880 22,094 Operating expensesSFL 13, 18 \u2014 \u2014 1,590 Front Ocean Management AS 2,948 2,514 2,010 Seatankers Management Norway AS 523 880 516 Seatankers Management Co. Ltd 360 593 803 Total operating expenses 3,831 3,987 4,919 Other income (expenses)Shareholder loan facility finance expense 17 (12,548) (255) \u2014 Revolving credit facility finance expense 17 (9,299) (11,690) (13,288) SFL interest leasing 6, 13, 18 \u2014 \u2014 (937) FMS Holdco share of results 15 1,053 611 (555) TFG Marine share of results 15 (1,651) 2,771 14,797 Total other income (expenses) (22,445) (8,563) 17 Revenues earned from related parties and affiliated companies are comprised of office rental income, technical and commercial management fees, newbuilding supervision fees, freights, and administrative services. Operating expenses paid to related parties and affiliated companies are comprised of bunker expenses, rental for vessels and office space, support staff costs, and corporate administration. In addition, the Company has paid $534.3 million to TFG Marine in the year ended December 31, 2024 in relation to bunker purchases (2023: $392.5 million 2022: $434.4 million).Related party and affiliated company balancesA summary of balances due from related parties and affiliated companies as of December 31, 2024 and 2023 was as follows:December 31, December 31, (in thousands of $)20242023SFL 4,265 4,652 Seatankers Management Co. Ltd 2,647 726 Golden Ocean 178 11,147 Alta Trading UK Limited 11 8 Flex LNG Ltd 516 455 TFG Marine 227 1,117 Avance Gas 560 1,080 Other related parties and affiliated companies 128 107 Related party and affiliated company receivables 8,532 19,292 Balances due from related parties and affiliated companies are primarily derived from newbuilding supervision fees, technical and commercial management fees, and recharges for administrative services.A summary of balances due to related parties and affiliated companies at December 31, 2024 and 2023 was as follows:December 31, December 31, (in thousands of $)20242023SFL 7,380 6,407 Seatankers Management Co. Ltd 1,153 337 Golden Ocean 1,283 13,837 Flex LNG Ltd 686 549 TFG Marine 24,390 25,956 Front Ocean Management 5 71 Avance Gas 473 562 Related party and affiliated company payables 35,370 47,719 Shareholder loan facility \u2014 235,000 Revolving credit facility \u2014 175,000 Total due to related parties and affiliated companies 35,370 457,719 Related party and affiliated company payables are primarily for bunker purchases, supplier rebates, loan interest and corporate administration fees.Other transactionsRefer to Note 8, 9 and 20 for further details of shares issued to Hemen in connection with the CMB.TECH share acquisition.Refer to Note 23 for further details of guarantees provided in relation to the Company's business with and investment in TFG Marine.Transactions with key management personnelThe total amount of the remuneration earned by all directors and key management personnel for their services was as follows:(in thousands of $) 2024 2023 2022Total remuneration 464 7,956 3,767 of which:Paid in capacity as directors 907 3,530 1,678 Other remuneration (443) 4,426 2,089 The Directors annually review the remuneration of the members of key management personnel. Directors' fees are approved annually at the AGM. No pensions were paid to directors or past directors. No compensation was paid to directors or past directors in respect of loss of office. Total remuneration consists of a fixed and a variable component and can be summarized as follows:(in thousands of $) 2024 2023 2022Total fixed remuneration 911 942 863 of which:Cost of pension 28 24 22 Total variable remuneration (447) 7,014 2,904 of which:Share based payments (829) 7,014 2,679 In December 2021, the Board of Directors approved the grant of 1,280,000 synthetic options to employees and board members according to the rules of the Company\u2019s synthetic option scheme approved on December 7, 2021. The synthetic options have a five year term expiring in December 2026. The vesting period is 12 months for the first 27.5% of options, 24 months for the next 27.5% of options and 36 months for the final 45% of options. The synthetic options will be settled in cash based on the difference between the market price of the Company\u2019s shares and the exercise price on the date of exercise, and as such, have been classified as a liability. The Company recorded a share-based payment gain in the year ended December 31, 2024 due to a decrease in the fair value of the option liability as a result of the decrease in the Company's share price as of December 31, 2024 as compared to December 31, 2023. Refer to Note 21 for further details of the synthetic option scheme.23. COMMITMENTS AND CONTINGENCIESAs of December 31, 2024, the Company has agreed to provide a $60.0 million guarantee in respect of the performance of its subsidiaries, and two subsidiaries of an affiliate of Hemen, under a bunker supply arrangement with TFG Marine, a related party. As of December 31, 2024, there are no amounts payable under this guarantee. In addition, should TFG Marine be required to provide a parent company guarantee to its bunker suppliers or finance providers then for any guarantee that is provided by the Trafigura Group and becomes payable, Frontline shall pay a pro rata amount based on its share of the equity in TFG Marine. The maximum liability under this guarantee is $6.0 million and there are no amounts payable under this guarantee as at December 31, 2024.\ue603In June 2024, the Company attended an introductory hearing before the Enterprise Court in Antwerp, Belgium, in response to a summons received from certain funds managed by FourWorld Capital Management LLC (\u201cFourWorld\u201d) in connection with their claims pertaining to the integrated solution for the strategic and structural deadlock within former Euronav NV announced on October 9, 2023, and former Euronav NV\u2019s acquisition of CMB.TECH NV on December 22, 2023. FourWorld claims that the transactions should be rescinded and in addition has requested the court to order Compagnie Maritime Belge NV and Frontline to pay damages in an amount to be determined during the course of the proceedings. A procedural calendar has been agreed and the case is scheduled for oral court pleadings in May 2026, after which a judgment will be rendered. The Company finds the claims to be without merit and intends to vigorously defend against them.The Company insures the legal liability risks for its shipping activities with mutual protection and indemnity associations, who are members of the International Group of P&I Clubs. As a member of these mutual associations, the Company is subject to calls payable to the associations based on the Company's claims record in addition to the claims records of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration, which result in additional calls on the members. The Company is a party, as plaintiff or defendant, to several lawsuits in various jurisdictions for unpaid charter hire, demurrage, damages, off-hire and other claims and commercial disputes arising from the operation of its vessels, in the ordinary course of business or in connection with its acquisition activities. The Company believes that the resolution of such claims will not have a material adverse effect on the Company's operations or financial condition individually and in the aggregate.24. GROUP ENTITIESOwnership and Voting Percentage Country of December December NameIncorporation31, 202431, 2023Frontline Management (Bermuda) Ltd Bermuda 100% 100%Frontline Corporate Services Ltd United Kingdom 100% 100%Frontline Management AS Norway 100% 100%Frontline 2012 Ltd. Bermuda 100% 100%Frontline Chartering Services Inc. Liberia 100% 100%Frontline Shipping Singapore Pte Ltd. Singapore 100% 100%Frontfleet Ltd Bermuda 100% 100%Frontfleet II Ltd Bermuda 100% 100%Front Thor Inc. Liberia 100% 100%Front Odin Inc. Liberia 100% 100%Front Loki Inc. Liberia 100% 100%Front Njord Inc. Liberia 100% 100%Front Ull Inc Liberia 100% 100%Front Idun Inc Liberia 100% 100%Front King Inc. Liberia 100% 100%Front Queen Inc. Liberia 100% 100%Front Sovereign Inc. Liberia 100% 100%Front Monarch Inc. Liberia 100% 100%Front Eminence Inc. Liberia 100% 100%Front Endurance Inc. Liberia 100% 100%Front Duke Inc. Republic of the Marshall Islands 100% 100%Front Brage Inc. Liberia 100% 100%Front Balder Inc. Liberia 100% 100%Front Challenger Inc. Liberia 100% 100%Front Crown Inc. Liberia 100% 100%Front Coral Inc. Liberia 100% 100%Front Crystal II Inc. Liberia 100% 100%Front Classic Inc. Liberia 100% 100%Front Clipper Inc. Liberia 100% 100%Front Cosmos Inc. Liberia 100% 100%Front Cascade Inc. Liberia 100% 100%Front Duchess Inc. Republic of the Marshall Islands 100% 100%Sea Hull L0037 Corp. Liberia 100% 100%Sea Hull L0044 Corp. Liberia 100% 100%Sea Hull L0045 Corp. Liberia 100% 100%Sea Hull L0046 Corp. Liberia 100% 100%Front Cheetah Inc. Liberia 100% 100%Front Cougar Inc. Liberia 100% 100%Front Aphrodite Inc. Liberia 100% 100%Front Athena Inc. Liberia 100% 100%Front Hebe Inc. Liberia 100% 100%Front Hera Inc. Liberia 100% 100%Front Altair Inc. Liberia 100% 100%Front Antares Inc Liberia 100% 100%Front Vega Inc. Liberia 100% 100%Front Sirius Inc. Liberia 100% 100%Front Castor Inc. Liberia 100% 100%Front Pollux Inc. Liberia 100% 100%Front Capella Inc. Liberia 100% 100%Front Polaris Inc. Liberia 100% 100%Front Earl Inc. Liberia 100% 100%Front Empire Inc. Liberia 100% 100%Front Prince I Inc. Liberia 100% 100%Front Princess I Inc. Liberia 100% 100%Front Defender Inc. Liberia 100% 100%Front Discovery Inc. Liberia 100% 100%Front Cruiser Inc. Liberia 100% 100%Front Dynamic I Inc. Liberia 100% 100%Front Favour Inc. Republic of the Marshall Islands 100% 100%Front Feature Inc. Republic of the Marshall Islands 100% 100%Front Future Inc. Liberia 100% 100%Front Fusion Inc. Liberia 100% 100%White Flag Ventures XXXVI LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XXXIX LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XL LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLI LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLII LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLIII LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLIV LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLV LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLVI LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLVII LLC Republic of the Marshall Islands 100% 100%Hull 3240 Inc. Republic of the Marshall Islands 100% 100%Hull 3241 Inc. Republic of the Marshall Islands 100% 100%Hull 3283 Inc. Republic of the Marshall Islands 100% 100%Hull 3284 Inc. Republic of the Marshall Islands 100% 100%Hull 3285 Inc. Republic of the Marshall Islands 100% 100%Hull 3286 Inc. Republic of the Marshall Islands 100% 100%Front Driva Inc. Republic of the Marshall Islands 100% 100%Front Nausta Inc. Republic of the Marshall Islands 100% 100%Frontfleet Chartering Inc. Republic of the Marshall Islands 100% 100%Frontline (Management) Cyprus Ltd Cyprus 100% 100%Front Beaver Inc. Republic of the Marshall Islands 100% 100%Front Beauly Inc. Republic of the Marshall Islands 100% 100%Front Cloud Inc. Republic of the Marshall Islands 100% 100%Front Clyde Inc. Republic of the Marshall Islands 100% 100%Front Dee Inc. Republic of the Marshall Islands 100% 100%Front Eagle Inc. Republic of the Marshall Islands 100% 100%Front Eira Inc. Republic of the Marshall Islands 100% 100%Front Forth Inc. Republic of the Marshall Islands 100% 100%Front Gander Inc. Republic of the Marshall Islands 100% 100%Front Hawke Inc. Republic of the Marshall Islands 100% 100%Front Maine Inc. Republic of the Marshall Islands 100% 100%Front Morgan Inc. Republic of the Marshall Islands 100% 100%Front Naver Inc. Republic of the Marshall Islands 100% 100%Front Neiden Inc. Republic of the Marshall Islands 100% 100%Front Osen Inc. Republic of the Marshall Islands 100% 100%Front Otra Inc. Republic of the Marshall Islands 100% 100%Front Rauma Inc. Republic of the Marshall Islands 100% 100%Front Spey Inc. Republic of the Marshall Islands 100% 100%Front Surna Inc. Republic of the Marshall Islands 100% 100%Front Tay Inc. Republic of the Marshall Islands 100% 100%Front Vefsna Inc. Republic of the Marshall Islands 100% 100%Front Vosso Inc. Republic of the Marshall Islands 100% 100%Front Humber Inc. Republic of the Marshall Islands 100% 100%Front Flores Inc. Republic of the Marshall Islands 100% 100%25. SUBSEQUENT EVENTSIn February 2025, the Board of Directors declared a dividend of $0.20 per share for the fourth quarter of 2024. The record date for the dividend was March 14, 2025, the ex-dividend date was March 14, 2025, for shares listed on the New York Stock Exchange and March 13, 2025, for shares listed on the Oslo Stock Exchange, and the dividend was paid on March 31, 2025.Refer to Note 17 for details of other transactions that have concluded subsequent to December 31, 2024 pertaining to financing.",
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"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\u2019s 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 were 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 were 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, 2024, the Company\u2019s fleet consisted of 81 owned vessels, with an aggregate capacity of approximately 17.8 million DWT (41 VLCCs, 22 Suezmax tankers and 18 LR2/Aframax tankers).",
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"value": "2. MATERIAL ACCOUNTING POLICY INFORMATION1. Basis of presentationOur consolidated financial statements are prepared in accordance with IFRS\u00ae Accounting Standards (\u201cIFRS\u201d) as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113.The financial statements were approved by the Board of Directors on April 7, 2025, and authorized for issue.2. Use of judgements and estimatesThe preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of the Company\u2019s accounting policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which are the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed periodically. Revisions to estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.Information about judgements and areas where significant estimates have been made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statement is included in the following notes:\u2022 Note 12 - Depreciation: The cost of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels' estimated remaining economic useful lives. The selection of an appropriate useful economic life requires significant estimation. In addition, residual value may vary due to changes in market prices on scrap. See policy 8.3. for further details.Change in useful life of vesselsHistorically the Company has applied a 25 year useful economic life to its vessels. The Company reviews estimated useful lives and residual values each year. Estimated useful lives may change due to changed end user requirements, costs related to maintenance and upgrades, technological development and competition as well as industry, environmental and legal requirements. Specifically, the Company has noted that many of our customers apply stringent vetting requirements to vessels to ensure that the most rigorous technical standards are adhered to in their value chain. As a result, many customers apply age criteria to the vessels they are willing to charter. In recent years, the Company has noted a two-tier market forming, with vessels under 20 years of age, or lower, favored by top tier charterers, and vessels over 20 years being considered candidates for recycling, or being utilized in markets other than the spot market in which we primarily compete. Furthermore, as a result of the increased focus on environmental factors for both owners and investors it is expected that the competitive age threshold for a vessel may decrease as costs to comply with upcoming regulations may increase moving forward. As of December 31, 2022, the Company revised the estimated useful life of its vessels from 25 years to 20 years as a result of its analysis of the aforementioned factors. This change in estimate was applied prospectively from January 1, 2023 and did not result in any restatement to the prior year consolidated financial statements.\u2022 Note 12 - Vessel impairment: The carrying amounts of the Company\u2019s vessels may not represent their fair market value at any point in time since the market prices of secondhand vessels tend to fluctuate with changes in charter rates and the cost of newbuildings. Historically, both charter rates and vessel values tend to be cyclical. When events and changes in circumstances indicate that the carrying amount of the asset or Cash Generating Unit (\u201cCGU\u201d) might not be recovered, the Company performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use, based on discounted cash flows, and its fair value less cost to sell. In developing estimates of future cash flows in order to assess value in use, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry docking and other capital requirements, residual value, the estimated remaining useful lives of the vessels and the probability of lease terminations for right-of-use assets. These assumptions are based on historical trends as well as future expectations. See policy 10.2. for further details.\u2022 Note 14 - Goodwill impairment: The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgment at many points during the analysis. Our future operating results may be affected by potential impairment charges related to goodwill. Events or circumstances may occur that could negatively impact our ordinary share price, including changes in our anticipated revenues and profits and our ability to execute on our strategies. See policy 10.2. for further details.Measurement of fair valuesA number of the Company\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Company uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.\u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.Further information about the assumptions made in measuring fair values is included in the following notes:\u2022 Note 9 - Marketable securities\u2022 Note 12 - Vessel impairment\u2022 Note 14 - Goodwill impairment\u2022 Note 19 - Financial instruments; and\u2022 Note 21 - Share options3. Principles of consolidationThe consolidated financial statements include the accounts for us and our wholly and majority owned subsidiaries. Intercompany accounts and transactions have been eliminated on consolidation. The results of acquired companies are included in our Consolidated Statement of Profit or Loss from the date of acquisition.For investments in which we have significant influence over the operating and financial policies, the equity method of accounting is used. Accordingly, our share of the earnings and losses of these companies are included in the share of results of associated companies in the Consolidated Statements of Profit or Loss. 4. Foreign currencyOur functional currency is the U.S. dollar. Transactions in foreign currencies are translated to U.S. dollars at the foreign exchange rate applicable at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are translated to U.S. dollars at the foreign exchange rate applicable at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are generally recognized in profit or loss.5. Financial InstrumentsRecognition and initial measurementTrade and other receivables and trade and other payables are initially recognized when they are originated. All other financial assets and financial liabilities (including financial assets designated as Fair Value through Other Comprehensive Income (\u201cFVOCI\u201d) are initially recognized on the trade date, which is the date that the Company becomes a party to the contractual provisions of the instrument.Financial assets are initially measured at their transaction price including any transaction costs, except equity instruments designated as Fair Value through Profit or Loss (\u201cFVTPL\u201d) or FVOCI, which are measured at fair value. Financial liabilities are recognized initially at their transaction price less any directly attributable transaction costs.The fair values of equity investments are based on quoted prices.Financial assets and liabilities are not offset and are presented gross in the Consolidated Statement of Financial Position 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 initial recognition, a financial asset is classified and measured at: amortized cost; FVOCI-equity instrument; or FVTPL. The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:\u2022 It is held within a business model whose objectives is to hold assets to collect contractual cash flows; and\u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis.All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.Marketable securitiesMarketable securities held by the Company are listed equity securities and are classified and measured at FVTPL unless the election to present subsequent changes in the investment's fair value in OCI is made. No such elections have been made by the Company.DerecognitionThe Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor 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 subsequently measured at amortized cost or FVTPL.A financial liability is classified as at FVTPL if it is a derivative. Financial liabilities at FVTPL are measured at fair value and gains and losses are recognized in profit or loss.Non-derivative financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense is recognized in profit or loss unless the interest is capitalized as borrowing costs. Non-derivative financial liabilities comprise loans and borrowings, lease liabilities, related party payables and trade and other payables.DerecognitionThe Company derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expired. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized.On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.Debt issuance costsDebt issuance costs, including debt arrangement fees, are capitalized and amortized using the effective interest method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense. If a loan is repaid early, any unamortized portion of the related debt issuance costs is expensed in the period in which the loan is repaid. Debt modifications are accounted for prospectively and any applicable new debt issuance costs are deferred and amortized together with the existing unamortized debt issuance costs as of the date of the modification. The Company has recorded debt issuance costs as a deduction from the carrying amount of debt.5.3. Derivative financial instrumentsThe Company enters into interest rate swap transactions from time to time to hedge a portion of its exposure to floating interest rates. These transactions involve the conversion of floating rates into fixed rates for an agreed period without an exchange of underlying principal. The fair values of the interest rate swap contracts are recognized as assets or liabilities. None of the interest rate swaps qualify for hedge accounting. Changes in fair values of the interest rate swap contracts are recognized net of interest income or expense in profit or loss within Finance expense. Cash outflows and inflows resulting from the interest rate swap contracts are classified as cash flows from operations in the Consolidated Statement of Cash Flows to align with the classification of the underlying finance costs.IFRS 9 applies to contracts to buy or sell a non-derivative non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, with the exception of contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the entity\u2019s expected purchase, sale or usage requirements.6. Cash and cash equivalentsCash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents that are restricted as to their use are classified separately in the Consolidated Statement of Financial Position, either as Restricted cash or another financial statement line item based on the nature of the balance. Cash and cash equivalents that are restricted as to their use for at least 12 months following the balance sheet date, and/or are non-current in nature are classified as non-current assets. Changes in restricted cash are classified and presented in the Consolidated Statement of Cash Flows based on the nature of the underlying transaction.7. InventoriesInventories comprise principally of bunkers and lubricating oils and are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. Bunkers and lubricating oils expense is recognized in profit or loss upon consumption.8. Vessels and equipment8.1 Owned assetsVessels and items of equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of assets includes;\u2022 The cost of materials and direct labour;\u2022 Any other costs directly attributable to bringing the assets to a working condition for their intended use; and\u2022 Capitalized borrowing costs.Gains and losses on disposal of a vessel or of another item of equipment are determined by comparing the net proceeds from disposal with the carrying amount of the vessel or the item of equipment and are recognized in profit or loss. For the sale of vessels, transfer of risks and rewards usually occurs upon delivery of the vessel to the new owner.8.2 NewbuildingsNewbuildings represent vessels under construction and are carried at the amounts paid or payable according to the installments in the contract and capitalized borrowing costs. Installments are often linked to milestones such as signing of contract, steel cutting, keel laying, launching and delivery. Borrowing costs are capitalized during construction of newbuildings based on accumulated expenditures for the applicable project at the Company\u2019s current weighted average rate of borrowing.Refer to accounting policy 10.2. for impairment considerations for owned vessels and newbuildings.8.3. DepreciationDepreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of vessels and items of equipment. Right-of-use assets are depreciated using the straight-line method from the commencement date to the end of the lease term, unless the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset.The cost of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels' estimated remaining economic useful lives. Depreciation methods, useful lives and residual values are reviewed annually and adjusted prospectively, if appropriate. As explained in policy 2.2., as of December 31, 2022, the Company revised the estimated useful life of its vessels from 25 years to 20 years. This change in estimate was applied prospectively from January 1, 2023 and did not result in any restatement to the prior year consolidated financial statements. Other equipment, excluding vessel upgrades, is depreciated over its estimated remaining useful life, which approximates 5 years. The residual value for owned vessels is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per ton.The Company capitalizes and depreciates the costs of significant replacements, renewals and upgrades to its vessels over the shorter of the vessel\u2019s remaining useful life or the life of the renewal or upgrade. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred. Advances paid in respect of vessel upgrades in relation to exhaust gas cleaning systems (\u201cEGCS\u201d) and ballast water treatment systems (\u201cBWTS\u201d) are included within \"other non-current assets\", until such time as the equipment is installed on a vessel, at which point it is transferred to \"Vessels and equipment\".8.4. Dry docking \u2013 component approachOur vessels are required by their respective classification societies to go through a dry dock at regular intervals. In general, vessels below the age of 15 years are docked every 5 years and vessels older than 15 years are docked every 2.5 years. Significant components of property, plant and equipment with differing depreciation methods or lives are depreciated separately. Major inspection or overhaul costs, such as dry docking, are identified and accounted for as a separate component and depreciated over the period to the next scheduled dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery based on the age of the vessel and an estimate of the expected dry dock cost and depreciated over the period to the next scheduled dry docking. When a dry docking is performed, the carrying amount of any remaining unamortized dry docking costs related to previous dry docks (due to any difference between the estimated and actual time between dry docks) is derecognized. Costs associated with routine repairs and maintenance are expensed as incurred including routine maintenance performed while the vessel is in dry dock.9. GoodwillWe allocate the cost of acquired companies to identifiable tangible and intangible assets and liabilities acquired, with the remaining amount being classified as goodwill. When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss. After initial recognition goodwill is measured at cost less accumulated impairment losses, refer to accounting policy 10.2.10. Impairment10.1 Loans, receivables and contract assetsThe gross carrying amount of a loans, receivables and contract assets is written off when the Company has no reasonable expectations of recovering the outstanding amount in its entirety or a portion thereof. The Company assesses allowances for its estimate of expected credit losses based on historical experience, other currently available evidence, and reasonable and supportable forecasts about the future, including the use of credit default ratings from third party providers of credit rating data. The Company assesses credit risk in relation to its receivables using a portfolio approach. The Company\u2019s main portfolio segments include (i) state-owned enterprises, (ii) oil majors, (iii) commodities traders and (iv) related parties and affiliated companies. In addition, the Company performs individual assessments for customers that do not share risk characteristics with other customers (for example a customer under bankruptcy or a customer with known disputes or collectability issues). The Company makes judgements and assumptions to estimate its expected losses. 10.2. Non-financial assetsThe carrying amounts of the Company\u2019s non-financial assets, other than inventory and contract assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated.For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.The recoverable amount of an asset or CGU is the greater of its fair value less cost of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Future cash flows are based on current market conditions, historical trends as well as future expectations.An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.An impairment loss recognized for goodwill shall not be reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen events and changes in circumstances indicate that the carrying amount of the asset or CGU might not be recovered, the Company performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use, based on discounted cash flows, and its fair value less cost to sell. We define our CGU as a single vessel as each vessel generates cash inflows that are largely independent of the cash inflows from other vessels. In assessing whether there is any indication that a vessel may be impaired, the Company considers internal and external indicators, including but not limited to:\u2022 the estimated market values for our vessels received from independent ship brokers have declined during the period significantly more than we would expect as a result of the passage of time or normal use. The ship brokers assess each vessel based on, among others, age, yard, deadweight capacity and compare this to market transactions.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or will take place in the near future, in the legal and regulatory environment in which the Company operates, and the tanker market, including negative developments in actual and forecasted time charter equivalent rates (\u201cTCE rates\u201d).\u2022 market interest rates have increased during the period, and the increase is likely to affect the discount rate used in calculating a vessel\u2019s value in use and decrease the asset\u2019s recoverable amount materially.\u2022 the carrying amount of the net assets of the Company is more than its market capitalization.\u2022 evidence is available of obsolescence or physical damage of a vessel.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or are expected to take place in the near future, in the extent to which, or manner in which, a vessel is used or is expected to be used.\u2022 evidence that the economic performance of a vessel is, or will be, worse than expected, including:\u25e6 actual or forecasted TCE rates are significantly worse than expected;\u25e6 cash flows for acquiring a vessel, or subsequent cash needs for operating or maintaining it, are significantly higher than expected;\u25e6 actual net cash flows or operating profit are significantly worse than expected;\u25e6 a significant decline in budgeted net cash flows or operating profit; or\u25e6 operating losses or net cash outflows.If such impairment indicators are identified, the vessel\u2019s recoverable amount is estimated. In developing estimates of future cash flows in order to assess value in use, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry docking and other capital requirements, residual value, the estimated remaining useful lives of the vessels and the probability of lease terminations for vessels held under lease. These assumptions are based on historical trends as well as future expectations. Specifically, in estimating future charter rates, management takes into consideration rates currently in effect for existing time charters and estimated daily time charter equivalent rates for each vessel class for the unfixed days over the estimated remaining lives of each of the vessels. The estimated daily time charter equivalent rates used for unfixed days are based on a combination of (i) internally developed forecasts, and (ii) historical rates, based on quarterly average rates published by an independent third party maritime research service, for a historical period determined based on management's judgment of past and ongoing shipping cycles. Recognizing that the transportation of crude oil is cyclical and subject to significant volatility based on factors beyond the Company\u2019s control, management believes the use of estimates based on the combination of internally forecast rates and historical average rates calculated as of the reporting date to be reasonable.Estimated outflows for operating expenses and dry docking requirements are based on historical and budgeted costs and are adjusted for assumed inflation. Finally, utilization is based on historical levels achieved and estimates of a residual value are consistent with the pattern of scrap rates used in management's evaluation of salvage value. Other capital requirements for newbuildings are primarily based on amounts payable according to the installments in the contract.The weighted average cost of capital (\u201cWACC\u201d) used to calculate the value in use of our assets is calculated to reflect the industry-weighted average return on debt and equity using observable market data and approximates a pre-tax discount rate.The more significant factors that could impact management's assumptions regarding time charter equivalent rates include (i) loss or reduction in business from significant customers, (ii) unanticipated changes in demand for transportation of crude oil and oil products, (iii) changes in production of or demand for oil, generally or in particular regions, (iv) greater than anticipated levels of tanker newbuilding orders or lower than anticipated levels of tanker scrapping, and (v) changes in rules and regulations applicable to the tanker industry, including legislation adopted by international organizations such as IMO and the EU or by individual countries. Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate at the time they were made, such assumptions are highly subjective and likely to change, possibly materially, in the future. Tanker charter rates are volatile and can experience long periods at depressed levels. Future assessments of vessel impairment would be adversely affected by reductions in vessel values and charter rates.GoodwillGoodwill is not amortized, but rather reviewed for impairment annually, or more frequently if impairment indicators arise. The Company has one group of CGUs for the purpose of assessing potential goodwill impairment and has selected September 30 as its annual goodwill impairment testing date. A CGU is impaired when its carrying amount exceeds its recoverable amount. In assessing whether the recoverable amount of a CGU to which goodwill has been allocated is less than its carrying amount, the Company assesses relevant events and circumstances, including (i) macroeconomic conditions; (ii) industry and market conditions; (iii) changes in cost factors that may impact earnings and cash flows; (iv) overall financial performance; (v) other entity specific events such as changes in management, strategy, customers or key personnel; (vi) other events and (vii) if applicable, changes in the Company\u2019s share price, both in absolute terms and relative to peers.The recoverable amount of the Company\u2019s one group of CGUs is the higher of its fair value less cost of disposal and value in use. We estimate the fair value less cost of disposal of this group of CGUs based on the Company\u2019s market capitalization plus a control premium, as needed. Control premium assumptions require judgment and actual results may differ from assumed or estimated amounts. In assessing value in use, the estimated future cash flows are discounted to present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the Company.11. Revenue and expense recognition11.1. Voyage chartersIn a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charterer is responsible for any short loading of cargo or \u201cdead\u201d freight. The voyage charter party generally has standard payment terms with freight paid on completion of discharge. The voyage charter party generally has a \"demurrage\" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited, which is recorded as voyage revenue. As such, demurrage is considered variable consideration under the contract. Estimates and judgments are required in ascertaining the most likely outcome of a particular voyage and actual outcomes may differ from estimates. Such estimates are reviewed and updated over the term of the voyage charter contract.The non-lease component of voyage charters (and other contracts) are accounted for under the provisions of IFRS 15 Revenue from Contracts with Customers. The Company has determined that its voyage charter contracts that qualify for accounting under IFRS 15 consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and the voyage revenue and expenses are recognized on a straight-line basis over the voyage days from the commencement of loading to completion of discharge. Contract assets with regards to voyage revenues are reported as \u201cVoyages in progress\u201d as the performance obligation is satisfied over time. Voyage revenues typically become billable and due for payment on completion of the voyage and discharge of the cargo, at which point the receivable is recognized within \u201cTrade and other receivables\u201d.Voyage charters contain a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. The lease component of voyage charter contracts are accounted for under IFRS 16 Leases which results in revenue recognition consistent with the non-lease component accounted for under IFRS 15.In a voyage contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. To recognize costs incurred to fulfill a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are subsequently amortized on a straight-line basis as we satisfy the performance obligations under the contract. Costs incurred to obtain a contract, such as commissions, are also deferred and expensed over the same period. Costs incurred during the performance of a voyage are expensed as incurred.The Company has taken the practical expedient not to disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period as the performance obligations are part of contracts having an original expected duration of one year or less. 11.2. Time chartersIn a time charter voyage, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. Generally, the charterer has the discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer and carries only lawful or non-hazardous cargo. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges, and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire in advance of the upcoming contract period. The lease component of time charter contracts are accounted for under IFRS 16 Leases and revenues are recorded over the term of the charter. The non-lease component of time charter contracts are accounted for under IFRS 15 which results in revenue recognition consistent with the lease component accounted for under IFRS 16. When a time charter contract is linked to an index, we recognize revenue for the applicable period based on the actual index for that period.11.3. Administrative incomeAdministrative income primarily comprises income earned from the commercial and technical management of vessels and newbuilding supervision fees derived from related parties, affiliated companies and third parties. Administrative income is recognized over time as the services are provided and performance obligations are met.12. Other operating incomeOther operating income relates to (i) gains on the sale of vessels, which are recognized when the vessel has been delivered and substantially all risks have been transferred and are determined by comparing the proceeds received with the carrying value of the vessel, (ii) gains on settlements of insurance and legal claims, which are recognized when an inflow of economic benefit is virtually certain, (iii) gains and losses on the termination of leases before the expiration of the lease term, which are accounted for by derecognizing the carrying value of the right-of-use asset and lease obligation, with a gain or loss recognized for the difference. Gains and losses on the termination of leases are accounted for when the lease is terminated and the vessel is redelivered to the owners, and (iv) gains and losses from pooling and other revenue sharing arrangements where the Company is considered the principal under the charter parties and records voyage revenues and costs gross, with the adjustments required as a result of the revenue sharing arrangement being recognized as other operating gains or losses.13. LeasesAt inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.13.1. As a lesseeThe Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at the amount equal to the lease liability adjusted by initial direct costs incurred by the lessee. Adjustments may also be required for any payments made at or before the commencement date, less any lease incentives received.After lease commencement, the Company measures the right-of-use asset at cost less accumulated depreciation and accumulated impairment. The right-of-use asset is subsequently depreciated using the straight-line method. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company\u2019s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The lessee's incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.Lease payments included in the measurement of the lease liability comprise the following:\u2022 Fixed payments;\u2022 Variable lease payments that depend on an index or a rate;\u2022 Amounts expected to be payable under a residual value guarantee, and;\u2022 The exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.The Company has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether the purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-to-use asset has been reduced to zero.Lease and non-lease components in the contracts are separated and the non-lease components are expensed as incurred and classified based on the nature of the expense.Short-term leases and leases of low-value assetsThe Company has elected not to recognize certain right-of-use assets and lease liabilities for leases of low-value assets and short-term leases (i.e., leases with an original term of 12-months or less), including IT equipment. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.Refer to accounting policy 10.2. for impairment considerations for vessel right-of-use assets.13.2 As a lessorWhen the Company acts as a lessor, it determines at lease inception whether each lease is a finance or operating lease.To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Company considers certain indicators such as whether the lease is for the major part of the economic life of the asset.If the lease qualifies as an operating lease, e.g. time charter contracts and the lease component of voyage charter contracts, the leased asset remains on the statement of financial position of the lessor and continues being depreciated. The Company separates the lease and non-lease component in the contract, with the lease component qualified as operating lease and the non-lease component accounted for under IFRS 15. The Company makes significant judgments and assumptions to separate lease components from non-lease components of our contracts. For purposes of determining the standalone selling price of the vessel lease and non-lease components of the Company\u2019s time charters and voyage charters, the Company uses the residual approach given that vessel rates are highly variable depending on shipping market conditions. The Company believes that the standalone transaction price attributable to the non-lease component is more readily determinable than the price of the lease component and, accordingly, the price of the service components is estimated using cost plus a margin and the residual transaction price is attributed to the lease component. Refer to the Revenue policy for further details of the accounting for the lease and the non-lease component.13.3 Sale and leaseback transactionsIf the Company has an obligation or a right to repurchase an asset (a forward or a call option), sold under a sale and leaseback transaction, a counterparty does not obtain control of the asset because the counterparty is limited in its ability to direct the use of, and obtain substantially all of the remaining benefits from the asset, even though the counterparty may have physical possession of the asset. Consequently, the Company accounts for the contract by continuing to recognize the asset and recording a financial liability for any consideration received from the counterparty. The financial liability is subsequently measured at amortized cost using the effective interest method. See 5.2 Financial Liabilities for further details.14. Share-based compensation The fair value of the amount payable to beneficiaries in respect of synthetic options, which are settled in cash, is recognized as an expense with a corresponding liability, over the period during which the beneficiaries become unconditionally entitled to payment. The fair value of the liability is remeasured at each reporting period.15. Dividends receivedThe Company records dividends received in the period in which they are declared and receivable.16. New standards and interpretationsDuring the current financial period, the Company has adopted all relevant new and revised Standards and Interpretations that were issued by the IASB and the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) of the IASB. The following new Standards, Interpretations and Amendments issued by the IASB and the IFRIC are effective for the current financial year end: \u2022 Amendments to IAS 1 Presentation of Financial Statements to specify the requirements for classifying liabilities as current or non-current.The adoption of these new standards, interpretations and amendments had no material effect on the financial statements.New and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company\u2019s financial statements are disclosed below. The below list includes the new standards and amendments that we believe are the most relevant for the Company:IFRS 18 Presentation and Disclosure in Financial StatementsIn April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1, with a focus on updates to the statement of profit or loss. The new and standard is effective for annual reporting periods beginning on or after January 1, 2027 and must be applied retrospectively. The key new concepts introduced in IFRS 18 relate to:\u25aa the structure of the statement of profit or loss and statement of cash flow;\u25aa required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (that is, management-defined performance measures); and\u25aa enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.Amendments to the Classification and Measurement of Financial InstrumentsIn May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The amendments include clarifying the date of recognition and derecognition of some financial assets and liabilities and new disclosures for certain instruments with contractual terms that can change cash flows. The amendments are effective for annual reporting periods beginning on or after January 1, 2026 and must be applied retrospectively.The Company has not applied or early adopted any new IFRS requirements that are not yet effective as per December 31, 2024.",
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"value": "2. MATERIAL ACCOUNTING POLICY INFORMATION1. Basis of presentationOur consolidated financial statements are prepared in accordance with IFRS\u00ae Accounting Standards (\u201cIFRS\u201d) as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113.The financial statements were approved by the Board of Directors on April 7, 2025, and authorized for issue.2. Use of judgements and estimatesThe preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of the Company\u2019s accounting policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which are the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed periodically. Revisions to estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.Information about judgements and areas where significant estimates have been made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statement is included in the following notes:\u2022 Note 12 - Depreciation: The cost of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels' estimated remaining economic useful lives. The selection of an appropriate useful economic life requires significant estimation. In addition, residual value may vary due to changes in market prices on scrap. See policy 8.3. for further details.Change in useful life of vesselsHistorically the Company has applied a 25 year useful economic life to its vessels. The Company reviews estimated useful lives and residual values each year. Estimated useful lives may change due to changed end user requirements, costs related to maintenance and upgrades, technological development and competition as well as industry, environmental and legal requirements. Specifically, the Company has noted that many of our customers apply stringent vetting requirements to vessels to ensure that the most rigorous technical standards are adhered to in their value chain. As a result, many customers apply age criteria to the vessels they are willing to charter. In recent years, the Company has noted a two-tier market forming, with vessels under 20 years of age, or lower, favored by top tier charterers, and vessels over 20 years being considered candidates for recycling, or being utilized in markets other than the spot market in which we primarily compete. Furthermore, as a result of the increased focus on environmental factors for both owners and investors it is expected that the competitive age threshold for a vessel may decrease as costs to comply with upcoming regulations may increase moving forward. As of December 31, 2022, the Company revised the estimated useful life of its vessels from 25 years to 20 years as a result of its analysis of the aforementioned factors. This change in estimate was applied prospectively from January 1, 2023 and did not result in any restatement to the prior year consolidated financial statements.\u2022 Note 12 - Vessel impairment: The carrying amounts of the Company\u2019s vessels may not represent their fair market value at any point in time since the market prices of secondhand vessels tend to fluctuate with changes in charter rates and the cost of newbuildings. Historically, both charter rates and vessel values tend to be cyclical. When events and changes in circumstances indicate that the carrying amount of the asset or Cash Generating Unit (\u201cCGU\u201d) might not be recovered, the Company performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use, based on discounted cash flows, and its fair value less cost to sell. In developing estimates of future cash flows in order to assess value in use, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry docking and other capital requirements, residual value, the estimated remaining useful lives of the vessels and the probability of lease terminations for right-of-use assets. These assumptions are based on historical trends as well as future expectations. See policy 10.2. for further details.\u2022 Note 14 - Goodwill impairment: The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgment at many points during the analysis. Our future operating results may be affected by potential impairment charges related to goodwill. Events or circumstances may occur that could negatively impact our ordinary share price, including changes in our anticipated revenues and profits and our ability to execute on our strategies. See policy 10.2. for further details.Measurement of fair valuesA number of the Company\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Company uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.\u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.Further information about the assumptions made in measuring fair values is included in the following notes:\u2022 Note 9 - Marketable securities\u2022 Note 12 - Vessel impairment\u2022 Note 14 - Goodwill impairment\u2022 Note 19 - Financial instruments; and\u2022 Note 21 - Share options3. Principles of consolidationThe consolidated financial statements include the accounts for us and our wholly and majority owned subsidiaries. Intercompany accounts and transactions have been eliminated on consolidation. The results of acquired companies are included in our Consolidated Statement of Profit or Loss from the date of acquisition.For investments in which we have significant influence over the operating and financial policies, the equity method of accounting is used. Accordingly, our share of the earnings and losses of these companies are included in the share of results of associated companies in the Consolidated Statements of Profit or Loss. 4. Foreign currencyOur functional currency is the U.S. dollar. Transactions in foreign currencies are translated to U.S. dollars at the foreign exchange rate applicable at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are translated to U.S. dollars at the foreign exchange rate applicable at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are generally recognized in profit or loss.5. Financial InstrumentsRecognition and initial measurementTrade and other receivables and trade and other payables are initially recognized when they are originated. All other financial assets and financial liabilities (including financial assets designated as Fair Value through Other Comprehensive Income (\u201cFVOCI\u201d) are initially recognized on the trade date, which is the date that the Company becomes a party to the contractual provisions of the instrument.Financial assets are initially measured at their transaction price including any transaction costs, except equity instruments designated as Fair Value through Profit or Loss (\u201cFVTPL\u201d) or FVOCI, which are measured at fair value. Financial liabilities are recognized initially at their transaction price less any directly attributable transaction costs.The fair values of equity investments are based on quoted prices.Financial assets and liabilities are not offset and are presented gross in the Consolidated Statement of Financial Position 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 initial recognition, a financial asset is classified and measured at: amortized cost; FVOCI-equity instrument; or FVTPL. The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:\u2022 It is held within a business model whose objectives is to hold assets to collect contractual cash flows; and\u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis.All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.Marketable securitiesMarketable securities held by the Company are listed equity securities and are classified and measured at FVTPL unless the election to present subsequent changes in the investment's fair value in OCI is made. No such elections have been made by the Company.DerecognitionThe Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor 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 subsequently measured at amortized cost or FVTPL.A financial liability is classified as at FVTPL if it is a derivative. Financial liabilities at FVTPL are measured at fair value and gains and losses are recognized in profit or loss.Non-derivative financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense is recognized in profit or loss unless the interest is capitalized as borrowing costs. Non-derivative financial liabilities comprise loans and borrowings, lease liabilities, related party payables and trade and other payables.DerecognitionThe Company derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expired. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized.On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.Debt issuance costsDebt issuance costs, including debt arrangement fees, are capitalized and amortized using the effective interest method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense. If a loan is repaid early, any unamortized portion of the related debt issuance costs is expensed in the period in which the loan is repaid. Debt modifications are accounted for prospectively and any applicable new debt issuance costs are deferred and amortized together with the existing unamortized debt issuance costs as of the date of the modification. The Company has recorded debt issuance costs as a deduction from the carrying amount of debt.5.3. Derivative financial instrumentsThe Company enters into interest rate swap transactions from time to time to hedge a portion of its exposure to floating interest rates. These transactions involve the conversion of floating rates into fixed rates for an agreed period without an exchange of underlying principal. The fair values of the interest rate swap contracts are recognized as assets or liabilities. None of the interest rate swaps qualify for hedge accounting. Changes in fair values of the interest rate swap contracts are recognized net of interest income or expense in profit or loss within Finance expense. Cash outflows and inflows resulting from the interest rate swap contracts are classified as cash flows from operations in the Consolidated Statement of Cash Flows to align with the classification of the underlying finance costs.IFRS 9 applies to contracts to buy or sell a non-derivative non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, with the exception of contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the entity\u2019s expected purchase, sale or usage requirements.6. Cash and cash equivalentsCash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents that are restricted as to their use are classified separately in the Consolidated Statement of Financial Position, either as Restricted cash or another financial statement line item based on the nature of the balance. Cash and cash equivalents that are restricted as to their use for at least 12 months following the balance sheet date, and/or are non-current in nature are classified as non-current assets. Changes in restricted cash are classified and presented in the Consolidated Statement of Cash Flows based on the nature of the underlying transaction.7. InventoriesInventories comprise principally of bunkers and lubricating oils and are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. Bunkers and lubricating oils expense is recognized in profit or loss upon consumption.8. Vessels and equipment8.1 Owned assetsVessels and items of equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of assets includes;\u2022 The cost of materials and direct labour;\u2022 Any other costs directly attributable to bringing the assets to a working condition for their intended use; and\u2022 Capitalized borrowing costs.Gains and losses on disposal of a vessel or of another item of equipment are determined by comparing the net proceeds from disposal with the carrying amount of the vessel or the item of equipment and are recognized in profit or loss. For the sale of vessels, transfer of risks and rewards usually occurs upon delivery of the vessel to the new owner.8.2 NewbuildingsNewbuildings represent vessels under construction and are carried at the amounts paid or payable according to the installments in the contract and capitalized borrowing costs. Installments are often linked to milestones such as signing of contract, steel cutting, keel laying, launching and delivery. Borrowing costs are capitalized during construction of newbuildings based on accumulated expenditures for the applicable project at the Company\u2019s current weighted average rate of borrowing.Refer to accounting policy 10.2. for impairment considerations for owned vessels and newbuildings.8.3. DepreciationDepreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of vessels and items of equipment. Right-of-use assets are depreciated using the straight-line method from the commencement date to the end of the lease term, unless the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset.The cost of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels' estimated remaining economic useful lives. Depreciation methods, useful lives and residual values are reviewed annually and adjusted prospectively, if appropriate. As explained in policy 2.2., as of December 31, 2022, the Company revised the estimated useful life of its vessels from 25 years to 20 years. This change in estimate was applied prospectively from January 1, 2023 and did not result in any restatement to the prior year consolidated financial statements. Other equipment, excluding vessel upgrades, is depreciated over its estimated remaining useful life, which approximates 5 years. The residual value for owned vessels is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per ton.The Company capitalizes and depreciates the costs of significant replacements, renewals and upgrades to its vessels over the shorter of the vessel\u2019s remaining useful life or the life of the renewal or upgrade. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred. Advances paid in respect of vessel upgrades in relation to exhaust gas cleaning systems (\u201cEGCS\u201d) and ballast water treatment systems (\u201cBWTS\u201d) are included within \"other non-current assets\", until such time as the equipment is installed on a vessel, at which point it is transferred to \"Vessels and equipment\".8.4. Dry docking \u2013 component approachOur vessels are required by their respective classification societies to go through a dry dock at regular intervals. In general, vessels below the age of 15 years are docked every 5 years and vessels older than 15 years are docked every 2.5 years. Significant components of property, plant and equipment with differing depreciation methods or lives are depreciated separately. Major inspection or overhaul costs, such as dry docking, are identified and accounted for as a separate component and depreciated over the period to the next scheduled dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery based on the age of the vessel and an estimate of the expected dry dock cost and depreciated over the period to the next scheduled dry docking. When a dry docking is performed, the carrying amount of any remaining unamortized dry docking costs related to previous dry docks (due to any difference between the estimated and actual time between dry docks) is derecognized. Costs associated with routine repairs and maintenance are expensed as incurred including routine maintenance performed while the vessel is in dry dock.9. GoodwillWe allocate the cost of acquired companies to identifiable tangible and intangible assets and liabilities acquired, with the remaining amount being classified as goodwill. When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss. After initial recognition goodwill is measured at cost less accumulated impairment losses, refer to accounting policy 10.2.10. Impairment10.1 Loans, receivables and contract assetsThe gross carrying amount of a loans, receivables and contract assets is written off when the Company has no reasonable expectations of recovering the outstanding amount in its entirety or a portion thereof. The Company assesses allowances for its estimate of expected credit losses based on historical experience, other currently available evidence, and reasonable and supportable forecasts about the future, including the use of credit default ratings from third party providers of credit rating data. The Company assesses credit risk in relation to its receivables using a portfolio approach. The Company\u2019s main portfolio segments include (i) state-owned enterprises, (ii) oil majors, (iii) commodities traders and (iv) related parties and affiliated companies. In addition, the Company performs individual assessments for customers that do not share risk characteristics with other customers (for example a customer under bankruptcy or a customer with known disputes or collectability issues). The Company makes judgements and assumptions to estimate its expected losses. 10.2. Non-financial assetsThe carrying amounts of the Company\u2019s non-financial assets, other than inventory and contract assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated.For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.The recoverable amount of an asset or CGU is the greater of its fair value less cost of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Future cash flows are based on current market conditions, historical trends as well as future expectations.An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.An impairment loss recognized for goodwill shall not be reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen events and changes in circumstances indicate that the carrying amount of the asset or CGU might not be recovered, the Company performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use, based on discounted cash flows, and its fair value less cost to sell. We define our CGU as a single vessel as each vessel generates cash inflows that are largely independent of the cash inflows from other vessels. In assessing whether there is any indication that a vessel may be impaired, the Company considers internal and external indicators, including but not limited to:\u2022 the estimated market values for our vessels received from independent ship brokers have declined during the period significantly more than we would expect as a result of the passage of time or normal use. The ship brokers assess each vessel based on, among others, age, yard, deadweight capacity and compare this to market transactions.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or will take place in the near future, in the legal and regulatory environment in which the Company operates, and the tanker market, including negative developments in actual and forecasted time charter equivalent rates (\u201cTCE rates\u201d).\u2022 market interest rates have increased during the period, and the increase is likely to affect the discount rate used in calculating a vessel\u2019s value in use and decrease the asset\u2019s recoverable amount materially.\u2022 the carrying amount of the net assets of the Company is more than its market capitalization.\u2022 evidence is available of obsolescence or physical damage of a vessel.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or are expected to take place in the near future, in the extent to which, or manner in which, a vessel is used or is expected to be used.\u2022 evidence that the economic performance of a vessel is, or will be, worse than expected, including:\u25e6 actual or forecasted TCE rates are significantly worse than expected;\u25e6 cash flows for acquiring a vessel, or subsequent cash needs for operating or maintaining it, are significantly higher than expected;\u25e6 actual net cash flows or operating profit are significantly worse than expected;\u25e6 a significant decline in budgeted net cash flows or operating profit; or\u25e6 operating losses or net cash outflows.If such impairment indicators are identified, the vessel\u2019s recoverable amount is estimated. In developing estimates of future cash flows in order to assess value in use, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry docking and other capital requirements, residual value, the estimated remaining useful lives of the vessels and the probability of lease terminations for vessels held under lease. These assumptions are based on historical trends as well as future expectations. Specifically, in estimating future charter rates, management takes into consideration rates currently in effect for existing time charters and estimated daily time charter equivalent rates for each vessel class for the unfixed days over the estimated remaining lives of each of the vessels. The estimated daily time charter equivalent rates used for unfixed days are based on a combination of (i) internally developed forecasts, and (ii) historical rates, based on quarterly average rates published by an independent third party maritime research service, for a historical period determined based on management's judgment of past and ongoing shipping cycles. Recognizing that the transportation of crude oil is cyclical and subject to significant volatility based on factors beyond the Company\u2019s control, management believes the use of estimates based on the combination of internally forecast rates and historical average rates calculated as of the reporting date to be reasonable.Estimated outflows for operating expenses and dry docking requirements are based on historical and budgeted costs and are adjusted for assumed inflation. Finally, utilization is based on historical levels achieved and estimates of a residual value are consistent with the pattern of scrap rates used in management's evaluation of salvage value. Other capital requirements for newbuildings are primarily based on amounts payable according to the installments in the contract.The weighted average cost of capital (\u201cWACC\u201d) used to calculate the value in use of our assets is calculated to reflect the industry-weighted average return on debt and equity using observable market data and approximates a pre-tax discount rate.The more significant factors that could impact management's assumptions regarding time charter equivalent rates include (i) loss or reduction in business from significant customers, (ii) unanticipated changes in demand for transportation of crude oil and oil products, (iii) changes in production of or demand for oil, generally or in particular regions, (iv) greater than anticipated levels of tanker newbuilding orders or lower than anticipated levels of tanker scrapping, and (v) changes in rules and regulations applicable to the tanker industry, including legislation adopted by international organizations such as IMO and the EU or by individual countries. Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate at the time they were made, such assumptions are highly subjective and likely to change, possibly materially, in the future. Tanker charter rates are volatile and can experience long periods at depressed levels. Future assessments of vessel impairment would be adversely affected by reductions in vessel values and charter rates.GoodwillGoodwill is not amortized, but rather reviewed for impairment annually, or more frequently if impairment indicators arise. The Company has one group of CGUs for the purpose of assessing potential goodwill impairment and has selected September 30 as its annual goodwill impairment testing date. A CGU is impaired when its carrying amount exceeds its recoverable amount. In assessing whether the recoverable amount of a CGU to which goodwill has been allocated is less than its carrying amount, the Company assesses relevant events and circumstances, including (i) macroeconomic conditions; (ii) industry and market conditions; (iii) changes in cost factors that may impact earnings and cash flows; (iv) overall financial performance; (v) other entity specific events such as changes in management, strategy, customers or key personnel; (vi) other events and (vii) if applicable, changes in the Company\u2019s share price, both in absolute terms and relative to peers.The recoverable amount of the Company\u2019s one group of CGUs is the higher of its fair value less cost of disposal and value in use. We estimate the fair value less cost of disposal of this group of CGUs based on the Company\u2019s market capitalization plus a control premium, as needed. Control premium assumptions require judgment and actual results may differ from assumed or estimated amounts. In assessing value in use, the estimated future cash flows are discounted to present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the Company.11. Revenue and expense recognition11.1. Voyage chartersIn a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charterer is responsible for any short loading of cargo or \u201cdead\u201d freight. The voyage charter party generally has standard payment terms with freight paid on completion of discharge. The voyage charter party generally has a \"demurrage\" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited, which is recorded as voyage revenue. As such, demurrage is considered variable consideration under the contract. Estimates and judgments are required in ascertaining the most likely outcome of a particular voyage and actual outcomes may differ from estimates. Such estimates are reviewed and updated over the term of the voyage charter contract.The non-lease component of voyage charters (and other contracts) are accounted for under the provisions of IFRS 15 Revenue from Contracts with Customers. The Company has determined that its voyage charter contracts that qualify for accounting under IFRS 15 consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and the voyage revenue and expenses are recognized on a straight-line basis over the voyage days from the commencement of loading to completion of discharge. Contract assets with regards to voyage revenues are reported as \u201cVoyages in progress\u201d as the performance obligation is satisfied over time. Voyage revenues typically become billable and due for payment on completion of the voyage and discharge of the cargo, at which point the receivable is recognized within \u201cTrade and other receivables\u201d.Voyage charters contain a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. The lease component of voyage charter contracts are accounted for under IFRS 16 Leases which results in revenue recognition consistent with the non-lease component accounted for under IFRS 15.In a voyage contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. To recognize costs incurred to fulfill a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are subsequently amortized on a straight-line basis as we satisfy the performance obligations under the contract. Costs incurred to obtain a contract, such as commissions, are also deferred and expensed over the same period. Costs incurred during the performance of a voyage are expensed as incurred.The Company has taken the practical expedient not to disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period as the performance obligations are part of contracts having an original expected duration of one year or less. 11.2. Time chartersIn a time charter voyage, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. Generally, the charterer has the discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer and carries only lawful or non-hazardous cargo. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges, and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire in advance of the upcoming contract period. The lease component of time charter contracts are accounted for under IFRS 16 Leases and revenues are recorded over the term of the charter. The non-lease component of time charter contracts are accounted for under IFRS 15 which results in revenue recognition consistent with the lease component accounted for under IFRS 16. When a time charter contract is linked to an index, we recognize revenue for the applicable period based on the actual index for that period.11.3. Administrative incomeAdministrative income primarily comprises income earned from the commercial and technical management of vessels and newbuilding supervision fees derived from related parties, affiliated companies and third parties. Administrative income is recognized over time as the services are provided and performance obligations are met.12. Other operating incomeOther operating income relates to (i) gains on the sale of vessels, which are recognized when the vessel has been delivered and substantially all risks have been transferred and are determined by comparing the proceeds received with the carrying value of the vessel, (ii) gains on settlements of insurance and legal claims, which are recognized when an inflow of economic benefit is virtually certain, (iii) gains and losses on the termination of leases before the expiration of the lease term, which are accounted for by derecognizing the carrying value of the right-of-use asset and lease obligation, with a gain or loss recognized for the difference. Gains and losses on the termination of leases are accounted for when the lease is terminated and the vessel is redelivered to the owners, and (iv) gains and losses from pooling and other revenue sharing arrangements where the Company is considered the principal under the charter parties and records voyage revenues and costs gross, with the adjustments required as a result of the revenue sharing arrangement being recognized as other operating gains or losses.13. LeasesAt inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.13.1. As a lesseeThe Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at the amount equal to the lease liability adjusted by initial direct costs incurred by the lessee. Adjustments may also be required for any payments made at or before the commencement date, less any lease incentives received.After lease commencement, the Company measures the right-of-use asset at cost less accumulated depreciation and accumulated impairment. The right-of-use asset is subsequently depreciated using the straight-line method. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company\u2019s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The lessee's incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.Lease payments included in the measurement of the lease liability comprise the following:\u2022 Fixed payments;\u2022 Variable lease payments that depend on an index or a rate;\u2022 Amounts expected to be payable under a residual value guarantee, and;\u2022 The exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.The Company has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether the purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-to-use asset has been reduced to zero.Lease and non-lease components in the contracts are separated and the non-lease components are expensed as incurred and classified based on the nature of the expense.Short-term leases and leases of low-value assetsThe Company has elected not to recognize certain right-of-use assets and lease liabilities for leases of low-value assets and short-term leases (i.e., leases with an original term of 12-months or less), including IT equipment. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.Refer to accounting policy 10.2. for impairment considerations for vessel right-of-use assets.13.2 As a lessorWhen the Company acts as a lessor, it determines at lease inception whether each lease is a finance or operating lease.To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Company considers certain indicators such as whether the lease is for the major part of the economic life of the asset.If the lease qualifies as an operating lease, e.g. time charter contracts and the lease component of voyage charter contracts, the leased asset remains on the statement of financial position of the lessor and continues being depreciated. The Company separates the lease and non-lease component in the contract, with the lease component qualified as operating lease and the non-lease component accounted for under IFRS 15. The Company makes significant judgments and assumptions to separate lease components from non-lease components of our contracts. For purposes of determining the standalone selling price of the vessel lease and non-lease components of the Company\u2019s time charters and voyage charters, the Company uses the residual approach given that vessel rates are highly variable depending on shipping market conditions. The Company believes that the standalone transaction price attributable to the non-lease component is more readily determinable than the price of the lease component and, accordingly, the price of the service components is estimated using cost plus a margin and the residual transaction price is attributed to the lease component. Refer to the Revenue policy for further details of the accounting for the lease and the non-lease component.13.3 Sale and leaseback transactionsIf the Company has an obligation or a right to repurchase an asset (a forward or a call option), sold under a sale and leaseback transaction, a counterparty does not obtain control of the asset because the counterparty is limited in its ability to direct the use of, and obtain substantially all of the remaining benefits from the asset, even though the counterparty may have physical possession of the asset. Consequently, the Company accounts for the contract by continuing to recognize the asset and recording a financial liability for any consideration received from the counterparty. The financial liability is subsequently measured at amortized cost using the effective interest method. See 5.2 Financial Liabilities for further details.14. Share-based compensation The fair value of the amount payable to beneficiaries in respect of synthetic options, which are settled in cash, is recognized as an expense with a corresponding liability, over the period during which the beneficiaries become unconditionally entitled to payment. The fair value of the liability is remeasured at each reporting period.15. Dividends receivedThe Company records dividends received in the period in which they are declared and receivable.16. New standards and interpretationsDuring the current financial period, the Company has adopted all relevant new and revised Standards and Interpretations that were issued by the IASB and the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) of the IASB. The following new Standards, Interpretations and Amendments issued by the IASB and the IFRIC are effective for the current financial year end: \u2022 Amendments to IAS 1 Presentation of Financial Statements to specify the requirements for classifying liabilities as current or non-current.The adoption of these new standards, interpretations and amendments had no material effect on the financial statements.New and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company\u2019s financial statements are disclosed below. The below list includes the new standards and amendments that we believe are the most relevant for the Company:IFRS 18 Presentation and Disclosure in Financial StatementsIn April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1, with a focus on updates to the statement of profit or loss. The new and standard is effective for annual reporting periods beginning on or after January 1, 2027 and must be applied retrospectively. The key new concepts introduced in IFRS 18 relate to:\u25aa the structure of the statement of profit or loss and statement of cash flow;\u25aa required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (that is, management-defined performance measures); and\u25aa enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.Amendments to the Classification and Measurement of Financial InstrumentsIn May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The amendments include clarifying the date of recognition and derecognition of some financial assets and liabilities and new disclosures for certain instruments with contractual terms that can change cash flows. The amendments are effective for annual reporting periods beginning on or after January 1, 2026 and must be applied retrospectively.The Company has not applied or early adopted any new IFRS requirements that are not yet effective as per December 31, 2024.",
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"value": "1. Basis of presentationOur consolidated financial statements are prepared in accordance with IFRS\u00ae Accounting Standards (\u201cIFRS\u201d) as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113.The financial statements were approved by the Board of Directors on April 7, 2025, and authorized for issue.",
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"value": "1. Basis of presentationOur consolidated financial statements are prepared in accordance with IFRS\u00ae Accounting Standards (\u201cIFRS\u201d) as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113.The financial statements were approved by the Board of Directors on April 7, 2025, and authorized for issue.",
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"value": "1. Basis of presentationOur consolidated financial statements are prepared in accordance with IFRS\u00ae Accounting Standards (\u201cIFRS\u201d) as adopted by the European Union and the requirements of the Cyprus Companies Law, Cap. 113.The financial statements were approved by the Board of Directors on April 7, 2025, and authorized for issue.2. Use of judgements and estimatesThe preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of the Company\u2019s accounting policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which are the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed periodically. Revisions to estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.Information about judgements and areas where significant estimates have been made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statement is included in the following notes:\u2022 Note 12 - Depreciation: The cost of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels' estimated remaining economic useful lives. The selection of an appropriate useful economic life requires significant estimation. In addition, residual value may vary due to changes in market prices on scrap. See policy 8.3. for further details.Change in useful life of vesselsHistorically the Company has applied a 25 year useful economic life to its vessels. The Company reviews estimated useful lives and residual values each year. Estimated useful lives may change due to changed end user requirements, costs related to maintenance and upgrades, technological development and competition as well as industry, environmental and legal requirements. Specifically, the Company has noted that many of our customers apply stringent vetting requirements to vessels to ensure that the most rigorous technical standards are adhered to in their value chain. As a result, many customers apply age criteria to the vessels they are willing to charter. In recent years, the Company has noted a two-tier market forming, with vessels under 20 years of age, or lower, favored by top tier charterers, and vessels over 20 years being considered candidates for recycling, or being utilized in markets other than the spot market in which we primarily compete. Furthermore, as a result of the increased focus on environmental factors for both owners and investors it is expected that the competitive age threshold for a vessel may decrease as costs to comply with upcoming regulations may increase moving forward. As of December 31, 2022, the Company revised the estimated useful life of its vessels from 25 years to 20 years as a result of its analysis of the aforementioned factors. This change in estimate was applied prospectively from January 1, 2023 and did not result in any restatement to the prior year consolidated financial statements.\u2022 Note 12 - Vessel impairment: The carrying amounts of the Company\u2019s vessels may not represent their fair market value at any point in time since the market prices of secondhand vessels tend to fluctuate with changes in charter rates and the cost of newbuildings. Historically, both charter rates and vessel values tend to be cyclical. When events and changes in circumstances indicate that the carrying amount of the asset or Cash Generating Unit (\u201cCGU\u201d) might not be recovered, the Company performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use, based on discounted cash flows, and its fair value less cost to sell. In developing estimates of future cash flows in order to assess value in use, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry docking and other capital requirements, residual value, the estimated remaining useful lives of the vessels and the probability of lease terminations for right-of-use assets. These assumptions are based on historical trends as well as future expectations. See policy 10.2. for further details.\u2022 Note 14 - Goodwill impairment: The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgment at many points during the analysis. Our future operating results may be affected by potential impairment charges related to goodwill. Events or circumstances may occur that could negatively impact our ordinary share price, including changes in our anticipated revenues and profits and our ability to execute on our strategies. See policy 10.2. for further details.Measurement of fair valuesA number of the Company\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Company uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.\u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.Further information about the assumptions made in measuring fair values is included in the following notes:\u2022 Note 9 - Marketable securities\u2022 Note 12 - Vessel impairment\u2022 Note 14 - Goodwill impairment\u2022 Note 19 - Financial instruments; and\u2022 Note 21 - Share options3. Principles of consolidationThe consolidated financial statements include the accounts for us and our wholly and majority owned subsidiaries. Intercompany accounts and transactions have been eliminated on consolidation. The results of acquired companies are included in our Consolidated Statement of Profit or Loss from the date of acquisition.For investments in which we have significant influence over the operating and financial policies, the equity method of accounting is used. Accordingly, our share of the earnings and losses of these companies are included in the share of results of associated companies in the Consolidated Statements of Profit or Loss. 4. Foreign currencyOur functional currency is the U.S. dollar. Transactions in foreign currencies are translated to U.S. dollars at the foreign exchange rate applicable at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are translated to U.S. dollars at the foreign exchange rate applicable at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are generally recognized in profit or loss.5. Financial InstrumentsRecognition and initial measurementTrade and other receivables and trade and other payables are initially recognized when they are originated. All other financial assets and financial liabilities (including financial assets designated as Fair Value through Other Comprehensive Income (\u201cFVOCI\u201d) are initially recognized on the trade date, which is the date that the Company becomes a party to the contractual provisions of the instrument.Financial assets are initially measured at their transaction price including any transaction costs, except equity instruments designated as Fair Value through Profit or Loss (\u201cFVTPL\u201d) or FVOCI, which are measured at fair value. Financial liabilities are recognized initially at their transaction price less any directly attributable transaction costs.The fair values of equity investments are based on quoted prices.Financial assets and liabilities are not offset and are presented gross in the Consolidated Statement of Financial Position 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 initial recognition, a financial asset is classified and measured at: amortized cost; FVOCI-equity instrument; or FVTPL. The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:\u2022 It is held within a business model whose objectives is to hold assets to collect contractual cash flows; and\u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis.All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.Marketable securitiesMarketable securities held by the Company are listed equity securities and are classified and measured at FVTPL unless the election to present subsequent changes in the investment's fair value in OCI is made. No such elections have been made by the Company.DerecognitionThe Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor 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 subsequently measured at amortized cost or FVTPL.A financial liability is classified as at FVTPL if it is a derivative. Financial liabilities at FVTPL are measured at fair value and gains and losses are recognized in profit or loss.Non-derivative financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense is recognized in profit or loss unless the interest is capitalized as borrowing costs. Non-derivative financial liabilities comprise loans and borrowings, lease liabilities, related party payables and trade and other payables.DerecognitionThe Company derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expired. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized.On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.Debt issuance costsDebt issuance costs, including debt arrangement fees, are capitalized and amortized using the effective interest method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense. If a loan is repaid early, any unamortized portion of the related debt issuance costs is expensed in the period in which the loan is repaid. Debt modifications are accounted for prospectively and any applicable new debt issuance costs are deferred and amortized together with the existing unamortized debt issuance costs as of the date of the modification. The Company has recorded debt issuance costs as a deduction from the carrying amount of debt.5.3. Derivative financial instrumentsThe Company enters into interest rate swap transactions from time to time to hedge a portion of its exposure to floating interest rates. These transactions involve the conversion of floating rates into fixed rates for an agreed period without an exchange of underlying principal. The fair values of the interest rate swap contracts are recognized as assets or liabilities. None of the interest rate swaps qualify for hedge accounting. Changes in fair values of the interest rate swap contracts are recognized net of interest income or expense in profit or loss within Finance expense. Cash outflows and inflows resulting from the interest rate swap contracts are classified as cash flows from operations in the Consolidated Statement of Cash Flows to align with the classification of the underlying finance costs.IFRS 9 applies to contracts to buy or sell a non-derivative non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, with the exception of contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the entity\u2019s expected purchase, sale or usage requirements.6. Cash and cash equivalentsCash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents that are restricted as to their use are classified separately in the Consolidated Statement of Financial Position, either as Restricted cash or another financial statement line item based on the nature of the balance. Cash and cash equivalents that are restricted as to their use for at least 12 months following the balance sheet date, and/or are non-current in nature are classified as non-current assets. Changes in restricted cash are classified and presented in the Consolidated Statement of Cash Flows based on the nature of the underlying transaction.7. InventoriesInventories comprise principally of bunkers and lubricating oils and are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. Bunkers and lubricating oils expense is recognized in profit or loss upon consumption.8. Vessels and equipment8.1 Owned assetsVessels and items of equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of assets includes;\u2022 The cost of materials and direct labour;\u2022 Any other costs directly attributable to bringing the assets to a working condition for their intended use; and\u2022 Capitalized borrowing costs.Gains and losses on disposal of a vessel or of another item of equipment are determined by comparing the net proceeds from disposal with the carrying amount of the vessel or the item of equipment and are recognized in profit or loss. For the sale of vessels, transfer of risks and rewards usually occurs upon delivery of the vessel to the new owner.8.2 NewbuildingsNewbuildings represent vessels under construction and are carried at the amounts paid or payable according to the installments in the contract and capitalized borrowing costs. Installments are often linked to milestones such as signing of contract, steel cutting, keel laying, launching and delivery. Borrowing costs are capitalized during construction of newbuildings based on accumulated expenditures for the applicable project at the Company\u2019s current weighted average rate of borrowing.Refer to accounting policy 10.2. for impairment considerations for owned vessels and newbuildings.8.3. DepreciationDepreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of vessels and items of equipment. Right-of-use assets are depreciated using the straight-line method from the commencement date to the end of the lease term, unless the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset.The cost of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels' estimated remaining economic useful lives. Depreciation methods, useful lives and residual values are reviewed annually and adjusted prospectively, if appropriate. As explained in policy 2.2., as of December 31, 2022, the Company revised the estimated useful life of its vessels from 25 years to 20 years. This change in estimate was applied prospectively from January 1, 2023 and did not result in any restatement to the prior year consolidated financial statements. Other equipment, excluding vessel upgrades, is depreciated over its estimated remaining useful life, which approximates 5 years. The residual value for owned vessels is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per ton.The Company capitalizes and depreciates the costs of significant replacements, renewals and upgrades to its vessels over the shorter of the vessel\u2019s remaining useful life or the life of the renewal or upgrade. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred. Advances paid in respect of vessel upgrades in relation to exhaust gas cleaning systems (\u201cEGCS\u201d) and ballast water treatment systems (\u201cBWTS\u201d) are included within \"other non-current assets\", until such time as the equipment is installed on a vessel, at which point it is transferred to \"Vessels and equipment\".8.4. Dry docking \u2013 component approachOur vessels are required by their respective classification societies to go through a dry dock at regular intervals. In general, vessels below the age of 15 years are docked every 5 years and vessels older than 15 years are docked every 2.5 years. Significant components of property, plant and equipment with differing depreciation methods or lives are depreciated separately. Major inspection or overhaul costs, such as dry docking, are identified and accounted for as a separate component and depreciated over the period to the next scheduled dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery based on the age of the vessel and an estimate of the expected dry dock cost and depreciated over the period to the next scheduled dry docking. When a dry docking is performed, the carrying amount of any remaining unamortized dry docking costs related to previous dry docks (due to any difference between the estimated and actual time between dry docks) is derecognized. Costs associated with routine repairs and maintenance are expensed as incurred including routine maintenance performed while the vessel is in dry dock.9. GoodwillWe allocate the cost of acquired companies to identifiable tangible and intangible assets and liabilities acquired, with the remaining amount being classified as goodwill. When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss. After initial recognition goodwill is measured at cost less accumulated impairment losses, refer to accounting policy 10.2.10. Impairment10.1 Loans, receivables and contract assetsThe gross carrying amount of a loans, receivables and contract assets is written off when the Company has no reasonable expectations of recovering the outstanding amount in its entirety or a portion thereof. The Company assesses allowances for its estimate of expected credit losses based on historical experience, other currently available evidence, and reasonable and supportable forecasts about the future, including the use of credit default ratings from third party providers of credit rating data. The Company assesses credit risk in relation to its receivables using a portfolio approach. The Company\u2019s main portfolio segments include (i) state-owned enterprises, (ii) oil majors, (iii) commodities traders and (iv) related parties and affiliated companies. In addition, the Company performs individual assessments for customers that do not share risk characteristics with other customers (for example a customer under bankruptcy or a customer with known disputes or collectability issues). The Company makes judgements and assumptions to estimate its expected losses. 10.2. Non-financial assetsThe carrying amounts of the Company\u2019s non-financial assets, other than inventory and contract assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated.For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.The recoverable amount of an asset or CGU is the greater of its fair value less cost of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Future cash flows are based on current market conditions, historical trends as well as future expectations.An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.An impairment loss recognized for goodwill shall not be reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen events and changes in circumstances indicate that the carrying amount of the asset or CGU might not be recovered, the Company performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use, based on discounted cash flows, and its fair value less cost to sell. We define our CGU as a single vessel as each vessel generates cash inflows that are largely independent of the cash inflows from other vessels. In assessing whether there is any indication that a vessel may be impaired, the Company considers internal and external indicators, including but not limited to:\u2022 the estimated market values for our vessels received from independent ship brokers have declined during the period significantly more than we would expect as a result of the passage of time or normal use. The ship brokers assess each vessel based on, among others, age, yard, deadweight capacity and compare this to market transactions.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or will take place in the near future, in the legal and regulatory environment in which the Company operates, and the tanker market, including negative developments in actual and forecasted time charter equivalent rates (\u201cTCE rates\u201d).\u2022 market interest rates have increased during the period, and the increase is likely to affect the discount rate used in calculating a vessel\u2019s value in use and decrease the asset\u2019s recoverable amount materially.\u2022 the carrying amount of the net assets of the Company is more than its market capitalization.\u2022 evidence is available of obsolescence or physical damage of a vessel.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or are expected to take place in the near future, in the extent to which, or manner in which, a vessel is used or is expected to be used.\u2022 evidence that the economic performance of a vessel is, or will be, worse than expected, including:\u25e6 actual or forecasted TCE rates are significantly worse than expected;\u25e6 cash flows for acquiring a vessel, or subsequent cash needs for operating or maintaining it, are significantly higher than expected;\u25e6 actual net cash flows or operating profit are significantly worse than expected;\u25e6 a significant decline in budgeted net cash flows or operating profit; or\u25e6 operating losses or net cash outflows.If such impairment indicators are identified, the vessel\u2019s recoverable amount is estimated. In developing estimates of future cash flows in order to assess value in use, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry docking and other capital requirements, residual value, the estimated remaining useful lives of the vessels and the probability of lease terminations for vessels held under lease. These assumptions are based on historical trends as well as future expectations. Specifically, in estimating future charter rates, management takes into consideration rates currently in effect for existing time charters and estimated daily time charter equivalent rates for each vessel class for the unfixed days over the estimated remaining lives of each of the vessels. The estimated daily time charter equivalent rates used for unfixed days are based on a combination of (i) internally developed forecasts, and (ii) historical rates, based on quarterly average rates published by an independent third party maritime research service, for a historical period determined based on management's judgment of past and ongoing shipping cycles. Recognizing that the transportation of crude oil is cyclical and subject to significant volatility based on factors beyond the Company\u2019s control, management believes the use of estimates based on the combination of internally forecast rates and historical average rates calculated as of the reporting date to be reasonable.Estimated outflows for operating expenses and dry docking requirements are based on historical and budgeted costs and are adjusted for assumed inflation. Finally, utilization is based on historical levels achieved and estimates of a residual value are consistent with the pattern of scrap rates used in management's evaluation of salvage value. Other capital requirements for newbuildings are primarily based on amounts payable according to the installments in the contract.The weighted average cost of capital (\u201cWACC\u201d) used to calculate the value in use of our assets is calculated to reflect the industry-weighted average return on debt and equity using observable market data and approximates a pre-tax discount rate.The more significant factors that could impact management's assumptions regarding time charter equivalent rates include (i) loss or reduction in business from significant customers, (ii) unanticipated changes in demand for transportation of crude oil and oil products, (iii) changes in production of or demand for oil, generally or in particular regions, (iv) greater than anticipated levels of tanker newbuilding orders or lower than anticipated levels of tanker scrapping, and (v) changes in rules and regulations applicable to the tanker industry, including legislation adopted by international organizations such as IMO and the EU or by individual countries. Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate at the time they were made, such assumptions are highly subjective and likely to change, possibly materially, in the future. Tanker charter rates are volatile and can experience long periods at depressed levels. Future assessments of vessel impairment would be adversely affected by reductions in vessel values and charter rates.GoodwillGoodwill is not amortized, but rather reviewed for impairment annually, or more frequently if impairment indicators arise. The Company has one group of CGUs for the purpose of assessing potential goodwill impairment and has selected September 30 as its annual goodwill impairment testing date. A CGU is impaired when its carrying amount exceeds its recoverable amount. In assessing whether the recoverable amount of a CGU to which goodwill has been allocated is less than its carrying amount, the Company assesses relevant events and circumstances, including (i) macroeconomic conditions; (ii) industry and market conditions; (iii) changes in cost factors that may impact earnings and cash flows; (iv) overall financial performance; (v) other entity specific events such as changes in management, strategy, customers or key personnel; (vi) other events and (vii) if applicable, changes in the Company\u2019s share price, both in absolute terms and relative to peers.The recoverable amount of the Company\u2019s one group of CGUs is the higher of its fair value less cost of disposal and value in use. We estimate the fair value less cost of disposal of this group of CGUs based on the Company\u2019s market capitalization plus a control premium, as needed. Control premium assumptions require judgment and actual results may differ from assumed or estimated amounts. In assessing value in use, the estimated future cash flows are discounted to present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the Company.11. Revenue and expense recognition11.1. Voyage chartersIn a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charterer is responsible for any short loading of cargo or \u201cdead\u201d freight. The voyage charter party generally has standard payment terms with freight paid on completion of discharge. The voyage charter party generally has a \"demurrage\" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited, which is recorded as voyage revenue. As such, demurrage is considered variable consideration under the contract. Estimates and judgments are required in ascertaining the most likely outcome of a particular voyage and actual outcomes may differ from estimates. Such estimates are reviewed and updated over the term of the voyage charter contract.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__23": {
"value": "2. Use of judgements and estimatesThe preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of the Company\u2019s accounting policies and the reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which are the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed periodically. Revisions to estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.Information about judgements and areas where significant estimates have been made in applying accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statement is included in the following notes:\u2022 Note 12 - Depreciation: The cost of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels' estimated remaining economic useful lives. The selection of an appropriate useful economic life requires significant estimation. In addition, residual value may vary due to changes in market prices on scrap. See policy 8.3. for further details.Change in useful life of vesselsHistorically the Company has applied a 25 year useful economic life to its vessels. The Company reviews estimated useful lives and residual values each year. Estimated useful lives may change due to changed end user requirements, costs related to maintenance and upgrades, technological development and competition as well as industry, environmental and legal requirements. Specifically, the Company has noted that many of our customers apply stringent vetting requirements to vessels to ensure that the most rigorous technical standards are adhered to in their value chain. As a result, many customers apply age criteria to the vessels they are willing to charter. In recent years, the Company has noted a two-tier market forming, with vessels under 20 years of age, or lower, favored by top tier charterers, and vessels over 20 years being considered candidates for recycling, or being utilized in markets other than the spot market in which we primarily compete. Furthermore, as a result of the increased focus on environmental factors for both owners and investors it is expected that the competitive age threshold for a vessel may decrease as costs to comply with upcoming regulations may increase moving forward. As of December 31, 2022, the Company revised the estimated useful life of its vessels from 25 years to 20 years as a result of its analysis of the aforementioned factors. This change in estimate was applied prospectively from January 1, 2023 and did not result in any restatement to the prior year consolidated financial statements.\u2022 Note 12 - Vessel impairment: The carrying amounts of the Company\u2019s vessels may not represent their fair market value at any point in time since the market prices of secondhand vessels tend to fluctuate with changes in charter rates and the cost of newbuildings. Historically, both charter rates and vessel values tend to be cyclical. When events and changes in circumstances indicate that the carrying amount of the asset or Cash Generating Unit (\u201cCGU\u201d) might not be recovered, the Company performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use, based on discounted cash flows, and its fair value less cost to sell. In developing estimates of future cash flows in order to assess value in use, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry docking and other capital requirements, residual value, the estimated remaining useful lives of the vessels and the probability of lease terminations for right-of-use assets. These assumptions are based on historical trends as well as future expectations. See policy 10.2. for further details.\u2022 Note 14 - Goodwill impairment: The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgment at many points during the analysis. Our future operating results may be affected by potential impairment charges related to goodwill. Events or circumstances may occur that could negatively impact our ordinary share price, including changes in our anticipated revenues and profits and our ability to execute on our strategies. See policy 10.2. for further details.Measurement of fair valuesA number of the Company\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Company uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.\u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.Further information about the assumptions made in measuring fair values is included in the following notes:\u2022 Note 9 - Marketable securities\u2022 Note 12 - Vessel impairment\u2022 Note 14 - Goodwill impairment\u2022 Note 19 - Financial instruments; and\u2022 Note 21 - Share options",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__24": {
"value": "Change in useful life of vesselsHistorically the Company has applied a 25 year useful economic life to its vessels. The Company reviews estimated useful lives and residual values each year. Estimated useful lives may change due to changed end user requirements, costs related to maintenance and upgrades, technological development and competition as well as industry, environmental and legal requirements. Specifically, the Company has noted that many of our customers apply stringent vetting requirements to vessels to ensure that the most rigorous technical standards are adhered to in their value chain. As a result, many customers apply age criteria to the vessels they are willing to charter. In recent years, the Company has noted a two-tier market forming, with vessels under 20 years of age, or lower, favored by top tier charterers, and vessels over 20 years being considered candidates for recycling, or being utilized in markets other than the spot market in which we primarily compete. Furthermore, as a result of the increased focus on environmental factors for both owners and investors it is expected that the competitive age threshold for a vessel may decrease as costs to comply with upcoming regulations may increase moving forward. As of December 31, 2022, the Company revised the estimated useful life of its vessels from 25 years to 20 years as a result of its analysis of the aforementioned factors. This change in estimate was applied prospectively from January 1, 2023 and did not result in any restatement to the prior year consolidated financial statements.\u2022 Note 12 - Vessel impairment: The carrying amounts of the Company\u2019s vessels may not represent their fair market value at any point in time since the market prices of secondhand vessels tend to fluctuate with changes in charter rates and the cost of newbuildings. Historically, both charter rates and vessel values tend to be cyclical. When events and changes in circumstances indicate that the carrying amount of the asset or Cash Generating Unit (\u201cCGU\u201d) might not be recovered, the Company performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use, based on discounted cash flows, and its fair value less cost to sell. In developing estimates of future cash flows in order to assess value in use, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry docking and other capital requirements, residual value, the estimated remaining useful lives of the vessels and the probability of lease terminations for right-of-use assets. These assumptions are based on historical trends as well as future expectations. See policy 10.2. for further details.\u2022 Note 14 - Goodwill impairment: The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgment at many points during the analysis. Our future operating results may be affected by potential impairment charges related to goodwill. Events or circumstances may occur that could negatively impact our ordinary share price, including changes in our anticipated revenues and profits and our ability to execute on our strategies. See policy 10.2. for further details.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__25": {
"value": "Measurement of fair valuesA number of the Company\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. When measuring the fair value of an asset or a liability, the Company uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.\u2022 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).\u2022 Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__26": {
"value": "3. Principles of consolidationThe consolidated financial statements include the accounts for us and our wholly and majority owned subsidiaries. Intercompany accounts and transactions have been eliminated on consolidation. The results of acquired companies are included in our Consolidated Statement of Profit or Loss from the date of acquisition.For investments in which we have significant influence over the operating and financial policies, the equity method of accounting is used. Accordingly, our share of the earnings and losses of these companies are included in the share of results of associated companies in the Consolidated Statements of Profit or Loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__28": {
"value": "4. Foreign currencyOur functional currency is the U.S. dollar. Transactions in foreign currencies are translated to U.S. dollars at the foreign exchange rate applicable at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period are translated to U.S. dollars at the foreign exchange rate applicable at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are generally recognized in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__30": {
"value": "5. Financial InstrumentsRecognition and initial measurementTrade and other receivables and trade and other payables are initially recognized when they are originated. All other financial assets and financial liabilities (including financial assets designated as Fair Value through Other Comprehensive Income (\u201cFVOCI\u201d) are initially recognized on the trade date, which is the date that the Company becomes a party to the contractual provisions of the instrument.Financial assets are initially measured at their transaction price including any transaction costs, except equity instruments designated as Fair Value through Profit or Loss (\u201cFVTPL\u201d) or FVOCI, which are measured at fair value. Financial liabilities are recognized initially at their transaction price less any directly attributable transaction costs.The fair values of equity investments are based on quoted prices.Financial assets and liabilities are not offset and are presented gross in the Consolidated Statement of Financial Position 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__32": {
"value": "5.1. Financial assetsClassification and subsequent measurementOn initial recognition, a financial asset is classified and measured at: amortized cost; FVOCI-equity instrument; or FVTPL. The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:\u2022 It is held within a business model whose objectives is to hold assets to collect contractual cash flows; and\u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis.All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.Marketable securitiesMarketable securities held by the Company are listed equity securities and are classified and measured at FVTPL unless the election to present subsequent changes in the investment's fair value in OCI is made. No such elections have been made by the Company.DerecognitionThe Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__31": {
"value": "5.1. Financial assetsClassification and subsequent measurementOn initial recognition, a financial asset is classified and measured at: amortized cost; FVOCI-equity instrument; or FVTPL. The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:\u2022 It is held within a business model whose objectives is to hold assets to collect contractual cash flows; and\u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis.All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.Marketable securitiesMarketable securities held by the Company are listed equity securities and are classified and measured at FVTPL unless the election to present subsequent changes in the investment's fair value in OCI is made. No such elections have been made by the Company.DerecognitionThe Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__34": {
"value": "Classification and subsequent measurementOn initial recognition, a financial asset is classified and measured at: amortized cost; FVOCI-equity instrument; or FVTPL. The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics.Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model.A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL:\u2022 It is held within a business model whose objectives is to hold assets to collect contractual cash flows; and\u2022 Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in OCI. This election is made on an investment-by-investment basis.All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. This includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.Marketable securitiesMarketable securities held by the Company are listed equity securities and are classified and measured at FVTPL unless the election to present subsequent changes in the investment's fair value in OCI is made. No such elections have been made by the Company.DerecognitionThe Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor 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 subsequently measured at amortized cost or FVTPL.A financial liability is classified as at FVTPL if it is a derivative. Financial liabilities at FVTPL are measured at fair value and gains and losses are recognized in profit or loss.Non-derivative financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense is recognized in profit or loss unless the interest is capitalized as borrowing costs. Non-derivative financial liabilities comprise loans and borrowings, lease liabilities, related party payables and trade and other payables.DerecognitionThe Company derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expired. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized.On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.Debt issuance costsDebt issuance costs, including debt arrangement fees, are capitalized and amortized using the effective interest method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense. If a loan is repaid early, any unamortized portion of the related debt issuance costs is expensed in the period in which the loan is repaid. Debt modifications are accounted for prospectively and any applicable new debt issuance costs are deferred and amortized together with the existing unamortized debt issuance costs as of the date of the modification. The Company has recorded debt issuance costs as a deduction from the carrying amount of debt.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__36": {
"value": "5.2. Financial liabilitiesClassification and subsequent measurementFinancial liabilities are classified as subsequently measured at amortized cost or FVTPL.A financial liability is classified as at FVTPL if it is a derivative. Financial liabilities at FVTPL are measured at fair value and gains and losses are recognized in profit or loss.Non-derivative financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense is recognized in profit or loss unless the interest is capitalized as borrowing costs. Non-derivative financial liabilities comprise loans and borrowings, lease liabilities, related party payables and trade and other payables.DerecognitionThe Company derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expired. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized.On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.Debt issuance costsDebt issuance costs, including debt arrangement fees, are capitalized and amortized using the effective interest method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense. If a loan is repaid early, any unamortized portion of the related debt issuance costs is expensed in the period in which the loan is repaid. Debt modifications are accounted for prospectively and any applicable new debt issuance costs are deferred and amortized together with the existing unamortized debt issuance costs as of the date of the modification. The Company has recorded debt issuance costs as a deduction from the carrying amount of debt.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__35": {
"value": "5.2. Financial liabilitiesClassification and subsequent measurementFinancial liabilities are classified as subsequently measured at amortized cost or FVTPL.A financial liability is classified as at FVTPL if it is a derivative. Financial liabilities at FVTPL are measured at fair value and gains and losses are recognized in profit or loss.Non-derivative financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense is recognized in profit or loss unless the interest is capitalized as borrowing costs. Non-derivative financial liabilities comprise loans and borrowings, lease liabilities, related party payables and trade and other payables.DerecognitionThe Company derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expired. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized.On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.Debt issuance costsDebt issuance costs, including debt arrangement fees, are capitalized and amortized using the effective interest method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense. If a loan is repaid early, any unamortized portion of the related debt issuance costs is expensed in the period in which the loan is repaid. Debt modifications are accounted for prospectively and any applicable new debt issuance costs are deferred and amortized together with the existing unamortized debt issuance costs as of the date of the modification. The Company has recorded debt issuance costs as a deduction from the carrying amount of debt.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__33": {
"value": "5.2. Financial liabilitiesClassification and subsequent measurementFinancial liabilities are classified as subsequently measured at amortized cost or FVTPL.A financial liability is classified as at FVTPL if it is a derivative. Financial liabilities at FVTPL are measured at fair value and gains and losses are recognized in profit or loss.Non-derivative financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense is recognized in profit or loss unless the interest is capitalized as borrowing costs. Non-derivative financial liabilities comprise loans and borrowings, lease liabilities, related party payables and trade and other payables.DerecognitionThe Company derecognizes a financial liability when its contractual obligations are discharged, cancelled, or expired. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized.On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.Debt issuance costsDebt issuance costs, including debt arrangement fees, are capitalized and amortized using the effective interest method over the term of the relevant loan. Amortization of debt issuance costs is included in interest expense. If a loan is repaid early, any unamortized portion of the related debt issuance costs is expensed in the period in which the loan is repaid. Debt modifications are accounted for prospectively and any applicable new debt issuance costs are deferred and amortized together with the existing unamortized debt issuance costs as of the date of the modification. The Company has recorded debt issuance costs as a deduction from the carrying amount of debt.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__37": {
"value": "5.3. Derivative financial instrumentsThe Company enters into interest rate swap transactions from time to time to hedge a portion of its exposure to floating interest rates. These transactions involve the conversion of floating rates into fixed rates for an agreed period without an exchange of underlying principal. The fair values of the interest rate swap contracts are recognized as assets or liabilities. None of the interest rate swaps qualify for hedge accounting. Changes in fair values of the interest rate swap contracts are recognized net of interest income or expense in profit or loss within Finance expense. Cash outflows and inflows resulting from the interest rate swap contracts are classified as cash flows from operations in the Consolidated Statement of Cash Flows to align with the classification of the underlying finance costs.IFRS 9 applies to contracts to buy or sell a non-derivative non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, with the exception of contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the entity\u2019s expected purchase, sale or usage requirements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__27": {
"value": "5.3. Derivative financial instrumentsThe Company enters into interest rate swap transactions from time to time to hedge a portion of its exposure to floating interest rates. These transactions involve the conversion of floating rates into fixed rates for an agreed period without an exchange of underlying principal. The fair values of the interest rate swap contracts are recognized as assets or liabilities. None of the interest rate swaps qualify for hedge accounting. Changes in fair values of the interest rate swap contracts are recognized net of interest income or expense in profit or loss within Finance expense. Cash outflows and inflows resulting from the interest rate swap contracts are classified as cash flows from operations in the Consolidated Statement of Cash Flows to align with the classification of the underlying finance costs.IFRS 9 applies to contracts to buy or sell a non-derivative non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, with the exception of contracts that were entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the entity\u2019s expected purchase, sale or usage requirements.6. Cash and cash equivalentsCash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents that are restricted as to their use are classified separately in the Consolidated Statement of Financial Position, either as Restricted cash or another financial statement line item based on the nature of the balance. Cash and cash equivalents that are restricted as to their use for at least 12 months following the balance sheet date, and/or are non-current in nature are classified as non-current assets. Changes in restricted cash are classified and presented in the Consolidated Statement of Cash Flows based on the nature of the underlying transaction.7. InventoriesInventories comprise principally of bunkers and lubricating oils and are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. Bunkers and lubricating oils expense is recognized in profit or loss upon consumption.8. Vessels and equipment8.1 Owned assetsVessels and items of equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of assets includes;\u2022 The cost of materials and direct labour;\u2022 Any other costs directly attributable to bringing the assets to a working condition for their intended use; and\u2022 Capitalized borrowing costs.Gains and losses on disposal of a vessel or of another item of equipment are determined by comparing the net proceeds from disposal with the carrying amount of the vessel or the item of equipment and are recognized in profit or loss. For the sale of vessels, transfer of risks and rewards usually occurs upon delivery of the vessel to the new owner.8.2 NewbuildingsNewbuildings represent vessels under construction and are carried at the amounts paid or payable according to the installments in the contract and capitalized borrowing costs. Installments are often linked to milestones such as signing of contract, steel cutting, keel laying, launching and delivery. Borrowing costs are capitalized during construction of newbuildings based on accumulated expenditures for the applicable project at the Company\u2019s current weighted average rate of borrowing.Refer to accounting policy 10.2. for impairment considerations for owned vessels and newbuildings.8.3. DepreciationDepreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of vessels and items of equipment. Right-of-use assets are depreciated using the straight-line method from the commencement date to the end of the lease term, unless the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset.The cost of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels' estimated remaining economic useful lives. Depreciation methods, useful lives and residual values are reviewed annually and adjusted prospectively, if appropriate. As explained in policy 2.2., as of December 31, 2022, the Company revised the estimated useful life of its vessels from 25 years to 20 years. This change in estimate was applied prospectively from January 1, 2023 and did not result in any restatement to the prior year consolidated financial statements. Other equipment, excluding vessel upgrades, is depreciated over its estimated remaining useful life, which approximates 5 years. The residual value for owned vessels is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per ton.The Company capitalizes and depreciates the costs of significant replacements, renewals and upgrades to its vessels over the shorter of the vessel\u2019s remaining useful life or the life of the renewal or upgrade. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred. Advances paid in respect of vessel upgrades in relation to exhaust gas cleaning systems (\u201cEGCS\u201d) and ballast water treatment systems (\u201cBWTS\u201d) are included within \"other non-current assets\", until such time as the equipment is installed on a vessel, at which point it is transferred to \"Vessels and equipment\".8.4. Dry docking \u2013 component approachOur vessels are required by their respective classification societies to go through a dry dock at regular intervals. In general, vessels below the age of 15 years are docked every 5 years and vessels older than 15 years are docked every 2.5 years. Significant components of property, plant and equipment with differing depreciation methods or lives are depreciated separately. Major inspection or overhaul costs, such as dry docking, are identified and accounted for as a separate component and depreciated over the period to the next scheduled dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery based on the age of the vessel and an estimate of the expected dry dock cost and depreciated over the period to the next scheduled dry docking. When a dry docking is performed, the carrying amount of any remaining unamortized dry docking costs related to previous dry docks (due to any difference between the estimated and actual time between dry docks) is derecognized. Costs associated with routine repairs and maintenance are expensed as incurred including routine maintenance performed while the vessel is in dry dock.9. GoodwillWe allocate the cost of acquired companies to identifiable tangible and intangible assets and liabilities acquired, with the remaining amount being classified as goodwill. When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss. After initial recognition goodwill is measured at cost less accumulated impairment losses, refer to accounting policy 10.2.10. Impairment10.1 Loans, receivables and contract assetsThe gross carrying amount of a loans, receivables and contract assets is written off when the Company has no reasonable expectations of recovering the outstanding amount in its entirety or a portion thereof. The Company assesses allowances for its estimate of expected credit losses based on historical experience, other currently available evidence, and reasonable and supportable forecasts about the future, including the use of credit default ratings from third party providers of credit rating data. The Company assesses credit risk in relation to its receivables using a portfolio approach. The Company\u2019s main portfolio segments include (i) state-owned enterprises, (ii) oil majors, (iii) commodities traders and (iv) related parties and affiliated companies. In addition, the Company performs individual assessments for customers that do not share risk characteristics with other customers (for example a customer under bankruptcy or a customer with known disputes or collectability issues). The Company makes judgements and assumptions to estimate its expected losses. 10.2. Non-financial assetsThe carrying amounts of the Company\u2019s non-financial assets, other than inventory and contract assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated.For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.The recoverable amount of an asset or CGU is the greater of its fair value less cost of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Future cash flows are based on current market conditions, historical trends as well as future expectations.An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.An impairment loss recognized for goodwill shall not be reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen events and changes in circumstances indicate that the carrying amount of the asset or CGU might not be recovered, the Company performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use, based on discounted cash flows, and its fair value less cost to sell. We define our CGU as a single vessel as each vessel generates cash inflows that are largely independent of the cash inflows from other vessels. In assessing whether there is any indication that a vessel may be impaired, the Company considers internal and external indicators, including but not limited to:\u2022 the estimated market values for our vessels received from independent ship brokers have declined during the period significantly more than we would expect as a result of the passage of time or normal use. The ship brokers assess each vessel based on, among others, age, yard, deadweight capacity and compare this to market transactions.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or will take place in the near future, in the legal and regulatory environment in which the Company operates, and the tanker market, including negative developments in actual and forecasted time charter equivalent rates (\u201cTCE rates\u201d).\u2022 market interest rates have increased during the period, and the increase is likely to affect the discount rate used in calculating a vessel\u2019s value in use and decrease the asset\u2019s recoverable amount materially.\u2022 the carrying amount of the net assets of the Company is more than its market capitalization.\u2022 evidence is available of obsolescence or physical damage of a vessel.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or are expected to take place in the near future, in the extent to which, or manner in which, a vessel is used or is expected to be used.\u2022 evidence that the economic performance of a vessel is, or will be, worse than expected, including:\u25e6 actual or forecasted TCE rates are significantly worse than expected;\u25e6 cash flows for acquiring a vessel, or subsequent cash needs for operating or maintaining it, are significantly higher than expected;\u25e6 actual net cash flows or operating profit are significantly worse than expected;\u25e6 a significant decline in budgeted net cash flows or operating profit; or\u25e6 operating losses or net cash outflows.If such impairment indicators are identified, the vessel\u2019s recoverable amount is estimated. In developing estimates of future cash flows in order to assess value in use, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry docking and other capital requirements, residual value, the estimated remaining useful lives of the vessels and the probability of lease terminations for vessels held under lease. These assumptions are based on historical trends as well as future expectations. Specifically, in estimating future charter rates, management takes into consideration rates currently in effect for existing time charters and estimated daily time charter equivalent rates for each vessel class for the unfixed days over the estimated remaining lives of each of the vessels. The estimated daily time charter equivalent rates used for unfixed days are based on a combination of (i) internally developed forecasts, and (ii) historical rates, based on quarterly average rates published by an independent third party maritime research service, for a historical period determined based on management's judgment of past and ongoing shipping cycles. Recognizing that the transportation of crude oil is cyclical and subject to significant volatility based on factors beyond the Company\u2019s control, management believes the use of estimates based on the combination of internally forecast rates and historical average rates calculated as of the reporting date to be reasonable.Estimated outflows for operating expenses and dry docking requirements are based on historical and budgeted costs and are adjusted for assumed inflation. Finally, utilization is based on historical levels achieved and estimates of a residual value are consistent with the pattern of scrap rates used in management's evaluation of salvage value. Other capital requirements for newbuildings are primarily based on amounts payable according to the installments in the contract.The weighted average cost of capital (\u201cWACC\u201d) used to calculate the value in use of our assets is calculated to reflect the industry-weighted average return on debt and equity using observable market data and approximates a pre-tax discount rate.The more significant factors that could impact management's assumptions regarding time charter equivalent rates include (i) loss or reduction in business from significant customers, (ii) unanticipated changes in demand for transportation of crude oil and oil products, (iii) changes in production of or demand for oil, generally or in particular regions, (iv) greater than anticipated levels of tanker newbuilding orders or lower than anticipated levels of tanker scrapping, and (v) changes in rules and regulations applicable to the tanker industry, including legislation adopted by international organizations such as IMO and the EU or by individual countries. Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate at the time they were made, such assumptions are highly subjective and likely to change, possibly materially, in the future. Tanker charter rates are volatile and can experience long periods at depressed levels. Future assessments of vessel impairment would be adversely affected by reductions in vessel values and charter rates.GoodwillGoodwill is not amortized, but rather reviewed for impairment annually, or more frequently if impairment indicators arise. The Company has one group of CGUs for the purpose of assessing potential goodwill impairment and has selected September 30 as its annual goodwill impairment testing date. A CGU is impaired when its carrying amount exceeds its recoverable amount. In assessing whether the recoverable amount of a CGU to which goodwill has been allocated is less than its carrying amount, the Company assesses relevant events and circumstances, including (i) macroeconomic conditions; (ii) industry and market conditions; (iii) changes in cost factors that may impact earnings and cash flows; (iv) overall financial performance; (v) other entity specific events such as changes in management, strategy, customers or key personnel; (vi) other events and (vii) if applicable, changes in the Company\u2019s share price, both in absolute terms and relative to peers.The recoverable amount of the Company\u2019s one group of CGUs is the higher of its fair value less cost of disposal and value in use. We estimate the fair value less cost of disposal of this group of CGUs based on the Company\u2019s market capitalization plus a control premium, as needed. Control premium assumptions require judgment and actual results may differ from assumed or estimated amounts. In assessing value in use, the estimated future cash flows are discounted to present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the Company.11. Revenue and expense recognition11.1. Voyage chartersIn a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charterer is responsible for any short loading of cargo or \u201cdead\u201d freight. The voyage charter party generally has standard payment terms with freight paid on completion of discharge. The voyage charter party generally has a \"demurrage\" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited, which is recorded as voyage revenue. As such, demurrage is considered variable consideration under the contract. Estimates and judgments are required in ascertaining the most likely outcome of a particular voyage and actual outcomes may differ from estimates. Such estimates are reviewed and updated over the term of the voyage charter contract.The non-lease component of voyage charters (and other contracts) are accounted for under the provisions of IFRS 15 Revenue from Contracts with Customers. The Company has determined that its voyage charter contracts that qualify for accounting under IFRS 15 consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and the voyage revenue and expenses are recognized on a straight-line basis over the voyage days from the commencement of loading to completion of discharge. Contract assets with regards to voyage revenues are reported as \u201cVoyages in progress\u201d as the performance obligation is satisfied over time. Voyage revenues typically become billable and due for payment on completion of the voyage and discharge of the cargo, at which point the receivable is recognized within \u201cTrade and other receivables\u201d.Voyage charters contain a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. The lease component of voyage charter contracts are accounted for under IFRS 16 Leases which results in revenue recognition consistent with the non-lease component accounted for under IFRS 15.In a voyage contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. To recognize costs incurred to fulfill a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are subsequently amortized on a straight-line basis as we satisfy the performance obligations under the contract. Costs incurred to obtain a contract, such as commissions, are also deferred and expensed over the same period. Costs incurred during the performance of a voyage are expensed as incurred.The Company has taken the practical expedient not to disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period as the performance obligations are part of contracts having an original expected duration of one year or less. 11.2. Time chartersIn a time charter voyage, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. Generally, the charterer has the discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer and carries only lawful or non-hazardous cargo. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges, and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire in advance of the upcoming contract period. The lease component of time charter contracts are accounted for under IFRS 16 Leases and revenues are recorded over the term of the charter. The non-lease component of time charter contracts are accounted for under IFRS 15 which results in revenue recognition consistent with the lease component accounted for under IFRS 16. When a time charter contract is linked to an index, we recognize revenue for the applicable period based on the actual index for that period.11.3. Administrative incomeAdministrative income primarily comprises income earned from the commercial and technical management of vessels and newbuilding supervision fees derived from related parties, affiliated companies and third parties. Administrative income is recognized over time as the services are provided and performance obligations are met.12. Other operating incomeOther operating income relates to (i) gains on the sale of vessels, which are recognized when the vessel has been delivered and substantially all risks have been transferred and are determined by comparing the proceeds received with the carrying value of the vessel, (ii) gains on settlements of insurance and legal claims, which are recognized when an inflow of economic benefit is virtually certain, (iii) gains and losses on the termination of leases before the expiration of the lease term, which are accounted for by derecognizing the carrying value of the right-of-use asset and lease obligation, with a gain or loss recognized for the difference. Gains and losses on the termination of leases are accounted for when the lease is terminated and the vessel is redelivered to the owners, and (iv) gains and losses from pooling and other revenue sharing arrangements where the Company is considered the principal under the charter parties and records voyage revenues and costs gross, with the adjustments required as a result of the revenue sharing arrangement being recognized as other operating gains or losses.13. LeasesAt inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.13.1. As a lesseeThe Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at the amount equal to the lease liability adjusted by initial direct costs incurred by the lessee. Adjustments may also be required for any payments made at or before the commencement date, less any lease incentives received.After lease commencement, the Company measures the right-of-use asset at cost less accumulated depreciation and accumulated impairment. The right-of-use asset is subsequently depreciated using the straight-line method. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company\u2019s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The lessee's incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.Lease payments included in the measurement of the lease liability comprise the following:\u2022 Fixed payments;\u2022 Variable lease payments that depend on an index or a rate;\u2022 Amounts expected to be payable under a residual value guarantee, and;\u2022 The exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.The Company has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether the purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-to-use asset has been reduced to zero.Lease and non-lease components in the contracts are separated and the non-lease components are expensed as incurred and classified based on the nature of the expense.Short-term leases and leases of low-value assetsThe Company has elected not to recognize certain right-of-use assets and lease liabilities for leases of low-value assets and short-term leases (i.e., leases with an original term of 12-months or less), including IT equipment. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.Refer to accounting policy 10.2. for impairment considerations for vessel right-of-use assets.13.2 As a lessorWhen the Company acts as a lessor, it determines at lease inception whether each lease is a finance or operating lease.To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Company considers certain indicators such as whether the lease is for the major part of the economic life of the asset.If the lease qualifies as an operating lease, e.g. time charter contracts and the lease component of voyage charter contracts, the leased asset remains on the statement of financial position of the lessor and continues being depreciated. The Company separates the lease and non-lease component in the contract, with the lease component qualified as operating lease and the non-lease component accounted for under IFRS 15. The Company makes significant judgments and assumptions to separate lease components from non-lease components of our contracts. For purposes of determining the standalone selling price of the vessel lease and non-lease components of the Company\u2019s time charters and voyage charters, the Company uses the residual approach given that vessel rates are highly variable depending on shipping market conditions. The Company believes that the standalone transaction price attributable to the non-lease component is more readily determinable than the price of the lease component and, accordingly, the price of the service components is estimated using cost plus a margin and the residual transaction price is attributed to the lease component. Refer to the Revenue policy for further details of the accounting for the lease and the non-lease component.13.3 Sale and leaseback transactionsIf the Company has an obligation or a right to repurchase an asset (a forward or a call option), sold under a sale and leaseback transaction, a counterparty does not obtain control of the asset because the counterparty is limited in its ability to direct the use of, and obtain substantially all of the remaining benefits from the asset, even though the counterparty may have physical possession of the asset. Consequently, the Company accounts for the contract by continuing to recognize the asset and recording a financial liability for any consideration received from the counterparty. The financial liability is subsequently measured at amortized cost using the effective interest method. See 5.2 Financial Liabilities for further details.14. Share-based compensation The fair value of the amount payable to beneficiaries in respect of synthetic options, which are settled in cash, is recognized as an expense with a corresponding liability, over the period during which the beneficiaries become unconditionally entitled to payment. The fair value of the liability is remeasured at each reporting period.15. Dividends receivedThe Company records dividends received in the period in which they are declared and receivable.16. New standards and interpretationsDuring the current financial period, the Company has adopted all relevant new and revised Standards and Interpretations that were issued by the IASB and the International Financial Reporting Interpretations Committee (\u201cIFRIC\u201d) of the IASB. The following new Standards, Interpretations and Amendments issued by the IASB and the IFRIC are effective for the current financial year end: \u2022 Amendments to IAS 1 Presentation of Financial Statements to specify the requirements for classifying liabilities as current or non-current.The adoption of these new standards, interpretations and amendments had no material effect on the financial statements.New and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Company\u2019s financial statements are disclosed below. The below list includes the new standards and amendments that we believe are the most relevant for the Company:IFRS 18 Presentation and Disclosure in Financial StatementsIn April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1, with a focus on updates to the statement of profit or loss. The new and standard is effective for annual reporting periods beginning on or after January 1, 2027 and must be applied retrospectively. The key new concepts introduced in IFRS 18 relate to:\u25aa the structure of the statement of profit or loss and statement of cash flow;\u25aa required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity\u2019s financial statements (that is, management-defined performance measures); and\u25aa enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.Amendments to the Classification and Measurement of Financial InstrumentsIn May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments which amended IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures. The amendments include clarifying the date of recognition and derecognition of some financial assets and liabilities and new disclosures for certain instruments with contractual terms that can change cash flows. The amendments are effective for annual reporting periods beginning on or after January 1, 2026 and must be applied retrospectively.The Company has not applied or early adopted any new IFRS requirements that are not yet effective as per December 31, 2024.",
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"value": "6. Cash and cash equivalentsCash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents that are restricted as to their use are classified separately in the Consolidated Statement of Financial Position, either as Restricted cash or another financial statement line item based on the nature of the balance. Cash and cash equivalents that are restricted as to their use for at least 12 months following the balance sheet date, and/or are non-current in nature are classified as non-current assets. Changes in restricted cash are classified and presented in the Consolidated Statement of Cash Flows based on the nature of the underlying transaction.",
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},
"f1__s8__6__41-1": {
"value": "6. Cash and cash equivalentsCash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents that are restricted as to their use are classified separately in the Consolidated Statement of Financial Position, either as Restricted cash or another financial statement line item based on the nature of the balance. Cash and cash equivalents that are restricted as to their use for at least 12 months following the balance sheet date, and/or are non-current in nature are classified as non-current assets. Changes in restricted cash are classified and presented in the Consolidated Statement of Cash Flows based on the nature of the underlying transaction.Accounting classifications and fair valuesThe carrying values and fair values of financial assets and financial liabilities as of December 31, 2024 and 2023 are as follows:December 31, 2024 December 31, 2023Carrying Carrying (in thousands of $)Value Fair ValueValue Fair ValueFinancial assets measured at fair value through profit or lossDerivative instruments 24,419 24,419 39,117 39,117 Marketable securities 4,027 4,027 7,432 7,432 Financial assets not measured at fair valueCash and cash equivalents 413,532 413,532 308,322 308,322 Trade and other receivables 128,943 128,943 124,647 124,647 Financial liabilities not measured at fair valueTrade and other payables 98,812 98,812 98,232 98,232 Floating rate debt 3,744,388 3,792,576 3,279,626 3,322,347 Fixed rate debt \u2014 \u2014 176,837 184,462 The table below shows the levels in the fair value hierarchy of financial assets and financial liabilities as of December 31, 2024 and 2023, excluding those whose fair values approximate their respective carrying values due to their short-term nature.Dec 31, 2024 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 24,419 \u2014 24,419 \u2014 Marketable securities 4,027 4,027 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,792,576 \u2014 3,792,576 \u2014 Dec 31, 2023 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 39,117 \u2014 39,117 \u2014 Marketable securities 7,432 7,432 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,322,347 \u2014 3,322,347 \u2014 Fixed rate debt 184,462 \u2014 \u2014 184,462",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__40": {
"value": "6. Cash and cash equivalentsCash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents that are restricted as to their use are classified separately in the Consolidated Statement of Financial Position, either as Restricted cash or another financial statement line item based on the nature of the balance. Cash and cash equivalents that are restricted as to their use for at least 12 months following the balance sheet date, and/or are non-current in nature are classified as non-current assets. Changes in restricted cash are classified and presented in the Consolidated Statement of Cash Flows based on the nature of the underlying transaction.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__39": {
"value": "6. Cash and cash equivalentsCash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents that are restricted as to their use are classified separately in the Consolidated Statement of Financial Position, either as Restricted cash or another financial statement line item based on the nature of the balance. Cash and cash equivalents that are restricted as to their use for at least 12 months following the balance sheet date, and/or are non-current in nature are classified as non-current assets. Changes in restricted cash are classified and presented in the Consolidated Statement of Cash Flows based on the nature of the underlying transaction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__38": {
"value": "6. Cash and cash equivalentsCash comprises cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. Cash and cash equivalents that are restricted as to their use are classified separately in the Consolidated Statement of Financial Position, either as Restricted cash or another financial statement line item based on the nature of the balance. Cash and cash equivalents that are restricted as to their use for at least 12 months following the balance sheet date, and/or are non-current in nature are classified as non-current assets. Changes in restricted cash are classified and presented in the Consolidated Statement of Cash Flows based on the nature of the underlying transaction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__44": {
"value": "7. InventoriesInventories comprise principally of bunkers and lubricating oils and are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. Bunkers and lubricating oils expense is recognized in profit or loss upon consumption.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__43": {
"value": "7. InventoriesInventories comprise principally of bunkers and lubricating oils and are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. Bunkers and lubricating oils expense is recognized in profit or loss upon consumption.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__46": {
"value": "8. Vessels and equipment8.1 Owned assetsVessels and items of equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of assets includes;\u2022 The cost of materials and direct labour;\u2022 Any other costs directly attributable to bringing the assets to a working condition for their intended use; and\u2022 Capitalized borrowing costs.Gains and losses on disposal of a vessel or of another item of equipment are determined by comparing the net proceeds from disposal with the carrying amount of the vessel or the item of equipment and are recognized in profit or loss. For the sale of vessels, transfer of risks and rewards usually occurs upon delivery of the vessel to the new owner.8.2 NewbuildingsNewbuildings represent vessels under construction and are carried at the amounts paid or payable according to the installments in the contract and capitalized borrowing costs. Installments are often linked to milestones such as signing of contract, steel cutting, keel laying, launching and delivery. Borrowing costs are capitalized during construction of newbuildings based on accumulated expenditures for the applicable project at the Company\u2019s current weighted average rate of borrowing.Refer to accounting policy 10.2. for impairment considerations for owned vessels and newbuildings.8.3. DepreciationDepreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of vessels and items of equipment. Right-of-use assets are depreciated using the straight-line method from the commencement date to the end of the lease term, unless the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset.The cost of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels' estimated remaining economic useful lives. Depreciation methods, useful lives and residual values are reviewed annually and adjusted prospectively, if appropriate. As explained in policy 2.2., as of December 31, 2022, the Company revised the estimated useful life of its vessels from 25 years to 20 years. This change in estimate was applied prospectively from January 1, 2023 and did not result in any restatement to the prior year consolidated financial statements. Other equipment, excluding vessel upgrades, is depreciated over its estimated remaining useful life, which approximates 5 years. The residual value for owned vessels is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per ton.The Company capitalizes and depreciates the costs of significant replacements, renewals and upgrades to its vessels over the shorter of the vessel\u2019s remaining useful life or the life of the renewal or upgrade. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred. Advances paid in respect of vessel upgrades in relation to exhaust gas cleaning systems (\u201cEGCS\u201d) and ballast water treatment systems (\u201cBWTS\u201d) are included within \"other non-current assets\", until such time as the equipment is installed on a vessel, at which point it is transferred to \"Vessels and equipment\".8.4. Dry docking \u2013 component approachOur vessels are required by their respective classification societies to go through a dry dock at regular intervals. In general, vessels below the age of 15 years are docked every 5 years and vessels older than 15 years are docked every 2.5 years. Significant components of property, plant and equipment with differing depreciation methods or lives are depreciated separately. Major inspection or overhaul costs, such as dry docking, are identified and accounted for as a separate component and depreciated over the period to the next scheduled dry docking (2.5 - 5 years). A portion of the initial cost of a vessel is allocated to the dry docking component upon delivery based on the age of the vessel and an estimate of the expected dry dock cost and depreciated over the period to the next scheduled dry docking. When a dry docking is performed, the carrying amount of any remaining unamortized dry docking costs related to previous dry docks (due to any difference between the estimated and actual time between dry docks) is derecognized. Costs associated with routine repairs and maintenance are expensed as incurred including routine maintenance performed while the vessel is in dry dock.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__45": {
"value": "8.3. DepreciationDepreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of vessels and items of equipment. Right-of-use assets are depreciated using the straight-line method from the commencement date to the end of the lease term, unless the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset.The cost of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels' estimated remaining economic useful lives. Depreciation methods, useful lives and residual values are reviewed annually and adjusted prospectively, if appropriate. As explained in policy 2.2., as of December 31, 2022, the Company revised the estimated useful life of its vessels from 25 years to 20 years. This change in estimate was applied prospectively from January 1, 2023 and did not result in any restatement to the prior year consolidated financial statements. Other equipment, excluding vessel upgrades, is depreciated over its estimated remaining useful life, which approximates 5 years. The residual value for owned vessels is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per ton.The Company capitalizes and depreciates the costs of significant replacements, renewals and upgrades to its vessels over the shorter of the vessel\u2019s remaining useful life or the life of the renewal or upgrade. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred. Advances paid in respect of vessel upgrades in relation to exhaust gas cleaning systems (\u201cEGCS\u201d) and ballast water treatment systems (\u201cBWTS\u201d) are included within \"other non-current assets\", until such time as the equipment is installed on a vessel, at which point it is transferred to \"Vessels and equipment\".",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__19": {
"value": "\"other non-current assets",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__48": {
"value": "9. GoodwillWe allocate the cost of acquired companies to identifiable tangible and intangible assets and liabilities acquired, with the remaining amount being classified as goodwill. When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss. After initial recognition goodwill is measured at cost less accumulated impairment losses, refer to accounting policy 10.2.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__47-1": {
"value": "9. GoodwillWe allocate the cost of acquired companies to identifiable tangible and intangible assets and liabilities acquired, with the remaining amount being classified as goodwill. When the excess is negative, a bargain purchase gain is recognized immediately in profit or loss. After initial recognition goodwill is measured at cost less accumulated impairment losses, refer to accounting policy 10.2.10.2. Non-financial assetsThe carrying amounts of the Company\u2019s non-financial assets, other than inventory and contract assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated.For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.The recoverable amount of an asset or CGU is the greater of its fair value less cost of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Future cash flows are based on current market conditions, historical trends as well as future expectations.An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.An impairment loss recognized for goodwill shall not be reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen events and changes in circumstances indicate that the carrying amount of the asset or CGU might not be recovered, the Company performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use, based on discounted cash flows, and its fair value less cost to sell. We define our CGU as a single vessel as each vessel generates cash inflows that are largely independent of the cash inflows from other vessels. In assessing whether there is any indication that a vessel may be impaired, the Company considers internal and external indicators, including but not limited to:\u2022 the estimated market values for our vessels received from independent ship brokers have declined during the period significantly more than we would expect as a result of the passage of time or normal use. The ship brokers assess each vessel based on, among others, age, yard, deadweight capacity and compare this to market transactions.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or will take place in the near future, in the legal and regulatory environment in which the Company operates, and the tanker market, including negative developments in actual and forecasted time charter equivalent rates (\u201cTCE rates\u201d).\u2022 market interest rates have increased during the period, and the increase is likely to affect the discount rate used in calculating a vessel\u2019s value in use and decrease the asset\u2019s recoverable amount materially.\u2022 the carrying amount of the net assets of the Company is more than its market capitalization.\u2022 evidence is available of obsolescence or physical damage of a vessel.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or are expected to take place in the near future, in the extent to which, or manner in which, a vessel is used or is expected to be used.\u2022 evidence that the economic performance of a vessel is, or will be, worse than expected, including:\u25e6 actual or forecasted TCE rates are significantly worse than expected;\u25e6 cash flows for acquiring a vessel, or subsequent cash needs for operating or maintaining it, are significantly higher than expected;\u25e6 actual net cash flows or operating profit are significantly worse than expected;\u25e6 a significant decline in budgeted net cash flows or operating profit; or\u25e6 operating losses or net cash outflows.If such impairment indicators are identified, the vessel\u2019s recoverable amount is estimated. In developing estimates of future cash flows in order to assess value in use, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry docking and other capital requirements, residual value, the estimated remaining useful lives of the vessels and the probability of lease terminations for vessels held under lease. These assumptions are based on historical trends as well as future expectations. Specifically, in estimating future charter rates, management takes into consideration rates currently in effect for existing time charters and estimated daily time charter equivalent rates for each vessel class for the unfixed days over the estimated remaining lives of each of the vessels. The estimated daily time charter equivalent rates used for unfixed days are based on a combination of (i) internally developed forecasts, and (ii) historical rates, based on quarterly average rates published by an independent third party maritime research service, for a historical period determined based on management's judgment of past and ongoing shipping cycles. Recognizing that the transportation of crude oil is cyclical and subject to significant volatility based on factors beyond the Company\u2019s control, management believes the use of estimates based on the combination of internally forecast rates and historical average rates calculated as of the reporting date to be reasonable.Estimated outflows for operating expenses and dry docking requirements are based on historical and budgeted costs and are adjusted for assumed inflation. Finally, utilization is based on historical levels achieved and estimates of a residual value are consistent with the pattern of scrap rates used in management's evaluation of salvage value. Other capital requirements for newbuildings are primarily based on amounts payable according to the installments in the contract.The weighted average cost of capital (\u201cWACC\u201d) used to calculate the value in use of our assets is calculated to reflect the industry-weighted average return on debt and equity using observable market data and approximates a pre-tax discount rate.The more significant factors that could impact management's assumptions regarding time charter equivalent rates include (i) loss or reduction in business from significant customers, (ii) unanticipated changes in demand for transportation of crude oil and oil products, (iii) changes in production of or demand for oil, generally or in particular regions, (iv) greater than anticipated levels of tanker newbuilding orders or lower than anticipated levels of tanker scrapping, and (v) changes in rules and regulations applicable to the tanker industry, including legislation adopted by international organizations such as IMO and the EU or by individual countries. Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate at the time they were made, such assumptions are highly subjective and likely to change, possibly materially, in the future. Tanker charter rates are volatile and can experience long periods at depressed levels. Future assessments of vessel impairment would be adversely affected by reductions in vessel values and charter rates.GoodwillGoodwill is not amortized, but rather reviewed for impairment annually, or more frequently if impairment indicators arise. The Company has one group of CGUs for the purpose of assessing potential goodwill impairment and has selected September 30 as its annual goodwill impairment testing date. A CGU is impaired when its carrying amount exceeds its recoverable amount. In assessing whether the recoverable amount of a CGU to which goodwill has been allocated is less than its carrying amount, the Company assesses relevant events and circumstances, including (i) macroeconomic conditions; (ii) industry and market conditions; (iii) changes in cost factors that may impact earnings and cash flows; (iv) overall financial performance; (v) other entity specific events such as changes in management, strategy, customers or key personnel; (vi) other events and (vii) if applicable, changes in the Company\u2019s share price, both in absolute terms and relative to peers.The recoverable amount of the Company\u2019s one group of CGUs is the higher of its fair value less cost of disposal and value in use. We estimate the fair value less cost of disposal of this group of CGUs based on the Company\u2019s market capitalization plus a control premium, as needed. Control premium assumptions require judgment and actual results may differ from assumed or estimated amounts. In assessing value in use, the estimated future cash flows are discounted to present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the Company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__51-1": {
"value": "10. Impairment10.1 Loans, receivables and contract assetsThe gross carrying amount of a loans, receivables and contract assets is written off when the Company has no reasonable expectations of recovering the outstanding amount in its entirety or a portion thereof. The Company assesses allowances for its estimate of expected credit losses based on historical experience, other currently available evidence, and reasonable and supportable forecasts about the future, including the use of credit default ratings from third party providers of credit rating data. The Company assesses credit risk in relation to its receivables using a portfolio approach. The Company\u2019s main portfolio segments include (i) state-owned enterprises, (ii) oil majors, (iii) commodities traders and (iv) related parties and affiliated companies. In addition, the Company performs individual assessments for customers that do not share risk characteristics with other customers (for example a customer under bankruptcy or a customer with known disputes or collectability issues). The Company makes judgements and assumptions to estimate its expected losses. 10.2. Non-financial assetsThe carrying amounts of the Company\u2019s non-financial assets, other than inventory and contract assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated.For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.The recoverable amount of an asset or CGU is the greater of its fair value less cost of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Future cash flows are based on current market conditions, historical trends as well as future expectations.An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.An impairment loss recognized for goodwill shall not be reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen events and changes in circumstances indicate that the carrying amount of the asset or CGU might not be recovered, the Company performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use, based on discounted cash flows, and its fair value less cost to sell. We define our CGU as a single vessel as each vessel generates cash inflows that are largely independent of the cash inflows from other vessels. In assessing whether there is any indication that a vessel may be impaired, the Company considers internal and external indicators, including but not limited to:\u2022 the estimated market values for our vessels received from independent ship brokers have declined during the period significantly more than we would expect as a result of the passage of time or normal use. The ship brokers assess each vessel based on, among others, age, yard, deadweight capacity and compare this to market transactions.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or will take place in the near future, in the legal and regulatory environment in which the Company operates, and the tanker market, including negative developments in actual and forecasted time charter equivalent rates (\u201cTCE rates\u201d).\u2022 market interest rates have increased during the period, and the increase is likely to affect the discount rate used in calculating a vessel\u2019s value in use and decrease the asset\u2019s recoverable amount materially.\u2022 the carrying amount of the net assets of the Company is more than its market capitalization.\u2022 evidence is available of obsolescence or physical damage of a vessel.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or are expected to take place in the near future, in the extent to which, or manner in which, a vessel is used or is expected to be used.\u2022 evidence that the economic performance of a vessel is, or will be, worse than expected, including:\u25e6 actual or forecasted TCE rates are significantly worse than expected;\u25e6 cash flows for acquiring a vessel, or subsequent cash needs for operating or maintaining it, are significantly higher than expected;\u25e6 actual net cash flows or operating profit are significantly worse than expected;\u25e6 a significant decline in budgeted net cash flows or operating profit; or\u25e6 operating losses or net cash outflows.If such impairment indicators are identified, the vessel\u2019s recoverable amount is estimated. In developing estimates of future cash flows in order to assess value in use, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry docking and other capital requirements, residual value, the estimated remaining useful lives of the vessels and the probability of lease terminations for vessels held under lease. These assumptions are based on historical trends as well as future expectations. Specifically, in estimating future charter rates, management takes into consideration rates currently in effect for existing time charters and estimated daily time charter equivalent rates for each vessel class for the unfixed days over the estimated remaining lives of each of the vessels. The estimated daily time charter equivalent rates used for unfixed days are based on a combination of (i) internally developed forecasts, and (ii) historical rates, based on quarterly average rates published by an independent third party maritime research service, for a historical period determined based on management's judgment of past and ongoing shipping cycles. Recognizing that the transportation of crude oil is cyclical and subject to significant volatility based on factors beyond the Company\u2019s control, management believes the use of estimates based on the combination of internally forecast rates and historical average rates calculated as of the reporting date to be reasonable.Estimated outflows for operating expenses and dry docking requirements are based on historical and budgeted costs and are adjusted for assumed inflation. Finally, utilization is based on historical levels achieved and estimates of a residual value are consistent with the pattern of scrap rates used in management's evaluation of salvage value. Other capital requirements for newbuildings are primarily based on amounts payable according to the installments in the contract.The weighted average cost of capital (\u201cWACC\u201d) used to calculate the value in use of our assets is calculated to reflect the industry-weighted average return on debt and equity using observable market data and approximates a pre-tax discount rate.The more significant factors that could impact management's assumptions regarding time charter equivalent rates include (i) loss or reduction in business from significant customers, (ii) unanticipated changes in demand for transportation of crude oil and oil products, (iii) changes in production of or demand for oil, generally or in particular regions, (iv) greater than anticipated levels of tanker newbuilding orders or lower than anticipated levels of tanker scrapping, and (v) changes in rules and regulations applicable to the tanker industry, including legislation adopted by international organizations such as IMO and the EU or by individual countries. Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate at the time they were made, such assumptions are highly subjective and likely to change, possibly materially, in the future. Tanker charter rates are volatile and can experience long periods at depressed levels. Future assessments of vessel impairment would be adversely affected by reductions in vessel values and charter rates.GoodwillGoodwill is not amortized, but rather reviewed for impairment annually, or more frequently if impairment indicators arise. The Company has one group of CGUs for the purpose of assessing potential goodwill impairment and has selected September 30 as its annual goodwill impairment testing date. A CGU is impaired when its carrying amount exceeds its recoverable amount. In assessing whether the recoverable amount of a CGU to which goodwill has been allocated is less than its carrying amount, the Company assesses relevant events and circumstances, including (i) macroeconomic conditions; (ii) industry and market conditions; (iii) changes in cost factors that may impact earnings and cash flows; (iv) overall financial performance; (v) other entity specific events such as changes in management, strategy, customers or key personnel; (vi) other events and (vii) if applicable, changes in the Company\u2019s share price, both in absolute terms and relative to peers.The recoverable amount of the Company\u2019s one group of CGUs is the higher of its fair value less cost of disposal and value in use. We estimate the fair value less cost of disposal of this group of CGUs based on the Company\u2019s market capitalization plus a control premium, as needed. Control premium assumptions require judgment and actual results may differ from assumed or estimated amounts. In assessing value in use, the estimated future cash flows are discounted to present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the Company.9. MARKETABLE SECURITIESMarketable securities held by the Company are listed equity securities. In the year ended December 31, 2024, the Company received dividends of $3.5 million (2023: $36.9 million, 2022: $1.6 million) from its investments in marketable securities.Movements in marketable securities for the years ended December 31, 2024, 2023 and 2022 are as follows:(in thousands of $) 2024 2023 2022Balance at the beginning of the year 7,432 236,281 2,435 Marketable securities acquired \u2014 \u2014 167,709 Proceeds from sale of marketable securities \u2014 (251,839) \u2014 Gain on marketable securities sold during the year \u2014 18,994 \u2014 Unrealized gain (loss) on marketable securities held at the end of the year (3,405) 3,996 66,137 Balance at the end of the year 4,027 7,432 236,281 Avance GasAs of December 31, 2024, 2023 and 2022, the Company held 442,384 shares in Avance Gas. In the year ended December 31, 2024, the Company recognized an unrealized loss of $3.3 million (2023: gain of $3.8 million, 2022: gain of $0.9 million) in relation to these shares.SFLAs of December 31, 2024, 2023 and 2022, the Company held 73,165 shares in SFL. In the year ended December 31, 2024, the Company recognized an unrealized loss of $0.1 million (2023: gain of $0.1 million, 2022: gain of $0.1 million) in relation to these shares.Golden OceanAs of December 31, 2024, 2023 and 2022, the Company held 10,299 shares in Golden Ocean. In the year ended December 31, 2024, the Company recognized an unrealized loss of $0.01 million (2023: gain of $0.01 million, 2022: loss of $0.01 million) in relation to these shares.CMB.TECHShare acquisition in the year ended December 31, 2022On May 28, 2022, the Company announced that it agreed to acquire in privately negotiated share exchange transactions with certain shareholders of CMB.TECH a total of 5,955,705 shares in CMB.TECH, representing 2.95% of the outstanding shares in CMB.TECH as of this date, in exchange for a total of 8,337,986 ordinary shares of Frontline. Frontline received the $0.06 dividend per share that was paid on June 8, 2022 by CMB.TECH in respect of these 5,955,705 shares. On June 10, 2022, the Company announced that it agreed to acquire in privately negotiated transactions with certain shareholders of CMB.TECH a total of 7,708,908 shares in CMB.TECH, representing 3.82% of the outstanding shares in CMB.TECH as 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 into a share lending arrangement with Hemen to facilitate settlement of such transactions. Pursuant to such arrangement, Hemen delivered an aggregate of 19,091,910 Frontline shares to the exchanging CMB.TECH holders in June 2022 and Frontline agreed to issue to Hemen the same number of shares of Frontline in full satisfaction of the share lending arrangement. The shares were issued to Hemen in August 2022.As of December 31, 2022, the Company held 13,664,613 shares in CMB.TECH, as a result of the above transactions. The acquired shares were initially recognized at their fair value of $167.7 million and the Company recorded a realized loss of $7.8 million in relation to these transactions, being the difference between the transaction price to acquire these shares and their fair value as of the transaction dates. The transaction price paid to acquire these shares was $175.5 million, which was the fair value of the Frontline's shares as of the transaction dates.Based on the CMB.TECH share price as of December 31, 2022, the fair value of the shares held in CMB.TECH was $232.8 million, which resulted in an unrealized gain of $65.1 million.Share sale in the year ended December 31, 2023On October 9, 2023, in connection with the Acquisition (as defined in Note 12), Frontline and Famatown Finance Limited, a company related to Hemen agreed to sell all their shares in CMB.TECH (57,479,744 shares, representing in aggregate 26.12% of CMB.TECH\u2019s issued shares) to Compagnie Maritime Belge NV (\u201cCMB\u201d) at a price of $18.43 per share (the \u201cShare Sale\u201d). In November 2023, all conditions precedent to the Share Sale, including approval of the inter-conditionality of the Share Sale and the Acquisition by the CMB.TECH shareholders and receipt of anti-trust approvals, were fulfilled. The Share Sale closed in November 2023 at which time Frontline sold its 13,664,613 shares in CMB.TECH to CMB for $251.8 million. The proceeds from the Share Sale have been used to partly finance the Acquisition.In the year ended December 31, 2023, the Company recognized a gain on marketable securities in relation to the CMB.TECH shares of $19.0 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
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"f1__s8__6__50": {
"value": "10. Impairment10.1 Loans, receivables and contract assetsThe gross carrying amount of a loans, receivables and contract assets is written off when the Company has no reasonable expectations of recovering the outstanding amount in its entirety or a portion thereof. The Company assesses allowances for its estimate of expected credit losses based on historical experience, other currently available evidence, and reasonable and supportable forecasts about the future, including the use of credit default ratings from third party providers of credit rating data. The Company assesses credit risk in relation to its receivables using a portfolio approach. The Company\u2019s main portfolio segments include (i) state-owned enterprises, (ii) oil majors, (iii) commodities traders and (iv) related parties and affiliated companies. In addition, the Company performs individual assessments for customers that do not share risk characteristics with other customers (for example a customer under bankruptcy or a customer with known disputes or collectability issues). The Company makes judgements and assumptions to estimate its expected losses. 10.2. Non-financial assetsThe carrying amounts of the Company\u2019s non-financial assets, other than inventory and contract assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated.For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.The recoverable amount of an asset or CGU is the greater of its fair value less cost of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Future cash flows are based on current market conditions, historical trends as well as future expectations.An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.An impairment loss recognized for goodwill shall not be reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen events and changes in circumstances indicate that the carrying amount of the asset or CGU might not be recovered, the Company performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use, based on discounted cash flows, and its fair value less cost to sell. We define our CGU as a single vessel as each vessel generates cash inflows that are largely independent of the cash inflows from other vessels. In assessing whether there is any indication that a vessel may be impaired, the Company considers internal and external indicators, including but not limited to:\u2022 the estimated market values for our vessels received from independent ship brokers have declined during the period significantly more than we would expect as a result of the passage of time or normal use. The ship brokers assess each vessel based on, among others, age, yard, deadweight capacity and compare this to market transactions.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or will take place in the near future, in the legal and regulatory environment in which the Company operates, and the tanker market, including negative developments in actual and forecasted time charter equivalent rates (\u201cTCE rates\u201d).\u2022 market interest rates have increased during the period, and the increase is likely to affect the discount rate used in calculating a vessel\u2019s value in use and decrease the asset\u2019s recoverable amount materially.\u2022 the carrying amount of the net assets of the Company is more than its market capitalization.\u2022 evidence is available of obsolescence or physical damage of a vessel.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or are expected to take place in the near future, in the extent to which, or manner in which, a vessel is used or is expected to be used.\u2022 evidence that the economic performance of a vessel is, or will be, worse than expected, including:\u25e6 actual or forecasted TCE rates are significantly worse than expected;\u25e6 cash flows for acquiring a vessel, or subsequent cash needs for operating or maintaining it, are significantly higher than expected;\u25e6 actual net cash flows or operating profit are significantly worse than expected;\u25e6 a significant decline in budgeted net cash flows or operating profit; or\u25e6 operating losses or net cash outflows.If such impairment indicators are identified, the vessel\u2019s recoverable amount is estimated. In developing estimates of future cash flows in order to assess value in use, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry docking and other capital requirements, residual value, the estimated remaining useful lives of the vessels and the probability of lease terminations for vessels held under lease. These assumptions are based on historical trends as well as future expectations. Specifically, in estimating future charter rates, management takes into consideration rates currently in effect for existing time charters and estimated daily time charter equivalent rates for each vessel class for the unfixed days over the estimated remaining lives of each of the vessels. The estimated daily time charter equivalent rates used for unfixed days are based on a combination of (i) internally developed forecasts, and (ii) historical rates, based on quarterly average rates published by an independent third party maritime research service, for a historical period determined based on management's judgment of past and ongoing shipping cycles. Recognizing that the transportation of crude oil is cyclical and subject to significant volatility based on factors beyond the Company\u2019s control, management believes the use of estimates based on the combination of internally forecast rates and historical average rates calculated as of the reporting date to be reasonable.Estimated outflows for operating expenses and dry docking requirements are based on historical and budgeted costs and are adjusted for assumed inflation. Finally, utilization is based on historical levels achieved and estimates of a residual value are consistent with the pattern of scrap rates used in management's evaluation of salvage value. Other capital requirements for newbuildings are primarily based on amounts payable according to the installments in the contract.The weighted average cost of capital (\u201cWACC\u201d) used to calculate the value in use of our assets is calculated to reflect the industry-weighted average return on debt and equity using observable market data and approximates a pre-tax discount rate.The more significant factors that could impact management's assumptions regarding time charter equivalent rates include (i) loss or reduction in business from significant customers, (ii) unanticipated changes in demand for transportation of crude oil and oil products, (iii) changes in production of or demand for oil, generally or in particular regions, (iv) greater than anticipated levels of tanker newbuilding orders or lower than anticipated levels of tanker scrapping, and (v) changes in rules and regulations applicable to the tanker industry, including legislation adopted by international organizations such as IMO and the EU or by individual countries. Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate at the time they were made, such assumptions are highly subjective and likely to change, possibly materially, in the future. Tanker charter rates are volatile and can experience long periods at depressed levels. Future assessments of vessel impairment would be adversely affected by reductions in vessel values and charter rates.GoodwillGoodwill is not amortized, but rather reviewed for impairment annually, or more frequently if impairment indicators arise. The Company has one group of CGUs for the purpose of assessing potential goodwill impairment and has selected September 30 as its annual goodwill impairment testing date. A CGU is impaired when its carrying amount exceeds its recoverable amount. In assessing whether the recoverable amount of a CGU to which goodwill has been allocated is less than its carrying amount, the Company assesses relevant events and circumstances, including (i) macroeconomic conditions; (ii) industry and market conditions; (iii) changes in cost factors that may impact earnings and cash flows; (iv) overall financial performance; (v) other entity specific events such as changes in management, strategy, customers or key personnel; (vi) other events and (vii) if applicable, changes in the Company\u2019s share price, both in absolute terms and relative to peers.The recoverable amount of the Company\u2019s one group of CGUs is the higher of its fair value less cost of disposal and value in use. We estimate the fair value less cost of disposal of this group of CGUs based on the Company\u2019s market capitalization plus a control premium, as needed. Control premium assumptions require judgment and actual results may differ from assumed or estimated amounts. In assessing value in use, the estimated future cash flows are discounted to present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the Company.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__52": {
"value": "10.2. Non-financial assetsThe carrying amounts of the Company\u2019s non-financial assets, other than inventory and contract assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated.For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.The recoverable amount of an asset or CGU is the greater of its fair value less cost of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Future cash flows are based on current market conditions, historical trends as well as future expectations.An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.An impairment loss recognized for goodwill shall not be reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.Owned vessels, newbuildings and vessel right-of-use assetsWhen events and changes in circumstances indicate that the carrying amount of the asset or CGU might not be recovered, the Company performs an impairment test whereby the carrying amount of the asset or CGU is compared to its recoverable amount, which is the greater of its value in use, based on discounted cash flows, and its fair value less cost to sell. We define our CGU as a single vessel as each vessel generates cash inflows that are largely independent of the cash inflows from other vessels. In assessing whether there is any indication that a vessel may be impaired, the Company considers internal and external indicators, including but not limited to:\u2022 the estimated market values for our vessels received from independent ship brokers have declined during the period significantly more than we would expect as a result of the passage of time or normal use. The ship brokers assess each vessel based on, among others, age, yard, deadweight capacity and compare this to market transactions.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or will take place in the near future, in the legal and regulatory environment in which the Company operates, and the tanker market, including negative developments in actual and forecasted time charter equivalent rates (\u201cTCE rates\u201d).\u2022 market interest rates have increased during the period, and the increase is likely to affect the discount rate used in calculating a vessel\u2019s value in use and decrease the asset\u2019s recoverable amount materially.\u2022 the carrying amount of the net assets of the Company is more than its market capitalization.\u2022 evidence is available of obsolescence or physical damage of a vessel.\u2022 significant changes with an adverse effect on the Company have taken place during the period, or are expected to take place in the near future, in the extent to which, or manner in which, a vessel is used or is expected to be used.\u2022 evidence that the economic performance of a vessel is, or will be, worse than expected, including:\u25e6 actual or forecasted TCE rates are significantly worse than expected;\u25e6 cash flows for acquiring a vessel, or subsequent cash needs for operating or maintaining it, are significantly higher than expected;\u25e6 actual net cash flows or operating profit are significantly worse than expected;\u25e6 a significant decline in budgeted net cash flows or operating profit; or\u25e6 operating losses or net cash outflows.If such impairment indicators are identified, the vessel\u2019s recoverable amount is estimated. In developing estimates of future cash flows in order to assess value in use, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, dry docking and other capital requirements, residual value, the estimated remaining useful lives of the vessels and the probability of lease terminations for vessels held under lease. These assumptions are based on historical trends as well as future expectations. Specifically, in estimating future charter rates, management takes into consideration rates currently in effect for existing time charters and estimated daily time charter equivalent rates for each vessel class for the unfixed days over the estimated remaining lives of each of the vessels. The estimated daily time charter equivalent rates used for unfixed days are based on a combination of (i) internally developed forecasts, and (ii) historical rates, based on quarterly average rates published by an independent third party maritime research service, for a historical period determined based on management's judgment of past and ongoing shipping cycles. Recognizing that the transportation of crude oil is cyclical and subject to significant volatility based on factors beyond the Company\u2019s control, management believes the use of estimates based on the combination of internally forecast rates and historical average rates calculated as of the reporting date to be reasonable.Estimated outflows for operating expenses and dry docking requirements are based on historical and budgeted costs and are adjusted for assumed inflation. Finally, utilization is based on historical levels achieved and estimates of a residual value are consistent with the pattern of scrap rates used in management's evaluation of salvage value. Other capital requirements for newbuildings are primarily based on amounts payable according to the installments in the contract.The weighted average cost of capital (\u201cWACC\u201d) used to calculate the value in use of our assets is calculated to reflect the industry-weighted average return on debt and equity using observable market data and approximates a pre-tax discount rate.The more significant factors that could impact management's assumptions regarding time charter equivalent rates include (i) loss or reduction in business from significant customers, (ii) unanticipated changes in demand for transportation of crude oil and oil products, (iii) changes in production of or demand for oil, generally or in particular regions, (iv) greater than anticipated levels of tanker newbuilding orders or lower than anticipated levels of tanker scrapping, and (v) changes in rules and regulations applicable to the tanker industry, including legislation adopted by international organizations such as IMO and the EU or by individual countries. Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate at the time they were made, such assumptions are highly subjective and likely to change, possibly materially, in the future. Tanker charter rates are volatile and can experience long periods at depressed levels. Future assessments of vessel impairment would be adversely affected by reductions in vessel values and charter rates.GoodwillGoodwill is not amortized, but rather reviewed for impairment annually, or more frequently if impairment indicators arise. The Company has one group of CGUs for the purpose of assessing potential goodwill impairment and has selected September 30 as its annual goodwill impairment testing date. A CGU is impaired when its carrying amount exceeds its recoverable amount. In assessing whether the recoverable amount of a CGU to which goodwill has been allocated is less than its carrying amount, the Company assesses relevant events and circumstances, including (i) macroeconomic conditions; (ii) industry and market conditions; (iii) changes in cost factors that may impact earnings and cash flows; (iv) overall financial performance; (v) other entity specific events such as changes in management, strategy, customers or key personnel; (vi) other events and (vii) if applicable, changes in the Company\u2019s share price, both in absolute terms and relative to peers.The recoverable amount of the Company\u2019s one group of CGUs is the higher of its fair value less cost of disposal and value in use. We estimate the fair value less cost of disposal of this group of CGUs based on the Company\u2019s market capitalization plus a control premium, as needed. Control premium assumptions require judgment and actual results may differ from assumed or estimated amounts. In assessing value in use, the estimated future cash flows are discounted to present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the Company.",
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"value": "11. Revenue and expense recognition11.1. Voyage chartersIn a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charterer is responsible for any short loading of cargo or \u201cdead\u201d freight. The voyage charter party generally has standard payment terms with freight paid on completion of discharge. The voyage charter party generally has a \"demurrage\" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited, which is recorded as voyage revenue. As such, demurrage is considered variable consideration under the contract. Estimates and judgments are required in ascertaining the most likely outcome of a particular voyage and actual outcomes may differ from estimates. Such estimates are reviewed and updated over the term of the voyage charter contract.The non-lease component of voyage charters (and other contracts) are accounted for under the provisions of IFRS 15 Revenue from Contracts with Customers. The Company has determined that its voyage charter contracts that qualify for accounting under IFRS 15 consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and the voyage revenue and expenses are recognized on a straight-line basis over the voyage days from the commencement of loading to completion of discharge. Contract assets with regards to voyage revenues are reported as \u201cVoyages in progress\u201d as the performance obligation is satisfied over time. Voyage revenues typically become billable and due for payment on completion of the voyage and discharge of the cargo, at which point the receivable is recognized within \u201cTrade and other receivables\u201d.Voyage charters contain a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. The lease component of voyage charter contracts are accounted for under IFRS 16 Leases which results in revenue recognition consistent with the non-lease component accounted for under IFRS 15.In a voyage contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. To recognize costs incurred to fulfill a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are subsequently amortized on a straight-line basis as we satisfy the performance obligations under the contract. Costs incurred to obtain a contract, such as commissions, are also deferred and expensed over the same period. Costs incurred during the performance of a voyage are expensed as incurred.The Company has taken the practical expedient not to disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period as the performance obligations are part of contracts having an original expected duration of one year or less. 11.2. Time chartersIn a time charter voyage, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. Generally, the charterer has the discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer and carries only lawful or non-hazardous cargo. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges, and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire in advance of the upcoming contract period. The lease component of time charter contracts are accounted for under IFRS 16 Leases and revenues are recorded over the term of the charter. The non-lease component of time charter contracts are accounted for under IFRS 15 which results in revenue recognition consistent with the lease component accounted for under IFRS 16. When a time charter contract is linked to an index, we recognize revenue for the applicable period based on the actual index for that period.11.3. Administrative incomeAdministrative income primarily comprises income earned from the commercial and technical management of vessels and newbuilding supervision fees derived from related parties, affiliated companies and third parties. Administrative income is recognized over time as the services are provided and performance obligations are met.",
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"f1__s8__6__53": {
"value": "11. Revenue and expense recognition11.1. Voyage chartersIn a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charterer is responsible for any short loading of cargo or \u201cdead\u201d freight. The voyage charter party generally has standard payment terms with freight paid on completion of discharge. The voyage charter party generally has a \"demurrage\" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited, which is recorded as voyage revenue. As such, demurrage is considered variable consideration under the contract. Estimates and judgments are required in ascertaining the most likely outcome of a particular voyage and actual outcomes may differ from estimates. Such estimates are reviewed and updated over the term of the voyage charter contract.The non-lease component of voyage charters (and other contracts) are accounted for under the provisions of IFRS 15 Revenue from Contracts with Customers. The Company has determined that its voyage charter contracts that qualify for accounting under IFRS 15 consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and the voyage revenue and expenses are recognized on a straight-line basis over the voyage days from the commencement of loading to completion of discharge. Contract assets with regards to voyage revenues are reported as \u201cVoyages in progress\u201d as the performance obligation is satisfied over time. Voyage revenues typically become billable and due for payment on completion of the voyage and discharge of the cargo, at which point the receivable is recognized within \u201cTrade and other receivables\u201d.Voyage charters contain a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. The lease component of voyage charter contracts are accounted for under IFRS 16 Leases which results in revenue recognition consistent with the non-lease component accounted for under IFRS 15.In a voyage contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. To recognize costs incurred to fulfill a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are subsequently amortized on a straight-line basis as we satisfy the performance obligations under the contract. Costs incurred to obtain a contract, such as commissions, are also deferred and expensed over the same period. Costs incurred during the performance of a voyage are expensed as incurred.The Company has taken the practical expedient not to disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period as the performance obligations are part of contracts having an original expected duration of one year or less. 11.2. Time chartersIn a time charter voyage, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. Generally, the charterer has the discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer and carries only lawful or non-hazardous cargo. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges, and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire in advance of the upcoming contract period. The lease component of time charter contracts are accounted for under IFRS 16 Leases and revenues are recorded over the term of the charter. The non-lease component of time charter contracts are accounted for under IFRS 15 which results in revenue recognition consistent with the lease component accounted for under IFRS 16. When a time charter contract is linked to an index, we recognize revenue for the applicable period based on the actual index for that period.11.3. Administrative incomeAdministrative income primarily comprises income earned from the commercial and technical management of vessels and newbuilding supervision fees derived from related parties, affiliated companies and third parties. Administrative income is recognized over time as the services are provided and performance obligations are met.12. Other operating incomeOther operating income relates to (i) gains on the sale of vessels, which are recognized when the vessel has been delivered and substantially all risks have been transferred and are determined by comparing the proceeds received with the carrying value of the vessel, (ii) gains on settlements of insurance and legal claims, which are recognized when an inflow of economic benefit is virtually certain, (iii) gains and losses on the termination of leases before the expiration of the lease term, which are accounted for by derecognizing the carrying value of the right-of-use asset and lease obligation, with a gain or loss recognized for the difference. Gains and losses on the termination of leases are accounted for when the lease is terminated and the vessel is redelivered to the owners, and (iv) gains and losses from pooling and other revenue sharing arrangements where the Company is considered the principal under the charter parties and records voyage revenues and costs gross, with the adjustments required as a result of the revenue sharing arrangement being recognized as other operating gains or losses.",
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"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__6__55": {
"value": "12. Other operating incomeOther operating income relates to (i) gains on the sale of vessels, which are recognized when the vessel has been delivered and substantially all risks have been transferred and are determined by comparing the proceeds received with the carrying value of the vessel, (ii) gains on settlements of insurance and legal claims, which are recognized when an inflow of economic benefit is virtually certain, (iii) gains and losses on the termination of leases before the expiration of the lease term, which are accounted for by derecognizing the carrying value of the right-of-use asset and lease obligation, with a gain or loss recognized for the difference. Gains and losses on the termination of leases are accounted for when the lease is terminated and the vessel is redelivered to the owners, and (iv) gains and losses from pooling and other revenue sharing arrangements where the Company is considered the principal under the charter parties and records voyage revenues and costs gross, with the adjustments required as a result of the revenue sharing arrangement being recognized as other operating gains or losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__56": {
"value": "13. LeasesAt inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.13.1. As a lesseeThe Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at the amount equal to the lease liability adjusted by initial direct costs incurred by the lessee. Adjustments may also be required for any payments made at or before the commencement date, less any lease incentives received.After lease commencement, the Company measures the right-of-use asset at cost less accumulated depreciation and accumulated impairment. The right-of-use asset is subsequently depreciated using the straight-line method. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company\u2019s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The lessee's incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.Lease payments included in the measurement of the lease liability comprise the following:\u2022 Fixed payments;\u2022 Variable lease payments that depend on an index or a rate;\u2022 Amounts expected to be payable under a residual value guarantee, and;\u2022 The exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.The Company has applied judgement to determine the lease term for some lease contracts in which it is a lessee that include renewal options. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payments made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company\u2019s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether the purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-to-use asset has been reduced to zero.Lease and non-lease components in the contracts are separated and the non-lease components are expensed as incurred and classified based on the nature of the expense.Short-term leases and leases of low-value assetsThe Company has elected not to recognize certain right-of-use assets and lease liabilities for leases of low-value assets and short-term leases (i.e., leases with an original term of 12-months or less), including IT equipment. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.Refer to accounting policy 10.2. for impairment considerations for vessel right-of-use assets.13.2 As a lessorWhen the Company acts as a lessor, it determines at lease inception whether each lease is a finance or operating lease.To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Company considers certain indicators such as whether the lease is for the major part of the economic life of the asset.If the lease qualifies as an operating lease, e.g. time charter contracts and the lease component of voyage charter contracts, the leased asset remains on the statement of financial position of the lessor and continues being depreciated. The Company separates the lease and non-lease component in the contract, with the lease component qualified as operating lease and the non-lease component accounted for under IFRS 15. The Company makes significant judgments and assumptions to separate lease components from non-lease components of our contracts. For purposes of determining the standalone selling price of the vessel lease and non-lease components of the Company\u2019s time charters and voyage charters, the Company uses the residual approach given that vessel rates are highly variable depending on shipping market conditions. The Company believes that the standalone transaction price attributable to the non-lease component is more readily determinable than the price of the lease component and, accordingly, the price of the service components is estimated using cost plus a margin and the residual transaction price is attributed to the lease component. Refer to the Revenue policy for further details of the accounting for the lease and the non-lease component.13.3 Sale and leaseback transactionsIf the Company has an obligation or a right to repurchase an asset (a forward or a call option), sold under a sale and leaseback transaction, a counterparty does not obtain control of the asset because the counterparty is limited in its ability to direct the use of, and obtain substantially all of the remaining benefits from the asset, even though the counterparty may have physical possession of the asset. Consequently, the Company accounts for the contract by continuing to recognize the asset and recording a financial liability for any consideration received from the counterparty. The financial liability is subsequently measured at amortized cost using the effective interest method. See 5.2 Financial Liabilities for further details.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__57": {
"value": "15. Dividends receivedThe Company records dividends received in the period in which they are declared and receivable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__60": {
"value": "3. SEGMENT INFORMATIONThe Company and the chief operating decision maker (\u201cCODM\u201d) measure performance based on the Company\u2019s overall return to shareholders based on consolidated profit or loss. The CODM does not review a measure of operating result at a lower level than the consolidated group. Consequently, the Company has only one reportable segment: tankers. The tankers segment includes crude oil tankers and product tankers.The Group's internal organizational and management structure does not distinguish any geographical segments.No customers in the years ended December 31, 2024, 2023 or 2022 individually accounted for 10% or more of the Company\u2019s consolidated operating revenues.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__6__63": {
"value": "4. REVENUE AND OTHER OPERATING INCOMEThe lease and non-lease components of our revenues in the year ended December 31, 2024 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues 1,029,163 925,872 1,955,035 Time charter revenues 64,359 20,714 85,073 Administrative income \u2014 10,277 10,277 Total revenues 1,093,522 956,863 2,050,385 The lease and non-lease components of our revenues in the year ended December 31, 2023 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues 982,818 740,399 1,723,217 Time charter revenues 49,870 13,901 63,771 Administrative income \u2014 15,196 15,196 Total revenues 1,032,688 769,496 1,802,184 The lease and non-lease components of our revenues in the year ended December 31, 2022 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues 601,057 744,907 1,345,964 Time charter revenues 45,515 26,276 71,791 Administrative income \u2014 12,453 12,453 Total revenues 646,572 783,636 1,430,208 Certain voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. $7.9 million of contract costs were capitalized in the year ended December 31, 2024 (2023: $6.2 million) as Other current assets, of which $3.3 million was amortized up to December 31, 2024 (2023: $2.7 million), leaving a remaining balance of $4.6 million as of December 31, 2024 (2023: $3.5 million). $3.5 million of contract assets were amortized in the year ended December 31, 2024 in relation to voyages in progress as of December 31, 2023. No impairment losses were recognized in the years ended December 31, 2024, 2023 and 2022.Administrative income primarily comprises the income earned from the technical and commercial management of vessels and newbuilding supervision fees from related parties, affiliated companies and third parties.Assets from contracts with customers (excluding amounts in relation to lease components) as of December 31, 2024 and 2023 are presented within the statements of financial position as follows:(in thousands of $)2024 2023Voyages in progress 46,772 46,994 Trade accounts receivable 54,892 48,136 Related party receivables 6,522 14,591 Other current assets 4,572 3,503 Total 112,758 113,224 Other operating income in the years ended December 31, 2024, 2023 and 2022 was as follows:(in thousands of $)20242023 2022Gain on settlement of claims \u2014 397 3,998 Other gains 42 41 18 Gain on sale of vessels 112,079 21,959 4,596 Loss on termination of leased vessels \u2014 \u2014 (431) Gain (loss) on pool arrangements \u2014 1,683 (141) Total 112,121 24,080 8,040In the year ended December 31, 2023, the Company recorded an arbitration award of $0.4 million (2022: $2.5 million) in relation to the failed sale of a vessel. In the year ended December 31, 2022, the Company also recorded a $1.5 million gain on the settlement of insurance claims for a vessel.In January 2024, the Company announced that it had entered into an agreement to sell its five oldest VLCCs, built in 2009 and 2010, for an aggregate net sale price of $290.0 million. Three of the vessels were delivered to the new owner during the first quarter of 2024, and the two remaining vessels were delivered in the second quarter of 2024. After repayment of existing debt on the five vessels, the transaction generated net cash proceeds of $208.0 million. The Company recorded a gain of $68.6 million in the year ended December 31, 2024. In January 2024, the Company entered into an agreement to sell one of its oldest Suezmax tankers, built in 2010, for a net sale price of $45.0 million. The vessel was delivered to the new owner during the second quarter of 2024. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of $32.0 million, and the Company recorded a gain of $11.8 million in the year ended December 31, 2024.In March 2024, the Company entered into an agreement to sell another one of its oldest Suezmax tankers, built in 2010, for a net sale price of $46.9 million. The vessel was delivered to the new owner during the second quarter of 2024. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of $34.0 million, and the Company recorded a gain of $13.8 million in the year ended December 31, 2024.In June 2024, the Company entered into an agreement to sell its oldest Suezmax tanker, built in 2010, for a net sale price of $48.5 million. The vessel was delivered to the new owner in October 2024. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of $36.5 million, and the Company recorded a gain of $17.9 million in the year ended December 31, 2024.In January 2023, the Company sold a 2009-built VLCC and a 2009-built Suezmax tanker for gross proceeds of $61.0 million and $39.5 million, respectively. The vessels were delivered to new owners in January and February 2023, respectively. After repayment of existing debt on the vessels, the transactions generated net cash proceeds of $63.6 million, and the Company recorded a gain on sale of $9.9 million and $2.8 million, respectively, in the year ended December 31, 2023.In May 2023, the Company sold a 2010-built Suezmax tanker for gross proceeds of $44.5 million. The vessel was delivered to the new owner in June 2023. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of $28.2 million, and the Company recorded a gain on sale of $9.3 million in the year ended December 31, 2023.In November 2021, the Company announced that it had entered into an agreement to sell four of its scrubber-fitted LR2 tankers for an aggregate sales price of $160.0 million to SFL Tanker Holding Ltd., a company related to Hemen, its largest shareholder. Two vessels were delivered to the new owners in December 2021 and the remaining two vessels were delivered to the new owners in January 2022. After repayment of debt on the vessels, the transaction generated net cash proceeds of $35.1 million and the Company recorded a gain of $4.6 million in the year ended December 31, 2022 for the two vessels delivered in the period.In April 2022, the Company announced that its subsidiary Frontline Shipping Limited had agreed with SFL, an affiliated company, to terminate the long-term charters for the two VLCCs, upon the sale and delivery of the vessels by SFL to an unrelated third party. The Company recognized a non-cash reduction in lease obligations of $46.6 million in the year ended December 31, 2022 in respect of these vessels. The Company agreed to a total compensation payment to SFL of $4.5 million for the termination of the current charters. The charters terminated and the vessels were delivered to the new owners in April 2022. The Company recorded a loss on termination of $0.4 million in the year ended December 31, 2022.In the year ended December 31, 2023, the Company recorded income of $1.7 million (2022: loss of $0.1 million) related to the pooling arrangement with SFL between two of its Suezmax tankers and two SFL vessels. As of December 31, 2023, vessels have been sold and delivered to their respective new owners resulting in the termination of the pooling arrangement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__62": {
"value": "4. REVENUE AND OTHER OPERATING INCOMEThe lease and non-lease components of our revenues in the year ended December 31, 2024 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues 1,029,163 925,872 1,955,035 Time charter revenues 64,359 20,714 85,073 Administrative income \u2014 10,277 10,277 Total revenues 1,093,522 956,863 2,050,385 The lease and non-lease components of our revenues in the year ended December 31, 2023 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues 982,818 740,399 1,723,217 Time charter revenues 49,870 13,901 63,771 Administrative income \u2014 15,196 15,196 Total revenues 1,032,688 769,496 1,802,184 The lease and non-lease components of our revenues in the year ended December 31, 2022 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues 601,057 744,907 1,345,964 Time charter revenues 45,515 26,276 71,791 Administrative income \u2014 12,453 12,453 Total revenues 646,572 783,636 1,430,208 Certain voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. $7.9 million of contract costs were capitalized in the year ended December 31, 2024 (2023: $6.2 million) as Other current assets, of which $3.3 million was amortized up to December 31, 2024 (2023: $2.7 million), leaving a remaining balance of $4.6 million as of December 31, 2024 (2023: $3.5 million). $3.5 million of contract assets were amortized in the year ended December 31, 2024 in relation to voyages in progress as of December 31, 2023. No impairment losses were recognized in the years ended December 31, 2024, 2023 and 2022.Administrative income primarily comprises the income earned from the technical and commercial management of vessels and newbuilding supervision fees from related parties, affiliated companies and third parties.Assets from contracts with customers (excluding amounts in relation to lease components) as of December 31, 2024 and 2023 are presented within the statements of financial position as follows:(in thousands of $)2024 2023Voyages in progress 46,772 46,994 Trade accounts receivable 54,892 48,136 Related party receivables 6,522 14,591 Other current assets 4,572 3,503 Total 112,758 113,224 Other operating income in the years ended December 31, 2024, 2023 and 2022 was as follows:(in thousands of $)20242023 2022Gain on settlement of claims \u2014 397 3,998 Other gains 42 41 18 Gain on sale of vessels 112,079 21,959 4,596 Loss on termination of leased vessels \u2014 \u2014 (431) Gain (loss) on pool arrangements \u2014 1,683 (141) Total 112,121 24,080 8,040In the year ended December 31, 2023, the Company recorded an arbitration award of $0.4 million (2022: $2.5 million) in relation to the failed sale of a vessel. In the year ended December 31, 2022, the Company also recorded a $1.5 million gain on the settlement of insurance claims for a vessel.In January 2024, the Company announced that it had entered into an agreement to sell its five oldest VLCCs, built in 2009 and 2010, for an aggregate net sale price of $290.0 million. Three of the vessels were delivered to the new owner during the first quarter of 2024, and the two remaining vessels were delivered in the second quarter of 2024. After repayment of existing debt on the five vessels, the transaction generated net cash proceeds of $208.0 million. The Company recorded a gain of $68.6 million in the year ended December 31, 2024. In January 2024, the Company entered into an agreement to sell one of its oldest Suezmax tankers, built in 2010, for a net sale price of $45.0 million. The vessel was delivered to the new owner during the second quarter of 2024. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of $32.0 million, and the Company recorded a gain of $11.8 million in the year ended December 31, 2024.In March 2024, the Company entered into an agreement to sell another one of its oldest Suezmax tankers, built in 2010, for a net sale price of $46.9 million. The vessel was delivered to the new owner during the second quarter of 2024. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of $34.0 million, and the Company recorded a gain of $13.8 million in the year ended December 31, 2024.In June 2024, the Company entered into an agreement to sell its oldest Suezmax tanker, built in 2010, for a net sale price of $48.5 million. The vessel was delivered to the new owner in October 2024. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of $36.5 million, and the Company recorded a gain of $17.9 million in the year ended December 31, 2024.In January 2023, the Company sold a 2009-built VLCC and a 2009-built Suezmax tanker for gross proceeds of $61.0 million and $39.5 million, respectively. The vessels were delivered to new owners in January and February 2023, respectively. After repayment of existing debt on the vessels, the transactions generated net cash proceeds of $63.6 million, and the Company recorded a gain on sale of $9.9 million and $2.8 million, respectively, in the year ended December 31, 2023.In May 2023, the Company sold a 2010-built Suezmax tanker for gross proceeds of $44.5 million. The vessel was delivered to the new owner in June 2023. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of $28.2 million, and the Company recorded a gain on sale of $9.3 million in the year ended December 31, 2023.In November 2021, the Company announced that it had entered into an agreement to sell four of its scrubber-fitted LR2 tankers for an aggregate sales price of $160.0 million to SFL Tanker Holding Ltd., a company related to Hemen, its largest shareholder. Two vessels were delivered to the new owners in December 2021 and the remaining two vessels were delivered to the new owners in January 2022. After repayment of debt on the vessels, the transaction generated net cash proceeds of $35.1 million and the Company recorded a gain of $4.6 million in the year ended December 31, 2022 for the two vessels delivered in the period.In April 2022, the Company announced that its subsidiary Frontline Shipping Limited had agreed with SFL, an affiliated company, to terminate the long-term charters for the two VLCCs, upon the sale and delivery of the vessels by SFL to an unrelated third party. The Company recognized a non-cash reduction in lease obligations of $46.6 million in the year ended December 31, 2022 in respect of these vessels. The Company agreed to a total compensation payment to SFL of $4.5 million for the termination of the current charters. The charters terminated and the vessels were delivered to the new owners in April 2022. The Company recorded a loss on termination of $0.4 million in the year ended December 31, 2022.In the year ended December 31, 2023, the Company recorded income of $1.7 million (2022: loss of $0.1 million) related to the pooling arrangement with SFL between two of its Suezmax tankers and two SFL vessels. As of December 31, 2023, vessels have been sold and delivered to their respective new owners resulting in the termination of the pooling arrangement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__61": {
"value": "4. REVENUE AND OTHER OPERATING INCOMEThe lease and non-lease components of our revenues in the year ended December 31, 2024 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues 1,029,163 925,872 1,955,035 Time charter revenues 64,359 20,714 85,073 Administrative income \u2014 10,277 10,277 Total revenues 1,093,522 956,863 2,050,385 The lease and non-lease components of our revenues in the year ended December 31, 2023 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues 982,818 740,399 1,723,217 Time charter revenues 49,870 13,901 63,771 Administrative income \u2014 15,196 15,196 Total revenues 1,032,688 769,496 1,802,184 The lease and non-lease components of our revenues in the year ended December 31, 2022 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues 601,057 744,907 1,345,964 Time charter revenues 45,515 26,276 71,791 Administrative income \u2014 12,453 12,453 Total revenues 646,572 783,636 1,430,208 Certain voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. $7.9 million of contract costs were capitalized in the year ended December 31, 2024 (2023: $6.2 million) as Other current assets, of which $3.3 million was amortized up to December 31, 2024 (2023: $2.7 million), leaving a remaining balance of $4.6 million as of December 31, 2024 (2023: $3.5 million). $3.5 million of contract assets were amortized in the year ended December 31, 2024 in relation to voyages in progress as of December 31, 2023. No impairment losses were recognized in the years ended December 31, 2024, 2023 and 2022.Administrative income primarily comprises the income earned from the technical and commercial management of vessels and newbuilding supervision fees from related parties, affiliated companies and third parties.Assets from contracts with customers (excluding amounts in relation to lease components) as of December 31, 2024 and 2023 are presented within the statements of financial position as follows:(in thousands of $)2024 2023Voyages in progress 46,772 46,994 Trade accounts receivable 54,892 48,136 Related party receivables 6,522 14,591 Other current assets 4,572 3,503 Total 112,758 113,224 Other operating income in the years ended December 31, 2024, 2023 and 2022 was as follows:(in thousands of $)20242023 2022Gain on settlement of claims \u2014 397 3,998 Other gains 42 41 18 Gain on sale of vessels 112,079 21,959 4,596 Loss on termination of leased vessels \u2014 \u2014 (431) Gain (loss) on pool arrangements \u2014 1,683 (141) Total 112,121 24,080 8,040In the year ended December 31, 2023, the Company recorded an arbitration award of $0.4 million (2022: $2.5 million) in relation to the failed sale of a vessel. In the year ended December 31, 2022, the Company also recorded a $1.5 million gain on the settlement of insurance claims for a vessel.In January 2024, the Company announced that it had entered into an agreement to sell its five oldest VLCCs, built in 2009 and 2010, for an aggregate net sale price of $290.0 million. Three of the vessels were delivered to the new owner during the first quarter of 2024, and the two remaining vessels were delivered in the second quarter of 2024. After repayment of existing debt on the five vessels, the transaction generated net cash proceeds of $208.0 million. The Company recorded a gain of $68.6 million in the year ended December 31, 2024. In January 2024, the Company entered into an agreement to sell one of its oldest Suezmax tankers, built in 2010, for a net sale price of $45.0 million. The vessel was delivered to the new owner during the second quarter of 2024. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of $32.0 million, and the Company recorded a gain of $11.8 million in the year ended December 31, 2024.In March 2024, the Company entered into an agreement to sell another one of its oldest Suezmax tankers, built in 2010, for a net sale price of $46.9 million. The vessel was delivered to the new owner during the second quarter of 2024. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of $34.0 million, and the Company recorded a gain of $13.8 million in the year ended December 31, 2024.In June 2024, the Company entered into an agreement to sell its oldest Suezmax tanker, built in 2010, for a net sale price of $48.5 million. The vessel was delivered to the new owner in October 2024. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of $36.5 million, and the Company recorded a gain of $17.9 million in the year ended December 31, 2024.In January 2023, the Company sold a 2009-built VLCC and a 2009-built Suezmax tanker for gross proceeds of $61.0 million and $39.5 million, respectively. The vessels were delivered to new owners in January and February 2023, respectively. After repayment of existing debt on the vessels, the transactions generated net cash proceeds of $63.6 million, and the Company recorded a gain on sale of $9.9 million and $2.8 million, respectively, in the year ended December 31, 2023.In May 2023, the Company sold a 2010-built Suezmax tanker for gross proceeds of $44.5 million. The vessel was delivered to the new owner in June 2023. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of $28.2 million, and the Company recorded a gain on sale of $9.3 million in the year ended December 31, 2023.In November 2021, the Company announced that it had entered into an agreement to sell four of its scrubber-fitted LR2 tankers for an aggregate sales price of $160.0 million to SFL Tanker Holding Ltd., a company related to Hemen, its largest shareholder. Two vessels were delivered to the new owners in December 2021 and the remaining two vessels were delivered to the new owners in January 2022. After repayment of debt on the vessels, the transaction generated net cash proceeds of $35.1 million and the Company recorded a gain of $4.6 million in the year ended December 31, 2022 for the two vessels delivered in the period.In April 2022, the Company announced that its subsidiary Frontline Shipping Limited had agreed with SFL, an affiliated company, to terminate the long-term charters for the two VLCCs, upon the sale and delivery of the vessels by SFL to an unrelated third party. The Company recognized a non-cash reduction in lease obligations of $46.6 million in the year ended December 31, 2022 in respect of these vessels. The Company agreed to a total compensation payment to SFL of $4.5 million for the termination of the current charters. The charters terminated and the vessels were delivered to the new owners in April 2022. The Company recorded a loss on termination of $0.4 million in the year ended December 31, 2022.In the year ended December 31, 2023, the Company recorded income of $1.7 million (2022: loss of $0.1 million) related to the pooling arrangement with SFL between two of its Suezmax tankers and two SFL vessels. As of December 31, 2023, vessels have been sold and delivered to their respective new owners resulting in the termination of the pooling arrangement.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__65": {
"value": "Certain voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. $7.9 million of contract costs were capitalized in the year ended December 31, 2024 (2023: $6.2 million) as Other current assets, of which $3.3 million was amortized up to December 31, 2024 (2023: $2.7 million), leaving a remaining balance of $4.6 million as of December 31, 2024 (2023: $3.5 million). $3.5 million of contract assets were amortized in the year ended December 31, 2024 in relation to voyages in progress as of December 31, 2023. No impairment losses were recognized in the years ended December 31, 2024, 2023 and 2022.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
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}
},
"f1__s8__6__64": {
"value": "Other operating income in the years ended December 31, 2024, 2023 and 2022 was as follows:(in thousands of $)20242023 2022Gain on settlement of claims \u2014 397 3,998 Other gains 42 41 18 Gain on sale of vessels 112,079 21,959 4,596 Loss on termination of leased vessels \u2014 \u2014 (431) Gain (loss) on pool arrangements \u2014 1,683 (141) Total 112,121 24,080 8,040",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__71": {
"value": "5. OPERATING EXPENSESVoyage expenses and commissions(in thousands of $) 2024 2023 2022Commissions 72,699 62,764 46,029 Bunkers 529,585 390,658 416,830 Other voyage related expenses 171,150 165,173 142,685 773,434 618,595 605,544 For vessels operated in the spot market, voyage expenses are paid by the shipowner while voyage expenses for vessels under a time charter contract, are paid by the charterer. No inventory write-downs were recognized as an expense in the years ended December 31, 2024, 2023 and 2022.The majority of other voyage expenses are port costs, agency fees and agent fees paid to operate the vessels on the spot market. Port costs vary depending on the number of spot voyages performed, number and type of ports. Ship operating expenses(in thousands of $) 2024 2023 2022Technical management expenses 88,433 62,207 66,238 Crew costs 125,602 99,809 96,283 Insurances 18,208 14,517 12,643 232,243 176,533 175,164 Ship operating expenses are the direct costs associated with running a vessel and include crew costs, vessel supplies, repairs and maintenance, lubricating oils and insurances. The technical management of our vessels is provided by third-party ship management companies.Administrative expenses(in thousands of $) 2024 2023 2022Total compensation to employees and directors 17,892 29,894 22,442 Office and administrative expenses 14,183 15,573 12,105 Audit, legal and consultancy 4,011 8,061 12,827 36,086 53,528 47,374 Total compensation to employees and directors:(in thousands of $) 2024 2023 2022Directors fees 511 511 465 Wages and salaries 15,659 14,838 15,247 Stock option expense (1,422) 11,247 4,700 Social security costs 1,711 2,001 1,130 Pension costs 1,054 1,040 772 Other staff related costs 379 257 128 17,892 29,894 22,442 The average number of employees employed by the Company and its subsidiaries in the year ended December 31, 2024 was 87 (2023: 83, 2022: 79).Fees paid or accrued for audit and related services:(in thousands of $) 2024 2023 2022Audit of annual financial statements:Statutory auditor 637 141 136 Other PwC Network firms 1,155 1,333 2,290 Services provided by Other PwC Network firms:Other non assurance services 5 15 4 Total 1,797 1,489 2,430 The fees charged by the statutory auditor in the year ended December 31, 2024 include an amount of $0.5 million (2023: $nil, 2022: nil) that relates to the audit of the financial statements of subsidiary undertakings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__70-1": {
"value": "5. OPERATING EXPENSESVoyage expenses and commissions(in thousands of $) 2024 2023 2022Commissions 72,699 62,764 46,029 Bunkers 529,585 390,658 416,830 Other voyage related expenses 171,150 165,173 142,685 773,434 618,595 605,544 For vessels operated in the spot market, voyage expenses are paid by the shipowner while voyage expenses for vessels under a time charter contract, are paid by the charterer. No inventory write-downs were recognized as an expense in the years ended December 31, 2024, 2023 and 2022.The majority of other voyage expenses are port costs, agency fees and agent fees paid to operate the vessels on the spot market. Port costs vary depending on the number of spot voyages performed, number and type of ports. Ship operating expenses(in thousands of $) 2024 2023 2022Technical management expenses 88,433 62,207 66,238 Crew costs 125,602 99,809 96,283 Insurances 18,208 14,517 12,643 232,243 176,533 175,164 Ship operating expenses are the direct costs associated with running a vessel and include crew costs, vessel supplies, repairs and maintenance, lubricating oils and insurances. The technical management of our vessels is provided by third-party ship management companies.Administrative expenses(in thousands of $) 2024 2023 2022Total compensation to employees and directors 17,892 29,894 22,442 Office and administrative expenses 14,183 15,573 12,105 Audit, legal and consultancy 4,011 8,061 12,827 36,086 53,528 47,374 Total compensation to employees and directors:(in thousands of $) 2024 2023 2022Directors fees 511 511 465 Wages and salaries 15,659 14,838 15,247 Stock option expense (1,422) 11,247 4,700 Social security costs 1,711 2,001 1,130 Pension costs 1,054 1,040 772 Other staff related costs 379 257 128 17,892 29,894 22,442 The average number of employees employed by the Company and its subsidiaries in the year ended December 31, 2024 was 87 (2023: 83, 2022: 79).Fees paid or accrued for audit and related services:(in thousands of $) 2024 2023 2022Audit of annual financial statements:Statutory auditor 637 141 136 Other PwC Network firms 1,155 1,333 2,290 Services provided by Other PwC Network firms:Other non assurance services 5 15 4 Total 1,797 1,489 2,430 The fees charged by the statutory auditor in the year ended December 31, 2024 include an amount of $0.5 million (2023: $nil, 2022: nil) that relates to the audit of the financial statements of subsidiary undertakings.6. NET FINANCE EXPENSE(in thousands of $) 2024 2023 2022Interest income 16,785 16,496 1,463 Foreign exchange gains 313 1,569 16 Finance income 17,098 18,065 1,479 Interest expense on financial liabilities measured at amortized cost 302,324 178,498 97,775 Interest leasing \u2014 \u2014 937 Gain on interest rate swaps (9,206) (8,039) (53,623) Foreign exchange losses 1,023 335 \u2014 Other financial expenses 947 542 241 Finance expense 295,088 171,336 45,330 Net finance expense (277,990) (153,271) (43,851)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__69": {
"value": "5. OPERATING EXPENSESVoyage expenses and commissions(in thousands of $) 2024 2023 2022Commissions 72,699 62,764 46,029 Bunkers 529,585 390,658 416,830 Other voyage related expenses 171,150 165,173 142,685 773,434 618,595 605,544 For vessels operated in the spot market, voyage expenses are paid by the shipowner while voyage expenses for vessels under a time charter contract, are paid by the charterer. No inventory write-downs were recognized as an expense in the years ended December 31, 2024, 2023 and 2022.The majority of other voyage expenses are port costs, agency fees and agent fees paid to operate the vessels on the spot market. Port costs vary depending on the number of spot voyages performed, number and type of ports. Ship operating expenses(in thousands of $) 2024 2023 2022Technical management expenses 88,433 62,207 66,238 Crew costs 125,602 99,809 96,283 Insurances 18,208 14,517 12,643 232,243 176,533 175,164 Ship operating expenses are the direct costs associated with running a vessel and include crew costs, vessel supplies, repairs and maintenance, lubricating oils and insurances. The technical management of our vessels is provided by third-party ship management companies.Administrative expenses(in thousands of $) 2024 2023 2022Total compensation to employees and directors 17,892 29,894 22,442 Office and administrative expenses 14,183 15,573 12,105 Audit, legal and consultancy 4,011 8,061 12,827 36,086 53,528 47,374 Total compensation to employees and directors:(in thousands of $) 2024 2023 2022Directors fees 511 511 465 Wages and salaries 15,659 14,838 15,247 Stock option expense (1,422) 11,247 4,700 Social security costs 1,711 2,001 1,130 Pension costs 1,054 1,040 772 Other staff related costs 379 257 128 17,892 29,894 22,442 The average number of employees employed by the Company and its subsidiaries in the year ended December 31, 2024 was 87 (2023: 83, 2022: 79).Fees paid or accrued for audit and related services:(in thousands of $) 2024 2023 2022Audit of annual financial statements:Statutory auditor 637 141 136 Other PwC Network firms 1,155 1,333 2,290 Services provided by Other PwC Network firms:Other non assurance services 5 15 4 Total 1,797 1,489 2,430 The fees charged by the statutory auditor in the year ended December 31, 2024 include an amount of $0.5 million (2023: $nil, 2022: nil) that relates to the audit of the financial statements of subsidiary undertakings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__68": {
"value": "5. OPERATING EXPENSESVoyage expenses and commissions(in thousands of $) 2024 2023 2022Commissions 72,699 62,764 46,029 Bunkers 529,585 390,658 416,830 Other voyage related expenses 171,150 165,173 142,685 773,434 618,595 605,544 For vessels operated in the spot market, voyage expenses are paid by the shipowner while voyage expenses for vessels under a time charter contract, are paid by the charterer. No inventory write-downs were recognized as an expense in the years ended December 31, 2024, 2023 and 2022.The majority of other voyage expenses are port costs, agency fees and agent fees paid to operate the vessels on the spot market. Port costs vary depending on the number of spot voyages performed, number and type of ports. Ship operating expenses(in thousands of $) 2024 2023 2022Technical management expenses 88,433 62,207 66,238 Crew costs 125,602 99,809 96,283 Insurances 18,208 14,517 12,643 232,243 176,533 175,164 Ship operating expenses are the direct costs associated with running a vessel and include crew costs, vessel supplies, repairs and maintenance, lubricating oils and insurances. The technical management of our vessels is provided by third-party ship management companies.Administrative expenses(in thousands of $) 2024 2023 2022Total compensation to employees and directors 17,892 29,894 22,442 Office and administrative expenses 14,183 15,573 12,105 Audit, legal and consultancy 4,011 8,061 12,827 36,086 53,528 47,374 Total compensation to employees and directors:(in thousands of $) 2024 2023 2022Directors fees 511 511 465 Wages and salaries 15,659 14,838 15,247 Stock option expense (1,422) 11,247 4,700 Social security costs 1,711 2,001 1,130 Pension costs 1,054 1,040 772 Other staff related costs 379 257 128 17,892 29,894 22,442 The average number of employees employed by the Company and its subsidiaries in the year ended December 31, 2024 was 87 (2023: 83, 2022: 79).Fees paid or accrued for audit and related services:(in thousands of $) 2024 2023 2022Audit of annual financial statements:Statutory auditor 637 141 136 Other PwC Network firms 1,155 1,333 2,290 Services provided by Other PwC Network firms:Other non assurance services 5 15 4 Total 1,797 1,489 2,430 The fees charged by the statutory auditor in the year ended December 31, 2024 include an amount of $0.5 million (2023: $nil, 2022: nil) that relates to the audit of the financial statements of subsidiary undertakings.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__6__67": {
"value": "5. OPERATING EXPENSESVoyage expenses and commissions(in thousands of $) 2024 2023 2022Commissions 72,699 62,764 46,029 Bunkers 529,585 390,658 416,830 Other voyage related expenses 171,150 165,173 142,685 773,434 618,595 605,544 For vessels operated in the spot market, voyage expenses are paid by the shipowner while voyage expenses for vessels under a time charter contract, are paid by the charterer. No inventory write-downs were recognized as an expense in the years ended December 31, 2024, 2023 and 2022.The majority of other voyage expenses are port costs, agency fees and agent fees paid to operate the vessels on the spot market. Port costs vary depending on the number of spot voyages performed, number and type of ports. Ship operating expenses(in thousands of $) 2024 2023 2022Technical management expenses 88,433 62,207 66,238 Crew costs 125,602 99,809 96,283 Insurances 18,208 14,517 12,643 232,243 176,533 175,164 Ship operating expenses are the direct costs associated with running a vessel and include crew costs, vessel supplies, repairs and maintenance, lubricating oils and insurances. The technical management of our vessels is provided by third-party ship management companies.Administrative expenses(in thousands of $) 2024 2023 2022Total compensation to employees and directors 17,892 29,894 22,442 Office and administrative expenses 14,183 15,573 12,105 Audit, legal and consultancy 4,011 8,061 12,827 36,086 53,528 47,374 Total compensation to employees and directors:(in thousands of $) 2024 2023 2022Directors fees 511 511 465 Wages and salaries 15,659 14,838 15,247 Stock option expense (1,422) 11,247 4,700 Social security costs 1,711 2,001 1,130 Pension costs 1,054 1,040 772 Other staff related costs 379 257 128 17,892 29,894 22,442 The average number of employees employed by the Company and its subsidiaries in the year ended December 31, 2024 was 87 (2023: 83, 2022: 79).Fees paid or accrued for audit and related services:(in thousands of $) 2024 2023 2022Audit of annual financial statements:Statutory auditor 637 141 136 Other PwC Network firms 1,155 1,333 2,290 Services provided by Other PwC Network firms:Other non assurance services 5 15 4 Total 1,797 1,489 2,430 The fees charged by the statutory auditor in the year ended December 31, 2024 include an amount of $0.5 million (2023: $nil, 2022: nil) that relates to the audit of the financial statements of subsidiary undertakings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__6__66": {
"value": "5. OPERATING EXPENSESVoyage expenses and commissions(in thousands of $) 2024 2023 2022Commissions 72,699 62,764 46,029 Bunkers 529,585 390,658 416,830 Other voyage related expenses 171,150 165,173 142,685 773,434 618,595 605,544 For vessels operated in the spot market, voyage expenses are paid by the shipowner while voyage expenses for vessels under a time charter contract, are paid by the charterer. No inventory write-downs were recognized as an expense in the years ended December 31, 2024, 2023 and 2022.The majority of other voyage expenses are port costs, agency fees and agent fees paid to operate the vessels on the spot market. Port costs vary depending on the number of spot voyages performed, number and type of ports. Ship operating expenses(in thousands of $) 2024 2023 2022Technical management expenses 88,433 62,207 66,238 Crew costs 125,602 99,809 96,283 Insurances 18,208 14,517 12,643 232,243 176,533 175,164 Ship operating expenses are the direct costs associated with running a vessel and include crew costs, vessel supplies, repairs and maintenance, lubricating oils and insurances. The technical management of our vessels is provided by third-party ship management companies.Administrative expenses(in thousands of $) 2024 2023 2022Total compensation to employees and directors 17,892 29,894 22,442 Office and administrative expenses 14,183 15,573 12,105 Audit, legal and consultancy 4,011 8,061 12,827 36,086 53,528 47,374 Total compensation to employees and directors:(in thousands of $) 2024 2023 2022Directors fees 511 511 465 Wages and salaries 15,659 14,838 15,247 Stock option expense (1,422) 11,247 4,700 Social security costs 1,711 2,001 1,130 Pension costs 1,054 1,040 772 Other staff related costs 379 257 128 17,892 29,894 22,442 The average number of employees employed by the Company and its subsidiaries in the year ended December 31, 2024 was 87 (2023: 83, 2022: 79).Fees paid or accrued for audit and related services:(in thousands of $) 2024 2023 2022Audit of annual financial statements:Statutory auditor 637 141 136 Other PwC Network firms 1,155 1,333 2,290 Services provided by Other PwC Network firms:Other non assurance services 5 15 4 Total 1,797 1,489 2,430 The fees charged by the statutory auditor in the year ended December 31, 2024 include an amount of $0.5 million (2023: $nil, 2022: nil) that relates to the audit of the financial statements of subsidiary undertakings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__6__78-1": {
"value": "6. NET FINANCE EXPENSE(in thousands of $) 2024 2023 2022Interest income 16,785 16,496 1,463 Foreign exchange gains 313 1,569 16 Finance income 17,098 18,065 1,479 Interest expense on financial liabilities measured at amortized cost 302,324 178,498 97,775 Interest leasing \u2014 \u2014 937 Gain on interest rate swaps (9,206) (8,039) (53,623) Foreign exchange losses 1,023 335 \u2014 Other financial expenses 947 542 241 Finance expense 295,088 171,336 45,330 Net finance expense (277,990) (153,271) (43,851)11. NEWBUILDINGSMovements in the three years ended December 31, 2024 are as follows:(in thousands of $) Balance at January 1, 2022 130,633 Installments and other costs paid and payable 299,963 Transfer to Vessels and equipment (386,241) Capitalized borrowing costs 3,636 Balance at December 31, 2022 47,991 Installments and other costs paid and payable 145,753 Transfer to Vessels and equipment (193,878) Capitalized borrowing costs 134 Balance at December 31, 2023 \u2014 Balance at December 31, 2024 \u2014 No newbuildings were delivered in the year ended December 31, 2024 (2023: two VLCCs, 2022: four VLCCs).As of December 31, 2024, there are no vessels in the Company\u2019s newbuilding program and there are no commitments.",
"dimensions": {
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"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__77": {
"value": "6. NET FINANCE EXPENSE(in thousands of $) 2024 2023 2022Interest income 16,785 16,496 1,463 Foreign exchange gains 313 1,569 16 Finance income 17,098 18,065 1,479 Interest expense on financial liabilities measured at amortized cost 302,324 178,498 97,775 Interest leasing \u2014 \u2014 937 Gain on interest rate swaps (9,206) (8,039) (53,623) Foreign exchange losses 1,023 335 \u2014 Other financial expenses 947 542 241 Finance expense 295,088 171,336 45,330 Net finance expense (277,990) (153,271) (43,851)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__76": {
"value": "6. NET FINANCE EXPENSE(in thousands of $) 2024 2023 2022Interest income 16,785 16,496 1,463 Foreign exchange gains 313 1,569 16 Finance income 17,098 18,065 1,479 Interest expense on financial liabilities measured at amortized cost 302,324 178,498 97,775 Interest leasing \u2014 \u2014 937 Gain on interest rate swaps (9,206) (8,039) (53,623) Foreign exchange losses 1,023 335 \u2014 Other financial expenses 947 542 241 Finance expense 295,088 171,336 45,330 Net finance expense (277,990) (153,271) (43,851)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__75": {
"value": "6. NET FINANCE EXPENSE(in thousands of $) 2024 2023 2022Interest income 16,785 16,496 1,463 Foreign exchange gains 313 1,569 16 Finance income 17,098 18,065 1,479 Interest expense on financial liabilities measured at amortized cost 302,324 178,498 97,775 Interest leasing \u2014 \u2014 937 Gain on interest rate swaps (9,206) (8,039) (53,623) Foreign exchange losses 1,023 335 \u2014 Other financial expenses 947 542 241 Finance expense 295,088 171,336 45,330 Net finance expense (277,990) (153,271) (43,851)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__74": {
"value": "6. NET FINANCE EXPENSE(in thousands of $) 2024 2023 2022Interest income 16,785 16,496 1,463 Foreign exchange gains 313 1,569 16 Finance income 17,098 18,065 1,479 Interest expense on financial liabilities measured at amortized cost 302,324 178,498 97,775 Interest leasing \u2014 \u2014 937 Gain on interest rate swaps (9,206) (8,039) (53,623) Foreign exchange losses 1,023 335 \u2014 Other financial expenses 947 542 241 Finance expense 295,088 171,336 45,330 Net finance expense (277,990) (153,271) (43,851)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__6__73": {
"value": "6. NET FINANCE EXPENSE(in thousands of $) 2024 2023 2022Interest income 16,785 16,496 1,463 Foreign exchange gains 313 1,569 16 Finance income 17,098 18,065 1,479 Interest expense on financial liabilities measured at amortized cost 302,324 178,498 97,775 Interest leasing \u2014 \u2014 937 Gain on interest rate swaps (9,206) (8,039) (53,623) Foreign exchange losses 1,023 335 \u2014 Other financial expenses 947 542 241 Finance expense 295,088 171,336 45,330 Net finance expense (277,990) (153,271) (43,851)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__80": {
"value": "7. INCOME TAXESCertain of the Company's subsidiaries are tax resident in Cyprus, Singapore, China, Norway and the United Kingdom and are subject to income tax in their respective jurisdictions. Such taxes are not material to our consolidated financial statements and related disclosures for the years ended December 31, 2024, 2023 and 2022.CyprusUnder the provisions of Cyprus tax laws, such income shall be included in the estimation of taxable income to be taxed at the rate of 12.5%.In line with the Cypriot tonnage tax system, the Company pays tax calculated on the basis of the net tonnage of the qualifying vessels the Company owns, charters or manages. The option for tonnage tax once made is obligatory for ten years. Tonnage tax payable in relation to our vessel owning subsidiaries are recorded as ship operating expenses in the Consolidated Statements of Profit or Loss.On October 3, 2023, the Cyprus Ministry of Finance initiated a public consultation to incorporate the EU Directive, aimed at establishing a global minimum tax level for multinational and large-scale domestic enterprise groups, into national legislation. This Directive, originating from the OECD/G20 BEPS Pillar Two Model Rules was voted on by the EU states on December 14, 2022, and seeks to ensure fair taxation practices internationally. The Directive was voted into domestic law on December 18 2024, \u201cThe Safeguarding of a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union Law of 2023\u201d, with application to financial periods starting on or after December 31, 2023, harmonizing the Cyprus tax framework with the Directive. This new law does not amend the CIT legislation; the law introduces an additional set of tax rules to be applied alongside the application of CIT and other relevant taxes for MNEs in scope. The law introduces the Qualified Income Inclusion Rule (\u201cQIIR\u201d) which is effective for accounting periods beginning on or after December 31, 2023 and the Qualified Undertaxed Profits Rule (\u201cUTPR\u201d) which is effective for accounting periods beginning on or after December 31, 2024.Cyprus has elected to adopt the Qualifying Domestic Minimum Top Up Tax (\u201cQDMTT\u201d) and will be effective as of January 1, 2025. This will allow Cyprus jurisdiction to collect the top-up tax in its own jurisdiction instead of allowing a foreign jurisdiction to charge top-up taxes elsewhere.The legislation targets multinational and large domestic enterprise groups with a consolidated revenue exceeding EUR 750 million in two of the last four years before the assessed fiscal year. It proposes a global minimum effective tax rate of 15%, as compared to the corporate tax rate in Cyprus of 12.5%, and includes specific exemptions (provided that certain conditions are met) for International Shipping Income. In light of these developments, management is currently evaluating the potential implications of the law on the Company\u2019s operations and financial planning. As these and other tax laws and related regulations change (including changes in the interpretation, approach and guidance of tax authorities), our financial results could be materially impacted. United StatesFor the three years ended December 31, 2024, 2023 and 2022, the Company did not accrue U.S. income taxes as the Company is not engaged in a U.S. trade or business and is exempted from a gross basis tax under Section 883 of the U.S. Internal Revenue Code.Under Section 863(c)(2)(A) of the Internal Revenue Code, 50% of all transportation revenue attributable to transportation which begins or ends in the United States shall be treated as from sources within the United States where no Section 883 exemption is available. Such revenue is subject to 4% tax. No revenue tax has been recorded in voyage expenses and commissions in the year ended December 31, 2024 (2023: nil, 2022: nil).The Company does not have any unrecognized tax benefits, material accrued interest or penalties relating to income taxes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__79": {
"value": "7. INCOME TAXESCertain of the Company's subsidiaries are tax resident in Cyprus, Singapore, China, Norway and the United Kingdom and are subject to income tax in their respective jurisdictions. Such taxes are not material to our consolidated financial statements and related disclosures for the years ended December 31, 2024, 2023 and 2022.CyprusUnder the provisions of Cyprus tax laws, such income shall be included in the estimation of taxable income to be taxed at the rate of 12.5%.In line with the Cypriot tonnage tax system, the Company pays tax calculated on the basis of the net tonnage of the qualifying vessels the Company owns, charters or manages. The option for tonnage tax once made is obligatory for ten years. Tonnage tax payable in relation to our vessel owning subsidiaries are recorded as ship operating expenses in the Consolidated Statements of Profit or Loss.On October 3, 2023, the Cyprus Ministry of Finance initiated a public consultation to incorporate the EU Directive, aimed at establishing a global minimum tax level for multinational and large-scale domestic enterprise groups, into national legislation. This Directive, originating from the OECD/G20 BEPS Pillar Two Model Rules was voted on by the EU states on December 14, 2022, and seeks to ensure fair taxation practices internationally. The Directive was voted into domestic law on December 18 2024, \u201cThe Safeguarding of a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union Law of 2023\u201d, with application to financial periods starting on or after December 31, 2023, harmonizing the Cyprus tax framework with the Directive. This new law does not amend the CIT legislation; the law introduces an additional set of tax rules to be applied alongside the application of CIT and other relevant taxes for MNEs in scope. The law introduces the Qualified Income Inclusion Rule (\u201cQIIR\u201d) which is effective for accounting periods beginning on or after December 31, 2023 and the Qualified Undertaxed Profits Rule (\u201cUTPR\u201d) which is effective for accounting periods beginning on or after December 31, 2024.Cyprus has elected to adopt the Qualifying Domestic Minimum Top Up Tax (\u201cQDMTT\u201d) and will be effective as of January 1, 2025. This will allow Cyprus jurisdiction to collect the top-up tax in its own jurisdiction instead of allowing a foreign jurisdiction to charge top-up taxes elsewhere.The legislation targets multinational and large domestic enterprise groups with a consolidated revenue exceeding EUR 750 million in two of the last four years before the assessed fiscal year. It proposes a global minimum effective tax rate of 15%, as compared to the corporate tax rate in Cyprus of 12.5%, and includes specific exemptions (provided that certain conditions are met) for International Shipping Income. In light of these developments, management is currently evaluating the potential implications of the law on the Company\u2019s operations and financial planning. As these and other tax laws and related regulations change (including changes in the interpretation, approach and guidance of tax authorities), our financial results could be materially impacted. United StatesFor the three years ended December 31, 2024, 2023 and 2022, the Company did not accrue U.S. income taxes as the Company is not engaged in a U.S. trade or business and is exempted from a gross basis tax under Section 883 of the U.S. Internal Revenue Code.Under Section 863(c)(2)(A) of the Internal Revenue Code, 50% of all transportation revenue attributable to transportation which begins or ends in the United States shall be treated as from sources within the United States where no Section 883 exemption is available. Such revenue is subject to 4% tax. No revenue tax has been recorded in voyage expenses and commissions in the year ended December 31, 2024 (2023: nil, 2022: nil).The Company does not have any unrecognized tax benefits, material accrued interest or penalties relating to income taxes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__82": {
"value": "8. EARNINGS PER SHAREBasic earnings per share is computed based on the income available to ordinary shareholders and the weighted average number of shares outstanding. Diluted earnings per share includes the effect of the assumed conversion of potentially dilutive instruments, for which there was no impact in the years ended December 31, 2024, 2023 and 2022 as there were no potentially dilutive stock options in the periods.The weighted average number of shares outstanding for the purpose of calculating basic and diluted earnings per share for the year ended December 31, 2022 of 214,011,000 includes the impact of the 19,091,910 shares issued to Hemen for no cash consideration in connection with the CMB.TECH NV (formerly Euronav NV) (\u201cCMB.TECH\u201d) share acquisition. Refer to Note 9 for further details.The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows:(in thousands of $) 2024 2023 2022Profit for the period 495,583 656,414 475,537 (in thousands)Weighted average number of basic and diluted shares 222,623 222,623 214,011 Cash dividends paid per share $1.95 $2.87 $0.15",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__81": {
"value": "8. EARNINGS PER SHAREBasic earnings per share is computed based on the income available to ordinary shareholders and the weighted average number of shares outstanding. Diluted earnings per share includes the effect of the assumed conversion of potentially dilutive instruments, for which there was no impact in the years ended December 31, 2024, 2023 and 2022 as there were no potentially dilutive stock options in the periods.The weighted average number of shares outstanding for the purpose of calculating basic and diluted earnings per share for the year ended December 31, 2022 of 214,011,000 includes the impact of the 19,091,910 shares issued to Hemen for no cash consideration in connection with the CMB.TECH NV (formerly Euronav NV) (\u201cCMB.TECH\u201d) share acquisition. Refer to Note 9 for further details.The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows:(in thousands of $) 2024 2023 2022Profit for the period 495,583 656,414 475,537 (in thousands)Weighted average number of basic and diluted shares 222,623 222,623 214,011 Cash dividends paid per share $1.95 $2.87 $0.15",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__83": {
"value": "9. MARKETABLE SECURITIESMarketable securities held by the Company are listed equity securities. In the year ended December 31, 2024, the Company received dividends of $3.5 million (2023: $36.9 million, 2022: $1.6 million) from its investments in marketable securities.Movements in marketable securities for the years ended December 31, 2024, 2023 and 2022 are as follows:(in thousands of $) 2024 2023 2022Balance at the beginning of the year 7,432 236,281 2,435 Marketable securities acquired \u2014 \u2014 167,709 Proceeds from sale of marketable securities \u2014 (251,839) \u2014 Gain on marketable securities sold during the year \u2014 18,994 \u2014 Unrealized gain (loss) on marketable securities held at the end of the year (3,405) 3,996 66,137 Balance at the end of the year 4,027 7,432 236,281 Avance GasAs of December 31, 2024, 2023 and 2022, the Company held 442,384 shares in Avance Gas. In the year ended December 31, 2024, the Company recognized an unrealized loss of $3.3 million (2023: gain of $3.8 million, 2022: gain of $0.9 million) in relation to these shares.SFLAs of December 31, 2024, 2023 and 2022, the Company held 73,165 shares in SFL. In the year ended December 31, 2024, the Company recognized an unrealized loss of $0.1 million (2023: gain of $0.1 million, 2022: gain of $0.1 million) in relation to these shares.Golden OceanAs of December 31, 2024, 2023 and 2022, the Company held 10,299 shares in Golden Ocean. In the year ended December 31, 2024, the Company recognized an unrealized loss of $0.01 million (2023: gain of $0.01 million, 2022: loss of $0.01 million) in relation to these shares.CMB.TECHShare acquisition in the year ended December 31, 2022On May 28, 2022, the Company announced that it agreed to acquire in privately negotiated share exchange transactions with certain shareholders of CMB.TECH a total of 5,955,705 shares in CMB.TECH, representing 2.95% of the outstanding shares in CMB.TECH as of this date, in exchange for a total of 8,337,986 ordinary shares of Frontline. Frontline received the $0.06 dividend per share that was paid on June 8, 2022 by CMB.TECH in respect of these 5,955,705 shares. On June 10, 2022, the Company announced that it agreed to acquire in privately negotiated transactions with certain shareholders of CMB.TECH a total of 7,708,908 shares in CMB.TECH, representing 3.82% of the outstanding shares in CMB.TECH as 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 into a share lending arrangement with Hemen to facilitate settlement of such transactions. Pursuant to such arrangement, Hemen delivered an aggregate of 19,091,910 Frontline shares to the exchanging CMB.TECH holders in June 2022 and Frontline agreed to issue to Hemen the same number of shares of Frontline in full satisfaction of the share lending arrangement. The shares were issued to Hemen in August 2022.As of December 31, 2022, the Company held 13,664,613 shares in CMB.TECH, as a result of the above transactions. The acquired shares were initially recognized at their fair value of $167.7 million and the Company recorded a realized loss of $7.8 million in relation to these transactions, being the difference between the transaction price to acquire these shares and their fair value as of the transaction dates. The transaction price paid to acquire these shares was $175.5 million, which was the fair value of the Frontline's shares as of the transaction dates.Based on the CMB.TECH share price as of December 31, 2022, the fair value of the shares held in CMB.TECH was $232.8 million, which resulted in an unrealized gain of $65.1 million.Share sale in the year ended December 31, 2023On October 9, 2023, in connection with the Acquisition (as defined in Note 12), Frontline and Famatown Finance Limited, a company related to Hemen agreed to sell all their shares in CMB.TECH (57,479,744 shares, representing in aggregate 26.12% of CMB.TECH\u2019s issued shares) to Compagnie Maritime Belge NV (\u201cCMB\u201d) at a price of $18.43 per share (the \u201cShare Sale\u201d). In November 2023, all conditions precedent to the Share Sale, including approval of the inter-conditionality of the Share Sale and the Acquisition by the CMB.TECH shareholders and receipt of anti-trust approvals, were fulfilled. The Share Sale closed in November 2023 at which time Frontline sold its 13,664,613 shares in CMB.TECH to CMB for $251.8 million. The proceeds from the Share Sale have been used to partly finance the Acquisition.In the year ended December 31, 2023, the Company recognized a gain on marketable securities in relation to the CMB.TECH shares of $19.0 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__85": {
"value": "10. TRADE AND OTHER RECEIVABLESDecember 31, December 31, (in thousands of $)20242023Trade receivables 117,624 112,735 Other receivables 11,319 11,912 128,943 124,647 Trade and other receivables are presented net of allowances for doubtful accounts of $6.4 million as of December 31, 2024 (2023: $4.3 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__86-1": {
"value": "11. NEWBUILDINGSMovements in the three years ended December 31, 2024 are as follows:(in thousands of $) Balance at January 1, 2022 130,633 Installments and other costs paid and payable 299,963 Transfer to Vessels and equipment (386,241) Capitalized borrowing costs 3,636 Balance at December 31, 2022 47,991 Installments and other costs paid and payable 145,753 Transfer to Vessels and equipment (193,878) Capitalized borrowing costs 134 Balance at December 31, 2023 \u2014 Balance at December 31, 2024 \u2014 No newbuildings were delivered in the year ended December 31, 2024 (2023: two VLCCs, 2022: four VLCCs).As of December 31, 2024, there are no vessels in the Company\u2019s newbuilding program and there are no commitments.12.VESSELS AND EQUIPMENTMovements in the three years ended December 31, 2024 are as follows:Vessels and Dry dock Net Carrying (in thousands of $)equipmentcomponentValueCostAs of January 1, 2024 5,464,799 147,655 5,612,454 Additions 1,235,070 33,279 1,268,349 Disposals (788,737) (26,331) (815,068) As of December 31, 2024 5,911,132 154,603 6,065,735 Accumulated depreciationAs of January 1, 2024 (890,918) (88,367) (979,285) Charge for the period (315,483) (22,746) (338,229) Disposals 478,524 19,952 498,476 As of December 31, 2024 (727,877) (91,161) (819,038) Net book value as of December 31, 2024 5,183,255 63,442 5,246,697 CostAs of January 1, 2023 4,390,718 126,437 4,517,155 Additions 1,113,143 26,114 1,139,257 Transfers from newbuildings 191,132 2,746 193,878 Disposals (230,194) (7,642) (237,836) As of December 31, 2023 5,464,799 147,655 5,612,454 Accumulated depreciationAs of January 1, 2023 (790,346) (76,157) (866,503) Charge for the period (212,088) (17,982) (230,070) Disposals 111,516 5,772 117,288 As of December 31, 2023 (890,918) (88,367) (979,285) Net book value as of December 31, 2023 4,573,881 59,288 4,633,169 CostAs of January 1, 2022 4,089,351 107,616 4,196,967 Additions 16,483 17,850 34,333 Transfers from newbuildings 380,859 5,382 386,241 Disposals (95,975) (4,411) (100,386) As of December 31, 2022 4,390,718 126,437 4,517,155 Accumulated depreciationAs of January 1, 2022 (666,860) (62,807) (729,667) Charge for the period (145,623) (16,324) (161,947) Disposals 22,137 2,974 25,111 As of December 31, 2022 (790,346) (76,157) (866,503) CMB.TECH VLCC AcquisitionOn October 9, 2023, Frontline entered into a Framework Agreement (the \u201cFramework Agreement\u201d) with CMB.TECH. Pursuant to the Framework Agreement, the Company agreed to purchase 24 VLCCs with an average age of 5.3 years, for an aggregate purchase price of $2,350.0 million from CMB.TECH (the \u201cAcquisition\u201d).All of the agreements relating to the Acquisition came into effect in November 2023. In December 2023, the Company took delivery of 11 of the vessels for consideration of $1,112.2 million. The Company had a commitment of $890.0 million for the remaining 13 vessels to be delivered excluding $347.8 million of prepaid consideration as of December 31, 2023. The Company took delivery of the 13 remaining vessels for consideration of $1,237.8 million in the year ended December 31, 2024.In the year ended December 31, 2024, the Company:\u2022 sold five VLCCs and three Suezmax tankers;\u2022 completed the installation of a ballast water treatment system on one vessel; and\u2022 performed dry docks on 12 vessels.In the year ended December 31, 2023, the Company:\u2022 completed the installation of EGCS on two vessels;\u2022 took delivery of two VLCC newbuildings; \u2022 sold one VLCC and two Suezmax tankers; and\u2022 performed dry docks on 10 vessels.In the year ended December 31, 2022, the Company:\u2022 completed the installation of EGCS on eight vessels;\u2022 took delivery of four VLCC newbuildings;\u2022 sold two LR2 tankers; and\u2022 performed dry docks on 14 vessels.ImpairmentAs of December 31, 2022To determine whether it was necessary to re-estimate the recoverable amounts of our owned vessels, including newbuildings, as of December 31, 2022, the Company assessed whether any events had occurred that would eliminate the difference calculated between the carrying amounts and recoverable amounts as of December 31, 2021. Based on this assessment, we observed that the estimated market values received from independent ship brokers had increased significantly during the period for all our vessels and actual and forecasted TCE rates and operating results had also improved significantly. Furthermore, the estimated recoverable amounts of all our vessels as of December 31, 2021 were not sensitive to possible impairment indicators, including the change in useful life of our vessels from 25 to 20 years as of January 1, 2023. Accordingly, we did not re-estimate our vessel's recoverable amounts as of December 31, 2022 and no impairment loss was recognized in the year ended December 31, 2022.As of December 31, 2023We did not identify any events or changes in circumstances indicating that the carrying amounts of our owned vessels might not be recovered as of December 31, 2023. Based on our assessment, we observed that the estimated market values received from independent ship brokers had increased since December 31, 2022 for all our vessels. We did not observe negative developments in forecasted market TCE rates and operating results had also improved significantly during the period. Furthermore, the Company's market capitalization was significantly higher than the carrying amount of its net assets as of December 31, 2023. Accordingly, no impairment loss was recognized in the year ended December 31, 2023.As of December 31, 2024We did not identify any events or changes in circumstances indicating that the carrying amounts of our owned vessels might not be recovered as of December 31, 2024. Based on our assessment, we observed that the estimated market values received from independent ship brokers remain strong and are in excess of each vessel\u2019s respective carrying amount. We also observed that the sales prices for all eight vessels sold in the year ended December 31, 2024 were in excess of their respective carrying amounts. We did not observe negative developments in forecasted market TCE rates or actual operating results. Furthermore, the Company's market capitalization was significantly higher than the carrying amount of its net assets as of December 31, 2024. Accordingly, no impairment loss was recognized in the year ended December 31, 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__89": {
"value": "12.VESSELS AND EQUIPMENTMovements in the three years ended December 31, 2024 are as follows:Vessels and Dry dock Net Carrying (in thousands of $)equipmentcomponentValueCostAs of January 1, 2024 5,464,799 147,655 5,612,454 Additions 1,235,070 33,279 1,268,349 Disposals (788,737) (26,331) (815,068) As of December 31, 2024 5,911,132 154,603 6,065,735 Accumulated depreciationAs of January 1, 2024 (890,918) (88,367) (979,285) Charge for the period (315,483) (22,746) (338,229) Disposals 478,524 19,952 498,476 As of December 31, 2024 (727,877) (91,161) (819,038) Net book value as of December 31, 2024 5,183,255 63,442 5,246,697 CostAs of January 1, 2023 4,390,718 126,437 4,517,155 Additions 1,113,143 26,114 1,139,257 Transfers from newbuildings 191,132 2,746 193,878 Disposals (230,194) (7,642) (237,836) As of December 31, 2023 5,464,799 147,655 5,612,454 Accumulated depreciationAs of January 1, 2023 (790,346) (76,157) (866,503) Charge for the period (212,088) (17,982) (230,070) Disposals 111,516 5,772 117,288 As of December 31, 2023 (890,918) (88,367) (979,285) Net book value as of December 31, 2023 4,573,881 59,288 4,633,169 CostAs of January 1, 2022 4,089,351 107,616 4,196,967 Additions 16,483 17,850 34,333 Transfers from newbuildings 380,859 5,382 386,241 Disposals (95,975) (4,411) (100,386) As of December 31, 2022 4,390,718 126,437 4,517,155 Accumulated depreciationAs of January 1, 2022 (666,860) (62,807) (729,667) Charge for the period (145,623) (16,324) (161,947) Disposals 22,137 2,974 25,111 As of December 31, 2022 (790,346) (76,157) (866,503) CMB.TECH VLCC AcquisitionOn October 9, 2023, Frontline entered into a Framework Agreement (the \u201cFramework Agreement\u201d) with CMB.TECH. Pursuant to the Framework Agreement, the Company agreed to purchase 24 VLCCs with an average age of 5.3 years, for an aggregate purchase price of $2,350.0 million from CMB.TECH (the \u201cAcquisition\u201d).All of the agreements relating to the Acquisition came into effect in November 2023. In December 2023, the Company took delivery of 11 of the vessels for consideration of $1,112.2 million. The Company had a commitment of $890.0 million for the remaining 13 vessels to be delivered excluding $347.8 million of prepaid consideration as of December 31, 2023. The Company took delivery of the 13 remaining vessels for consideration of $1,237.8 million in the year ended December 31, 2024.In the year ended December 31, 2024, the Company:\u2022 sold five VLCCs and three Suezmax tankers;\u2022 completed the installation of a ballast water treatment system on one vessel; and\u2022 performed dry docks on 12 vessels.In the year ended December 31, 2023, the Company:\u2022 completed the installation of EGCS on two vessels;\u2022 took delivery of two VLCC newbuildings; \u2022 sold one VLCC and two Suezmax tankers; and\u2022 performed dry docks on 10 vessels.In the year ended December 31, 2022, the Company:\u2022 completed the installation of EGCS on eight vessels;\u2022 took delivery of four VLCC newbuildings;\u2022 sold two LR2 tankers; and\u2022 performed dry docks on 14 vessels.ImpairmentAs of December 31, 2022To determine whether it was necessary to re-estimate the recoverable amounts of our owned vessels, including newbuildings, as of December 31, 2022, the Company assessed whether any events had occurred that would eliminate the difference calculated between the carrying amounts and recoverable amounts as of December 31, 2021. Based on this assessment, we observed that the estimated market values received from independent ship brokers had increased significantly during the period for all our vessels and actual and forecasted TCE rates and operating results had also improved significantly. Furthermore, the estimated recoverable amounts of all our vessels as of December 31, 2021 were not sensitive to possible impairment indicators, including the change in useful life of our vessels from 25 to 20 years as of January 1, 2023. Accordingly, we did not re-estimate our vessel's recoverable amounts as of December 31, 2022 and no impairment loss was recognized in the year ended December 31, 2022.As of December 31, 2023We did not identify any events or changes in circumstances indicating that the carrying amounts of our owned vessels might not be recovered as of December 31, 2023. Based on our assessment, we observed that the estimated market values received from independent ship brokers had increased since December 31, 2022 for all our vessels. We did not observe negative developments in forecasted market TCE rates and operating results had also improved significantly during the period. Furthermore, the Company's market capitalization was significantly higher than the carrying amount of its net assets as of December 31, 2023. Accordingly, no impairment loss was recognized in the year ended December 31, 2023.As of December 31, 2024We did not identify any events or changes in circumstances indicating that the carrying amounts of our owned vessels might not be recovered as of December 31, 2024. Based on our assessment, we observed that the estimated market values received from independent ship brokers remain strong and are in excess of each vessel\u2019s respective carrying amount. We also observed that the sales prices for all eight vessels sold in the year ended December 31, 2024 were in excess of their respective carrying amounts. We did not observe negative developments in forecasted market TCE rates or actual operating results. Furthermore, the Company's market capitalization was significantly higher than the carrying amount of its net assets as of December 31, 2024. Accordingly, no impairment loss was recognized in the year ended December 31, 2024.",
"dimensions": {
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"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__88-1": {
"value": "12.VESSELS AND EQUIPMENTMovements in the three years ended December 31, 2024 are as follows:Vessels and Dry dock Net Carrying (in thousands of $)equipmentcomponentValueCostAs of January 1, 2024 5,464,799 147,655 5,612,454 Additions 1,235,070 33,279 1,268,349 Disposals (788,737) (26,331) (815,068) As of December 31, 2024 5,911,132 154,603 6,065,735 Accumulated depreciationAs of January 1, 2024 (890,918) (88,367) (979,285) Charge for the period (315,483) (22,746) (338,229) Disposals 478,524 19,952 498,476 As of December 31, 2024 (727,877) (91,161) (819,038) Net book value as of December 31, 2024 5,183,255 63,442 5,246,697 CostAs of January 1, 2023 4,390,718 126,437 4,517,155 Additions 1,113,143 26,114 1,139,257 Transfers from newbuildings 191,132 2,746 193,878 Disposals (230,194) (7,642) (237,836) As of December 31, 2023 5,464,799 147,655 5,612,454 Accumulated depreciationAs of January 1, 2023 (790,346) (76,157) (866,503) Charge for the period (212,088) (17,982) (230,070) Disposals 111,516 5,772 117,288 As of December 31, 2023 (890,918) (88,367) (979,285) Net book value as of December 31, 2023 4,573,881 59,288 4,633,169 CostAs of January 1, 2022 4,089,351 107,616 4,196,967 Additions 16,483 17,850 34,333 Transfers from newbuildings 380,859 5,382 386,241 Disposals (95,975) (4,411) (100,386) As of December 31, 2022 4,390,718 126,437 4,517,155 Accumulated depreciationAs of January 1, 2022 (666,860) (62,807) (729,667) Charge for the period (145,623) (16,324) (161,947) Disposals 22,137 2,974 25,111 As of December 31, 2022 (790,346) (76,157) (866,503) CMB.TECH VLCC AcquisitionOn October 9, 2023, Frontline entered into a Framework Agreement (the \u201cFramework Agreement\u201d) with CMB.TECH. Pursuant to the Framework Agreement, the Company agreed to purchase 24 VLCCs with an average age of 5.3 years, for an aggregate purchase price of $2,350.0 million from CMB.TECH (the \u201cAcquisition\u201d).All of the agreements relating to the Acquisition came into effect in November 2023. In December 2023, the Company took delivery of 11 of the vessels for consideration of $1,112.2 million. The Company had a commitment of $890.0 million for the remaining 13 vessels to be delivered excluding $347.8 million of prepaid consideration as of December 31, 2023. The Company took delivery of the 13 remaining vessels for consideration of $1,237.8 million in the year ended December 31, 2024.In the year ended December 31, 2024, the Company:\u2022 sold five VLCCs and three Suezmax tankers;\u2022 completed the installation of a ballast water treatment system on one vessel; and\u2022 performed dry docks on 12 vessels.In the year ended December 31, 2023, the Company:\u2022 completed the installation of EGCS on two vessels;\u2022 took delivery of two VLCC newbuildings; \u2022 sold one VLCC and two Suezmax tankers; and\u2022 performed dry docks on 10 vessels.In the year ended December 31, 2022, the Company:\u2022 completed the installation of EGCS on eight vessels;\u2022 took delivery of four VLCC newbuildings;\u2022 sold two LR2 tankers; and\u2022 performed dry docks on 14 vessels.ImpairmentAs of December 31, 2022To determine whether it was necessary to re-estimate the recoverable amounts of our owned vessels, including newbuildings, as of December 31, 2022, the Company assessed whether any events had occurred that would eliminate the difference calculated between the carrying amounts and recoverable amounts as of December 31, 2021. Based on this assessment, we observed that the estimated market values received from independent ship brokers had increased significantly during the period for all our vessels and actual and forecasted TCE rates and operating results had also improved significantly. Furthermore, the estimated recoverable amounts of all our vessels as of December 31, 2021 were not sensitive to possible impairment indicators, including the change in useful life of our vessels from 25 to 20 years as of January 1, 2023. Accordingly, we did not re-estimate our vessel's recoverable amounts as of December 31, 2022 and no impairment loss was recognized in the year ended December 31, 2022.As of December 31, 2023We did not identify any events or changes in circumstances indicating that the carrying amounts of our owned vessels might not be recovered as of December 31, 2023. Based on our assessment, we observed that the estimated market values received from independent ship brokers had increased since December 31, 2022 for all our vessels. We did not observe negative developments in forecasted market TCE rates and operating results had also improved significantly during the period. Furthermore, the Company's market capitalization was significantly higher than the carrying amount of its net assets as of December 31, 2023. Accordingly, no impairment loss was recognized in the year ended December 31, 2023.As of December 31, 2024We did not identify any events or changes in circumstances indicating that the carrying amounts of our owned vessels might not be recovered as of December 31, 2024. Based on our assessment, we observed that the estimated market values received from independent ship brokers remain strong and are in excess of each vessel\u2019s respective carrying amount. We also observed that the sales prices for all eight vessels sold in the year ended December 31, 2024 were in excess of their respective carrying amounts. We did not observe negative developments in forecasted market TCE rates or actual operating results. Furthermore, the Company's market capitalization was significantly higher than the carrying amount of its net assets as of December 31, 2024. Accordingly, no impairment loss was recognized in the year ended December 31, 2024.13. RIGHT OF USE ASSETSMovements in the three years ended December 31, 2024 are as follows:(in thousands of $) Offices Vessels TotalCostAs of December 31, 2023 and 2024 11,395 \u2014 11,395 Accumulated depreciationAs of January 1, 2024 (9,159) \u2014 (9,159) Depreciation charge for the period (896) \u2014 (896) Translation differences 95 \u2014 95 As of December 31, 2024 (9,960) \u2014 (9,960) Net book value as of December 31, 2024 1,435 \u2014 1,435 Accumulated depreciationAs of January 1, 2023 (8,287) \u2014 (8,287) Depreciation charge for the period (906) \u2014 (906) Translation differences 34 \u2014 34 As of December 31, 2023 (9,159) \u2014 (9,159) Net book value as of December 31, 2023 2,236 \u2014 2,236 CostAs of January 1, 2022 11,719 103,888 115,607 Additions 159 \u2014 159 Lease terminations \u2014 (103,888) (103,888) Disposals (483) (483) As of December 31, 2022 11,395 \u2014 11,395 Accumulated depreciationAs of January 1, 2022 (7,805) (59,008) (66,813) Depreciation charge for the period (926) (2,297) (3,223) Lease terminations \u2014 61,305 61,305 Disposals 483 \u2014 483 Translation differences (39) \u2014 (39) As of December 31, 2022 (8,287) \u2014 (8,287) As of January 1, 2022, the Company leased in two vessels from SFL, an affiliated company, on time charters that were classified as leases. In April 2022, the Company announced that its subsidiary Frontline Shipping Limited had agreed with SFL to terminate the long-term charters for these vessels upon the sale and delivery of the vessels by SFL to an unrelated third party.The right-of-use assets for offices relate to lease agreements for office space.For further details on the Company's leases see Note 18.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__92": {
"value": "14. GOODWILLAccumulated Net Carrying (in thousands of $) Goodwillimpairment lossesValueBalance as of December 31, 2024, 2023 and 2022 225,273 (112,821) 112,452 ImpairmentFor impairment testing purposes, goodwill was allocated to one group of CGUs, the Company.As of December 31, 2022The recoverable amount of the Company was determined based on its fair value, less cost of disposal, estimated using its market capitalization as a basis. The Company's market capitalization as of December 31, 2022 was $2,702.6 million (based on a share price of $12.14) compared to its carrying value of net assets of approximately $2,259.9 million. The excess of the fair value of the Company over its carrying value of net assets was such that the Company concluded that there was no requirement for an impairment in the year ended December 31, 2022.If our ordinary share price declines this could result in an impairment of some or all of the $112.5 million of goodwill. In the absence of a control premium, a share price of $9.65 per share as of December 31, 2022 would have resulted in the market capitalization being equal to the carrying value of net assets excluding the carrying value of goodwill.As of December 31, 2023The recoverable amount of the Company was determined based on its fair value, less cost of disposal, estimated using its market capitalization as a basis. The Company's market capitalization as of December 31, 2023 was $4,463.6 million (based on a share price of $20.05) compared to its carrying value of net assets of approximately $2,277.3 million. The excess of the fair value of the Company over its carrying value of net assets was such that the Company concluded that there was no requirement for an impairment in the year ended December 31, 2023.If our ordinary share price declines this could result in an impairment of some or all of the $112.5 million of goodwill. In the absence of a control premium, a share price of $9.72 per share as of December 31, 2023 would have resulted in the market capitalization being equal to the carrying value of net assets excluding the carrying value of goodwill.As of December 31, 2024The recoverable amount of the Company was determined based on its fair value, less cost of disposal, estimated using its market capitalization as a basis. The Company's market capitalization as of December 31, 2024 was $3,159.0 million (based on a share price of $14.19) compared to its carrying value of net assets of approximately $2,340.2 million. The excess of the fair value of the Company over its carrying value of net assets was such that the Company concluded that there was no requirement for an impairment in the year ended December 31, 2024.If our ordinary share price declines this could result in an impairment of some or all of the $112.5 million of goodwill. In the absence of a control premium, a share price of $10.01 per share as of December 31, 2024 would have resulted in the market capitalization being equal to the carrying value of net assets excluding the carrying value of goodwill.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__95": {
"value": "15. INVESTMENT IN ASSOCIATED COMPANIESFMS HoldcoIn the year ended December 31, 2022, the Company entered into an agreement to subscribe for 433 shares in FMS Holdco for $1.5 million. Furthermore, FMS Holdco entered into a sale and purchase agreement to acquire the remaining 50% of the issued share capital of Clean Marine AS. Following the transactions, Frontline owns an effective 43.6% interest in Clean Marine AS through its 43.6% equity interest in FMS Holdco, which is accounted for under the equity method.The carrying value of the investment as of December 31, 2024 was $3.2 million (2023: $2.1 million). In the year ended December 31, 2024, a share of profits of Clean Marine AS of $1.1 million (2023: share of profits of $0.6 million, 2022: share of losses of $0.6 million) was recognized. TFG MarineIn January 2020, the joint venture agreement with Golden Ocean and companies in the Trafigura Group to establish a leading global supplier of marine fuels was completed. As a result, Frontline took a 15% interest in the joint venture company, TFG Marine, and made a $1.5 million shareholder loan to TFG Marine. In the year ended December 31, 2020, $0.1 million of the shareholder loan was converted to equity. There was no change in ownership interest as a result of this transaction as each shareholder converted a portion of shareholder debt to equity in reference to their respective ownership interest. Frontline concluded that it is able to exercise significant influence over TFG Marine as a result of its equity shareholding and board representation and therefore its investment is accounted for under the equity method.The carrying value of the investment as of December 31, 2024 was $8.6 million (2023: $10.3 million). In the year ended December 31, 2024, a share of losses of TFG Marine of $1.7 million (2023: share of profits of $2.8 million, 2022: share of profits of $14.8 million) was recognized. In the year ended December 31, 2023, the Company also received $1.4 million in loan repayments which reduced the loan receivable to nil and a dividend of $7.3 million from TFG Marine which was recognized as a reduction in the carrying value of the investment.",
"dimensions": {
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__94-1": {
"value": "15. INVESTMENT IN ASSOCIATED COMPANIESFMS HoldcoIn the year ended December 31, 2022, the Company entered into an agreement to subscribe for 433 shares in FMS Holdco for $1.5 million. Furthermore, FMS Holdco entered into a sale and purchase agreement to acquire the remaining 50% of the issued share capital of Clean Marine AS. Following the transactions, Frontline owns an effective 43.6% interest in Clean Marine AS through its 43.6% equity interest in FMS Holdco, which is accounted for under the equity method.The carrying value of the investment as of December 31, 2024 was $3.2 million (2023: $2.1 million). In the year ended December 31, 2024, a share of profits of Clean Marine AS of $1.1 million (2023: share of profits of $0.6 million, 2022: share of losses of $0.6 million) was recognized. TFG MarineIn January 2020, the joint venture agreement with Golden Ocean and companies in the Trafigura Group to establish a leading global supplier of marine fuels was completed. As a result, Frontline took a 15% interest in the joint venture company, TFG Marine, and made a $1.5 million shareholder loan to TFG Marine. In the year ended December 31, 2020, $0.1 million of the shareholder loan was converted to equity. There was no change in ownership interest as a result of this transaction as each shareholder converted a portion of shareholder debt to equity in reference to their respective ownership interest. Frontline concluded that it is able to exercise significant influence over TFG Marine as a result of its equity shareholding and board representation and therefore its investment is accounted for under the equity method.The carrying value of the investment as of December 31, 2024 was $8.6 million (2023: $10.3 million). In the year ended December 31, 2024, a share of losses of TFG Marine of $1.7 million (2023: share of profits of $2.8 million, 2022: share of profits of $14.8 million) was recognized. In the year ended December 31, 2023, the Company also received $1.4 million in loan repayments which reduced the loan receivable to nil and a dividend of $7.3 million from TFG Marine which was recognized as a reduction in the carrying value of the investment.22. RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIESWe transact business with the following related parties: Seatankers Management Norway AS, Seatankers Management Co. Ltd, Avance Gas and Alta Trading UK Limited. We also own interests in TFG Marine and Clean Marine AS (through our interest in FMS Holdco) which are accounted for as equity method investments.We also transact business with the following affiliated companies, being companies in which Hemen and companies associated with Hemen have significant influence: SFL, Flex LNG Ltd, Front Ocean Management and Golden Ocean. On March 12, 2025, Hemen disposed of its entire shareholding in Golden Ocean via a sale to a third party at which time Golden Ocean ceased to be affiliated with us.SummaryA summary transactions with related parties and affiliated companies for the years ended December 31, 2024, 2023 and 2022 was as follows:(in thousands of $) Note 2024 2023 2022Revenues and other operating incomeSeatankers Management Co. Ltd 2,027 2,196 1,669 SFL 4 3,191 5,925 7,634 Golden Ocean 1,212 4,182 3,061 Alta Trading UK Limited 11 8 5,617 Flex LNG Ltd 1,538 1,513 1,242 Avance Gas 1,697 1,989 2,191 TFG Marine 598 1,060 627 Other related parties and affiliated companies \u2014 7 53 Total revenues and other operating income 10,274 16,880 22,094 Operating expensesSFL 13, 18 \u2014 \u2014 1,590 Front Ocean Management AS 2,948 2,514 2,010 Seatankers Management Norway AS 523 880 516 Seatankers Management Co. Ltd 360 593 803 Total operating expenses 3,831 3,987 4,919 Other income (expenses)Shareholder loan facility finance expense 17 (12,548) (255) \u2014 Revolving credit facility finance expense 17 (9,299) (11,690) (13,288) SFL interest leasing 6, 13, 18 \u2014 \u2014 (937) FMS Holdco share of results 15 1,053 611 (555) TFG Marine share of results 15 (1,651) 2,771 14,797 Total other income (expenses) (22,445) (8,563) 17 Revenues earned from related parties and affiliated companies are comprised of office rental income, technical and commercial management fees, newbuilding supervision fees, freights, and administrative services. Operating expenses paid to related parties and affiliated companies are comprised of bunker expenses, rental for vessels and office space, support staff costs, and corporate administration. In addition, the Company has paid $534.3 million to TFG Marine in the year ended December 31, 2024 in relation to bunker purchases (2023: $392.5 million 2022: $434.4 million).Related party and affiliated company balancesA summary of balances due from related parties and affiliated companies as of December 31, 2024 and 2023 was as follows:December 31, December 31, (in thousands of $)20242023SFL 4,265 4,652 Seatankers Management Co. Ltd 2,647 726 Golden Ocean 178 11,147 Alta Trading UK Limited 11 8 Flex LNG Ltd 516 455 TFG Marine 227 1,117 Avance Gas 560 1,080 Other related parties and affiliated companies 128 107 Related party and affiliated company receivables 8,532 19,292 Balances due from related parties and affiliated companies are primarily derived from newbuilding supervision fees, technical and commercial management fees, and recharges for administrative services.A summary of balances due to related parties and affiliated companies at December 31, 2024 and 2023 was as follows:December 31, December 31, (in thousands of $)20242023SFL 7,380 6,407 Seatankers Management Co. Ltd 1,153 337 Golden Ocean 1,283 13,837 Flex LNG Ltd 686 549 TFG Marine 24,390 25,956 Front Ocean Management 5 71 Avance Gas 473 562 Related party and affiliated company payables 35,370 47,719 Shareholder loan facility \u2014 235,000 Revolving credit facility \u2014 175,000 Total due to related parties and affiliated companies 35,370 457,719 Related party and affiliated company payables are primarily for bunker purchases, supplier rebates, loan interest and corporate administration fees.Other transactionsRefer to Note 8, 9 and 20 for further details of shares issued to Hemen in connection with the CMB.TECH share acquisition.Refer to Note 23 for further details of guarantees provided in relation to the Company's business with and investment in TFG Marine.Transactions with key management personnelThe total amount of the remuneration earned by all directors and key management personnel for their services was as follows:(in thousands of $) 2024 2023 2022Total remuneration 464 7,956 3,767 of which:Paid in capacity as directors 907 3,530 1,678 Other remuneration (443) 4,426 2,089 The Directors annually review the remuneration of the members of key management personnel. Directors' fees are approved annually at the AGM. No pensions were paid to directors or past directors. No compensation was paid to directors or past directors in respect of loss of office. Total remuneration consists of a fixed and a variable component and can be summarized as follows:(in thousands of $) 2024 2023 2022Total fixed remuneration 911 942 863 of which:Cost of pension 28 24 22 Total variable remuneration (447) 7,014 2,904 of which:Share based payments (829) 7,014 2,679 In December 2021, the Board of Directors approved the grant of 1,280,000 synthetic options to employees and board members according to the rules of the Company\u2019s synthetic option scheme approved on December 7, 2021. The synthetic options have a five year term expiring in December 2026. The vesting period is 12 months for the first 27.5% of options, 24 months for the next 27.5% of options and 36 months for the final 45% of options. The synthetic options will be settled in cash based on the difference between the market price of the Company\u2019s shares and the exercise price on the date of exercise, and as such, have been classified as a liability. The Company recorded a share-based payment gain in the year ended December 31, 2024 due to a decrease in the fair value of the option liability as a result of the decrease in the Company's share price as of December 31, 2024 as compared to December 31, 2023. Refer to Note 21 for further details of the synthetic option scheme.",
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"f1__s8__6__93": {
"value": "15. INVESTMENT IN ASSOCIATED COMPANIESFMS HoldcoIn the year ended December 31, 2022, the Company entered into an agreement to subscribe for 433 shares in FMS Holdco for $1.5 million. Furthermore, FMS Holdco entered into a sale and purchase agreement to acquire the remaining 50% of the issued share capital of Clean Marine AS. Following the transactions, Frontline owns an effective 43.6% interest in Clean Marine AS through its 43.6% equity interest in FMS Holdco, which is accounted for under the equity method.The carrying value of the investment as of December 31, 2024 was $3.2 million (2023: $2.1 million). In the year ended December 31, 2024, a share of profits of Clean Marine AS of $1.1 million (2023: share of profits of $0.6 million, 2022: share of losses of $0.6 million) was recognized. TFG MarineIn January 2020, the joint venture agreement with Golden Ocean and companies in the Trafigura Group to establish a leading global supplier of marine fuels was completed. As a result, Frontline took a 15% interest in the joint venture company, TFG Marine, and made a $1.5 million shareholder loan to TFG Marine. In the year ended December 31, 2020, $0.1 million of the shareholder loan was converted to equity. There was no change in ownership interest as a result of this transaction as each shareholder converted a portion of shareholder debt to equity in reference to their respective ownership interest. Frontline concluded that it is able to exercise significant influence over TFG Marine as a result of its equity shareholding and board representation and therefore its investment is accounted for under the equity method.The carrying value of the investment as of December 31, 2024 was $8.6 million (2023: $10.3 million). In the year ended December 31, 2024, a share of losses of TFG Marine of $1.7 million (2023: share of profits of $2.8 million, 2022: share of profits of $14.8 million) was recognized. In the year ended December 31, 2023, the Company also received $1.4 million in loan repayments which reduced the loan receivable to nil and a dividend of $7.3 million from TFG Marine which was recognized as a reduction in the carrying value of the investment.",
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"f1__s8__6__98": {
"value": "16. TRADE AND OTHER PAYABLESDecember 31, December 31, (in thousands of $)20242023Trade payables 5,985 7,801 Accrued voyage expenses 51,799 43,766 Accrued ship operating expenses 14,296 17,687 Accrued administrative expenses 8,126 11,057 Deferred charter revenue 2,631 \u2014 Other 15,975 17,921 Total current trade and other payables 98,812 98,232 Other 452 472 Total other non-current payables 452 472",
"dimensions": {
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"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__97": {
"value": "16. TRADE AND OTHER PAYABLESDecember 31, December 31, (in thousands of $)20242023Trade payables 5,985 7,801 Accrued voyage expenses 51,799 43,766 Accrued ship operating expenses 14,296 17,687 Accrued administrative expenses 8,126 11,057 Deferred charter revenue 2,631 \u2014 Other 15,975 17,921 Total current trade and other payables 98,812 98,232 Other 452 472 Total other non-current payables 452 472",
"dimensions": {
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"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__96": {
"value": "16. TRADE AND OTHER PAYABLESDecember 31, December 31, (in thousands of $)20242023Trade payables 5,985 7,801 Accrued voyage expenses 51,799 43,766 Accrued ship operating expenses 14,296 17,687 Accrued administrative expenses 8,126 11,057 Deferred charter revenue 2,631 \u2014 Other 15,975 17,921 Total current trade and other payables 98,812 98,232 Other 452 472 Total other non-current payables 452 472",
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"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
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"f1__s8__6__101": {
"value": "17. INTEREST BEARING LOANS AND BORROWINGSOutstanding debt as of December 31, 2024 and December 31, 2023 was as follows:December 31, December 31, (in thousands of $)20242023U.S. dollar denominated floating rate debt $252.4 million term loan facility 39,285 174,125 $34.8 million term loan facility 14,259 16,370 $250.7 million term loan facility \u2014 119,088 $219.6 million term loan facility 203,122 \u2014 $606.7 million term loan facility 594,586 \u2014 $100.8 million term loan facility 70,050 77,725 $328.4 million term loan facility \u2014 169,705 $321.6 million term loan facility \u2014 165,203 $129.4 million term loan facility 114,498 124,415 $104.0 million term loan facility 84,703 92,422 $60.6 million term loan facility 55,939 60,600 $63.5 million term loan facility 58,918 63,450 $544.0 million lease financing \u2014 429,352 $512.1 million lease financing 512,057 \u2014 $42.9 million term loan facility 32,175 34,559 $62.5 million term loan facility 46,875 50,347 $94.5 million term loan facility 90,349 \u2014 $133.7 million term loan facility 55,048 115,502 $58.5 million term loan facility 48,750 52,000 $58.5 million term loan facility 48,750 52,000 $130.0 million term loan facility 114,563 121,062 $65.0 million term loan facility 58,500 61,750 $65.0 million term loan facility 57,688 60,937 $65.0 million term loan facility 58,681 62,292 $65.0 million term loan facility 59,312 62,562 $1,410.0 million term loan facility 1,335,925 891,324 $539.9 million Shareholder loan facility \u2014 235,000 Total U.S. dollar denominated floating rate debt 3,754,033 3,291,790 U.S. dollar denominated fixed rate debt $275.0 million revolving credit facility \u2014 175,000 Total U.S. dollar denominated fixed rate debt \u2014 175,000 Debt issuance costs (48,188) (42,720) Accrued finance expense 38,543 32,393 Total debt 3,744,388 3,456,463 Short-term debt and current portion of long-term debt 460,318 261,999 Long-term portion of debt 3,284,070 3,194,464 Proceeds and repayments of debt in the year ended December 31, 2024 are summarized as follows:December 31, December 31, (in thousands of $)2023 Proceeds Repayments Other2024Total U.S. dollar denominated floating rate debt 3,279,626 2,167,296 (1,705,055) 2,521 3,744,388 Total U.S. dollar denominated fixed rate debt 176,837 \u2014 (175,000) (1,837) \u2014 Total debt 3,456,463 2,167,296 (1,880,055) 684 3,744,388 Proceeds and repayments of debt in the year ended December 31, 2023 are summarized as follows:December 31, December 31, (in thousands of $)2022 Proceeds Repayments Other2023Total U.S. dollar denominated floating rate debt 2,178,430 1,509,749 (402,187) (6,366) 3,279,626 Total U.S. dollar denominated fixed rate debt 211,884 99,700 (134,400) (347) 176,837 Total debt 2,390,314 1,609,449 (536,587) (6,713) 3,456,463 Proceeds and repayments of debt in the year ended December 31, 2022 are summarized as follows:January 1, December 31, (in thousands of $)2022 Proceeds Repayments Other2022Total U.S. dollar denominated floating rate debt 2,114,625 651,248 (597,834) 10,391 2,178,430 Total U.S. dollar denominated fixed rate debt 210,950 \u2014 \u2014 934 211,884 Total debt 2,325,575 651,248 (597,834) 11,325 2,390,314 A summary of the Company's interest bearing loans and borrowings as of December 31, 2024 is as follows:$252.4 million term loan facility In July 2022, the Company entered into a senior secured term loan facility with a number of banks in an amount of up to $252.4 million to refinance the original $328.6 million loan facility maturing in February 2023. The new facility matures in September 2027, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. In August 2022, the Company drew down $252.4 million and repaid the outstanding balance of the original facility of $262.0 million. The facility is fully drawn down as of December 31, 2024. $34.8 million term loan facility In October 2022, the Company entered into a senior secured term loan facility in an amount of up to $34.8 million to refinance the original $50.0 million loan facility maturing in March 2023. The new facility matures in December 2027, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In November 2022, the Company drew down $34.8 million and repaid the outstanding balance of the original facility of $35.9 million. The facility is fully drawn down as of December 31, 2024.$250.7 million term loan facility In November 2020, the Company entered into a senior secured term loan facility with a number of banks in an amount of up to $250.7 million. The facility was maturing in May 2025, carried an interest rate of SOFR plus Credit Adjustment Spread (\u201cCAS\u201d) (as a result of the rate reform transition discussed below) plus a margin of 190 basis points and had an amortization profile of 18 years commencing on the delivery date from the yard. In November 2020, the Company drew down $250.7 million. In the year ended December 31, 2021, the sale of two LR2 tankers resulted in a prepayment of $46.5 million under the facility. The facility is fully drawn down and fully repaid as of December 31, 2024.$219.6 million term loan facilityIn March 2024, the Company entered into a senior secured term loan facility in an amount of up to $219.6 million with a syndicate of banks to refinance six LR2 tankers previously financed under the $250.7 million facility. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. The refinancing generated net cash proceeds of approximately $101.0 million. The facility is fully drawn down as of December 31, 2024.$100.8 million term loan facility In November 2020, the Company entered into a senior secured term loan facility with ING and Credit Suisse in an amount of up to $100.8 million. The facility matures in November 2025, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 190 basis points and has an amortization profile of 17 years commencing on the delivery date from the yard. In November 2020, the Company drew down $100.8 million. The facility is fully drawn down as of December 31, 2024.In February 2025, the Company entered into a senior secured credit facility in an amount of up to $119.7 million with ING and First Citizens to refinance the $100.8 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $51.6 million. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 165 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. $328.4 million term loan facilityIn August 2016, the Company signed a senior secured term loan facility in an amount of up to $328.4 million with China Exim Bank. The facility matures in 2029, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin in line with the Company\u2019s other credit facilities and has an amortization profile of 18 years. The Company drew down $109.0 million in the year ended December 31, 2016 in connection with one LR2 tanker and two Suezmax tanker newbuildings, which were delivered in the year. The Company drew down a further $165.9 million in the year ended December 31, 2017 in connection with two Suezmax tankers and three LR2/Aframax tankers delivered in the year. The facility is fully drawn down and fully repaid as of December 31, 2024.$321.6 million term loan facilityIn February 2017, the Company signed a second senior secured term loan facility in an amount of up to $321.6 million. The facility provided by China Exim Bank is insured by China Export and Credit Insurance Corporation. The facility matures in 2033, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin in line with the Company\u2019s other credit facilities and has an amortization profile of 15 years. The Company drew down $252.7 million in the year ended December 31, 2017 in connection with four Suezmax tankers and three LR2/Aframax tankers delivered in the period. The Company drew down $32.0 million in the year ended December 31, 2018 in connection with one LR2 tanker delivered in the period. The facility is fully drawn down and fully repaid as of December 31, 2024.$606.7 million term loan facilityIn May 2024, the Company entered into a senior secured term loan facility in an amount of up to $606.7 million with China Exim Bank and DNB, insured by China Export and Credit Insurance Corporation, to refinance eight Suezmax tankers and eight LR2 tankers. The facility has a tenor of approximately nine years, carries an interest rate of SOFR plus a margin in line with the Company\u2019s existing loan facilities and has an amortization profile of 19.7 years commencing on the delivery date from the yard. The refinancing generated net cash proceeds of approximately $275.0 million. The facility is fully drawn down as of December 31, 2024.$129.4 million term loan facilityIn May 2023, the Company entered into a senior secured term loan facility in an amount of up to $129.4 million from ING to refinance an existing term loan facility with total balloon payments of $80.1 million due in August 2023. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. The facility includes a sustainability margin adjustment linked to the fleet sustainability score. In June 2023, the Company drew down $129.4 million under the new facility and repaid the outstanding balance of the existing facility of $84.5 million in full. The new facility is fully drawn down as of December 31, 2024.$104.0 million term loan facilityIn April 2022, the Company entered into a senior secured term loan facility with Credit Suisse AG in an amount of $104.0 million to refinance the $110.5 million loan facility maturing in 2023. The new facility matures in May 2028, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. In May 2022, the Company drew down $104.0 million and repaid the outstanding balance of the original facility of $96.4 million. The facility is fully drawn down as of December 31, 2024.$60.6 million term loan facility and $63.5 million term loan facilityIn November 2023, the Company entered into two senior secured term loan facilities in an amount of up to $124.1 million with Deka Bank to refinance an existing facility which had total balloon payments of $89.0 million due in January 2024. The facilities have a tenor of four and six years, respectively, carry an interest rate of SOFR plus a margin of 171 basis points and have an amortization profile of 18 years commencing on the delivery year from the yard. The facilities were fully drawn down in November 2023. The Company used $90.9 million of the proceeds to repay the existing loan facility in full and used the remaining net cash proceeds from the refinancing of $33.2 million to partly finance the Acquisition.$544.0 million lease financingIn March 2020, the Company signed a sale-and-leaseback agreement in an amount of $544.0 million with ICBCL to finance the cash amount payable upon closing of the acquisition of 10 Suezmax tankers from Trafigura, which took place on March 16, 2020. The lease financing has a tenor of seven years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 230 basis points, has an amortization profile of 17.8 years and includes purchase options for the Company throughout the term with a purchase obligation at the end of the term. The facility is fully drawn down and repaid as of December 31, 2024.$512.1 million lease financingIn October 2024, the Company entered into a sale-and-leaseback agreement in an amount of up to $512.1 million with CMB Financial Leasing Co., Ltd to refinance an existing sale-and-leaseback agreement for 10 Suezmax tankers. The lease financing has a tenor of 10 years, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 20.6 years commencing on the delivery date from the yard and includes purchase options for Frontline throughout the term of the agreement. The refinancing generated net cash proceeds of $101.0 million. The facility is fully drawn down as of December 31, 2024.$42.9 million term loan facilityIn November 2019, the Company signed a senior secured term loan facility in an amount of up to $42.9 million with Credit Suisse to partially finance the delivery of one Suezmax tanker. The facility matures five years after the vessel's delivery date, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 190 basis points and has an amortization profile of 18 years. In May 2020, the Company drew down $42.9 million under the facility in connection with the delivery of one Suezmax tanker. The facility is fully drawn down as of December 31, 2024.In February 2025, the Company entered into a senior secured credit facility in an amount of up to $47.0 million with SEB to refinance the $42.9 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $14.9 million. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard.$62.5 million term loan facilityIn May 2020, the Company signed a senior secured term loan facility in an amount of up to $62.5 million with Cr\u00e9dit Agricole to partially finance the delivery of one VLCC. The facility matures five years after the vessel's delivery date, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 190 basis points and has an amortization profile of 18 years. In June 2020, the Company drew down $62.5 million under the facility in connection with the delivery of one VLCC. The facility is fully drawn down as of December 31, 2024.In February 2025, the Company entered into a senior secured credit facility in an amount of up to $72.3 million with Cr\u00e9dit Agricole to refinance the $62.5 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $25.4 million. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 170 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard.$133.7 million term loan facilityIn November 2020, the Company entered into a senior secured term loan facility with CEXIM and Sinosure in an amount of up to $133.7 million to partially finance four LR2 tanker newbuildings in the Company's newbuilding program at that time. The facility has a tenor of 12 years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin in line with the Company\u2019s other credit facilities and has an amortization profile of 17 years commencing on the delivery date from the yard. The Company drew down $33.4 million in March 2021, $33.4 million in April 2021, $33.4 million in September 2021 and $33.4 million in November 2021 under the facility to partially finance the delivery of four LR2 tankers. The facility is fully drawn down as of December 31, 2024.$94.5 million term loan facilityIn February 2024, the Company entered into a secured term loan facility in an amount of up to $94.5 million with KFW Bank to refinance two LR2 tankers previously financed under the $133.7 million facility. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. The refinancing generated net cash proceeds of approximately $38.0 million. The facility is fully drawn down as of December 31, 2024.$58.5 million term loan facilityIn September 2021, the Company entered into a senior secured term loan facility in an amount of up to $58.5 million with SEB to partially finance the acquisition of one 2019-built VLCC. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In October 2021, the Company took delivery of the vessel and drew down $58.5 million under the facility to partially finance the delivery. The facility is fully drawn down as of December 31, 2024.$58.5 million term loan facilityIn September 2021, the Company entered into a senior secured term loan facility in an amount of up to $58.5 million with KFW to partially finance the acquisition of one 2019-built VLCC. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In November 2021, the Company took delivery of the vessel and drew down $58.5 million under the facility to partially finance the delivery. The facility is fully drawn down as of December 31, 2024.$130.0 million term loan facilityIn October 2021, the Company entered into a senior secured term loan facility in an amount of up to $130.0 million with DNB to partially finance the acquisition of two of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. The Company drew down $65.0 million in April 2022 and $65.0 million in June 2022 to partially finance the delivery of two 2022 built VLCCs. The facility is fully drawn down as of December 31, 2024.$65.0 million term loan facilityIn December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from ABN AMRO Bank N.V. to partially finance the acquisition of one of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In October 2022, the Company drew down $65.0 million to partially finance the delivery of a 2022 built VLCC. The facility is fully drawn down as of December 31, 2024.$65.0 million term loan facilityIn December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from ING Bank to partially finance the acquisition of one of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. The facility includes a sustainability margin adjustment linked to the fleet sustainability score. In August 2022, the Company drew down $65.0 million to partially finance the delivery of a 2022 built VLCC. The facility is fully drawn down as of December 31, 2024.$65.0 million term loan facilityIn December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from KFW to partially finance the acquisition of one of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In January 2023, the Company took delivery of a VLCC newbuilding and drew down $65.0 million under this facility to partially finance the delivery. The facility is fully drawn as of December 31, 2024.$65.0 million term loan facilityIn December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from Cr\u00e9dit Agricole to partially finance the acquisition of one of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. In January 2023, the Company took delivery of a VLCC newbuilding and drew down $65.0 million under this facility to partially finance the delivery. The facility is fully drawn as of December 31, 2024.$1,410.0 million term loan facilityIn November 2023, the Company entered into a senior secured term loan facility in an amount of up to $1,410.0 million with a group of our relationship banks to partially finance the Acquisition. The facility has a tenor of five years, carries an interest rate of SOFR plus a margin in line with the Company\u2019s existing loan facilities and has an amortization profile of 20 years commencing on the delivery date from the yard. In December 2023, the company drew down $891.3 million under the facility to partly finance the Acquisition. Up to $518.7 million remained available and undrawn under the facility as of December 31, 2023 all of which was drawn down to partially finance the remaining 13 vessels delivered as a result of the Acquisition in the first quarter of 2024.$275.0 million revolving credit facilityIn June 2016, the Company signed a $275.0 million senior unsecured facility agreement with an affiliate of Hemen, the Company's largest shareholder. The original facility carried an interest rate of 6.25% and was available to the Company for a period of an initial period of 18 months from the first utilization date. The facility does not include any financial covenants.In November 2022, the Company extended the facility by 12 months to May 2024 at an interest rate of 8.50% and otherwise on same terms. In February and June 2023, the Company repaid $60.0 million and $74.4 million, respectively, under the facility. In October 2023, the Company extended the facility by 20 months to January 4, 2026, at an interest rate of 10.0% and otherwise on existing terms. In December 2023, the Company drew down $99.7 million under the facility to partly finance the Acquisition. The balance outstanding of $175.0 million was included in long-term debt as of December 31, 2023.In April 2024, the Company repaid $100.0 million under the facility. In October 2024, the Company repaid $75.0 million under the facility. Up to $275.0 million remains available to be drawn as of December 31, 2024.$539.9 million Shareholder loanIn November 2023, the Company entered into a subordinated unsecured shareholder loan in an amount of up to $539.9 million with Hemen to partly finance the Acquisition. The facility had a tenor of five years and carried an interest rate of SOFR plus a margin equal to the $1,410.0 million facility, in line with the Company\u2019s existing loan facilities. In December 2023, the Company drew down $235.0 million under the facility to partly finance the Acquisition. In January 2024, the Company drew down $60.0 million to partially finance the remaining 13 vessels delivered as a result of the Acquisition in the first quarter of 2024. In June 2024, the Company repaid $147.5 million under the Hemen shareholder loan. In August 2024, the Company repaid the Hemen shareholder loan in full, and no amount remained available to be drawn as of December 31, 2024.Rate reform transitionDue to the discontinuance of the London Interbank Offered Rate (\u201cLIBOR\u201d) after June 30, 2023, the Company entered into amendments to existing loan agreements with an aggregate outstanding principal of $1,634.1 million as of December 31, 2023 (as denoted above), for the transition from LIBOR to SOFR. As of December 31, 2023, the weighted average CAS of these amendment agreements was 15 basis points based on a three months interest period. As of December 31, 2024, the reference rate of all the Company's loan arrangements is SOFR.The amendments to our loan agreements, which are measured at amortized cost using the effective interest method, were accounted for as an adjustment to the effective interest rate which did not have a significant effect on the carrying amount of the loans.Debt restrictionsThe Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay a portion of the outstanding borrowings should the value of the vessels securing borrowings under each of such agreements decrease below required levels. In addition, the loan agreements contain certain financial covenants, including the requirement to maintain a certain level of free cash, positive working capital and a value adjusted equity covenant. Cash and cash equivalents include cash balances of $92.6 million (2023: $75.4 million), which represents 50% (2023: 50%) of the cash required to be maintained by the financial covenants in our loan agreements. The Company is permitted to satisfy up to 50% of the cash requirements by maintaining a committed undrawn credit facility with a remaining availability of greater than 12 months.Failure to comply with any of the covenants in the loan agreements could result in a default, which would permit the lender to accelerate the maturity of the debt and to foreclose upon any collateral securing the debt. Under those circumstances, the Company might not have sufficient funds or other resources to satisfy its obligations. The Company was in compliance with all of the financial covenants contained in the Company's loan agreements as of December 31, 2024 and December 31, 2023.Assets pledgedDecember 31, December 31, (in thousands of $)20242023Vessels 5,246,518 4,632,901",
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"value": "17. INTEREST BEARING LOANS AND BORROWINGSOutstanding debt as of December 31, 2024 and December 31, 2023 was as follows:December 31, December 31, (in thousands of $)20242023U.S. dollar denominated floating rate debt $252.4 million term loan facility 39,285 174,125 $34.8 million term loan facility 14,259 16,370 $250.7 million term loan facility \u2014 119,088 $219.6 million term loan facility 203,122 \u2014 $606.7 million term loan facility 594,586 \u2014 $100.8 million term loan facility 70,050 77,725 $328.4 million term loan facility \u2014 169,705 $321.6 million term loan facility \u2014 165,203 $129.4 million term loan facility 114,498 124,415 $104.0 million term loan facility 84,703 92,422 $60.6 million term loan facility 55,939 60,600 $63.5 million term loan facility 58,918 63,450 $544.0 million lease financing \u2014 429,352 $512.1 million lease financing 512,057 \u2014 $42.9 million term loan facility 32,175 34,559 $62.5 million term loan facility 46,875 50,347 $94.5 million term loan facility 90,349 \u2014 $133.7 million term loan facility 55,048 115,502 $58.5 million term loan facility 48,750 52,000 $58.5 million term loan facility 48,750 52,000 $130.0 million term loan facility 114,563 121,062 $65.0 million term loan facility 58,500 61,750 $65.0 million term loan facility 57,688 60,937 $65.0 million term loan facility 58,681 62,292 $65.0 million term loan facility 59,312 62,562 $1,410.0 million term loan facility 1,335,925 891,324 $539.9 million Shareholder loan facility \u2014 235,000 Total U.S. dollar denominated floating rate debt 3,754,033 3,291,790 U.S. dollar denominated fixed rate debt $275.0 million revolving credit facility \u2014 175,000 Total U.S. dollar denominated fixed rate debt \u2014 175,000 Debt issuance costs (48,188) (42,720) Accrued finance expense 38,543 32,393 Total debt 3,744,388 3,456,463 Short-term debt and current portion of long-term debt 460,318 261,999 Long-term portion of debt 3,284,070 3,194,464 Proceeds and repayments of debt in the year ended December 31, 2024 are summarized as follows:December 31, December 31, (in thousands of $)2023 Proceeds Repayments Other2024Total U.S. dollar denominated floating rate debt 3,279,626 2,167,296 (1,705,055) 2,521 3,744,388 Total U.S. dollar denominated fixed rate debt 176,837 \u2014 (175,000) (1,837) \u2014 Total debt 3,456,463 2,167,296 (1,880,055) 684 3,744,388 Proceeds and repayments of debt in the year ended December 31, 2023 are summarized as follows:December 31, December 31, (in thousands of $)2022 Proceeds Repayments Other2023Total U.S. dollar denominated floating rate debt 2,178,430 1,509,749 (402,187) (6,366) 3,279,626 Total U.S. dollar denominated fixed rate debt 211,884 99,700 (134,400) (347) 176,837 Total debt 2,390,314 1,609,449 (536,587) (6,713) 3,456,463 Proceeds and repayments of debt in the year ended December 31, 2022 are summarized as follows:January 1, December 31, (in thousands of $)2022 Proceeds Repayments Other2022Total U.S. dollar denominated floating rate debt 2,114,625 651,248 (597,834) 10,391 2,178,430 Total U.S. dollar denominated fixed rate debt 210,950 \u2014 \u2014 934 211,884 Total debt 2,325,575 651,248 (597,834) 11,325 2,390,314 A summary of the Company's interest bearing loans and borrowings as of December 31, 2024 is as follows:$252.4 million term loan facility In July 2022, the Company entered into a senior secured term loan facility with a number of banks in an amount of up to $252.4 million to refinance the original $328.6 million loan facility maturing in February 2023. The new facility matures in September 2027, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. In August 2022, the Company drew down $252.4 million and repaid the outstanding balance of the original facility of $262.0 million. The facility is fully drawn down as of December 31, 2024. $34.8 million term loan facility In October 2022, the Company entered into a senior secured term loan facility in an amount of up to $34.8 million to refinance the original $50.0 million loan facility maturing in March 2023. The new facility matures in December 2027, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In November 2022, the Company drew down $34.8 million and repaid the outstanding balance of the original facility of $35.9 million. The facility is fully drawn down as of December 31, 2024.$250.7 million term loan facility In November 2020, the Company entered into a senior secured term loan facility with a number of banks in an amount of up to $250.7 million. The facility was maturing in May 2025, carried an interest rate of SOFR plus Credit Adjustment Spread (\u201cCAS\u201d) (as a result of the rate reform transition discussed below) plus a margin of 190 basis points and had an amortization profile of 18 years commencing on the delivery date from the yard. In November 2020, the Company drew down $250.7 million. In the year ended December 31, 2021, the sale of two LR2 tankers resulted in a prepayment of $46.5 million under the facility. The facility is fully drawn down and fully repaid as of December 31, 2024.$219.6 million term loan facilityIn March 2024, the Company entered into a senior secured term loan facility in an amount of up to $219.6 million with a syndicate of banks to refinance six LR2 tankers previously financed under the $250.7 million facility. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. The refinancing generated net cash proceeds of approximately $101.0 million. The facility is fully drawn down as of December 31, 2024.$100.8 million term loan facility In November 2020, the Company entered into a senior secured term loan facility with ING and Credit Suisse in an amount of up to $100.8 million. The facility matures in November 2025, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 190 basis points and has an amortization profile of 17 years commencing on the delivery date from the yard. In November 2020, the Company drew down $100.8 million. The facility is fully drawn down as of December 31, 2024.In February 2025, the Company entered into a senior secured credit facility in an amount of up to $119.7 million with ING and First Citizens to refinance the $100.8 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $51.6 million. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 165 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. $328.4 million term loan facilityIn August 2016, the Company signed a senior secured term loan facility in an amount of up to $328.4 million with China Exim Bank. The facility matures in 2029, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin in line with the Company\u2019s other credit facilities and has an amortization profile of 18 years. The Company drew down $109.0 million in the year ended December 31, 2016 in connection with one LR2 tanker and two Suezmax tanker newbuildings, which were delivered in the year. The Company drew down a further $165.9 million in the year ended December 31, 2017 in connection with two Suezmax tankers and three LR2/Aframax tankers delivered in the year. The facility is fully drawn down and fully repaid as of December 31, 2024.$321.6 million term loan facilityIn February 2017, the Company signed a second senior secured term loan facility in an amount of up to $321.6 million. The facility provided by China Exim Bank is insured by China Export and Credit Insurance Corporation. The facility matures in 2033, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin in line with the Company\u2019s other credit facilities and has an amortization profile of 15 years. The Company drew down $252.7 million in the year ended December 31, 2017 in connection with four Suezmax tankers and three LR2/Aframax tankers delivered in the period. The Company drew down $32.0 million in the year ended December 31, 2018 in connection with one LR2 tanker delivered in the period. The facility is fully drawn down and fully repaid as of December 31, 2024.$606.7 million term loan facilityIn May 2024, the Company entered into a senior secured term loan facility in an amount of up to $606.7 million with China Exim Bank and DNB, insured by China Export and Credit Insurance Corporation, to refinance eight Suezmax tankers and eight LR2 tankers. The facility has a tenor of approximately nine years, carries an interest rate of SOFR plus a margin in line with the Company\u2019s existing loan facilities and has an amortization profile of 19.7 years commencing on the delivery date from the yard. The refinancing generated net cash proceeds of approximately $275.0 million. The facility is fully drawn down as of December 31, 2024.$129.4 million term loan facilityIn May 2023, the Company entered into a senior secured term loan facility in an amount of up to $129.4 million from ING to refinance an existing term loan facility with total balloon payments of $80.1 million due in August 2023. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. The facility includes a sustainability margin adjustment linked to the fleet sustainability score. In June 2023, the Company drew down $129.4 million under the new facility and repaid the outstanding balance of the existing facility of $84.5 million in full. The new facility is fully drawn down as of December 31, 2024.$104.0 million term loan facilityIn April 2022, the Company entered into a senior secured term loan facility with Credit Suisse AG in an amount of $104.0 million to refinance the $110.5 million loan facility maturing in 2023. The new facility matures in May 2028, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. In May 2022, the Company drew down $104.0 million and repaid the outstanding balance of the original facility of $96.4 million. The facility is fully drawn down as of December 31, 2024.$60.6 million term loan facility and $63.5 million term loan facilityIn November 2023, the Company entered into two senior secured term loan facilities in an amount of up to $124.1 million with Deka Bank to refinance an existing facility which had total balloon payments of $89.0 million due in January 2024. The facilities have a tenor of four and six years, respectively, carry an interest rate of SOFR plus a margin of 171 basis points and have an amortization profile of 18 years commencing on the delivery year from the yard. The facilities were fully drawn down in November 2023. The Company used $90.9 million of the proceeds to repay the existing loan facility in full and used the remaining net cash proceeds from the refinancing of $33.2 million to partly finance the Acquisition.$544.0 million lease financingIn March 2020, the Company signed a sale-and-leaseback agreement in an amount of $544.0 million with ICBCL to finance the cash amount payable upon closing of the acquisition of 10 Suezmax tankers from Trafigura, which took place on March 16, 2020. The lease financing has a tenor of seven years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 230 basis points, has an amortization profile of 17.8 years and includes purchase options for the Company throughout the term with a purchase obligation at the end of the term. The facility is fully drawn down and repaid as of December 31, 2024.$512.1 million lease financingIn October 2024, the Company entered into a sale-and-leaseback agreement in an amount of up to $512.1 million with CMB Financial Leasing Co., Ltd to refinance an existing sale-and-leaseback agreement for 10 Suezmax tankers. The lease financing has a tenor of 10 years, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 20.6 years commencing on the delivery date from the yard and includes purchase options for Frontline throughout the term of the agreement. The refinancing generated net cash proceeds of $101.0 million. The facility is fully drawn down as of December 31, 2024.$42.9 million term loan facilityIn November 2019, the Company signed a senior secured term loan facility in an amount of up to $42.9 million with Credit Suisse to partially finance the delivery of one Suezmax tanker. The facility matures five years after the vessel's delivery date, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 190 basis points and has an amortization profile of 18 years. In May 2020, the Company drew down $42.9 million under the facility in connection with the delivery of one Suezmax tanker. The facility is fully drawn down as of December 31, 2024.In February 2025, the Company entered into a senior secured credit facility in an amount of up to $47.0 million with SEB to refinance the $42.9 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $14.9 million. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard.$62.5 million term loan facilityIn May 2020, the Company signed a senior secured term loan facility in an amount of up to $62.5 million with Cr\u00e9dit Agricole to partially finance the delivery of one VLCC. The facility matures five years after the vessel's delivery date, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 190 basis points and has an amortization profile of 18 years. In June 2020, the Company drew down $62.5 million under the facility in connection with the delivery of one VLCC. The facility is fully drawn down as of December 31, 2024.In February 2025, the Company entered into a senior secured credit facility in an amount of up to $72.3 million with Cr\u00e9dit Agricole to refinance the $62.5 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $25.4 million. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 170 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard.$133.7 million term loan facilityIn November 2020, the Company entered into a senior secured term loan facility with CEXIM and Sinosure in an amount of up to $133.7 million to partially finance four LR2 tanker newbuildings in the Company's newbuilding program at that time. The facility has a tenor of 12 years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin in line with the Company\u2019s other credit facilities and has an amortization profile of 17 years commencing on the delivery date from the yard. The Company drew down $33.4 million in March 2021, $33.4 million in April 2021, $33.4 million in September 2021 and $33.4 million in November 2021 under the facility to partially finance the delivery of four LR2 tankers. The facility is fully drawn down as of December 31, 2024.$94.5 million term loan facilityIn February 2024, the Company entered into a secured term loan facility in an amount of up to $94.5 million with KFW Bank to refinance two LR2 tankers previously financed under the $133.7 million facility. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. The refinancing generated net cash proceeds of approximately $38.0 million. The facility is fully drawn down as of December 31, 2024.$58.5 million term loan facilityIn September 2021, the Company entered into a senior secured term loan facility in an amount of up to $58.5 million with SEB to partially finance the acquisition of one 2019-built VLCC. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In October 2021, the Company took delivery of the vessel and drew down $58.5 million under the facility to partially finance the delivery. The facility is fully drawn down as of December 31, 2024.$58.5 million term loan facilityIn September 2021, the Company entered into a senior secured term loan facility in an amount of up to $58.5 million with KFW to partially finance the acquisition of one 2019-built VLCC. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In November 2021, the Company took delivery of the vessel and drew down $58.5 million under the facility to partially finance the delivery. The facility is fully drawn down as of December 31, 2024.$130.0 million term loan facilityIn October 2021, the Company entered into a senior secured term loan facility in an amount of up to $130.0 million with DNB to partially finance the acquisition of two of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. The Company drew down $65.0 million in April 2022 and $65.0 million in June 2022 to partially finance the delivery of two 2022 built VLCCs. The facility is fully drawn down as of December 31, 2024.$65.0 million term loan facilityIn December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from ABN AMRO Bank N.V. to partially finance the acquisition of one of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In October 2022, the Company drew down $65.0 million to partially finance the delivery of a 2022 built VLCC. The facility is fully drawn down as of December 31, 2024.$65.0 million term loan facilityIn December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from ING Bank to partially finance the acquisition of one of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. The facility includes a sustainability margin adjustment linked to the fleet sustainability score. In August 2022, the Company drew down $65.0 million to partially finance the delivery of a 2022 built VLCC. The facility is fully drawn down as of December 31, 2024.$65.0 million term loan facilityIn December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from KFW to partially finance the acquisition of one of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In January 2023, the Company took delivery of a VLCC newbuilding and drew down $65.0 million under this facility to partially finance the delivery. The facility is fully drawn as of December 31, 2024.$65.0 million term loan facilityIn December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from Cr\u00e9dit Agricole to partially finance the acquisition of one of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. In January 2023, the Company took delivery of a VLCC newbuilding and drew down $65.0 million under this facility to partially finance the delivery. The facility is fully drawn as of December 31, 2024.$1,410.0 million term loan facilityIn November 2023, the Company entered into a senior secured term loan facility in an amount of up to $1,410.0 million with a group of our relationship banks to partially finance the Acquisition. The facility has a tenor of five years, carries an interest rate of SOFR plus a margin in line with the Company\u2019s existing loan facilities and has an amortization profile of 20 years commencing on the delivery date from the yard. In December 2023, the company drew down $891.3 million under the facility to partly finance the Acquisition. Up to $518.7 million remained available and undrawn under the facility as of December 31, 2023 all of which was drawn down to partially finance the remaining 13 vessels delivered as a result of the Acquisition in the first quarter of 2024.$275.0 million revolving credit facilityIn June 2016, the Company signed a $275.0 million senior unsecured facility agreement with an affiliate of Hemen, the Company's largest shareholder. The original facility carried an interest rate of 6.25% and was available to the Company for a period of an initial period of 18 months from the first utilization date. The facility does not include any financial covenants.In November 2022, the Company extended the facility by 12 months to May 2024 at an interest rate of 8.50% and otherwise on same terms. In February and June 2023, the Company repaid $60.0 million and $74.4 million, respectively, under the facility. In October 2023, the Company extended the facility by 20 months to January 4, 2026, at an interest rate of 10.0% and otherwise on existing terms. In December 2023, the Company drew down $99.7 million under the facility to partly finance the Acquisition. The balance outstanding of $175.0 million was included in long-term debt as of December 31, 2023.In April 2024, the Company repaid $100.0 million under the facility. In October 2024, the Company repaid $75.0 million under the facility. Up to $275.0 million remains available to be drawn as of December 31, 2024.$539.9 million Shareholder loanIn November 2023, the Company entered into a subordinated unsecured shareholder loan in an amount of up to $539.9 million with Hemen to partly finance the Acquisition. The facility had a tenor of five years and carried an interest rate of SOFR plus a margin equal to the $1,410.0 million facility, in line with the Company\u2019s existing loan facilities. In December 2023, the Company drew down $235.0 million under the facility to partly finance the Acquisition. In January 2024, the Company drew down $60.0 million to partially finance the remaining 13 vessels delivered as a result of the Acquisition in the first quarter of 2024. In June 2024, the Company repaid $147.5 million under the Hemen shareholder loan. In August 2024, the Company repaid the Hemen shareholder loan in full, and no amount remained available to be drawn as of December 31, 2024.Rate reform transitionDue to the discontinuance of the London Interbank Offered Rate (\u201cLIBOR\u201d) after June 30, 2023, the Company entered into amendments to existing loan agreements with an aggregate outstanding principal of $1,634.1 million as of December 31, 2023 (as denoted above), for the transition from LIBOR to SOFR. As of December 31, 2023, the weighted average CAS of these amendment agreements was 15 basis points based on a three months interest period. As of December 31, 2024, the reference rate of all the Company's loan arrangements is SOFR.The amendments to our loan agreements, which are measured at amortized cost using the effective interest method, were accounted for as an adjustment to the effective interest rate which did not have a significant effect on the carrying amount of the loans.Debt restrictionsThe Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay a portion of the outstanding borrowings should the value of the vessels securing borrowings under each of such agreements decrease below required levels. In addition, the loan agreements contain certain financial covenants, including the requirement to maintain a certain level of free cash, positive working capital and a value adjusted equity covenant. Cash and cash equivalents include cash balances of $92.6 million (2023: $75.4 million), which represents 50% (2023: 50%) of the cash required to be maintained by the financial covenants in our loan agreements. The Company is permitted to satisfy up to 50% of the cash requirements by maintaining a committed undrawn credit facility with a remaining availability of greater than 12 months.Failure to comply with any of the covenants in the loan agreements could result in a default, which would permit the lender to accelerate the maturity of the debt and to foreclose upon any collateral securing the debt. Under those circumstances, the Company might not have sufficient funds or other resources to satisfy its obligations. The Company was in compliance with all of the financial covenants contained in the Company's loan agreements as of December 31, 2024 and December 31, 2023.Assets pledgedDecember 31, December 31, (in thousands of $)20242023Vessels 5,246,518 4,632,901",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
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"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "17. INTEREST BEARING LOANS AND BORROWINGSOutstanding debt as of December 31, 2024 and December 31, 2023 was as follows:December 31, December 31, (in thousands of $)20242023U.S. dollar denominated floating rate debt $252.4 million term loan facility 39,285 174,125 $34.8 million term loan facility 14,259 16,370 $250.7 million term loan facility \u2014 119,088 $219.6 million term loan facility 203,122 \u2014 $606.7 million term loan facility 594,586 \u2014 $100.8 million term loan facility 70,050 77,725 $328.4 million term loan facility \u2014 169,705 $321.6 million term loan facility \u2014 165,203 $129.4 million term loan facility 114,498 124,415 $104.0 million term loan facility 84,703 92,422 $60.6 million term loan facility 55,939 60,600 $63.5 million term loan facility 58,918 63,450 $544.0 million lease financing \u2014 429,352 $512.1 million lease financing 512,057 \u2014 $42.9 million term loan facility 32,175 34,559 $62.5 million term loan facility 46,875 50,347 $94.5 million term loan facility 90,349 \u2014 $133.7 million term loan facility 55,048 115,502 $58.5 million term loan facility 48,750 52,000 $58.5 million term loan facility 48,750 52,000 $130.0 million term loan facility 114,563 121,062 $65.0 million term loan facility 58,500 61,750 $65.0 million term loan facility 57,688 60,937 $65.0 million term loan facility 58,681 62,292 $65.0 million term loan facility 59,312 62,562 $1,410.0 million term loan facility 1,335,925 891,324 $539.9 million Shareholder loan facility \u2014 235,000 Total U.S. dollar denominated floating rate debt 3,754,033 3,291,790 U.S. dollar denominated fixed rate debt $275.0 million revolving credit facility \u2014 175,000 Total U.S. dollar denominated fixed rate debt \u2014 175,000 Debt issuance costs (48,188) (42,720) Accrued finance expense 38,543 32,393 Total debt 3,744,388 3,456,463 Short-term debt and current portion of long-term debt 460,318 261,999 Long-term portion of debt 3,284,070 3,194,464 Proceeds and repayments of debt in the year ended December 31, 2024 are summarized as follows:December 31, December 31, (in thousands of $)2023 Proceeds Repayments Other2024Total U.S. dollar denominated floating rate debt 3,279,626 2,167,296 (1,705,055) 2,521 3,744,388 Total U.S. dollar denominated fixed rate debt 176,837 \u2014 (175,000) (1,837) \u2014 Total debt 3,456,463 2,167,296 (1,880,055) 684 3,744,388 Proceeds and repayments of debt in the year ended December 31, 2023 are summarized as follows:December 31, December 31, (in thousands of $)2022 Proceeds Repayments Other2023Total U.S. dollar denominated floating rate debt 2,178,430 1,509,749 (402,187) (6,366) 3,279,626 Total U.S. dollar denominated fixed rate debt 211,884 99,700 (134,400) (347) 176,837 Total debt 2,390,314 1,609,449 (536,587) (6,713) 3,456,463 Proceeds and repayments of debt in the year ended December 31, 2022 are summarized as follows:January 1, December 31, (in thousands of $)2022 Proceeds Repayments Other2022Total U.S. dollar denominated floating rate debt 2,114,625 651,248 (597,834) 10,391 2,178,430 Total U.S. dollar denominated fixed rate debt 210,950 \u2014 \u2014 934 211,884 Total debt 2,325,575 651,248 (597,834) 11,325 2,390,314 A summary of the Company's interest bearing loans and borrowings as of December 31, 2024 is as follows:$252.4 million term loan facility In July 2022, the Company entered into a senior secured term loan facility with a number of banks in an amount of up to $252.4 million to refinance the original $328.6 million loan facility maturing in February 2023. The new facility matures in September 2027, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. In August 2022, the Company drew down $252.4 million and repaid the outstanding balance of the original facility of $262.0 million. The facility is fully drawn down as of December 31, 2024. $34.8 million term loan facility In October 2022, the Company entered into a senior secured term loan facility in an amount of up to $34.8 million to refinance the original $50.0 million loan facility maturing in March 2023. The new facility matures in December 2027, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In November 2022, the Company drew down $34.8 million and repaid the outstanding balance of the original facility of $35.9 million. The facility is fully drawn down as of December 31, 2024.$250.7 million term loan facility In November 2020, the Company entered into a senior secured term loan facility with a number of banks in an amount of up to $250.7 million. The facility was maturing in May 2025, carried an interest rate of SOFR plus Credit Adjustment Spread (\u201cCAS\u201d) (as a result of the rate reform transition discussed below) plus a margin of 190 basis points and had an amortization profile of 18 years commencing on the delivery date from the yard. In November 2020, the Company drew down $250.7 million. In the year ended December 31, 2021, the sale of two LR2 tankers resulted in a prepayment of $46.5 million under the facility. The facility is fully drawn down and fully repaid as of December 31, 2024.$219.6 million term loan facilityIn March 2024, the Company entered into a senior secured term loan facility in an amount of up to $219.6 million with a syndicate of banks to refinance six LR2 tankers previously financed under the $250.7 million facility. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. The refinancing generated net cash proceeds of approximately $101.0 million. The facility is fully drawn down as of December 31, 2024.$100.8 million term loan facility In November 2020, the Company entered into a senior secured term loan facility with ING and Credit Suisse in an amount of up to $100.8 million. The facility matures in November 2025, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 190 basis points and has an amortization profile of 17 years commencing on the delivery date from the yard. In November 2020, the Company drew down $100.8 million. The facility is fully drawn down as of December 31, 2024.In February 2025, the Company entered into a senior secured credit facility in an amount of up to $119.7 million with ING and First Citizens to refinance the $100.8 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $51.6 million. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 165 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. $328.4 million term loan facilityIn August 2016, the Company signed a senior secured term loan facility in an amount of up to $328.4 million with China Exim Bank. The facility matures in 2029, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin in line with the Company\u2019s other credit facilities and has an amortization profile of 18 years. The Company drew down $109.0 million in the year ended December 31, 2016 in connection with one LR2 tanker and two Suezmax tanker newbuildings, which were delivered in the year. The Company drew down a further $165.9 million in the year ended December 31, 2017 in connection with two Suezmax tankers and three LR2/Aframax tankers delivered in the year. The facility is fully drawn down and fully repaid as of December 31, 2024.$321.6 million term loan facilityIn February 2017, the Company signed a second senior secured term loan facility in an amount of up to $321.6 million. The facility provided by China Exim Bank is insured by China Export and Credit Insurance Corporation. The facility matures in 2033, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin in line with the Company\u2019s other credit facilities and has an amortization profile of 15 years. The Company drew down $252.7 million in the year ended December 31, 2017 in connection with four Suezmax tankers and three LR2/Aframax tankers delivered in the period. The Company drew down $32.0 million in the year ended December 31, 2018 in connection with one LR2 tanker delivered in the period. The facility is fully drawn down and fully repaid as of December 31, 2024.$606.7 million term loan facilityIn May 2024, the Company entered into a senior secured term loan facility in an amount of up to $606.7 million with China Exim Bank and DNB, insured by China Export and Credit Insurance Corporation, to refinance eight Suezmax tankers and eight LR2 tankers. The facility has a tenor of approximately nine years, carries an interest rate of SOFR plus a margin in line with the Company\u2019s existing loan facilities and has an amortization profile of 19.7 years commencing on the delivery date from the yard. The refinancing generated net cash proceeds of approximately $275.0 million. The facility is fully drawn down as of December 31, 2024.$129.4 million term loan facilityIn May 2023, the Company entered into a senior secured term loan facility in an amount of up to $129.4 million from ING to refinance an existing term loan facility with total balloon payments of $80.1 million due in August 2023. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. The facility includes a sustainability margin adjustment linked to the fleet sustainability score. In June 2023, the Company drew down $129.4 million under the new facility and repaid the outstanding balance of the existing facility of $84.5 million in full. The new facility is fully drawn down as of December 31, 2024.$104.0 million term loan facilityIn April 2022, the Company entered into a senior secured term loan facility with Credit Suisse AG in an amount of $104.0 million to refinance the $110.5 million loan facility maturing in 2023. The new facility matures in May 2028, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. In May 2022, the Company drew down $104.0 million and repaid the outstanding balance of the original facility of $96.4 million. The facility is fully drawn down as of December 31, 2024.$60.6 million term loan facility and $63.5 million term loan facilityIn November 2023, the Company entered into two senior secured term loan facilities in an amount of up to $124.1 million with Deka Bank to refinance an existing facility which had total balloon payments of $89.0 million due in January 2024. The facilities have a tenor of four and six years, respectively, carry an interest rate of SOFR plus a margin of 171 basis points and have an amortization profile of 18 years commencing on the delivery year from the yard. The facilities were fully drawn down in November 2023. The Company used $90.9 million of the proceeds to repay the existing loan facility in full and used the remaining net cash proceeds from the refinancing of $33.2 million to partly finance the Acquisition.$544.0 million lease financingIn March 2020, the Company signed a sale-and-leaseback agreement in an amount of $544.0 million with ICBCL to finance the cash amount payable upon closing of the acquisition of 10 Suezmax tankers from Trafigura, which took place on March 16, 2020. The lease financing has a tenor of seven years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 230 basis points, has an amortization profile of 17.8 years and includes purchase options for the Company throughout the term with a purchase obligation at the end of the term. The facility is fully drawn down and repaid as of December 31, 2024.$512.1 million lease financingIn October 2024, the Company entered into a sale-and-leaseback agreement in an amount of up to $512.1 million with CMB Financial Leasing Co., Ltd to refinance an existing sale-and-leaseback agreement for 10 Suezmax tankers. The lease financing has a tenor of 10 years, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 20.6 years commencing on the delivery date from the yard and includes purchase options for Frontline throughout the term of the agreement. The refinancing generated net cash proceeds of $101.0 million. The facility is fully drawn down as of December 31, 2024.$42.9 million term loan facilityIn November 2019, the Company signed a senior secured term loan facility in an amount of up to $42.9 million with Credit Suisse to partially finance the delivery of one Suezmax tanker. The facility matures five years after the vessel's delivery date, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 190 basis points and has an amortization profile of 18 years. In May 2020, the Company drew down $42.9 million under the facility in connection with the delivery of one Suezmax tanker. The facility is fully drawn down as of December 31, 2024.In February 2025, the Company entered into a senior secured credit facility in an amount of up to $47.0 million with SEB to refinance the $42.9 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $14.9 million. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard.$62.5 million term loan facilityIn May 2020, the Company signed a senior secured term loan facility in an amount of up to $62.5 million with Cr\u00e9dit Agricole to partially finance the delivery of one VLCC. The facility matures five years after the vessel's delivery date, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 190 basis points and has an amortization profile of 18 years. In June 2020, the Company drew down $62.5 million under the facility in connection with the delivery of one VLCC. The facility is fully drawn down as of December 31, 2024.In February 2025, the Company entered into a senior secured credit facility in an amount of up to $72.3 million with Cr\u00e9dit Agricole to refinance the $62.5 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $25.4 million. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 170 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard.$133.7 million term loan facilityIn November 2020, the Company entered into a senior secured term loan facility with CEXIM and Sinosure in an amount of up to $133.7 million to partially finance four LR2 tanker newbuildings in the Company's newbuilding program at that time. The facility has a tenor of 12 years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin in line with the Company\u2019s other credit facilities and has an amortization profile of 17 years commencing on the delivery date from the yard. The Company drew down $33.4 million in March 2021, $33.4 million in April 2021, $33.4 million in September 2021 and $33.4 million in November 2021 under the facility to partially finance the delivery of four LR2 tankers. The facility is fully drawn down as of December 31, 2024.$94.5 million term loan facilityIn February 2024, the Company entered into a secured term loan facility in an amount of up to $94.5 million with KFW Bank to refinance two LR2 tankers previously financed under the $133.7 million facility. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 180 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. The refinancing generated net cash proceeds of approximately $38.0 million. The facility is fully drawn down as of December 31, 2024.$58.5 million term loan facilityIn September 2021, the Company entered into a senior secured term loan facility in an amount of up to $58.5 million with SEB to partially finance the acquisition of one 2019-built VLCC. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In October 2021, the Company took delivery of the vessel and drew down $58.5 million under the facility to partially finance the delivery. The facility is fully drawn down as of December 31, 2024.$58.5 million term loan facilityIn September 2021, the Company entered into a senior secured term loan facility in an amount of up to $58.5 million with KFW to partially finance the acquisition of one 2019-built VLCC. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In November 2021, the Company took delivery of the vessel and drew down $58.5 million under the facility to partially finance the delivery. The facility is fully drawn down as of December 31, 2024.$130.0 million term loan facilityIn October 2021, the Company entered into a senior secured term loan facility in an amount of up to $130.0 million with DNB to partially finance the acquisition of two of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. The Company drew down $65.0 million in April 2022 and $65.0 million in June 2022 to partially finance the delivery of two 2022 built VLCCs. The facility is fully drawn down as of December 31, 2024.$65.0 million term loan facilityIn December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from ABN AMRO Bank N.V. to partially finance the acquisition of one of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In October 2022, the Company drew down $65.0 million to partially finance the delivery of a 2022 built VLCC. The facility is fully drawn down as of December 31, 2024.$65.0 million term loan facilityIn December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from ING Bank to partially finance the acquisition of one of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. The facility includes a sustainability margin adjustment linked to the fleet sustainability score. In August 2022, the Company drew down $65.0 million to partially finance the delivery of a 2022 built VLCC. The facility is fully drawn down as of December 31, 2024.$65.0 million term loan facilityIn December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from KFW to partially finance the acquisition of one of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. In January 2023, the Company took delivery of a VLCC newbuilding and drew down $65.0 million under this facility to partially finance the delivery. The facility is fully drawn as of December 31, 2024.$65.0 million term loan facilityIn December 2021, the Company entered into a senior secured term loan facility in an amount of up to $65.0 million from Cr\u00e9dit Agricole to partially finance the acquisition of one of the six resale VLCC newbuilding contracts in the Company's newbuilding program at that time. The facility has a tenor of five years, carries an interest rate of SOFR plus CAS (as a result of the rate reform transition discussed below) plus a margin of 170 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. In January 2023, the Company took delivery of a VLCC newbuilding and drew down $65.0 million under this facility to partially finance the delivery. The facility is fully drawn as of December 31, 2024.$1,410.0 million term loan facilityIn November 2023, the Company entered into a senior secured term loan facility in an amount of up to $1,410.0 million with a group of our relationship banks to partially finance the Acquisition. The facility has a tenor of five years, carries an interest rate of SOFR plus a margin in line with the Company\u2019s existing loan facilities and has an amortization profile of 20 years commencing on the delivery date from the yard. In December 2023, the company drew down $891.3 million under the facility to partly finance the Acquisition. Up to $518.7 million remained available and undrawn under the facility as of December 31, 2023 all of which was drawn down to partially finance the remaining 13 vessels delivered as a result of the Acquisition in the first quarter of 2024.$275.0 million revolving credit facilityIn June 2016, the Company signed a $275.0 million senior unsecured facility agreement with an affiliate of Hemen, the Company's largest shareholder. The original facility carried an interest rate of 6.25% and was available to the Company for a period of an initial period of 18 months from the first utilization date. The facility does not include any financial covenants.In November 2022, the Company extended the facility by 12 months to May 2024 at an interest rate of 8.50% and otherwise on same terms. In February and June 2023, the Company repaid $60.0 million and $74.4 million, respectively, under the facility. In October 2023, the Company extended the facility by 20 months to January 4, 2026, at an interest rate of 10.0% and otherwise on existing terms. In December 2023, the Company drew down $99.7 million under the facility to partly finance the Acquisition. The balance outstanding of $175.0 million was included in long-term debt as of December 31, 2023.In April 2024, the Company repaid $100.0 million under the facility. In October 2024, the Company repaid $75.0 million under the facility. Up to $275.0 million remains available to be drawn as of December 31, 2024.$539.9 million Shareholder loanIn November 2023, the Company entered into a subordinated unsecured shareholder loan in an amount of up to $539.9 million with Hemen to partly finance the Acquisition. The facility had a tenor of five years and carried an interest rate of SOFR plus a margin equal to the $1,410.0 million facility, in line with the Company\u2019s existing loan facilities. In December 2023, the Company drew down $235.0 million under the facility to partly finance the Acquisition. In January 2024, the Company drew down $60.0 million to partially finance the remaining 13 vessels delivered as a result of the Acquisition in the first quarter of 2024. In June 2024, the Company repaid $147.5 million under the Hemen shareholder loan. In August 2024, the Company repaid the Hemen shareholder loan in full, and no amount remained available to be drawn as of December 31, 2024.Rate reform transitionDue to the discontinuance of the London Interbank Offered Rate (\u201cLIBOR\u201d) after June 30, 2023, the Company entered into amendments to existing loan agreements with an aggregate outstanding principal of $1,634.1 million as of December 31, 2023 (as denoted above), for the transition from LIBOR to SOFR. As of December 31, 2023, the weighted average CAS of these amendment agreements was 15 basis points based on a three months interest period. As of December 31, 2024, the reference rate of all the Company's loan arrangements is SOFR.The amendments to our loan agreements, which are measured at amortized cost using the effective interest method, were accounted for as an adjustment to the effective interest rate which did not have a significant effect on the carrying amount of the loans.Debt restrictionsThe Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay a portion of the outstanding borrowings should the value of the vessels securing borrowings under each of such agreements decrease below required levels. In addition, the loan agreements contain certain financial covenants, including the requirement to maintain a certain level of free cash, positive working capital and a value adjusted equity covenant. Cash and cash equivalents include cash balances of $92.6 million (2023: $75.4 million), which represents 50% (2023: 50%) of the cash required to be maintained by the financial covenants in our loan agreements. The Company is permitted to satisfy up to 50% of the cash requirements by maintaining a committed undrawn credit facility with a remaining availability of greater than 12 months.Failure to comply with any of the covenants in the loan agreements could result in a default, which would permit the lender to accelerate the maturity of the debt and to foreclose upon any collateral securing the debt. Under those circumstances, the Company might not have sufficient funds or other resources to satisfy its obligations. The Company was in compliance with all of the financial covenants contained in the Company's loan agreements as of December 31, 2024 and December 31, 2023.Assets pledgedDecember 31, December 31, (in thousands of $)20242023Vessels 5,246,518 4,632,901Restricted cashOur interest rate swaps can require us to post cash as collateral based on their fair value which is classified as restricted cash. As of December 31, 2024 and 2023 no cash was posted as collateral in relation to our interest rate swaps and secured borrowings.Capital managementWe operate in a capital intensive industry and have historically financed our purchase of tankers and other capital expenditures through a combination of cash generated from operations, equity capital and borrowings from commercial banks. Our ability to generate adequate cash flows on a short and medium term basis depends substantially on the trading performance of our vessels in the market. Our funding and treasury activities are conducted within corporate policies to increase investment returns while maintaining appropriate liquidity for our requirements.The Company\u2019s objectives when managing capital are to:\u2022 safeguard our ability to continue as a going concern, so that we can continue to provide returns for shareholders and benefits for other stakeholders, and\u2022 maintain an optimal capital structure to reduce the cost of capital.In November 2024, we declared a dividend of $0.34 per share for the third quarter of 2024. In August 2024, we declared a dividend of $0.62 per share for the second quarter of 2024. In May 2024, we declared a dividend of $0.62 per share for the first quarter of 2024. In February 2024, the Board of Directors declared a dividend of $0.37 per share for the fourth quarter of 2023.The Company's loan agreements contain loan-to-value clauses, and financial covenants. For more details on these covenants, see Note 17.",
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"value": "18. LEASESAs a lesseeThe Company is committed to make rental payments under leases for office premises. Certain of these leases include variable lease elements linked to inflation indexes. Such variable payments were estimated at the time of recognition on the index at that time and are included in the minimum lease payments.The future minimum lease payments under the Company's leases as at December 31, 2024 were as follows:(in thousands of $) 2025 1,171 2026 451 Total minimum lease payments 1,622 Less: Imputed interest (18) Present value of obligations under leases 1,604 The future minimum lease payments under the Company's leases as at December 31, 2023 were as follows:(in thousands of $) 2024 1,154 2025 1,450 Total minimum lease payments 2,604 Less: Imputed interest (70) Present value of obligations under leases 2,534 Total cash outflows for leases was $1.0 million, $0.9 million and $2.9 million in the years ended December 31, 2024, 2023 and 2022, respectively. Expense for office leases was $0.9 million, $0.9 million and $0.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.The Company incurred lease expenses of $2.2 million in the year ended December 31, 2022 in relation to the vessels leased-in from SFL, an affiliated company.Interest expense incurred in relation to the leased-in vessels is disclosed in Note 6.The weighted-average discount rate based on the Company\u2019s incremental borrowing rate in relation to the leases was 1.8% for the year ended December 31, 2024 (2023: 2.5%, 2022: 2.7%) and the weighted-average remaining lease term was one year as of December 31, 2024 (2023: two years, 2022: three years).For further details on the Company\u2019s right-of-use assets see Note 13.As a lessorFour LR2 tankers were on fixed rate time charters as of December 31, 2024 and 2023.In March 2024, the Company entered into a fixed rate time charter-out contract for one VLCC to a third party on a three-year time charter at a daily base rate of $51,500. The time charter commenced in the third quarter of 2024.In April 2024, the Company entered into a time charter-out contract for one Suezmax tanker to a third party on a three-year time charter at a daily base rate of $32,950 plus 50% profit share. In the year ended December 31, 2024, the Company received profit share income of $0.5 million in relation to this charter.The minimum future revenues to be received under these contracts as of December 31, 2024 were as follows:(in thousands of $) 2025 60,562 2026 30,975 2027 11,348 Total minimum lease payments 102,885 The minimum future revenues to be received under these contracts as of December 31, 2023 were as follows:(in thousands of $) 2024 58,194 2025 30,895 Total minimum lease payments 89,089 Our revenues from these leases have been included within time charter revenues in the Consolidated Statement of Profit or Loss, which solely relates to leasing revenues.Two of the LR2 tankers on fixed rate time charters as of December 31, 2024 and 2023 have an option for a one year extension.The cost and accumulated depreciation of vessels leased under time charters as of December 31, 2024 were $364.2 million and $72.1 million, respectively (December 31, 2023: $206.1 million and $36.0 million, respectively).",
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"value": "19. FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENTAccounting classifications and fair valuesThe carrying values and fair values of financial assets and financial liabilities as of December 31, 2024 and 2023 are as follows:December 31, 2024 December 31, 2023Carrying Carrying (in thousands of $)Value Fair ValueValue Fair ValueFinancial assets measured at fair value through profit or lossDerivative instruments 24,419 24,419 39,117 39,117 Marketable securities 4,027 4,027 7,432 7,432 Financial assets not measured at fair valueCash and cash equivalents 413,532 413,532 308,322 308,322 Trade and other receivables 128,943 128,943 124,647 124,647 Financial liabilities not measured at fair valueTrade and other payables 98,812 98,812 98,232 98,232 Floating rate debt 3,744,388 3,792,576 3,279,626 3,322,347 Fixed rate debt \u2014 \u2014 176,837 184,462 The table below shows the levels in the fair value hierarchy of financial assets and financial liabilities as of December 31, 2024 and 2023, excluding those whose fair values approximate their respective carrying values due to their short-term nature.Dec 31, 2024 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 24,419 \u2014 24,419 \u2014 Marketable securities 4,027 4,027 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,792,576 \u2014 3,792,576 \u2014 Dec 31, 2023 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 39,117 \u2014 39,117 \u2014 Marketable securities 7,432 7,432 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,322,347 \u2014 3,322,347 \u2014 Fixed rate debt 184,462 \u2014 \u2014 184,462Measurement of fair valuesValuation techniques and significant unobservable inputsThe following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant unobservable inputs that were used.Financial instruments measured at fair valueType Valuation Techniques Significant unobservable inputsInterest rate swapsFair value was determined based on Not applicable.the present value of the estimated future cash flows.Marketable securitiesFair value was determined based on Not applicable.the quoted market prices of the securities.Financial instruments not measured at fair valueType Valuation Techniques Significant unobservable inputsFloating rate debt Discounted cash flow. Not applicable.Fixed rate debt Discounted cash flow. Discount rate.Assets Measured at Fair Value on a Recurring BasisThe fair value (level 2) of interest rate swaps is the present value of the estimated future cash flows that the Company would receive or pay to terminate the agreements at the end of the reporting period, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves and the credit worthiness of both the Company and the derivative counterparty.Marketable securities are listed equity securities for which the fair value is the aggregate market value based on quoted market prices (level 1).Transfers between Level 1, 2 and 3There were no transfers between these levels in 2024 and 2023.Financial risk managementIn the course of its normal business, the Company is exposed to the following risks:\u2022 Credit risk\u2022 Liquidity risk\u2022 Market risk (interest rate risk, foreign currency risk, and price risk)The Company\u2019s Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework.Credit riskTrade and other receivablesAt the balance sheet date all trade and other receivables were with (i) state-owned enterprises, (ii) oil majors, (iii) commodities traders and (iv) related parties and affiliated companies. Based on past experience, there was only a small impact on doubtful amounts at year-end. Based on individual analyses, provisions for doubtful debtors were not material for the years ended December 31, 2024 and 2023. In addition, no customers individually accounted for 10% or more of total revenue in the year ended December 31, 2024 (2023: no customers) (see Note 3). The maximum exposure to credit risk is represented by the carrying amount of each financial asset.Past due amounts are not credit impaired as collection is still considered to be likely and management is confident the outstanding amounts can be recovered. Amounts not past due are also with customers with high credit worthiness and are therefore not credit impaired.Cash and cash equivalentsThe Company held cash and cash equivalents of $413.5 million at December 31, 2024 (2023: $308.3 million). The cash and cash equivalents are held with SEB, HSBC, Royal Bank of Scotland, DNB Bank ASA and Nordea Bank Norge, or Nordea, Cr\u00e9dit Agricole, UBS, Standard Chartered Bank Singapore, ABN Amro, ING Bank N.V., Bank of Cyprus and Citibank N.A. The Company\u2019s concentration of credit risk with respect to cash and cash equivalents is not considered significant as substantially all of the amounts are carried with a diversified portfolio of banks and financial institution counterparties.Restricted cashOur interest rate swaps can require us to post cash as collateral based on their fair value which is classified as restricted cash. As of December 31, 2024 and 2023 no cash was posted as collateral in relation to our interest rate swaps and secured borrowings.DerivativesThe Company is exposed to the risk of credit loss in the event of non-performance by the counterparty to the interest rate swap agreements. Interest rate swap agreements are entered into with banks and financial institution counterparties, which are rated AA-, based on rating agency S&P.Liquidity riskLiquidity risk is the risk that the Company will not be able to meet its financial obligations if they fall due. The Company\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The Company has entered into several loan facilities whose maturities are spread over different years (see Note 17).The following are the remaining contractual maturities of financial liabilities:Contractual cash flows at December 31, 2024Carrying Less than 1 Between 1 Between 3 Between 6 (in thousands of $)Value Totalyearand 3 yearsand 6 yearsand 10 yearsNon derivative financial liabilitiesFloating rate debt 3,744,388 3,754,033 421,775 890,781 1,799,346 642,131 Interest on floating rate debt \u2014 905,002 226,094 375,184 212,995 90,729 Obligations under leases 1,604 1,604 1,153 451 \u2014 \u2014 Trade and other payables 98,812 98,812 98,812 \u2014 \u2014 \u2014 Contractual cash flows at December 31, 2023Carrying Less than 1 Between 1 Between 3 Between 6 (in thousands of $)Value Totalyearand 3 yearsand 6 yearsand 10 yearsNon derivative financial liabilitiesFloating rate debt 3,279,626 3,291,792 229,606 782,878 2,159,679 119,629 Interest on floating rate debt \u2014 834,670 232,684 383,406 201,216 17,364 Fixed rate debt 176,837 175,000 \u2014 175,000 \u2014 \u2014 Interest on fixed rate debt \u2014 32,131 12,395 19,736 \u2014 \u2014 Obligations under leases 2,534 2,534 1,104 1,430 \u2014 \u2014 Trade and other payables 98,232 98,232 98,232 \u2014 \u2014 \u2014 The Company has secured bank loans that contain loan covenants. A future breach of covenant may require the Company to repay the loan earlier than indicated in the above table. For more details on these covenants, see Note 17. The carrying values of fixed and floating rate debt include expected payments of accrued interest as of the reporting date. The interest on floating rate debt is based on the SOFR spot rate as of December 31, 2024 and 2023. The interest rate on fixed rate debt was based on the contractual interest rate for the period presented. It is not expected that the cash flows included in the table above (the maturity analysis) could occur significantly earlier, or at significantly different amounts than those stated above.Market riskInterest rate riskThe Company is exposed to the impact of interest rate changes primarily through its floating-rate borrowings that require the Company to make interest payments based on SOFR. Significant increases in interest rates could adversely affect operating margins, results of operations and ability to service debt. The Company uses interest rate swaps to reduce its exposure to market risk from changes in interest rates. The principal objective of these contracts is to minimize the risks and costs associated with its floating-rate debt. On December 31, 2024 the Company had interest rate swaps in place and approximately 15% (2023: 17%) of the floating interest rates were switched to fixed rate.Cash flow sensitivity analysis for variable rate instrumentsAs of December 31, 2024, the Company's outstanding debt which was at variable interest rates, net of the amount subject to interest rate swap agreements, was $3,204.0 million (2023: $2,741.8 million). Based on this, a one percentage point increase in annual SOFR interest rates would increase its annual interest expense by approximately $32.0 million (2023: $27.4 million), excluding the effects of capitalization of interest.Interest rate swap agreements In February 2016, the Company entered into an interest rate swap with DNB whereby the floating interest on notional debt of $150.0 million was switched to fixed rate. The contract had a forward start date of February 2019.In the year ended December 31, 2020, the Company entered into three interest rate swaps with DNB whereby the floating interest rate on notional debt totaling $250.0 million was switched to a fixed rate.In the year ended December 31, 2020, the Company entered into two interest rate swaps with Nordea Bank whereby the floating interest rate on notional debt totaling $150.0 million was switched to a fixed rate.The reference rate for our interest rate swaps, which are measured at fair value through profit or loss, was transitioned from LIBOR to SOFR in the year ended December 31, 2023 which did not affect the accounting for these derivatives.The aggregate fair value of these swaps at December 31, 2024 was an asset of $24.4 million (2023: $39.1 million) and a liability of nil (2023: nil). The fair value (Level 2) of the Company\u2019s interest rate swap agreements is the estimated amount that the Company would receive or pay to terminate the agreements at the reporting date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves and the current credit worthiness of both the Company and the derivative counterparty. The estimated fair value is the present value of future cash flows. In the year ended December 31, 2024, the Company recorded a gain on these interest rate swaps of $9.2 million (2023: gain of $8.0 million, 2022: gain of $53.6 million).The interest rate swaps are not designated as hedges and are summarized as of December 31, 2024 as follows:Notional Amount Inception Date Maturity Date Fixed Interest Rate($000s) 150,000 February 2019 February 2026 2.1970 % 100,000 March 2020 March 2027 0.9750 % 50,000 March 2020 March 2027 0.6000 % 100,000 March 2020 March 2025 0.9000 % 100,000 April 2020 April 2027 0.5970 % 50,000 April 2020 April 2025 0.5000 % 550,000Foreign currency riskThe majority of the Company's transactions, assets and liabilities are denominated in U.S. dollars, its functional currency. Certain of its subsidiaries report in British pounds, Norwegian kroner or Singapore dollars and risks of two kinds arise as a result: a transaction risk, that is, the risk that currency fluctuations will have an effect on the value of cash flows; and a translation risk, which is the impact of currency fluctuations in the translation of foreign operations and foreign assets and liabilities into U.S. dollars in the consolidated financial statements.Price riskOur exposure to equity securities price risk arises from marketable securities held by the Company which are listed equity securities and are carried at FVTPL unless the election to present subsequent changes in the investment's fair value in OCI is made. See Note 9 for further details.Capital managementWe operate in a capital intensive industry and have historically financed our purchase of tankers and other capital expenditures through a combination of cash generated from operations, equity capital and borrowings from commercial banks. Our ability to generate adequate cash flows on a short and medium term basis depends substantially on the trading performance of our vessels in the market. Our funding and treasury activities are conducted within corporate policies to increase investment returns while maintaining appropriate liquidity for our requirements.The Company\u2019s objectives when managing capital are to:\u2022 safeguard our ability to continue as a going concern, so that we can continue to provide returns for shareholders and benefits for other stakeholders, and\u2022 maintain an optimal capital structure to reduce the cost of capital.In November 2024, we declared a dividend of $0.34 per share for the third quarter of 2024. In August 2024, we declared a dividend of $0.62 per share for the second quarter of 2024. In May 2024, we declared a dividend of $0.62 per share for the first quarter of 2024. In February 2024, the Board of Directors declared a dividend of $0.37 per share for the fourth quarter of 2023.The Company's loan agreements contain loan-to-value clauses, and financial covenants. For more details on these covenants, see Note 17.",
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"value": "19. FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENTAccounting classifications and fair valuesThe carrying values and fair values of financial assets and financial liabilities as of December 31, 2024 and 2023 are as follows:December 31, 2024 December 31, 2023Carrying Carrying (in thousands of $)Value Fair ValueValue Fair ValueFinancial assets measured at fair value through profit or lossDerivative instruments 24,419 24,419 39,117 39,117 Marketable securities 4,027 4,027 7,432 7,432 Financial assets not measured at fair valueCash and cash equivalents 413,532 413,532 308,322 308,322 Trade and other receivables 128,943 128,943 124,647 124,647 Financial liabilities not measured at fair valueTrade and other payables 98,812 98,812 98,232 98,232 Floating rate debt 3,744,388 3,792,576 3,279,626 3,322,347 Fixed rate debt \u2014 \u2014 176,837 184,462 The table below shows the levels in the fair value hierarchy of financial assets and financial liabilities as of December 31, 2024 and 2023, excluding those whose fair values approximate their respective carrying values due to their short-term nature.Dec 31, 2024 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 24,419 \u2014 24,419 \u2014 Marketable securities 4,027 4,027 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,792,576 \u2014 3,792,576 \u2014 Dec 31, 2023 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 39,117 \u2014 39,117 \u2014 Marketable securities 7,432 7,432 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,322,347 \u2014 3,322,347 \u2014 Fixed rate debt 184,462 \u2014 \u2014 184,462Measurement of fair valuesValuation techniques and significant unobservable inputsThe following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant unobservable inputs that were used.Financial instruments measured at fair valueType Valuation Techniques Significant unobservable inputsInterest rate swapsFair value was determined based on Not applicable.the present value of the estimated future cash flows.Marketable securitiesFair value was determined based on Not applicable.the quoted market prices of the securities.Financial instruments not measured at fair valueType Valuation Techniques Significant unobservable inputsFloating rate debt Discounted cash flow. Not applicable.Fixed rate debt Discounted cash flow. Discount rate.Assets Measured at Fair Value on a Recurring BasisThe fair value (level 2) of interest rate swaps is the present value of the estimated future cash flows that the Company would receive or pay to terminate the agreements at the end of the reporting period, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves and the credit worthiness of both the Company and the derivative counterparty.Marketable securities are listed equity securities for which the fair value is the aggregate market value based on quoted market prices (level 1).Transfers between Level 1, 2 and 3There were no transfers between these levels in 2024 and 2023.Financial risk managementIn the course of its normal business, the Company is exposed to the following risks:\u2022 Credit risk\u2022 Liquidity risk\u2022 Market risk (interest rate risk, foreign currency risk, and price risk)The Company\u2019s Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework.Credit riskTrade and other receivablesAt the balance sheet date all trade and other receivables were with (i) state-owned enterprises, (ii) oil majors, (iii) commodities traders and (iv) related parties and affiliated companies. Based on past experience, there was only a small impact on doubtful amounts at year-end. Based on individual analyses, provisions for doubtful debtors were not material for the years ended December 31, 2024 and 2023. In addition, no customers individually accounted for 10% or more of total revenue in the year ended December 31, 2024 (2023: no customers) (see Note 3). The maximum exposure to credit risk is represented by the carrying amount of each financial asset.Past due amounts are not credit impaired as collection is still considered to be likely and management is confident the outstanding amounts can be recovered. Amounts not past due are also with customers with high credit worthiness and are therefore not credit impaired.Cash and cash equivalentsThe Company held cash and cash equivalents of $413.5 million at December 31, 2024 (2023: $308.3 million). The cash and cash equivalents are held with SEB, HSBC, Royal Bank of Scotland, DNB Bank ASA and Nordea Bank Norge, or Nordea, Cr\u00e9dit Agricole, UBS, Standard Chartered Bank Singapore, ABN Amro, ING Bank N.V., Bank of Cyprus and Citibank N.A. The Company\u2019s concentration of credit risk with respect to cash and cash equivalents is not considered significant as substantially all of the amounts are carried with a diversified portfolio of banks and financial institution counterparties.Restricted cashOur interest rate swaps can require us to post cash as collateral based on their fair value which is classified as restricted cash. As of December 31, 2024 and 2023 no cash was posted as collateral in relation to our interest rate swaps and secured borrowings.DerivativesThe Company is exposed to the risk of credit loss in the event of non-performance by the counterparty to the interest rate swap agreements. Interest rate swap agreements are entered into with banks and financial institution counterparties, which are rated AA-, based on rating agency S&P.Liquidity riskLiquidity risk is the risk that the Company will not be able to meet its financial obligations if they fall due. The Company\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The Company has entered into several loan facilities whose maturities are spread over different years (see Note 17).The following are the remaining contractual maturities of financial liabilities:Contractual cash flows at December 31, 2024Carrying Less than 1 Between 1 Between 3 Between 6 (in thousands of $)Value Totalyearand 3 yearsand 6 yearsand 10 yearsNon derivative financial liabilitiesFloating rate debt 3,744,388 3,754,033 421,775 890,781 1,799,346 642,131 Interest on floating rate debt \u2014 905,002 226,094 375,184 212,995 90,729 Obligations under leases 1,604 1,604 1,153 451 \u2014 \u2014 Trade and other payables 98,812 98,812 98,812 \u2014 \u2014 \u2014 Contractual cash flows at December 31, 2023Carrying Less than 1 Between 1 Between 3 Between 6 (in thousands of $)Value Totalyearand 3 yearsand 6 yearsand 10 yearsNon derivative financial liabilitiesFloating rate debt 3,279,626 3,291,792 229,606 782,878 2,159,679 119,629 Interest on floating rate debt \u2014 834,670 232,684 383,406 201,216 17,364 Fixed rate debt 176,837 175,000 \u2014 175,000 \u2014 \u2014 Interest on fixed rate debt \u2014 32,131 12,395 19,736 \u2014 \u2014 Obligations under leases 2,534 2,534 1,104 1,430 \u2014 \u2014 Trade and other payables 98,232 98,232 98,232 \u2014 \u2014 \u2014 The Company has secured bank loans that contain loan covenants. A future breach of covenant may require the Company to repay the loan earlier than indicated in the above table. For more details on these covenants, see Note 17. The carrying values of fixed and floating rate debt include expected payments of accrued interest as of the reporting date. The interest on floating rate debt is based on the SOFR spot rate as of December 31, 2024 and 2023. The interest rate on fixed rate debt was based on the contractual interest rate for the period presented. It is not expected that the cash flows included in the table above (the maturity analysis) could occur significantly earlier, or at significantly different amounts than those stated above.Market riskInterest rate riskThe Company is exposed to the impact of interest rate changes primarily through its floating-rate borrowings that require the Company to make interest payments based on SOFR. Significant increases in interest rates could adversely affect operating margins, results of operations and ability to service debt. The Company uses interest rate swaps to reduce its exposure to market risk from changes in interest rates. The principal objective of these contracts is to minimize the risks and costs associated with its floating-rate debt. On December 31, 2024 the Company had interest rate swaps in place and approximately 15% (2023: 17%) of the floating interest rates were switched to fixed rate.Cash flow sensitivity analysis for variable rate instrumentsAs of December 31, 2024, the Company's outstanding debt which was at variable interest rates, net of the amount subject to interest rate swap agreements, was $3,204.0 million (2023: $2,741.8 million). Based on this, a one percentage point increase in annual SOFR interest rates would increase its annual interest expense by approximately $32.0 million (2023: $27.4 million), excluding the effects of capitalization of interest.Interest rate swap agreements In February 2016, the Company entered into an interest rate swap with DNB whereby the floating interest on notional debt of $150.0 million was switched to fixed rate. The contract had a forward start date of February 2019.In the year ended December 31, 2020, the Company entered into three interest rate swaps with DNB whereby the floating interest rate on notional debt totaling $250.0 million was switched to a fixed rate.In the year ended December 31, 2020, the Company entered into two interest rate swaps with Nordea Bank whereby the floating interest rate on notional debt totaling $150.0 million was switched to a fixed rate.The reference rate for our interest rate swaps, which are measured at fair value through profit or loss, was transitioned from LIBOR to SOFR in the year ended December 31, 2023 which did not affect the accounting for these derivatives.The aggregate fair value of these swaps at December 31, 2024 was an asset of $24.4 million (2023: $39.1 million) and a liability of nil (2023: nil). The fair value (Level 2) of the Company\u2019s interest rate swap agreements is the estimated amount that the Company would receive or pay to terminate the agreements at the reporting date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves and the current credit worthiness of both the Company and the derivative counterparty. The estimated fair value is the present value of future cash flows. In the year ended December 31, 2024, the Company recorded a gain on these interest rate swaps of $9.2 million (2023: gain of $8.0 million, 2022: gain of $53.6 million).The interest rate swaps are not designated as hedges and are summarized as of December 31, 2024 as follows:Notional Amount Inception Date Maturity Date Fixed Interest Rate($000s) 150,000 February 2019 February 2026 2.1970 % 100,000 March 2020 March 2027 0.9750 % 50,000 March 2020 March 2027 0.6000 % 100,000 March 2020 March 2025 0.9000 % 100,000 April 2020 April 2027 0.5970 % 50,000 April 2020 April 2025 0.5000 % 550,000Foreign currency riskThe majority of the Company's transactions, assets and liabilities are denominated in U.S. dollars, its functional currency. Certain of its subsidiaries report in British pounds, Norwegian kroner or Singapore dollars and risks of two kinds arise as a result: a transaction risk, that is, the risk that currency fluctuations will have an effect on the value of cash flows; and a translation risk, which is the impact of currency fluctuations in the translation of foreign operations and foreign assets and liabilities into U.S. dollars in the consolidated financial statements.Price riskOur exposure to equity securities price risk arises from marketable securities held by the Company which are listed equity securities and are carried at FVTPL unless the election to present subsequent changes in the investment's fair value in OCI is made. See Note 9 for further details.Capital managementWe operate in a capital intensive industry and have historically financed our purchase of tankers and other capital expenditures through a combination of cash generated from operations, equity capital and borrowings from commercial banks. Our ability to generate adequate cash flows on a short and medium term basis depends substantially on the trading performance of our vessels in the market. Our funding and treasury activities are conducted within corporate policies to increase investment returns while maintaining appropriate liquidity for our requirements.The Company\u2019s objectives when managing capital are to:\u2022 safeguard our ability to continue as a going concern, so that we can continue to provide returns for shareholders and benefits for other stakeholders, and\u2022 maintain an optimal capital structure to reduce the cost of capital.In November 2024, we declared a dividend of $0.34 per share for the third quarter of 2024. In August 2024, we declared a dividend of $0.62 per share for the second quarter of 2024. In May 2024, we declared a dividend of $0.62 per share for the first quarter of 2024. In February 2024, the Board of Directors declared a dividend of $0.37 per share for the fourth quarter of 2023.The Company's loan agreements contain loan-to-value clauses, and financial covenants. For more details on these covenants, see Note 17.",
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}
},
"f1__s8__6__104": {
"value": "19. FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENTAccounting classifications and fair valuesThe carrying values and fair values of financial assets and financial liabilities as of December 31, 2024 and 2023 are as follows:December 31, 2024 December 31, 2023Carrying Carrying (in thousands of $)Value Fair ValueValue Fair ValueFinancial assets measured at fair value through profit or lossDerivative instruments 24,419 24,419 39,117 39,117 Marketable securities 4,027 4,027 7,432 7,432 Financial assets not measured at fair valueCash and cash equivalents 413,532 413,532 308,322 308,322 Trade and other receivables 128,943 128,943 124,647 124,647 Financial liabilities not measured at fair valueTrade and other payables 98,812 98,812 98,232 98,232 Floating rate debt 3,744,388 3,792,576 3,279,626 3,322,347 Fixed rate debt \u2014 \u2014 176,837 184,462 The table below shows the levels in the fair value hierarchy of financial assets and financial liabilities as of December 31, 2024 and 2023, excluding those whose fair values approximate their respective carrying values due to their short-term nature.Dec 31, 2024 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 24,419 \u2014 24,419 \u2014 Marketable securities 4,027 4,027 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,792,576 \u2014 3,792,576 \u2014 Dec 31, 2023 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 39,117 \u2014 39,117 \u2014 Marketable securities 7,432 7,432 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,322,347 \u2014 3,322,347 \u2014 Fixed rate debt 184,462 \u2014 \u2014 184,462Measurement of fair valuesValuation techniques and significant unobservable inputsThe following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant unobservable inputs that were used.Financial instruments measured at fair valueType Valuation Techniques Significant unobservable inputsInterest rate swapsFair value was determined based on Not applicable.the present value of the estimated future cash flows.Marketable securitiesFair value was determined based on Not applicable.the quoted market prices of the securities.Financial instruments not measured at fair valueType Valuation Techniques Significant unobservable inputsFloating rate debt Discounted cash flow. Not applicable.Fixed rate debt Discounted cash flow. Discount rate.Assets Measured at Fair Value on a Recurring BasisThe fair value (level 2) of interest rate swaps is the present value of the estimated future cash flows that the Company would receive or pay to terminate the agreements at the end of the reporting period, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves and the credit worthiness of both the Company and the derivative counterparty.Marketable securities are listed equity securities for which the fair value is the aggregate market value based on quoted market prices (level 1).Transfers between Level 1, 2 and 3There were no transfers between these levels in 2024 and 2023.Financial risk managementIn the course of its normal business, the Company is exposed to the following risks:\u2022 Credit risk\u2022 Liquidity risk\u2022 Market risk (interest rate risk, foreign currency risk, and price risk)The Company\u2019s Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework.Credit riskTrade and other receivablesAt the balance sheet date all trade and other receivables were with (i) state-owned enterprises, (ii) oil majors, (iii) commodities traders and (iv) related parties and affiliated companies. Based on past experience, there was only a small impact on doubtful amounts at year-end. Based on individual analyses, provisions for doubtful debtors were not material for the years ended December 31, 2024 and 2023. In addition, no customers individually accounted for 10% or more of total revenue in the year ended December 31, 2024 (2023: no customers) (see Note 3). The maximum exposure to credit risk is represented by the carrying amount of each financial asset.Past due amounts are not credit impaired as collection is still considered to be likely and management is confident the outstanding amounts can be recovered. Amounts not past due are also with customers with high credit worthiness and are therefore not credit impaired.Cash and cash equivalentsThe Company held cash and cash equivalents of $413.5 million at December 31, 2024 (2023: $308.3 million). The cash and cash equivalents are held with SEB, HSBC, Royal Bank of Scotland, DNB Bank ASA and Nordea Bank Norge, or Nordea, Cr\u00e9dit Agricole, UBS, Standard Chartered Bank Singapore, ABN Amro, ING Bank N.V., Bank of Cyprus and Citibank N.A. The Company\u2019s concentration of credit risk with respect to cash and cash equivalents is not considered significant as substantially all of the amounts are carried with a diversified portfolio of banks and financial institution counterparties.Restricted cashOur interest rate swaps can require us to post cash as collateral based on their fair value which is classified as restricted cash. As of December 31, 2024 and 2023 no cash was posted as collateral in relation to our interest rate swaps and secured borrowings.DerivativesThe Company is exposed to the risk of credit loss in the event of non-performance by the counterparty to the interest rate swap agreements. Interest rate swap agreements are entered into with banks and financial institution counterparties, which are rated AA-, based on rating agency S&P.Liquidity riskLiquidity risk is the risk that the Company will not be able to meet its financial obligations if they fall due. The Company\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The Company has entered into several loan facilities whose maturities are spread over different years (see Note 17).The following are the remaining contractual maturities of financial liabilities:Contractual cash flows at December 31, 2024Carrying Less than 1 Between 1 Between 3 Between 6 (in thousands of $)Value Totalyearand 3 yearsand 6 yearsand 10 yearsNon derivative financial liabilitiesFloating rate debt 3,744,388 3,754,033 421,775 890,781 1,799,346 642,131 Interest on floating rate debt \u2014 905,002 226,094 375,184 212,995 90,729 Obligations under leases 1,604 1,604 1,153 451 \u2014 \u2014 Trade and other payables 98,812 98,812 98,812 \u2014 \u2014 \u2014 Contractual cash flows at December 31, 2023Carrying Less than 1 Between 1 Between 3 Between 6 (in thousands of $)Value Totalyearand 3 yearsand 6 yearsand 10 yearsNon derivative financial liabilitiesFloating rate debt 3,279,626 3,291,792 229,606 782,878 2,159,679 119,629 Interest on floating rate debt \u2014 834,670 232,684 383,406 201,216 17,364 Fixed rate debt 176,837 175,000 \u2014 175,000 \u2014 \u2014 Interest on fixed rate debt \u2014 32,131 12,395 19,736 \u2014 \u2014 Obligations under leases 2,534 2,534 1,104 1,430 \u2014 \u2014 Trade and other payables 98,232 98,232 98,232 \u2014 \u2014 \u2014 The Company has secured bank loans that contain loan covenants. A future breach of covenant may require the Company to repay the loan earlier than indicated in the above table. For more details on these covenants, see Note 17. The carrying values of fixed and floating rate debt include expected payments of accrued interest as of the reporting date. The interest on floating rate debt is based on the SOFR spot rate as of December 31, 2024 and 2023. The interest rate on fixed rate debt was based on the contractual interest rate for the period presented. It is not expected that the cash flows included in the table above (the maturity analysis) could occur significantly earlier, or at significantly different amounts than those stated above.Market riskInterest rate riskThe Company is exposed to the impact of interest rate changes primarily through its floating-rate borrowings that require the Company to make interest payments based on SOFR. Significant increases in interest rates could adversely affect operating margins, results of operations and ability to service debt. The Company uses interest rate swaps to reduce its exposure to market risk from changes in interest rates. The principal objective of these contracts is to minimize the risks and costs associated with its floating-rate debt. On December 31, 2024 the Company had interest rate swaps in place and approximately 15% (2023: 17%) of the floating interest rates were switched to fixed rate.Cash flow sensitivity analysis for variable rate instrumentsAs of December 31, 2024, the Company's outstanding debt which was at variable interest rates, net of the amount subject to interest rate swap agreements, was $3,204.0 million (2023: $2,741.8 million). Based on this, a one percentage point increase in annual SOFR interest rates would increase its annual interest expense by approximately $32.0 million (2023: $27.4 million), excluding the effects of capitalization of interest.Interest rate swap agreements In February 2016, the Company entered into an interest rate swap with DNB whereby the floating interest on notional debt of $150.0 million was switched to fixed rate. The contract had a forward start date of February 2019.In the year ended December 31, 2020, the Company entered into three interest rate swaps with DNB whereby the floating interest rate on notional debt totaling $250.0 million was switched to a fixed rate.In the year ended December 31, 2020, the Company entered into two interest rate swaps with Nordea Bank whereby the floating interest rate on notional debt totaling $150.0 million was switched to a fixed rate.The reference rate for our interest rate swaps, which are measured at fair value through profit or loss, was transitioned from LIBOR to SOFR in the year ended December 31, 2023 which did not affect the accounting for these derivatives.The aggregate fair value of these swaps at December 31, 2024 was an asset of $24.4 million (2023: $39.1 million) and a liability of nil (2023: nil). The fair value (Level 2) of the Company\u2019s interest rate swap agreements is the estimated amount that the Company would receive or pay to terminate the agreements at the reporting date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves and the current credit worthiness of both the Company and the derivative counterparty. The estimated fair value is the present value of future cash flows. In the year ended December 31, 2024, the Company recorded a gain on these interest rate swaps of $9.2 million (2023: gain of $8.0 million, 2022: gain of $53.6 million).The interest rate swaps are not designated as hedges and are summarized as of December 31, 2024 as follows:Notional Amount Inception Date Maturity Date Fixed Interest Rate($000s) 150,000 February 2019 February 2026 2.1970 % 100,000 March 2020 March 2027 0.9750 % 50,000 March 2020 March 2027 0.6000 % 100,000 March 2020 March 2025 0.9000 % 100,000 April 2020 April 2027 0.5970 % 50,000 April 2020 April 2025 0.5000 % 550,000Foreign currency riskThe majority of the Company's transactions, assets and liabilities are denominated in U.S. dollars, its functional currency. Certain of its subsidiaries report in British pounds, Norwegian kroner or Singapore dollars and risks of two kinds arise as a result: a transaction risk, that is, the risk that currency fluctuations will have an effect on the value of cash flows; and a translation risk, which is the impact of currency fluctuations in the translation of foreign operations and foreign assets and liabilities into U.S. dollars in the consolidated financial statements.Price riskOur exposure to equity securities price risk arises from marketable securities held by the Company which are listed equity securities and are carried at FVTPL unless the election to present subsequent changes in the investment's fair value in OCI is made. See Note 9 for further details.Capital managementWe operate in a capital intensive industry and have historically financed our purchase of tankers and other capital expenditures through a combination of cash generated from operations, equity capital and borrowings from commercial banks. Our ability to generate adequate cash flows on a short and medium term basis depends substantially on the trading performance of our vessels in the market. Our funding and treasury activities are conducted within corporate policies to increase investment returns while maintaining appropriate liquidity for our requirements.The Company\u2019s objectives when managing capital are to:\u2022 safeguard our ability to continue as a going concern, so that we can continue to provide returns for shareholders and benefits for other stakeholders, and\u2022 maintain an optimal capital structure to reduce the cost of capital.In November 2024, we declared a dividend of $0.34 per share for the third quarter of 2024. In August 2024, we declared a dividend of $0.62 per share for the second quarter of 2024. In May 2024, we declared a dividend of $0.62 per share for the first quarter of 2024. In February 2024, the Board of Directors declared a dividend of $0.37 per share for the fourth quarter of 2023.The Company's loan agreements contain loan-to-value clauses, and financial covenants. For more details on these covenants, see Note 17.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__103": {
"value": "19. FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENTAccounting classifications and fair valuesThe carrying values and fair values of financial assets and financial liabilities as of December 31, 2024 and 2023 are as follows:December 31, 2024 December 31, 2023Carrying Carrying (in thousands of $)Value Fair ValueValue Fair ValueFinancial assets measured at fair value through profit or lossDerivative instruments 24,419 24,419 39,117 39,117 Marketable securities 4,027 4,027 7,432 7,432 Financial assets not measured at fair valueCash and cash equivalents 413,532 413,532 308,322 308,322 Trade and other receivables 128,943 128,943 124,647 124,647 Financial liabilities not measured at fair valueTrade and other payables 98,812 98,812 98,232 98,232 Floating rate debt 3,744,388 3,792,576 3,279,626 3,322,347 Fixed rate debt \u2014 \u2014 176,837 184,462 The table below shows the levels in the fair value hierarchy of financial assets and financial liabilities as of December 31, 2024 and 2023, excluding those whose fair values approximate their respective carrying values due to their short-term nature.Dec 31, 2024 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 24,419 \u2014 24,419 \u2014 Marketable securities 4,027 4,027 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,792,576 \u2014 3,792,576 \u2014 Dec 31, 2023 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 39,117 \u2014 39,117 \u2014 Marketable securities 7,432 7,432 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,322,347 \u2014 3,322,347 \u2014 Fixed rate debt 184,462 \u2014 \u2014 184,462Measurement of fair valuesValuation techniques and significant unobservable inputsThe following tables show the valuation techniques used in measuring Level 1, Level 2 and Level 3 fair values, as well as the significant unobservable inputs that were used.Financial instruments measured at fair valueType Valuation Techniques Significant unobservable inputsInterest rate swapsFair value was determined based on Not applicable.the present value of the estimated future cash flows.Marketable securitiesFair value was determined based on Not applicable.the quoted market prices of the securities.Financial instruments not measured at fair valueType Valuation Techniques Significant unobservable inputsFloating rate debt Discounted cash flow. Not applicable.Fixed rate debt Discounted cash flow. Discount rate.Assets Measured at Fair Value on a Recurring BasisThe fair value (level 2) of interest rate swaps is the present value of the estimated future cash flows that the Company would receive or pay to terminate the agreements at the end of the reporting period, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves and the credit worthiness of both the Company and the derivative counterparty.Marketable securities are listed equity securities for which the fair value is the aggregate market value based on quoted market prices (level 1).Transfers between Level 1, 2 and 3There were no transfers between these levels in 2024 and 2023.Financial risk managementIn the course of its normal business, the Company is exposed to the following risks:\u2022 Credit risk\u2022 Liquidity risk\u2022 Market risk (interest rate risk, foreign currency risk, and price risk)The Company\u2019s Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework.Credit riskTrade and other receivablesAt the balance sheet date all trade and other receivables were with (i) state-owned enterprises, (ii) oil majors, (iii) commodities traders and (iv) related parties and affiliated companies. Based on past experience, there was only a small impact on doubtful amounts at year-end. Based on individual analyses, provisions for doubtful debtors were not material for the years ended December 31, 2024 and 2023. In addition, no customers individually accounted for 10% or more of total revenue in the year ended December 31, 2024 (2023: no customers) (see Note 3). The maximum exposure to credit risk is represented by the carrying amount of each financial asset.Past due amounts are not credit impaired as collection is still considered to be likely and management is confident the outstanding amounts can be recovered. Amounts not past due are also with customers with high credit worthiness and are therefore not credit impaired.Cash and cash equivalentsThe Company held cash and cash equivalents of $413.5 million at December 31, 2024 (2023: $308.3 million). The cash and cash equivalents are held with SEB, HSBC, Royal Bank of Scotland, DNB Bank ASA and Nordea Bank Norge, or Nordea, Cr\u00e9dit Agricole, UBS, Standard Chartered Bank Singapore, ABN Amro, ING Bank N.V., Bank of Cyprus and Citibank N.A. The Company\u2019s concentration of credit risk with respect to cash and cash equivalents is not considered significant as substantially all of the amounts are carried with a diversified portfolio of banks and financial institution counterparties.Restricted cashOur interest rate swaps can require us to post cash as collateral based on their fair value which is classified as restricted cash. As of December 31, 2024 and 2023 no cash was posted as collateral in relation to our interest rate swaps and secured borrowings.DerivativesThe Company is exposed to the risk of credit loss in the event of non-performance by the counterparty to the interest rate swap agreements. Interest rate swap agreements are entered into with banks and financial institution counterparties, which are rated AA-, based on rating agency S&P.Liquidity riskLiquidity risk is the risk that the Company will not be able to meet its financial obligations if they fall due. The Company\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The Company has entered into several loan facilities whose maturities are spread over different years (see Note 17).The following are the remaining contractual maturities of financial liabilities:Contractual cash flows at December 31, 2024Carrying Less than 1 Between 1 Between 3 Between 6 (in thousands of $)Value Totalyearand 3 yearsand 6 yearsand 10 yearsNon derivative financial liabilitiesFloating rate debt 3,744,388 3,754,033 421,775 890,781 1,799,346 642,131 Interest on floating rate debt \u2014 905,002 226,094 375,184 212,995 90,729 Obligations under leases 1,604 1,604 1,153 451 \u2014 \u2014 Trade and other payables 98,812 98,812 98,812 \u2014 \u2014 \u2014 Contractual cash flows at December 31, 2023Carrying Less than 1 Between 1 Between 3 Between 6 (in thousands of $)Value Totalyearand 3 yearsand 6 yearsand 10 yearsNon derivative financial liabilitiesFloating rate debt 3,279,626 3,291,792 229,606 782,878 2,159,679 119,629 Interest on floating rate debt \u2014 834,670 232,684 383,406 201,216 17,364 Fixed rate debt 176,837 175,000 \u2014 175,000 \u2014 \u2014 Interest on fixed rate debt \u2014 32,131 12,395 19,736 \u2014 \u2014 Obligations under leases 2,534 2,534 1,104 1,430 \u2014 \u2014 Trade and other payables 98,232 98,232 98,232 \u2014 \u2014 \u2014 The Company has secured bank loans that contain loan covenants. A future breach of covenant may require the Company to repay the loan earlier than indicated in the above table. For more details on these covenants, see Note 17. The carrying values of fixed and floating rate debt include expected payments of accrued interest as of the reporting date. The interest on floating rate debt is based on the SOFR spot rate as of December 31, 2024 and 2023. The interest rate on fixed rate debt was based on the contractual interest rate for the period presented. It is not expected that the cash flows included in the table above (the maturity analysis) could occur significantly earlier, or at significantly different amounts than those stated above.Market riskInterest rate riskThe Company is exposed to the impact of interest rate changes primarily through its floating-rate borrowings that require the Company to make interest payments based on SOFR. Significant increases in interest rates could adversely affect operating margins, results of operations and ability to service debt. The Company uses interest rate swaps to reduce its exposure to market risk from changes in interest rates. The principal objective of these contracts is to minimize the risks and costs associated with its floating-rate debt. On December 31, 2024 the Company had interest rate swaps in place and approximately 15% (2023: 17%) of the floating interest rates were switched to fixed rate.Cash flow sensitivity analysis for variable rate instrumentsAs of December 31, 2024, the Company's outstanding debt which was at variable interest rates, net of the amount subject to interest rate swap agreements, was $3,204.0 million (2023: $2,741.8 million). Based on this, a one percentage point increase in annual SOFR interest rates would increase its annual interest expense by approximately $32.0 million (2023: $27.4 million), excluding the effects of capitalization of interest.Interest rate swap agreements In February 2016, the Company entered into an interest rate swap with DNB whereby the floating interest on notional debt of $150.0 million was switched to fixed rate. The contract had a forward start date of February 2019.In the year ended December 31, 2020, the Company entered into three interest rate swaps with DNB whereby the floating interest rate on notional debt totaling $250.0 million was switched to a fixed rate.In the year ended December 31, 2020, the Company entered into two interest rate swaps with Nordea Bank whereby the floating interest rate on notional debt totaling $150.0 million was switched to a fixed rate.The reference rate for our interest rate swaps, which are measured at fair value through profit or loss, was transitioned from LIBOR to SOFR in the year ended December 31, 2023 which did not affect the accounting for these derivatives.The aggregate fair value of these swaps at December 31, 2024 was an asset of $24.4 million (2023: $39.1 million) and a liability of nil (2023: nil). The fair value (Level 2) of the Company\u2019s interest rate swap agreements is the estimated amount that the Company would receive or pay to terminate the agreements at the reporting date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves and the current credit worthiness of both the Company and the derivative counterparty. The estimated fair value is the present value of future cash flows. In the year ended December 31, 2024, the Company recorded a gain on these interest rate swaps of $9.2 million (2023: gain of $8.0 million, 2022: gain of $53.6 million).The interest rate swaps are not designated as hedges and are summarized as of December 31, 2024 as follows:Notional Amount Inception Date Maturity Date Fixed Interest Rate($000s) 150,000 February 2019 February 2026 2.1970 % 100,000 March 2020 March 2027 0.9750 % 50,000 March 2020 March 2027 0.6000 % 100,000 March 2020 March 2025 0.9000 % 100,000 April 2020 April 2027 0.5970 % 50,000 April 2020 April 2025 0.5000 % 550,000Foreign currency riskThe majority of the Company's transactions, assets and liabilities are denominated in U.S. dollars, its functional currency. Certain of its subsidiaries report in British pounds, Norwegian kroner or Singapore dollars and risks of two kinds arise as a result: a transaction risk, that is, the risk that currency fluctuations will have an effect on the value of cash flows; and a translation risk, which is the impact of currency fluctuations in the translation of foreign operations and foreign assets and liabilities into U.S. dollars in the consolidated financial statements.Price riskOur exposure to equity securities price risk arises from marketable securities held by the Company which are listed equity securities and are carried at FVTPL unless the election to present subsequent changes in the investment's fair value in OCI is made. See Note 9 for further details.Capital managementWe operate in a capital intensive industry and have historically financed our purchase of tankers and other capital expenditures through a combination of cash generated from operations, equity capital and borrowings from commercial banks. Our ability to generate adequate cash flows on a short and medium term basis depends substantially on the trading performance of our vessels in the market. Our funding and treasury activities are conducted within corporate policies to increase investment returns while maintaining appropriate liquidity for our requirements.The Company\u2019s objectives when managing capital are to:\u2022 safeguard our ability to continue as a going concern, so that we can continue to provide returns for shareholders and benefits for other stakeholders, and\u2022 maintain an optimal capital structure to reduce the cost of capital.In November 2024, we declared a dividend of $0.34 per share for the third quarter of 2024. In August 2024, we declared a dividend of $0.62 per share for the second quarter of 2024. In May 2024, we declared a dividend of $0.62 per share for the first quarter of 2024. In February 2024, the Board of Directors declared a dividend of $0.37 per share for the fourth quarter of 2023.The Company's loan agreements contain loan-to-value clauses, and financial covenants. For more details on these covenants, see Note 17.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__115": {
"value": "Accounting classifications and fair valuesThe carrying values and fair values of financial assets and financial liabilities as of December 31, 2024 and 2023 are as follows:December 31, 2024 December 31, 2023Carrying Carrying (in thousands of $)Value Fair ValueValue Fair ValueFinancial assets measured at fair value through profit or lossDerivative instruments 24,419 24,419 39,117 39,117 Marketable securities 4,027 4,027 7,432 7,432 Financial assets not measured at fair valueCash and cash equivalents 413,532 413,532 308,322 308,322 Trade and other receivables 128,943 128,943 124,647 124,647 Financial liabilities not measured at fair valueTrade and other payables 98,812 98,812 98,232 98,232 Floating rate debt 3,744,388 3,792,576 3,279,626 3,322,347 Fixed rate debt \u2014 \u2014 176,837 184,462 The table below shows the levels in the fair value hierarchy of financial assets and financial liabilities as of December 31, 2024 and 2023, excluding those whose fair values approximate their respective carrying values due to their short-term nature.Dec 31, 2024",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__108": {
"value": "At the balance sheet date all trade and other receivables were with (i) state-owned enterprises, (ii) oil majors, (iii) commodities traders and (iv) related parties and affiliated companies. Based on past experience, there was only a small impact on doubtful amounts at year-end. Based on individual analyses, provisions for doubtful debtors were not material for the years ended December 31, 2024 and 2023. In addition, no customers individually accounted for 10% or more of total revenue in the year ended December 31, 2024 (2023: no customers) (see Note 3). The maximum exposure to credit risk is represented by the carrying amount of each financial asset.Past due amounts are not credit impaired as collection is still considered to be likely and management is confident the outstanding amounts can be recovered. Amounts not past due are also with customers with high credit worthiness and are therefore not credit impaired.Cash and cash equivalentsThe Company held cash and cash equivalents of $413.5 million at December 31, 2024 (2023: $308.3 million). The cash and cash equivalents are held with SEB, HSBC, Royal Bank of Scotland, DNB Bank ASA and Nordea Bank Norge, or Nordea, Cr\u00e9dit Agricole, UBS, Standard Chartered Bank Singapore, ABN Amro, ING Bank N.V., Bank of Cyprus and Citibank N.A. The Company\u2019s concentration of credit risk with respect to cash and cash equivalents is not considered significant as substantially all of the amounts are carried with a diversified portfolio of banks and financial institution counterparties.Restricted cashOur interest rate swaps can require us to post cash as collateral based on their fair value which is classified as restricted cash. As of December 31, 2024 and 2023 no cash was posted as collateral in relation to our interest rate swaps and secured borrowings.DerivativesThe Company is exposed to the risk of credit loss in the event of non-performance by the counterparty to the interest rate swap agreements. Interest rate swap agreements are entered into with banks and financial institution counterparties, which are rated AA-, based on rating agency S&P.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__111": {
"value": "Liquidity riskLiquidity risk is the risk that the Company will not be able to meet its financial obligations if they fall due. The Company\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The Company has entered into several loan facilities whose maturities are spread over different years (see Note 17).The following are the remaining contractual maturities of financial liabilities:Contractual cash flows at December 31, 2024Carrying Less than 1 Between 1 Between 3 Between 6 (in thousands of $)Value Totalyearand 3 yearsand 6 yearsand 10 yearsNon derivative financial liabilitiesFloating rate debt 3,744,388 3,754,033 421,775 890,781 1,799,346 642,131 Interest on floating rate debt \u2014 905,002 226,094 375,184 212,995 90,729 Obligations under leases 1,604 1,604 1,153 451 \u2014 \u2014 Trade and other payables 98,812 98,812 98,812 \u2014 \u2014 \u2014 Contractual cash flows at December 31, 2023Carrying Less than 1 Between 1 Between 3 Between 6 (in thousands of $)Value Totalyearand 3 yearsand 6 yearsand 10 yearsNon derivative financial liabilitiesFloating rate debt 3,279,626 3,291,792 229,606 782,878 2,159,679 119,629 Interest on floating rate debt \u2014 834,670 232,684 383,406 201,216 17,364 Fixed rate debt 176,837 175,000 \u2014 175,000 \u2014 \u2014 Interest on fixed rate debt \u2014 32,131 12,395 19,736 \u2014 \u2014 Obligations under leases 2,534 2,534 1,104 1,430 \u2014 \u2014 Trade and other payables 98,232 98,232 98,232 \u2014 \u2014 \u2014 The Company has secured bank loans that contain loan covenants. A future breach of covenant may require the Company to repay the loan earlier than indicated in the above table. For more details on these covenants, see Note 17. The carrying values of fixed and floating rate debt include expected payments of accrued interest as of the reporting date. The interest on floating rate debt is based on the SOFR spot rate as of December 31, 2024 and 2023. The interest rate on fixed rate debt was based on the contractual interest rate for the period presented. It is not expected that the cash flows included in the table above (the maturity analysis) could occur significantly earlier, or at significantly different amounts than those stated above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__113": {
"value": "Market riskInterest rate riskThe Company is exposed to the impact of interest rate changes primarily through its floating-rate borrowings that require the Company to make interest payments based on SOFR. Significant increases in interest rates could adversely affect operating margins, results of operations and ability to service debt. The Company uses interest rate swaps to reduce its exposure to market risk from changes in interest rates. The principal objective of these contracts is to minimize the risks and costs associated with its floating-rate debt. On December 31, 2024 the Company had interest rate swaps in place and approximately 15% (2023: 17%) of the floating interest rates were switched to fixed rate.Cash flow sensitivity analysis for variable rate instrumentsAs of December 31, 2024, the Company's outstanding debt which was at variable interest rates, net of the amount subject to interest rate swap agreements, was $3,204.0 million (2023: $2,741.8 million). Based on this, a one percentage point increase in annual SOFR interest rates would increase its annual interest expense by approximately $32.0 million (2023: $27.4 million), excluding the effects of capitalization of interest.Interest rate swap agreements In February 2016, the Company entered into an interest rate swap with DNB whereby the floating interest on notional debt of $150.0 million was switched to fixed rate. The contract had a forward start date of February 2019.In the year ended December 31, 2020, the Company entered into three interest rate swaps with DNB whereby the floating interest rate on notional debt totaling $250.0 million was switched to a fixed rate.In the year ended December 31, 2020, the Company entered into two interest rate swaps with Nordea Bank whereby the floating interest rate on notional debt totaling $150.0 million was switched to a fixed rate.The reference rate for our interest rate swaps, which are measured at fair value through profit or loss, was transitioned from LIBOR to SOFR in the year ended December 31, 2023 which did not affect the accounting for these derivatives.The aggregate fair value of these swaps at December 31, 2024 was an asset of $24.4 million (2023: $39.1 million) and a liability of nil (2023: nil). The fair value (Level 2) of the Company\u2019s interest rate swap agreements is the estimated amount that the Company would receive or pay to terminate the agreements at the reporting date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves and the current credit worthiness of both the Company and the derivative counterparty. The estimated fair value is the present value of future cash flows. In the year ended December 31, 2024, the Company recorded a gain on these interest rate swaps of $9.2 million (2023: gain of $8.0 million, 2022: gain of $53.6 million).The interest rate swaps are not designated as hedges and are summarized as of December 31, 2024 as follows:Notional Amount Inception Date Maturity Date Fixed Interest Rate($000s) 150,000 February 2019 February 2026 2.1970 % 100,000 March 2020 March 2027 0.9750 % 50,000 March 2020 March 2027 0.6000 % 100,000 March 2020 March 2025 0.9000 % 100,000 April 2020 April 2027 0.5970 % 50,000 April 2020 April 2025 0.5000 % 550,000",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__107": {
"value": "Capital managementWe operate in a capital intensive industry and have historically financed our purchase of tankers and other capital expenditures through a combination of cash generated from operations, equity capital and borrowings from commercial banks. Our ability to generate adequate cash flows on a short and medium term basis depends substantially on the trading performance of our vessels in the market. Our funding and treasury activities are conducted within corporate policies to increase investment returns while maintaining appropriate liquidity for our requirements.The Company\u2019s objectives when managing capital are to:\u2022 safeguard our ability to continue as a going concern, so that we can continue to provide returns for shareholders and benefits for other stakeholders, and\u2022 maintain an optimal capital structure to reduce the cost of capital.In November 2024, we declared a dividend of $0.34 per share for the third quarter of 2024. In August 2024, we declared a dividend of $0.62 per share for the second quarter of 2024. In May 2024, we declared a dividend of $0.62 per share for the first quarter of 2024. In February 2024, the Board of Directors declared a dividend of $0.37 per share for the fourth quarter of 2023.The Company's loan agreements contain loan-to-value clauses, and financial covenants. For more details on these covenants, see Note 17.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__114": {
"value": "The Company's loan agreements contain loan-to-value clauses, and financial covenants. For more details on these covenants, see Note 17.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__117": {
"value": "20. SHARE CAPITALThe authorized share capital of the Company as of December 31, 2024 is $600,000,000 (2023: $600,000,000) divided into 600,000,000 shares (2023: 600,000,000) of $1.00 nominal value each, of which 222,622,889 shares of $1.00 nominal value each are in issue and fully paid as of December 31, 2024 and 2023.The movement in the number of shares outstanding during the years ended December 31, 2024 and 2023 are as follows:Outstanding shares as of January 1, 2022 203,530,979 Shares issued in connection with CMB.TECH share acquisition (see Note 9) 19,091,910 Outstanding shares as of December 31, 2022, 2023 and 2024 222,622,889",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__116": {
"value": "20. SHARE CAPITALThe authorized share capital of the Company as of December 31, 2024 is $600,000,000 (2023: $600,000,000) divided into 600,000,000 shares (2023: 600,000,000) of $1.00 nominal value each, of which 222,622,889 shares of $1.00 nominal value each are in issue and fully paid as of December 31, 2024 and 2023.The movement in the number of shares outstanding during the years ended December 31, 2024 and 2023 are as follows:Outstanding shares as of January 1, 2022 203,530,979 Shares issued in connection with CMB.TECH share acquisition (see Note 9) 19,091,910 Outstanding shares as of December 31, 2022, 2023 and 2024 222,622,889",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__118": {
"value": "21. SHARE OPTIONSIn the year ended December 2021, the Board of Directors approved the grant of 1,280,000 synthetic options to employees and board members according to the rules of the Company\u2019s synthetic option scheme approved on December 7, 2021. The synthetic options have a five year term expiring in December 2026. The vesting period is 12 months for the first 27.5% of options, 24 months for the next 27.5% of options and 36 months for the final 45% of options. The exercise price is NOK 71, which shall increase by NOK 5 on each of December 7, 2023, and December 7, 2024, and will further be adjusted for any distribution of dividends made before the relevant synthetic options are exercised. The synthetic options will be settled in cash based on the difference between the market price of the Company\u2019s shares and the exercise price on the date of exercise, and as such, have been classified as a liability. The synthetic options are not subject to a retention period. There were no options awarded in 2022, 2023 or 2024.The synthetic options have an estimated expected life of 3.4 years. The risk-free interest rate was estimated using the interest rate on three year U.S. treasury zero coupon issues. The volatility was estimated using historical share price data. The dividend yield was estimated at 0% as the exercise price is reduced by all dividends declared by the Company from the date of grant to the exercise date. It was assumed that all of the options granted will vest.The initial exercise price for the synthetic options granted in December 2021 was reduced by the amount of dividends paid after the date of grant. As of December 31, 2024, all of these options had vested. As of December 31, 2024, 86,100 options had been forfeited (2023: 86,100) and 172,000 options were exercised (2023: 92,400) at a weighted average exercise price of $4.45. As of December 31, 2024, 1,021,900 options remained outstanding (2023: 1,101,500) and exercisable (2023: 564,650). The subsequent remeasurement of fair value of the synthetic options resulted in a gain of $2.2 million in the year ended December 31, 2024 (2023: expense of $10.7 million, 2022: expense of $4.7 million).As of December 31, 2024, the weighted average exercise price of these options was $2.17 (2023: $4.48) and the Company's share price was $14.19.The weighted average fair value of the options granted in 2021 was $6.54 per share. The synthetic options had a fair value of $12.5 million as of December 31, 2024 (2023: $17.5 million) and the Company recorded a liability of $11.7 million as of December 31, 2024 (2023: $15.0 million) in the Consolidated Statements of Financial Position. The intrinsic value of liabilities which had vested as of December 31, 2024 was $12.3 million (2023: $9.0 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__121": {
"value": "22. RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIESWe transact business with the following related parties: Seatankers Management Norway AS, Seatankers Management Co. Ltd, Avance Gas and Alta Trading UK Limited. We also own interests in TFG Marine and Clean Marine AS (through our interest in FMS Holdco) which are accounted for as equity method investments.We also transact business with the following affiliated companies, being companies in which Hemen and companies associated with Hemen have significant influence: SFL, Flex LNG Ltd, Front Ocean Management and Golden Ocean. On March 12, 2025, Hemen disposed of its entire shareholding in Golden Ocean via a sale to a third party at which time Golden Ocean ceased to be affiliated with us.SummaryA summary transactions with related parties and affiliated companies for the years ended December 31, 2024, 2023 and 2022 was as follows:(in thousands of $) Note 2024 2023 2022Revenues and other operating incomeSeatankers Management Co. Ltd 2,027 2,196 1,669 SFL 4 3,191 5,925 7,634 Golden Ocean 1,212 4,182 3,061 Alta Trading UK Limited 11 8 5,617 Flex LNG Ltd 1,538 1,513 1,242 Avance Gas 1,697 1,989 2,191 TFG Marine 598 1,060 627 Other related parties and affiliated companies \u2014 7 53 Total revenues and other operating income 10,274 16,880 22,094 Operating expensesSFL 13, 18 \u2014 \u2014 1,590 Front Ocean Management AS 2,948 2,514 2,010 Seatankers Management Norway AS 523 880 516 Seatankers Management Co. Ltd 360 593 803 Total operating expenses 3,831 3,987 4,919 Other income (expenses)Shareholder loan facility finance expense 17 (12,548) (255) \u2014 Revolving credit facility finance expense 17 (9,299) (11,690) (13,288) SFL interest leasing 6, 13, 18 \u2014 \u2014 (937) FMS Holdco share of results 15 1,053 611 (555) TFG Marine share of results 15 (1,651) 2,771 14,797 Total other income (expenses) (22,445) (8,563) 17 Revenues earned from related parties and affiliated companies are comprised of office rental income, technical and commercial management fees, newbuilding supervision fees, freights, and administrative services. Operating expenses paid to related parties and affiliated companies are comprised of bunker expenses, rental for vessels and office space, support staff costs, and corporate administration. In addition, the Company has paid $534.3 million to TFG Marine in the year ended December 31, 2024 in relation to bunker purchases (2023: $392.5 million 2022: $434.4 million).Related party and affiliated company balancesA summary of balances due from related parties and affiliated companies as of December 31, 2024 and 2023 was as follows:December 31, December 31, (in thousands of $)20242023SFL 4,265 4,652 Seatankers Management Co. Ltd 2,647 726 Golden Ocean 178 11,147 Alta Trading UK Limited 11 8 Flex LNG Ltd 516 455 TFG Marine 227 1,117 Avance Gas 560 1,080 Other related parties and affiliated companies 128 107 Related party and affiliated company receivables 8,532 19,292 Balances due from related parties and affiliated companies are primarily derived from newbuilding supervision fees, technical and commercial management fees, and recharges for administrative services.A summary of balances due to related parties and affiliated companies at December 31, 2024 and 2023 was as follows:December 31, December 31, (in thousands of $)20242023SFL 7,380 6,407 Seatankers Management Co. Ltd 1,153 337 Golden Ocean 1,283 13,837 Flex LNG Ltd 686 549 TFG Marine 24,390 25,956 Front Ocean Management 5 71 Avance Gas 473 562 Related party and affiliated company payables 35,370 47,719 Shareholder loan facility \u2014 235,000 Revolving credit facility \u2014 175,000 Total due to related parties and affiliated companies 35,370 457,719 Related party and affiliated company payables are primarily for bunker purchases, supplier rebates, loan interest and corporate administration fees.Other transactionsRefer to Note 8, 9 and 20 for further details of shares issued to Hemen in connection with the CMB.TECH share acquisition.Refer to Note 23 for further details of guarantees provided in relation to the Company's business with and investment in TFG Marine.Transactions with key management personnelThe total amount of the remuneration earned by all directors and key management personnel for their services was as follows:(in thousands of $) 2024 2023 2022Total remuneration 464 7,956 3,767 of which:Paid in capacity as directors 907 3,530 1,678 Other remuneration (443) 4,426 2,089 The Directors annually review the remuneration of the members of key management personnel. Directors' fees are approved annually at the AGM. No pensions were paid to directors or past directors. No compensation was paid to directors or past directors in respect of loss of office. Total remuneration consists of a fixed and a variable component and can be summarized as follows:(in thousands of $) 2024 2023 2022Total fixed remuneration 911 942 863 of which:Cost of pension 28 24 22 Total variable remuneration (447) 7,014 2,904 of which:Share based payments (829) 7,014 2,679 In December 2021, the Board of Directors approved the grant of 1,280,000 synthetic options to employees and board members according to the rules of the Company\u2019s synthetic option scheme approved on December 7, 2021. The synthetic options have a five year term expiring in December 2026. The vesting period is 12 months for the first 27.5% of options, 24 months for the next 27.5% of options and 36 months for the final 45% of options. The synthetic options will be settled in cash based on the difference between the market price of the Company\u2019s shares and the exercise price on the date of exercise, and as such, have been classified as a liability. The Company recorded a share-based payment gain in the year ended December 31, 2024 due to a decrease in the fair value of the option liability as a result of the decrease in the Company's share price as of December 31, 2024 as compared to December 31, 2023. Refer to Note 21 for further details of the synthetic option scheme.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__119": {
"value": "22. RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIESWe transact business with the following related parties: Seatankers Management Norway AS, Seatankers Management Co. Ltd, Avance Gas and Alta Trading UK Limited. We also own interests in TFG Marine and Clean Marine AS (through our interest in FMS Holdco) which are accounted for as equity method investments.We also transact business with the following affiliated companies, being companies in which Hemen and companies associated with Hemen have significant influence: SFL, Flex LNG Ltd, Front Ocean Management and Golden Ocean. On March 12, 2025, Hemen disposed of its entire shareholding in Golden Ocean via a sale to a third party at which time Golden Ocean ceased to be affiliated with us.SummaryA summary transactions with related parties and affiliated companies for the years ended December 31, 2024, 2023 and 2022 was as follows:(in thousands of $) Note 2024 2023 2022Revenues and other operating incomeSeatankers Management Co. Ltd 2,027 2,196 1,669 SFL 4 3,191 5,925 7,634 Golden Ocean 1,212 4,182 3,061 Alta Trading UK Limited 11 8 5,617 Flex LNG Ltd 1,538 1,513 1,242 Avance Gas 1,697 1,989 2,191 TFG Marine 598 1,060 627 Other related parties and affiliated companies \u2014 7 53 Total revenues and other operating income 10,274 16,880 22,094 Operating expensesSFL 13, 18 \u2014 \u2014 1,590 Front Ocean Management AS 2,948 2,514 2,010 Seatankers Management Norway AS 523 880 516 Seatankers Management Co. Ltd 360 593 803 Total operating expenses 3,831 3,987 4,919 Other income (expenses)Shareholder loan facility finance expense 17 (12,548) (255) \u2014 Revolving credit facility finance expense 17 (9,299) (11,690) (13,288) SFL interest leasing 6, 13, 18 \u2014 \u2014 (937) FMS Holdco share of results 15 1,053 611 (555) TFG Marine share of results 15 (1,651) 2,771 14,797 Total other income (expenses) (22,445) (8,563) 17 Revenues earned from related parties and affiliated companies are comprised of office rental income, technical and commercial management fees, newbuilding supervision fees, freights, and administrative services. Operating expenses paid to related parties and affiliated companies are comprised of bunker expenses, rental for vessels and office space, support staff costs, and corporate administration. In addition, the Company has paid $534.3 million to TFG Marine in the year ended December 31, 2024 in relation to bunker purchases (2023: $392.5 million 2022: $434.4 million).Related party and affiliated company balancesA summary of balances due from related parties and affiliated companies as of December 31, 2024 and 2023 was as follows:December 31, December 31, (in thousands of $)20242023SFL 4,265 4,652 Seatankers Management Co. Ltd 2,647 726 Golden Ocean 178 11,147 Alta Trading UK Limited 11 8 Flex LNG Ltd 516 455 TFG Marine 227 1,117 Avance Gas 560 1,080 Other related parties and affiliated companies 128 107 Related party and affiliated company receivables 8,532 19,292 Balances due from related parties and affiliated companies are primarily derived from newbuilding supervision fees, technical and commercial management fees, and recharges for administrative services.A summary of balances due to related parties and affiliated companies at December 31, 2024 and 2023 was as follows:December 31, December 31, (in thousands of $)20242023SFL 7,380 6,407 Seatankers Management Co. Ltd 1,153 337 Golden Ocean 1,283 13,837 Flex LNG Ltd 686 549 TFG Marine 24,390 25,956 Front Ocean Management 5 71 Avance Gas 473 562 Related party and affiliated company payables 35,370 47,719 Shareholder loan facility \u2014 235,000 Revolving credit facility \u2014 175,000 Total due to related parties and affiliated companies 35,370 457,719 Related party and affiliated company payables are primarily for bunker purchases, supplier rebates, loan interest and corporate administration fees.Other transactionsRefer to Note 8, 9 and 20 for further details of shares issued to Hemen in connection with the CMB.TECH share acquisition.Refer to Note 23 for further details of guarantees provided in relation to the Company's business with and investment in TFG Marine.Transactions with key management personnelThe total amount of the remuneration earned by all directors and key management personnel for their services was as follows:(in thousands of $) 2024 2023 2022Total remuneration 464 7,956 3,767 of which:Paid in capacity as directors 907 3,530 1,678 Other remuneration (443) 4,426 2,089 The Directors annually review the remuneration of the members of key management personnel. Directors' fees are approved annually at the AGM. No pensions were paid to directors or past directors. No compensation was paid to directors or past directors in respect of loss of office. Total remuneration consists of a fixed and a variable component and can be summarized as follows:(in thousands of $) 2024 2023 2022Total fixed remuneration 911 942 863 of which:Cost of pension 28 24 22 Total variable remuneration (447) 7,014 2,904 of which:Share based payments (829) 7,014 2,679 In December 2021, the Board of Directors approved the grant of 1,280,000 synthetic options to employees and board members according to the rules of the Company\u2019s synthetic option scheme approved on December 7, 2021. The synthetic options have a five year term expiring in December 2026. The vesting period is 12 months for the first 27.5% of options, 24 months for the next 27.5% of options and 36 months for the final 45% of options. The synthetic options will be settled in cash based on the difference between the market price of the Company\u2019s shares and the exercise price on the date of exercise, and as such, have been classified as a liability. The Company recorded a share-based payment gain in the year ended December 31, 2024 due to a decrease in the fair value of the option liability as a result of the decrease in the Company's share price as of December 31, 2024 as compared to December 31, 2023. Refer to Note 21 for further details of the synthetic option scheme.",
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"value": "23. COMMITMENTS AND CONTINGENCIESAs of December 31, 2024, the Company has agreed to provide a $60.0 million guarantee in respect of the performance of its subsidiaries, and two subsidiaries of an affiliate of Hemen, under a bunker supply arrangement with TFG Marine, a related party. As of December 31, 2024, there are no amounts payable under this guarantee. In addition, should TFG Marine be required to provide a parent company guarantee to its bunker suppliers or finance providers then for any guarantee that is provided by the Trafigura Group and becomes payable, Frontline shall pay a pro rata amount based on its share of the equity in TFG Marine. The maximum liability under this guarantee is $6.0 million and there are no amounts payable under this guarantee as at December 31, 2024.\ue603In June 2024, the Company attended an introductory hearing before the Enterprise Court in Antwerp, Belgium, in response to a summons received from certain funds managed by FourWorld Capital Management LLC (\u201cFourWorld\u201d) in connection with their claims pertaining to the integrated solution for the strategic and structural deadlock within former Euronav NV announced on October 9, 2023, and former Euronav NV\u2019s acquisition of CMB.TECH NV on December 22, 2023. FourWorld claims that the transactions should be rescinded and in addition has requested the court to order Compagnie Maritime Belge NV and Frontline to pay damages in an amount to be determined during the course of the proceedings. A procedural calendar has been agreed and the case is scheduled for oral court pleadings in May 2026, after which a judgment will be rendered. The Company finds the claims to be without merit and intends to vigorously defend against them.The Company insures the legal liability risks for its shipping activities with mutual protection and indemnity associations, who are members of the International Group of P&I Clubs. As a member of these mutual associations, the Company is subject to calls payable to the associations based on the Company's claims record in addition to the claims records of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration, which result in additional calls on the members. The Company is a party, as plaintiff or defendant, to several lawsuits in various jurisdictions for unpaid charter hire, demurrage, damages, off-hire and other claims and commercial disputes arising from the operation of its vessels, in the ordinary course of business or in connection with its acquisition activities. The Company believes that the resolution of such claims will not have a material adverse effect on the Company's operations or financial condition individually and in the aggregate.",
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"f1__s8__6__123": {
"value": "23. COMMITMENTS AND CONTINGENCIESAs of December 31, 2024, the Company has agreed to provide a $60.0 million guarantee in respect of the performance of its subsidiaries, and two subsidiaries of an affiliate of Hemen, under a bunker supply arrangement with TFG Marine, a related party. As of December 31, 2024, there are no amounts payable under this guarantee. In addition, should TFG Marine be required to provide a parent company guarantee to its bunker suppliers or finance providers then for any guarantee that is provided by the Trafigura Group and becomes payable, Frontline shall pay a pro rata amount based on its share of the equity in TFG Marine. The maximum liability under this guarantee is $6.0 million and there are no amounts payable under this guarantee as at December 31, 2024.\ue603In June 2024, the Company attended an introductory hearing before the Enterprise Court in Antwerp, Belgium, in response to a summons received from certain funds managed by FourWorld Capital Management LLC (\u201cFourWorld\u201d) in connection with their claims pertaining to the integrated solution for the strategic and structural deadlock within former Euronav NV announced on October 9, 2023, and former Euronav NV\u2019s acquisition of CMB.TECH NV on December 22, 2023. FourWorld claims that the transactions should be rescinded and in addition has requested the court to order Compagnie Maritime Belge NV and Frontline to pay damages in an amount to be determined during the course of the proceedings. A procedural calendar has been agreed and the case is scheduled for oral court pleadings in May 2026, after which a judgment will be rendered. The Company finds the claims to be without merit and intends to vigorously defend against them.The Company insures the legal liability risks for its shipping activities with mutual protection and indemnity associations, who are members of the International Group of P&I Clubs. As a member of these mutual associations, the Company is subject to calls payable to the associations based on the Company's claims record in addition to the claims records of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration, which result in additional calls on the members. The Company is a party, as plaintiff or defendant, to several lawsuits in various jurisdictions for unpaid charter hire, demurrage, damages, off-hire and other claims and commercial disputes arising from the operation of its vessels, in the ordinary course of business or in connection with its acquisition activities. The Company believes that the resolution of such claims will not have a material adverse effect on the Company's operations or financial condition individually and in the aggregate.",
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"f1__s8__6__122": {
"value": "23. COMMITMENTS AND CONTINGENCIESAs of December 31, 2024, the Company has agreed to provide a $60.0 million guarantee in respect of the performance of its subsidiaries, and two subsidiaries of an affiliate of Hemen, under a bunker supply arrangement with TFG Marine, a related party. As of December 31, 2024, there are no amounts payable under this guarantee. In addition, should TFG Marine be required to provide a parent company guarantee to its bunker suppliers or finance providers then for any guarantee that is provided by the Trafigura Group and becomes payable, Frontline shall pay a pro rata amount based on its share of the equity in TFG Marine. The maximum liability under this guarantee is $6.0 million and there are no amounts payable under this guarantee as at December 31, 2024.\ue603In June 2024, the Company attended an introductory hearing before the Enterprise Court in Antwerp, Belgium, in response to a summons received from certain funds managed by FourWorld Capital Management LLC (\u201cFourWorld\u201d) in connection with their claims pertaining to the integrated solution for the strategic and structural deadlock within former Euronav NV announced on October 9, 2023, and former Euronav NV\u2019s acquisition of CMB.TECH NV on December 22, 2023. FourWorld claims that the transactions should be rescinded and in addition has requested the court to order Compagnie Maritime Belge NV and Frontline to pay damages in an amount to be determined during the course of the proceedings. A procedural calendar has been agreed and the case is scheduled for oral court pleadings in May 2026, after which a judgment will be rendered. The Company finds the claims to be without merit and intends to vigorously defend against them.The Company insures the legal liability risks for its shipping activities with mutual protection and indemnity associations, who are members of the International Group of P&I Clubs. As a member of these mutual associations, the Company is subject to calls payable to the associations based on the Company's claims record in addition to the claims records of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration, which result in additional calls on the members. The Company is a party, as plaintiff or defendant, to several lawsuits in various jurisdictions for unpaid charter hire, demurrage, damages, off-hire and other claims and commercial disputes arising from the operation of its vessels, in the ordinary course of business or in connection with its acquisition activities. The Company believes that the resolution of such claims will not have a material adverse effect on the Company's operations or financial condition individually and in the aggregate.",
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"f1__s8__6__126": {
"value": "24. GROUP ENTITIESOwnership and Voting Percentage Country of December December NameIncorporation31, 202431, 2023Frontline Management (Bermuda) Ltd Bermuda 100% 100%Frontline Corporate Services Ltd United Kingdom 100% 100%Frontline Management AS Norway 100% 100%Frontline 2012 Ltd. Bermuda 100% 100%Frontline Chartering Services Inc. Liberia 100% 100%Frontline Shipping Singapore Pte Ltd. Singapore 100% 100%Frontfleet Ltd Bermuda 100% 100%Frontfleet II Ltd Bermuda 100% 100%Front Thor Inc. Liberia 100% 100%Front Odin Inc. Liberia 100% 100%Front Loki Inc. Liberia 100% 100%Front Njord Inc. Liberia 100% 100%Front Ull Inc Liberia 100% 100%Front Idun Inc Liberia 100% 100%Front King Inc. Liberia 100% 100%Front Queen Inc. Liberia 100% 100%Front Sovereign Inc. Liberia 100% 100%Front Monarch Inc. Liberia 100% 100%Front Eminence Inc. Liberia 100% 100%Front Endurance Inc. Liberia 100% 100%Front Duke Inc. Republic of the Marshall Islands 100% 100%Front Brage Inc. Liberia 100% 100%Front Balder Inc. Liberia 100% 100%Front Challenger Inc. Liberia 100% 100%Front Crown Inc. Liberia 100% 100%Front Coral Inc. Liberia 100% 100%Front Crystal II Inc. Liberia 100% 100%Front Classic Inc. Liberia 100% 100%Front Clipper Inc. Liberia 100% 100%Front Cosmos Inc. Liberia 100% 100%Front Cascade Inc. Liberia 100% 100%Front Duchess Inc. Republic of the Marshall Islands 100% 100%Sea Hull L0037 Corp. Liberia 100% 100%Sea Hull L0044 Corp. Liberia 100% 100%Sea Hull L0045 Corp. Liberia 100% 100%Sea Hull L0046 Corp. Liberia 100% 100%Front Cheetah Inc. Liberia 100% 100%Front Cougar Inc. Liberia 100% 100%Front Aphrodite Inc. Liberia 100% 100%Front Athena Inc. Liberia 100% 100%Front Hebe Inc. Liberia 100% 100%Front Hera Inc. Liberia 100% 100%Front Altair Inc. Liberia 100% 100%Front Antares Inc Liberia 100% 100%Front Vega Inc. Liberia 100% 100%Front Sirius Inc. Liberia 100% 100%Front Castor Inc. Liberia 100% 100%Front Pollux Inc. Liberia 100% 100%Front Capella Inc. Liberia 100% 100%Front Polaris Inc. Liberia 100% 100%Front Earl Inc. Liberia 100% 100%Front Empire Inc. Liberia 100% 100%Front Prince I Inc. Liberia 100% 100%Front Princess I Inc. Liberia 100% 100%Front Defender Inc. Liberia 100% 100%Front Discovery Inc. Liberia 100% 100%Front Cruiser Inc. Liberia 100% 100%Front Dynamic I Inc. Liberia 100% 100%Front Favour Inc. Republic of the Marshall Islands 100% 100%Front Feature Inc. Republic of the Marshall Islands 100% 100%Front Future Inc. Liberia 100% 100%Front Fusion Inc. Liberia 100% 100%White Flag Ventures XXXVI LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XXXIX LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XL LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLI LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLII LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLIII LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLIV LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLV LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLVI LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLVII LLC Republic of the Marshall Islands 100% 100%Hull 3240 Inc. Republic of the Marshall Islands 100% 100%Hull 3241 Inc. Republic of the Marshall Islands 100% 100%Hull 3283 Inc. Republic of the Marshall Islands 100% 100%Hull 3284 Inc. Republic of the Marshall Islands 100% 100%Hull 3285 Inc. Republic of the Marshall Islands 100% 100%Hull 3286 Inc. Republic of the Marshall Islands 100% 100%Front Driva Inc. Republic of the Marshall Islands 100% 100%Front Nausta Inc. Republic of the Marshall Islands 100% 100%Frontfleet Chartering Inc. Republic of the Marshall Islands 100% 100%Frontline (Management) Cyprus Ltd Cyprus 100% 100%Front Beaver Inc. Republic of the Marshall Islands 100% 100%Front Beauly Inc. Republic of the Marshall Islands 100% 100%Front Cloud Inc. Republic of the Marshall Islands 100% 100%Front Clyde Inc. Republic of the Marshall Islands 100% 100%Front Dee Inc. Republic of the Marshall Islands 100% 100%Front Eagle Inc. Republic of the Marshall Islands 100% 100%Front Eira Inc. Republic of the Marshall Islands 100% 100%Front Forth Inc. Republic of the Marshall Islands 100% 100%Front Gander Inc. Republic of the Marshall Islands 100% 100%Front Hawke Inc. Republic of the Marshall Islands 100% 100%Front Maine Inc. Republic of the Marshall Islands 100% 100%Front Morgan Inc. Republic of the Marshall Islands 100% 100%Front Naver Inc. Republic of the Marshall Islands 100% 100%Front Neiden Inc. Republic of the Marshall Islands 100% 100%Front Osen Inc. Republic of the Marshall Islands 100% 100%Front Otra Inc. Republic of the Marshall Islands 100% 100%Front Rauma Inc. Republic of the Marshall Islands 100% 100%Front Spey Inc. Republic of the Marshall Islands 100% 100%Front Surna Inc. Republic of the Marshall Islands 100% 100%Front Tay Inc. Republic of the Marshall Islands 100% 100%Front Vefsna Inc. Republic of the Marshall Islands 100% 100%Front Vosso Inc. Republic of the Marshall Islands 100% 100%Front Humber Inc. Republic of the Marshall Islands 100% 100%Front Flores Inc. Republic of the Marshall Islands 100% 100%",
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"f1__s8__6__125": {
"value": "24. GROUP ENTITIESOwnership and Voting Percentage Country of December December NameIncorporation31, 202431, 2023Frontline Management (Bermuda) Ltd Bermuda 100% 100%Frontline Corporate Services Ltd United Kingdom 100% 100%Frontline Management AS Norway 100% 100%Frontline 2012 Ltd. Bermuda 100% 100%Frontline Chartering Services Inc. Liberia 100% 100%Frontline Shipping Singapore Pte Ltd. Singapore 100% 100%Frontfleet Ltd Bermuda 100% 100%Frontfleet II Ltd Bermuda 100% 100%Front Thor Inc. Liberia 100% 100%Front Odin Inc. Liberia 100% 100%Front Loki Inc. Liberia 100% 100%Front Njord Inc. Liberia 100% 100%Front Ull Inc Liberia 100% 100%Front Idun Inc Liberia 100% 100%Front King Inc. Liberia 100% 100%Front Queen Inc. Liberia 100% 100%Front Sovereign Inc. Liberia 100% 100%Front Monarch Inc. Liberia 100% 100%Front Eminence Inc. Liberia 100% 100%Front Endurance Inc. Liberia 100% 100%Front Duke Inc. Republic of the Marshall Islands 100% 100%Front Brage Inc. Liberia 100% 100%Front Balder Inc. Liberia 100% 100%Front Challenger Inc. Liberia 100% 100%Front Crown Inc. Liberia 100% 100%Front Coral Inc. Liberia 100% 100%Front Crystal II Inc. Liberia 100% 100%Front Classic Inc. Liberia 100% 100%Front Clipper Inc. Liberia 100% 100%Front Cosmos Inc. Liberia 100% 100%Front Cascade Inc. Liberia 100% 100%Front Duchess Inc. Republic of the Marshall Islands 100% 100%Sea Hull L0037 Corp. Liberia 100% 100%Sea Hull L0044 Corp. Liberia 100% 100%Sea Hull L0045 Corp. Liberia 100% 100%Sea Hull L0046 Corp. Liberia 100% 100%Front Cheetah Inc. Liberia 100% 100%Front Cougar Inc. Liberia 100% 100%Front Aphrodite Inc. Liberia 100% 100%Front Athena Inc. Liberia 100% 100%Front Hebe Inc. Liberia 100% 100%Front Hera Inc. Liberia 100% 100%Front Altair Inc. Liberia 100% 100%Front Antares Inc Liberia 100% 100%Front Vega Inc. Liberia 100% 100%Front Sirius Inc. Liberia 100% 100%Front Castor Inc. Liberia 100% 100%Front Pollux Inc. Liberia 100% 100%Front Capella Inc. Liberia 100% 100%Front Polaris Inc. Liberia 100% 100%Front Earl Inc. Liberia 100% 100%Front Empire Inc. Liberia 100% 100%Front Prince I Inc. Liberia 100% 100%Front Princess I Inc. Liberia 100% 100%Front Defender Inc. Liberia 100% 100%Front Discovery Inc. Liberia 100% 100%Front Cruiser Inc. Liberia 100% 100%Front Dynamic I Inc. Liberia 100% 100%Front Favour Inc. Republic of the Marshall Islands 100% 100%Front Feature Inc. Republic of the Marshall Islands 100% 100%Front Future Inc. Liberia 100% 100%Front Fusion Inc. Liberia 100% 100%White Flag Ventures XXXVI LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XXXIX LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XL LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLI LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLII LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLIII LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLIV LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLV LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLVI LLC Republic of the Marshall Islands 100% 100%White Flag Ventures XLVII LLC Republic of the Marshall Islands 100% 100%Hull 3240 Inc. Republic of the Marshall Islands 100% 100%Hull 3241 Inc. Republic of the Marshall Islands 100% 100%Hull 3283 Inc. Republic of the Marshall Islands 100% 100%Hull 3284 Inc. Republic of the Marshall Islands 100% 100%Hull 3285 Inc. Republic of the Marshall Islands 100% 100%Hull 3286 Inc. Republic of the Marshall Islands 100% 100%Front Driva Inc. Republic of the Marshall Islands 100% 100%Front Nausta Inc. Republic of the Marshall Islands 100% 100%Frontfleet Chartering Inc. Republic of the Marshall Islands 100% 100%Frontline (Management) Cyprus Ltd Cyprus 100% 100%Front Beaver Inc. Republic of the Marshall Islands 100% 100%Front Beauly Inc. Republic of the Marshall Islands 100% 100%Front Cloud Inc. Republic of the Marshall Islands 100% 100%Front Clyde Inc. Republic of the Marshall Islands 100% 100%Front Dee Inc. Republic of the Marshall Islands 100% 100%Front Eagle Inc. Republic of the Marshall Islands 100% 100%Front Eira Inc. Republic of the Marshall Islands 100% 100%Front Forth Inc. Republic of the Marshall Islands 100% 100%Front Gander Inc. Republic of the Marshall Islands 100% 100%Front Hawke Inc. Republic of the Marshall Islands 100% 100%Front Maine Inc. Republic of the Marshall Islands 100% 100%Front Morgan Inc. Republic of the Marshall Islands 100% 100%Front Naver Inc. Republic of the Marshall Islands 100% 100%Front Neiden Inc. Republic of the Marshall Islands 100% 100%Front Osen Inc. Republic of the Marshall Islands 100% 100%Front Otra Inc. Republic of the Marshall Islands 100% 100%Front Rauma Inc. Republic of the Marshall Islands 100% 100%Front Spey Inc. Republic of the Marshall Islands 100% 100%Front Surna Inc. Republic of the Marshall Islands 100% 100%Front Tay Inc. Republic of the Marshall Islands 100% 100%Front Vefsna Inc. Republic of the Marshall Islands 100% 100%Front Vosso Inc. Republic of the Marshall Islands 100% 100%Front Humber Inc. Republic of the Marshall Islands 100% 100%Front Flores Inc. Republic of the Marshall Islands 100% 100%",
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"value": "25. SUBSEQUENT EVENTSIn February 2025, the Board of Directors declared a dividend of $0.20 per share for the fourth quarter of 2024. The record date for the dividend was March 14, 2025, the ex-dividend date was March 14, 2025, for shares listed on the New York Stock Exchange and March 13, 2025, for shares listed on the Oslo Stock Exchange, and the dividend was paid on March 31, 2025.Refer to Note 17 for details of other transactions that have concluded subsequent to December 31, 2024 pertaining to financing.",
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}