{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"FRO": "http://frontlineplc.cy/2025-12-31",
"ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://frontlineplc.cy/2025-12-31/5493004BCIKYU1YL3H63-2025-12-31.xsd"
]
},
"facts": {
"f0__s7__6__5": {
"value": "8, John Kennedy Street, Iris House, Off. 740B, 3106 Limassol, Cyprus",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s1__3__5": {
"value": "1965104000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__5": {
"value": "2050385000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__5": {
"value": "1802184000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__6": {
"value": "6069000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__6": {
"value": "112121000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__6": {
"value": "24080000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__7": {
"value": "1971173000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueAndOperatingIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__7": {
"value": "2162506000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueAndOperatingIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__7": {
"value": "1826264000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueAndOperatingIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__8": {
"value": "753744000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:ShipsVoyageExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__8": {
"value": "773434000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:ShipsVoyageExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__8": {
"value": "618595000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:ShipsVoyageExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__9": {
"value": "238850000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:ShipsOperatingExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__9": {
"value": "232243000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:ShipsOperatingExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__9": {
"value": "176533000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:ShipsOperatingExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__10": {
"value": "51367000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__10": {
"value": "36086000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__10": {
"value": "53528000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__11": {
"value": "328460000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepreciationExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__11": {
"value": "339030000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepreciationExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__11": {
"value": "230942000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DepreciationExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__12": {
"value": "1372421000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__12": {
"value": "1380793000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__12": {
"value": "1079598000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__13": {
"value": "598752000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__13": {
"value": "781713000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__13": {
"value": "746666000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__14": {
"value": "15836000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__14": {
"value": "17098000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__14": {
"value": "18065000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__15": {
"value": "233234000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__15": {
"value": "295088000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__15": {
"value": "171336000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__16": {
"value": "-1600000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__16": {
"value": "-3405000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__16": {
"value": "22989000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__17": {
"value": "1059000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__17": {
"value": "-599000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__17": {
"value": "3383000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__18": {
"value": "4289000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueFromDividends",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__18": {
"value": "3535000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueFromDividends",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__18": {
"value": "36852000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueFromDividends",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__19": {
"value": "-213650000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeCost",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__19": {
"value": "-278459000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeCost",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__19": {
"value": "-90047000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeCost",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__20": {
"value": "385102000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__20": {
"value": "503254000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__20": {
"value": "656619000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__21": {
"value": "6021000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__21": {
"value": "7671000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__21": {
"value": "205000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__22": {
"value": "379081000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__4__22": {
"value": "495583000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__5__22": {
"value": "656414000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s1__3__23": {
"value": "1.7",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f0__s1__3__23_1": {
"value": "1.7",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f0__s1__4__23": {
"value": "2.23",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f0__s1__4__23_1": {
"value": "2.23",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f0__s1__5__23": {
"value": "2.95",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f0__s1__5__23_1": {
"value": "2.95",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f0__s2__3__6": {
"value": "379081000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s2__4__6": {
"value": "495583000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s2__5__6": {
"value": "656414000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s2__3__8": {
"value": "-1345000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s2__4__8": {
"value": "1367000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s2__5__8": {
"value": "-39000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s2__3__9": {
"value": "-1345000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s2__4__9": {
"value": "1367000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s2__5__9": {
"value": "-39000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s2__3__10": {
"value": "377736000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s2__4__10": {
"value": "496950000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s2__5__10": {
"value": "656375000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__5": {
"value": "251347000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__5": {
"value": "413532000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__6": {
"value": "2067000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentInvestments",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__6": {
"value": "4027000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentInvestments",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__7": {
"value": "133997000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__7": {
"value": "128943000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__8": {
"value": "13091000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__8": {
"value": "8532000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__9": {
"value": "120067000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__9": {
"value": "136997000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__10": {
"value": "141099000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentContractAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__10": {
"value": "100225000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentContractAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__11": {
"value": "22431000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentPrepaymentsAndCurrentAccruedIncomeOtherThanCurrentContractAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__11": {
"value": "14457000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentPrepaymentsAndCurrentAccruedIncomeOtherThanCurrentContractAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__12": {
"value": "295000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__12": {
"value": "1997000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentDerivativeFinancialAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__13": {
"value": "22858000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__13": {
"value": "17303000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__14": {
"value": "707252000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__14": {
"value": "826013000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__17": {
"value": "4911996000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:ShipsAndEquipment",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__17": {
"value": "5246697000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:ShipsAndEquipment",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__18": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__18": {
"value": "1435000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__19": {
"value": "112452000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Goodwill",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__19": {
"value": "112452000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Goodwill",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__20": {
"value": "8730000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__20": {
"value": "22422000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentDerivativeFinancialAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__21": {
"value": "8791000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__21": {
"value": "11788000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__22": {
"value": "4406000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__22": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__25": {
"value": "5753627000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__25": {
"value": "6220807000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__28": {
"value": "320520000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__28": {
"value": "460318000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentBorrowingsAndCurrentPortionOfNoncurrentBorrowings",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__29": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__29": {
"value": "1153000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__30": {
"value": "31064000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__30": {
"value": "35370000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__31": {
"value": "143122000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__31": {
"value": "98812000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__32": {
"value": "494706000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__32": {
"value": "595653000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__35": {
"value": "2747225000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__35": {
"value": "3284070000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__36": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__36": {
"value": "451000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__37": {
"value": "818000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentPayables",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__37": {
"value": "452000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentPayables",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__40": {
"value": "3242749000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__40": {
"value": "3880626000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__43": {
"value": "222623000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__43": {
"value": "222623000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__44": {
"value": "604687000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdditionalPaidinCapital",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__44": {
"value": "604687000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdditionalPaidinCapital",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__45": {
"value": "1004094000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__45": {
"value": "1004094000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__46": {
"value": "437000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AccumulatedOtherComprehensiveIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__46": {
"value": "1782000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AccumulatedOtherComprehensiveIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__47": {
"value": "679509000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__47": {
"value": "507467000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RetainedEarnings",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__50": {
"value": "2511350000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__50": {
"value": "2340653000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__51": {
"value": "-472000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__51": {
"value": "-472000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__52": {
"value": "2510878000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__52": {
"value": "2340181000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__3__55": {
"value": "5753627000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s3__4__55": {
"value": "6220807000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s7__6__6": {
"value": "Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s4__3__5": {
"value": "379081000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__5": {
"value": "495583000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__5": {
"value": "656414000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__6": {
"value": "-217398000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__6": {
"value": "-277990000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__6": {
"value": "-153271000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForFinanceIncomeCost",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__7": {
"value": "328460000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__7": {
"value": "339030000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__7": {
"value": "230942000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationExpense",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__8": {
"value": "5929000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:AdjustmentsForGainLossOnDisposalsShips",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__8": {
"value": "112079000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:AdjustmentsForGainLossOnDisposalsShips",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__8": {
"value": "21959000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:AdjustmentsForGainLossOnDisposalsShips",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__9": {
"value": "-1600000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:AdjustmentsForGainLossOnDisposalOfInvestments",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__9": {
"value": "-3405000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:AdjustmentsForGainLossOnDisposalOfInvestments",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__9": {
"value": "22989000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:AdjustmentsForGainLossOnDisposalOfInvestments",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__10": {
"value": "1059000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__10": {
"value": "-599000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__10": {
"value": "3383000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUndistributedProfitsOfAssociates",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__11": {
"value": "5560000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__11": {
"value": "-2187000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__11": {
"value": "10719000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForSharebasedPayments",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__12": {
"value": "4482000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:DividendsReceivedFromAssociatesClassifiedAsOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__12": {
"value": "0.0",
"dimensions": {
"concept": "FRO:DividendsReceivedFromAssociatesClassifiedAsOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__12": {
"value": "7298000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:DividendsReceivedFromAssociatesClassifiedAsOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__13": {
"value": "-124000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__13": {
"value": "1480000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__13": {
"value": "182000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsToReconcileProfitLoss",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__14": {
"value": "-5054000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__14": {
"value": "-2797000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__14": {
"value": "14818000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__15": {
"value": "16893000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__15": {
"value": "-2319000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__15": {
"value": "-28249000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__16": {
"value": "-40874000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInContractAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__16": {
"value": "9837000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInContractAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__16": {
"value": "576000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInContractAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__17": {
"value": "-7974000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:AdjustmentsForDecreaseIncreaseInPrepaymentsAndAccruedIncomeOtherThanContractAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__17": {
"value": "1296000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:AdjustmentsForDecreaseIncreaseInPrepaymentsAndAccruedIncomeOtherThanContractAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__17": {
"value": "-1498000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:AdjustmentsForDecreaseIncreaseInPrepaymentsAndAccruedIncomeOtherThanContractAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__18": {
"value": "-5551000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherCurrentAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__18": {
"value": "-10054000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherCurrentAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__18": {
"value": "-1968000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherCurrentAssets",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__19": {
"value": "21360000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__19": {
"value": "3397000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__19": {
"value": "-2694000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__20": {
"value": "-8865000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:AdjustmentsForIncreaseDecreaseInPayablesToAndReceivablesDueFromRelatedParties",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__20": {
"value": "-1589000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:AdjustmentsForIncreaseDecreaseInPayablesToAndReceivablesDueFromRelatedParties",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__20": {
"value": "10666000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:AdjustmentsForIncreaseDecreaseInPayablesToAndReceivablesDueFromRelatedParties",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__21": {
"value": "1430000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:IncreaseDecreaseInOtherWorkingCapital",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__21": {
"value": "1511000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:IncreaseDecreaseInOtherWorkingCapital",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__21": {
"value": "163000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:IncreaseDecreaseInOtherWorkingCapital",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__22": {
"value": "229783000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__22": {
"value": "274691000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__22": {
"value": "165193000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__23": {
"value": "16037000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:PaymentsForDebtIssueCostsClassifiedAsOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__23": {
"value": "29666000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:PaymentsForDebtIssueCostsClassifiedAsOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__23": {
"value": "20020000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:PaymentsForDebtIssueCostsClassifiedAsOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__24": {
"value": "30306000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__24": {
"value": "40688000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__24": {
"value": "39411000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__25": {
"value": "682460000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__25": {
"value": "736412000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__25": {
"value": "856181000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__28": {
"value": "12531000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__28": {
"value": "915248000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__28": {
"value": "1631423000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__29": {
"value": "37150000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:ProceedsFromSalesOfShipsClassifiedAsInvestingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__29": {
"value": "431850000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:ProceedsFromSalesOfShipsClassifiedAsInvestingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__29": {
"value": "142740000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:ProceedsFromSalesOfShipsClassifiedAsInvestingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__30": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__30": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__30": {
"value": "1388000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__31": {
"value": "360000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:DecreaseInShortTermDepositsAndInvestmentsClassifiedAsInvestingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__31": {
"value": "0.0",
"dimensions": {
"concept": "FRO:DecreaseInShortTermDepositsAndInvestmentsClassifiedAsInvestingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__31": {
"value": "251839000.0",
"decimals": -3,
"dimensions": {
"concept": "FRO:DecreaseInShortTermDepositsAndInvestmentsClassifiedAsInvestingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__32": {
"value": "24979000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__32": {
"value": "-483398000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__32": {
"value": "-1235456000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__35": {
"value": "1433715000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__35": {
"value": "2167296000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__35": {
"value": "1609449000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__38": {
"value": "2095888000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__38": {
"value": "1880055000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__38": {
"value": "536587000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__39": {
"value": "412000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__39": {
"value": "930000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__39": {
"value": "862000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__40": {
"value": "207039000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__40": {
"value": "434115000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__40": {
"value": "638928000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__41": {
"value": "-869624000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__41": {
"value": "-147804000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__41": {
"value": "433072000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__44": {
"value": "-162185000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__44": {
"value": "105210000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__44": {
"value": "53797000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__45": {
"value": "413532000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__45": {
"value": "308322000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__45": {
"value": "254525000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__46": {
"value": "251347000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__46": {
"value": "413532000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__46": {
"value": "308322000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__3__47": {
"value": "-2735000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__4__47": {
"value": "-4531000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s4__5__47": {
"value": "-122000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s5__3__5": {
"value": "222622889.0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:NumberOfSharesOutstanding",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "xbrli:shares"
}
},
"f0__s5__4__5": {
"value": "222622889.0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:NumberOfSharesOutstanding",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "xbrli:shares"
}
},
"f0__s5__5__5": {
"value": "222622889.0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:NumberOfSharesOutstanding",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00",
"unit": "xbrli:shares"
}
},
"f0__s5__3__6": {
"value": "222623000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f0__s5__4__6": {
"value": "222623000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f0__s5__5__6": {
"value": "222623000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:USD"
}
},
"f0__s5__3__7": {
"value": "604687000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f0__s5__4__7": {
"value": "604687000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f0__s5__5__7": {
"value": "604687000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember",
"unit": "iso4217:USD"
}
},
"f0__s5__3__8": {
"value": "1004094000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f0__s5__4__8": {
"value": "1004094000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f0__s5__5__8": {
"value": "1004094000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:USD"
}
},
"f0__s5__3__9": {
"value": "1782000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AccumulatedOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"f0__s5__4__9": {
"value": "415000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AccumulatedOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"f0__s5__5__9": {
"value": "454000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AccumulatedOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"f0__s5__3__10": {
"value": "-1345000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AccumulatedOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"f0__s5__4__10": {
"value": "1367000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AccumulatedOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"f0__s5__5__10": {
"value": "-39000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AccumulatedOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"f0__s5__3__11": {
"value": "437000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AccumulatedOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"f0__s5__4__11": {
"value": "1782000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AccumulatedOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"f0__s5__5__11": {
"value": "415000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AccumulatedOtherComprehensiveIncomeMember",
"unit": "iso4217:USD"
}
},
"f0__s5__3__12": {
"value": "507467000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f0__s5__4__12": {
"value": "445999000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f0__s5__5__12": {
"value": "428513000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f0__s5__3__13": {
"value": "379081000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f0__s5__4__13": {
"value": "495583000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f0__s5__5__13": {
"value": "656414000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f0__s5__3__14": {
"value": "207039000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f0__s5__4__14": {
"value": "434115000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f0__s5__5__14": {
"value": "638928000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f0__s5__3__15": {
"value": "679509000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f0__s5__4__15": {
"value": "507467000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f0__s5__5__15": {
"value": "445999000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:USD"
}
},
"f0__s5__3__16": {
"value": "2511350000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f0__s5__4__16": {
"value": "2340653000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f0__s5__5__16": {
"value": "2277818000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:USD"
}
},
"f0__s5__3__17": {
"value": "-472000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f0__s5__4__17": {
"value": "-472000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f0__s5__5__17": {
"value": "-472000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:USD"
}
},
"f0__s5__3__18": {
"value": "2510878000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s5__4__18": {
"value": "2340181000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s5__5__18": {
"value": "2277346000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:USD"
}
},
"f0__s7__6__7": {
"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 Company\u2019s ordinary shares are listed on the NYSE and OSE under the symbol \"FRO\".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, 2025, the Company\u2019s fleet consisted of 80 owned vessels, with an aggregate capacity of approximately 17.6 million DWT (41 VLCCs, 21 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 March 27, 2026 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 economic useful 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.\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 13 - 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 13 - Goodwill impairment\u2022 Note 17 - Financial instruments; and\u2022 Note 19 - 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, which approximates 20 years. 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. Depreciation methods, useful lives and residual values are reviewed annually and adjusted prospectively, if appropriate.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.8.5. Held for saleThe Company classifies non-current assets (or disposal groups) as held for sale when their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Assets (or disposal groups) are classified as held for sale when the Company has committed to a plan to sell, the assets are available for immediate sale in their present condition, an active program to locate a buyer has been initiated, the sale is highly probable and expected to be completed within one year, and the assets are being marketed at a price that is reasonable in relation to their fair value. A non-current asset (or disposal group) is available for immediate sale if the Company has the intention and ability to transfer the asset (or disposal group) to a buyer in its present condition as of the reporting date. A vessel is not typically considered to be available for immediate transfer as of the reporting date if the vessel is performing obligations under a contract with a customer, or if the Company intends to enter the vessel into further contracts with a customer before transferring the asset to a buyer, as of this date.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 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 year, there were no applicable new and revised Standards, Interpretations and Amendments issued by the IASB and the IFRS Interpretations Committee (\u201cIFRIC\u201d) of the IASB.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 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 is currently assessing the impact of the new and amended standards on its financial statements. The Company has not applied or early adopted any new IFRS requirements that are not yet effective as of December 31, 2025.3. 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 Company's internal organizational and management structure does not distinguish any geographical segments.No customers in the years ended December 31, 2025, 2024 or 2023 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, 2025 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues974,557 908,225 1,882,782 Time charter revenues53,181 18,985 72,166 Administrative income\u2014 10,156 10,156 Total revenues1,027,738 937,366 1,965,104 The 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 revenues1,029,163 925,872 1,955,035 Time charter revenues64,359 20,714 85,073 Administrative income\u2014 10,277 10,277 Total revenues1,093,522 956,863 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 revenues982,818 740,399 1,723,217 Time charter revenues49,870 13,901 63,771 Administrative income\u2014 15,196 15,196 Total revenues1,032,688 769,496 1,802,184 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. $5.5 million of contract costs were capitalized in the year ended December 31, 2025 (2024: $7.9 million) as Other current assets, of which $2.2 million was amortized up to December 31, 2025 (2024: $3.3 million), leaving a remaining balance of $3.3 million as of December 31, 2025 (2024: $4.6 million). $4.6 million of contract assets were amortized in the year ended December 31, 2025 in relation to voyages in progress as of December 31, 2024. No impairment losses were recognized in the years ended December 31, 2025, 2024 and 2023.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, 2025 and 2024 are presented within the statements of financial position as follows:(in thousands of $)20252024Voyages in progress 67,305 46,772 Trade accounts receivable 58,929 54,892 Related party receivables 11,119 6,522 Other current assets 3,250 4,572 Total 140,603 112,758 Other operating income in the years ended December 31, 2025, 2024 and 2023 was as follows:(in thousands of $)20252024 2023Gain on sale of vessels 5,929 112,079 21,959 Gain on pool arrangements \u2014 \u2014 1,683 Gain on settlement of claims \u2014 \u2014 397 Other gains 140 42 41 Total 6,069 112,121 24,080 In the year ended December 31, 2023, the Company recorded an arbitration award of $0.4 million in relation to the failed sale of a vessel.Sales of vessels in the year ended December 31, 2025In August 2025, the Company entered into an agreement to sell a Suezmax tanker, built in 2011, for a net sale price of $36.4 million. The vessel was delivered to the new owner in September 2025. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of approximately $23.7 million, and the Company recorded a gain of $5.9 million in the year ended December 31, 2025.Sales of vessels in the year ended December 31, 2024In January 2024, the Company announced that it had entered into an agreement to sell five 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 Suezmax tanker, 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 one Suezmax tanker, 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 a 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.Sales of vessels in the year ended December 31, 2023In 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.Pool arrangementsIn the year ended December 31, 2023, the Company recorded income of $1.7 million related to the pooling arrangement with SFL, an affiliated company, between two of its Suezmax tankers and two SFL vessels. As of December 31, 2023, vessels had been sold and delivered to their respective new owners resulting in the termination of the pooling arrangement.Income as a lessorOne VLCC, one Suezmax tanker and one LR2 tankers were on fixed rate time charters as of December 31, 2025 (December 31, 2024: one VLCC, one Suezmax tanker and four LR2 tankers). Two of the LR2 tankers on fixed rate time charters as of December 31, 2024 had an option for an extension of up to one year. In the year ended December 31, 2025, one of these options was exercised resulting in an extension of the initial term to October 2026.The Suezmax tanker and the extended LR2 tanker time charter-out contracts include a 50% profit share. In the year ended December 31, 2025, the Company received profit share income of $2.8 million in relation to these charters (2024: $0.5 million).The minimum future revenues to be received under these contracts as of December 31, 2025 were as follows:(in thousands of $) 2026 38,619 2027 11,348 Total minimum lease payments 49,967 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 Our revenues from these leases have been included within time charter revenues in the Consolidated Statement of Profit or Loss.The cost and accumulated depreciation of vessels leased out under time charters as of December 31, 2025 were $208.3 million and $43.4 million, respectively (December 31, 2024: $364.2 million and $72.1 million, respectively).5. OPERATING EXPENSESVoyage expenses and commissions(in thousands of $) 2025 2024 2023Bunkers 487,790 529,585 390,658 Port expenses 153,383 137,440 149,451 Commissions 67,165 72,699 62,764 Other voyage related expenses 45,406 33,710 15,722 753,744 773,434 618,595 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, 2025, 2024 and 2023.Port costs vary depending on the number of spot voyages performed, number and type of ports. Other voyage expenses primarily relate to emission compliance costs and other miscellaneous expenses. Ship operating expenses(in thousands of $) 2025 2024 2023Crew costs 125,005 125,602 99,809 Technical management expenses 95,937 88,433 62,207 Insurances 17,908 18,208 14,517 238,850 232,243 176,533 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 $) 2025 2024 2023Total compensation to employees and directors 31,514 17,892 29,894 Office and administrative expenses 14,912 14,183 15,573 Audit, legal and consultancy 4,941 4,011 8,061 51,367 36,086 53,528 Total compensation to employees and directors:(in thousands of $) 2025 2024 2023Wages and salaries 17,537 15,659 14,838 Stock option expense 9,869 (1,422) 11,247 Social security costs 2,032 1,711 2,001 Pension costs 1,136 1,054 1,040 Directors fees 520 511 511 Other staff related costs 420 379 257 31,514 17,892 29,894 The average number of employees employed by the Company and its subsidiaries in the year ended December 31, 2025 was 85 (2024: 87, 2023: 83).Fees paid or payable for audit and related services:(in thousands of $) 2025 2024 2023Audit of annual financial statements:Statutory auditor 410 637 141 Other PwC Network firms 1,380 1,155 1,333 Services provided by Other PwC Network firms:Other non assurance services 5 5 15 Total 1,795 1,797 1,489 The fees charged by the statutory auditor in the year ended December 31, 2025 include an amount of $0.3 million (2024: $0.5 million, 2023: $nil) that relates to the audit of the financial statements of subsidiary undertakings.6. NET FINANCE EXPENSE(in thousands of $) 2025 2024 2023Interest income 15,690 16,785 16,496 Foreign exchange gains 146 313 1,569 Finance income 15,836 17,098 18,065 Interest expense on financial liabilities measured at amortized cost 231,055 302,324 178,498 (Gain) loss on interest rate swaps 778 (9,206) (8,039) Foreign exchange losses 205 1,023 335 Other financial expenses 1,196 947 542 Finance expense 233,234 295,088 171,336 Net finance expense (217,398) (277,990) (153,271)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, 2025, 2024 and 2023.CyprusUnder the provisions of Cyprus tax laws, taxable income up to and including the year ended December 31, 2025, shall be taxed at the rate of 12.5%.Effective January 1, 2026, the Republic of Cyprus enacted comprehensive tax reform legislation, which increased the standard corporate income tax rate from 12.5% to 15% to align with the OECD Pillar Two global minimum tax framework. 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 December 12, 2024, the Cyprus House of Representatives voted the Safeguarding of a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union Law of 2023 (the \"Law\") into domestic law. The Law transposes into Cyprus national law the relevant EU Directive issued on December 14, 2022 under which the EU member states agreed to implement the OECD\u2019s Pillar Two global corporate minimum tax rate of 15% on companies with revenues of at least \u20ac750 million effective from 2024. This new law does not amend the Cyprus Income Tax (\u201cCIT\u201d) legislation but, rather, introduces an additional set of tax rules to be applied alongside the application of CIT and other relevant taxes for MNEs in scope.As part of the OECD\u2019s Pillar II global tax framework, certain qualifying shipping income may benefit from a Shipping Income Exclusion (\u201cSIE\u201d), and therefore be excluded from the Global Anti-Base Erosion (\"GloBE\") income and the calculation of any top-up taxes under the framework. It is expected that the SIE will mitigate incremental tax expense otherwise arising under the GloBE regime and preserve competitive tax treatment for qualifying maritime operations, however, actual outcomes may differ due to final regulatory guidance and interpretations. The Company continues to monitor developments and will adjust estimates as necessary to reflect changes in legislation, interpretations, or operational circumstances.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 Domestic Minimum Top Up Tax (\u201cDMTT\u201d) which is 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. 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, 2025, 2024 and 2023, 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, 2025 (2024: nil, 2023: 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, 2025, 2024 and 2023 as there were no potentially dilutive stock options in the periods.The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows:(in thousands of $) 2025 2024 2023Profit for the period 379,081 495,583 656,414 (in thousands)Weighted average number of basic and diluted shares 222,623 222,623 222,623 Basic and diluted earnings per share $1.70 $2.23 $2.952025 2024 2023Cash dividends paid per share $0.93 $1.95 $2.879. MARKETABLE SECURITIESMarketable securities held by the Company are listed equity securities. In the year ended December 31, 2025, the Company received dividends of $1.8 million (2024: $3.5 million, 2023: $36.9 million) from its investments in marketable securities.Movements in marketable securities for the years ended December 31, 2025, 2024 and 2023 are as follows:(in thousands of $) 2025 2024 2023Balance at the beginning of the year 4,027 7,432 236,281 Proceeds from sale of marketable securities (360) \u2014 (251,839) (Loss) gain on marketable securities sold during the year (1,433) \u2014 18,994 Unrealized gain (loss) on marketable securities held at the end of the year (167) (3,405) 3,996 Balance at the end of the year 2,067 4,027 7,432 CMB.TECHAs of December 31, 2022, the Company held 13,664,613 shares in CMB.TECH.On October 9, 2023, Frontline and Famatown Finance Limited, a company related to Hemen Holding Limited (\"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 (\"CMB\") 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 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.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 $)20252024Trade receivables 123,539 117,624 Other receivables 10,458 11,319 133,997 128,943 Trade and other receivables are presented net of allowances for doubtful accounts of $1.9 million as of December 31, 2025 (2024: $6.4 million).11. NEWBUILDINGSMovements in the three years ended December 31, 2025 are as follows:(in thousands of $) Balance at January 1, 2023 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 Balance at December 31, 2025 \u2014 No newbuildings were delivered in the year ended December 31, 2025 (2024: nil, 2023: two VLCCs).As of December 31, 2025, there are no vessels in the Company\u2019s newbuilding program and there are no commitments. Refer to Note 23 for further details of newbuilding commitments subsequent to December 31, 2025.12.VESSELS AND EQUIPMENTMovements in the three years ended December 31, 2025 are as follows:Vessels and Dry dock Net Carrying (in thousands of $)equipmentcomponentValueCostAs of January 1, 2025 5,911,132 154,603 6,065,735 Additions 4,557 19,279 23,836 Disposals (55,485) (1,851) (57,336) As of December 31, 2025 5,860,204 172,031 6,032,235 Accumulated depreciationAs of January 1, 2025 (727,877) (91,161) (819,038) Charge for the period (305,037) (23,164) (328,201) Disposals 25,348 1,652 27,000 As of December 31, 2025 (1,007,566) (112,673) (1,120,239) Net book value as of December 31, 2025 4,852,638 59,358 4,911,996 CostAs 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) 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 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, 2025, the Company:\u2022 sold one Suezmax tanker;\u2022 completed the installation of EGCS on two vessel; and\u2022 performed dry docks on eight vessels.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 December 2025, the Company entered into agreements to sell eight of our oldest first-generation ECO VLCCs, built between 2015 and 2016 to an unrelated third party, for a total sales price of $831.5 million. The vessels were delivered to the new owner during the first quarter of 2026. After sales commissions and repayment of existing debt on the vessels, the transaction is expected to generate net cash proceeds of approximately $477.2 million and the Company expects to record a gain in the first quarter of 2026 of approximately $212.0 million. As of December 31, 2025, the net book value of the vessels was $602.2 million.ImpairmentAs 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 recoverable 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 recoverable 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's 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.As of December 31, 2025We did not identify any events or changes in circumstances indicating that the carrying amounts of our owned vessels might not be recoverable as of December 31, 2025. 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's respective carrying amount. We also observed that the sales prices for nine vessels agreed to be sold in the year ended December 31, 2025, 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, 2025. Accordingly, no impairment loss was recognized in the year ended December 31, 2025.13. GOODWILLAccumulated Net Carrying (in thousands of $) Goodwillimpairment lossesValueBalance as of December 31, 2025, 2024 and 2023 225,273 (112,821) 112,452 ImpairmentFor impairment testing purposes, goodwill was allocated to one group of CGUs, the Company.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.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.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.As of December 31, 2025The 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, 2025 was $4,857.6 million (based on a share price of $21.82) compared to its carrying value of net assets of approximately $2,510.9 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, 2025.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 $10.77 per share as of December 31, 2025 would have resulted in the market capitalization being equal to the carrying value of net assets excluding the carrying value of goodwill.14. INVESTMENT IN ASSOCIATED COMPANIESFMS HoldcoIn the years ended December 31, 2025, 2024 and 2023, the Company 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, 2025 was $0.1 million (2024: $3.2 million). In the year ended December 31, 2025, a share of profits of Clean Marine AS of $1.0 million (2024: share of profits of $1.1 million, 2023: share of profits of $0.6 million) was recognized. In the year ended December 31, 2025, the Company also received a dividend of $4.5 million from FMS Holdco, of which $4.1 million was recognised as reduction in the carrying value of the investment.TFG MarineIn the years ended December 31, 2025, 2024 and 2023, the Company owns a 15% interest in the joint venture company, TFG Marine. 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, 2025 was $8.7 million (2024: $8.6 million). In the year ended December 31, 2025, a share of profits of TFG Marine of $0.1 million (2024: share of losses of $1.7 million, 2023: share of profits of $2.8 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.15. TRADE AND OTHER PAYABLESDecember 31, December 31, (in thousands of $)20252024Trade payables 10,613 5,985 Accrued voyage expenses 64,974 51,799 Accrued ship operating expenses 30,431 14,296 Accrued administrative expenses 8,544 8,126 Deferred charter revenue 2,631 2,631 Other 25,929 15,975 Total current trade and other payables 143,122 98,812 Other 818 452 Total other non-current payables 818 45216. INTEREST BEARING LOANS AND BORROWINGSOutstanding debt as of December 31, 2025 and December 31, 2024 was as follows:Amortization Tenor Profile December 31, December 31, (in thousands of $)(years) Maturity(years*)20252024U.S. dollar denominated floating rate debt $252.4 million term loan facility 5 2027 18 34,791 39,285 $34.8 million term loan facility 5 2027 20 \u2014 14,259 $219.6 million term loan facility 5 2029 18 181,149 203,122 $606.7 million term loan facility 9 2033 19.7 545,951 594,586 $100.8 million term loan facility 5 2025 17 \u2014 70,050 $119.7 million revolving reducing credit facility 5 2030 18 31,337 \u2014 $129.4 million revolving reducing credit facility 5 2028 18 \u2014 114,498 $104.0 million term loan facility 6 2028 18 76,984 84,703 $60.6 million term loan facility 4 2027 18 51,276 55,939 $63.5 million term loan facility 6 2029 18 54,386 58,918 $512.1 million lease financing 10 2034 20.6 478,033 512,057 $42.9 million term loan facility 5 2025 18 \u2014 32,175 $47.0 million revolving reducing credit facility 5 2030 20 \u2014 \u2014 $72.3 million revolving reducing credit facility 5 2030 18 \u2014 46,875 $94.5 million term loan facility 5 2029 20 84,814 90,349 $133.7 million term loan facility 12 2033 17 51,116 55,048 $58.5 million revolving reducing credit facility 5 2026 20 \u2014 48,750 $58.5 million term loan facility 5 2026 20 45,500 48,750 $130.0 million term loan facility 5 2027 20 108,063 114,563 $65.0 million term loan facility 5 2027 20 55,250 58,500 $65.0 million revolving reducing credit facility 5 2027 20 \u2014 57,688 $65.0 million revolving reducing credit facility 5 2028 18 \u2014 58,681 $65.0 million term loan facility 5 2028 20 56,063 59,312 $1,286.5 million term loan facility 5 2030 20 1,237,147 1,335,925 Total U.S. dollar denominated floating rate debt 3,091,860 3,754,033 Debt issuance costs (51,851) (48,188) Accrued finance expense 27,736 38,543 Total debt 3,067,745 3,744,388 Short-term debt and current portion of long-term debt 320,520 460,318 Long-term portion of debt 2,747,225 3,284,070 *commencing on the delivery date from the yard.Proceeds and repayments of debt in the year ended December 31, 2025 are summarized as follows:December 31, December 31, (in thousands of $)2024 Proceeds Repayments Other2025Total U.S. dollar denominated floating rate debt 3,744,388 1,433,715 (2,095,888) (14,470) 3,067,745 Total debt 3,744,388 1,433,715 (2,095,888) (14,470) 3,067,745 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 All term loan facilities are fully drawn down as of December 31, 2025. The reference rate of all the Company's floating rate debt is SOFR and the weighted average interest rate margin, including the Credit Adjustment Spread (\u201cCAS\u201d) as a result of the rate reform transition discussed below, as of December 31, 2025 was 1.77% (2024: 1.97%).A summary of the Company's interest bearing loan and borrowing activity in the three years ended December 31, 2025 is as follows:$34.8 million term loan facility In the year ended December 31, 2025, as a result of the sale of one Suezmax tanker, the Company repaid the full outstanding balance of $12.7 million under the facility.$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. The refinancing generated net cash proceeds of approximately $101.0 million in the year ended 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 refinancing generated net cash proceeds of approximately $275.0 million in the year ended December 31, 2024.$119.7 million revolving reducing credit facilityIn 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 outstanding debt on two VLCCs previously financed under the $100.8 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $51.6 million. In February 2025, the Company drew down $68.1 million under the new facility and repaid the outstanding balance of the existing facility of $70.1 million in full. In September 2025, the Company converted the new facility, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$129.4 million revolving reducing credit 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. 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. In September 2025, the Company converted the new facility, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$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 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.$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 and includes purchase options for Frontline throughout the term of the agreement. The refinancing generated net cash proceeds of approximately $101.0 million in the year ended December 31, 2024.$47.0 million revolving reducing credit facilityIn 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 outstanding debt on one Suezmax tanker previously financed under the $42.9 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $14.9 million. In February 2025, the Company drew down $32.2 million under the new facility and repaid the outstanding balance of the existing facility of $32.2 million in full. In September 2025, the Company converted the new facility, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$72.3 million revolving reducing credit 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 in June 2020, at which time the loan was fully drawn down. The facility matured five years after the vessel's delivery date and had an amortization profile of 18 years. 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 outstanding debt on the $62.5 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $25.4 million. In February 2025, the Company drew down $46.9 million under the new facility and repaid the outstanding balance of the existing facility of $46.9 million in full. In September 2025, the Company converted the new facility, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$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. The refinancing generated net cash proceeds of approximately $38.0 million in the year ended December 31, 2024.$58.5 million revolving reducing credit facilityIn September 2025, the Company converted the existing $58.5 million term loan facility from SEB, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$65.0 million revolving reducing credit facilityIn September 2025, the Company converted the existing $65.0 million term loan facility from ING Bank, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$65.0 million revolving reducing credit facilityIn September 2025, the Company converted the existing $65.0 million term loan facility from Cr\u00e9dit Agricole, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$65.0 million term loan facilityIn January 2023, the Company took delivery of a VLCC newbuilding and drew down $65.0 million under this facility from KFW to partially finance the delivery.$1,286.5 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 had a tenor of five years and had 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. In April 2025, the Company entered into a senior secured term loan facility in an amount of up to $1,286.5 million with a group of our relationship banks to refinance the outstanding debt on the $1,410.1 million facility. In April 2025, the Company drew down $1,286.5 million under the new facility and repaid the outstanding balance of the existing facility of $1,311.2 million in full.$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 did not include any financial covenants. In November 2022, the Company extended the facility by 12 months to May 2024 at an interest rate of 8.5% 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. 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 remained available and undrawn as of December 31, 2025 and December 31, 2024. The availability of the facility expired in January 2026.$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. 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 after this date.Revolving reducing credit facilitiesIn September 2025, the Company entered into amendment agreements with some of its relationship banks to convert seven of its existing term loan facilities (as denoted above) into revolving reducing credit facilities. Prior to the amendments, $405.5 million was outstanding under the seven term loans and three facilities had total undrawn revolving credit capacity of $87.8 million. The new amendment agreements provided initial revolving reducing credit capacity of up to $493.4 million, maturing at the original dates of the existing term loans, with capacity reduced on a quarterly basis by approximately $10.1 million. Under the terms of the facilities, the Company can repay drawn amounts and draw repaid amounts at any time and elected to prepay $264.6 million in the third quarter of 2025 and $109.6 million in the fourth quarter of 2025. Reducing revolving credit capacity of up to $451.9 million under the facilities remained available and undrawn as of December 31, 2025. In January 2026, the Company prepaid a further $31.3 million under the facilities.Rate reform transitionDue to the discontinuance of the London Interbank Offered Rate (\"LIBOR\") 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, 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, 2025 and 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 $89.9 million (2024: $92.6 million), which represents 59% (2024: 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, 2025 and December 31, 2024.Assets pledgedDecember 31, December 31, (in thousands of $)20252024Vessels 4,911,897 5,246,51817. 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, 2025 and 2024 are as follows:December 31, 2025 December 31, 2024Carrying Carrying (in thousands of $)Value Fair ValueValue Fair ValueFinancial assets measured at fair value through profit or lossDerivative instruments 9,025 9,025 24,419 24,419 Marketable securities 2,067 2,067 4,027 4,027 Financial assets not measured at fair valueCash and cash equivalents 251,347 251,347 413,532 413,532 Trade and other receivables 133,997 133,997 128,943 128,943 Related party receivables 13,091 13,091 8,532 8,532 Financial liabilities not measured at fair valueTrade and other payables 143,122 143,122 98,812 98,812 Floating rate debt 3,067,745 3,119,596 3,744,388 3,792,576 Related party payables 31,064 31,064 35,370 35,370 The table below shows the levels in the fair value hierarchy of financial assets and financial liabilities as of December 31, 2025 and 2024, excluding those whose fair values approximate their respective carrying values due to their short-term nature.Dec 31, 2025 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 9,025 \u2014 9,025 \u2014 Marketable securities 2,067 2,067 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,119,596 \u2014 3,119,596 \u2014 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 \u2014Measurement 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 inputsFair value was determined based on the present value of the estimated Floating rate debtfuture cash flows. Not applicable.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 2025 and 2024.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, 2025 and 2024. In addition, no customers individually accounted for 10% or more of total revenue in the year ended December 31, 2025 (2024: 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 $251.3 million at December 31, 2025 (2024: $413.5 million). The cash and cash equivalents are held with SEB, HSBC, Royal Bank of Scotland, DNB Bank ASA, 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, 2025 and 2024, 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 16).The following are the remaining contractual maturities of financial liabilities:Contractual cash flows at December 31, 2025Carrying 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 3,067,745 3,091,860 292,784 787,376 1,456,164 555,536 Interest on floating rate debt \u2014 660,724 164,889 261,213 178,344 56,278 Trade and other payables 143,122 143,122 143,122 \u2014 \u2014 \u2014 Related party payables 31,064 31,064 31,064 \u2014 \u2014 \u2014 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 Related party payables 35,370 35,370 35,370 \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 16. The carrying values of 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, 2025 and 2024. 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, except for the interest on floating rate debt as a result of changes in the SOFR spot rate.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, 2025 the Company had interest rate swaps in place and approximately 13% (2024: 15%) of the floating interest rates were switched to fixed rate.Cash flow sensitivity analysis for variable rate instrumentsAs of December 31, 2025, the Company's outstanding debt which was at variable interest rates, net of the amount subject to interest rate swap agreements, was $2,691.9 million (2024: $3,204.0 million). Based on this, a one percentage point increase in annual SOFR interest rates would increase its annual interest expense by approximately $26.9 million (2024: $32.0 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. One of these interest rate swaps on notional debt of $100.0 million had a forward start date of April 2020.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. These interest rate swaps matured in the year ended December 31, 2025.The reference rate for our interest rate swaps is SOFR.The aggregate fair value of these swaps at December 31, 2025 was an asset of $9.0 million (2024: $24.4 million) and a liability of nil (2024: 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, 2025, the Company recorded a loss on these interest rate swaps of $0.8 million (2024: gain of $9.2 million, 2023: gain of $8.0 million).The interest rate swaps are not designated as hedges and are summarized as of December 31, 2025 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 April 2020 April 2027 0.5970 % 400,000Foreign 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 2025, we declared a dividend of $0.19 per share for the third quarter of 2025. In August 2025, we declared a dividend of $0.36 per share for the second quarter of 2025. In May 2025, we declared a dividend of $0.18 per share for the first quarter of 2025. In February 2025, we declared a dividend of $0.20 per share for the fourth quarter of 2024.The Company's loan agreements contain loan-to-value clauses, and financial covenants. For more details on these covenants, see Note 16.18. SHARE CAPITALThe authorized share capital of the Company as of December 31, 2025 is $600,000,000 (2024: $600,000,000) divided into 600,000,000 shares (2024: 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, 2025 and 2024.Outstanding shares as of December 31, 2023, 2024 and 2025 222,622,889 19. SHARE OPTIONSIn the year ended December 31, 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 initial exercise price was NOK 71, which increased by NOK 5 on each of December 7, 2023, and December 7, 2024, and is further adjusted for any distribution of dividends made after the date of the grant and 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. In the year ended December 31, 2025, the Board of Directors approved the grant of 362,284 synthetic options to management and employees of the Company, according to the rules of a new synthetic option scheme approved on May 20, 2025. The synthetic options have a five years term expiring in May 2030. The vesting period is 12 months for the first 33.3% of options, 24 months for the next 33.3% of options and 36 months for the final 33.3% of options. The initial exercise price was $16.80, which is adjusted for any distribution of dividends made after the date of the grant and before the relevant synthetic options are exercised. The synthetic options granted to the CEO and the CFO are subject to a cap on maximum annual gain equal to two times the annual base salary at the time of exercise of the synthetic 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.Both synthetic option grants 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 initially assumed that all of the options granted will vest.As of December 31, 2025, all of the options granted in 2021 had vested. As of December 31, 2025, 86,100 options have been forfeited (2024: 86,100). As of December 31, 2025 438,500 options have been exercised at a weighted average exercise price of $2.87. As of December 31, 2025, 755,400 options remained outstanding and exercisable (2024: 1,021,900). The subsequent remeasurement of fair value of the synthetic options resulted in an expense of $8.6 million in the year ended December 31, 2025 (2024: gain of $2.2 million, 2023: expense of $10.7 million).As of December 31, 2025, the weighted average exercise price of the synthetic options granted in December 2021 was $1.63 (2024: $2.17).As of December 31, 2025, none of the options granted in 2025 had vested, forfeited or exercised. As of December 31, 2025, 362,284 options were outstanding and no options were exercisable. The subsequent remeasurement of fair value of the synthetic options resulted in an expense of $1.3 million in the year ended December 31, 2025. As of December 31, 2025, the weighted average exercise price of the synthetic options granted in May 2025 was $16.07.The synthetic options had a fair value of $19.1 million as of December 31, 2025 (2024: $12.5 million) and the Company recorded a liability of $18.6 million as of December 31, 2025 (2024: $11.7 million) in the Consolidated Statements of Financial Position. The intrinsic value of liabilities which had vested as of December 31, 2025 was $15.3 million (2024: $12.3 million).20. 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, being entities under common control with Hemen. 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 Corporation Ltd (\"SFL\"), Flex LNG Ltd, Front Ocean Management AS and Golden Ocean Group Ltd (\"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, 2025, 2024 and 2023 was as follows:(in thousands of $) Note 2025 2024 2023Revenues and other operating incomeSeatankers Management Co. Ltd 4,928 2,027 2,196 SFL 4 2,080 3,191 5,925 Golden Ocean (up to March 12, 2025) 48 1,212 4,182 Alta Trading UK Limited \u2014 11 8 Flex LNG Ltd 1,504 1,538 1,513 Avance Gas 507 1,697 1,989 TFG Marine 746 598 1,060 Other related parties and affiliated companies \u2014 \u2014 7 Total revenues and other operating income 9,813 10,274 16,880 Operating expensesFront Ocean Management AS 3,543 2,948 2,514 Seatankers Management Norway AS \u2014 523 880 Seatankers Management Co. Ltd 522 360 593 Total operating expenses 4,065 3,831 3,987 Other income (expenses)Shareholder loan facility finance expense 16 \u2014 (12,548) (255) Revolving credit facility finance expense 16 \u2014 (9,299) (11,690) FMS Holdco share of results 14 1,002 1,053 611 TFG Marine share of results 14 57 (1,651) 2,771 Total other income (expenses) 1,059 (22,445) (8,563) 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. A share of profit of TFG Marine of $0.1 million was recognized in the year ended December 31, 2025 (2024: loss of $1.7 million). The Company also entered into a bunker supply arrangement with TFG Marine, under which it has paid $477.9 million to TFG Marine in the year ended December 31, 2025 in relation to bunker purchases (2024: $534.3 million 2023: $392.5 million) and $21.2 million remained due as of December 31, 2025 (December 31, 2024: $24.4 million).A share of profits of FMS Holdco of $1.0 million was recognized in the year ended December 31, 2025 (2024: profit of $1.1 million). See Note 21 for additional disclosure of financial commitments to Clean Marine AS as a result of planned scrubber installations.In the year ended December 31, 2025, Company paid $4.4 million (2024: nil, 2023: nil) on behalf of affiliates of Hemen and $4.5 million on behalf of SFL (2024: $6.5 million, 2023: $14.3 million) in relation to reimbursable costs related to vessels under commercial management.Related party and affiliated company balancesA summary of balances due from related parties and affiliated companies as of December 31, 2025 and 2024 was as follows:December 31, December 31, (in thousands of $)20252024SFL 3,860 4,265 Seatankers Management Co. Ltd 8,453 2,647 Golden Ocean \u2014 178 Alta Trading UK Limited \u2014 11 Flex LNG Ltd 403 516 TFG Marine 302 227 Avance Gas \u2014 560 Other related parties and affiliated companies 73 128 Related party and affiliated company receivables 13,091 8,532 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, 2025 and 2024 was as follows:December 31, December 31, (in thousands of $)20252024SFL 6,829 7,380 Seatankers Management Co. Ltd 2,594 1,153 Golden Ocean \u2014 1,283 Flex LNG Ltd 340 686 TFG Marine 21,195 24,390 Front Ocean Management 106 5 Avance Gas \u2014 473 Related party and affiliated company payables 31,064 35,370 Related party and affiliated company payables are primarily for bunker purchases, supplier rebates, loan interest and corporate administration fees.Other transactionsRefer to Note 21 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 $) 2025 2024 2023Total remuneration 7,198 464 7,956 of which:Paid in capacity as directors 1,778 907 3,530 Other remuneration 5,420 (443) 4,426 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 $) 2025 2024 2023Total fixed remuneration 949 911 942 of which:Cost of pension 29 28 24 Total variable remuneration 6,249 (447) 7,014 of which:Share based payments 5,916 (829) 7,014 As of December 31, 2025, the Company recorded a total liability of $9.3 million in relation to synthetic options granted to key management personnel (2024: 5.1 million). Refer to Note 19 for details of the Company's synthetic option schemes.21. COMMITMENTS AND CONTINGENCIESAs of December 31, 2025, the Company has agreed to provide a guarantee under a bunker supply arrangement with TFG Marine, a related party. 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, 2025.\ue603In the year ended December 31, 2024, certain funds managed by FourWorld Capital Management LLC (\u201cFourWorld\u201d) began proceedings before the Antwerp Enterprise Court (Belgium), 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 CMB and Frontline to pay damages in an amount to be determined during the course of the proceedings, which are ongoing. The Company finds the claims to be without merit and continues to vigorously defend against them.As of December 31, 2025, the Company has committed to the purchase of scrubber equipment from Clean Marine AS, a related party, for ten vessels. As of December 31, 2025 $4.2 million is paid, with a remaining financial commitment of $3.3 million due in 2026.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.22. GROUP ENTITIESOwnership and Voting Percentage Country of December December NameIncorporation31, 202531, 2024Frontline 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%23. SUBSEQUENT EVENTSIn February 2026, the Board of Directors declared a dividend of $1.03 per share for the fourth quarter of 2025. The record date for the dividend was March 12, 2026, the ex-dividend date was March 12, 2026, for shares listed on the New York Stock Exchange and March 11, 2026, for shares listed on the Oslo Stock Exchange, and the dividend was paid on March 19, 2026.In January 2026, the Company entered into agreements to acquire nine latest generation scrubber-fitted ECO VLCC newbuildings from affiliates of Hemen, the Company\u2019s largest shareholder, for an aggregate purchase price of $1,224.0 million. Two vessels are expected to be delivered in the second quarter of 2026, four vessels are expected in the third quarter of 2026, two vessels are expected in the fourth quarter of 2026, and the final vessel is expected in the second quarter of 2027. The Company intends to finance this acquisition with cash and long-term debt financing. The acquisition remains subject to certain closing conditions, in line with industry standards. In January 2026, the Company drew down $151.6 million under its reducing revolving credit facilities to finance the initial instalments due related to the nine newbuildings to be acquired from Hemen and subsequently repaid this amount in early February 2026.In January 2026, the Company entered into one year time charter-out agreements for seven of our VLCCs, built between 2016 and 2018, at an average rate of $76,900 per day per vessel. The charters for three vessels commenced in the first quarter of 2026, and the remaining four charters are expected to commence in April 2026.In February 2026, the Company entered into a one-year time charter-out agreement for one of our VLCCs, built in 2019, at a rate of $93,500 per day. The charter commenced in late February 2026.In February 2026, Mr. \u00d8rjan Svanevik resigned as a Director of the Company and Mr. Mikkel Storm Weum was appointed as a Director of the Company.Refer to Note 12 and 16 for details of other transactions subsequent to December 31, 2025 pertaining to the sale of eight VLCCs and financing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__18": {
"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 Company\u2019s ordinary shares are listed on the NYSE and OSE under the symbol \"FRO\".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, 2025, the Company\u2019s fleet consisted of 80 owned vessels, with an aggregate capacity of approximately 17.6 million DWT (41 VLCCs, 21 Suezmax tankers and 18 LR2/Aframax tankers).",
"dimensions": {
"concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__10": {
"value": "Frontline plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__9": {
"value": "Frontline plc",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__8": {
"value": "Frontline plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__13": {
"value": "plc",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__17": {
"value": "international shipping company",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__16": {
"value": "Cyprus",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__14": {
"value": "Cyprus",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__11": {
"value": "Cyprus",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__21": {
"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 March 27, 2026 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 economic useful 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.\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 13 - 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 13 - Goodwill impairment\u2022 Note 17 - Financial instruments; and\u2022 Note 19 - 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, which approximates 20 years. 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. Depreciation methods, useful lives and residual values are reviewed annually and adjusted prospectively, if appropriate.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.8.5. Held for saleThe Company classifies non-current assets (or disposal groups) as held for sale when their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Assets (or disposal groups) are classified as held for sale when the Company has committed to a plan to sell, the assets are available for immediate sale in their present condition, an active program to locate a buyer has been initiated, the sale is highly probable and expected to be completed within one year, and the assets are being marketed at a price that is reasonable in relation to their fair value. A non-current asset (or disposal group) is available for immediate sale if the Company has the intention and ability to transfer the asset (or disposal group) to a buyer in its present condition as of the reporting date. A vessel is not typically considered to be available for immediate transfer as of the reporting date if the vessel is performing obligations under a contract with a customer, or if the Company intends to enter the vessel into further contracts with a customer before transferring the asset to a buyer, as of this date.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 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 year, there were no applicable new and revised Standards, Interpretations and Amendments issued by the IASB and the IFRS Interpretations Committee (\u201cIFRIC\u201d) of the IASB.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 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 is currently assessing the impact of the new and amended standards on its financial statements. The Company has not applied or early adopted any new IFRS requirements that are not yet effective as of December 31, 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__23": {
"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 March 27, 2026 and authorized for issue.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__22": {
"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 March 27, 2026 and authorized for issue.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__12": {
"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 March 27, 2026 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 economic useful 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.\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 13 - 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 13 - Goodwill impairment\u2022 Note 17 - Financial instruments; and\u2022 Note 19 - 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, which approximates 20 years. 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. Depreciation methods, useful lives and residual values are reviewed annually and adjusted prospectively, if appropriate.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.8.5. Held for saleThe Company classifies non-current assets (or disposal groups) as held for sale when their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Assets (or disposal groups) are classified as held for sale when the Company has committed to a plan to sell, the assets are available for immediate sale in their present condition, an active program to locate a buyer has been initiated, the sale is highly probable and expected to be completed within one year, and the assets are being marketed at a price that is reasonable in relation to their fair value. A non-current asset (or disposal group) is available for immediate sale if the Company has the intention and ability to transfer the asset (or disposal group) to a buyer in its present condition as of the reporting date. A vessel is not typically considered to be available for immediate transfer as of the reporting date if the vessel is performing obligations under a contract with a customer, or if the Company intends to enter the vessel into further contracts with a customer before transferring the asset to a buyer, as of this date.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 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__24-1": {
"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 economic useful 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.\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 13 - 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 13 - Goodwill impairment\u2022 Note 17 - Financial instruments; and\u2022 Note 19 - Share options11. 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__26": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__29": {
"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:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__28": {
"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:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__27": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__31": {
"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:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__30": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__37-1": {
"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.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.5. OPERATING EXPENSESVoyage expenses and commissions(in thousands of $) 2025 2024 2023Bunkers 487,790 529,585 390,658 Port expenses 153,383 137,440 149,451 Commissions 67,165 72,699 62,764 Other voyage related expenses 45,406 33,710 15,722 753,744 773,434 618,595 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, 2025, 2024 and 2023.Port costs vary depending on the number of spot voyages performed, number and type of ports. Other voyage expenses primarily relate to emission compliance costs and other miscellaneous expenses. Ship operating expenses(in thousands of $) 2025 2024 2023Crew costs 125,005 125,602 99,809 Technical management expenses 95,937 88,433 62,207 Insurances 17,908 18,208 14,517 238,850 232,243 176,533 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 $) 2025 2024 2023Total compensation to employees and directors 31,514 17,892 29,894 Office and administrative expenses 14,912 14,183 15,573 Audit, legal and consultancy 4,941 4,011 8,061 51,367 36,086 53,528 Total compensation to employees and directors:(in thousands of $) 2025 2024 2023Wages and salaries 17,537 15,659 14,838 Stock option expense 9,869 (1,422) 11,247 Social security costs 2,032 1,711 2,001 Pension costs 1,136 1,054 1,040 Directors fees 520 511 511 Other staff related costs 420 379 257 31,514 17,892 29,894 The average number of employees employed by the Company and its subsidiaries in the year ended December 31, 2025 was 85 (2024: 87, 2023: 83).Fees paid or payable for audit and related services:(in thousands of $) 2025 2024 2023Audit of annual financial statements:Statutory auditor 410 637 141 Other PwC Network firms 1,380 1,155 1,333 Services provided by Other PwC Network firms:Other non assurance services 5 5 15 Total 1,795 1,797 1,489 The fees charged by the statutory auditor in the year ended December 31, 2025 include an amount of $0.3 million (2024: $0.5 million, 2023: $nil) that relates to the audit of the financial statements of subsidiary undertakings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__36": {
"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.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__35": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__34": {
"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.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__32": {
"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.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__38": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__42-1": {
"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.10.1. Loans, receivables and contract assetsThe gross carrying amount of 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__41-1": {
"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.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:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__39": {
"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:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__40": {
"value": "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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__47": {
"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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__46": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__44": {
"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:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__52": {
"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:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__51-1": {
"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, 2025 and 2024 are as follows:December 31, 2025 December 31, 2024Carrying Carrying (in thousands of $)Value Fair ValueValue Fair ValueFinancial assets measured at fair value through profit or lossDerivative instruments 9,025 9,025 24,419 24,419 Marketable securities 2,067 2,067 4,027 4,027 Financial assets not measured at fair valueCash and cash equivalents 251,347 251,347 413,532 413,532 Trade and other receivables 133,997 133,997 128,943 128,943 Related party receivables 13,091 13,091 8,532 8,532 Financial liabilities not measured at fair valueTrade and other payables 143,122 143,122 98,812 98,812 Floating rate debt 3,067,745 3,119,596 3,744,388 3,792,576 Related party payables 31,064 31,064 35,370 35,370 The table below shows the levels in the fair value hierarchy of financial assets and financial liabilities as of December 31, 2025 and 2024, excluding those whose fair values approximate their respective carrying values due to their short-term nature.Dec 31, 2025 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 9,025 \u2014 9,025 \u2014 Marketable securities 2,067 2,067 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,119,596 \u2014 3,119,596 \u2014 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__50": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__49": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__48": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__54": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__53": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__56": {
"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, which approximates 20 years. 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. Depreciation methods, useful lives and residual values are reviewed annually and adjusted prospectively, if appropriate.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.8.5. Held for saleThe Company classifies non-current assets (or disposal groups) as held for sale when their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Assets (or disposal groups) are classified as held for sale when the Company has committed to a plan to sell, the assets are available for immediate sale in their present condition, an active program to locate a buyer has been initiated, the sale is highly probable and expected to be completed within one year, and the assets are being marketed at a price that is reasonable in relation to their fair value. A non-current asset (or disposal group) is available for immediate sale if the Company has the intention and ability to transfer the asset (or disposal group) to a buyer in its present condition as of the reporting date. A vessel is not typically considered to be available for immediate transfer as of the reporting date if the vessel is performing obligations under a contract with a customer, or if the Company intends to enter the vessel into further contracts with a customer before transferring the asset to a buyer, as of this date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__57": {
"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, which approximates 20 years. 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. Depreciation methods, useful lives and residual values are reviewed annually and adjusted prospectively, if appropriate.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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__20": {
"value": "\"other non-current assets",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__58": {
"value": "8.5. Held for saleThe Company classifies non-current assets (or disposal groups) as held for sale when their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Assets (or disposal groups) are classified as held for sale when the Company has committed to a plan to sell, the assets are available for immediate sale in their present condition, an active program to locate a buyer has been initiated, the sale is highly probable and expected to be completed within one year, and the assets are being marketed at a price that is reasonable in relation to their fair value. A non-current asset (or disposal group) is available for immediate sale if the Company has the intention and ability to transfer the asset (or disposal group) to a buyer in its present condition as of the reporting date. A vessel is not typically considered to be available for immediate transfer as of the reporting date if the vessel is performing obligations under a contract with a customer, or if the Company intends to enter the vessel into further contracts with a customer before transferring the asset to a buyer, as of this date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__60": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__59-1": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__63-1": {
"value": "10. Impairment10.1. Loans, receivables and contract assetsThe gross carrying amount of 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, 2025, the Company received dividends of $1.8 million (2024: $3.5 million, 2023: $36.9 million) from its investments in marketable securities.Movements in marketable securities for the years ended December 31, 2025, 2024 and 2023 are as follows:(in thousands of $) 2025 2024 2023Balance at the beginning of the year 4,027 7,432 236,281 Proceeds from sale of marketable securities (360) \u2014 (251,839) (Loss) gain on marketable securities sold during the year (1,433) \u2014 18,994 Unrealized gain (loss) on marketable securities held at the end of the year (167) (3,405) 3,996 Balance at the end of the year 2,067 4,027 7,432 CMB.TECHAs of December 31, 2022, the Company held 13,664,613 shares in CMB.TECH.On October 9, 2023, Frontline and Famatown Finance Limited, a company related to Hemen Holding Limited (\"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 (\"CMB\") 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 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.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.million.ImpairmentAs 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 recoverable 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 recoverable 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's 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.As of December 31, 2025We did not identify any events or changes in circumstances indicating that the carrying amounts of our owned vessels might not be recoverable as of December 31, 2025. 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's respective carrying amount. We also observed that the sales prices for nine vessels agreed to be sold in the year ended December 31, 2025, 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, 2025. Accordingly, no impairment loss was recognized in the year ended December 31, 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__62": {
"value": "10. Impairment10.1. Loans, receivables and contract assetsThe gross carrying amount of 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__65": {
"value": "10.1. Loans, receivables and contract assetsThe gross carrying amount of 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__66": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__67-1": {
"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.4. REVENUE AND OTHER OPERATING INCOMEThe lease and non-lease components of our revenues in the year ended December 31, 2025 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues974,557 908,225 1,882,782 Time charter revenues53,181 18,985 72,166 Administrative income\u2014 10,156 10,156 Total revenues1,027,738 937,366 1,965,104 The 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 revenues1,029,163 925,872 1,955,035 Time charter revenues64,359 20,714 85,073 Administrative income\u2014 10,277 10,277 Total revenues1,093,522 956,863 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 revenues982,818 740,399 1,723,217 Time charter revenues49,870 13,901 63,771 Administrative income\u2014 15,196 15,196 Total revenues1,032,688 769,496 1,802,184 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. $5.5 million of contract costs were capitalized in the year ended December 31, 2025 (2024: $7.9 million) as Other current assets, of which $2.2 million was amortized up to December 31, 2025 (2024: $3.3 million), leaving a remaining balance of $3.3 million as of December 31, 2025 (2024: $4.6 million). $4.6 million of contract assets were amortized in the year ended December 31, 2025 in relation to voyages in progress as of December 31, 2024. No impairment losses were recognized in the years ended December 31, 2025, 2024 and 2023.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, 2025 and 2024 are presented within the statements of financial position as follows:(in thousands of $)20252024Voyages in progress 67,305 46,772 Trade accounts receivable 58,929 54,892 Related party receivables 11,119 6,522 Other current assets 3,250 4,572 Total 140,603 112,758 Other operating income in the years ended December 31, 2025, 2024 and 2023 was as follows:(in thousands of $)20252024 2023Gain on sale of vessels 5,929 112,079 21,959 Gain on pool arrangements \u2014 \u2014 1,683 Gain on settlement of claims \u2014 \u2014 397 Other gains 140 42 41 Total 6,069 112,121 24,080 In the year ended December 31, 2023, the Company recorded an arbitration award of $0.4 million in relation to the failed sale of a vessel.Sales of vessels in the year ended December 31, 2025In August 2025, the Company entered into an agreement to sell a Suezmax tanker, built in 2011, for a net sale price of $36.4 million. The vessel was delivered to the new owner in September 2025. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of approximately $23.7 million, and the Company recorded a gain of $5.9 million in the year ended December 31, 2025.Sales of vessels in the year ended December 31, 2024In January 2024, the Company announced that it had entered into an agreement to sell five 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 Suezmax tanker, 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 one Suezmax tanker, 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 a 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.Sales of vessels in the year ended December 31, 2023In 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.Pool arrangementsIn the year ended December 31, 2023, the Company recorded income of $1.7 million related to the pooling arrangement with SFL, an affiliated company, between two of its Suezmax tankers and two SFL vessels. As of December 31, 2023, vessels had been sold and delivered to their respective new owners resulting in the termination of the pooling arrangement.Income as a lessorOne VLCC, one Suezmax tanker and one LR2 tankers were on fixed rate time charters as of December 31, 2025 (December 31, 2024: one VLCC, one Suezmax tanker and four LR2 tankers). Two of the LR2 tankers on fixed rate time charters as of December 31, 2024 had an option for an extension of up to one year. In the year ended December 31, 2025, one of these options was exercised resulting in an extension of the initial term to October 2026.The Suezmax tanker and the extended LR2 tanker time charter-out contracts include a 50% profit share. In the year ended December 31, 2025, the Company received profit share income of $2.8 million in relation to these charters (2024: $0.5 million).The minimum future revenues to be received under these contracts as of December 31, 2025 were as follows:(in thousands of $) 2026 38,619 2027 11,348 Total minimum lease payments 49,967 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 Our revenues from these leases have been included within time charter revenues in the Consolidated Statement of Profit or Loss.The cost and accumulated depreciation of vessels leased out under time charters as of December 31, 2025 were $208.3 million and $43.4 million, respectively (December 31, 2024: $364.2 million and $72.1 million, respectively).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__69-1": {
"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.4. REVENUE AND OTHER OPERATING INCOMEThe lease and non-lease components of our revenues in the year ended December 31, 2025 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues974,557 908,225 1,882,782 Time charter revenues53,181 18,985 72,166 Administrative income\u2014 10,156 10,156 Total revenues1,027,738 937,366 1,965,104 The 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 revenues1,029,163 925,872 1,955,035 Time charter revenues64,359 20,714 85,073 Administrative income\u2014 10,277 10,277 Total revenues1,093,522 956,863 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 revenues982,818 740,399 1,723,217 Time charter revenues49,870 13,901 63,771 Administrative income\u2014 15,196 15,196 Total revenues1,032,688 769,496 1,802,184 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. $5.5 million of contract costs were capitalized in the year ended December 31, 2025 (2024: $7.9 million) as Other current assets, of which $2.2 million was amortized up to December 31, 2025 (2024: $3.3 million), leaving a remaining balance of $3.3 million as of December 31, 2025 (2024: $4.6 million). $4.6 million of contract assets were amortized in the year ended December 31, 2025 in relation to voyages in progress as of December 31, 2024. No impairment losses were recognized in the years ended December 31, 2025, 2024 and 2023.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, 2025 and 2024 are presented within the statements of financial position as follows:(in thousands of $)20252024Voyages in progress 67,305 46,772 Trade accounts receivable 58,929 54,892 Related party receivables 11,119 6,522 Other current assets 3,250 4,572 Total 140,603 112,758 Other operating income in the years ended December 31, 2025, 2024 and 2023 was as follows:(in thousands of $)20252024 2023Gain on sale of vessels 5,929 112,079 21,959 Gain on pool arrangements \u2014 \u2014 1,683 Gain on settlement of claims \u2014 \u2014 397 Other gains 140 42 41 Total 6,069 112,121 24,080 In the year ended December 31, 2023, the Company recorded an arbitration award of $0.4 million in relation to the failed sale of a vessel.Sales of vessels in the year ended December 31, 2025In August 2025, the Company entered into an agreement to sell a Suezmax tanker, built in 2011, for a net sale price of $36.4 million. The vessel was delivered to the new owner in September 2025. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of approximately $23.7 million, and the Company recorded a gain of $5.9 million in the year ended December 31, 2025.Sales of vessels in the year ended December 31, 2024In January 2024, the Company announced that it had entered into an agreement to sell five 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 Suezmax tanker, 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 one Suezmax tanker, 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 a 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.Sales of vessels in the year ended December 31, 2023In 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.Pool arrangementsIn the year ended December 31, 2023, the Company recorded income of $1.7 million related to the pooling arrangement with SFL, an affiliated company, between two of its Suezmax tankers and two SFL vessels. As of December 31, 2023, vessels had been sold and delivered to their respective new owners resulting in the termination of the pooling arrangement.Income as a lessorOne VLCC, one Suezmax tanker and one LR2 tankers were on fixed rate time charters as of December 31, 2025 (December 31, 2024: one VLCC, one Suezmax tanker and four LR2 tankers). Two of the LR2 tankers on fixed rate time charters as of December 31, 2024 had an option for an extension of up to one year. In the year ended December 31, 2025, one of these options was exercised resulting in an extension of the initial term to October 2026.The Suezmax tanker and the extended LR2 tanker time charter-out contracts include a 50% profit share. In the year ended December 31, 2025, the Company received profit share income of $2.8 million in relation to these charters (2024: $0.5 million).The minimum future revenues to be received under these contracts as of December 31, 2025 were as follows:(in thousands of $) 2026 38,619 2027 11,348 Total minimum lease payments 49,967 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 Our revenues from these leases have been included within time charter revenues in the Consolidated Statement of Profit or Loss.The cost and accumulated depreciation of vessels leased out under time charters as of December 31, 2025 were $208.3 million and $43.4 million, respectively (December 31, 2024: $364.2 million and $72.1 million, respectively).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__70": {
"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": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__71": {
"value": "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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__72": {
"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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__74": {
"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 Company's internal organizational and management structure does not distinguish any geographical segments.No customers in the years ended December 31, 2025, 2024 or 2023 individually accounted for 10% or more of the Company\u2019s consolidated operating revenues.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__73": {
"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 Company's internal organizational and management structure does not distinguish any geographical segments.No customers in the years ended December 31, 2025, 2024 or 2023 individually accounted for 10% or more of the Company\u2019s consolidated operating revenues.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__80": {
"value": "4. REVENUE AND OTHER OPERATING INCOMEThe lease and non-lease components of our revenues in the year ended December 31, 2025 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues974,557 908,225 1,882,782 Time charter revenues53,181 18,985 72,166 Administrative income\u2014 10,156 10,156 Total revenues1,027,738 937,366 1,965,104 The 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 revenues1,029,163 925,872 1,955,035 Time charter revenues64,359 20,714 85,073 Administrative income\u2014 10,277 10,277 Total revenues1,093,522 956,863 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 revenues982,818 740,399 1,723,217 Time charter revenues49,870 13,901 63,771 Administrative income\u2014 15,196 15,196 Total revenues1,032,688 769,496 1,802,184 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. $5.5 million of contract costs were capitalized in the year ended December 31, 2025 (2024: $7.9 million) as Other current assets, of which $2.2 million was amortized up to December 31, 2025 (2024: $3.3 million), leaving a remaining balance of $3.3 million as of December 31, 2025 (2024: $4.6 million). $4.6 million of contract assets were amortized in the year ended December 31, 2025 in relation to voyages in progress as of December 31, 2024. No impairment losses were recognized in the years ended December 31, 2025, 2024 and 2023.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, 2025 and 2024 are presented within the statements of financial position as follows:(in thousands of $)20252024Voyages in progress 67,305 46,772 Trade accounts receivable 58,929 54,892 Related party receivables 11,119 6,522 Other current assets 3,250 4,572 Total 140,603 112,758 Other operating income in the years ended December 31, 2025, 2024 and 2023 was as follows:(in thousands of $)20252024 2023Gain on sale of vessels 5,929 112,079 21,959 Gain on pool arrangements \u2014 \u2014 1,683 Gain on settlement of claims \u2014 \u2014 397 Other gains 140 42 41 Total 6,069 112,121 24,080 In the year ended December 31, 2023, the Company recorded an arbitration award of $0.4 million in relation to the failed sale of a vessel.Sales of vessels in the year ended December 31, 2025In August 2025, the Company entered into an agreement to sell a Suezmax tanker, built in 2011, for a net sale price of $36.4 million. The vessel was delivered to the new owner in September 2025. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of approximately $23.7 million, and the Company recorded a gain of $5.9 million in the year ended December 31, 2025.Sales of vessels in the year ended December 31, 2024In January 2024, the Company announced that it had entered into an agreement to sell five 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 Suezmax tanker, 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 one Suezmax tanker, 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 a 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.Sales of vessels in the year ended December 31, 2023In 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.Pool arrangementsIn the year ended December 31, 2023, the Company recorded income of $1.7 million related to the pooling arrangement with SFL, an affiliated company, between two of its Suezmax tankers and two SFL vessels. As of December 31, 2023, vessels had been sold and delivered to their respective new owners resulting in the termination of the pooling arrangement.Income as a lessorOne VLCC, one Suezmax tanker and one LR2 tankers were on fixed rate time charters as of December 31, 2025 (December 31, 2024: one VLCC, one Suezmax tanker and four LR2 tankers). Two of the LR2 tankers on fixed rate time charters as of December 31, 2024 had an option for an extension of up to one year. In the year ended December 31, 2025, one of these options was exercised resulting in an extension of the initial term to October 2026.The Suezmax tanker and the extended LR2 tanker time charter-out contracts include a 50% profit share. In the year ended December 31, 2025, the Company received profit share income of $2.8 million in relation to these charters (2024: $0.5 million).The minimum future revenues to be received under these contracts as of December 31, 2025 were as follows:(in thousands of $) 2026 38,619 2027 11,348 Total minimum lease payments 49,967 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 Our revenues from these leases have been included within time charter revenues in the Consolidated Statement of Profit or Loss.The cost and accumulated depreciation of vessels leased out under time charters as of December 31, 2025 were $208.3 million and $43.4 million, respectively (December 31, 2024: $364.2 million and $72.1 million, respectively).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__78": {
"value": "4. REVENUE AND OTHER OPERATING INCOMEThe lease and non-lease components of our revenues in the year ended December 31, 2025 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues974,557 908,225 1,882,782 Time charter revenues53,181 18,985 72,166 Administrative income\u2014 10,156 10,156 Total revenues1,027,738 937,366 1,965,104 The 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 revenues1,029,163 925,872 1,955,035 Time charter revenues64,359 20,714 85,073 Administrative income\u2014 10,277 10,277 Total revenues1,093,522 956,863 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 revenues982,818 740,399 1,723,217 Time charter revenues49,870 13,901 63,771 Administrative income\u2014 15,196 15,196 Total revenues1,032,688 769,496 1,802,184 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. $5.5 million of contract costs were capitalized in the year ended December 31, 2025 (2024: $7.9 million) as Other current assets, of which $2.2 million was amortized up to December 31, 2025 (2024: $3.3 million), leaving a remaining balance of $3.3 million as of December 31, 2025 (2024: $4.6 million). $4.6 million of contract assets were amortized in the year ended December 31, 2025 in relation to voyages in progress as of December 31, 2024. No impairment losses were recognized in the years ended December 31, 2025, 2024 and 2023.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, 2025 and 2024 are presented within the statements of financial position as follows:(in thousands of $)20252024Voyages in progress 67,305 46,772 Trade accounts receivable 58,929 54,892 Related party receivables 11,119 6,522 Other current assets 3,250 4,572 Total 140,603 112,758 Other operating income in the years ended December 31, 2025, 2024 and 2023 was as follows:(in thousands of $)20252024 2023Gain on sale of vessels 5,929 112,079 21,959 Gain on pool arrangements \u2014 \u2014 1,683 Gain on settlement of claims \u2014 \u2014 397 Other gains 140 42 41 Total 6,069 112,121 24,080 In the year ended December 31, 2023, the Company recorded an arbitration award of $0.4 million in relation to the failed sale of a vessel.Sales of vessels in the year ended December 31, 2025In August 2025, the Company entered into an agreement to sell a Suezmax tanker, built in 2011, for a net sale price of $36.4 million. The vessel was delivered to the new owner in September 2025. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of approximately $23.7 million, and the Company recorded a gain of $5.9 million in the year ended December 31, 2025.Sales of vessels in the year ended December 31, 2024In January 2024, the Company announced that it had entered into an agreement to sell five 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 Suezmax tanker, 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 one Suezmax tanker, 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 a 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.Sales of vessels in the year ended December 31, 2023In 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.Pool arrangementsIn the year ended December 31, 2023, the Company recorded income of $1.7 million related to the pooling arrangement with SFL, an affiliated company, between two of its Suezmax tankers and two SFL vessels. As of December 31, 2023, vessels had been sold and delivered to their respective new owners resulting in the termination of the pooling arrangement.Income as a lessorOne VLCC, one Suezmax tanker and one LR2 tankers were on fixed rate time charters as of December 31, 2025 (December 31, 2024: one VLCC, one Suezmax tanker and four LR2 tankers). Two of the LR2 tankers on fixed rate time charters as of December 31, 2024 had an option for an extension of up to one year. In the year ended December 31, 2025, one of these options was exercised resulting in an extension of the initial term to October 2026.The Suezmax tanker and the extended LR2 tanker time charter-out contracts include a 50% profit share. In the year ended December 31, 2025, the Company received profit share income of $2.8 million in relation to these charters (2024: $0.5 million).The minimum future revenues to be received under these contracts as of December 31, 2025 were as follows:(in thousands of $) 2026 38,619 2027 11,348 Total minimum lease payments 49,967 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 Our revenues from these leases have been included within time charter revenues in the Consolidated Statement of Profit or Loss.The cost and accumulated depreciation of vessels leased out under time charters as of December 31, 2025 were $208.3 million and $43.4 million, respectively (December 31, 2024: $364.2 million and $72.1 million, respectively).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__76": {
"value": "4. REVENUE AND OTHER OPERATING INCOMEThe lease and non-lease components of our revenues in the year ended December 31, 2025 were as follows:(in thousands of $)Lease Non-lease TotalVoyage charter revenues974,557 908,225 1,882,782 Time charter revenues53,181 18,985 72,166 Administrative income\u2014 10,156 10,156 Total revenues1,027,738 937,366 1,965,104 The 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 revenues1,029,163 925,872 1,955,035 Time charter revenues64,359 20,714 85,073 Administrative income\u2014 10,277 10,277 Total revenues1,093,522 956,863 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 revenues982,818 740,399 1,723,217 Time charter revenues49,870 13,901 63,771 Administrative income\u2014 15,196 15,196 Total revenues1,032,688 769,496 1,802,184 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. $5.5 million of contract costs were capitalized in the year ended December 31, 2025 (2024: $7.9 million) as Other current assets, of which $2.2 million was amortized up to December 31, 2025 (2024: $3.3 million), leaving a remaining balance of $3.3 million as of December 31, 2025 (2024: $4.6 million). $4.6 million of contract assets were amortized in the year ended December 31, 2025 in relation to voyages in progress as of December 31, 2024. No impairment losses were recognized in the years ended December 31, 2025, 2024 and 2023.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, 2025 and 2024 are presented within the statements of financial position as follows:(in thousands of $)20252024Voyages in progress 67,305 46,772 Trade accounts receivable 58,929 54,892 Related party receivables 11,119 6,522 Other current assets 3,250 4,572 Total 140,603 112,758 Other operating income in the years ended December 31, 2025, 2024 and 2023 was as follows:(in thousands of $)20252024 2023Gain on sale of vessels 5,929 112,079 21,959 Gain on pool arrangements \u2014 \u2014 1,683 Gain on settlement of claims \u2014 \u2014 397 Other gains 140 42 41 Total 6,069 112,121 24,080 In the year ended December 31, 2023, the Company recorded an arbitration award of $0.4 million in relation to the failed sale of a vessel.Sales of vessels in the year ended December 31, 2025In August 2025, the Company entered into an agreement to sell a Suezmax tanker, built in 2011, for a net sale price of $36.4 million. The vessel was delivered to the new owner in September 2025. After repayment of existing debt on the vessel, the transaction generated net cash proceeds of approximately $23.7 million, and the Company recorded a gain of $5.9 million in the year ended December 31, 2025.Sales of vessels in the year ended December 31, 2024In January 2024, the Company announced that it had entered into an agreement to sell five 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 Suezmax tanker, 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 one Suezmax tanker, 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 a 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.Sales of vessels in the year ended December 31, 2023In 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.Pool arrangementsIn the year ended December 31, 2023, the Company recorded income of $1.7 million related to the pooling arrangement with SFL, an affiliated company, between two of its Suezmax tankers and two SFL vessels. As of December 31, 2023, vessels had been sold and delivered to their respective new owners resulting in the termination of the pooling arrangement.Income as a lessorOne VLCC, one Suezmax tanker and one LR2 tankers were on fixed rate time charters as of December 31, 2025 (December 31, 2024: one VLCC, one Suezmax tanker and four LR2 tankers). Two of the LR2 tankers on fixed rate time charters as of December 31, 2024 had an option for an extension of up to one year. In the year ended December 31, 2025, one of these options was exercised resulting in an extension of the initial term to October 2026.The Suezmax tanker and the extended LR2 tanker time charter-out contracts include a 50% profit share. In the year ended December 31, 2025, the Company received profit share income of $2.8 million in relation to these charters (2024: $0.5 million).The minimum future revenues to be received under these contracts as of December 31, 2025 were as follows:(in thousands of $) 2026 38,619 2027 11,348 Total minimum lease payments 49,967 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 Our revenues from these leases have been included within time charter revenues in the Consolidated Statement of Profit or Loss.The cost and accumulated depreciation of vessels leased out under time charters as of December 31, 2025 were $208.3 million and $43.4 million, respectively (December 31, 2024: $364.2 million and $72.1 million, respectively).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__79": {
"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. $5.5 million of contract costs were capitalized in the year ended December 31, 2025 (2024: $7.9 million) as Other current assets, of which $2.2 million was amortized up to December 31, 2025 (2024: $3.3 million), leaving a remaining balance of $3.3 million as of December 31, 2025 (2024: $4.6 million). $4.6 million of contract assets were amortized in the year ended December 31, 2025 in relation to voyages in progress as of December 31, 2024. No impairment losses were recognized in the years ended December 31, 2025, 2024 and 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__88": {
"value": "5. OPERATING EXPENSESVoyage expenses and commissions(in thousands of $) 2025 2024 2023Bunkers 487,790 529,585 390,658 Port expenses 153,383 137,440 149,451 Commissions 67,165 72,699 62,764 Other voyage related expenses 45,406 33,710 15,722 753,744 773,434 618,595 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, 2025, 2024 and 2023.Port costs vary depending on the number of spot voyages performed, number and type of ports. Other voyage expenses primarily relate to emission compliance costs and other miscellaneous expenses. Ship operating expenses(in thousands of $) 2025 2024 2023Crew costs 125,005 125,602 99,809 Technical management expenses 95,937 88,433 62,207 Insurances 17,908 18,208 14,517 238,850 232,243 176,533 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 $) 2025 2024 2023Total compensation to employees and directors 31,514 17,892 29,894 Office and administrative expenses 14,912 14,183 15,573 Audit, legal and consultancy 4,941 4,011 8,061 51,367 36,086 53,528 Total compensation to employees and directors:(in thousands of $) 2025 2024 2023Wages and salaries 17,537 15,659 14,838 Stock option expense 9,869 (1,422) 11,247 Social security costs 2,032 1,711 2,001 Pension costs 1,136 1,054 1,040 Directors fees 520 511 511 Other staff related costs 420 379 257 31,514 17,892 29,894 The average number of employees employed by the Company and its subsidiaries in the year ended December 31, 2025 was 85 (2024: 87, 2023: 83).Fees paid or payable for audit and related services:(in thousands of $) 2025 2024 2023Audit of annual financial statements:Statutory auditor 410 637 141 Other PwC Network firms 1,380 1,155 1,333 Services provided by Other PwC Network firms:Other non assurance services 5 5 15 Total 1,795 1,797 1,489 The fees charged by the statutory auditor in the year ended December 31, 2025 include an amount of $0.3 million (2024: $0.5 million, 2023: $nil) that relates to the audit of the financial statements of subsidiary undertakings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__87": {
"value": "5. OPERATING EXPENSESVoyage expenses and commissions(in thousands of $) 2025 2024 2023Bunkers 487,790 529,585 390,658 Port expenses 153,383 137,440 149,451 Commissions 67,165 72,699 62,764 Other voyage related expenses 45,406 33,710 15,722 753,744 773,434 618,595 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, 2025, 2024 and 2023.Port costs vary depending on the number of spot voyages performed, number and type of ports. Other voyage expenses primarily relate to emission compliance costs and other miscellaneous expenses. Ship operating expenses(in thousands of $) 2025 2024 2023Crew costs 125,005 125,602 99,809 Technical management expenses 95,937 88,433 62,207 Insurances 17,908 18,208 14,517 238,850 232,243 176,533 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 $) 2025 2024 2023Total compensation to employees and directors 31,514 17,892 29,894 Office and administrative expenses 14,912 14,183 15,573 Audit, legal and consultancy 4,941 4,011 8,061 51,367 36,086 53,528 Total compensation to employees and directors:(in thousands of $) 2025 2024 2023Wages and salaries 17,537 15,659 14,838 Stock option expense 9,869 (1,422) 11,247 Social security costs 2,032 1,711 2,001 Pension costs 1,136 1,054 1,040 Directors fees 520 511 511 Other staff related costs 420 379 257 31,514 17,892 29,894 The average number of employees employed by the Company and its subsidiaries in the year ended December 31, 2025 was 85 (2024: 87, 2023: 83).Fees paid or payable for audit and related services:(in thousands of $) 2025 2024 2023Audit of annual financial statements:Statutory auditor 410 637 141 Other PwC Network firms 1,380 1,155 1,333 Services provided by Other PwC Network firms:Other non assurance services 5 5 15 Total 1,795 1,797 1,489 The fees charged by the statutory auditor in the year ended December 31, 2025 include an amount of $0.3 million (2024: $0.5 million, 2023: $nil) that relates to the audit of the financial statements of subsidiary undertakings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__86-1": {
"value": "5. OPERATING EXPENSESVoyage expenses and commissions(in thousands of $) 2025 2024 2023Bunkers 487,790 529,585 390,658 Port expenses 153,383 137,440 149,451 Commissions 67,165 72,699 62,764 Other voyage related expenses 45,406 33,710 15,722 753,744 773,434 618,595 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, 2025, 2024 and 2023.Port costs vary depending on the number of spot voyages performed, number and type of ports. Other voyage expenses primarily relate to emission compliance costs and other miscellaneous expenses. Ship operating expenses(in thousands of $) 2025 2024 2023Crew costs 125,005 125,602 99,809 Technical management expenses 95,937 88,433 62,207 Insurances 17,908 18,208 14,517 238,850 232,243 176,533 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 $) 2025 2024 2023Total compensation to employees and directors 31,514 17,892 29,894 Office and administrative expenses 14,912 14,183 15,573 Audit, legal and consultancy 4,941 4,011 8,061 51,367 36,086 53,528 Total compensation to employees and directors:(in thousands of $) 2025 2024 2023Wages and salaries 17,537 15,659 14,838 Stock option expense 9,869 (1,422) 11,247 Social security costs 2,032 1,711 2,001 Pension costs 1,136 1,054 1,040 Directors fees 520 511 511 Other staff related costs 420 379 257 31,514 17,892 29,894 The average number of employees employed by the Company and its subsidiaries in the year ended December 31, 2025 was 85 (2024: 87, 2023: 83).Fees paid or payable for audit and related services:(in thousands of $) 2025 2024 2023Audit of annual financial statements:Statutory auditor 410 637 141 Other PwC Network firms 1,380 1,155 1,333 Services provided by Other PwC Network firms:Other non assurance services 5 5 15 Total 1,795 1,797 1,489 The fees charged by the statutory auditor in the year ended December 31, 2025 include an amount of $0.3 million (2024: $0.5 million, 2023: $nil) that relates to the audit of the financial statements of subsidiary undertakings.6. NET FINANCE EXPENSE(in thousands of $) 2025 2024 2023Interest income 15,690 16,785 16,496 Foreign exchange gains 146 313 1,569 Finance income 15,836 17,098 18,065 Interest expense on financial liabilities measured at amortized cost 231,055 302,324 178,498 (Gain) loss on interest rate swaps 778 (9,206) (8,039) Foreign exchange losses 205 1,023 335 Other financial expenses 1,196 947 542 Finance expense 233,234 295,088 171,336 Net finance expense (217,398) (277,990) (153,271)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__85": {
"value": "5. OPERATING EXPENSESVoyage expenses and commissions(in thousands of $) 2025 2024 2023Bunkers 487,790 529,585 390,658 Port expenses 153,383 137,440 149,451 Commissions 67,165 72,699 62,764 Other voyage related expenses 45,406 33,710 15,722 753,744 773,434 618,595 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, 2025, 2024 and 2023.Port costs vary depending on the number of spot voyages performed, number and type of ports. Other voyage expenses primarily relate to emission compliance costs and other miscellaneous expenses. Ship operating expenses(in thousands of $) 2025 2024 2023Crew costs 125,005 125,602 99,809 Technical management expenses 95,937 88,433 62,207 Insurances 17,908 18,208 14,517 238,850 232,243 176,533 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 $) 2025 2024 2023Total compensation to employees and directors 31,514 17,892 29,894 Office and administrative expenses 14,912 14,183 15,573 Audit, legal and consultancy 4,941 4,011 8,061 51,367 36,086 53,528 Total compensation to employees and directors:(in thousands of $) 2025 2024 2023Wages and salaries 17,537 15,659 14,838 Stock option expense 9,869 (1,422) 11,247 Social security costs 2,032 1,711 2,001 Pension costs 1,136 1,054 1,040 Directors fees 520 511 511 Other staff related costs 420 379 257 31,514 17,892 29,894 The average number of employees employed by the Company and its subsidiaries in the year ended December 31, 2025 was 85 (2024: 87, 2023: 83).Fees paid or payable for audit and related services:(in thousands of $) 2025 2024 2023Audit of annual financial statements:Statutory auditor 410 637 141 Other PwC Network firms 1,380 1,155 1,333 Services provided by Other PwC Network firms:Other non assurance services 5 5 15 Total 1,795 1,797 1,489 The fees charged by the statutory auditor in the year ended December 31, 2025 include an amount of $0.3 million (2024: $0.5 million, 2023: $nil) that relates to the audit of the financial statements of subsidiary undertakings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__84": {
"value": "5. OPERATING EXPENSESVoyage expenses and commissions(in thousands of $) 2025 2024 2023Bunkers 487,790 529,585 390,658 Port expenses 153,383 137,440 149,451 Commissions 67,165 72,699 62,764 Other voyage related expenses 45,406 33,710 15,722 753,744 773,434 618,595 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, 2025, 2024 and 2023.Port costs vary depending on the number of spot voyages performed, number and type of ports. Other voyage expenses primarily relate to emission compliance costs and other miscellaneous expenses. Ship operating expenses(in thousands of $) 2025 2024 2023Crew costs 125,005 125,602 99,809 Technical management expenses 95,937 88,433 62,207 Insurances 17,908 18,208 14,517 238,850 232,243 176,533 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 $) 2025 2024 2023Total compensation to employees and directors 31,514 17,892 29,894 Office and administrative expenses 14,912 14,183 15,573 Audit, legal and consultancy 4,941 4,011 8,061 51,367 36,086 53,528 Total compensation to employees and directors:(in thousands of $) 2025 2024 2023Wages and salaries 17,537 15,659 14,838 Stock option expense 9,869 (1,422) 11,247 Social security costs 2,032 1,711 2,001 Pension costs 1,136 1,054 1,040 Directors fees 520 511 511 Other staff related costs 420 379 257 31,514 17,892 29,894 The average number of employees employed by the Company and its subsidiaries in the year ended December 31, 2025 was 85 (2024: 87, 2023: 83).Fees paid or payable for audit and related services:(in thousands of $) 2025 2024 2023Audit of annual financial statements:Statutory auditor 410 637 141 Other PwC Network firms 1,380 1,155 1,333 Services provided by Other PwC Network firms:Other non assurance services 5 5 15 Total 1,795 1,797 1,489 The fees charged by the statutory auditor in the year ended December 31, 2025 include an amount of $0.3 million (2024: $0.5 million, 2023: $nil) that relates to the audit of the financial statements of subsidiary undertakings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__83": {
"value": "5. OPERATING EXPENSESVoyage expenses and commissions(in thousands of $) 2025 2024 2023Bunkers 487,790 529,585 390,658 Port expenses 153,383 137,440 149,451 Commissions 67,165 72,699 62,764 Other voyage related expenses 45,406 33,710 15,722 753,744 773,434 618,595 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, 2025, 2024 and 2023.Port costs vary depending on the number of spot voyages performed, number and type of ports. Other voyage expenses primarily relate to emission compliance costs and other miscellaneous expenses. Ship operating expenses(in thousands of $) 2025 2024 2023Crew costs 125,005 125,602 99,809 Technical management expenses 95,937 88,433 62,207 Insurances 17,908 18,208 14,517 238,850 232,243 176,533 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 $) 2025 2024 2023Total compensation to employees and directors 31,514 17,892 29,894 Office and administrative expenses 14,912 14,183 15,573 Audit, legal and consultancy 4,941 4,011 8,061 51,367 36,086 53,528 Total compensation to employees and directors:(in thousands of $) 2025 2024 2023Wages and salaries 17,537 15,659 14,838 Stock option expense 9,869 (1,422) 11,247 Social security costs 2,032 1,711 2,001 Pension costs 1,136 1,054 1,040 Directors fees 520 511 511 Other staff related costs 420 379 257 31,514 17,892 29,894 The average number of employees employed by the Company and its subsidiaries in the year ended December 31, 2025 was 85 (2024: 87, 2023: 83).Fees paid or payable for audit and related services:(in thousands of $) 2025 2024 2023Audit of annual financial statements:Statutory auditor 410 637 141 Other PwC Network firms 1,380 1,155 1,333 Services provided by Other PwC Network firms:Other non assurance services 5 5 15 Total 1,795 1,797 1,489 The fees charged by the statutory auditor in the year ended December 31, 2025 include an amount of $0.3 million (2024: $0.5 million, 2023: $nil) that relates to the audit of the financial statements of subsidiary undertakings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__82": {
"value": "5. OPERATING EXPENSESVoyage expenses and commissions(in thousands of $) 2025 2024 2023Bunkers 487,790 529,585 390,658 Port expenses 153,383 137,440 149,451 Commissions 67,165 72,699 62,764 Other voyage related expenses 45,406 33,710 15,722 753,744 773,434 618,595 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, 2025, 2024 and 2023.Port costs vary depending on the number of spot voyages performed, number and type of ports. Other voyage expenses primarily relate to emission compliance costs and other miscellaneous expenses. Ship operating expenses(in thousands of $) 2025 2024 2023Crew costs 125,005 125,602 99,809 Technical management expenses 95,937 88,433 62,207 Insurances 17,908 18,208 14,517 238,850 232,243 176,533 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 $) 2025 2024 2023Total compensation to employees and directors 31,514 17,892 29,894 Office and administrative expenses 14,912 14,183 15,573 Audit, legal and consultancy 4,941 4,011 8,061 51,367 36,086 53,528 Total compensation to employees and directors:(in thousands of $) 2025 2024 2023Wages and salaries 17,537 15,659 14,838 Stock option expense 9,869 (1,422) 11,247 Social security costs 2,032 1,711 2,001 Pension costs 1,136 1,054 1,040 Directors fees 520 511 511 Other staff related costs 420 379 257 31,514 17,892 29,894 The average number of employees employed by the Company and its subsidiaries in the year ended December 31, 2025 was 85 (2024: 87, 2023: 83).Fees paid or payable for audit and related services:(in thousands of $) 2025 2024 2023Audit of annual financial statements:Statutory auditor 410 637 141 Other PwC Network firms 1,380 1,155 1,333 Services provided by Other PwC Network firms:Other non assurance services 5 5 15 Total 1,795 1,797 1,489 The fees charged by the statutory auditor in the year ended December 31, 2025 include an amount of $0.3 million (2024: $0.5 million, 2023: $nil) that relates to the audit of the financial statements of subsidiary undertakings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__95-1": {
"value": "6. NET FINANCE EXPENSE(in thousands of $) 2025 2024 2023Interest income 15,690 16,785 16,496 Foreign exchange gains 146 313 1,569 Finance income 15,836 17,098 18,065 Interest expense on financial liabilities measured at amortized cost 231,055 302,324 178,498 (Gain) loss on interest rate swaps 778 (9,206) (8,039) Foreign exchange losses 205 1,023 335 Other financial expenses 1,196 947 542 Finance expense 233,234 295,088 171,336 Net finance expense (217,398) (277,990) (153,271)11. NEWBUILDINGSMovements in the three years ended December 31, 2025 are as follows:(in thousands of $) Balance at January 1, 2023 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 Balance at December 31, 2025 \u2014 No newbuildings were delivered in the year ended December 31, 2025 (2024: nil, 2023: two VLCCs).As of December 31, 2025, there are no vessels in the Company\u2019s newbuilding program and there are no commitments. Refer to Note 23 for further details of newbuilding commitments subsequent to December 31, 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__94": {
"value": "6. NET FINANCE EXPENSE(in thousands of $) 2025 2024 2023Interest income 15,690 16,785 16,496 Foreign exchange gains 146 313 1,569 Finance income 15,836 17,098 18,065 Interest expense on financial liabilities measured at amortized cost 231,055 302,324 178,498 (Gain) loss on interest rate swaps 778 (9,206) (8,039) Foreign exchange losses 205 1,023 335 Other financial expenses 1,196 947 542 Finance expense 233,234 295,088 171,336 Net finance expense (217,398) (277,990) (153,271)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__93": {
"value": "6. NET FINANCE EXPENSE(in thousands of $) 2025 2024 2023Interest income 15,690 16,785 16,496 Foreign exchange gains 146 313 1,569 Finance income 15,836 17,098 18,065 Interest expense on financial liabilities measured at amortized cost 231,055 302,324 178,498 (Gain) loss on interest rate swaps 778 (9,206) (8,039) Foreign exchange losses 205 1,023 335 Other financial expenses 1,196 947 542 Finance expense 233,234 295,088 171,336 Net finance expense (217,398) (277,990) (153,271)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__92": {
"value": "6. NET FINANCE EXPENSE(in thousands of $) 2025 2024 2023Interest income 15,690 16,785 16,496 Foreign exchange gains 146 313 1,569 Finance income 15,836 17,098 18,065 Interest expense on financial liabilities measured at amortized cost 231,055 302,324 178,498 (Gain) loss on interest rate swaps 778 (9,206) (8,039) Foreign exchange losses 205 1,023 335 Other financial expenses 1,196 947 542 Finance expense 233,234 295,088 171,336 Net finance expense (217,398) (277,990) (153,271)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__91": {
"value": "6. NET FINANCE EXPENSE(in thousands of $) 2025 2024 2023Interest income 15,690 16,785 16,496 Foreign exchange gains 146 313 1,569 Finance income 15,836 17,098 18,065 Interest expense on financial liabilities measured at amortized cost 231,055 302,324 178,498 (Gain) loss on interest rate swaps 778 (9,206) (8,039) Foreign exchange losses 205 1,023 335 Other financial expenses 1,196 947 542 Finance expense 233,234 295,088 171,336 Net finance expense (217,398) (277,990) (153,271)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__90": {
"value": "6. NET FINANCE EXPENSE(in thousands of $) 2025 2024 2023Interest income 15,690 16,785 16,496 Foreign exchange gains 146 313 1,569 Finance income 15,836 17,098 18,065 Interest expense on financial liabilities measured at amortized cost 231,055 302,324 178,498 (Gain) loss on interest rate swaps 778 (9,206) (8,039) Foreign exchange losses 205 1,023 335 Other financial expenses 1,196 947 542 Finance expense 233,234 295,088 171,336 Net finance expense (217,398) (277,990) (153,271)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__98": {
"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, 2025, 2024 and 2023.CyprusUnder the provisions of Cyprus tax laws, taxable income up to and including the year ended December 31, 2025, shall be taxed at the rate of 12.5%.Effective January 1, 2026, the Republic of Cyprus enacted comprehensive tax reform legislation, which increased the standard corporate income tax rate from 12.5% to 15% to align with the OECD Pillar Two global minimum tax framework. 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 December 12, 2024, the Cyprus House of Representatives voted the Safeguarding of a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union Law of 2023 (the \"Law\") into domestic law. The Law transposes into Cyprus national law the relevant EU Directive issued on December 14, 2022 under which the EU member states agreed to implement the OECD\u2019s Pillar Two global corporate minimum tax rate of 15% on companies with revenues of at least \u20ac750 million effective from 2024. This new law does not amend the Cyprus Income Tax (\u201cCIT\u201d) legislation but, rather, introduces an additional set of tax rules to be applied alongside the application of CIT and other relevant taxes for MNEs in scope.As part of the OECD\u2019s Pillar II global tax framework, certain qualifying shipping income may benefit from a Shipping Income Exclusion (\u201cSIE\u201d), and therefore be excluded from the Global Anti-Base Erosion (\"GloBE\") income and the calculation of any top-up taxes under the framework. It is expected that the SIE will mitigate incremental tax expense otherwise arising under the GloBE regime and preserve competitive tax treatment for qualifying maritime operations, however, actual outcomes may differ due to final regulatory guidance and interpretations. The Company continues to monitor developments and will adjust estimates as necessary to reflect changes in legislation, interpretations, or operational circumstances.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 Domestic Minimum Top Up Tax (\u201cDMTT\u201d) which is 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. 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, 2025, 2024 and 2023, 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, 2025 (2024: nil, 2023: nil).The Company does not have any unrecognized tax benefits, material accrued interest or penalties relating to income taxes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__97": {
"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, 2025, 2024 and 2023.CyprusUnder the provisions of Cyprus tax laws, taxable income up to and including the year ended December 31, 2025, shall be taxed at the rate of 12.5%.Effective January 1, 2026, the Republic of Cyprus enacted comprehensive tax reform legislation, which increased the standard corporate income tax rate from 12.5% to 15% to align with the OECD Pillar Two global minimum tax framework. 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 December 12, 2024, the Cyprus House of Representatives voted the Safeguarding of a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union Law of 2023 (the \"Law\") into domestic law. The Law transposes into Cyprus national law the relevant EU Directive issued on December 14, 2022 under which the EU member states agreed to implement the OECD\u2019s Pillar Two global corporate minimum tax rate of 15% on companies with revenues of at least \u20ac750 million effective from 2024. This new law does not amend the Cyprus Income Tax (\u201cCIT\u201d) legislation but, rather, introduces an additional set of tax rules to be applied alongside the application of CIT and other relevant taxes for MNEs in scope.As part of the OECD\u2019s Pillar II global tax framework, certain qualifying shipping income may benefit from a Shipping Income Exclusion (\u201cSIE\u201d), and therefore be excluded from the Global Anti-Base Erosion (\"GloBE\") income and the calculation of any top-up taxes under the framework. It is expected that the SIE will mitigate incremental tax expense otherwise arising under the GloBE regime and preserve competitive tax treatment for qualifying maritime operations, however, actual outcomes may differ due to final regulatory guidance and interpretations. The Company continues to monitor developments and will adjust estimates as necessary to reflect changes in legislation, interpretations, or operational circumstances.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 Domestic Minimum Top Up Tax (\u201cDMTT\u201d) which is 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. 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, 2025, 2024 and 2023, 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, 2025 (2024: nil, 2023: 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__96": {
"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, 2025, 2024 and 2023.CyprusUnder the provisions of Cyprus tax laws, taxable income up to and including the year ended December 31, 2025, shall be taxed at the rate of 12.5%.Effective January 1, 2026, the Republic of Cyprus enacted comprehensive tax reform legislation, which increased the standard corporate income tax rate from 12.5% to 15% to align with the OECD Pillar Two global minimum tax framework. 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 December 12, 2024, the Cyprus House of Representatives voted the Safeguarding of a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union Law of 2023 (the \"Law\") into domestic law. The Law transposes into Cyprus national law the relevant EU Directive issued on December 14, 2022 under which the EU member states agreed to implement the OECD\u2019s Pillar Two global corporate minimum tax rate of 15% on companies with revenues of at least \u20ac750 million effective from 2024. This new law does not amend the Cyprus Income Tax (\u201cCIT\u201d) legislation but, rather, introduces an additional set of tax rules to be applied alongside the application of CIT and other relevant taxes for MNEs in scope.As part of the OECD\u2019s Pillar II global tax framework, certain qualifying shipping income may benefit from a Shipping Income Exclusion (\u201cSIE\u201d), and therefore be excluded from the Global Anti-Base Erosion (\"GloBE\") income and the calculation of any top-up taxes under the framework. It is expected that the SIE will mitigate incremental tax expense otherwise arising under the GloBE regime and preserve competitive tax treatment for qualifying maritime operations, however, actual outcomes may differ due to final regulatory guidance and interpretations. The Company continues to monitor developments and will adjust estimates as necessary to reflect changes in legislation, interpretations, or operational circumstances.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 Domestic Minimum Top Up Tax (\u201cDMTT\u201d) which is 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. 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, 2025, 2024 and 2023, 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, 2025 (2024: nil, 2023: 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__100": {
"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, 2025, 2024 and 2023 as there were no potentially dilutive stock options in the periods.The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows:(in thousands of $) 2025 2024 2023Profit for the period 379,081 495,583 656,414 (in thousands)Weighted average number of basic and diluted shares 222,623 222,623 222,623 Basic and diluted earnings per share $1.70 $2.23 $2.952025 2024 2023Cash dividends paid per share $0.93 $1.95 $2.87",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__99": {
"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, 2025, 2024 and 2023 as there were no potentially dilutive stock options in the periods.The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows:(in thousands of $) 2025 2024 2023Profit for the period 379,081 495,583 656,414 (in thousands)Weighted average number of basic and diluted shares 222,623 222,623 222,623 Basic and diluted earnings per share $1.70 $2.23 $2.952025 2024 2023Cash dividends paid per share $0.93 $1.95 $2.87",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__101": {
"value": "1.7",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f0__s7__7__102": {
"value": "2.23",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f0__s7__6__105": {
"value": "9. MARKETABLE SECURITIESMarketable securities held by the Company are listed equity securities. In the year ended December 31, 2025, the Company received dividends of $1.8 million (2024: $3.5 million, 2023: $36.9 million) from its investments in marketable securities.Movements in marketable securities for the years ended December 31, 2025, 2024 and 2023 are as follows:(in thousands of $) 2025 2024 2023Balance at the beginning of the year 4,027 7,432 236,281 Proceeds from sale of marketable securities (360) \u2014 (251,839) (Loss) gain on marketable securities sold during the year (1,433) \u2014 18,994 Unrealized gain (loss) on marketable securities held at the end of the year (167) (3,405) 3,996 Balance at the end of the year 2,067 4,027 7,432 CMB.TECHAs of December 31, 2022, the Company held 13,664,613 shares in CMB.TECH.On October 9, 2023, Frontline and Famatown Finance Limited, a company related to Hemen Holding Limited (\"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 (\"CMB\") 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 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.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:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__103": {
"value": "9. MARKETABLE SECURITIESMarketable securities held by the Company are listed equity securities. In the year ended December 31, 2025, the Company received dividends of $1.8 million (2024: $3.5 million, 2023: $36.9 million) from its investments in marketable securities.Movements in marketable securities for the years ended December 31, 2025, 2024 and 2023 are as follows:(in thousands of $) 2025 2024 2023Balance at the beginning of the year 4,027 7,432 236,281 Proceeds from sale of marketable securities (360) \u2014 (251,839) (Loss) gain on marketable securities sold during the year (1,433) \u2014 18,994 Unrealized gain (loss) on marketable securities held at the end of the year (167) (3,405) 3,996 Balance at the end of the year 2,067 4,027 7,432 CMB.TECHAs of December 31, 2022, the Company held 13,664,613 shares in CMB.TECH.On October 9, 2023, Frontline and Famatown Finance Limited, a company related to Hemen Holding Limited (\"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 (\"CMB\") 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 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.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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__107": {
"value": "10. TRADE AND OTHER RECEIVABLESDecember 31, December 31, (in thousands of $)20252024Trade receivables 123,539 117,624 Other receivables 10,458 11,319 133,997 128,943 Trade and other receivables are presented net of allowances for doubtful accounts of $1.9 million as of December 31, 2025 (2024: $6.4 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__106": {
"value": "10. TRADE AND OTHER RECEIVABLESDecember 31, December 31, (in thousands of $)20252024Trade receivables 123,539 117,624 Other receivables 10,458 11,319 133,997 128,943 Trade and other receivables are presented net of allowances for doubtful accounts of $1.9 million as of December 31, 2025 (2024: $6.4 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__108-1": {
"value": "11. NEWBUILDINGSMovements in the three years ended December 31, 2025 are as follows:(in thousands of $) Balance at January 1, 2023 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 Balance at December 31, 2025 \u2014 No newbuildings were delivered in the year ended December 31, 2025 (2024: nil, 2023: two VLCCs).As of December 31, 2025, there are no vessels in the Company\u2019s newbuilding program and there are no commitments. Refer to Note 23 for further details of newbuilding commitments subsequent to December 31, 2025.12.VESSELS AND EQUIPMENTMovements in the three years ended December 31, 2025 are as follows:Vessels and Dry dock Net Carrying (in thousands of $)equipmentcomponentValueCostAs of January 1, 2025 5,911,132 154,603 6,065,735 Additions 4,557 19,279 23,836 Disposals (55,485) (1,851) (57,336) As of December 31, 2025 5,860,204 172,031 6,032,235 Accumulated depreciationAs of January 1, 2025 (727,877) (91,161) (819,038) Charge for the period (305,037) (23,164) (328,201) Disposals 25,348 1,652 27,000 As of December 31, 2025 (1,007,566) (112,673) (1,120,239) Net book value as of December 31, 2025 4,852,638 59,358 4,911,996 CostAs 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) 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 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, 2025, the Company:\u2022 sold one Suezmax tanker;\u2022 completed the installation of EGCS on two vessel; and\u2022 performed dry docks on eight vessels.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 December 2025, the Company entered into agreements to sell eight of our oldest first-generation ECO VLCCs, built between 2015 and 2016 to an unrelated third party, for a total sales price of $831.5 million. The vessels were delivered to the new owner during the first quarter of 2026. After sales commissions and repayment of existing debt on the vessels, the transaction is expected to generate net cash proceeds of approximately $477.2 million and the Company expects to record a gain in the first quarter of 2026 of approximately $212.0 million. As of December 31, 2025, the net book value of the vessels was $602.2 million.ImpairmentAs 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 recoverable 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 recoverable 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's 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.As of December 31, 2025We did not identify any events or changes in circumstances indicating that the carrying amounts of our owned vessels might not be recoverable as of December 31, 2025. 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's respective carrying amount. We also observed that the sales prices for nine vessels agreed to be sold in the year ended December 31, 2025, 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, 2025. Accordingly, no impairment loss was recognized in the year ended December 31, 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__110": {
"value": "12.VESSELS AND EQUIPMENTMovements in the three years ended December 31, 2025 are as follows:Vessels and Dry dock Net Carrying (in thousands of $)equipmentcomponentValueCostAs of January 1, 2025 5,911,132 154,603 6,065,735 Additions 4,557 19,279 23,836 Disposals (55,485) (1,851) (57,336) As of December 31, 2025 5,860,204 172,031 6,032,235 Accumulated depreciationAs of January 1, 2025 (727,877) (91,161) (819,038) Charge for the period (305,037) (23,164) (328,201) Disposals 25,348 1,652 27,000 As of December 31, 2025 (1,007,566) (112,673) (1,120,239) Net book value as of December 31, 2025 4,852,638 59,358 4,911,996 CostAs 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) 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 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, 2025, the Company:\u2022 sold one Suezmax tanker;\u2022 completed the installation of EGCS on two vessel; and\u2022 performed dry docks on eight vessels.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 December 2025, the Company entered into agreements to sell eight of our oldest first-generation ECO VLCCs, built between 2015 and 2016 to an unrelated third party, for a total sales price of $831.5 million. The vessels were delivered to the new owner during the first quarter of 2026. After sales commissions and repayment of existing debt on the vessels, the transaction is expected to generate net cash proceeds of approximately $477.2 million and the Company expects to record a gain in the first quarter of 2026 of approximately $212.0 million. As of December 31, 2025, the net book value of the vessels was $602.2 million.ImpairmentAs 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 recoverable 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 recoverable 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's 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.As of December 31, 2025We did not identify any events or changes in circumstances indicating that the carrying amounts of our owned vessels might not be recoverable as of December 31, 2025. 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's respective carrying amount. We also observed that the sales prices for nine vessels agreed to be sold in the year ended December 31, 2025, 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, 2025. Accordingly, no impairment loss was recognized in the year ended December 31, 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__113": {
"value": "13. GOODWILLAccumulated Net Carrying (in thousands of $) Goodwillimpairment lossesValueBalance as of December 31, 2025, 2024 and 2023 225,273 (112,821) 112,452 ImpairmentFor impairment testing purposes, goodwill was allocated to one group of CGUs, the Company.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.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.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.As of December 31, 2025The 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, 2025 was $4,857.6 million (based on a share price of $21.82) compared to its carrying value of net assets of approximately $2,510.9 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, 2025.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 $10.77 per share as of December 31, 2025 would have resulted in the market capitalization being equal to the carrying value of net assets excluding the carrying value of goodwill.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__117": {
"value": "14. INVESTMENT IN ASSOCIATED COMPANIESFMS HoldcoIn the years ended December 31, 2025, 2024 and 2023, the Company 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, 2025 was $0.1 million (2024: $3.2 million). In the year ended December 31, 2025, a share of profits of Clean Marine AS of $1.0 million (2024: share of profits of $1.1 million, 2023: share of profits of $0.6 million) was recognized. In the year ended December 31, 2025, the Company also received a dividend of $4.5 million from FMS Holdco, of which $4.1 million was recognised as reduction in the carrying value of the investment.TFG MarineIn the years ended December 31, 2025, 2024 and 2023, the Company owns a 15% interest in the joint venture company, TFG Marine. 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, 2025 was $8.7 million (2024: $8.6 million). In the year ended December 31, 2025, a share of profits of TFG Marine of $0.1 million (2024: share of losses of $1.7 million, 2023: share of profits of $2.8 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": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__116": {
"value": "14. INVESTMENT IN ASSOCIATED COMPANIESFMS HoldcoIn the years ended December 31, 2025, 2024 and 2023, the Company 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, 2025 was $0.1 million (2024: $3.2 million). In the year ended December 31, 2025, a share of profits of Clean Marine AS of $1.0 million (2024: share of profits of $1.1 million, 2023: share of profits of $0.6 million) was recognized. In the year ended December 31, 2025, the Company also received a dividend of $4.5 million from FMS Holdco, of which $4.1 million was recognised as reduction in the carrying value of the investment.TFG MarineIn the years ended December 31, 2025, 2024 and 2023, the Company owns a 15% interest in the joint venture company, TFG Marine. 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, 2025 was $8.7 million (2024: $8.6 million). In the year ended December 31, 2025, a share of profits of TFG Marine of $0.1 million (2024: share of losses of $1.7 million, 2023: share of profits of $2.8 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": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__115": {
"value": "14. INVESTMENT IN ASSOCIATED COMPANIESFMS HoldcoIn the years ended December 31, 2025, 2024 and 2023, the Company 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, 2025 was $0.1 million (2024: $3.2 million). In the year ended December 31, 2025, a share of profits of Clean Marine AS of $1.0 million (2024: share of profits of $1.1 million, 2023: share of profits of $0.6 million) was recognized. In the year ended December 31, 2025, the Company also received a dividend of $4.5 million from FMS Holdco, of which $4.1 million was recognised as reduction in the carrying value of the investment.TFG MarineIn the years ended December 31, 2025, 2024 and 2023, the Company owns a 15% interest in the joint venture company, TFG Marine. 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, 2025 was $8.7 million (2024: $8.6 million). In the year ended December 31, 2025, a share of profits of TFG Marine of $0.1 million (2024: share of losses of $1.7 million, 2023: share of profits of $2.8 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": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__120": {
"value": "15. TRADE AND OTHER PAYABLESDecember 31, December 31, (in thousands of $)20252024Trade payables 10,613 5,985 Accrued voyage expenses 64,974 51,799 Accrued ship operating expenses 30,431 14,296 Accrued administrative expenses 8,544 8,126 Deferred charter revenue 2,631 2,631 Other 25,929 15,975 Total current trade and other payables 143,122 98,812 Other 818 452 Total other non-current payables 818 452",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__119": {
"value": "15. TRADE AND OTHER PAYABLESDecember 31, December 31, (in thousands of $)20252024Trade payables 10,613 5,985 Accrued voyage expenses 64,974 51,799 Accrued ship operating expenses 30,431 14,296 Accrued administrative expenses 8,544 8,126 Deferred charter revenue 2,631 2,631 Other 25,929 15,975 Total current trade and other payables 143,122 98,812 Other 818 452 Total other non-current payables 818 452",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__118": {
"value": "15. TRADE AND OTHER PAYABLESDecember 31, December 31, (in thousands of $)20252024Trade payables 10,613 5,985 Accrued voyage expenses 64,974 51,799 Accrued ship operating expenses 30,431 14,296 Accrued administrative expenses 8,544 8,126 Deferred charter revenue 2,631 2,631 Other 25,929 15,975 Total current trade and other payables 143,122 98,812 Other 818 452 Total other non-current payables 818 452",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__122": {
"value": "16. INTEREST BEARING LOANS AND BORROWINGSOutstanding debt as of December 31, 2025 and December 31, 2024 was as follows:Amortization Tenor Profile December 31, December 31, (in thousands of $)(years) Maturity(years*)20252024U.S. dollar denominated floating rate debt $252.4 million term loan facility 5 2027 18 34,791 39,285 $34.8 million term loan facility 5 2027 20 \u2014 14,259 $219.6 million term loan facility 5 2029 18 181,149 203,122 $606.7 million term loan facility 9 2033 19.7 545,951 594,586 $100.8 million term loan facility 5 2025 17 \u2014 70,050 $119.7 million revolving reducing credit facility 5 2030 18 31,337 \u2014 $129.4 million revolving reducing credit facility 5 2028 18 \u2014 114,498 $104.0 million term loan facility 6 2028 18 76,984 84,703 $60.6 million term loan facility 4 2027 18 51,276 55,939 $63.5 million term loan facility 6 2029 18 54,386 58,918 $512.1 million lease financing 10 2034 20.6 478,033 512,057 $42.9 million term loan facility 5 2025 18 \u2014 32,175 $47.0 million revolving reducing credit facility 5 2030 20 \u2014 \u2014 $72.3 million revolving reducing credit facility 5 2030 18 \u2014 46,875 $94.5 million term loan facility 5 2029 20 84,814 90,349 $133.7 million term loan facility 12 2033 17 51,116 55,048 $58.5 million revolving reducing credit facility 5 2026 20 \u2014 48,750 $58.5 million term loan facility 5 2026 20 45,500 48,750 $130.0 million term loan facility 5 2027 20 108,063 114,563 $65.0 million term loan facility 5 2027 20 55,250 58,500 $65.0 million revolving reducing credit facility 5 2027 20 \u2014 57,688 $65.0 million revolving reducing credit facility 5 2028 18 \u2014 58,681 $65.0 million term loan facility 5 2028 20 56,063 59,312 $1,286.5 million term loan facility 5 2030 20 1,237,147 1,335,925 Total U.S. dollar denominated floating rate debt 3,091,860 3,754,033 Debt issuance costs (51,851) (48,188) Accrued finance expense 27,736 38,543 Total debt 3,067,745 3,744,388 Short-term debt and current portion of long-term debt 320,520 460,318 Long-term portion of debt 2,747,225 3,284,070 *commencing on the delivery date from the yard.Proceeds and repayments of debt in the year ended December 31, 2025 are summarized as follows:December 31, December 31, (in thousands of $)2024 Proceeds Repayments Other2025Total U.S. dollar denominated floating rate debt 3,744,388 1,433,715 (2,095,888) (14,470) 3,067,745 Total debt 3,744,388 1,433,715 (2,095,888) (14,470) 3,067,745 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 All term loan facilities are fully drawn down as of December 31, 2025. The reference rate of all the Company's floating rate debt is SOFR and the weighted average interest rate margin, including the Credit Adjustment Spread (\u201cCAS\u201d) as a result of the rate reform transition discussed below, as of December 31, 2025 was 1.77% (2024: 1.97%).A summary of the Company's interest bearing loan and borrowing activity in the three years ended December 31, 2025 is as follows:$34.8 million term loan facility In the year ended December 31, 2025, as a result of the sale of one Suezmax tanker, the Company repaid the full outstanding balance of $12.7 million under the facility.$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. The refinancing generated net cash proceeds of approximately $101.0 million in the year ended 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 refinancing generated net cash proceeds of approximately $275.0 million in the year ended December 31, 2024.$119.7 million revolving reducing credit facilityIn 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 outstanding debt on two VLCCs previously financed under the $100.8 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $51.6 million. In February 2025, the Company drew down $68.1 million under the new facility and repaid the outstanding balance of the existing facility of $70.1 million in full. In September 2025, the Company converted the new facility, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$129.4 million revolving reducing credit 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. 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. In September 2025, the Company converted the new facility, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$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 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.$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 and includes purchase options for Frontline throughout the term of the agreement. The refinancing generated net cash proceeds of approximately $101.0 million in the year ended December 31, 2024.$47.0 million revolving reducing credit facilityIn 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 outstanding debt on one Suezmax tanker previously financed under the $42.9 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $14.9 million. In February 2025, the Company drew down $32.2 million under the new facility and repaid the outstanding balance of the existing facility of $32.2 million in full. In September 2025, the Company converted the new facility, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$72.3 million revolving reducing credit 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 in June 2020, at which time the loan was fully drawn down. The facility matured five years after the vessel's delivery date and had an amortization profile of 18 years. 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 outstanding debt on the $62.5 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $25.4 million. In February 2025, the Company drew down $46.9 million under the new facility and repaid the outstanding balance of the existing facility of $46.9 million in full. In September 2025, the Company converted the new facility, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$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. The refinancing generated net cash proceeds of approximately $38.0 million in the year ended December 31, 2024.$58.5 million revolving reducing credit facilityIn September 2025, the Company converted the existing $58.5 million term loan facility from SEB, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$65.0 million revolving reducing credit facilityIn September 2025, the Company converted the existing $65.0 million term loan facility from ING Bank, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$65.0 million revolving reducing credit facilityIn September 2025, the Company converted the existing $65.0 million term loan facility from Cr\u00e9dit Agricole, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$65.0 million term loan facilityIn January 2023, the Company took delivery of a VLCC newbuilding and drew down $65.0 million under this facility from KFW to partially finance the delivery.$1,286.5 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 had a tenor of five years and had 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. In April 2025, the Company entered into a senior secured term loan facility in an amount of up to $1,286.5 million with a group of our relationship banks to refinance the outstanding debt on the $1,410.1 million facility. In April 2025, the Company drew down $1,286.5 million under the new facility and repaid the outstanding balance of the existing facility of $1,311.2 million in full.$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 did not include any financial covenants. In November 2022, the Company extended the facility by 12 months to May 2024 at an interest rate of 8.5% 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. 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 remained available and undrawn as of December 31, 2025 and December 31, 2024. The availability of the facility expired in January 2026.$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. 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 after this date.Revolving reducing credit facilitiesIn September 2025, the Company entered into amendment agreements with some of its relationship banks to convert seven of its existing term loan facilities (as denoted above) into revolving reducing credit facilities. Prior to the amendments, $405.5 million was outstanding under the seven term loans and three facilities had total undrawn revolving credit capacity of $87.8 million. The new amendment agreements provided initial revolving reducing credit capacity of up to $493.4 million, maturing at the original dates of the existing term loans, with capacity reduced on a quarterly basis by approximately $10.1 million. Under the terms of the facilities, the Company can repay drawn amounts and draw repaid amounts at any time and elected to prepay $264.6 million in the third quarter of 2025 and $109.6 million in the fourth quarter of 2025. Reducing revolving credit capacity of up to $451.9 million under the facilities remained available and undrawn as of December 31, 2025. In January 2026, the Company prepaid a further $31.3 million under the facilities.Rate reform transitionDue to the discontinuance of the London Interbank Offered Rate (\"LIBOR\") 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, 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, 2025 and 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 $89.9 million (2024: $92.6 million), which represents 59% (2024: 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, 2025 and December 31, 2024.Assets pledgedDecember 31, December 31, (in thousands of $)20252024Vessels 4,911,897 5,246,518",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__121-1": {
"value": "16. INTEREST BEARING LOANS AND BORROWINGSOutstanding debt as of December 31, 2025 and December 31, 2024 was as follows:Amortization Tenor Profile December 31, December 31, (in thousands of $)(years) Maturity(years*)20252024U.S. dollar denominated floating rate debt $252.4 million term loan facility 5 2027 18 34,791 39,285 $34.8 million term loan facility 5 2027 20 \u2014 14,259 $219.6 million term loan facility 5 2029 18 181,149 203,122 $606.7 million term loan facility 9 2033 19.7 545,951 594,586 $100.8 million term loan facility 5 2025 17 \u2014 70,050 $119.7 million revolving reducing credit facility 5 2030 18 31,337 \u2014 $129.4 million revolving reducing credit facility 5 2028 18 \u2014 114,498 $104.0 million term loan facility 6 2028 18 76,984 84,703 $60.6 million term loan facility 4 2027 18 51,276 55,939 $63.5 million term loan facility 6 2029 18 54,386 58,918 $512.1 million lease financing 10 2034 20.6 478,033 512,057 $42.9 million term loan facility 5 2025 18 \u2014 32,175 $47.0 million revolving reducing credit facility 5 2030 20 \u2014 \u2014 $72.3 million revolving reducing credit facility 5 2030 18 \u2014 46,875 $94.5 million term loan facility 5 2029 20 84,814 90,349 $133.7 million term loan facility 12 2033 17 51,116 55,048 $58.5 million revolving reducing credit facility 5 2026 20 \u2014 48,750 $58.5 million term loan facility 5 2026 20 45,500 48,750 $130.0 million term loan facility 5 2027 20 108,063 114,563 $65.0 million term loan facility 5 2027 20 55,250 58,500 $65.0 million revolving reducing credit facility 5 2027 20 \u2014 57,688 $65.0 million revolving reducing credit facility 5 2028 18 \u2014 58,681 $65.0 million term loan facility 5 2028 20 56,063 59,312 $1,286.5 million term loan facility 5 2030 20 1,237,147 1,335,925 Total U.S. dollar denominated floating rate debt 3,091,860 3,754,033 Debt issuance costs (51,851) (48,188) Accrued finance expense 27,736 38,543 Total debt 3,067,745 3,744,388 Short-term debt and current portion of long-term debt 320,520 460,318 Long-term portion of debt 2,747,225 3,284,070 *commencing on the delivery date from the yard.Proceeds and repayments of debt in the year ended December 31, 2025 are summarized as follows:December 31, December 31, (in thousands of $)2024 Proceeds Repayments Other2025Total U.S. dollar denominated floating rate debt 3,744,388 1,433,715 (2,095,888) (14,470) 3,067,745 Total debt 3,744,388 1,433,715 (2,095,888) (14,470) 3,067,745 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 All term loan facilities are fully drawn down as of December 31, 2025. The reference rate of all the Company's floating rate debt is SOFR and the weighted average interest rate margin, including the Credit Adjustment Spread (\u201cCAS\u201d) as a result of the rate reform transition discussed below, as of December 31, 2025 was 1.77% (2024: 1.97%).A summary of the Company's interest bearing loan and borrowing activity in the three years ended December 31, 2025 is as follows:$34.8 million term loan facility In the year ended December 31, 2025, as a result of the sale of one Suezmax tanker, the Company repaid the full outstanding balance of $12.7 million under the facility.$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. The refinancing generated net cash proceeds of approximately $101.0 million in the year ended 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 refinancing generated net cash proceeds of approximately $275.0 million in the year ended December 31, 2024.$119.7 million revolving reducing credit facilityIn 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 outstanding debt on two VLCCs previously financed under the $100.8 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $51.6 million. In February 2025, the Company drew down $68.1 million under the new facility and repaid the outstanding balance of the existing facility of $70.1 million in full. In September 2025, the Company converted the new facility, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$129.4 million revolving reducing credit 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. 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. In September 2025, the Company converted the new facility, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$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 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.$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 and includes purchase options for Frontline throughout the term of the agreement. The refinancing generated net cash proceeds of approximately $101.0 million in the year ended December 31, 2024.$47.0 million revolving reducing credit facilityIn 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 outstanding debt on one Suezmax tanker previously financed under the $42.9 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $14.9 million. In February 2025, the Company drew down $32.2 million under the new facility and repaid the outstanding balance of the existing facility of $32.2 million in full. In September 2025, the Company converted the new facility, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$72.3 million revolving reducing credit 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 in June 2020, at which time the loan was fully drawn down. The facility matured five years after the vessel's delivery date and had an amortization profile of 18 years. 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 outstanding debt on the $62.5 million term loan facility and, in addition, to provide revolving credit capacity in an amount of up to $25.4 million. In February 2025, the Company drew down $46.9 million under the new facility and repaid the outstanding balance of the existing facility of $46.9 million in full. In September 2025, the Company converted the new facility, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$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. The refinancing generated net cash proceeds of approximately $38.0 million in the year ended December 31, 2024.$58.5 million revolving reducing credit facilityIn September 2025, the Company converted the existing $58.5 million term loan facility from SEB, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$65.0 million revolving reducing credit facilityIn September 2025, the Company converted the existing $65.0 million term loan facility from ING Bank, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$65.0 million revolving reducing credit facilityIn September 2025, the Company converted the existing $65.0 million term loan facility from Cr\u00e9dit Agricole, along with six other existing term loan facilities, into revolving reducing credit facilities, as disclosed further below.$65.0 million term loan facilityIn January 2023, the Company took delivery of a VLCC newbuilding and drew down $65.0 million under this facility from KFW to partially finance the delivery.$1,286.5 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 had a tenor of five years and had 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. In April 2025, the Company entered into a senior secured term loan facility in an amount of up to $1,286.5 million with a group of our relationship banks to refinance the outstanding debt on the $1,410.1 million facility. In April 2025, the Company drew down $1,286.5 million under the new facility and repaid the outstanding balance of the existing facility of $1,311.2 million in full.$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 did not include any financial covenants. In November 2022, the Company extended the facility by 12 months to May 2024 at an interest rate of 8.5% 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. 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 remained available and undrawn as of December 31, 2025 and December 31, 2024. The availability of the facility expired in January 2026.$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. 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 after this date.Revolving reducing credit facilitiesIn September 2025, the Company entered into amendment agreements with some of its relationship banks to convert seven of its existing term loan facilities (as denoted above) into revolving reducing credit facilities. Prior to the amendments, $405.5 million was outstanding under the seven term loans and three facilities had total undrawn revolving credit capacity of $87.8 million. The new amendment agreements provided initial revolving reducing credit capacity of up to $493.4 million, maturing at the original dates of the existing term loans, with capacity reduced on a quarterly basis by approximately $10.1 million. Under the terms of the facilities, the Company can repay drawn amounts and draw repaid amounts at any time and elected to prepay $264.6 million in the third quarter of 2025 and $109.6 million in the fourth quarter of 2025. Reducing revolving credit capacity of up to $451.9 million under the facilities remained available and undrawn as of December 31, 2025. In January 2026, the Company prepaid a further $31.3 million under the facilities.Rate reform transitionDue to the discontinuance of the London Interbank Offered Rate (\"LIBOR\") 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, 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, 2025 and 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 $89.9 million (2024: $92.6 million), which represents 59% (2024: 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, 2025 and December 31, 2024.Assets pledgedDecember 31, December 31, (in thousands of $)20252024Vessels 4,911,897 5,246,518Restricted 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, 2025 and 2024, 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 2025, we declared a dividend of $0.19 per share for the third quarter of 2025. In August 2025, we declared a dividend of $0.36 per share for the second quarter of 2025. In May 2025, we declared a dividend of $0.18 per share for the first quarter of 2025. In February 2025, we declared a dividend of $0.20 per share for the fourth quarter of 2024.The Company's loan agreements contain loan-to-value clauses, and financial covenants. For more details on these covenants, see Note 16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__127": {
"value": "17. 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, 2025 and 2024 are as follows:December 31, 2025 December 31, 2024Carrying Carrying (in thousands of $)Value Fair ValueValue Fair ValueFinancial assets measured at fair value through profit or lossDerivative instruments 9,025 9,025 24,419 24,419 Marketable securities 2,067 2,067 4,027 4,027 Financial assets not measured at fair valueCash and cash equivalents 251,347 251,347 413,532 413,532 Trade and other receivables 133,997 133,997 128,943 128,943 Related party receivables 13,091 13,091 8,532 8,532 Financial liabilities not measured at fair valueTrade and other payables 143,122 143,122 98,812 98,812 Floating rate debt 3,067,745 3,119,596 3,744,388 3,792,576 Related party payables 31,064 31,064 35,370 35,370 The table below shows the levels in the fair value hierarchy of financial assets and financial liabilities as of December 31, 2025 and 2024, excluding those whose fair values approximate their respective carrying values due to their short-term nature.Dec 31, 2025 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 9,025 \u2014 9,025 \u2014 Marketable securities 2,067 2,067 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,119,596 \u2014 3,119,596 \u2014 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 \u2014Measurement 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 inputsFair value was determined based on the present value of the estimated Floating rate debtfuture cash flows. Not applicable.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 2025 and 2024.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, 2025 and 2024. In addition, no customers individually accounted for 10% or more of total revenue in the year ended December 31, 2025 (2024: 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 $251.3 million at December 31, 2025 (2024: $413.5 million). The cash and cash equivalents are held with SEB, HSBC, Royal Bank of Scotland, DNB Bank ASA, 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, 2025 and 2024, 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 16).The following are the remaining contractual maturities of financial liabilities:Contractual cash flows at December 31, 2025Carrying 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 3,067,745 3,091,860 292,784 787,376 1,456,164 555,536 Interest on floating rate debt \u2014 660,724 164,889 261,213 178,344 56,278 Trade and other payables 143,122 143,122 143,122 \u2014 \u2014 \u2014 Related party payables 31,064 31,064 31,064 \u2014 \u2014 \u2014 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 Related party payables 35,370 35,370 35,370 \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 16. The carrying values of 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, 2025 and 2024. 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, except for the interest on floating rate debt as a result of changes in the SOFR spot rate.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, 2025 the Company had interest rate swaps in place and approximately 13% (2024: 15%) of the floating interest rates were switched to fixed rate.Cash flow sensitivity analysis for variable rate instrumentsAs of December 31, 2025, the Company's outstanding debt which was at variable interest rates, net of the amount subject to interest rate swap agreements, was $2,691.9 million (2024: $3,204.0 million). Based on this, a one percentage point increase in annual SOFR interest rates would increase its annual interest expense by approximately $26.9 million (2024: $32.0 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. One of these interest rate swaps on notional debt of $100.0 million had a forward start date of April 2020.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. These interest rate swaps matured in the year ended December 31, 2025.The reference rate for our interest rate swaps is SOFR.The aggregate fair value of these swaps at December 31, 2025 was an asset of $9.0 million (2024: $24.4 million) and a liability of nil (2024: 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, 2025, the Company recorded a loss on these interest rate swaps of $0.8 million (2024: gain of $9.2 million, 2023: gain of $8.0 million).The interest rate swaps are not designated as hedges and are summarized as of December 31, 2025 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 April 2020 April 2027 0.5970 % 400,000Foreign 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 2025, we declared a dividend of $0.19 per share for the third quarter of 2025. In August 2025, we declared a dividend of $0.36 per share for the second quarter of 2025. In May 2025, we declared a dividend of $0.18 per share for the first quarter of 2025. In February 2025, we declared a dividend of $0.20 per share for the fourth quarter of 2024.The Company's loan agreements contain loan-to-value clauses, and financial covenants. For more details on these covenants, see Note 16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__126": {
"value": "17. 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, 2025 and 2024 are as follows:December 31, 2025 December 31, 2024Carrying Carrying (in thousands of $)Value Fair ValueValue Fair ValueFinancial assets measured at fair value through profit or lossDerivative instruments 9,025 9,025 24,419 24,419 Marketable securities 2,067 2,067 4,027 4,027 Financial assets not measured at fair valueCash and cash equivalents 251,347 251,347 413,532 413,532 Trade and other receivables 133,997 133,997 128,943 128,943 Related party receivables 13,091 13,091 8,532 8,532 Financial liabilities not measured at fair valueTrade and other payables 143,122 143,122 98,812 98,812 Floating rate debt 3,067,745 3,119,596 3,744,388 3,792,576 Related party payables 31,064 31,064 35,370 35,370 The table below shows the levels in the fair value hierarchy of financial assets and financial liabilities as of December 31, 2025 and 2024, excluding those whose fair values approximate their respective carrying values due to their short-term nature.Dec 31, 2025 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 9,025 \u2014 9,025 \u2014 Marketable securities 2,067 2,067 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,119,596 \u2014 3,119,596 \u2014 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 \u2014Measurement 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 inputsFair value was determined based on the present value of the estimated Floating rate debtfuture cash flows. Not applicable.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 2025 and 2024.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, 2025 and 2024. In addition, no customers individually accounted for 10% or more of total revenue in the year ended December 31, 2025 (2024: 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 $251.3 million at December 31, 2025 (2024: $413.5 million). The cash and cash equivalents are held with SEB, HSBC, Royal Bank of Scotland, DNB Bank ASA, 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, 2025 and 2024, 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 16).The following are the remaining contractual maturities of financial liabilities:Contractual cash flows at December 31, 2025Carrying 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 3,067,745 3,091,860 292,784 787,376 1,456,164 555,536 Interest on floating rate debt \u2014 660,724 164,889 261,213 178,344 56,278 Trade and other payables 143,122 143,122 143,122 \u2014 \u2014 \u2014 Related party payables 31,064 31,064 31,064 \u2014 \u2014 \u2014 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 Related party payables 35,370 35,370 35,370 \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 16. The carrying values of 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, 2025 and 2024. 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, except for the interest on floating rate debt as a result of changes in the SOFR spot rate.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, 2025 the Company had interest rate swaps in place and approximately 13% (2024: 15%) of the floating interest rates were switched to fixed rate.Cash flow sensitivity analysis for variable rate instrumentsAs of December 31, 2025, the Company's outstanding debt which was at variable interest rates, net of the amount subject to interest rate swap agreements, was $2,691.9 million (2024: $3,204.0 million). Based on this, a one percentage point increase in annual SOFR interest rates would increase its annual interest expense by approximately $26.9 million (2024: $32.0 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. One of these interest rate swaps on notional debt of $100.0 million had a forward start date of April 2020.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. These interest rate swaps matured in the year ended December 31, 2025.The reference rate for our interest rate swaps is SOFR.The aggregate fair value of these swaps at December 31, 2025 was an asset of $9.0 million (2024: $24.4 million) and a liability of nil (2024: 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, 2025, the Company recorded a loss on these interest rate swaps of $0.8 million (2024: gain of $9.2 million, 2023: gain of $8.0 million).The interest rate swaps are not designated as hedges and are summarized as of December 31, 2025 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 April 2020 April 2027 0.5970 % 400,000Foreign 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 2025, we declared a dividend of $0.19 per share for the third quarter of 2025. In August 2025, we declared a dividend of $0.36 per share for the second quarter of 2025. In May 2025, we declared a dividend of $0.18 per share for the first quarter of 2025. In February 2025, we declared a dividend of $0.20 per share for the fourth quarter of 2024.The Company's loan agreements contain loan-to-value clauses, and financial covenants. For more details on these covenants, see Note 16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__125": {
"value": "17. 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, 2025 and 2024 are as follows:December 31, 2025 December 31, 2024Carrying Carrying (in thousands of $)Value Fair ValueValue Fair ValueFinancial assets measured at fair value through profit or lossDerivative instruments 9,025 9,025 24,419 24,419 Marketable securities 2,067 2,067 4,027 4,027 Financial assets not measured at fair valueCash and cash equivalents 251,347 251,347 413,532 413,532 Trade and other receivables 133,997 133,997 128,943 128,943 Related party receivables 13,091 13,091 8,532 8,532 Financial liabilities not measured at fair valueTrade and other payables 143,122 143,122 98,812 98,812 Floating rate debt 3,067,745 3,119,596 3,744,388 3,792,576 Related party payables 31,064 31,064 35,370 35,370 The table below shows the levels in the fair value hierarchy of financial assets and financial liabilities as of December 31, 2025 and 2024, excluding those whose fair values approximate their respective carrying values due to their short-term nature.Dec 31, 2025 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 9,025 \u2014 9,025 \u2014 Marketable securities 2,067 2,067 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,119,596 \u2014 3,119,596 \u2014 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 \u2014Measurement 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 inputsFair value was determined based on the present value of the estimated Floating rate debtfuture cash flows. Not applicable.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 2025 and 2024.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, 2025 and 2024. In addition, no customers individually accounted for 10% or more of total revenue in the year ended December 31, 2025 (2024: 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 $251.3 million at December 31, 2025 (2024: $413.5 million). The cash and cash equivalents are held with SEB, HSBC, Royal Bank of Scotland, DNB Bank ASA, 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, 2025 and 2024, 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 16).The following are the remaining contractual maturities of financial liabilities:Contractual cash flows at December 31, 2025Carrying 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 3,067,745 3,091,860 292,784 787,376 1,456,164 555,536 Interest on floating rate debt \u2014 660,724 164,889 261,213 178,344 56,278 Trade and other payables 143,122 143,122 143,122 \u2014 \u2014 \u2014 Related party payables 31,064 31,064 31,064 \u2014 \u2014 \u2014 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 Related party payables 35,370 35,370 35,370 \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 16. The carrying values of 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, 2025 and 2024. 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, except for the interest on floating rate debt as a result of changes in the SOFR spot rate.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, 2025 the Company had interest rate swaps in place and approximately 13% (2024: 15%) of the floating interest rates were switched to fixed rate.Cash flow sensitivity analysis for variable rate instrumentsAs of December 31, 2025, the Company's outstanding debt which was at variable interest rates, net of the amount subject to interest rate swap agreements, was $2,691.9 million (2024: $3,204.0 million). Based on this, a one percentage point increase in annual SOFR interest rates would increase its annual interest expense by approximately $26.9 million (2024: $32.0 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. One of these interest rate swaps on notional debt of $100.0 million had a forward start date of April 2020.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. These interest rate swaps matured in the year ended December 31, 2025.The reference rate for our interest rate swaps is SOFR.The aggregate fair value of these swaps at December 31, 2025 was an asset of $9.0 million (2024: $24.4 million) and a liability of nil (2024: 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, 2025, the Company recorded a loss on these interest rate swaps of $0.8 million (2024: gain of $9.2 million, 2023: gain of $8.0 million).The interest rate swaps are not designated as hedges and are summarized as of December 31, 2025 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 April 2020 April 2027 0.5970 % 400,000Foreign 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 2025, we declared a dividend of $0.19 per share for the third quarter of 2025. In August 2025, we declared a dividend of $0.36 per share for the second quarter of 2025. In May 2025, we declared a dividend of $0.18 per share for the first quarter of 2025. In February 2025, we declared a dividend of $0.20 per share for the fourth quarter of 2024.The Company's loan agreements contain loan-to-value clauses, and financial covenants. For more details on these covenants, see Note 16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__124": {
"value": "17. 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, 2025 and 2024 are as follows:December 31, 2025 December 31, 2024Carrying Carrying (in thousands of $)Value Fair ValueValue Fair ValueFinancial assets measured at fair value through profit or lossDerivative instruments 9,025 9,025 24,419 24,419 Marketable securities 2,067 2,067 4,027 4,027 Financial assets not measured at fair valueCash and cash equivalents 251,347 251,347 413,532 413,532 Trade and other receivables 133,997 133,997 128,943 128,943 Related party receivables 13,091 13,091 8,532 8,532 Financial liabilities not measured at fair valueTrade and other payables 143,122 143,122 98,812 98,812 Floating rate debt 3,067,745 3,119,596 3,744,388 3,792,576 Related party payables 31,064 31,064 35,370 35,370 The table below shows the levels in the fair value hierarchy of financial assets and financial liabilities as of December 31, 2025 and 2024, excluding those whose fair values approximate their respective carrying values due to their short-term nature.Dec 31, 2025 (in thousands of $)Fair ValueLevel 1 Level 2 Level 3Financial assets measured at fair value through profit or lossDerivative instruments 9,025 \u2014 9,025 \u2014 Marketable securities 2,067 2,067 \u2014 \u2014 Financial liabilities not measured at fair valueFloating rate debt 3,119,596 \u2014 3,119,596 \u2014 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 \u2014Measurement 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 inputsFair value was determined based on the present value of the estimated Floating rate debtfuture cash flows. Not applicable.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 2025 and 2024.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, 2025 and 2024. In addition, no customers individually accounted for 10% or more of total revenue in the year ended December 31, 2025 (2024: 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 $251.3 million at December 31, 2025 (2024: $413.5 million). The cash and cash equivalents are held with SEB, HSBC, Royal Bank of Scotland, DNB Bank ASA, 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, 2025 and 2024, 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 16).The following are the remaining contractual maturities of financial liabilities:Contractual cash flows at December 31, 2025Carrying 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 3,067,745 3,091,860 292,784 787,376 1,456,164 555,536 Interest on floating rate debt \u2014 660,724 164,889 261,213 178,344 56,278 Trade and other payables 143,122 143,122 143,122 \u2014 \u2014 \u2014 Related party payables 31,064 31,064 31,064 \u2014 \u2014 \u2014 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 Related party payables 35,370 35,370 35,370 \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 16. The carrying values of 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, 2025 and 2024. 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, except for the interest on floating rate debt as a result of changes in the SOFR spot rate.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, 2025 the Company had interest rate swaps in place and approximately 13% (2024: 15%) of the floating interest rates were switched to fixed rate.Cash flow sensitivity analysis for variable rate instrumentsAs of December 31, 2025, the Company's outstanding debt which was at variable interest rates, net of the amount subject to interest rate swap agreements, was $2,691.9 million (2024: $3,204.0 million). Based on this, a one percentage point increase in annual SOFR interest rates would increase its annual interest expense by approximately $26.9 million (2024: $32.0 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. One of these interest rate swaps on notional debt of $100.0 million had a forward start date of April 2020.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. These interest rate swaps matured in the year ended December 31, 2025.The reference rate for our interest rate swaps is SOFR.The aggregate fair value of these swaps at December 31, 2025 was an asset of $9.0 million (2024: $24.4 million) and a liability of nil (2024: 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, 2025, the Company recorded a loss on these interest rate swaps of $0.8 million (2024: gain of $9.2 million, 2023: gain of $8.0 million).The interest rate swaps are not designated as hedges and are summarized as of December 31, 2025 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 April 2020 April 2027 0.5970 % 400,000Foreign 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 2025, we declared a dividend of $0.19 per share for the third quarter of 2025. In August 2025, we declared a dividend of $0.36 per share for the second quarter of 2025. In May 2025, we declared a dividend of $0.18 per share for the first quarter of 2025. In February 2025, we declared a dividend of $0.20 per share for the fourth quarter of 2024.The Company's loan agreements contain loan-to-value clauses, and financial covenants. For more details on these covenants, see Note 16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__136": {
"value": "Accounting classifications and fair valuesThe carrying values and fair values of financial assets and financial liabilities as of December 31, 2025 and 2024 are as follows:December 31, 2025 December 31, 2024Carrying Carrying (in thousands of $)Value Fair ValueValue Fair ValueFinancial assets measured at fair value through profit or lossDerivative instruments 9,025 9,025 24,419 24,419 Marketable securities 2,067 2,067 4,027 4,027 Financial assets not measured at fair valueCash and cash equivalents 251,347 251,347 413,532 413,532 Trade and other receivables 133,997 133,997 128,943 128,943 Related party receivables 13,091 13,091 8,532 8,532 Financial liabilities not measured at fair valueTrade and other payables 143,122 143,122 98,812 98,812 Floating rate debt 3,067,745 3,119,596 3,744,388 3,792,576 Related party payables 31,064 31,064 35,370 35,370 The table below shows the levels in the fair value hierarchy of financial assets and financial liabilities as of December 31, 2025 and 2024, excluding those whose fair values approximate their respective carrying values due to their short-term nature.Dec 31, 2025",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__123-1": {
"value": "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.The Company's loan agreements contain loan-to-value clauses, and financial covenants. For more details on these covenants, see Note 16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__129": {
"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, 2025 and 2024. In addition, no customers individually accounted for 10% or more of total revenue in the year ended December 31, 2025 (2024: 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 $251.3 million at December 31, 2025 (2024: $413.5 million). The cash and cash equivalents are held with SEB, HSBC, Royal Bank of Scotland, DNB Bank ASA, 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, 2025 and 2024, 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": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__132": {
"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 16).The following are the remaining contractual maturities of financial liabilities:Contractual cash flows at December 31, 2025Carrying 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 3,067,745 3,091,860 292,784 787,376 1,456,164 555,536 Interest on floating rate debt \u2014 660,724 164,889 261,213 178,344 56,278 Trade and other payables 143,122 143,122 143,122 \u2014 \u2014 \u2014 Related party payables 31,064 31,064 31,064 \u2014 \u2014 \u2014 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 Related party payables 35,370 35,370 35,370 \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 16. The carrying values of 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, 2025 and 2024. 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, except for the interest on floating rate debt as a result of changes in the SOFR spot rate.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__134": {
"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, 2025 the Company had interest rate swaps in place and approximately 13% (2024: 15%) of the floating interest rates were switched to fixed rate.Cash flow sensitivity analysis for variable rate instrumentsAs of December 31, 2025, the Company's outstanding debt which was at variable interest rates, net of the amount subject to interest rate swap agreements, was $2,691.9 million (2024: $3,204.0 million). Based on this, a one percentage point increase in annual SOFR interest rates would increase its annual interest expense by approximately $26.9 million (2024: $32.0 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. One of these interest rate swaps on notional debt of $100.0 million had a forward start date of April 2020.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. These interest rate swaps matured in the year ended December 31, 2025.The reference rate for our interest rate swaps is SOFR.The aggregate fair value of these swaps at December 31, 2025 was an asset of $9.0 million (2024: $24.4 million) and a liability of nil (2024: 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, 2025, the Company recorded a loss on these interest rate swaps of $0.8 million (2024: gain of $9.2 million, 2023: gain of $8.0 million).The interest rate swaps are not designated as hedges and are summarized as of December 31, 2025 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 April 2020 April 2027 0.5970 % 400,000",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__128": {
"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 2025, we declared a dividend of $0.19 per share for the third quarter of 2025. In August 2025, we declared a dividend of $0.36 per share for the second quarter of 2025. In May 2025, we declared a dividend of $0.18 per share for the first quarter of 2025. In February 2025, we declared a dividend of $0.20 per share for the fourth quarter of 2024.The Company's loan agreements contain loan-to-value clauses, and financial covenants. For more details on these covenants, see Note 16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__138": {
"value": "18. SHARE CAPITALThe authorized share capital of the Company as of December 31, 2025 is $600,000,000 (2024: $600,000,000) divided into 600,000,000 shares (2024: 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, 2025 and 2024.Outstanding shares as of December 31, 2023, 2024 and 2025 222,622,889",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__137": {
"value": "18. SHARE CAPITALThe authorized share capital of the Company as of December 31, 2025 is $600,000,000 (2024: $600,000,000) divided into 600,000,000 shares (2024: 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, 2025 and 2024.Outstanding shares as of December 31, 2023, 2024 and 2025 222,622,889",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__139": {
"value": "19. SHARE OPTIONSIn the year ended December 31, 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 initial exercise price was NOK 71, which increased by NOK 5 on each of December 7, 2023, and December 7, 2024, and is further adjusted for any distribution of dividends made after the date of the grant and 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. In the year ended December 31, 2025, the Board of Directors approved the grant of 362,284 synthetic options to management and employees of the Company, according to the rules of a new synthetic option scheme approved on May 20, 2025. The synthetic options have a five years term expiring in May 2030. The vesting period is 12 months for the first 33.3% of options, 24 months for the next 33.3% of options and 36 months for the final 33.3% of options. The initial exercise price was $16.80, which is adjusted for any distribution of dividends made after the date of the grant and before the relevant synthetic options are exercised. The synthetic options granted to the CEO and the CFO are subject to a cap on maximum annual gain equal to two times the annual base salary at the time of exercise of the synthetic 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.Both synthetic option grants 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 initially assumed that all of the options granted will vest.As of December 31, 2025, all of the options granted in 2021 had vested. As of December 31, 2025, 86,100 options have been forfeited (2024: 86,100). As of December 31, 2025 438,500 options have been exercised at a weighted average exercise price of $2.87. As of December 31, 2025, 755,400 options remained outstanding and exercisable (2024: 1,021,900). The subsequent remeasurement of fair value of the synthetic options resulted in an expense of $8.6 million in the year ended December 31, 2025 (2024: gain of $2.2 million, 2023: expense of $10.7 million).As of December 31, 2025, the weighted average exercise price of the synthetic options granted in December 2021 was $1.63 (2024: $2.17).As of December 31, 2025, none of the options granted in 2025 had vested, forfeited or exercised. As of December 31, 2025, 362,284 options were outstanding and no options were exercisable. The subsequent remeasurement of fair value of the synthetic options resulted in an expense of $1.3 million in the year ended December 31, 2025. As of December 31, 2025, the weighted average exercise price of the synthetic options granted in May 2025 was $16.07.The synthetic options had a fair value of $19.1 million as of December 31, 2025 (2024: $12.5 million) and the Company recorded a liability of $18.6 million as of December 31, 2025 (2024: $11.7 million) in the Consolidated Statements of Financial Position. The intrinsic value of liabilities which had vested as of December 31, 2025 was $15.3 million (2024: $12.3 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__143": {
"value": "20. 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, being entities under common control with Hemen. 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 Corporation Ltd (\"SFL\"), Flex LNG Ltd, Front Ocean Management AS and Golden Ocean Group Ltd (\"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, 2025, 2024 and 2023 was as follows:(in thousands of $) Note 2025 2024 2023Revenues and other operating incomeSeatankers Management Co. Ltd 4,928 2,027 2,196 SFL 4 2,080 3,191 5,925 Golden Ocean (up to March 12, 2025) 48 1,212 4,182 Alta Trading UK Limited \u2014 11 8 Flex LNG Ltd 1,504 1,538 1,513 Avance Gas 507 1,697 1,989 TFG Marine 746 598 1,060 Other related parties and affiliated companies \u2014 \u2014 7 Total revenues and other operating income 9,813 10,274 16,880 Operating expensesFront Ocean Management AS 3,543 2,948 2,514 Seatankers Management Norway AS \u2014 523 880 Seatankers Management Co. Ltd 522 360 593 Total operating expenses 4,065 3,831 3,987 Other income (expenses)Shareholder loan facility finance expense 16 \u2014 (12,548) (255) Revolving credit facility finance expense 16 \u2014 (9,299) (11,690) FMS Holdco share of results 14 1,002 1,053 611 TFG Marine share of results 14 57 (1,651) 2,771 Total other income (expenses) 1,059 (22,445) (8,563) 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. A share of profit of TFG Marine of $0.1 million was recognized in the year ended December 31, 2025 (2024: loss of $1.7 million). The Company also entered into a bunker supply arrangement with TFG Marine, under which it has paid $477.9 million to TFG Marine in the year ended December 31, 2025 in relation to bunker purchases (2024: $534.3 million 2023: $392.5 million) and $21.2 million remained due as of December 31, 2025 (December 31, 2024: $24.4 million).A share of profits of FMS Holdco of $1.0 million was recognized in the year ended December 31, 2025 (2024: profit of $1.1 million). See Note 21 for additional disclosure of financial commitments to Clean Marine AS as a result of planned scrubber installations.In the year ended December 31, 2025, Company paid $4.4 million (2024: nil, 2023: nil) on behalf of affiliates of Hemen and $4.5 million on behalf of SFL (2024: $6.5 million, 2023: $14.3 million) in relation to reimbursable costs related to vessels under commercial management.Related party and affiliated company balancesA summary of balances due from related parties and affiliated companies as of December 31, 2025 and 2024 was as follows:December 31, December 31, (in thousands of $)20252024SFL 3,860 4,265 Seatankers Management Co. Ltd 8,453 2,647 Golden Ocean \u2014 178 Alta Trading UK Limited \u2014 11 Flex LNG Ltd 403 516 TFG Marine 302 227 Avance Gas \u2014 560 Other related parties and affiliated companies 73 128 Related party and affiliated company receivables 13,091 8,532 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, 2025 and 2024 was as follows:December 31, December 31, (in thousands of $)20252024SFL 6,829 7,380 Seatankers Management Co. Ltd 2,594 1,153 Golden Ocean \u2014 1,283 Flex LNG Ltd 340 686 TFG Marine 21,195 24,390 Front Ocean Management 106 5 Avance Gas \u2014 473 Related party and affiliated company payables 31,064 35,370 Related party and affiliated company payables are primarily for bunker purchases, supplier rebates, loan interest and corporate administration fees.Other transactionsRefer to Note 21 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 $) 2025 2024 2023Total remuneration 7,198 464 7,956 of which:Paid in capacity as directors 1,778 907 3,530 Other remuneration 5,420 (443) 4,426 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 $) 2025 2024 2023Total fixed remuneration 949 911 942 of which:Cost of pension 29 28 24 Total variable remuneration 6,249 (447) 7,014 of which:Share based payments 5,916 (829) 7,014 As of December 31, 2025, the Company recorded a total liability of $9.3 million in relation to synthetic options granted to key management personnel (2024: 5.1 million). Refer to Note 19 for details of the Company's synthetic option schemes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__142": {
"value": "20. 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, being entities under common control with Hemen. 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 Corporation Ltd (\"SFL\"), Flex LNG Ltd, Front Ocean Management AS and Golden Ocean Group Ltd (\"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, 2025, 2024 and 2023 was as follows:(in thousands of $) Note 2025 2024 2023Revenues and other operating incomeSeatankers Management Co. Ltd 4,928 2,027 2,196 SFL 4 2,080 3,191 5,925 Golden Ocean (up to March 12, 2025) 48 1,212 4,182 Alta Trading UK Limited \u2014 11 8 Flex LNG Ltd 1,504 1,538 1,513 Avance Gas 507 1,697 1,989 TFG Marine 746 598 1,060 Other related parties and affiliated companies \u2014 \u2014 7 Total revenues and other operating income 9,813 10,274 16,880 Operating expensesFront Ocean Management AS 3,543 2,948 2,514 Seatankers Management Norway AS \u2014 523 880 Seatankers Management Co. Ltd 522 360 593 Total operating expenses 4,065 3,831 3,987 Other income (expenses)Shareholder loan facility finance expense 16 \u2014 (12,548) (255) Revolving credit facility finance expense 16 \u2014 (9,299) (11,690) FMS Holdco share of results 14 1,002 1,053 611 TFG Marine share of results 14 57 (1,651) 2,771 Total other income (expenses) 1,059 (22,445) (8,563) 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. A share of profit of TFG Marine of $0.1 million was recognized in the year ended December 31, 2025 (2024: loss of $1.7 million). The Company also entered into a bunker supply arrangement with TFG Marine, under which it has paid $477.9 million to TFG Marine in the year ended December 31, 2025 in relation to bunker purchases (2024: $534.3 million 2023: $392.5 million) and $21.2 million remained due as of December 31, 2025 (December 31, 2024: $24.4 million).A share of profits of FMS Holdco of $1.0 million was recognized in the year ended December 31, 2025 (2024: profit of $1.1 million). See Note 21 for additional disclosure of financial commitments to Clean Marine AS as a result of planned scrubber installations.In the year ended December 31, 2025, Company paid $4.4 million (2024: nil, 2023: nil) on behalf of affiliates of Hemen and $4.5 million on behalf of SFL (2024: $6.5 million, 2023: $14.3 million) in relation to reimbursable costs related to vessels under commercial management.Related party and affiliated company balancesA summary of balances due from related parties and affiliated companies as of December 31, 2025 and 2024 was as follows:December 31, December 31, (in thousands of $)20252024SFL 3,860 4,265 Seatankers Management Co. Ltd 8,453 2,647 Golden Ocean \u2014 178 Alta Trading UK Limited \u2014 11 Flex LNG Ltd 403 516 TFG Marine 302 227 Avance Gas \u2014 560 Other related parties and affiliated companies 73 128 Related party and affiliated company receivables 13,091 8,532 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, 2025 and 2024 was as follows:December 31, December 31, (in thousands of $)20252024SFL 6,829 7,380 Seatankers Management Co. Ltd 2,594 1,153 Golden Ocean \u2014 1,283 Flex LNG Ltd 340 686 TFG Marine 21,195 24,390 Front Ocean Management 106 5 Avance Gas \u2014 473 Related party and affiliated company payables 31,064 35,370 Related party and affiliated company payables are primarily for bunker purchases, supplier rebates, loan interest and corporate administration fees.Other transactionsRefer to Note 21 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 $) 2025 2024 2023Total remuneration 7,198 464 7,956 of which:Paid in capacity as directors 1,778 907 3,530 Other remuneration 5,420 (443) 4,426 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 $) 2025 2024 2023Total fixed remuneration 949 911 942 of which:Cost of pension 29 28 24 Total variable remuneration 6,249 (447) 7,014 of which:Share based payments 5,916 (829) 7,014 As of December 31, 2025, the Company recorded a total liability of $9.3 million in relation to synthetic options granted to key management personnel (2024: 5.1 million). Refer to Note 19 for details of the Company's synthetic option schemes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__141": {
"value": "20. 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, being entities under common control with Hemen. 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 Corporation Ltd (\"SFL\"), Flex LNG Ltd, Front Ocean Management AS and Golden Ocean Group Ltd (\"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, 2025, 2024 and 2023 was as follows:(in thousands of $) Note 2025 2024 2023Revenues and other operating incomeSeatankers Management Co. Ltd 4,928 2,027 2,196 SFL 4 2,080 3,191 5,925 Golden Ocean (up to March 12, 2025) 48 1,212 4,182 Alta Trading UK Limited \u2014 11 8 Flex LNG Ltd 1,504 1,538 1,513 Avance Gas 507 1,697 1,989 TFG Marine 746 598 1,060 Other related parties and affiliated companies \u2014 \u2014 7 Total revenues and other operating income 9,813 10,274 16,880 Operating expensesFront Ocean Management AS 3,543 2,948 2,514 Seatankers Management Norway AS \u2014 523 880 Seatankers Management Co. Ltd 522 360 593 Total operating expenses 4,065 3,831 3,987 Other income (expenses)Shareholder loan facility finance expense 16 \u2014 (12,548) (255) Revolving credit facility finance expense 16 \u2014 (9,299) (11,690) FMS Holdco share of results 14 1,002 1,053 611 TFG Marine share of results 14 57 (1,651) 2,771 Total other income (expenses) 1,059 (22,445) (8,563) 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. A share of profit of TFG Marine of $0.1 million was recognized in the year ended December 31, 2025 (2024: loss of $1.7 million). The Company also entered into a bunker supply arrangement with TFG Marine, under which it has paid $477.9 million to TFG Marine in the year ended December 31, 2025 in relation to bunker purchases (2024: $534.3 million 2023: $392.5 million) and $21.2 million remained due as of December 31, 2025 (December 31, 2024: $24.4 million).A share of profits of FMS Holdco of $1.0 million was recognized in the year ended December 31, 2025 (2024: profit of $1.1 million). See Note 21 for additional disclosure of financial commitments to Clean Marine AS as a result of planned scrubber installations.In the year ended December 31, 2025, Company paid $4.4 million (2024: nil, 2023: nil) on behalf of affiliates of Hemen and $4.5 million on behalf of SFL (2024: $6.5 million, 2023: $14.3 million) in relation to reimbursable costs related to vessels under commercial management.Related party and affiliated company balancesA summary of balances due from related parties and affiliated companies as of December 31, 2025 and 2024 was as follows:December 31, December 31, (in thousands of $)20252024SFL 3,860 4,265 Seatankers Management Co. Ltd 8,453 2,647 Golden Ocean \u2014 178 Alta Trading UK Limited \u2014 11 Flex LNG Ltd 403 516 TFG Marine 302 227 Avance Gas \u2014 560 Other related parties and affiliated companies 73 128 Related party and affiliated company receivables 13,091 8,532 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, 2025 and 2024 was as follows:December 31, December 31, (in thousands of $)20252024SFL 6,829 7,380 Seatankers Management Co. Ltd 2,594 1,153 Golden Ocean \u2014 1,283 Flex LNG Ltd 340 686 TFG Marine 21,195 24,390 Front Ocean Management 106 5 Avance Gas \u2014 473 Related party and affiliated company payables 31,064 35,370 Related party and affiliated company payables are primarily for bunker purchases, supplier rebates, loan interest and corporate administration fees.Other transactionsRefer to Note 21 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 $) 2025 2024 2023Total remuneration 7,198 464 7,956 of which:Paid in capacity as directors 1,778 907 3,530 Other remuneration 5,420 (443) 4,426 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 $) 2025 2024 2023Total fixed remuneration 949 911 942 of which:Cost of pension 29 28 24 Total variable remuneration 6,249 (447) 7,014 of which:Share based payments 5,916 (829) 7,014 As of December 31, 2025, the Company recorded a total liability of $9.3 million in relation to synthetic options granted to key management personnel (2024: 5.1 million). Refer to Note 19 for details of the Company's synthetic option schemes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__148": {
"value": "21. COMMITMENTS AND CONTINGENCIESAs of December 31, 2025, the Company has agreed to provide a guarantee under a bunker supply arrangement with TFG Marine, a related party. 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, 2025.\ue603In the year ended December 31, 2024, certain funds managed by FourWorld Capital Management LLC (\u201cFourWorld\u201d) began proceedings before the Antwerp Enterprise Court (Belgium), 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 CMB and Frontline to pay damages in an amount to be determined during the course of the proceedings, which are ongoing. The Company finds the claims to be without merit and continues to vigorously defend against them.As of December 31, 2025, the Company has committed to the purchase of scrubber equipment from Clean Marine AS, a related party, for ten vessels. As of December 31, 2025 $4.2 million is paid, with a remaining financial commitment of $3.3 million due in 2026.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__147": {
"value": "21. COMMITMENTS AND CONTINGENCIESAs of December 31, 2025, the Company has agreed to provide a guarantee under a bunker supply arrangement with TFG Marine, a related party. 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, 2025.\ue603In the year ended December 31, 2024, certain funds managed by FourWorld Capital Management LLC (\u201cFourWorld\u201d) began proceedings before the Antwerp Enterprise Court (Belgium), 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 CMB and Frontline to pay damages in an amount to be determined during the course of the proceedings, which are ongoing. The Company finds the claims to be without merit and continues to vigorously defend against them.As of December 31, 2025, the Company has committed to the purchase of scrubber equipment from Clean Marine AS, a related party, for ten vessels. As of December 31, 2025 $4.2 million is paid, with a remaining financial commitment of $3.3 million due in 2026.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__146": {
"value": "21. COMMITMENTS AND CONTINGENCIESAs of December 31, 2025, the Company has agreed to provide a guarantee under a bunker supply arrangement with TFG Marine, a related party. 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, 2025.\ue603In the year ended December 31, 2024, certain funds managed by FourWorld Capital Management LLC (\u201cFourWorld\u201d) began proceedings before the Antwerp Enterprise Court (Belgium), 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 CMB and Frontline to pay damages in an amount to be determined during the course of the proceedings, which are ongoing. The Company finds the claims to be without merit and continues to vigorously defend against them.As of December 31, 2025, the Company has committed to the purchase of scrubber equipment from Clean Marine AS, a related party, for ten vessels. As of December 31, 2025 $4.2 million is paid, with a remaining financial commitment of $3.3 million due in 2026.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__145": {
"value": "21. COMMITMENTS AND CONTINGENCIESAs of December 31, 2025, the Company has agreed to provide a guarantee under a bunker supply arrangement with TFG Marine, a related party. 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, 2025.\ue603In the year ended December 31, 2024, certain funds managed by FourWorld Capital Management LLC (\u201cFourWorld\u201d) began proceedings before the Antwerp Enterprise Court (Belgium), 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 CMB and Frontline to pay damages in an amount to be determined during the course of the proceedings, which are ongoing. The Company finds the claims to be without merit and continues to vigorously defend against them.As of December 31, 2025, the Company has committed to the purchase of scrubber equipment from Clean Marine AS, a related party, for ten vessels. As of December 31, 2025 $4.2 million is paid, with a remaining financial commitment of $3.3 million due in 2026.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__144": {
"value": "21. COMMITMENTS AND CONTINGENCIESAs of December 31, 2025, the Company has agreed to provide a guarantee under a bunker supply arrangement with TFG Marine, a related party. 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, 2025.\ue603In the year ended December 31, 2024, certain funds managed by FourWorld Capital Management LLC (\u201cFourWorld\u201d) began proceedings before the Antwerp Enterprise Court (Belgium), 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 CMB and Frontline to pay damages in an amount to be determined during the course of the proceedings, which are ongoing. The Company finds the claims to be without merit and continues to vigorously defend against them.As of December 31, 2025, the Company has committed to the purchase of scrubber equipment from Clean Marine AS, a related party, for ten vessels. As of December 31, 2025 $4.2 million is paid, with a remaining financial commitment of $3.3 million due in 2026.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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__150": {
"value": "22. GROUP ENTITIESOwnership and Voting Percentage Country of December December NameIncorporation31, 202531, 2024Frontline 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%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__149": {
"value": "22. GROUP ENTITIESOwnership and Voting Percentage Country of December December NameIncorporation31, 202531, 2024Frontline 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%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__153": {
"value": "23. SUBSEQUENT EVENTSIn February 2026, the Board of Directors declared a dividend of $1.03 per share for the fourth quarter of 2025. The record date for the dividend was March 12, 2026, the ex-dividend date was March 12, 2026, for shares listed on the New York Stock Exchange and March 11, 2026, for shares listed on the Oslo Stock Exchange, and the dividend was paid on March 19, 2026.In January 2026, the Company entered into agreements to acquire nine latest generation scrubber-fitted ECO VLCC newbuildings from affiliates of Hemen, the Company\u2019s largest shareholder, for an aggregate purchase price of $1,224.0 million. Two vessels are expected to be delivered in the second quarter of 2026, four vessels are expected in the third quarter of 2026, two vessels are expected in the fourth quarter of 2026, and the final vessel is expected in the second quarter of 2027. The Company intends to finance this acquisition with cash and long-term debt financing. The acquisition remains subject to certain closing conditions, in line with industry standards. In January 2026, the Company drew down $151.6 million under its reducing revolving credit facilities to finance the initial instalments due related to the nine newbuildings to be acquired from Hemen and subsequently repaid this amount in early February 2026.In January 2026, the Company entered into one year time charter-out agreements for seven of our VLCCs, built between 2016 and 2018, at an average rate of $76,900 per day per vessel. The charters for three vessels commenced in the first quarter of 2026, and the remaining four charters are expected to commence in April 2026.In February 2026, the Company entered into a one-year time charter-out agreement for one of our VLCCs, built in 2019, at a rate of $93,500 per day. The charter commenced in late February 2026.In February 2026, Mr. \u00d8rjan Svanevik resigned as a Director of the Company and Mr. Mikkel Storm Weum was appointed as a Director of the Company.Refer to Note 12 and 16 for details of other transactions subsequent to December 31, 2025 pertaining to the sale of eight VLCCs and financing.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00"
}
},
"f0__s7__6__152": {
"value": "1.03",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
}
},
"f0__s7__6__151": {
"value": "1224000.0",
"decimals": -2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:5493004BCIKYU1YL3H63",
"period": "2025-01-01T00:00:00/2026-01-01T00:00:00",
"unit": "iso4217:USD"
}
}
}
}