Cover
Cover | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity Registrant Name | FRONTLINE PLC |
Entity Central Index Key | 0000913290 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Profit or Loss - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues and other operating income | ||
Revenues | $ 1,010,095 | $ 517,881 |
Other operating income | 23,680 | 5,645 |
Total revenues and other operating income | 1,033,775 | 523,526 |
Operating expenses | ||
Voyage expenses and commission | 315,437 | 254,906 |
Ship operating expenses | 87,490 | 84,867 |
Administrative expenses | 24,339 | 15,767 |
Depreciation | 112,642 | 80,780 |
Contingent rental income | 0 | (623) |
Total operating expenses | 539,908 | 435,697 |
Net operating income | 493,867 | 87,829 |
Other income (expenses) | ||
Finance income | 7,728 | 199 |
Finance expense | (77,807) | (2,173) |
Loss on marketable securities | (23,968) | (11,736) |
Share of results of associated companies | 4,955 | 5,959 |
Dividends received | 25,500 | 171 |
Net other expenses | (63,592) | (7,580) |
Profit before income taxes | 430,275 | 80,249 |
Income tax benefit (expense) | 25 | (6) |
Profit for the period | $ 430,300 | $ 80,243 |
Basic earnings per share (in USD per share) | $ 1.93 | $ 0.39 |
Diluted earnings per share (in USD per share) | $ 1.93 | $ 0.39 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Comprehensive income | ||
Profit for the period | $ 430,300 | $ 80,243 |
Items that may be reclassified to profit or loss: | ||
Foreign currency translation gain | 131 | 196 |
Other comprehensive income | 131 | 196 |
Comprehensive income | $ 430,431 | $ 80,439 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Financial Position - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 306,823 | $ 254,525 |
Marketable securities | 212,313 | 236,281 |
Trade and other receivables | 133,406 | 139,467 |
Related party receivables | 18,409 | 13,485 |
Inventories | 98,554 | 107,114 |
Voyages in progress | 112,874 | 110,638 |
Prepaid expenses and accrued income | 9,531 | 14,255 |
Other current assets | 5,665 | 5,285 |
Total current assets | 897,575 | 881,050 |
Non-current assets | ||
Newbuildings | 0 | 47,991 |
Vessels and equipment | 3,622,364 | 3,650,652 |
Right-of-use assets | 2,677 | 3,108 |
Goodwill | 112,452 | 112,452 |
Derivative instruments receivable | 52,704 | 53,993 |
Investment in associated companies | 13,959 | 16,302 |
Loan notes receivable | 0 | 1,388 |
Other non-current assets | 4 | 1,507 |
Total assets | 4,701,735 | 4,768,443 |
Current liabilities | ||
Short-term debt and current portion of long-term debt | 362,547 | 277,854 |
Current portion of obligations under leases | 1,077 | 1,024 |
Related party payables | 40,546 | 31,248 |
Trade and other payables | 63,404 | 81,533 |
Total current liabilities | 467,574 | 391,659 |
Non-current liabilities | ||
Long-term debt | 1,932,610 | 2,112,460 |
Obligations under leases | 1,908 | 2,372 |
Other non-current payables | 3,356 | 2,053 |
Total liabilities | 2,405,448 | 2,508,544 |
Equity | ||
Share capital (222,622,889 shares. 2022: 222,622,889. Par value $1.00) | 222,623 | 222,623 |
Additional paid in capital | 604,687 | 604,687 |
Contributed surplus | 1,004,094 | 1,004,094 |
Accumulated other reserves | 585 | 454 |
Retained earnings | 464,770 | 428,513 |
Total equity attributable to the shareholders of the Company | 2,296,759 | 2,260,371 |
Non-controlling interest | (472) | (472) |
Total equity | 2,296,287 | 2,259,899 |
Total liabilities and equity | $ 4,701,735 | $ 4,768,443 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Financial Position (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of financial position [abstract] | ||
Number of shares outstanding (in shares) | 222,622,889 | 222,622,889 |
Share capital, par value (in USD per share) | $ 1 | $ 1 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of cash flows [abstract] | ||
Net cash provided by operating activities | $ 553,154 | $ 91,736 |
Investing activities | ||
Additions to newbuildings, vessels and equipment | (153,280) | (169,603) |
Proceeds from sale of vessels | 142,740 | 80,000 |
Cash inflow on repayment of loan to associated company | 1,388 | 0 |
Net cash used in investing activities | (9,152) | (89,603) |
Financing activities | ||
Proceeds from issuance of debt | 259,375 | 234,000 |
Repayment of debt | (356,625) | (223,270) |
Repayment of obligations under leases | (411) | (1,669) |
Lease termination payments | 0 | (4,456) |
Cash dividends paid | (394,043) | 0 |
Net cash provided by (used in) financing activities | (491,704) | 4,605 |
Net change in cash and cash equivalents | 52,298 | 6,738 |
Cash and cash equivalents at beginning of period | 254,525 | 113,073 |
Cash and cash equivalents at end of period | $ 306,823 | $ 119,811 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Total equity attributable to the shareholders of the Company | Share capital | Additional paid in capital | Contributed surplus | Accumulated other reserves | Retained earnings (deficit) | Non-controlling interest |
Balance at beginning of period (in shares) at Dec. 31, 2021 | 203,530,979 | |||||||
Balance at end of period (in shares) at Jun. 30, 2022 | 203,530,979 | |||||||
Balance at the beginning of the year at Dec. 31, 2021 | $ 203,531 | $ 448,291 | $ 1,004,094 | $ 228 | $ (13,631) | $ (472) | ||
Changes in equity [abstract] | ||||||||
Capital contribution | 175,488 | |||||||
Other comprehensive income | $ 196 | 196 | ||||||
Profit for the period | 80,243 | 80,243 | ||||||
Cash dividends paid | 0 | |||||||
Balance at the end of the year at Jun. 30, 2022 | $ 1,897,968 | $ 1,898,440 | $ 203,531 | 623,779 | 1,004,094 | 424 | 66,612 | (472) |
Balance at beginning of period (in shares) at Dec. 31, 2022 | 222,622,889 | 222,622,889 | ||||||
Balance at end of period (in shares) at Jun. 30, 2023 | 222,622,889 | 222,622,889 | ||||||
Balance at the beginning of the year at Dec. 31, 2022 | $ 2,259,899 | $ 222,623 | 604,687 | 1,004,094 | 454 | 428,513 | (472) | |
Changes in equity [abstract] | ||||||||
Capital contribution | 0 | |||||||
Other comprehensive income | 131 | 131 | ||||||
Profit for the period | 430,300 | 430,300 | ||||||
Cash dividends paid | (394,043) | |||||||
Balance at the end of the year at Jun. 30, 2023 | $ 2,296,287 | $ 2,296,759 | $ 222,623 | $ 604,687 | $ 1,004,094 | $ 585 | $ 464,770 | $ (472) |
BASIS OF PREPARATION
BASIS OF PREPARATION | 6 Months Ended |
Jun. 30, 2023 | |
General Information [Abstract] | |
BASIS OF PREPARATION | BASIS OF PREPARATION The Unaudited Condensed Consolidated Interim Financial Statements of Frontline plc (“Frontline” or the “Company”) have been prepared on the same basis as the Company’s Audited Consolidated Financial Statements and should be read in conjunction with the Annual Consolidated Financial Statements and accompanying Notes included in the Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission on April 28, 2023. The results of operations for the interim period ended June 30, 2023 are not necessarily indicative of the results for the year ending December 31, 2023. The Unaudited Condensed Consolidated Interim Financial Statements are prepared in accordance with IAS 34 Interim Financial Reporting. The Unaudited Condensed Consolidated Interim Financial Statements include the assets and liabilities of the Company and its subsidiaries. These Unaudited Condensed Consolidated Interim Financial Statements were authorized for issue by the Board of Directors on September 14, 2023. |
USE OF JUDGEMENTS AND ESTIMATES
USE OF JUDGEMENTS AND ESTIMATES | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of voluntary change in accounting policy [abstract] | |
USE OF JUDGEMENTS AND ESTIMATES | USE OF JUDGEMENTS AND ESTIMATES The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements. Change in useful life of vessels Historically the Company has applied a 25 year useful economic life to its vessels. The Company reviews estimated useful lives and residual values each year. Estimated useful lives may change due to changed end user requirements, costs related to maintenance and upgrades, technological development and competition as well as industry, environmental and legal requirements. Specifically, the Company has noted that many of our customers apply stringent vetting requirements to vessels to ensure that the most rigorous technical standards are adhered to in their value chain. As a result, many customers apply age criteria to the vessels they are willing to charter. In recent years, the Company has noted a two-tier market forming, with vessels under 20 years of age, or lower, favored by top tier charterers, and vessels over 20 years being considered candidates for recycling, or being utilized in markets other than the spot market in which we primarily compete. Furthermore, as a result of the increased focus on environmental factors for both owners and investors it is expected that the competitive age threshold for a vessel may decrease as costs to comply with upcoming regulations may increase moving forward. As of December 31, 2022, the Company revised the estimated useful life of its vessels from 25 years to 20 years as a result of its analysis of the aforementioned factors. This change in estimate was applied prospectively from January 1, 2023 and did not result in any restatement to the prior year consolidated financial statements. The change in estimated useful life increased depreciation expense by approximately $29.3 million in the six months ended June 30, 2023. |
CHANGES IN SIGNIFICANT ACCOUNTI
CHANGES IN SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of voluntary change in accounting policy [abstract] | |
CHANGES IN SIGNIFICANT ACCOUNTING POLICIES | CHANGES IN SIGNIFICANT ACCOUNTING POLICIES The Unaudited Condensed Consolidated Interim Financial Statements are prepared in accordance with the accounting policies, which are described in the Company's Annual Report on Form 20-F for the year ended December 31, 2022, which was filed with the Securities and Exchange Commission on April 28, 2023. New standards and interpretations adopted During the current financial period, the Company has adopted all the new and revised Standards and Interpretations issued by the IASB and the International Financial Reporting Interpretations Committee (IFRIC) of the IASB and effective for the accounting year starting on January 1, 2023. The Company has not applied any new IFRS requirements that are not yet effective as per June 30, 2023. The following new Standards, Interpretations and Amendments issued by the IASB and the IFRIC are effective for the financial period: • IAS 8 Accounting policies, Changes in Accounting Estimates and Errors - Amendments regarding the definition of accounting estimates • IAS 12 Income Taxes - Amendments regarding deferred tax related to assets and liabilities arising from a single transaction • IAS 1 Presentation of Financial Statements – Amendments regarding the disclosure of accounting policies and IFRS Practice Statement 2 The adoption of these new standards, interpretations and amendments had no material effect on the financial statements. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The authorized share capital of the Company as of June 30, 2023 is $600,000,000 divided into 600,000,000 shares of $1.00 par value each, of which 222,622,889 shares (December 31, 2022: 222,622,889 shares) of $1.00 par value each are in issue and fully paid. The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows for the six months ended June 30, 2023 and June 30, 2022: (in thousands of $) 2023 2022 Profit attributable to the shareholders of the Company 430,300 80,243 (in thousands) Weighted average number of basic and diluted shares 222,623 205,257 Cash dividends paid per share $1.77 — In connection with privately negotiated share exchange transactions with certain shareholders of Euronav NV ("Euronav"), Frontline entered into a share lending arrangement with Hemen Holding Ltd. (“Hemen”) to facilitate settlement of such transactions. Pursuant to such arrangement, Hemen delivered an aggregate of 19,091,910 Frontline shares to the exchanging Euronav holders in June 2022 and Frontline agreed to issue to Hemen the same number of Frontline shares in full satisfaction of the share lending arrangement. This share issuance to Hemen was completed in August 2022. The weighted average number of shares outstanding for the purpose of calculating basic and diluted earnings per share for the six months ended June 30, 2022 was 205,257,260, which includes the impact of the 19,091,910 Frontline shares issued to Hemen in connection with the privately negotiated share exchange transactions. The shares under the share lending arrangement were considered outstanding common shares and included in the computation of basic and diluted EPS due to the issuance no longer being contingent as of June 30, 2022. The 19,091,910 Frontline shares were not legally issued and outstanding as of June 30, 2022 and were accounted for as a capital contribution and classified as additional paid-in capital within equity as of that date. Following the issuance of the 19,091,910 Frontline shares to Hemen in August 2022, Frontline has a total of 222,622,889 shares issued and outstanding. |
REVENUE AND OTHER OPERATING INC
REVENUE AND OTHER OPERATING INCOME | 6 Months Ended |
Jun. 30, 2023 | |
Revenue [abstract] | |
REVENUE AND OTHER OPERATING INCOME | REVENUE AND OTHER OPERATING INCOME The lease and non-lease components of our revenues in the six months ended June 30, 2023 were as follows: (in thousands of $) Lease Non-lease Total Time charter revenues 24,374 6,534 30,908 Voyage charter revenues 591,703 379,346 971,049 Administrative income — 8,138 8,138 Total revenues 616,077 394,018 1,010,095 The lease and non-lease components of our revenues in the six months ended June 30, 2022 were as follows: (in thousands of $) Lease Non-lease Total Time charter revenues 28,489 19,962 48,451 Voyage charter revenues 161,298 301,897 463,195 Administrative income — 6,235 6,235 Total revenues 189,787 328,094 517,881 Other operating income for the six months ended June 30, 2023 and June 30, 2022 were as follows: (in thousands of $) 2023 2022 Loss on termination of vessel lease — (431) Gain on sale of vessels 21,959 4,618 Gain on settlement of claim 397 1,202 Gain on pool arrangements 1,283 248 Other gains 41 8 Total other operating income 23,680 5,645 In January 2023, the Company sold the 2009-built VLCC, Front Eminence , and the 2009-built Suezmax tanker, Front Balder , 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 six months ended June 30, 2023. In May 2023, the Company sold the 2010-built Suezmax tanker, Front Njord , 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 six months ended June 30, 2023. In the six months ended June 30, 2023, the Company recorded a gain on pool arrangements of $1.3 million (2022: $0.2 million), and a $0.4 million gain (2022: $1.2 million) in relation to insurance claims. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 6 Months Ended |
Jun. 30, 2023 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIESA summary of the movements in marketable securities for the six months ended June 30, 2023 and the year ended December 31, 2022 is presented in the table below: (in thousands of $) 2023 2022 Balance at beginning of period 236,281 2,435 Marketable securities acquired — 167,709 Unrealized gain (loss) on marketable securities held at period end (23,968) 66,137 Balance at end of period 212,313 236,281 Avance Gas As of June 30, 2023, the Company held 442,384 shares in Avance Gas Holdings Ltd ("Avance Gas"). In the six months ended June 30, 2023, the Company recognized an unrealized gain of $0.9 million in relation to these shares. SFL As of June 30, 2023, the Company held 73,165 shares in SFL Corporation Ltd. (“SFL”). Golden Ocean As of June 30, 2023, the Company held 10,299 shares in Golden Ocean Group Limited ("Golden Ocean"). Euronav As of June 30, 2023, the Company held 13,664,613 shares in Euronav. In the six months ended June 30, 2023, the Company recognized an unrealized loss of $24.9 million in relation to these shares. The Company received dividends of $25.0 million from Euronav in the six months ended June 30, 2023. |
VESSELS AND EQUIPMENT, NET
VESSELS AND EQUIPMENT, NET | 6 Months Ended |
Jun. 30, 2023 | |
Property, plant and equipment [abstract] | |
VESSELS AND EQUIPMENT, NET | VESSELS AND EQUIPMENT Movements in the six months ended June 30, 2023 are summarized as follows; (in thousands of $) Vessels and equipment Drydock component Net Carrying Value Cost Balance at January 1, 2023 4,390,718 126,437 4,517,155 Additions 5,152 5,429 10,581 Transferred from newbuildings 191,133 2,756 193,889 Disposals (230,194) (7,641) (237,835) Balance at June 30, 2023 4,356,809 126,981 4,483,790 Accumulated depreciation Balance at January 1, 2023 (790,346) (76,157) (866,503) Charge for the period (103,512) (8,700) (112,212) Disposals 111,518 5,771 117,289 Balance at June 30, 2023 (782,340) (79,086) (861,426) Net book value Balance at June 30, 2023 3,574,469 47,895 3,622,364 In the six months ended June 30, 2023, the Company sold one VLCC tanker, Front Eminence, two Suezmax tankers , Front Balder and Front Njord and took delivery of two VLCC newbuildings, Front Orkla and Front Tyne. The Company also completed the installation of Exhaust Gas Cleaning Systems on two vessels in the period and three vessels underwent drydock surveys. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2023 | |
Operating Leases [Abstract] | |
LEASES | LEASES The Company is committed to make rental payments under leases for office premises. Certain of these leases include variable lease elements linked to inflation indices. Such variable payments have been estimated at the time of recognition on the index at that time and are included in the minimum lease payments. Rental expense The future minimum rental payments under the Company's leases as of June 30, 2023 are as follows: (in thousands of $) Year 1 1,140 Year 2 1,294 Year 3 653 Total minimum lease payments 3,087 Less: Imputed interest (102) Present value of obligations under leases 2,985 The future minimum rental payments under the Company's leases as of December 31, 2022 are as follows: (in thousands of $) 2023 1,103 2024 1,206 2025 1,237 Total minimum lease payments 3,546 Less: Imputed interest (150) Present value of obligations under leases 3,396 Rental income Four LR2 tankers were on fixed rate time charters as of June 30, 2023, two of which commenced in the six months ended June 30, 2023. The minimum future revenues to be received under the fixed rate element of our contracts as of June 30, 2023 are as follows: (in thousands of $) Year 1 58,194 Year 2 53,246 Year 3 6,906 Total minimum lease payments 118,346 Two of the LR2 tankers on fixed rate time charter as of June 30, 2023 have an option for a 1 year extension. The cost and accumulated depreciation of vessels leased to third parties under time charters as of June 30, 2023 w ere $206.1 million and $31.1 million, respectively, and as of December 31, 2022 were $100.1 million and $3.9 million, respect ively. |
INTEREST BEARING LOANS AND BORR
INTEREST BEARING LOANS AND BORROWINGS | 6 Months Ended |
Jun. 30, 2023 | |
Borrowings [abstract] | |
INTEREST BEARING LOANS AND BORROWINGS | INTEREST BEARING LOANS AND BORROWINGS Movements in the six months ended June 30, 2023 are summarized as follows: (in thousands of $) December 31, 2022 Proceeds Repayments June 30, 2023 Total U.S. dollar denominated floating rate debt 2,184,228 259,375 (222,225) 2,221,377 Total U.S. dollar denominated fixed rate debt 209,700 — (134,400) 75,300 Debt issuance costs (23,113) (21,473) Accrued interest expense 19,499 19,953 Total debt 2,390,314 259,375 (356,625) 2,295,157 Short-term debt and current portion of long-term debt 277,854 362,547 Long-term portion of debt 2,112,460 259,375 (356,625) 1,932,610 In January 2023, the Company drew down $65.0 million under its senior secured term loan facility with Credit Agricole to partially of the 2023 built VLCC Front Orkla . The facility has a tenor of five years, carries an interest rate of the Secured Overnight Financing Rate ("SOFR") plus Credit Adjustment Spread ("CAS") and a margin of 170 basis points and has an amortization profile of 18 years commencing on the delivery date from the yard. The facility was fully drawn down in January 2023. In January 2023, the Company drew down $65.0 million under its senior secured term loan facility with KFW to partially finance the delivery of the 2023 built VLCC Front Tyne . The facility has a tenor of five years, carries an interest rate of SOFR plus CAS and a margin of 170 basis points and has an amortization profile of 20 years commencing on the delivery date from the yard. The facility was fully drawn in January 2023. In May 2023, the Company entered into a senior secured term loan facility in an amount of up to $129.4 million from ING to refinance an existing term loan facility with total balloon payments of $80.1 million due in August 2023. The new facility has a tenor of five years, carries an interest rate of SOFR plus a margin of 180 basis points, and has an amortization profile of 18 years commencing on the delivery date from the yard. The facility includes sustainability margin adjustment linked to the fleet sustainability score. The existing facility carried an interest rate of London Interbank Offered Rate ("LIBOR") plus a margin of 190 basis points. The facility was fully drawn down in June 2023. In February and June 2023, the Company repaid $60.0 million and $74.4 million, respectively, of its $275.0 million senior unsecured credit facility with an affiliate of Hemen. Up to $199.7 million remains available to be drawn following the repayment. Due to the discontinuance of LIBOR after June 30, 2023, the Company has entered into amendment agreements ( one of which is subject to final documentation ) to existing loan agreements with an aggregate outstanding principal of $1,788.4 million as of June 30, 2023, for the transition from LIBOR to SOFR. The weighted average CAS of the amendment agreements is expected to be 16 basis points based on a three-month interest period. The amendments to our loan agreements, which are measured at amortized cost using the effective interest method, are expected to be accounted for as an adjustment to the effective interest rate and will not have a significant effect on the carrying amount of the loans. Debt issuance costs The Company has recorded debt issuance costs of $21.5 million as of June 30, 2023 (December 31, 2022: $23.1 million) as a deduction from the carrying amount of the related debt. Debt restriction The 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. The Company was in compliance with all of the financial covenants contained in the Company's loan agreements as of June 30, 2023 and December 31, 2022. Assets pledged (in thousands of $) June 30, 2023 December 31, 2022 Vessels and equipment, net 3,622,087 3,650,325 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS - FAIR VALUES AND RISK MANAGEMENT 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 a fixed rate. The contract had a forward start date of February 2019. In March 2020, the Company entered into three interest rate swaps with DNB whereby the floating interest rate on notional debt totaling $250.0 million was switched to a fixed rate. In April 2020, the Company entered into two interest rate swaps with Nordea whereby the floating interest rate on notional debt totaling $150.0 million was switched to a fixed rate. Due to the discontinuance of LIBOR after June 30, 2023, the reference rate for our interest rate swaps, which are measured at fair value through profit or loss, has been transitioned from LIBOR to SOFR plus a CAS of 26 basis points which does not affect the accounting for these derivatives. As of June 30, 2023, the Company recorded a derivative instruments receivable of $52.7 million (December 31, 2022: $54.0 million) and no derivative instrument payable (December 31, 2022: nil) in relation to these agreements. The Company recorded a gain on derivatives of $9.2 million in the six months ended June 30, 2023 (2022: gain of $33.8 million) in relation to these agreements. The interest rate swaps are not designated as hedges and are summarized as of June 30, 2023 as follows: Notional Amount Inception Date Maturity Date Fixed Interest Rate ($000s) 150,000 February 2016 February 2026 2.1970 % 100,000 March 2020 March 2027 0.9750 % 50,000 March 2020 March 2027 0.6000 % 100,000 March 2020 March 2025 0.9000 % 100,000 April 2020 April 2027 0.5970 % 50,000 April 2020 April 2025 0.5000 % 550,000 Fair Values The carrying value and estimated fair value of the Company's financial assets and liabilities as of June 30, 2023 and December 31, 2022 are as follows: 2023 2022 (in thousands of $) Carrying Fair Carrying Fair Financial assets measured at fair value through profit or loss Derivative instruments receivable - non-current 52,704 52,704 53,993 53,993 Marketable securities 212,313 212,313 236,281 236,281 Financial assets not measured at fair value Cash and cash equivalents 306,823 306,823 254,525 254,525 Receivables 133,406 133,406 139,467 139,467 Loan notes receivable — — 1,388 1,388 Financial liabilities not measured at fair value Trade and other payables 63,404 63,404 81,533 81,533 Floating rate debt 2,241,261 2,241,261 2,201,543 2,201,543 Fixed rate debt 75,371 75,876 211,884 212,203 The estimated fair value of financial assets and liabilities as of June 30, 2023 are as follows: (in thousands of $) Fair Level 1 Level 2 Level 3 Financial assets measured at fair value through profit or loss Derivative instruments receivable - non-current 52,704 — 52,704 — Marketable securities 212,313 212,313 — — Financial assets not measured at fair value Cash and cash equivalents 306,823 306,823 — — Financial liabilities not measured at fair value Floating rate debt 2,241,261 — 2,241,261 — Fixed rate debt 75,876 — — 75,876 The estimated fair value of financial assets and liabilities as of December 31, 2022 are as follows: (in thousands of $) Fair Level 1 Level 2 Level 3 Financial assets measured at fair value through profit or loss Derivative instruments receivable - non-current 53,993 — 53,993 — Marketable securities 236,281 236,281 — — Financial assets not measured at fair value Cash and cash equivalents 254,525 254,525 — — Loan notes receivable 1,388 — 1,388 — Financial liabilities not measured at fair value Floating rate debt 2,201,543 — 2,201,543 — Fixed rate debt 212,203 — — 212,203 Measurement of fair values Valuation techniques and significant unobservable inputs The 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 value Type Valuation Techniques Significant unobservable inputs Interest rate swaps Fair value was determined based on the market value. Not applicable. Marketable securities Fair value was determined based on the quoted price of the securities. Not applicable. Financial instruments not measured at fair value Type Valuation Techniques Significant unobservable inputs Floating rate debt Discounted cash flow. Not applicable. Fixed rate debt Discounted cash flow. Discount rate. Assets Measured at Fair Value on a Recurring Basis The 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 statement of financial position date, 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 as of the statement of financial position date is the aggregate market value based on quoted market prices (level 1). There were no transfers between these levels in 2023 and 2022. Financial risk management In the course of its normal business, the Company is exposed to the following risks: • Credit risk • Liquidity risk • Market risk (interest rate risk, foreign currency risk, and price risk) The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework. Capital management We 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’s objectives when managing capital are to: • 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 • maintain an optimal capital structure to reduce the cost of capital. The Company's loan agreements contain loan-to-value clauses, which could require the Company to post additional collateral or prepay 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. 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. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIES | 6 Months Ended |
Jun. 30, 2023 | |
Related party transactions [abstract] | |
RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIES | RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIES We transact business with the following related parties and affiliated companies, being companies in which Hemen and companies associated with Hemen have a significant interest: SFL, Seatankers Management Norway AS, Seatankers Management Co. Ltd, Golden Ocean, Alta Trading UK Limited, Archer Limited , Flex LNG Ltd, Avance Gas and Front Ocean Management AS. 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. SFL Transactions In January 2014, the Company commenced a pooling arrangement with SFL, between two of its Suezmax tankers Front Odin and Front Njord and two SFL vessels Glorycrown and Everbright . The Company recognized a gain of $1.3 million in the six months ended June 30, 2023 in relation to this pooling arrangement (2022: gain of $0.2 million). As of June 30, 2023, Front Njord , Glorycrown and Everbright have been sold and redelivered to their respective new owners resulting in the termination of the pooling arrangement. Transactions with associated companies A share of profits of TFG Marine of $3.7 million was recognized in the six months ended June 30, 2023 (2022: $6.5 million). The Company also entered into a bunker supply arrangement with TFG Marine, under which it has paid $193.1 million to TFG Marine in the six months ended June 30, 2023 and $18.2 million remained due as of June 30, 2023. In the six months ended June 30, 2023 the Company received $1.4 million in loan repayment and $7.3 million in dividends from TFG Marine. A share of profits of FMS Holdco of $1.2 million was recognized in the six months ended June 30, 2023 (2022: loss of $0.6 million) . Transactions with other entities related to Hemen The Company recognized interest expense of $7.6 million in the six months ended June 30, 2023 (2022: $6.6 million) in relation to senior unsecured revolving credit facility of up to $275.0 million with an entity related to Hemen. $199.7 million remains available and undrawn under this facility as of June 30, 2023. A summary of income (expenses) from related party transactions for the six months ended June 30, 2023 and June 30, 2022 are as follows: (in thousands of $) 2023 2022 Seatankers Management Co. Ltd 814 313 SFL 986 1,863 Golden Ocean 2,258 1,593 Flex LNG Ltd 835 687 Seatankers Management Norway AS (551) (285) Avance Gas 1,042 1,110 TFG Marine 642 417 Front Ocean Management (1,272) (954) Other related parties 6 9 Amounts earned from related parties comprise office rental income, technical and commercial management fees, newbuilding supervision fees, freights, administrative services and interest income. Amounts paid to related parties comprise primarily rental for office space, support staff costs, and corporate administration fees. Related party balances A summary of balances due from related parties as of June 30, 2023 and December 31, 2022 is as follows: (in thousands of $) 2023 2022 SFL 6,207 3,505 Seatankers Management Co. Ltd 464 1,368 Alta Trading UK Limited — 60 Golden Ocean 9,065 6,964 Flex LNG Ltd 828 303 Avance Gas 633 695 TFG Marine 647 28 Front Ocean Management 471 473 Other related parties 94 89 18,409 13,485 A summary of balances due to related parties as of June 30, 2023 and December 31, 2022 is as follows: (in thousands of $) 2023 2022 SFL 8,832 6,702 Seatankers Management Co. Ltd 811 351 Avance Gas 352 450 Flex LNG Ltd 987 158 Golden Ocean 10,892 8,470 TFG Marine 18,249 14,831 Front Ocean Management 423 286 40,546 31,248 See Notes 6, 9 and 12 for details regarding other related party transactions and balances. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Commitments And Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES 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, cash flows or financial condition individually and in the aggregate. As of June 30, 2023, the Company has agreed to provide a $60.0 million guarantee in respect of the performance of its subsidiaries, and two subsidiaries of an affiliate of Hemen, under a bunker supply arrangement with TFG Marine. As of June 30, 2023, there are no amounts payable under this guarantee. In addition, should TFG Marine be required to provide a parent company guarantee to its bunker suppliers or finance providers then for any guarantee that is provided by the Trafigura Group and becomes payable, Frontline shall pay a pro rata amount based on its share of the equity in TFG Marine. The maximum liability under this guarantee is $6.0 million and there are no amounts payable under this guarantee as of June 30, 2023. The Company has entered into forward bunker purchase arrangements with TFG Marine, a related party, which obligate the Company to purchase and take delivery of minimum quantities of low sulfur and high sulfur bunker fuel, at fixed prices, over the period from January 2023 to December 2024. As of June 30, 2023, the total remaining commitment amounted to $47.8 million, $18.9 million of which is expected to be paid in 2023 and $28.9 million of which is expected to be paid in 2024. As of June 30, 2023, there are no remaining vessels in the Company’s newbuilding program and there are no remaining commitments. In January 2023, the Company terminated a combination agreement (the “Combination Agreement”) for a stock-for-stock combination with Euronav based on an exchange ratio of 1.45 Frontline shares for every 1.0 Euronav share, as certain conditions and assumptions under the Agreement were not met. On January 18, 2023 the Company received from Euronav an emergency arbitration request for urgent interim and conservatory measures. On February 7, 2023 the emergency arbitration claims filed by Euronav were fully dismissed by the Emergency Arbitrator and Euronav was ordered to reimburse all costs incurred by the Company. On January 28, 2023, the Company received from Euronav an arbitration request for proceedings on the merits of the termination. The Company continues to maintain that its decision to terminate the Combination Agreement was entirely valid and lawful. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSIn August 2023, the Board of Directors declared a dividend of $0.80 per share for the second quarter of 2023. The record date for the dividend is September 15, 2023, the ex-dividend date is September 14, 2023 and the dividend is scheduled to be paid on or about September 29, 2023. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Schedule of Earnings per Share | The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows for the six months ended June 30, 2023 and June 30, 2022: (in thousands of $) 2023 2022 Profit attributable to the shareholders of the Company 430,300 80,243 (in thousands) Weighted average number of basic and diluted shares 222,623 205,257 Cash dividends paid per share $1.77 — |
REVENUE AND OTHER OPERATING I_2
REVENUE AND OTHER OPERATING INCOME (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue [abstract] | |
Schedule of Lease and Non-Lease Components of Revenue | The lease and non-lease components of our revenues in the six months ended June 30, 2023 were as follows: (in thousands of $) Lease Non-lease Total Time charter revenues 24,374 6,534 30,908 Voyage charter revenues 591,703 379,346 971,049 Administrative income — 8,138 8,138 Total revenues 616,077 394,018 1,010,095 The lease and non-lease components of our revenues in the six months ended June 30, 2022 were as follows: (in thousands of $) Lease Non-lease Total Time charter revenues 28,489 19,962 48,451 Voyage charter revenues 161,298 301,897 463,195 Administrative income — 6,235 6,235 Total revenues 189,787 328,094 517,881 |
Schedule of Other Operating Income | Other operating income for the six months ended June 30, 2023 and June 30, 2022 were as follows: (in thousands of $) 2023 2022 Loss on termination of vessel lease — (431) Gain on sale of vessels 21,959 4,618 Gain on settlement of claim 397 1,202 Gain on pool arrangements 1,283 248 Other gains 41 8 Total other operating income 23,680 5,645 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Marketable Securities [Abstract] | |
Schedule of Movements in Marketable Securities | A summary of the movements in marketable securities for the six months ended June 30, 2023 and the year ended December 31, 2022 is presented in the table below: (in thousands of $) 2023 2022 Balance at beginning of period 236,281 2,435 Marketable securities acquired — 167,709 Unrealized gain (loss) on marketable securities held at period end (23,968) 66,137 Balance at end of period 212,313 236,281 |
VESSELS AND EQUIPMENT, NET (Tab
VESSELS AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, plant and equipment [abstract] | |
Schedule of Movements in Vessels and Equipment | Movements in the six months ended June 30, 2023 are summarized as follows; (in thousands of $) Vessels and equipment Drydock component Net Carrying Value Cost Balance at January 1, 2023 4,390,718 126,437 4,517,155 Additions 5,152 5,429 10,581 Transferred from newbuildings 191,133 2,756 193,889 Disposals (230,194) (7,641) (237,835) Balance at June 30, 2023 4,356,809 126,981 4,483,790 Accumulated depreciation Balance at January 1, 2023 (790,346) (76,157) (866,503) Charge for the period (103,512) (8,700) (112,212) Disposals 111,518 5,771 117,289 Balance at June 30, 2023 (782,340) (79,086) (861,426) Net book value Balance at June 30, 2023 3,574,469 47,895 3,622,364 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Operating Leases [Abstract] | |
Schedule of Future Minimum Lease Payments | The future minimum rental payments under the Company's leases as of June 30, 2023 are as follows: (in thousands of $) Year 1 1,140 Year 2 1,294 Year 3 653 Total minimum lease payments 3,087 Less: Imputed interest (102) Present value of obligations under leases 2,985 The future minimum rental payments under the Company's leases as of December 31, 2022 are as follows: (in thousands of $) 2023 1,103 2024 1,206 2025 1,237 Total minimum lease payments 3,546 Less: Imputed interest (150) Present value of obligations under leases 3,396 |
Schedule of Minimum Future Revenue Receivable under Fixed Rate Contracts | The minimum future revenues to be received under the fixed rate element of our contracts as of June 30, 2023 are as follows: (in thousands of $) Year 1 58,194 Year 2 53,246 Year 3 6,906 Total minimum lease payments 118,346 |
INTEREST BEARING LOANS AND BO_2
INTEREST BEARING LOANS AND BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Borrowings [abstract] | |
Summary of Outstanding Debt | Movements in the six months ended June 30, 2023 are summarized as follows: (in thousands of $) December 31, 2022 Proceeds Repayments June 30, 2023 Total U.S. dollar denominated floating rate debt 2,184,228 259,375 (222,225) 2,221,377 Total U.S. dollar denominated fixed rate debt 209,700 — (134,400) 75,300 Debt issuance costs (23,113) (21,473) Accrued interest expense 19,499 19,953 Total debt 2,390,314 259,375 (356,625) 2,295,157 Short-term debt and current portion of long-term debt 277,854 362,547 Long-term portion of debt 2,112,460 259,375 (356,625) 1,932,610 |
Schedule of Assets Pledged | (in thousands of $) June 30, 2023 December 31, 2022 Vessels and equipment, net 3,622,087 3,650,325 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Interest Rate Swaps | The interest rate swaps are not designated as hedges and are summarized as of June 30, 2023 as follows: Notional Amount Inception Date Maturity Date Fixed Interest Rate ($000s) 150,000 February 2016 February 2026 2.1970 % 100,000 March 2020 March 2027 0.9750 % 50,000 March 2020 March 2027 0.6000 % 100,000 March 2020 March 2025 0.9000 % 100,000 April 2020 April 2027 0.5970 % 50,000 April 2020 April 2025 0.5000 % 550,000 |
Schedule of Carrying Amounts and Fair Values of Financial Instruments | The carrying value and estimated fair value of the Company's financial assets and liabilities as of June 30, 2023 and December 31, 2022 are as follows: 2023 2022 (in thousands of $) Carrying Fair Carrying Fair Financial assets measured at fair value through profit or loss Derivative instruments receivable - non-current 52,704 52,704 53,993 53,993 Marketable securities 212,313 212,313 236,281 236,281 Financial assets not measured at fair value Cash and cash equivalents 306,823 306,823 254,525 254,525 Receivables 133,406 133,406 139,467 139,467 Loan notes receivable — — 1,388 1,388 Financial liabilities not measured at fair value Trade and other payables 63,404 63,404 81,533 81,533 Floating rate debt 2,241,261 2,241,261 2,201,543 2,201,543 Fixed rate debt 75,371 75,876 211,884 212,203 The estimated fair value of financial assets and liabilities as of June 30, 2023 are as follows: (in thousands of $) Fair Level 1 Level 2 Level 3 Financial assets measured at fair value through profit or loss Derivative instruments receivable - non-current 52,704 — 52,704 — Marketable securities 212,313 212,313 — — Financial assets not measured at fair value Cash and cash equivalents 306,823 306,823 — — Financial liabilities not measured at fair value Floating rate debt 2,241,261 — 2,241,261 — Fixed rate debt 75,876 — — 75,876 The estimated fair value of financial assets and liabilities as of December 31, 2022 are as follows: (in thousands of $) Fair Level 1 Level 2 Level 3 Financial assets measured at fair value through profit or loss Derivative instruments receivable - non-current 53,993 — 53,993 — Marketable securities 236,281 236,281 — — Financial assets not measured at fair value Cash and cash equivalents 254,525 254,525 — — Loan notes receivable 1,388 — 1,388 — Financial liabilities not measured at fair value Floating rate debt 2,201,543 — 2,201,543 — Fixed rate debt 212,203 — — 212,203 |
Disclosure of Detailed Information about Valuation Techniques | The 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 value Type Valuation Techniques Significant unobservable inputs Interest rate swaps Fair value was determined based on the market value. Not applicable. Marketable securities Fair value was determined based on the quoted price of the securities. Not applicable. Financial instruments not measured at fair value Type Valuation Techniques Significant unobservable inputs Floating rate debt Discounted cash flow. Not applicable. Fixed rate debt Discounted cash flow. Discount rate. |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related party transactions [abstract] | |
Schedule of Related Party Transactions | A summary of income (expenses) from related party transactions for the six months ended June 30, 2023 and June 30, 2022 are as follows: (in thousands of $) 2023 2022 Seatankers Management Co. Ltd 814 313 SFL 986 1,863 Golden Ocean 2,258 1,593 Flex LNG Ltd 835 687 Seatankers Management Norway AS (551) (285) Avance Gas 1,042 1,110 TFG Marine 642 417 Front Ocean Management (1,272) (954) Other related parties 6 9 A summary of balances due from related parties as of June 30, 2023 and December 31, 2022 is as follows: (in thousands of $) 2023 2022 SFL 6,207 3,505 Seatankers Management Co. Ltd 464 1,368 Alta Trading UK Limited — 60 Golden Ocean 9,065 6,964 Flex LNG Ltd 828 303 Avance Gas 633 695 TFG Marine 647 28 Front Ocean Management 471 473 Other related parties 94 89 18,409 13,485 A summary of balances due to related parties as of June 30, 2023 and December 31, 2022 is as follows: (in thousands of $) 2023 2022 SFL 8,832 6,702 Seatankers Management Co. Ltd 811 351 Avance Gas 352 450 Flex LNG Ltd 987 158 Golden Ocean 10,892 8,470 TFG Marine 18,249 14,831 Front Ocean Management 423 286 40,546 31,248 |
USE OF JUDGEMENTS AND ESTIMAT_2
USE OF JUDGEMENTS AND ESTIMATES (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Vessel age considered for recycling | 20 years | ||
Depreciation | $ 112,642 | $ 80,780 | |
Forecast | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation | $ 29,300 | ||
Vessels and equipment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation period | 25 years | ||
Vessels and equipment | Forecast | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Depreciation period | 20 years |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) | 6 Months Ended | |||
Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 shares | Dec. 31, 2022 $ / shares shares | Aug. 31, 2022 shares | |
Earnings per share [line items] | ||||
Share capital authorized | $ | $ 600,000,000 | |||
Share capital authorized (in shares) | 600,000,000 | |||
Share capital, par value (in USD per share) | $ / shares | $ 1 | $ 1 | ||
Number of shares issued and fully paid (in shares) | 222,622,889 | 222,622,889 | ||
Weighted average number of ordinary shares used in calculating diluted earnings per share (in shares) | 222,623,000 | 205,257,260 | ||
Weighted average number of ordinary shares used in calculating basic earnings per share (in shares) | 222,623,000 | 205,257,260 | ||
Number of shares outstanding (in shares) | 222,622,889 | 222,622,889 | ||
Euronav share acquisition | ||||
Earnings per share [line items] | ||||
Number of instruments or interests issued or issuable (in shares) | 19,091,910 |
EARNINGS PER SHARE - Schedule o
EARNINGS PER SHARE - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings per share [abstract] | ||
Profit attributable to the shareholders of the Company | $ 430,300 | $ 80,243 |
Weighted average number of basic shares (in shares) | 222,623,000 | 205,257,260 |
Weighted average number of diluted shares (in shares) | 222,623,000 | 205,257,260 |
Cash dividends per share declared (in USD per share) | $ 1.77 | $ 0 |
REVENUE AND OTHER OPERATING I_3
REVENUE AND OTHER OPERATING INCOME - Schedule of Lease and Non-Lease Components of Revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Lease | $ 616,077 | $ 189,787 |
Non-lease | 394,018 | 328,094 |
Total | 1,010,095 | 517,881 |
Time charter revenues | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Lease | 24,374 | 28,489 |
Non-lease | 6,534 | 19,962 |
Total | 30,908 | 48,451 |
Voyage charter revenues | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Lease | 591,703 | 161,298 |
Non-lease | 379,346 | 301,897 |
Total | 971,049 | 463,195 |
Administrative income | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Lease | 0 | 0 |
Non-lease | 8,138 | 6,235 |
Total | $ 8,138 | $ 6,235 |
REVENUE AND OTHER OPERATING I_4
REVENUE AND OTHER OPERATING INCOME - Schedule of Other Operating Income (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue [abstract] | ||
Loss on termination of vessel lease | $ 0 | $ (431) |
Gain on sale of vessels | 21,959 | 4,618 |
Gain on settlement of claim | 397 | 1,202 |
Gain on pool arrangements | 1,283 | 248 |
Other gains | 41 | 8 |
Total other operating income | $ 23,680 | $ 5,645 |
REVENUE AND OTHER OPERATING I_5
REVENUE AND OTHER OPERATING INCOME - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
May 31, 2023 | Jan. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||||
Proceeds from sale of vessels | $ 142,740 | $ 80,000 | ||
Gain on sale of vessels | 21,959 | 4,618 | ||
Gain on pool arrangements | 1,283 | 248 | ||
Gain on settlement of claim | 397 | 1,202 | ||
Insurance claim | ||||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||||
Gain on settlement of claim | 400 | $ 1,200 | ||
Front Eminence | ||||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||||
Gross proceeds from sale of vessels | $ 61,000 | |||
Gain on sale of vessels | 9,900 | |||
Front Balder | ||||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||||
Gross proceeds from sale of vessels | $ 39,500 | |||
Gain on sale of vessels | 2,800 | |||
Front Eminence and Front Balder | ||||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||||
Proceeds from sale of vessels | 63,600 | |||
Front Njord | ||||
Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items] | ||||
Gross proceeds from sale of vessels | $ 44,500 | |||
Proceeds from sale of vessels | 28,200 | |||
Gain on sale of vessels | $ 9,300 |
MARKETABLE SECURITIES - Schedul
MARKETABLE SECURITIES - Schedule of Movements in Marketable Securities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Marketable Securities [Abstract] | ||
Balance at beginning of period | $ 236,281 | $ 2,435 |
Marketable securities acquired | 0 | 167,709 |
Unrealized gain (loss) on marketable securities held at period end | (23,968) | 66,137 |
Balance at end of period | $ 212,313 | $ 236,281 |
MARKETABLE SECURITIES - Narrati
MARKETABLE SECURITIES - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Summary of Marketable Securities [Line Items] | ||
Unrealized gain (loss) on marketable securities held at period end | $ (23,968) | $ 66,137 |
Avance Gas | ||
Summary of Marketable Securities [Line Items] | ||
Number of marketable securities (in shares) | 442,384 | |
Unrealized gain (loss) on marketable securities held at period end | $ 900 | |
SFL Tanker Holding Ltd | ||
Summary of Marketable Securities [Line Items] | ||
Number of marketable securities (in shares) | 73,165 | |
Golden Ocean | ||
Summary of Marketable Securities [Line Items] | ||
Number of marketable securities (in shares) | 10,299 | |
Euronav | ||
Summary of Marketable Securities [Line Items] | ||
Number of marketable securities (in shares) | 13,664,613 | |
Unrealized gain (loss) on marketable securities held at period end | $ (24,900) | |
Dividends received | $ 25,000 |
VESSELS AND EQUIPMENT, NET - Sc
VESSELS AND EQUIPMENT, NET - Schedule of Movements in Vessels and Equipment (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment at the end of the year | $ 3,622,364 |
Vessels and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment at the end of the year | 3,574,469 |
Drydock component | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment at the end of the year | 47,895 |
Cost | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment at the beginning of the year | 4,517,155 |
Additions | 10,581 |
Transferred from newbuildings | 193,889 |
Disposals | (237,835) |
Property, plant and equipment at the end of the year | 4,483,790 |
Cost | Vessels and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment at the beginning of the year | 4,390,718 |
Additions | 5,152 |
Transferred from newbuildings | 191,133 |
Disposals | (230,194) |
Property, plant and equipment at the end of the year | 4,356,809 |
Cost | Drydock component | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment at the beginning of the year | 126,437 |
Additions | 5,429 |
Transferred from newbuildings | 2,756 |
Disposals | (7,641) |
Property, plant and equipment at the end of the year | 126,981 |
Accumulated depreciation | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment at the beginning of the year | (866,503) |
Charge for the period | (112,212) |
Disposals | 117,289 |
Property, plant and equipment at the end of the year | (861,426) |
Accumulated depreciation | Vessels and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment at the beginning of the year | (790,346) |
Charge for the period | (103,512) |
Disposals | 111,518 |
Property, plant and equipment at the end of the year | (782,340) |
Accumulated depreciation | Drydock component | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Property, plant and equipment at the beginning of the year | (76,157) |
Charge for the period | (8,700) |
Disposals | 5,771 |
Property, plant and equipment at the end of the year | $ (79,086) |
VESSELS AND EQUIPMENT, NET - Na
VESSELS AND EQUIPMENT, NET - Narrative (Details) - vessels | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of vessels EGCS completed | 2 | |
Number of vessels, drydock performed | 3 | |
Vessels and equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation period | 25 years | |
Vessels and equipment | Forecast | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation period | 20 years | |
VLCC vessels | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of tankers sold | 1 | |
Number of vessels delivered | 2 | |
Suezmax tanker | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Number of tankers sold | 2 |
LEASES - Schedule of Future Min
LEASES - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total minimum lease payments | $ 3,087 | $ 3,546 |
Less: Imputed interest | (102) | (150) |
Present value of obligations under leases | 2,985 | 3,396 |
Year 1 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total minimum lease payments | 1,140 | 1,103 |
Year 2 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total minimum lease payments | 1,294 | 1,206 |
Year 3 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Total minimum lease payments | $ 653 | $ 1,237 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) tanker | Dec. 31, 2022 USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Vessels | $ 3,622,364 | |
Cost | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Vessels | 4,483,790 | $ 4,517,155 |
Cost | Property, plant and equipment subject to operating leases | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Vessels | 206,100 | 100,100 |
Accumulated depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Vessels | (861,426) | (866,503) |
Accumulated depreciation | Property, plant and equipment subject to operating leases | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Vessels | $ (31,100) | $ (3,900) |
LR2 Tanker | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Number of assets on fixed rate time charter | tanker | 4 | |
New assets on fixed rate time charter | tanker | 2 | |
Number of vessels on fixed rate time charter with extension option | tanker | 2 | |
Extention period for fixed rate time charters | 1 year |
LEASES - Schedule of Minimum Fu
LEASES - Schedule of Minimum Future Revenue Receivable under Fixed Rate Contracts (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total minimum lease payments | $ 118,346 |
Year 1 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total minimum lease payments | 58,194 |
Year 2 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total minimum lease payments | 53,246 |
Year 3 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Total minimum lease payments | $ 6,906 |
INTEREST BEARING LOANS AND BO_3
INTEREST BEARING LOANS AND BORROWINGS - Summary of Outstanding Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [line items] | |||
Debt at beginning of period | $ 2,390,314 | ||
Long-term portion of debt at beginning of period | 2,112,460 | ||
Proceeds | 259,375 | $ 234,000 | |
Repayments | (356,625) | $ (223,270) | |
Debt issuance costs | (21,473) | $ (23,113) | |
Accrued interest expense | 19,953 | 19,499 | |
Debt at end of period | 2,295,157 | ||
Short-term debt and current portion of long-term debt | 362,547 | $ 277,854 | |
Long-term portion of debt at end of period | 1,932,610 | ||
Total U.S. dollar denominated floating rate debt | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt at beginning of period | 2,184,228 | ||
Proceeds | 259,375 | ||
Repayments | (222,225) | ||
Debt at end of period | 2,221,377 | ||
Total U.S. dollar denominated fixed rate debt | |||
Disclosure of detailed information about borrowings [line items] | |||
Debt at beginning of period | 209,700 | ||
Proceeds | 0 | ||
Repayments | (134,400) | ||
Debt at end of period | $ 75,300 |
INTEREST BEARING LOANS AND BO_4
INTEREST BEARING LOANS AND BORROWINGS - Narrative (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2023 USD ($) | May 31, 2023 USD ($) | Feb. 28, 2023 USD ($) | Jan. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Nov. 30, 2022 USD ($) | Jun. 30, 2017 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||||
Proceeds from issuance of debt | $ 259,375 | $ 234,000 | |||||||
Repayments of borrowings | 356,625 | $ 223,270 | |||||||
Amendments agreements, aggregate outstanding loan | $ 1,788,400 | $ 1,788,400 | |||||||
Amendments agreements, weighted average CAS | 0.0016 | 0.0016 | |||||||
Amendments agreements, weighted average CAS, interest period | 3 months | 3 months | |||||||
Debt issuance cost | $ 21,473 | $ 21,473 | $ 23,113 | ||||||
$65.0 million term loan facility (Credit Agricole) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Proceeds from issuance of debt | $ 65,000 | ||||||||
Debt instrument, term | 5 years | ||||||||
Interest rate amortization profile | 18 years | ||||||||
$65.0 million term loan facility (Credit Agricole) | Secured Overnight Financing Rate (SOFR) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 1.70% | ||||||||
$65.0 million term loan facility (KFW) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Proceeds from issuance of debt | $ 65,000 | ||||||||
Debt instrument, term | 5 years | ||||||||
Interest rate amortization profile | 20 years | ||||||||
$65.0 million term loan facility (KFW) | Secured Overnight Financing Rate (SOFR) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 1.70% | ||||||||
$129.4 million term loan facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Debt instrument, term | 5 years | ||||||||
Interest rate amortization profile | 18 years | ||||||||
Line of credit facility, maximum borrowing capacity | $ 129,400 | ||||||||
$129.4 million term loan facility | Secured Overnight Financing Rate (SOFR) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 1.80% | ||||||||
$110.5 million term loan facility (ING) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 80,100 | ||||||||
$110.5 million term loan facility (ING) | London Interbank Offered Rate (LIBOR) | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Borrowings, adjustment to interest rate basis | 1.90% | ||||||||
$275.0 million revolving credit facility | |||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||
Repayments of borrowings | 74,400 | $ 60,000 | |||||||
Notional amount | $ 275,000 | ||||||||
Undrawn borrowing facilities | $ 199,700 | $ 199,700 |
INTEREST BEARING LOANS AND BO_5
INTEREST BEARING LOANS AND BORROWINGS - Schedule of Assets Pledged (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets Pledged [Abstract] | ||
Vessels | $ 3,622,364 | |
Vessels and equipment | ||
Assets Pledged [Abstract] | ||
Vessels | 3,574,469 | |
Vessels and equipment | Pledged as collateral | ||
Assets Pledged [Abstract] | ||
Vessels | $ 3,622,087 | $ 3,650,325 |
FINANCIAL INSTRUMENTS - Narrati
FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | ||||
Apr. 30, 2020 USD ($) derivative | Mar. 31, 2020 USD ($) derivative | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Feb. 28, 2016 USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative instruments receivable | $ 52,704 | $ 53,993 | ||||
Interest rate swap contract | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Nominal amount of hedging instrument | 550,000 | |||||
Gain on derivatives | $ 9,200 | $ 33,800 | ||||
Interest rate swap contract | Secured Overnight Financing Rate (SOFR) | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivatives, adjustment to interest rate basis | 0.26% | |||||
Interest rate swap contract | Fair Value | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Derivative instruments receivable | $ 52,700 | 54,000 | ||||
Derivative instruments payable | $ 0 | $ 0 | ||||
Interest rate swap contract | $150m borrowings | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Nominal amount of hedging instrument | 150,000 | 150,000 | ||||
Number of derivatives entered into | derivative | 2 | |||||
Interest rate swap contract | $250m Borrowings | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Nominal amount of hedging instrument | 250,000 | |||||
Number of derivatives entered into | derivative | 3 |
FINANCIAL INSTRUMENTS - Schedul
FINANCIAL INSTRUMENTS - Schedule of Interest Rate Swaps (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
February 2026 | |
Disclosure of detailed information about financial instruments [line items] | |
Nominal amount of hedging instrument | 150,000 |
March 2027 | |
Disclosure of detailed information about financial instruments [line items] | |
Nominal amount of hedging instrument | 100,000 |
March 2027 | |
Disclosure of detailed information about financial instruments [line items] | |
Nominal amount of hedging instrument | 50,000 |
March 2025 | |
Disclosure of detailed information about financial instruments [line items] | |
Nominal amount of hedging instrument | 100,000 |
April 2027 | |
Disclosure of detailed information about financial instruments [line items] | |
Nominal amount of hedging instrument | 100,000 |
April 2025 | |
Disclosure of detailed information about financial instruments [line items] | |
Nominal amount of hedging instrument | 50,000 |
Total U.S. dollar denominated fixed rate debt | February 2026 | |
Disclosure of detailed information about financial instruments [line items] | |
Fixed Interest Rate | 2.197% |
Total U.S. dollar denominated fixed rate debt | March 2027 | |
Disclosure of detailed information about financial instruments [line items] | |
Fixed Interest Rate | 0.975% |
Total U.S. dollar denominated fixed rate debt | March 2027 | |
Disclosure of detailed information about financial instruments [line items] | |
Fixed Interest Rate | 0.60% |
Total U.S. dollar denominated fixed rate debt | March 2025 | |
Disclosure of detailed information about financial instruments [line items] | |
Fixed Interest Rate | 0.90% |
Total U.S. dollar denominated fixed rate debt | April 2027 | |
Disclosure of detailed information about financial instruments [line items] | |
Fixed Interest Rate | 0.597% |
Total U.S. dollar denominated fixed rate debt | April 2025 | |
Disclosure of detailed information about financial instruments [line items] | |
Fixed Interest Rate | 0.50% |
Interest rate swap contract | |
Disclosure of detailed information about financial instruments [line items] | |
Nominal amount of hedging instrument | 550,000 |
FINANCIAL INSTRUMENTS - Sched_2
FINANCIAL INSTRUMENTS - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Financial assets measured at fair value through profit or loss | ||||
Marketable securities | $ 212,313 | $ 236,281 | $ 2,435 | |
Financial assets not measured at fair value | ||||
Cash and cash equivalents | 306,823 | 254,525 | $ 119,811 | $ 113,073 |
Financial liabilities not measured at fair value | ||||
Trade and other payables | 63,404 | 81,533 | ||
Debt | 2,295,157 | 2,390,314 | ||
Floating rate debt | ||||
Financial liabilities not measured at fair value | ||||
Debt | 2,221,377 | 2,184,228 | ||
Fixed rate debt | ||||
Financial liabilities not measured at fair value | ||||
Debt | 75,300 | 209,700 | ||
Carrying Value | Financial liabilities not measured at fair value | ||||
Financial liabilities not measured at fair value | ||||
Trade and other payables | 63,404 | 81,533 | ||
Carrying Value | Financial liabilities not measured at fair value | Floating rate debt | ||||
Financial liabilities not measured at fair value | ||||
Debt | 2,241,261 | 2,201,543 | ||
Carrying Value | Financial liabilities not measured at fair value | Fixed rate debt | ||||
Financial liabilities not measured at fair value | ||||
Debt | 75,371 | 211,884 | ||
Carrying Value | Financial assets measured at fair value through profit or loss | ||||
Financial assets measured at fair value through profit or loss | ||||
Derivative instruments receivable - non-current | 52,704 | 53,993 | ||
Marketable securities | 212,313 | 236,281 | ||
Carrying Value | Financial assets not measured at fair value | ||||
Financial assets not measured at fair value | ||||
Cash and cash equivalents | 306,823 | 254,525 | ||
Receivables | 133,406 | 139,467 | ||
Loan notes receivable | 0 | 1,388 | ||
Fair Value | Financial liabilities not measured at fair value | ||||
Financial liabilities not measured at fair value | ||||
Trade and other payables | 63,404 | 81,533 | ||
Fair Value | Financial liabilities not measured at fair value | Floating rate debt | ||||
Financial liabilities not measured at fair value | ||||
Debt | 2,241,261 | 2,201,543 | ||
Fair Value | Financial liabilities not measured at fair value | Fixed rate debt | ||||
Financial liabilities not measured at fair value | ||||
Debt | 75,876 | 212,203 | ||
Fair Value | Financial assets measured at fair value through profit or loss | ||||
Financial assets measured at fair value through profit or loss | ||||
Derivative instruments receivable - non-current | 52,704 | 53,993 | ||
Marketable securities | 212,313 | 236,281 | ||
Fair Value | Financial assets not measured at fair value | ||||
Financial assets not measured at fair value | ||||
Cash and cash equivalents | 306,823 | 254,525 | ||
Receivables | 133,406 | 139,467 | ||
Loan notes receivable | 0 | 1,388 | ||
Fair Value | Level 1 | Financial liabilities not measured at fair value | Floating rate debt | ||||
Financial liabilities not measured at fair value | ||||
Debt | 0 | 0 | ||
Fair Value | Level 1 | Financial liabilities not measured at fair value | Fixed rate debt | ||||
Financial liabilities not measured at fair value | ||||
Debt | 0 | 0 | ||
Fair Value | Level 1 | Financial assets measured at fair value through profit or loss | ||||
Financial assets measured at fair value through profit or loss | ||||
Derivative instruments receivable - non-current | 0 | 0 | ||
Marketable securities | 212,313 | 236,281 | ||
Fair Value | Level 1 | Financial assets not measured at fair value | ||||
Financial assets not measured at fair value | ||||
Cash and cash equivalents | 306,823 | 254,525 | ||
Loan notes receivable | 0 | |||
Fair Value | Level 2 | Financial liabilities not measured at fair value | Floating rate debt | ||||
Financial liabilities not measured at fair value | ||||
Debt | 2,241,261 | 2,201,543 | ||
Fair Value | Level 2 | Financial liabilities not measured at fair value | Fixed rate debt | ||||
Financial liabilities not measured at fair value | ||||
Debt | 0 | 0 | ||
Fair Value | Level 2 | Financial assets measured at fair value through profit or loss | ||||
Financial assets measured at fair value through profit or loss | ||||
Derivative instruments receivable - non-current | 52,704 | 53,993 | ||
Marketable securities | 0 | 0 | ||
Fair Value | Level 2 | Financial assets not measured at fair value | ||||
Financial assets not measured at fair value | ||||
Cash and cash equivalents | 0 | 0 | ||
Loan notes receivable | 1,388 | |||
Fair Value | Level 3 | Financial liabilities not measured at fair value | Floating rate debt | ||||
Financial liabilities not measured at fair value | ||||
Debt | 0 | 0 | ||
Fair Value | Level 3 | Financial liabilities not measured at fair value | Fixed rate debt | ||||
Financial liabilities not measured at fair value | ||||
Debt | 75,876 | 212,203 | ||
Fair Value | Level 3 | Financial assets measured at fair value through profit or loss | ||||
Financial assets measured at fair value through profit or loss | ||||
Derivative instruments receivable - non-current | 0 | 0 | ||
Marketable securities | 0 | 0 | ||
Fair Value | Level 3 | Financial assets not measured at fair value | ||||
Financial assets not measured at fair value | ||||
Cash and cash equivalents | $ 0 | 0 | ||
Loan notes receivable | $ 0 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIES - Narrative (Details) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Nov. 30, 2022 USD ($) | Jan. 31, 2014 tanker vessels | |
Disclosure of transactions between related parties [line items] | |||||
Related party payables | $ 40,546 | $ 31,248 | |||
$275.0 million revolving credit facility | |||||
Disclosure of transactions between related parties [line items] | |||||
Interest expense | 7,600 | $ 6,600 | |||
Notional amount | $ 275,000 | ||||
Undrawn borrowing facilities | 199,700 | ||||
TFG Marine | |||||
Disclosure of transactions between related parties [line items] | |||||
Share of profit (loss) of associates accounted for using equity method | (3,700) | (6,500) | |||
FMS Hold Co | |||||
Disclosure of transactions between related parties [line items] | |||||
Share of profit (loss) of associates accounted for using equity method | (1,200) | 600 | |||
SFL Corporation Limited | |||||
Disclosure of transactions between related parties [line items] | |||||
Number of vessels | vessels | 2 | ||||
Income (loss) on pooled vessels | 1,300 | $ 200 | |||
SFL Corporation Limited | Suezmax tanker | |||||
Disclosure of transactions between related parties [line items] | |||||
Number of vessels | tanker | 2 | ||||
TFG Marine | |||||
Disclosure of transactions between related parties [line items] | |||||
Purchases of goods, related party transactions | 193,100 | ||||
Related party payables | 18,249 | $ 14,831 | |||
Cash repayments of advances and loans from related parties | 1,400 | ||||
Dividends received | $ 7,300 |
RELATED PARTY TRANSACTIONS AN_4
RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIES - Schedule of Net Amounts Earned from (Paid to) Related Parties (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Seatankers Management Co. Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Net amounts earned from (paid to) related parties | $ 814 | $ 313 |
SFL | ||
Disclosure of transactions between related parties [line items] | ||
Net amounts earned from (paid to) related parties | 986 | 1,863 |
Golden Ocean | ||
Disclosure of transactions between related parties [line items] | ||
Net amounts earned from (paid to) related parties | 2,258 | 1,593 |
Flex LNG Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Net amounts earned from (paid to) related parties | 835 | 687 |
Seatankers Management Norway AS | ||
Disclosure of transactions between related parties [line items] | ||
Net amounts earned from (paid to) related parties | (551) | (285) |
Avance Gas | ||
Disclosure of transactions between related parties [line items] | ||
Net amounts earned from (paid to) related parties | 1,042 | 1,110 |
TFG Marine | ||
Disclosure of transactions between related parties [line items] | ||
Net amounts earned from (paid to) related parties | 642 | 417 |
Front Ocean Management | ||
Disclosure of transactions between related parties [line items] | ||
Net amounts earned from (paid to) related parties | (1,272) | (954) |
Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Net amounts earned from (paid to) related parties | $ 6 | $ 9 |
RELATED PARTY TRANSACTIONS AN_5
RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIES - Schedule of Balances Due from Related Parties (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of transactions between related parties [line items] | ||
Receivables due from related parties | $ 18,409 | $ 13,485 |
SFL | ||
Disclosure of transactions between related parties [line items] | ||
Receivables due from related parties | 6,207 | 3,505 |
Seatankers Management Co. Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Receivables due from related parties | 464 | 1,368 |
Alta Trading UK Limited | ||
Disclosure of transactions between related parties [line items] | ||
Receivables due from related parties | 0 | 60 |
Golden Ocean | ||
Disclosure of transactions between related parties [line items] | ||
Receivables due from related parties | 9,065 | 6,964 |
Flex LNG Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Receivables due from related parties | 828 | 303 |
Avance Gas | ||
Disclosure of transactions between related parties [line items] | ||
Receivables due from related parties | 633 | 695 |
TFG Marine | ||
Disclosure of transactions between related parties [line items] | ||
Receivables due from related parties | 647 | 28 |
Front Ocean Management | ||
Disclosure of transactions between related parties [line items] | ||
Receivables due from related parties | 471 | 473 |
Other related parties | ||
Disclosure of transactions between related parties [line items] | ||
Receivables due from related parties | $ 94 | $ 89 |
RELATED PARTY TRANSACTIONS AN_6
RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIES - Schedule of Balances Due to Related Parties (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of transactions between related parties [line items] | ||
Related party payables | $ 40,546 | $ 31,248 |
SFL | ||
Disclosure of transactions between related parties [line items] | ||
Related party payables | 8,832 | 6,702 |
Seatankers Management Co. Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Related party payables | 811 | 351 |
Avance Gas | ||
Disclosure of transactions between related parties [line items] | ||
Related party payables | 352 | 450 |
Flex LNG Ltd | ||
Disclosure of transactions between related parties [line items] | ||
Related party payables | 987 | 158 |
Golden Ocean | ||
Disclosure of transactions between related parties [line items] | ||
Related party payables | 10,892 | 8,470 |
TFG Marine | ||
Disclosure of transactions between related parties [line items] | ||
Related party payables | 18,249 | 14,831 |
Front Ocean Management | ||
Disclosure of transactions between related parties [line items] | ||
Related party payables | $ 423 | $ 286 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 1 Months Ended | 6 Months Ended |
Jan. 31, 2023 | Jun. 30, 2023 USD ($) vessels subsidiary | |
Disclosure of contingent liabilities [line items] | ||
Number of newbuild vessels | vessels | 0 | |
New buildings | ||
Disclosure of contingent liabilities [line items] | ||
Capital commitments | $ 0 | |
TFG Marine | ||
Disclosure of contingent liabilities [line items] | ||
Guarantee amount, subsidiary performance | 6,000,000 | |
Guarantee amount, current exposure | 0 | |
Capital commitments | 47,800,000 | |
TFG Marine | Remainder of fiscal year | ||
Disclosure of contingent liabilities [line items] | ||
Capital commitments | 18,900,000 | |
TFG Marine | Next fiscal year | ||
Disclosure of contingent liabilities [line items] | ||
Capital commitments | $ 28,900,000 | |
Euronav | Terminating combination agreement | ||
Disclosure of contingent liabilities [line items] | ||
Combination agreement, exchange ratio | 1.45 | |
TFG Marine | ||
Disclosure of contingent liabilities [line items] | ||
Number of subsidiaries | subsidiary | 2 | |
Subsidiaries | ||
Disclosure of contingent liabilities [line items] | ||
Guarantee amount, subsidiary performance | $ 60,000,000 | |
Guarantee amount, current exposure | $ 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | 1 Months Ended |
Aug. 31, 2023 $ / shares | |
Declaration of dividend | |
Disclosure of non-adjusting events after reporting period [line items] | |
Dividends declared (in USD per share) | $ 0.80 |