Interest-bearing loans and borrowings |
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| Interest-Being Loans And Borrowings [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing loans and borrowings | Interest-bearing loans and borrowings
The amounts shown under "New Loans" and "Early Repayments" related to bank loans include drawdowns and repayments under revolving credit facilities during the year. Bank loans Terms and debt repayment schedule The terms and conditions of outstanding loans were as follows:
* The total amount available under the revolving loan facilities depends on the total value of the fleet of tankers securing the facility. The facility size of the vessel loans can be reduced if the value of the collateralized vessels falls under a certain percentage of the outstanding amount under that loan. Other notes
On March 18, 2022, the Financial Supervisory Authority of Norway approved the listing on the Oslo Stock Exchange of Euronav Luxembourg S.A.’s USD 200 million senior unsecured bonds due September 2026. Other borrowingsOn June 6, 2017, the Group signed an agreement with BNP to act as dealer for a Treasury Notes Program with a maximum outstanding amount of 50 million Euro. On October 1, 2018, KBC was appointed as an additional dealer in the agreement and the maximum amount was increased from 50 million Euro to 150 million Euro. As of June 30, 2025, the outstanding amount was $35.2 million or 30.1 million Euro (December 31, 2024: $63.0 million or 60.6 million Euro). The Treasury Notes are issued on an as needed basis with different durations and initial pricing is set to 60 bps over Euribor. The Company enters into FX forward contracts to manage the transaction risks related to these instruments issued in Euro compared to the USD Group currency. The FX contracts have a same nominal amount and duration as the issued Treasury Notes and they are measured at fair value with changes in fair value recognized in the consolidated statement of profit or loss. On June 30, 2025, the fair value of these forward contracts amounted to $0.1 million. Due to the acquisition and consolidation of Golden Ocean Group as per March, 2025, $300.0 million of sale and leaseback arrangements were entered into the Group. The sale and leaseback financing agreements have a term of between 7 and 10 years, from the delivery of the respective vessels, in the case of newbuilds. They carry an interest rate of SOFR plus 1.85% to 2.00%. At the end of the bareboat contract, the Company has a purchase option or a purchase obligation. As at June 2025, the outstanding balance under these facilities was $292.2 million. In relation to the sale and leaseback arrangements, the total outstanding balance as at June 30, 2025 was $1,266.4 million. Golden Ocean receives services from Front Ocean in relation to sales and purchase activities, bunker procurement and administrative services in relation to the corporate headquarter. Costs are allocated based on a cost plus mark-up model. As of June 30, 2025, the outstanding amount was $4.5 million. The future capital payments for these leaseback agreements are as follows:
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