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RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIES
 6 Months Ended
Jun. 30, 2026
Related party transactions [abstract]  
RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIES
10.RELATED PARTY TRANSACTIONS AND AFFILIATED COMPANIES
We transact business with the following related parties: Seatankers Management Norway AS, Seatankers Management Co. Ltd, Alta Trading UK Limited and the affiliates of Hemen referred to in Note 6, 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 through a sale to a third party at which time Golden Ocean ceased to be affiliated with us.

Summary

A summary of transactions with related parties and affiliated companies for the six months ended June 30, 2026 and 2025 was as follows:
(in thousands of $)20262025
Revenues and other operating income
Seatankers Management Co. Ltd3,914 1,877 
SFL1,499 1,048 
Golden Ocean— 48 
Flex LNG Ltd949 795 
Avance Gas— 572 
TFG Marine365 338 
Other related parties and affiliated companies
14 — 
Total revenues and other operating income6,741 4,678 
Operating expenses
Front Ocean Management1,905 1,544 
Seatankers Management Co. Ltd289 456 
Total operating expenses2,194 2,000 
Other income (expenses)
FMS Holdco share of results(44)712 
TFG Marine share of results23,792 405 
Total other income (expenses)23,748 1,117 
    

Revenues earned from related parties and affiliated companies comprise office rental income, technical and commercial management fees, newbuilding supervision fees, freights, and administrative services. Operating expenses paid to related parties and affiliated companies comprise rental for vessels and office space, support staff costs, and corporate administration. In January 2026, the Company entered into agreements to acquire nine VLCC newbuildings from affiliates of Hemen. For further details, refer to Note 6.


Related party and affiliated company balances

A summary of balances due from related parties and affiliated companies as of June 30, 2026 and December 31, 2025 was as follows:

(in thousands of $)June 30, 2026December 31, 2025
SFL2,586 3,860 
Seatankers Management Co. Ltd9,563 8,453 
Flex LNG Ltd987 403 
TFG Marine221 302 
Other related parties and affiliated companies
90 73 
Related party and affiliated company receivables13,447 13,091 

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 as of June 30, 2026 and December 31, 2025 was as follows:

(in thousands of $)June 30, 2026December 31, 2025
SFL10,587 6,829 
Seatankers Management Co. Ltd3,459 2,594 
Flex LNG Ltd490 340 
TFG Marine 25,905 21,195 
Front Ocean Management1,174 106 
Related party and affiliated company payables41,615 31,064 

Related party and affiliated company payables are primarily for bunker purchases, supplier rebates, loan interest and corporate administration fees.

Transactions with associated companies

A share of profit of TFG Marine of $23.8 million was recognized in the six months ended June 30, 2026 (2025: $0.4 million). The Company also entered into a bunker supply arrangement with TFG Marine, under which it paid $257.4 million to TFG Marine in the six months ended June 30, 2026 (2025: $251.7 million) and $25.9 million remained due as of June 30, 2026 (December 31, 2025: $21.2 million). See Note 11 for additional disclosure of financial commitments to TFG Marine as a result of forward bunker purchase arrangements.

Transactions with key management personnel

The total amount of the remuneration earned by all directors and key management personnel for their services in the six months ended June 30, 2026 and 2025 was as follows:

(in thousands of $)20262025
Total remuneration8,048 2,258 
of which:
Paid in capacity as directors2,288 115 
Other remuneration5,760 2,143 

The directors annually review the remuneration of the members of key management personnel. Directors' fees are approved annually at the Annual General Meeting. No pensions were paid to current or past directors. No compensation was paid to current or past directors in respect of loss of office. Total remuneration consists of a fixed and a variable component, summarized as follows:

(in thousands of $)20262025
Total fixed remuneration480 468 
of which:
Cost of pension16 17 
Total variable remuneration7,568 1,790 
of which:
Share based payments7,568 1,790 
In May 2026, the Board of Directors approved the grant of 276,895 synthetic options to management and employees according to the rules of the Company’s synthetic option scheme approved by the Board of Directors. The synthetic options have a term of five years expiring on May 29, 2031. The vesting period is 12 months for the first one-third of options, 24 months for the next one-third of options and 36 months for the final one-third of the options. The exercise price of the synthetic options is $36.80 being the volume-weighted average price of the Company's share for the last 30 days prior to grant. The exercise price will further be adjusted for any distribution of dividends made before the relevant synthetic options are exercised. The synthetic options granted to the CEO and CFO are subject to a cap on the maximum annual gain equal to two times their annual base salary at the time of the exercise of the synthetic options. The synthetic options will be settled in cash based on the difference between the market price of the Company’s shares and the exercise price on the date of exercise, and as such, are classified as a liability.

As of June 30, 2026, the Company recorded a total liability of $3.6 million in relation to synthetic options granted to key management personnel (December 31, 2025: $9.3 million).