v3.25.4
SEGMENT - Summary of Segment Reporting (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Profit (loss), attributable to [abstract]        
Revenue $ 1,339.5 $ 1,559.2 $ 1,520.4  
Operating expenses (252.4) (245.1) (216.0)  
Administrative expenses (113.8) (95.6) (82.9)  
Other operating income and expenses 0.1 (0.5) 6.3  
Depreciation and amortization (214.5) (192.0) (149.3)  
Operating profit (EBIT) 356.3 658.8 698.6  
Financial income 13.3 24.8 14.3  
Financial expenses (74.4) (74.1) (60.9)  
Profit before tax 295.2 609.5 652.0  
Tax (9.2) 2.0 (4.0)  
Net profit for the year 286.0 611.5 648.0  
Intangible assets        
Goodwill 1.8 1.7 1.8  
Other intangible assets 4.0 2.0 1.8  
Total intangible assets 5.8 3.7 3.6  
Tangible fixed assets        
Land and buildings 9.7 8.1 5.5  
Vessels and capitalized dry-docking 2,792.2 2,826.7 2,070.2  
Prepayments on vessels 14.1 0.0 86.0 $ 0.0
Other non-current assets under construction 3.4 4.6 4.2  
Other plant and operating equipment 2.5 3.3 4.4  
Total tangible fixed assets 2,821.9 2,842.7 2,170.3  
Financial assets        
Investments in joint ventures 0.0 0.1 0.1  
Loan receivables 4.4 4.5 4.5  
Deferred tax asset 0.3 3.1 0.4  
Other investments 2.7 0.2 0.0  
Total financial assets 7.4 7.9 5.0  
Total non-current assets 2,835.1 2,854.3 2,178.9  
Current assets        
Inventories 66.5 68.4 61.7  
Trade receivables 214.7 183.9 211.0  
Other receivables 23.7 59.6 60.5  
Prepayments 39.1 12.2 15.2  
Cash and cash equivalents incl. restricted cash 163.5 291.2 295.6  
Current assets excluding assets held for sale 507.5 615.3 644.0  
Assets held for sale 24.4 0.0 47.2  
Total current assets 531.9 615.3 691.2  
TOTAL ASSETS 3,367.0 3,469.6 2,870.1  
EQUITY AND LIABILITIES        
Total equity 2,202.6 2,074.8 1,666.0 $ 1,503.7
Non-current liabilities        
Non-current tax liability related to held-over gains 45.2 45.2 45.2  
Deferred tax liability 0.2 0.3 3.6  
Borrowings 714.3 1,061.0 886.9  
Other non-current liabilities 3.3 2.9 3.0  
Total non-current liabilities 763.0 1,109.4 938.7  
Current liabilities        
Borrowings 288.8 165.3 172.7  
Trade payables 41.0 50.0 43.1  
Current tax liabilities 0.3 0.7 0.6  
Other liabilities 68.3 61.3 45.2  
Provisions 0.7 0.6 0.5  
Prepayments from customers 2.3 7.5 3.3  
Total current liabilities 401.4 285.4 265.4  
Total liabilities 1,164.4 1,394.8 1,204.1  
TOTAL EQUITY AND LIABILITIES 3,367.0 3,469.6 2,870.1  
Operating segment        
Profit (loss), attributable to [abstract]        
Revenue 1,339.5 1,559.2 1,520.4  
Port expenses, bunkers, and commissions (404.5) (409.2) (407.6)  
Other cost of goods and services sold (17.1) (9.3) (22.7)  
Operating expenses (252.4) (245.1) (216.0)  
Profit from sale of vessels 19.0 51.3 50.4  
Administrative expenses (113.8) (95.6) (82.9)  
Other operating income and expenses 0.1 (0.5) 6.3  
Depreciation and amortization (214.5) (192.0) (149.3)  
Operating profit (EBIT) 356.3 658.8 698.6  
Financial income 13.3 24.8 14.3  
Financial expenses (74.4) (74.1) (60.9)  
Profit before tax 295.2 609.5 652.0  
Tax (9.2) 2.0 (4.0)  
Net profit for the year 286.0 611.5 648.0  
Intangible assets        
Goodwill 1.8 1.7 1.8  
Other intangible assets 4.0 2.0 1.8  
Total intangible assets 5.8 3.7 3.6  
Tangible fixed assets        
Land and buildings 9.7 8.1 5.5  
Vessels and capitalized dry-docking 2,792.2 2,826.7 2,070.2  
Prepayments on vessels 14.1 0.0 86.0  
Other non-current assets under construction 3.4 4.6 4.2  
Other plant and operating equipment 2.5 3.3 4.4  
Total tangible fixed assets 2,821.9 2,842.7 2,170.3  
Financial assets        
Investments in joint ventures 0.0 0.1 0.1  
Loan receivables 4.4 4.5 4.5  
Deferred tax asset 0.3 3.1 0.4  
Other investments 2.7 0.2 0.0  
Total financial assets 7.4 7.9 5.0  
Total non-current assets 2,835.1 2,854.3 2,178.9  
Current assets        
Inventories 66.5 68.4 61.7  
Trade receivables 214.7 183.9 211.0  
Other receivables 23.7 59.6 60.5  
Prepayments 39.1 12.2 15.2  
Cash and cash equivalents incl. restricted cash 163.5 291.2 295.6  
Current assets excluding assets held for sale 507.5 615.3 644.0  
Assets held for sale 24.4 0.0 47.2  
Total current assets 531.9 615.3 691.2  
TOTAL ASSETS 3,367.0 3,469.6 2,870.1  
EQUITY AND LIABILITIES        
Total equity 2,202.6 2,074.8 1,666.0  
Non-current liabilities        
Non-current tax liability related to held-over gains 45.2 45.2 45.2  
Deferred tax liability 0.2 0.3 3.6  
Borrowings 714.3 1,061.0 886.9  
Other non-current liabilities 3.3 2.9 3.0  
Total non-current liabilities 763.0 1,109.4 938.7  
Current liabilities        
Borrowings 288.8 165.3 172.7  
Trade payables 41.0 50.0 43.0  
Current tax liabilities 0.3 0.7 0.6  
Other liabilities 68.3 61.3 45.2  
Provisions 0.7 0.6 0.6  
Prepayments from customers 2.3 7.5 3.3  
Total current liabilities 401.4 285.4 265.4  
Total liabilities 1,164.4 1,394.8 1,204.1  
TOTAL EQUITY AND LIABILITIES 3,367.0 3,469.6 2,870.1  
Non-current asset additions during the year:        
Total non-current asset additions 324.0 912.3 612.9  
Operating segment | Goodwill        
Non-current asset additions during the year:        
Total non-current asset additions 0.0 0.0 0.0  
Operating segment | Other intangible assets        
Non-current asset additions during the year:        
Total non-current asset additions 2.6 1.0 0.6  
Operating segment | Land and buildings        
Non-current asset additions during the year:        
Total non-current asset additions 4.5 5.6 4.4  
Operating segment | Vessels and capitalized dry-docking        
Non-current asset additions during the year:        
Total non-current asset additions 298.4 792.7 516.4  
Operating segment | Prepayments on vessels        
Non-current asset additions during the year:        
Total non-current asset additions 17.5 111.5 86.0  
Operating segment | Other non-current assets under construction        
Tangible fixed assets        
Other non-current assets under construction 0.0 0.2 4.2  
Operating segment | Other plant and operating equipment        
Non-current asset additions during the year:        
Total non-current asset additions 1.0 1.3 1.3  
Operating segment | Tanker segment        
Profit (loss), attributable to [abstract]        
Revenue 1,314.2 1,544.0 1,491.4  
Port expenses, bunkers, and commissions (404.5) (409.2) (407.6)  
Other cost of goods and services sold 0.0 0.0 0.0  
Operating expenses (253.1) (245.6) (216.4)  
Profit from sale of vessels 17.8 51.3 50.4  
Administrative expenses (106.5) (87.9) (76.5)  
Other operating income and expenses 0.0 (0.6) 6.0  
Depreciation and amortization (213.5) (191.2) (148.2)  
Operating profit (EBIT) 354.4 660.8 699.1  
Financial income 13.1 24.7 14.3  
Financial expenses (74.2) (73.9) (60.5)  
Profit before tax 293.3 611.6 652.9  
Tax (8.5) 2.5 (4.0)  
Net profit for the year 284.8 614.1 648.9  
Intangible assets        
Goodwill 0.0 0.0 0.0  
Other intangible assets 1.6 1.1 0.9  
Total intangible assets 1.6 1.1 0.9  
Tangible fixed assets        
Land and buildings 7.7 8.1 4.9  
Vessels and capitalized dry-docking 2,806.8 2,843.9 2,081.7  
Prepayments on vessels 14.1 0.0 86.0  
Other non-current assets under construction 0.0 0.0 0.0  
Other plant and operating equipment 1.4 2.1 3.3  
Total tangible fixed assets 2,830.0 2,854.1 2,175.9  
Financial assets        
Investments in joint ventures 0.0 0.1 0.1  
Loan receivables 4.4 4.5 4.5  
Deferred tax asset 0.3 3.1 0.4  
Other investments 2.7 0.2 0.0  
Total financial assets 7.4 7.9 5.0  
Total non-current assets 2,839.0 2,863.1 2,181.8  
Current assets        
Inventories 63.8 62.6 58.0  
Trade receivables 209.8 179.1 206.2  
Other receivables 16.9 54.7 58.8  
Prepayments 38.4 11.6 10.7  
Cash and cash equivalents incl. restricted cash 155.6 284.9 290.7  
Current assets excluding assets held for sale 484.5 592.9 624.4  
Assets held for sale 24.4 0.0 47.2  
Total current assets 508.9 592.9 671.6  
TOTAL ASSETS 3,347.9 3,456.0 2,853.4  
EQUITY AND LIABILITIES        
Total equity 2,196.5 2,072.9 1,661.3  
Non-current liabilities        
Non-current tax liability related to held-over gains 45.2 45.2 45.2  
Deferred tax liability 0.0 0.0 3.3  
Borrowings 712.8 1,060.8 884.0  
Other non-current liabilities 2.7 2.3 2.2  
Total non-current liabilities 760.7 1,108.3 934.7  
Current liabilities        
Borrowings 285.2 163.5 169.7  
Trade payables 38.8 46.2 39.6  
Current tax liabilities 0.1 0.4 0.6  
Other liabilities 66.6 60.7 44.8  
Provisions 0.0 0.0 0.0  
Prepayments from customers 0.0 4.0 2.7  
Total current liabilities 390.7 274.8 257.4  
Total liabilities 1,151.4 1,383.1 1,192.1  
TOTAL EQUITY AND LIABILITIES 3,347.9 3,456.0 2,853.4  
Non-current asset additions during the year:        
Total non-current asset additions 318.3 916.8 612.5  
Operating segment | Tanker segment | Goodwill        
Non-current asset additions during the year:        
Total non-current asset additions 0.0 0.0 0.0  
Operating segment | Tanker segment | Other intangible assets        
Non-current asset additions during the year:        
Total non-current asset additions 0.9 0.5 0.6  
Operating segment | Tanker segment | Land and buildings        
Non-current asset additions during the year:        
Total non-current asset additions 2.1 5.6 4.4  
Operating segment | Tanker segment | Vessels and capitalized dry-docking        
Non-current asset additions during the year:        
Total non-current asset additions 297.0 798.5 520.4  
Operating segment | Tanker segment | Prepayments on vessels        
Non-current asset additions during the year:        
Total non-current asset additions 17.5 111.5 86.0  
Operating segment | Tanker segment | Other non-current assets under construction        
Tangible fixed assets        
Other non-current assets under construction 0.0 0.0 0.0  
Operating segment | Tanker segment | Other plant and operating equipment        
Non-current asset additions during the year:        
Total non-current asset additions 0.8 0.7 1.1  
Operating segment | Marine Engineering segment        
Profit (loss), attributable to [abstract]        
Revenue 37.2 29.6 48.0  
Port expenses, bunkers, and commissions 0.0 0.0 0.0  
Other cost of goods and services sold (24.6) (18.5) (36.6)  
Operating expenses 0.0 0.0 0.0  
Profit from sale of vessels 0.0 0.0 0.0  
Administrative expenses (7.3) (7.7) (6.4)  
Other operating income and expenses 0.1 0.1 0.3  
Depreciation and amortization (1.0) (0.8) (1.1)  
Operating profit (EBIT) 4.4 2.7 4.2  
Financial income 0.2 0.1 0.0  
Financial expenses (0.2) (0.2) (0.4)  
Profit before tax 4.4 2.6 3.8  
Tax (0.7) (0.5) 0.0  
Net profit for the year 3.7 2.1 3.8  
Intangible assets        
Goodwill 1.8 1.7 1.8  
Other intangible assets 2.4 0.9 0.9  
Total intangible assets 4.2 2.6 2.7  
Tangible fixed assets        
Land and buildings 2.0 0.0 0.6  
Vessels and capitalized dry-docking 0.0 0.0 0.0  
Prepayments on vessels 0.0 0.0 0.0  
Other non-current assets under construction 3.4 4.8 4.5  
Other plant and operating equipment 1.1 1.2 1.1  
Total tangible fixed assets 6.5 6.0 6.2  
Financial assets        
Investments in joint ventures 0.0 0.0 0.0  
Loan receivables 0.0 0.0 0.0  
Deferred tax asset 0.0 0.0 0.0  
Other investments 0.0 0.0 0.0  
Total financial assets 0.0 0.0 0.0  
Total non-current assets 10.7 8.6 8.9  
Current assets        
Inventories 2.7 5.8 3.7  
Trade receivables 4.9 4.8 5.0  
Other receivables 6.8 4.9 1.7  
Prepayments 0.7 0.6 4.5  
Cash and cash equivalents incl. restricted cash 7.9 6.3 4.9  
Current assets excluding assets held for sale 23.0 22.4 19.8  
Assets held for sale 0.0 0.0 0.0  
Total current assets 23.0 22.4 19.8  
TOTAL ASSETS 33.7 31.0 28.7  
EQUITY AND LIABILITIES        
Total equity 18.4 11.7 9.9  
Non-current liabilities        
Non-current tax liability related to held-over gains 0.0 0.0 0.0  
Deferred tax liability 0.2 0.3 0.3  
Borrowings 1.5 0.2 2.9  
Other non-current liabilities 0.6 0.6 0.8  
Total non-current liabilities 2.3 1.1 4.0  
Current liabilities        
Borrowings 3.6 1.8 3.0  
Trade payables 2.2 3.8 3.4  
Current tax liabilities 0.2 0.3 0.0  
Other liabilities 1.7 0.6 0.5  
Provisions 0.7 0.6 0.6  
Prepayments from customers 4.6 11.1 7.3  
Total current liabilities 13.0 18.2 14.8  
Total liabilities 15.3 19.3 18.8  
TOTAL EQUITY AND LIABILITIES 33.7 31.0 28.7  
Non-current asset additions during the year:        
Total non-current asset additions 4.3 1.5 4.7  
Operating segment | Marine Engineering segment | Goodwill        
Non-current asset additions during the year:        
Total non-current asset additions 0.0 0.0 0.0  
Operating segment | Marine Engineering segment | Other intangible assets        
Non-current asset additions during the year:        
Total non-current asset additions 1.7 0.5 0.0  
Operating segment | Marine Engineering segment | Land and buildings        
Non-current asset additions during the year:        
Total non-current asset additions 2.4 0.0 0.0  
Operating segment | Marine Engineering segment | Vessels and capitalized dry-docking        
Non-current asset additions during the year:        
Total non-current asset additions 0.0 0.0 0.0  
Operating segment | Marine Engineering segment | Prepayments on vessels        
Non-current asset additions during the year:        
Total non-current asset additions 0.0 0.0 0.0  
Operating segment | Marine Engineering segment | Other non-current assets under construction        
Tangible fixed assets        
Other non-current assets under construction 0.0 0.4 4.5  
Operating segment | Marine Engineering segment | Other plant and operating equipment        
Non-current asset additions during the year:        
Total non-current asset additions 0.2 0.6 0.2  
Inter- segment elimination        
Profit (loss), attributable to [abstract]        
Revenue (11.9) (14.4) (19.0)  
Port expenses, bunkers, and commissions 0.0 0.0 0.0  
Other cost of goods and services sold 7.5 9.2 13.9  
Operating expenses 0.7 0.5 0.4  
Profit from sale of vessels 1.2 0.0 0.0  
Administrative expenses 0.0 0.0 0.0  
Other operating income and expenses 0.0 0.0 0.0  
Depreciation and amortization 0.0 0.0 0.0  
Operating profit (EBIT) (2.5) (4.7) (4.7)  
Financial income 0.0 0.0 0.0  
Financial expenses 0.0 0.0 0.0  
Profit before tax (2.5) (4.7) (4.7)  
Tax 0.0 0.0 0.0  
Net profit for the year (2.5) (4.7) (4.7)  
Intangible assets        
Goodwill 0.0 0.0 0.0  
Other intangible assets 0.0 0.0 0.0  
Total intangible assets 0.0 0.0 0.0  
Tangible fixed assets        
Land and buildings 0.0 0.0 0.0  
Vessels and capitalized dry-docking (14.6) (17.2) (11.5)  
Prepayments on vessels 0.0 0.0 0.0  
Other non-current assets under construction 0.0 (0.2) (0.3)  
Other plant and operating equipment 0.0 0.0 0.0  
Total tangible fixed assets (14.6) (17.4) (11.8)  
Financial assets        
Investments in joint ventures 0.0 0.0 0.0  
Loan receivables 0.0 0.0 0.0  
Deferred tax asset 0.0 0.0 0.0  
Other investments 0.0 0.0 0.0  
Total financial assets 0.0 0.0 0.0  
Total non-current assets (14.6) (17.4) (11.8)  
Current assets        
Inventories 0.0 0.0 0.0  
Trade receivables 0.0 0.0 (0.2)  
Other receivables 0.0 0.0 0.0  
Prepayments 0.0 0.0 0.0  
Cash and cash equivalents incl. restricted cash 0.0 0.0 0.0  
Current assets excluding assets held for sale 0.0 0.0 (0.2)  
Assets held for sale 0.0 0.0 0.0  
Total current assets 0.0 0.0 (0.2)  
TOTAL ASSETS (14.6) (17.4) (12.0)  
EQUITY AND LIABILITIES        
Total equity (12.3) (9.8) (5.2)  
Non-current liabilities        
Non-current tax liability related to held-over gains 0.0 0.0 0.0  
Deferred tax liability 0.0 0.0 0.0  
Borrowings 0.0 0.0 0.0  
Other non-current liabilities 0.0 0.0 0.0  
Total non-current liabilities 0.0 0.0 0.0  
Current liabilities        
Borrowings 0.0 0.0 0.0  
Trade payables 0.0 0.0 0.0  
Current tax liabilities 0.0 0.0 0.0  
Other liabilities 0.0 0.0 (0.1)  
Provisions 0.0 0.0 0.0  
Prepayments from customers (2.3) (7.6) (6.7)  
Total current liabilities (2.3) (7.6) (6.8)  
Total liabilities (2.3) (7.6) (6.8)  
TOTAL EQUITY AND LIABILITIES (14.6) (17.4) (12.0)  
Non-current asset additions during the year:        
Total non-current asset additions   (6.0) (4.3)  
Inter- segment elimination | Goodwill        
Non-current asset additions during the year:        
Total non-current asset additions 0.0 0.0 0.0  
Inter- segment elimination | Other intangible assets        
Non-current asset additions during the year:        
Total non-current asset additions 0.0 0.0 0.0  
Inter- segment elimination | Land and buildings        
Non-current asset additions during the year:        
Total non-current asset additions 0.0 0.0 0.0  
Inter- segment elimination | Vessels and capitalized dry-docking        
Non-current asset additions during the year:        
Total non-current asset additions   (5.8) (4.0)  
Inter- segment elimination | Prepayments on vessels        
Non-current asset additions during the year:        
Total non-current asset additions 0.0 0.0 0.0  
Inter- segment elimination | Other non-current assets under construction        
Tangible fixed assets        
Other non-current assets under construction 0.0 (0.2) (0.3)  
Inter- segment elimination | Other plant and operating equipment        
Non-current asset additions during the year:        
Total non-current asset additions 0.0 $ 0.0 $ 0.0  
Elimination And Reconciling Items        
Non-current asset additions during the year:        
Total non-current asset additions 1.4      
Elimination And Reconciling Items | Vessels and capitalized dry-docking        
Non-current asset additions during the year:        
Total non-current asset additions $ 1.4