Group entities
|
| | | | | | | | | | | | | |
| | Country of incorporation | | Consolidation method | | Ownership interest |
| | | | | | December 31, 2017 |
| | December 31, 2016 |
| | December 31, 2015 |
|
Parent | | | | | | | | | | |
Euronav NV | | Belgium | | full | | 100.00 | % | | 100.00 | % | | 100.00 | % |
| | | | | | | | | | |
Subsidiaries | | | | | | | | | | |
Euronav Tankers NV | | Belgium | | full | | 100.00 | % | | 100.00 | % | | 100.00 | % |
Euronav Shipping NV | | Belgium | | full | | 100.00 | % | | 100.00 | % | | 100.00 | % |
Euronav (UK) Agencies Limited | | UK | | full | | 100.00 | % | | 100.00 | % | | 100.00 | % |
Euronav Luxembourg SA | | Luxembourg | | full | | 100.00 | % | | 100.00 | % | | 100.00 | % |
Euronav sas | | France | | full | | 100.00 | % | | 100.00 | % | | 100.00 | % |
Euronav Ship Management sas | | France | | full | | 100.00 | % | | 100.00 | % | | 100.00 | % |
Euronav Ship Management Ltd | | Liberia | | full | | 100.00 | % | | 100.00 | % | | 100.00 | % |
Euronav Ship Management Hellas (branch office) | | | | | | | | | | |
Euronav Hong Kong | | Hong Kong | | full | | 100.00 | % | | 100.00 | % | | 100.00 | % |
Euro-Ocean Ship Management (Cyprus) Ltd | | Cyprus | | full | | 100.00 | % | | 100.00 | % | | 100.00 | % |
Euronav Singapore | | Singapore | | full | | 100.00 | % | | 100.00 | % | | 100.00 | % |
Fiorano Shipholding Ltd | | Hong Kong | | full | | 100.00 | % | | 100.00 | % | | NA |
|
Larvotto Shipholding Ltd | | Hong Kong | | full | | 100.00 | % | | 100.00 | % | | NA |
|
Euronav MI Inc | | Marshall Islands | | full | | 100.00 | % | | NA |
| | NA |
|
| | | | | | | | | | |
Joint ventures | | | | | | | | | | |
Fiorano Shipholding Ltd | | Hong Kong | | equity | | NA |
| | NA |
| | 50.00 | % |
Fontvieille Shipholding Ltd | | Hong Kong | | equity | | NA |
| | NA |
| | 50.00 | % |
Great Hope Enterprises Ltd | | Hong Kong | | equity | | NA |
| | NA |
| | 50.00 | % |
Kingswood Co. Ltd | | Marshall Islands | | equity | | 50.00 | % | | 50.00 | % | | 50.00 | % |
Larvotto Shipholding Ltd | | Hong Kong | | equity | | NA |
| | NA |
| | 50.00 | % |
Moneghetti Shipholding Ltd | | Hong Kong | | equity | | NA |
| | NA |
| | 50.00 | % |
TI Africa Ltd | | Hong Kong | | equity | | 50.00 | % | | 50.00 | % | | 50.00 | % |
TI Asia Ltd | | Hong Kong | | equity | | 50.00 | % | | 50.00 | % | | 50.00 | % |
Tankers Agencies (UK) Ltd | | UK | | equity | | 50.00 | % | | NA |
| | NA |
|
Tankers International LLC | | Marshall Islands | | equity | | 50.00 | % | | NA |
| | NA |
|
| | | | | | | | | | |
Associates | | | | | | | | | | |
Tankers International LLC | | Marshall Islands | | equity | | NA |
| | 40.00 | % | | 40.00 | % |
In 2015 two joint ventures, Asia Conversion Corporation and Africa Conversion Corporation, were dissolved.
In 2016, the Group transferred its equity interests in Moneghetti Shipholding Ltd. and Fontvieille Shipholding Ltd. and acquired Bretta Tanker Holdings' equity interests in Fiorano Shipholding Ltd. and Larvotto Shipholding Ltd. As a result, the Group's equity interest in Fiorano Shipholding Ltd. and Larvotto Shipholding Ltd. increased from 50% to 100% (see Note 24). In 2016 one joint venture, Great Hope Enterprises Ltd was dissolved.
In the fourth quarter of 2017, Euronav NV incorporated a new subsidiary, Euronav MI Inc (see Note 26).
In 2017, the corporate structure of Tankers International pool (“TI Pool”) was rationalized. Under the new structure, the shares of Tankers UK Agencies (“TUKA”), fully held at the time by Tankers International LLC (“TI LLC”), an entity incorporated under the laws of the Marshall Islands, have been distributed to the two remaining founding members of the TI Pool (namely Euronav NV and International Seaways INC), to form a 50-50 joint venture.
Further, following the withdrawal in December 2017 of one of its members, TI LLC, which was previously an associate of the Group, became a joint venture of the Group as from that time.
Additionally, a new company, Tankers International Ltd. ("TIL"), was incorporated under the laws of the United Kingdom, and is fully owned by TUKA. TIL became the disponent owner of all of the vessels in the TI Pool as all the vessels are now time chartered to TIL at a floating rate equivalent to the average spot rate achieved by the pool times the pool points assigned to each vessel.
This new structure allowed the TI Pool to arrange for a credit line financing in order to lower the working capital requirement for the Pool participants which potentially can attract additional pool participants.
At December 31, 2017, the Group held 50% of the voting rights in TUKA but held 61% of the outstanding shares that participate in the result of the entity. As Euronav acquired ownership of these shares on December 28, 2017, the Group's share of the profit of the entity, as well as the Group's balances and transactions with this joint venture were not significant as of and for the year ended December 31, 2017.
At December 31, 2017, the Group held 50% of the voting rights in TI LLC but held 59% of the outstanding shares that participate in the result of the entity. The Group's share of the profit of the entity, as well as the Group's balances and transactions with this joint venture were not significant as of and for the year ended December 31, 2017.
