Oil Trading and Market Impact - The company reported a significant impact on oil trading due to the EU ban on Russian crude imports, which began in December 2022, resulting in a loss of approximately 1.8 million barrels per day in the European export market[508]. - The company anticipates that the re-routing of Russian crude oil will lead to increased demand growth, particularly benefiting oil exports to India and China[508]. - The company noted that nearly 10% of global seaborne crude oil transited the Bab-el-Mandeb strait last year, with 52% being Russian crude, and disruptions in this area could lead to increased freight rates due to longer shipping routes[513]. - The company is closely monitoring the impacts of the EU embargo on Russian oil and the development of a "dark fleet" to cover Russian business, which may affect overall fleet supply and trading patterns[509]. Financial Performance - Total shipping revenues increased by 69%, or $664.9 million, to $1,630.9 million for the year ended December 31, 2023, compared to $966.0 million for 2022[607]. - Voyage charter and pool revenues rose by 46%, or $336.9 million, to $1,074.2 million for the year ended December 31, 2023, driven by improved freight rates[608]. - Time charter revenues increased by 37%, or $43.5 million, to $160.9 million for the year ended December 31, 2023, due to a higher number of vessels in long-term charters[609]. - Net gain on sale of assets increased by 289%, or $276.6 million, to $372.4 million for the year ended December 31, 2023, compared to a net gain of $95.8 million for 2022[612]. Vessel Operations and Fleet Management - The company sold 24 VLCC tankers for a total of $2.35 billion, with 11 delivered before December 31, 2023, and 13 booked as held for sale with a total carrying value of $862.6 million[553]. - The fleet development shows a decrease in VLCCs from 40 at the start of 2023 to 34 at the end, with 6 acquisitions and 12 disposals during the year[557]. - The company has 5 newbuildings on order as of December 31, 2023, down from 8 in 2022[557]. - The carrying value of VLCCs decreased from $2,229,373,000 in 2022 to $712,107,000 in 2023, reflecting significant market volatility[548]. Expenses and Financial Liabilities - Total vessel operating expenses rose by 7%, or $14.9 million, to $231.0 million during the year ended December 31, 2023, primarily due to the acquisition of FSO Asia and FSO Africa[614]. - General and administrative expenses increased by 21%, or $10.8 million, to $62.5 million for the year ended December 31, 2023, attributed to higher legal and service fees[618]. - Finance expenses rose by 29%, or $38.9 million, to $171.9 million for the year ended December 31, 2023, primarily due to increased interest expenses on financial liabilities[623]. Cash Flow and Indebtedness - As of December 31, 2023, cash and cash equivalents amounted to $429.4 million, up from $179.9 million as of December 31, 2022[630]. - Net cash from operating activities for the year ended December 31, 2023 was $837.4 million, compared to $255.6 million for the year ended December 31, 2022[636]. - Total indebtedness decreased from $1,696.3 million as of December 31, 2022 to $930.7 million as of December 31, 2023[637]. - The company entered into a $1,290.0 million secured loan facility on November 7, 2023, to refinance 30 vessels and finance four newbuilding Suezmax vessels[640]. Strategic Initiatives and Partnerships - The company has established a centralized big data platform for sensor data collection across all vessels, enhancing operational efficiency and decision-making capabilities[586]. - A strategic partnership with ZeroNorth was announced to enhance the FAST digital platform, ensuring continued growth and innovation in maritime digitalization[593]. - The company completed the acquisition of 100% of CMB.TECH NV for $1.150 billion in cash, enhancing its fleet and aligning with its strategy for diversification and decarbonization[665][676]. Shareholder Returns and Financial Obligations - The company proposed a distribution of $4.57 per share to shareholders, combining a dividend and repayment from the share issue premium[670]. - The company recognized a financial liability of $124.4 million related to the sale and leaseback of three VLCCs, which were repurchased in 2023[650]. - The company has a purchase obligation of $7.39 million at the end of the bareboat contract for the Suezmax Cypress, with an outstanding amount of $75.7 million as of December 31, 2023[651]. Market Conditions and Future Outlook - The company anticipates sustained production cuts from OPEC+ into 2024, which may lead to a plateau in cargo counts[603]. - The large tanker market has shown resilience, with demand returning to pre-pandemic levels, although growth in 2024 may be limited[606]. - The tanker orderbook is at historically low levels, with VLCC orderbook at 5% and Suezmax orderbook at 13% of the current fleet[684]. Risk Factors and Financial Controls - The company’s assumptions regarding future cash flows are highly subjective and may change materially, impacting the evaluation of potential impairments[542]. - The company maintains effective internal control over financial reporting as of December 31, 2023, based on COSO criteria[937]. - There were no changes in internal controls over financial reporting that materially affected the company during the reporting period[943].

Oil Trade and Market Dynamics - The company reported a significant impact on oil trade due to the EU ban on Russian crude imports, with Russian exports losing approximately 1.8 million barrels per day in the European market but remaining broadly unchanged in 2023 [536]. - The company anticipates that the average ballast time will increase due to changes in trade routes for Russian oil, requiring more tonnage to move the same volume of cargo [540]. - The company is experiencing a shift in the tanker market dynamics due to the development of a "dark fleet" for Russian oil trade, which may affect mainstream fleet operations [537]. - The company is closely monitoring the implications of geopolitical events, such as the war in Ukraine, on the supply and demand of crude oil and tanker shipping [535]. - The global demand for oil transportation is expected to align with or exceed pre-COVID levels, with 2022 oil demand averaging 100.5 million barrels per day, an increase of 2.2 million barrels compared to 2021 [710]. - The company has suspended operations with Russian customers, which previously represented an insignificant portion of turnover [698]. Financial Performance - Total shipping revenues increased by 117%, or $520.9 million, to $966.0 million for the year ended December 31, 2022, compared to $445.1 million for 2021 [620]. - Voyage charter and pool revenues rose by 112%, or $388.8 million, to $737.3 million for the year ended December 31, 2022, compared to $348.4 million for 2021 [621]. - Time charter revenues increased by 65%, or $46.1 million, to $117.4 million for the year ended December 31, 2022, compared to $71.3 million for 2021 [621]. - Gains on disposal of vessels/other tangible assets surged by 538%, or $81.1 million, to $96.2 million for the year ended December 31, 2022, compared to $15.1 million for 2021 [622]. - The net gain on the sale of assets increased by 536%, or $80.7 million, to $95.8 million for the year ended December 31, 2022, compared to a net gain of $15.1 million for 2021 [627]. Operating Expenses and Costs - The company noted that elevated inflation and rising interest rates are affecting operating expenses and may lead to a higher cost of capital [542]. - Voyage expenses and commissions rose by 47%, or $56.4 million, to $(175.2) million for the year ended December 31, 2022, compared to $(118.8) million for 2021 [625]. - Total vessel operating expenses slightly decreased by 2%, or $4.6 million, to $216.1 million during the year ended December 31, 2022, compared to $220.7 million for 2021 [630]. - General and administrative expenses increased by 60%, or $19.3 million, to $51.7 million for the year ended December 31, 2022, compared to $32.4 million for 2021 [634]. - Net finance expenses recognized in profit or loss increased by 31%, or $25.3 million, to $105.9 million for the year ended December 31, 2022, compared to $80.6 million for 2021 [641]. Fleet Management and Development - The carrying value of the fleet as of December 31, 2022, was $3,076,393,000, an increase from $2,967,787,000 in 2021 [573]. - The total number of vessels decreased from 71.5 in 2021 to 64.0 in 2022, with 12.5 vessels disposed of during the year [580]. - The company has three newbuilding VLCCs scheduled for delivery in Q1 2023, costing $186 million in total [585]. - The company acquired two eco-VLCCs for $179 million in total cash, enhancing its fleet with the latest generation of vessels [587]. - The company has five newbuilding Suezmaxes contracted for a total cost of $199.2 million, with deliveries expected in late 2023 and early 2024 [586]. Cash Flow and Liquidity - Net cash from operating activities for the year ended December 31, 2022 was $255.6 million, a significant improvement compared to $(25.3) million for the year ended December 31, 2021 [653]. - The company expects continued volatility in market rates for vessels, affecting short- and medium-term liquidity [648]. - The company has sufficient working capital resources to meet its requirements for the next 12 months from the date of the annual report [654]. - The company expects to finance its funding requirements through cash on hand, operating cash flow, and bank debt, with potential alternatives including raising equity or selling assets if cash flow is insufficient [655]. Debt and Financing - Total indebtedness as of December 31, 2022 was $1,795.6 million, slightly down from $1,807.9 million as of December 31, 2021 [654]. - The outstanding balance on the $713.0 million Sustainability Linked Senior Secured Credit Facility was $350.8 million as of December 31, 2022, down from $524.1 million as of December 31, 2021 [666]. - The outstanding balance on the $200.0 million Senior Secured Credit Facility was $90.0 million as of December 31, 2022, compared to $55.0 million as of December 31, 2021 [662]. - The company has a new €80 million ($100 million) unsecured revolving credit facility, which includes sustainability and emission reduction components in its margin pricing [667]. - The Group's credit facilities contain financial covenants requiring a minimum cash balance of at least $30.0 million and a stockholders' equity to total assets ratio of at least 30% [680]. Regulatory and Environmental Adaptation - The company is adapting to regulatory changes such as IMO 2020, which reduces sulfur emissions from ships, impacting operational practices [535]. - The new credit facilities are linked to sustainability performance, allowing for interest rate reductions upon achieving specific sustainability KPIs [669]. Strategic Focus and Relationships - The company is focusing on maintaining and growing customer relationships as a key factor for future operational success [535]. - The company is actively pursuing a constructive dialogue with Famatown, which holds 24.99% of the shares outstanding [705].

COVID-19 Impact - The company faced significant challenges in crew changes due to COVID-19, resulting in additional costs of $1.2 million and lost revenues of $0.9 million[457]. - The tanker market started weak in 2022, impacted by ongoing oil supply issues and the lingering effects of the COVID-19 pandemic[458]. - The company reported a total of 97.7 days impacted by COVID-19, with specific segments experiencing 31.4 days for Suezmax and 66.3 days for VLCC, leading to additional costs of $0.2 million and $1.0 million respectively[464]. - The company continues to monitor the economic impact of COVID-19 on oil demand and its operations, making future financial results difficult to quantify[460]. - Current forecasts indicate that overall tanker demand is expected to rise above pre-pandemic levels next year[459]. Financial Performance - Total shipping revenues decreased by 65%, or $790.4 million, to $430.0 million for the year ended December 31, 2021, compared to $1,220.5 million for 2020[538]. - Voyage charter and pool revenues decreased by 68%, or $749.2 million, to $348.4 million for the year ended December 31, 2021, compared to $1,097.6 million for 2020[539]. - Time charter revenues decreased by 37%, or $41.4 million, to $71.3 million for the year ended December 31, 2021, compared to $112.7 million for 2020[539]. - Revenue for 2021 was weak, below 2020 rates and breakeven levels, with a net loss of $(118.8) million compared to $(125.4) million in 2020[543]. - Net gain on sale of assets decreased by 34%, or $(7.7) million, to $15.1 million in 2021 from $22.7 million in 2020[544]. Vessel and Fleet Information - The carrying value of the fleet as of December 31, 2021, was $2,967,787,000, an increase from $2,865,308,000 as of December 31, 2020[491]. - The fleet consisted of 64 vessels as of December 31, 2021, including 42 VLCCs and 22 Suezmax vessels[491]. - The estimated market values of certain vessels may have declined below their carrying amounts, with six VLCCs having an aggregate carrying value exceeding market value by approximately $44.9 million as of December 31, 2021[494]. - The company has newbuilding contracts for two eco-Suezmax vessels at a total cost of $113 million, expected for delivery in January 2022[500]. - The company has a total of eight newbuildings on order as of December 31, 2021, compared to four as of December 31, 2020[496]. Expenses and Costs - Total vessel operating expenses increased by 1%, or $2.3 million, to $220.7 million in 2021 compared to $218.4 million in 2020[548]. - Time charter-in expenses increased by 7%, or $0.5 million, to $8.5 million in 2021 compared to $8.0 million in 2020[552]. - General and administrative expenses decreased by 13%, or $4.9 million, to $32.4 million in 2021 compared to $37.3 million in 2020[554]. - Depreciation and amortization expenses increased by 8%, or $25.2 million, to $345.0 million in 2021 compared to $319.8 million in 2020[560]. - Finance expenses increased by 4%, or $4.0 million, to $95.5 million in 2021 compared to $91.6 million in 2020[563]. Debt and Financing - Total indebtedness increased from $1,375.5 million as of December 31, 2020, to $1,807.9 million as of December 31, 2021, representing a growth of approximately 31.3%[579]. - Total interest-bearing debt as of December 31, 2021, was $1,691.7 million, up from $1,227.2 million as of December 31, 2020, indicating a year-over-year increase of about 37.8%[581]. - The outstanding balance of the $713.0 million Sustainability Linked Senior Secured Credit Facility rose from $185.0 million in 2020 to $524.1 million in 2021, reflecting a significant increase of approximately 183.8%[590]. - The company plans to finance funding requirements through cash on hand, operating cash flow, and various debt financing options, including potential equity raises or asset sales if cash flow is insufficient[580]. - The company has a total of 41% of its commercial bank financing linked to sustainability components as of December 31, 2021[591]. Strategic Initiatives - The company is focused on sustainability and the potential positive impact on scrap steel prices from end-of-life vessels due to the steel industry's commitment to carbon neutrality by 2050[471]. - The company has implemented the FAST platform on 30 vessels, with plans for full implementation across all vessels in 2022[520]. - The company has retrofitted 10 vessels with Variable Frequency Drives (VFDs) to reduce electrical power consumption[516]. - The company acknowledges increased cybersecurity risks and has implemented appropriate mitigating actions[619]. - Regulatory requirements for low sulfur fuel and EEXI compliance starting in 2023 may lead to older vessels being removed from the trading fleet[626]. Market Outlook - Global oil demand is expected to increase by 4.6 million barrels per day in 2022 compared to 2021, approaching pre-COVID levels[624]. - The tanker market is currently experiencing pressure from reduced demand, but the outlook for the remainder of 2022 is more positive with expected increases in freight levels[625]. - The VLCC orderbook is currently 8% of the fleet, while the Suezmax orderbook is 6% of the fleet, indicating a measured supply of tankers[626]. - A $1,000 increase in spot tanker freight rates would have increased profit by $21.3 million in 2021[877]. - 14% of the VLCC fleet and 17% of the Suezmax fleet are over 18 years old, prompting potential divestment considerations by shipowners[626].

Financial Performance - Total shipping revenues increased by 32%, or $298.4 million, to $1,240.9 million for the year ended December 31, 2020, compared to $942.5 million for 2019[490]. - Voyage charter and pool revenues rose by 33%, or $274.8 million, to $1,116.9 million in 2020, driven by higher average TCE rates for VLCCs and Suezmax tankers[490]. - Time charter revenues increased by 26%, or $23.6 million, to $113.9 million for the year ended December 31, 2020[492]. - Net gain on sale of assets increased by 54%, or $7.9 million, to a net gain of $22.7 million for the year ended December 31, 2020[495]. - Total vessel operating expenses decreased by 1%, or $1.2 million, to $210.6 million during the year ended December 31, 2020[497]. - Finance expenses decreased by 24%, or $28.3 million, to $91.6 million for the year ended December 31, 2020[507]. - Interest expense on financial liabilities decreased by 26%, or $22.0 million, primarily due to a reduction in average outstanding debt and lower floating interest rates[508]. - General and administrative expenses decreased by 2%, or $1.4 million, to $65.5 million for the year ended December 31, 2020[501]. - Depreciation and amortization expenses decreased by 5%, or $18.0 million, to $319.8 million for the year ended December 31, 2020[504]. - Share of results from equity accounted investees decreased by $5.5 million, or 34%, from $16.5 million in 2019 to $10.9 million in 2020[513]. - Income tax expense increased by 223%, or $1.3 million, from $0.6 million in 2019 to $1.9 million in 2020, primarily due to the reversal of a deferred tax asset[516]. - Cash and cash equivalents decreased from $297.0 million in 2019 to $161.5 million in 2020, a decline of $135.5 million[519]. - Net cash from operating activities increased significantly to $969.8 million in 2020, compared to $272.0 million in 2019[523]. - Total indebtedness decreased from $1,853.0 million in 2019 to $1,375.5 million in 2020, a reduction of $477.5 million[525]. Fleet and Asset Management - The carrying amount of vessels is regularly reviewed for impairment, with no impairment required as of December 31, 2020, as recoverable amounts exceeded carrying amounts[443]. - The useful economic life of vessels is estimated at 20 years, with FSO service vessels estimated at 25 years, and the end of useful life for certain vessels set to 30 years due to contract extensions[448]. - The company’s vessels are valued at the lower of cost or net realizable value, with no significant impairment losses recognized as of the reporting date[443]. - As of December 31, 2020, the total carrying value of the fleet was $2,865.3 million, down from $3,189.9 million in 2019, representing a decrease of approximately 10.2%[466]. - 18 VLCC vessels had carrying values exceeding their market values by approximately $93.5 million as of December 31, 2020, compared to $44.8 million in 2019[466]. - The fleet consisted of 62 vessels as of December 31, 2020, a decrease from 65 vessels in 2019, with 4 newbuildings on order[466]. - The company sold 6 VLCCs for a total consideration of $434.0 million, which included $123.0 million in cash and $311.0 million in debt assumption[481]. - The company has entered into agreements for the acquisition of four VLCC newbuilding contracts with delivery dates in the first quarter of 2021[479]. - As of December 31, 2020, there were no vessels classified as non-current assets held for sale, compared to one Suezmax in 2019[470]. - The company’s fleet development included a total of 69.5 vessels at the end of 2020, with 4 newbuildings on order[471]. - The estimated market values for vessels are based on independent ship brokers and are subject to significant uncertainty due to market volatility[465]. Market Conditions and Economic Impact - The overall market is expected to become more challenging as crude oil demand is negatively impacted by the COVID-19 pandemic, disrupting the supply-demand balance[440]. - The company anticipates that the long-term global macro-economic impact of COVID-19 on its results remains difficult to quantify due to various uncontrollable factors[440]. - Global oil demand is expected to increase by 5.9 million barrels per day in 2021 compared to 2020, despite a weaker first quarter[560]. - The VLCC orderbook is 7.0% of the fleet, and the Suezmax orderbook is 8.1%, indicating a measured tanker orderbook[562]. Financing and Liquidity - The company plans to finance funding requirements through cash on hand, operating cash flow, and bank debt[526]. - The company expects continued volatility in market rates for vessels, impacting short- and medium-term liquidity[517]. - As of December 31, 2020, the company had $0.0 million in available syndicated credit lines, down from $60.0 million in 2019[521]. - The company entered into a $173.5 million revolving credit facility, with an outstanding balance of $143.6 million as of December 31, 2020, down from $156.9 million in 2019[534]. - A $200.0 million secured revolving credit facility was established, with an outstanding balance of $55.0 million as of December 31, 2020, reduced from $100.0 million in 2019[535]. - The company secured a $100.0 million senior secured credit facility for low sulfur fuel oil inventory, with an outstanding balance of $0 million as of December 31, 2020, down from $70.0 million in 2019[536]. - A $700.0 million secured revolving credit facility was entered into, with an outstanding balance of $345.0 million as of December 31, 2020, reduced from $560.0 million in 2019[537]. - The company established a $713.0 million sustainability linked loan, with an outstanding balance of $185.0 million as of December 31, 2020[538]. - As of December 31, 2020, the outstanding balance under the €150.0 million Treasury Notes Program was $38.7 million, down from $122.8 million in 2019[542]. - The company has provided guarantees totaling $45.2 million to financial institutions for credit facilities related to joint ventures[551]. - The joint venture credit facilities at 50% economic interest decreased from $69.6 million in 2019 to $45.2 million in 2020[528]. - The company has outstanding joint venture loans of $90.4 million as of December 31, 2020, down from $139.2 million in 2019[549]. Dividends and Shareholder Returns - The company approved an interim dividend of $0.03 per share for Q4 2020, payable from March 5, 2021[554]. - The company proposed a full year dividend for 2020 of $1.40 per share, with no closing dividend due to interim dividends paid[557]. Risks and Sensitivities - A one percentage point increase in LIBOR would have increased interest expense by approximately $7.6 million for the year ended December 31, 2020[818]. - A 10% strengthening of the Euro against the dollar would have decreased profit by $10.4 million as of December 31, 2020[819]. - Every $1,000 increase in spot tanker freight rates would have increased profit by $19.6 million in 2020[821]. Operational Challenges - The company incurred increased costs of USD 1.8 million and decreased revenues of USD 4.2 million due to crew change challenges related to COVID-19[438]. - The company does not recognize time charter revenues during periods that vessels are off-hire, impacting revenue recognition[445]. - The company generates a significant portion of its revenue from voyage charters, with revenue recognized ratably over the estimated length of each voyage[444]. - The company has not recognized significant additional allowances for expected credit losses on trade receivables as of December 31, 2020, based on customer payment behavior[443]. - The company’s assessment of the resilience of its projections considers business cycles in the tanker market, with management using a long-term view based on historical data[453]. - Time charter-in expenses surged by 1,217%, or $7.4 million, to $8.0 million during the year ended December 31, 2020[500].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) [ ] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ OR [ ] SHELL COMPANY ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F [ ] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ [ ] SHELL COMPANY REPORT PURSUAN ...