CROIssANCE dURAbLE - Euronav.com

comptes consolidés pour l’année se clôturant le 31 décembre 2008
leased vessel
In the course of 2006 the Group entered into a sale and lease-back transaction on the TI Guardian.
This transaction has been classified as a finance lease. The excess of the sales proceeds over the carrying value at the moment of sale amounting to
USD 11,678,000, is amortised over the period of the lease term, i.e. 7 years. Furthermore, the Group has options to acquire the vessel as from the third
year (2009). The vessel is shown as acquired at USD 65,513,000, this amount represents the present value of the future minimum lease payments at
the date of acquisition. At 31 December 2008 the net carrying amount of the TI Guardian amounts to USD 44,921,000 (2007: USD 54,295,000) (see
note 18).
security
All tankers financed are subject to a mortgage to secure bank loans. The Cap Felix, Cap Theodora and Olympia are not subject to a mortgage as at
31 December 2008 (see note 18).
vessels on order or under construction (in thousands of USD) 2008 2007
VLCC 124,122 86,448
Suezmax tankers 77,811 72,000
FSO 33,639 -
total 235,572 158,448
62 euronav
rapport
annuel 2008