CROIssANCE dURAbLE - Euronav.com

note 25
capital commitments
As at 31 December 2008 the Group’s total capital commitment amounts to USD 680,047,000 (2007: USD 411,130,000). These can be detailed as
follows:
payments scheduled for
(in thousands of USD)
total 2009 2010 2011 2012 2013
Commitments in respect of VLCCs 313,996 91,750 15,875 126,998 79,373 -
Commitments in respect of Suezmaxes 270,690 150,930 58,990 60,770 - -
Commitments in respect of FSOs 95,361 95,361 - - - -
total 680,047 338,041 74,865 187,768 79,373 -
of which related to joint ventures 147,240 27,480 58,990 60,770 - -
note 26
contingencies
The Group is involved in a number of disputes in connection with its day-to-day activities, both as claimant and defendant. Such disputes and the
associated expenses of legal representation are covered by insurance. Moreover, they are not of a magnitude that lies outside the ordinary, and
their scope is not of such a nature that they could jeopardise the Group’s financial position.
On 30 November 2006, Euronav cancelled the charterparty dated 7 January 2005 with respect to the Shinyo Mariner. Euronav expects the owners to
claim damages for repudiatory breach of the charterparty. An arbitrator has been nominated. Currently the Group is unable to predict the outcome of
the arbitration procedure.
note 27
related parties
identity of related parties
The Group has a related party relationship with its subsidiaries (see note 28) and joint ventures (see note 29) and with its directors and executive
officers.
transactions with key management personnel
The total amount of the remuneration paid in 2008 to all non-executive directors for their services as members of the board and committees (if applicable)
amounts to EUR 1,534,000 (2007: EUR 1,371,000).
The nominating and remuneration committee decides annually on the remuneration of the members of the executive committee. The remuneration
(excluding the CEO) for 2008 consisted of a fixed component with a total cost for the company (including pension plans, advance business tax, etc.)
of EUR 930,810 (2007: EUR 823,000) and a variable component of EUR 900,180 (2007: EUR 600,000).
The basic fixed remuneration of the CEO for 2008 amounted to GBP 250,000 (2007: GBP 200,000). The variable remuneration for 2008 amounted to
GBP 401,897 (2007: GBP 354,000). The other components of the remuneration, comprising cost of pension and private health insurance coverage,
amount to GBP 59,298 for 2008 (2007:GBP 40,000).
In the course of 2008 no stock options on Euronav shares, loans or advances were granted to any of the directors.
relationship with cmb
Although there are no direct links between the Group and CMB the latter renders some administrative and general services on an at arms’ length basis.
In 2008 CMB invoiced a total amount of USD 372,000 (2007: USD 492,000).
loans to related parties
Details of loans to related parties as mentioned in note13 - Non-current receivables.
euronav
rapport
annuel 2008
81