In thousands of U.S. dollars | Vessels | Drydock | Total | |||||||||
Cost | ||||||||||||
As of January 1, 2017 | $ | 3,126,790 | $ | 60,089 | $ | 3,186,879 | ||||||
Additions (1) | 333,338 | 12,667 | 346,005 | |||||||||
Vessels acquired in merger with NPTI (2) | 1,113,618 | 17,632 | 1,131,250 | |||||||||
Disposal of vessels (3) | (184,098 | ) | (3,750 | ) | (187,848 | ) | ||||||
Write-offs (4) | — | (3,750 | ) | (3,750 | ) | |||||||
As of December 31, 2017 | 4,389,648 | 82,888 | 4,472,536 | |||||||||
Accumulated depreciation and impairment | ||||||||||||
As of January 1, 2017 | (246,210 | ) | (27,415 | ) | (273,625 | ) | ||||||
Charge for the period | (127,369 | ) | (14,049 | ) | (141,418 | ) | ||||||
Disposal of vessels (3) | 25,876 | 2,975 | 28,851 | |||||||||
Write-offs (4) | — | 3,750 | 3,750 | |||||||||
As of December 31, 2017 | (347,703 | ) | (34,739 | ) | (382,442 | ) | ||||||
Net book value | ||||||||||||
As of December 31, 2017 | $ | 4,041,945 | $ | 48,149 | $ | 4,090,094 | ||||||
Cost | ||||||||||||
As of January 1, 2016 | $ | 3,188,367 | $ | 62,039 | $ | 3,250,406 | ||||||
Additions (5) | 105,415 | 1,800 | 107,215 | |||||||||
Disposal of vessels (6) | (166,992 | ) | (3,750 | ) | (170,742 | ) | ||||||
As of December 31, 2016 | 3,126,790 | 60,089 | 3,186,879 | |||||||||
Accumulated depreciation and impairment | ||||||||||||
As of January 1, 2016 | (146,063 | ) | (16,590 | ) | (162,653 | ) | ||||||
Charge for the period | (109,433 | ) | (12,028 | ) | (121,461 | ) | ||||||
Disposal of vessels (6) | 9,286 | 1,203 | 10,489 | |||||||||
As of December 31, 2016 | (246,210 | ) | (27,415 | ) | (273,625 | ) | ||||||
Net book value | ||||||||||||
As of December 31, 2016 | $ | 2,880,580 | $ | 32,674 | $ | 2,913,254 | ||||||
(1) | Additions in 2017 primarily relate to the deliveries of eight newbuilding vessels and corresponding calculations of notional drydock on these vessels. |
(2) | Represents the fair value of the vessels acquired in the Merger with NPTI as described in Note 2. |
(3) | Represents the net book value of (i) STI Sapphire and STI Emerald, which were sold during the year ended December 31, 2017 and (ii) STI Beryl, STI Le Rocher and STI Larvotto, which were sold and leased back during the year ended December 31, 2017. These transactions are further described below. |
(4) | Represents the write-off of the notional drydock costs of STI Amber, STI Topaz, STI Ruby, STI Garnet and STI Onyx which were drydocked in 2017. |
(5) | Additions in 2016 primarily relate to the deliveries of STI Grace and STI Jermyn and the corresponding calculation of notional drydock on these vessels. |
(6) | Represents the net book value of STI Chelsea, STI Lexington, STI Powai, STI Olivia and STI Mythos, which were sold during the year ended December 31, 2016. |
In thousands of U.S. dollars | |||
Balance as of January 1, 2016 | $ | 132,218 | |
Installment payments and other capitalized expenses | 106,034 | ||
Capitalized interest | 6,274 | ||
Transferred to operating vessels and drydock | (106,609 | ) | |
Balance as of December 31, 2016 | $ | 137,917 | |
Installment payments and other capitalized expenses | 252,977 | ||
Capitalized interest | 4,194 | ||
Transferred to operating vessels and drydock | (339,712 | ) | |
Balance as of December 31, 2017 | $ | 55,376 | |