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 ...