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OTHER CURRENT LIABILITIES
 12 Months Ended
Dec. 31, 2023
Other Current Liabilities [Abstract]  
OTHER CURRENT LIABILITIES OTHER CURRENT LIABILITIES
As of December 31,
20232022
US$’000US$’000
Contract liabilities3,690 1,325 
Dividend payable220 291 
Onerous contracts provisions2,306 2,110 
Other current liabilities1,019 1,563 
Total7,235 5,289 
Other current liabilities include undue value added tax, unpaid withholding tax, and other miscellaneous liabilities.
22(a)    Onerous contracts provisions
For the year ended December 31,
20232022
US$’000 US$’000
At January 12,110 9,640 
Recognized2,196 498 
Reversed(2,040)(7,763)
Exchange differences40 (265)
At December 312,306 2,110 
22(b)    Contract Liabilities
As of December 31,
202320222021
US$’000US$’000US$’000
Current contract liabilities
Advance from customers3,585 1,222 511 
Custodial service76 47 50 
Transportation service29 56 51 
Total current contract liabilities3,690 1,325 612 
Our Company recognizes contract liabilities when it receives advance payments from customers before performance obligations have been performed.
22(b)    Contract Liabilities (continued)
Revenue recognized in relation to contract liabilities
For the year ended December 31,
20232022
US$’000US$’000
Revenue recognized that was included in the contract liabilities balance at the beginning of the year
Advance from customers1,222 511 
Custodial service44 49 
Transportation service46 49 
1,312 609