Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2019

Fair value measurement [Abstract]

Non-financial Assets Measured at Fair Value Classified in Level 3

As of December 31, 2019 and 2018 non-financial assets measured at fair value are classified in Level 3 of this hierarchy, as described below:

	2019		2018
Level 3
Vessels	$	214,938	$	782,673
Buildings		299,660		238,901
Land		1,597,923		1,146,252
	$	2,112,521	$	2,167,826

Information Used for Appraisal

The information used for the measurement of fair value as of December 31, 2019 was:

	Offshore vessels			Parcel tankers
Daily rate or fee	4,570 USD			8,985 USD
Average percentage of utilization		78	%		78	%
Discount rate		7.19	%		7.19	%

Reconciliation Between Carrying Amounts of Non-financial Assets Classified within Level 3

As of December 31, 2019 and 2018, the reconciliation between the carrying amounts of non-financial assets classified within Level 3 is as follows:

	Vessels			Buildings and Facilities
Balance as of January 1, 2019	$	782,673		$	1,385,153
Amount recognized in other comprehensive income:
Revaluation surplus of vessels		41,026			377,593
Amount recognized in statements profit or loss:
Loss on revaluation of vessels		(39,199	)		-
		1,827			377,593
Additions and disposals, net		(569,562	)		134,837
Balance as of December 31, 2019	$	214,938		$	1,897,583

Balance as of January 1, 2018	$	1,118,250		$	1,426,631
Amount recognized in other comprehensive income:
Revaluation surplus of vessels		(161,411	)		-
Amount recognized in statements profit or loss:
Loss on revaluation of vessels		-			-
		(161,411	)		-
Additions and disposals, net		(174,166	)		(41,478	)
Balance as of December 31, 2018	$	782,673		$	1,385,153