RELATED PARTIES TRANSACTIONS

12 Months Ended

Dec. 31, 2021

Disclosure of related parties transactions [Abstract]

Many of the Group’s transactions and arrangements were with related parties and the effect of these on the basis determined between the parties is reflected in these financial statements. The balances are unsecured, interest-free and repayable on demand unless otherwise stated.

During the year, Group entities entered into the following transactions with related parties:

(i)

Joint ventures

	2021		2020			2019
	US$’000		US$’000			US$’000

Interest income		-		157			983
Technical management fee income		-		354			1,625
Agency fees from joint ventures		3		83			573
Charter hire and other related revenue		-		679			5,345
Charter hire and other related expenses		-		(6,025	)		(44,206	)
Payments on behalf of a joint venture		-		(7,987	)		(2,199	)
Repayment of preference shares by a joint venture		-		2,569			-
Settlement of interest bearing loan		-		5,382			-
Purchase of ships from a joint venture		-		-			54,000
Dividend income		-		536			5,000
Management fee income		-		-			86

(ii)

Compensation of directors and key management personnel

The remuneration of the directors and other members of key management is set out below in aggregate for each of the categories specified in IAS 24

Related Party Disclosures

	2021		2020		2019
	US$’000		US$’000		US$’000

Short-term benefits		9,200		4,073		4,166
Share-based payments (1)		1,479		769		-
		10,679		4,842		4,166

(1)

Represents vesting of ordinary shares in terms of the Forfeitable Share Plan.

The remuneration of directors and key management is determined by the remuneration committee of Grindrod Shipping Holdings Limited having regard to the performance of individuals and market trends.