DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2021

DERIVATIVE FINANCIAL INSTRUMENTS [Abstract]

Forward freight agreements and bunker swaps [Table Text Block]

Forward freight agreements and bunker swaps - analysed between:

	2021			2020
	US$’000			US$’000
Assets
Current assets		5,370			458
Non-current assets		611			-
Liabilities
Current liabilities		(704	)		-

Disclosure of Outstanding Forward Freight Agreements Maturity [Table Text Block]

2021

Current assets

Derivative instruments in designated hedge accounting relationships:

Settlement period		Strike price		Duration	Notional value		Fair value gain (loss)
		US$			US$’000		US$’000
April 2022 to December 2022	BSI-58 ave 10TC		13,300	45 days		599		406
April 2022 to December 2022	BSI-58 ave 10TC		13,300	45 days		599		406
April 2022 to December 2022	BSI-58 ave 10TC		13,300	180 days		2,394		1,624
January 2022 to December 2022	BSI-58 ave 10TC		17,350	180 days		3,123		1,016
January 2022 to December 2022	BSI-58 ave 10TC		17,250	60 days		1,035		345
January 2022 to December 2022	BSI-58 ave 10TC		17,250	60 days		1,035		345
January 2022 to December 2022	BSI-58 ave 10TC		17,250	60 days		1,035		345
January 2022 to June 2022	BSI-58 ave 10TC		23,100	90 days		2,079		157
June2022	BSI-58 ave 10TC		25,000	15 days		375		6
July 2022 to September 2022	BSI-58 ave 10TC		21,000	45 days		945		52
October 2022 to December 2022	BSI-58 ave 10TC		19,000	45 days		855		52
January 2022 to June2022	BSI-58 ave 10TC		22,650	90 days		2,039		197
January 2022 to June2022	BSI-58 ave 10TC		23,000	30 days		690		55
January 2022 to June2022	BSI-58 ave 10TC		23,100	60 days		1,386		103
						18,189		5,109

Non-current assets

Derivative instruments in designated hedge accounting relationships:

Settlement period		Strike price		Duration	Notional value		Fair value gain (loss)
		US$			US$’000		US$’000
January 2023 to December 2023	BSI-58 ave 10TC		14,350	60 days		861		117
January 2023 to December 2023	BSI-58 ave 10TC		14,350	60 days		861		117
January 2023 to December 2023	BSI-58 ave 10TC		14,350	60 days		861		117
January 2023 to December 2023	BSI-58 ave 10TC		14,750	60 days		885		93
January 2023 to December 2023	BSI-58 ave 10TC		14,800	60 days		888		90
January 2023 to December 2023	BSI-58 ave 10TC		15,000	60 days		900		77
						5,256		611

Current liabilities

Derivative instruments in designated hedge accounting relationships:

Settlement period		Strike price		Duration	Notional value		Fair value gain (loss)
		US$			US$’000		US$’000
July 2022 to December 2022	BSI-58 ave 10TC		23,100	90 days		2,079		(176	)
January 2022 to March 2022	BSI-58 ave 10TC		27,400	15 days		411		(36	)
January 2022 to March 2022	BSI-58 ave 10TC		27,400	15 days		411		(36	)
January 2022 to March 2022	BSI-58 ave 10TC		27,400	15 days		411		(36	)
April 2022 to May 2022	BSI-58 ave 10TC		25,000	30 days		750		(20	)
July 2022 to December 2022	BSI-58 ave 10TC		22,650	90 days		2,039		(135	)
July 2022 to December 2022	BSI-58 ave 10TC		23,000	30 days		690		(55	)
July 2022 to December 2022	BSI-58 ave 10TC		23,100	60 days		1,386		(117	)
						8,177		(611	)

Disclosure of Detailed Information of Number of Bunker Swaps [Table Text Block]

The Group has entered into a number of bunker swaps, as follows:

2021

Current assets

Derivative instruments in designated hedge accounting relationships:

Settlement periods		Strike price		Quantity		Notional value		Fair value gain
		US$		MT		US$’000		US$’000
January 2022	0.5% FOB Rotterdam		407.00		500		204		74
January 2022 to May 2022	0.5% FOB Singapore		505.25		1,900		960		115
January 2022 to June 2022	0.5% FOB Rotterdam		518.00		1,200		622		22
January 2022 to February 2022	0.5% FOB Singapore		564.75		700		395		17
January 2022 to March 2022	0.5% FOB Rotterdam		533.00		2,700		1,439		33
							3,620		261

Current liabilities

Derivative instruments in designated hedge accounting relationships:

Settlement periods		Strike price		Quantity		Notional value		Fair value gain
		US$		MT		US$’000		US$’000
April 2022 to October 2022	0.5% FOB Rotterdam		533.00		6,500		3,465		(74	)
November 2022	0.5% FOB Rotterdam		528.50		500		264		(10	)
December 2022	0.5% FOB Rotterdam		527.50		500		264		(9	)
							3,993		(93	)

2020

Current assets

Derivative instruments in designated hedge accounting relationships:

Settlement periods		Strike price		Quantity		Notional value		Fair value gain
		US$		MT		US$’000		US$’000
January 2021 to February 2021	0.5% FOB Singapore		276.0		1,400		386		160
January 2021 to May 2021	0.5% FOB Singapore		311.3		1,500		467		118
January 2021 to May 2021	0.5% FOB Rotterdam		298.5		2,500		746		180
							1,599		458