INTEREST IN JOINT VENTURES (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure of detailed information about Joint venture [Abstract]

Disclosure Of Detailed Information About joint ventures [Text Block]

	2021		2020
	US$’000		US$’000
Cost of investment in joint ventures		9		11,534
Share of post-acquisition profit (loss), net of dividends received		4		(11,305	)
Reclassification to assets classified as held for sale(b)		-		(63	)
Carrying amount		13		166

Disclosure Of Detailed Information About interest in joint ventures [Text Block]

Details of the joint ventures are as follows:

Name of joint venture	Principal activity	Country of incorporation	Proportion of ownership interest and voting power held by the Group						Cost of investment in joint ventures
			2021			2020			2021		2020
Tri-View Shipping Pte. Ltd. (a)	Dormant	Singapore		51	%		51	%		9		132
Petrochemical Shipping Limited (c)	Deregistered	Isle of Man		-			50	%		-		11,402
Leopard Tankers Pte. Ltd. (b)	Dormant	Singapore		50	%		50	%		*		*
										9		11,534

* Amount is less than US$1,000.

(a) The Group has joint control over these entities by virtue of the contractual arrangement with its joint venture partner(s) requiring resolutions on the relevant activities to be passed based on unanimous approval.

(b) These joint venture companies are expected to be dissolved in 2022. Accordingly, the carrying amount of the interest in joint ventures has been reclassified to assets classified as held for sale (Note 38).

(c) Petrochemical Shipping Limited was dissolved on 19 March 2021.