XML 55 R15.htm IDEA: XBRL DOCUMENT v3.25.1
Property, plant and equipment
 12 Months Ended
Dec. 31, 2024
Property, plant and equipment [Abstract]  
Property, plant and equipment
9.
Property, plant and equipment

​
  
Vessels
US$’000
    
Dry
docking
and
scrubbers
US$’000
    
Right-of-
use
assets –
Vessels
US$’000
    
Others
US$’000
    
Total
US$’000
  
Cost
                              
At 1 January 2024
    
3,573,265
      
143,375
      
199,582
      
1,495
      
3,917,717
  
Additions (Note 9(a))
    
12,514
      
36,230
      
23,411
      
83
      
72,238
  
Disposal of vessels (Note 9(a))
    
(75,400
)
    
(3,555
)
    
(1,280
)
    
—
      
(80,235
)
Write off on completion of dry docking cycle
    
—
      
(19,206
)
    
—
      
—
      
(19,206
)
At 31 December 2024
    
3,510,379
      
156,844
      
221,713
      
1,578
      
3,890,514
  
Accumulated depreciation and impairment charges
                                        
At 1 January 2024
    
899,327
      
75,216
      
165,021
      
531
      
1,140,095
  
Depreciation charge
    
139,048
      
35,635
      
39,311
      
314
      
214,308
  
Disposal of vessels (Note 9(a))
    
(49,219
)
    
(1,746
)
    
(1,280
)
    
—
      
(52,245
)
Write off on completion of dry docking cycle
    
—
      
(19,206
)
    
—
      
—
      
(19,206
)
At 31 December 2024
    
989,156
      
89,899
      
203,052
      
845
      
1,282,952
  
Net book value
                                        
At 31 December 2024
    
2,521,223
      
66,945
      
18,661
      
733
      
2,607,562
  
Cost
                                        
At 1 January 2023
    
3,698,658
      
138,001
      
187,730
      
1,369
      
4,025,758
  
Additions (Note 9 (a))
    
158,435
      
25,831
      
11,852
      
126
      
196,244
  
Disposal of vessels (Note 9(a))
    
(283,828
)
    
(12,517
)
    
—
      
—
      
(296,345
)
Write off on completion of dry docking cycle
    
—
      
(7,940
)
    
—
      
—
      
(7,940
)
At 31 December 2023
    
3,573,265
      
143,375
      
199,582
      
1,495
      
3,917,717
  
Accumulated depreciation and impairment charges
                                        
At 1 January 2023
    
970,339
      
58,791
      
119,826
      
239
      
1,149,195
  
Depreciation charge
    
135,469
      
28,771
      
45,195
      
292
      
209,727
  
Disposal of vessels (Note 9(a))
    
(206,481
)
    
(4,406
)
    
—
      
—
      
(210,887
)
Write off on completion of dry docking cycle
    
—
      
(7,940
)
    
—
       —
      
(7,940
)
At 31 December 2023
    
899,327
      
75,216
      
165,021
      
531
      
1,140,095
  
Net book value
                                        
At 31 December 2023
    
2,673,938
      
68,159
      
34,561
      
964
      
2,777,622
  
 
 
(a)
For the financial year ended 2023:

Acquisition:

 
i.
The Group acquired two IMO II Handy, one IMO II MR and one LR1 vessel from external parties. The newly acquired IMO II Handy vessels were financed under the US$303 million revolving credit facility, for which there were no drawdowns in the financial year ended 31 December 2023. The remaining vessels are unencumbered.


Disposal:

  i.
The Group disposed of six LR1 vessels.

For the financial year ended 2024:
The Group’s LR1 vessel, Hafnia Nile, was involved in a collision with another vessel, resulting in extensive damage. As a result of the collision, the vessel was unable to resume operations until the necessary salvage operations and repairs were completed. The Group has incurred salvage and repair costs as at the balance sheet date but has insurance contracts under which it can make claims for compensation.
The Group will simultaneously record a compensation receivable from the insurer when salvage costs are initially recognised as a provision, as the Group has determined that a reimbursement right exists. For repair costs, which were recognized as separate loss events when incurred, the Group will simultaneously record a compensation receivable from the insurer as the Group has determined that it has a right to exert a claim for compensation for the loss events.
As at 31 December 2024, the Group has recognized US$16.2 million and US$13.7 million in insurance receivables in relation to salvage and repair costs respectively.
Disposal:
 
i.
The Group disposed of one LR1 vessel and one MR vessel.

 
(b)
As at 31 December 2024, 2023 and 2022, the Group assessed whether its vessels had indicators of impairment by reference to internal and external factors according to its stated policy set out in Note 2.3(b).

The Group obtained valuation reports from independent ship brokers to assess whether the fair value of vessels, as per valuation reports exceeded their carrying values at the balance sheet date. These valuations (which are considered a Level 2 measure of fair value) of the Group’s vessels exceeded their respective carrying amounts. After considering the macroeconomic and geopolitical factors affecting the product and chemical tanker businesses at the balance sheet date, the Group concluded that there were no indicators of impairment for the vessels owned and leased by the Group.

  (c)
The Group has mortgaged vessels with a total carrying amount of US$2,332.6 million (2023: US$2,491.8 million, 2022: US$2,807.5 million) as security over the Group’s borrowings.