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Joint ventures
 12 Months Ended
Dec. 31, 2024
Joint ventures [Abstract]  
Joint ventures
14.
Joint ventures

   
2024
US$’000
2023
US$’000
  
Interest in joint ventures
    
81,371
      
60,172
  

Interest in joint ventures

The following are the main joint ventures of the Group, all of which are equity-accounted. The details of these investments are outlined below:

  (1)
Vista Shipping Pte. Ltd. (“Vista Shipping”) is a joint venture in which the Group has joint control and 50% ownership interest. Vista Shipping is domiciled in Singapore and structured as a separate vehicle in shipowning, with the Group having residual interest in its net assets. Accordingly, the Group has classified its interest in Vista Shipping as a joint venture. In accordance with the agreement under which Vista Shipping was established, the Group and the other investor in the joint venture have agreed to provide shareholders’ loans in proportion to their interests to finance the newbuild programme as described in Note 13.


During the financial year ended 2024, Hafnia took delivery of one (2023: three) LR2 vessel through its Vista joint venture.

The following table summarises the financial information of Vista Shipping as included in its own consolidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group’s interest in Vista Shipping.

   
2024
US$’000
    
2023
US$’000
  
Percentage ownership interest
    
50
%
    
50
%
                 
Non-current assets
    
427,959
      
397,965
  
Current assets
    
63,657
      
54,092
  
Non-current liabilities
    
(317,722
)
    
(336,598
)
Current liabilities
    
(45,350
)
    
(28,564
)
Net assets (100%)
    
128,544
      
86,895
  
Group’s share of net assets (50%)
    
64,272
      
43,448
  
                 
Revenue
    
112,907
      
91,191
  
Other income
    
2,623
      
1,963
  
Expenses
    
(73,951
)
    
(56,914
)
Profit and total comprehensive income (100%)
    
41,579
      
36,240
  
 
                
Profit and total comprehensive income (50%)
    
20,790
      
18,120
  
Adjustment to previously recognised share of profit/(loss) from prior year     35       (170 )
Group’s share of total comprehensive income (50%)
    
20,825
      
17,950
  

 
(2)
In July 2021, the Group and Andromeda Shipholdings Ltd (“Andromeda Shipholdings”) entered into a joint venture, H&A Shipping Pte. Ltd. (“H&A Shipping”) in which the Group has joint control and 50% ownership interest. H&A Shipping is domiciled in Singapore and structured as a separate vehicle in shipowning, with the Group having residual interest in its net assets. Accordingly, the Group has classified its interest in H&A Shipping Pte Ltd. as a joint venture. In accordance with the agreement under which H&A Shipping was established, the Group and the other investor in the joint venture have agreed to provide equity in proportion to their interests to finance the newbuild programme.

The following table summarises the financial information of H&A Shipping as included in its own consolidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group’s interest in H&A Shipping.
   
2024
US$’000
    
2023
US$’000
  
Percentage ownership interest
    
50
%
    
50
%
                 
Non-current assets
    
59,892
      
62,990
  
Current assets
    
5,388
      
5,308
  
Non-current liabilities
    
(46,093
)
    
(52,038
)
Current liabilities
    
(4,940
)
    
(4,548
)
Net assets (100%)
    
14,247
      
11,712
  
                 
Group’s share of net assets (50%)
    
7,124
      
5,856
  
Shareholder’s loans
    
6,308
      
7,668
  
Alignment of accounting policies
    
1,153
      
1,006
  
Carrying amount of interest in joint venture
    
14,585
      
14,530
  
                 
Revenue
    
11,459

      
11,438

  
Other income
    
1,866
      
1,458
  
Expenses
    
(10,791
)
    
(10,857
)
Profit and total comprehensive income (100%)
    
2,534
      
2,039
  
                 
Profit and total comprehensive income (50%)
    
1,267
      
1,019
  
Alignment of accounting policies
    
147
      
147
  
Group’s share of total comprehensive income (50%)
    
1,414
      
1,166
  

 
(3)
In June 2023, the Group and SOCATRA entered into a joint venture, Ecomar Shipholding S.A.S (“Ecomar”), in which the Group has joint control and 50% ownership interest. Ecomar is incorporated in France and structured as a separate vehicle in shipowning, with the Group having residual interest in its net assets. Accordingly, the Group has classified its interest in Ecomar as a joint venture. In accordance with the agreement under which Ecomar was established, the Group and the other investor in the joint venture have agreed to provide shareholders’ loans in proportion to their interests to finance the newbuild programme.

The following table summarises the financial information of Ecomar as included in its own consolidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group’s interest in Ecomar.

​
  
2024
US$’000
    
2023
US$’000
  
Percentage ownership interest
    
50
%
    
50
%
 
                
Non-current assets
    
68,964
      
31,873
  
Current assets
    
4,928
      
—
  
Non-current liabilities
    
(77,032
)
    
(31,849
)
Net (liabilities)/assets (100%)
    
(3,140
)
    
24
  
 
                
Group’s share of net assets (50%)
    
(1,570
)
    
12
  
Unrecognised share of losses
    
1,633
      
—
  
Translation reserve
    
(63
)
    
—
  
Carrying amount of interest in joint venture
    
—
      
12
  
​
                
Revenue
    
—
      
—
  
Other income
    
32
      
1
  
Expenses
    
(3,321
)
    
(87
)
Loss and total comprehensive loss (100%)
    
(3,289
)
    
(86
)
​
                
Loss and total comprehensive loss (50%)
    
(1,645
)
    
(43
)
Unrecognised share of losses
    
1,633
      
—
  
Group’s share of total comprehensive loss (50%)
    
(12
)
    
(43
)