Commitments

12 Months Ended

Dec. 31, 2024

23.	Commitments

Operating lease commitments - where the Group is a lessor

The Group leases vessels to non-related parties under non-cancellable operating lease agreements. The Group classifies these leases as operating leases as the Group retains substantially all risks and rewards incidental to ownership of the leased assets. In 2024, the Group recognised estimated lease revenue of US$92.2 million (2023: US$94.1 million, 2022: US$48.3 million) and non-lease revenue of US$40.3 million (2023: US$40.4 million, 2022: US$25.5 million) as part of time charter revenue (Note 4).

The undiscounted lease payments under operating leases to be received after 31 December are analysed as follows:

	2024 US$’000		2023 US$’000		2022 US$’000
Less than one year		110,715		87,459		65,878
One to two years		42,329		25,830		11,712
Two to five years		9,348		8,960		20,640
		162,392		122,249		98,230

Newbuild commitments

The Group has equity interests in joint ventures and is obliged to provide its share of working capital for the joint ventures’ newbuild programme through either equity contributions or shareholder’s loans. The commitments may not be utilised by the joint ventures.

The future minimum capital contributions to be made at the balance sheet date but not yet recognised are as follows:

	2024 US$’000		2023 US$’000		2022 US$’000
Less than one year		52,917		28,394		83,450
One to two years		16,778		58,079		—
Two to five years		—		19,360		—
		69,695		105,833		83,450