The Group’s activities expose it to a variety of financial risks: market risk (including price risk, currency risk and interest rate risk); credit risk; liquidity risk and capital risk. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance.

Financial risk management is handled by the Group as part of its operations. The management team identifies, evaluates and manages financial risks in close co-operation with all operating units. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk and use of derivative and non-derivative financial instruments.

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

The Group enters into derivatives, and also incurs financial liabilities, in order to manage market risks. All such transactions are carried out within the guidelines set by the Group. Generally, the Group seeks to apply hedge accounting in order to manage volatility in profit or loss.

The Group is exposed to the risk of variations in fuel oil costs, which are affected by the global political and economic environment. Historically, fuel expenses have been the most significant expense. Under a time charter, the charterer is responsible for fuel costs, therefore, fixed income charters also reduce exposure to fuel price fluctuations.

In 2024, fuel oil costs comprised 47% (2023: 47%, 2022: 46%) of the Group’s operating expenses. If price of fuel oil has increased/decreased by US$1 (2023: US$1, 2022: US$1) per metric ton with all other variables including tax rate being held constant, the net results will be lower/higher by US$891,737 (2023: US$801,249, 2022: US$470,881) as a result of higher/lower fuel oil consumption expense.

In addition to securing cash flows through time charter contracts, the Group has entered into forward freight agreements to limit the risk involved in trading in the spot market. Details of the Group’s outstanding forward freight agreements are disclosed in Note 12.

The functional currency of most of the entities in the Group is United States Dollars (“US$”). The Group’s operating revenue, and the majority of its interest-bearing debt and contractual obligations for vessels under construction are denominated in US$. The Group’s vessels are also valued in US$ when trading in the second-hand market.

The Group is exposed to foreign currency exchange risks for administrative expenses incurred by offices or agents globally, predominantly in Monaco, Denmark, United Arab Emirates and Singapore. Further, the Group is required to pay port charges in currencies other than US$. However, foreign currency exposure in port charges is minimal as any increase is usually compensated by a corresponding increase in freight, particularly in the tanker sector through industry-wide increases in Worldscale flat rates.

At the balance sheet date, the Group has cash and cash equivalents denominated in Singapore dollars (“SGD”), Danish Kroner (“DKK”), Euro (“EUR”), United Arab Emirates Dirham (“AED”) and Norwegian Kroner (“NOK”).

At 31 December 2024, 2023 and 2022, the Group has assessed that it has insignificant exposure to foreign currency risks. However, the Group has entered into foreign exchange contracts to hedge its general and administrative costs to avoid short term volatility.

The Group adopts a policy of ensuring that between 40% and 75% of its interest rate risk exposure is at a fixed-rate or limited to a certain threshold. This is achieved partly by entering into fixed-rate instruments and partly by borrowing at a floating rate and using interest rate swaps as hedges of the variability in cash flows attributable to interest rate risk. For the secured interest rate swaps of the Group, management applies a hedge ratio of 1:1.

The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and the notional or par amounts. The Group has interest-bearing financial liabilities in the form of borrowings from external financial institutions at variable rates.

Cash flow interest rate risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates.

The Group entered into interest rate agreements to limit exposure to interest rate fluctuations. The details of these exposures are disclosed in Note 12. As at 31 December 2024, the notional principal amount of these interest rate swaps represents approximately 45% (2023: 80%, 2022: 55%) of the Group’s borrowings on floating interest rates.

	Nominal amount
		2024 US$’000		2023 US$’000			2022 US$’000
Variable rate financial instruments
Financial assets		64,133			69,626			74,213
Financial liabilities		1,122,249			1,251,990			1,716,589
Effect of interest rate swaps		(506,197	)		(1,005,586	)		(949,047	)
		680,185			316,030			841,755

Amounts accumulated in the cash flow hedge reserve – When the Group amended its hedge designation for changes to its borrowings that is required by IBOR reform, the accumulated amount outstanding in the cash flow hedge reserves was deemed to be based on SOFR. The amount is reclassified to profit or loss in the same periods during which the hedged SOFR cash flows affect profit or loss.

Hedge effectiveness is determined at the inception of the hedging relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument.

The Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, it would result in hedge ineffectiveness.

A qualitative assessment is first made for each hedging relationship to determine if there is any hedge ineffectiveness at inception. If there is hedge ineffectiveness identified at inception or throughout the course of the hedge relationship due to critical terms not fully matching due to a change in circumstances, the Group quantifies and assesses hedge ineffectiveness using the hypothetical derivative method.

If the interest rates has increased/decreased by 50 basis points, with all other variables including tax rate being held constant, the net results will be lower/higher by approximately US$2.8 million (2023: US$1.8 million, 2022: US$1.5 million) as a result of higher/lower interest expense on the portion of the borrowings that is not covered by the interest rate swap instruments.

If the interest rates have increased/decreased by 50 basis points, with all other variables including tax rate being held constant, the net results will be lower/higher by approximately US$4.8 million (2023: US$5.8 million, 2022: US$4.9 million) as a result of higher/lower interest expense on borrowings; had no hedging been in place.

The Group’s credit risk is primarily attributable to trade and other receivables, cash and cash equivalents (including restricted cash)and loans receivable from joint ventures. The maximum exposure is represented by the carrying value of each financial asset on the balance sheet.

The Group performs periodic credit evaluations of its charterers. The Group has implemented policies to ensure cash funds are deposited and derivatives are entered into with banks and internationally recognised financial institutions with a good credit rating and the vessels are chartered out to charterers with an appropriate credit rating who can provide sufficient guarantees.

The Group applies the simplified lifetime approach and uses a provision matrix to determine the ECLs of trade receivables and contract assets. It is based on the Group’s historical observed default rates and is adjusted by a current and forward-looking estimate based on current economic conditions.

The Group has determined that the ECL provision estimated based on an allowance matrix of 0.3% to 1% for trade receivables aged “Past due up to three months” and “Past due for more than six months”, respectively, as at 31 December 2024, 2023 and 2022 were insignificant. Accordingly, no ECL allowance was recorded by the Group.

	2024 US$’000		2023 US$’000		2022 US$’000
Current (not past due)		199,076		312,744		215,442
Past due 0 to 3 months		68,653		86,920		55,277
Past due for more than 3 months		136,284		108,178		34,776
Less: Allowance for impairment		—		—		—
		404,013		507,842		305,495

The loans extended to the joint ventures form an extension of the Group’s investment in product tankers via co-ownership with another strategic investor. As the vessels owned by the joint ventures generate positive cash flows and the outlook remains positive, management considers the credit risk of loans issued to the joint ventures as low. As a result of the qualitative assessment performed, no ECL provision has been recognised.

The cash and cash equivalents are held with high credit quality financial institutions. Impairment on cash and cash equivalents has been measured on the 12 month expected loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. The amount of the allowance on cash and cash equivalents is negligible.

Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities to meet operating and capital expenditure needs. To address the inherent unpredictability of short-term liquidity requirements, the Group maintains sufficient cash for its daily operations in short-term cash deposits with banks, has access to undrawn revolving credit facilities amounting to US$322 million. In the financial year ended 2023 and 2022, the Group entered into a trade receivables factoring agreement (with limited recourse to the Group) with financial institutions. This factoring agreement ended in the financial year ended 2023.

	Less than 1 year US$’000		Between 1 and 2 years US$’000		Between 2 and 5 years US$’000		Over 5 years US$’000
At 31 December 2024
Trade and other payables		312,839		—		—		—
Derivative financial instruments		1,939		—		—		—
Interest payments		55,598		33,239		53,365		15,659
Borrowings		253,803		231,878		92,550		-
Sale and leaseback liability (accounted for as financing transaction) and other lease liabilities		84,029		48,834		146,842		269,773
		708,208		313,951		292,757		285,432

	Less than 1 year US$’000		Between 1 and 2 years US$’000		Between 2 and 5 years US$’000		Over 5 years US$’000
At 31 December 2023
Trade and other payables		385,478		—		—		—
Derivative financial instruments		276		—		—		—
Interest payments		60,437		50,567		78,168		31,528
Borrowings		175,900		148,090		228,992		24,386
Sale and leaseback liability (accounted for as financing transaction) and other lease liabilities		94,071		79,666		198,617		354,043
		716,162		278,323		505,777		409,957

	Less than 1 year US$’000		Between 1 and 2 years US$’000		Between 2 and 5 years US$’000		Over 5 years US$’000
At 31 December 2022
Trade and other payables		156,218		—		—		—
Derivative financial instruments		93		—		—		—
Interest payments		84,031		70,127		139,534		77,722
Borrowings		105,811		105,811		498,862		21,947
Sale and leaseback liability (accounted for as financing transaction) and other lease liabilities		217,654		97,635		288,012		455,326
		563,807		273,573		926,408		554,995

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholders’ value. In order to maintain or achieve an optimal capital structure, the Group may adjust the amount of dividends paid, return capital to shareholders, obtain new borrowings or sell assets to reduce borrowings.

The Group is subject to capital requirements imposed by its external lenders in the form of financial covenants attached to its borrowing facilities.

These requirements are monitored quarterly and reported to management and the board of directors. During the financial year ended 31 December 2024, 2023 and 2022, the Group is in compliance with all externally imposed capital requirements.

	Carrying amount										Fair value
	Note		Fair value hedging instruments/ Mandatorily at FVTPL - others US$’000		Financial assets at amortised cost US$’000		FVOCI – equity instruments US$’000		Total US$’000		Level 1 US$’000		Level 2 US$’000		Level 3 US$’000		Total US$’000
At 31 December 2024
Financial assets measured at fair value
Forward freight agreements		12		1,690		—		—		1,690		—		1,690		—		1,690
Interest rate swaps used for hedging		12		22,935		—		—		22,935		—		22,935		—		22,935
Interest rate caps		12		—		—		—		—		—		—		—		—
Other investments		11		—		—		23,069		23,069		—		—		23,069		23,069
				24,625		—		23,069		47,694
Financial assets not measured at fair value
Loans receivable from joint venture		13		—		64,133		—		64,133
Trade and other receivables, and prepayments¹		16		—		487,677		—		487,677
Restricted cash		17		—		13,542		—		13,542
Cash at bank and on hand		17		—		195,271		—		195,271
Cash retained in the commercial pools		17		—		88,297		—		88,297
				—		848,920		—		848,920

	Carrying amount											Fair value
	Note		Fair value – hedging instruments US$’000			Other financial liabilities US$’000			Total US$’000			Level 1 US$’000		Level 2 US$’000			Level 3 US$’000		Total US$’000
At 31 December 2024
Financial liabilities measured at fair value
Forward foreign exchange contracts		12		(1,048	)		—			(1,048	)		—		(1,048	)		—		(1,048	)
Forward freight agreements		12		(891	)		—			(891	)		—		(891	)		—		(891	)
				(1,939	)		—			(1,939	)
Financial liabilities not measured at fair value
Bank borrowings		20		—			(575,376	)		(575,376	)
Sale and leaseback liability (accounted for as financing transaction) and other lease liabilities		20		—			(546,873	)		(546,873	)
Trade payables		21		—			(312,839	)		(312,839	)
				—			(1,435,088	)		(1,435,088	)

			Carrying amount								Fair value
	Note		Fair value hedging instruments/ Mandatorily at FVTPL - others US$’000		Financial assets at amortised cost US$’000		FVOCI- equity instrument US$’000		Total US$’000		Level 1 US$’000		Level 2 US$’000		Level 3 US$’000		Total US$’000
At 31 December 2023
Financial assets measured at fair value
Forward foreign exchange contracts		12		449		—		—		449		—		449		—		449
Forward freight agreements		12		1,512		—		—		1,512		—		1,512		—		1,512
Interest rate swaps used for hedging		12		45,964		—		—		45,964		—		45,964		—		45,964
Other investments		11		—		—		23,953		23,953		—		—		23,953		23,953
				47,925		—		23,953		71,878

Financial assets not measured at fair value
Loans receivable from joint venture		13		—		69,626		—		69,626
Trade and other receivables, and prepayments¹		16		—		568,436		—		568,436
Restricted cash		17		—		13,381		—		13,381
Cash at bank and on hand		17		—		141,621		—		141,621
Cash retained in the commercial pools		17		—		80,900		—		80,900
				—		873,964		—		873,964

			Carrying amount									Fair value
	Note		Fair value – hedging instruments US$’000			Other financial liabilities US$’000			Total US$’000			Level 1 US$’000		Level 2 US$’000			Level 3 US$’000		Total US$’000
At 31 December 2023
Financial liabilities measured at fair value
Forward freight agreements		12		(276	)		—			(276	)		—		(276	)		—		(276	)
Financial liabilities not measured at fair value
Bank borrowings		20		—			(572,511	)		(572,511	)
Sale and leaseback liability (accounted for as financing transaction) and other lease liabilities		20		—			(679,479	)		(679,479	)
Trade payables		21		—			(385,478	)		(385,478	)
				—			(1,637,468	)		(1,637,468	)

	Carrying amount										Fair value
	Note		Fair value hedging instruments/ Mandatorily at FVTPL - others US$’000		Financial assets at amortised cost US$’000		FVOCI- equity instrument US$’000		Total US$’000		Level 1 US$’000		Level 2 US$’000		Level 3 US$’000		Total US$’000
At 31 December 2022
Financial assets measured at fair value
Forward foreign exchange contracts		12		438		—		—		438		—		438		—		438
Forward freight agreements		12		308		—		—		308		—		308		—		308
Interest rate swaps used for hedging		12		69,136		—		—		69,136		—		69,136		—		69,136
Interest rate caps		12		726		—		—		726		—		726		—		726
Other investments		11		—		—		3,825		3,825		—		—		3,825		3,825
				70,608		—		3,825		74,433
Financial assets not measured at fair value
Loans receivable from joint ventures		13		—		74,213		—		74,213
Trade and other receivables, and prepayments¹		16		—		481,507		—		481,507
Restricted cash		17		-		4,780		-		4,780
Cash at bank and on hand		17		—		174,440		—		174,440
Cash retained in the commercial pools		17		—		105,885		—		105,885
				—		840,825		—		840,825

			Carrying amount									Fair value
	Note		Fair value – hedging instruments US$’000			Other financial liabilities US$’000			Total US$’000			Level 1 US$’000		Level 2 US$’000			Level 3 US$’000		Total US$’000
At 31 December 2022
Financial liabilities measured at fair value
Forward freight agreements		12		(93	)		—			(93	)		—		(93	)		—		(93	)
Financial liabilities not measured at fair value
Bank borrowings		20		—			(726,376	)		(726,376	)
Sale and leaseback liability (accounted for as financing transaction) and other lease liabilities		20		—			(969,004	)		(969,004	)
Loan from non-related parties		20		—			(5,429	)		(5,429	)
Trade payables		21		—			(156,218	)		(156,218	)
				—			(1,857,027	)		(1,857,027	)

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. These financial instruments are included in Level 2, as all significant inputs required to fair value an instrument are observable. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financial instruments.

If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. The assessment of the fair value of investments in unquoted equity instruments is performed on a quarterly basis based on the latest available data that is reasonably available to the Group.

The Group’s investment in unquoted equity instruments measured at FVOCI using Level 3 fair value measurements were valued using market approach based on the Group’s best estimate, which is determined by using information including but not limited to the pricing of recent rounds of financing of the investees and information generated from arm’s-length market transactions involving identical or comparable assets or liabilities. The estimated fair value of the investments would either increase or decrease based on the latest available data that is reasonably available to the Group at each balance sheet date.

	2024 US$’000			2023 US$’000		2022 US$’000
Opening balance		23,953			3,825		3,501
Acquisition of equity investments at FVOCI		862			10,408		324
Equity investments at FVOCI – net change in fair value (unrealised)		1,186			9,720		—
Disposal of other investments		(2,932	)		—		—
Closing balance		23,069			23,953		3,825

The Group’s financial assets and liabilities are not subjected to enforceable master netting arrangements or similar arrangements. Financial derivatives, financial assets and financial liabilities are presented separately on the consolidated balance sheet, without netting off of balances.