Financial risk management (Tables)

12 Months Ended

Dec. 31, 2024

Financial risk management [Abstract]

Interest-bearing Financial Instruments

As at the balance sheet date, the interest rate profile of interest-bearing financial instruments, as reported to the management, was as follows:

	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

Age Analysis of Trade Receivables and Contract Assets

The age analysis of trade receivables and contract assets is as follows:

	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

Financial Liabilities Based on Contractual Undiscounted Cash Flows

The maturity profile of the Group’s financial liabilities based on contractual undiscounted cash flows is as follows:

	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

Financial Assets Measured at Fair Value

The following tables present assets and liabilities recognised and measured at fair value and classified by level of the following fair value measurement hierarchy:

(1) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

(2) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and

(3) inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

	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

¹ Excluding prepayments

			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

¹ Excluding prepayments

	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

¹ Excluding prepayments

Financial Liabilities Measured at Fair Value

The following tables present assets and liabilities recognised and measured at fair value and classified by level of the following fair value measurement hierarchy:

(1) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

(2) inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and

(3) inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

	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 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 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	)

Reconciliation from Investment in Unquoted Equity Instruments

The following table shows a reconciliation from the opening balances to the closing balances of the Group’s investment in unquoted equity instruments measured at FVOCI using Level 3 fair value measurements:

	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