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Financial information
6 Months Ended
Jun. 30, 2025
Financial information [Abstract]  
Financial information
Note 9: Financial information

   
Carrying amount
   
Fair value
 
   
Fair value
hedging
instruments/
Mandatorily at
FVTPL – others
USD’000
Financial
assets at
amortised
cost
USD’000
FVOCI –
equity
instruments
USD’000
Total
USD’000
   
Level 1
USD’000
Level 2
USD’000
Level 3
USD’000
Total
USD’000
 
 
At 30 June 2025
                     
 
Financial assets measured at fair value
                     
 
Forward foreign exchange contracts
1,506
—
—
1,506
   
—
1,506
—
1,506
 
 
Forward freight agreements
1,076
—
—
1,076
   
—
1,076
—
1,076
 
 
Interest rate swaps used for hedging
11,513
—
—
11,513
   
—
11,513
—
11,513
 
 
Other investments
—
—
23,069
23,069
   
—
—
23,069
23,069
 
   
14,095
—
23,069
37,164
             
                         
 
At 30 June 2025
                     
 
Financial assets not measured at fair value
                     
 
Loans receivable from joint ventures
—
62,490
—
62,490
             
 
Trade and other receivables, and prepayments1
—
447,115
—
447,115
             
 
Restricted cash
—
10,000
—
10,000
             
 
Cash at bank and on hand
—
194,022
—
194,022
             
 
Cash retained in the commercial pools
—
119,289
—
119,289
             
   
—
832,916
—
832,916
             

   
Carrying amount
   
Fair value
 
   
Fair value hedging
instruments
USD’000
Other financial
liabilities
USD’000
Total
USD’000
   
Level 1
USD’000
Level 2
USD’000
Level 3
USD’000
Total
USD’000
 
 
At 30 June 2025
                   
 
Financial liabilities measured at fair value
                   
 
Forward freight agreements
(177)
—
(177)
   
—
(177)
—
(177)
 
   
(177)
—
(177)
             
                       
 
At 30 June 2025
                   
 
Financial liabilities not measured at fair value
                   
 
Bank borrowings
—
(551,607)
(551,607)
             
 
Sale and leaseback liabilities (accounted for as financing transaction) and other lease liabilities
—
(475,080)
(475,080)
             
 
Trade and other payables
—
(338,054)
(338,054)
             
   
—
(1,364,741)
(1,364,741)
             


1 Excluding prepayments

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

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

The Group has no Level 1 financial assets or liabilities as at 30 June 2025 and 31 December 2024.

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.


1 Excluding prepayments.

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.

Level 3 fair values

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 reporting date.

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:

   
 30 June 2025
USD’000
31 December 2024
USD’000
 
 
Opening balance
23,069
23,953
 
 
Acquisition of equity investments at FVOCI
—
862
 
 
Equity investments at FVOCI – net change in fair value
—
1,186
 
 
Disposal of other investments
—
(2,932)
 
 
Closing balance
23,069
23,069