v3.26.1
Financial information
6 Months Ended
Jun. 30, 2026
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 2026
                   
 
Financial assets measured at fair value
                   
 
Forward foreign exchange contracts
–
–
–
–
 
–
–
–
–
 
 
Forward freight agreements
500
–
–
500
 
–
500
–
500
 
 
Interest rate swaps used for hedging
8,935
–
–
8,935
 
–
8,935
–
8,935
 
 
Other investments
–
–
381,872
381,872
 
369,272
–
12,600
381,872
 
 
Loans receivable from joint venture
9,123
–
–
9,123
 
–
–
9,123
9,123
 
   
18,558
–
381,872
400,430
           
                       
 
At 30 June 2026
                   
 
Financial assets not measured at fair value
                   
 
Loans receivable from joint ventures
–
50,993
–
50,993
           
 
Trade and other receivables, and prepayments1
–
540,754
–
540,754
           
 
Restricted cash
–
20,000
–
20,000
           
 
Cash at bank and on hand
–
270,983
–
270,983
           
 
Cash retained in the commercial pools
–
82,177
–
82,177
           
   
–
964,907
–
964,907
           

   
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 2026
                 
 
Financial liabilities measured at fair value
                 
 
Forward foreign exchange contracts
(765)
–
(765)
 
–
(765)
–
(765)
 
 
Forward freight agreements
(5,281)
–
(5,281)
 
–
(5,281)
–
(5,281)
 
   
(6,046)
–
(6,046)
           
                     
 
At 30 June 2026
                 
 
Financial liabilities not measured at fair value
                 
 
Bank borrowings
–
(808,299)
(808,299)
           
 
Sale and leaseback liabilities and other lease liabilities
–
(77,064)
(77,064)
           
 
Trade and other payables
–
(410,051)
(410,051)
           
   
–
(1,295,414)
(1,295,414)
           


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 2025
                 
 
Financial assets measured at fair value
                 
 
Forward foreign exchange contracts
267
–
–
267
 
–
267
–
267
 
Forward freight agreements
590
–
–
590
 
–
590
–
590
 
Interest rate swaps used for hedging
8,007
–
–
8,007
 
–
8,007
–
8,007
 
Other investments
–
–
297,581
297,581
 
284,981
–
12,600
297,581
 
Loans receivable from joint venture
7,046
–
–
7,046
 
–
–
7,046
7,046
   
15,910
–
297,581
313,491
         
                     
 
At 31 December 2025
                 
 
Financial assets not measured at fair value
                 
 
Loans receivable from joint ventures
–
52,799
–
52,799
         
 
Trade and other receivables, and prepayments1
–
450,087
–
450,087
         
 
Restricted cash
–
10,000
–
10,000
         
 
Cash at bank and on hand
–
103,609
–
103,609
         
 
Cash retained in the commercial pools
–
88,966
–
88,966
         
   
–
705,461
–
705,461
         

   
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 2025
               
 
Financial liabilities measured at fair value 
               
 
Forward freight agreements
(163)
–
(163)
 
–
(163)
–
(163)
 
 
(163)
–
(163)
 
       
 
 
               
 
At 31 December 2025
               
 
Financial liabilities not measured at fair value
               
 
Bank borrowings
–
(1,048,125)
(1,048,125)
         
 
Sale and leaseback liabilities and other lease liabilities
–
(74,851)
(74,851)
         
 
Trade and other payables
–
(350,735)
(350,735)
         
   
–
(1,473,711)
(1,473,711)
         

The Group has Level 1 financial assets but no Level 1 financial liabilities as at 30 June 2026 and 31 December 2025.
 
The Group has investments in unquoted equity instruments measured at fair value through other comprehensive income (“FVOCI”) and loans receivable from a joint venture measured at fair value through profit or loss (“FVTPL”) that are measured using Level 3 fair value measurements.
 
For further details on the Group’s measurement of fair values, refer to Item 17. Financial Statements of our 2025 Form 20-F.


1 Excluding prepayments

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 2026
USD’000
31 December 2025
USD’000
 
Opening balance
12,600
23,069
 
Equity investments at FVOCI – net change in fair value
–
(2,699)
 
Conversion of debt into equity
–
36
 
Transfer from Level 3 to Level 1
–
(7,806)
 
Closing balance
12,600
12,600

The following table shows a reconciliation from the opening balances to the closing balances of the Group’s loans receivable to a joint venture measured at FVTPL using Level 3 fair value measurements:

   
 30 June 2026
USD’000
31 December 2025
USD’000
 
Opening balance
7,046
–
 
Issuance of convertible loan notes
4,674
7,046
 
Effect of foreign exchange movements
(316)
–
 
Net change in fair value
(2,281)
–
 
Closing balance
9,123
7,046