v3.25.2
Investments
 6 Months Ended
Jun. 30, 2025
Interests In Other Entities [Abstract]  
Investments Investments
At fair value through profit or loss
The investment in other companies of $45.0 million relates to the purchase of 10% of the shares of Anglo-
Eastern Univan Group Limited and to a stake held in SwissMarine by Golden Ocean Group Ltd of
$44.8 million. The investments are measured at fair value, with changes in fair value recognised through
profit or loss. The Company received a dividend of $3.7 million from Anglo-Eastern Univan Group Limited
during the first six months of 2025.
Equity-accounted investees
(in thousands of USD)
June 30, 2025
December 31, 2024
Assets
Interest in joint ventures
21,374
16,806
Interest in associates
6,749
—
TOTAL ASSETS
28,123
16,806
Associates
(in thousands of USD)
June 30, 2025
Business Combinations
6,322
Group's share of profit (loss) for the period
427
Carrying amount of interest at the end of the period
6,749
Joint Ventures
The following table contains a roll forward of the balance sheet amounts with respect to the Group’s joint
ventures:
ASSET
(in thousands of USD)
Investments in
equity accounted
investees
Shareholders loans
Gross balance
(330)
850
Offset investment with shareholders loan
848
(848)
Balance at January 1, 2024
518
2
Reversal prior year offset investment with shareholders loan
(848)
848
Group's share of profit (loss) for the period
920
—
Capital increase/(decrease) in joint ventures
3,796
—
Movement shareholders loans to joint ventures
—
4,485
Business combinations
12,399
11,638
Translation differences
(475)
(290)
Gross balance
16,311
16,683
Offset investment with shareholders loan
495
(495)
Balance at December 31, 2024
16,806
16,188
Reversal prior year offset investment with shareholders loan
(495)
495
Group's share of profit (loss) for the period
1,144
—
Movement shareholders loans to joint ventures
—
1,331
Dividends received from joint ventures
(625)
—
Translation differences
1,359
1,562
Business combinations
2,089
—
Gross balance
20,278
19,576
Offset investment with shareholders loan
1,096
(1,096)
Balance at June 30, 2025
21,374
18,480
The increase in investments in equity accounted investees at June 30, 2025 is mainly related to the
acquisition of Golden Ocean Group Ltd (see Note 5).