| Leases |
The Group is engaged in multiple lease arrangements for vessels and containers, supporting its operating activities, as well as for buildings, vehicles, IT equipment and other tangible assets. Such lease arrangements (some of which include options for extension and / or purchase of the underlying asset) are characterized by large-scale, frequent and recurring engagements at common market terms.
| |
|
Vessels
|
|
|
Containers
And
Equipment
|
|
|
Buildings,
vehicles and other
tangible assets
|
|
|
Total
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
US $ in millions
|
|
|
Balance as at January 1, 2025
|
|
|
5,256.8
|
|
|
|
366.6
|
|
|
|
48.9
|
|
|
|
5,672.3
|
|
|
Additions
|
|
|
207.0
|
|
|
|
75.6
|
|
|
|
28.5
|
|
|
|
311.1
|
|
|
Depreciation
|
|
|
(1,087.2
|
)
|
|
|
(69.5
|
)
|
|
|
(12.9
|
)
|
|
|
(1,169.6
|
)
|
|
Impairment reversal
|
|
|
76.0
|
|
|
|
5.2
|
|
|
|
10.9
|
|
|
|
92.1
|
|
|
Other (*)
|
|
|
794.0
|
|
|
|
(3.7
|
)
|
|
|
(0.7
|
)
|
|
|
789.6
|
|
|
Balance as at December 31, 2025
|
|
|
5,246.6
|
|
|
|
374.2
|
|
|
|
74.7
|
|
|
|
5,695.5
|
|
| |
|
Vessels
|
|
|
Containers
And
Equipment
|
|
|
Buildings,
vehicles and other
tangible assets
|
|
|
Total
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
US $ in millions
|
|
|
Balance as at January 1, 2024
|
|
|
3,613.3
|
|
|
|
283.5
|
|
|
|
49.2
|
|
|
|
3,946.0
|
|
|
Additions
|
|
|
2,852.6
|
|
|
|
158.4
|
|
|
|
9.2
|
|
|
|
3,020.2
|
|
|
Depreciation
|
|
|
(982.5
|
)
|
|
|
(67.2
|
)
|
|
|
(8.2
|
)
|
|
|
(1,057.9
|
)
|
|
Other (*)
|
|
|
(226.6
|
)
|
|
|
(8.1
|
)
|
|
|
(1.3
|
)
|
|
|
(236.0
|
)
|
|
Balance as at December 31, 2025
|
|
|
5,256.8
|
|
|
|
366.6
|
|
|
|
48.9
|
|
|
|
5,672.3
|
|
(*) Mainly lease modifications and terminations, see also Note 5.
| |
(b) |
Maturity analysis of the Group's lease liabilities
|
| |
|
As at December 31
|
|
| |
|
2025
|
|
|
2024
|
|
| |
|
US $ in millions
|
|
|
Less than one year
|
|
|
1,096.5
|
|
|
|
1,321.7
|
|
|
One to five years
|
|
|
2,560.3
|
|
|
|
2,581.0
|
|
|
More than five years
|
|
|
1,991.3
|
|
|
|
2,019.6
|
|
|
Total
|
|
|
5,648.1
|
|
|
|
5,922.3
|
|
The Group’s lease liabilities are mostly denominated in USD, discounted by interest rates with weighted average of 7.8% (8.1% as at December 31, 2024).
| |
(c) |
Amounts recognized in profit or loss
|
| |
|
2025
|
|
|
2024
|
|
|
2023
|
|
| |
|
US $ in millions
|
|
|
Interest expenses related to lease liabilities
|
|
|
465.5
|
|
|
|
458.8
|
|
|
|
370.0
|
|
|
Expenses relating to short-term leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessels
|
|
|
|
|
|
|
0.9
|
|
|
|
27.3
|
|
|
Containers
|
|
|
36.5
|
|
|
|
31.9
|
|
|
|
23.6
|
|
| |
(d) |
Amounts recognized in the statement of cash flows
|
| |
|
2025
|
|
|
2024
|
|
|
2023
|
|
| |
|
US $ in millions
|
|
| |
|
|
|
|
|
|
|
|
|
|
Cash outflow related to lease liabilities
|
|
|
1,889.3
|
|
|
|
2,524.1
|
|
|
|
2,063.0
|
|
| |
(e) |
For further details regarding the Group’s commitment in respect of future leases and other leases not accounted as a lease liability as of December 31, 2025, see Note 26.
|
|