v3.25.4
Income taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Major components of tax expense (income) [abstract]  
Schedule of measurement of results for tax purposes
   
2025
    
2024
    
2023
  
   
US $ in millions
  
Current tax expenses
                  
Current year
    
27.2
      
31.2
      
26.0
  
Taxes in respect of previous years
    
(1.8
)
    
0.7
      
2.5
  
     
25.4
      
31.9
      
28.5
  
                         
Deferred tax expenses
                        
Origination and reversal of temporary differences
    
151.6
      
19.3
      
(156.1
)
Total income taxes in income statements
    
177.0
      
51.2
      
(127.6
)
Schedule of reconciliation of effective tax rate
   
2025
    
2024
    
2023
  
   
US $ in millions
  
                   
Profit (loss) for the year
    
481.5
      
2,153.8
      
(2,687.9
)
Income taxes
    
177.0
      
51.2
      
(127.6
)
Profit (loss) excluding income taxes
    
658.5
      
2,205.0
      
(2,815.5
)
                         
Income tax using the domestic corporation tax rate
    
151.4
      
507.2
      
(647.6
)
Current year losses and other temporary differences
                        
   for which no deferred tax asset was recognized
    
2.4
              
488.7
  
Utilization of carried forward tax losses for which no
                        
 deferred tax assets were recognized
            
(471.0
)
        
Effect of tax rates in foreign jurisdictions
    
5.6
      
9.2
      
7.4
  
Non-deductible expenses
    
3.5
      
0.2
      
5.8
  
Effect of different tax rates on specific gains
    
14.8
      
5.7
      
15.2
  
Effect of share of profits (losses) of associates
    
0.6
      
(0.5
)
    
1.8
  
Other
    
(1.3
)
    
0.4
      
1.1
  
     
177.0
      
51.2
      
(127.6
)
Schedule of recognised deferred tax assets and liabilities
   
Assets
    
Liabilities
    
Net
  
   
2025
    
2024
    
2025
    
2024
    
2025
    
2024
  
   
US $ in millions
  
                                     
Fixed assets (including right of use assets) (*)
                
(799.9
)
    
(591.7
)
    
(799.9
)
    
(591.7
)
Financial instruments and lease liabilities
    
533.4
      
549.4
                      
533.4
      
549.4
  
Employee benefits
    
18.7
      
13.4
                      
18.7
      
13.4
  
Tax losses carry-forwards
    
58.3
      
0.5
                      
58.3
      
0.5
  
Other items
    
12.5
      
8.3
                      
12.5
      
8.3
  
                                                 
Net deferred tax assets
                                                
  (liabilities)
    
622.9
      
571.6
      
(799.9
)
    
(591.7
)
    
(177.0
)
    
(20.1
)
                                                 
Net deferred tax assets recognized
  in the statement of the financial
  position
                                    
9.2
      
7.5
  
Net deferred tax liabilities
  recognized in the statement
  of the financial position
                                    
(186.2
)
    
(27.6
)
                                     
(177.0
)
    
(20.1
)
 
(*)    In accordance with Israeli Income Tax Regulations, the Group is entitled to deduct depreciation for vessels and related equipment at a higher rate than recorded in its financial statements.
Schedule of movement in deferred tax assets and liabilities during the year
   
Fixed assets (including right of use assets)
    

Financial Instruments and lease liabilities

    
Employee
benefits
    
Accumulated
tax losses
    
Other
items
    
Total
  
   
US $ in millions
  
Balance at January 1, 2025
    
(591.7
)
    
549.4
      
13.4
      
0.5
      
8.3
      
(20.1
)
Recognized in profit or loss
    
(208.1
)
    
(11.3
)
    
5.3
      
57.8
      
4.8
      
(151.5
)
Recognized in other
                                                
  comprehensive income
    
(0.1
)
    
(4.7
)
                    
(0.6
)
    
(5.4
)
Balance at December 31, 2025
    
(799.9
)
    
533.4
      
18.7
      
58.3
      
12.5
      
(177.0
)
 
   
Fixed assets (including right of use assets)
    
Financial Instruments and lease liabilities
    
Employee
benefits
    
Accumulated
tax losses
    
Other
items
    
Total
  
   
US $ in millions
  
Balance at January 1, 2024
    
(428.9
)
    
405.0
      
13.4
      
0.4
      
6.6
      
(3.5
)
Recognized in profit or loss
    
(162.8
)
    
141.5
      
0.3
      
0.1
      
1.6
      
(19.3
)
Recognized in other
                                                
  comprehensive income
            
2.9
      
(0.3
)
            
0.1
      
2.7
  
Balance at December 31, 2024
    
(591.7
)
    
549.4
      
13.4
      
0.5
      
8.3
      
(20.1
)