For the financial year ended 2025 and 2024, the material joint ventures of the Group, all of which are equity-accounted are Vista Shipping Pte. Ltd. (“Vista”), domiciled in Singapore; H&A Shipping Pte. Ltd. (“H&A Shipping”), domiciled in Singapore; and Ecomar Shipholding S.A.S (“Ecomar”), domiciled in France.

The entities are structured as separate vehicles in ship owning; with the legal form of the separate vehicles and the contractual terms between the joint arrangement partners not conferring upon the partners direct rights to assets and obligations for liabilities relating to the joint arrangement. This results in the Group having residual interest in the joint arrangement’s net assets. Accordingly, the Group has classified its interest in the three entities as joint ventures.

The following tables summarise the financial information of the material joint ventures as included in its own consolidated financial statements. The tables also reconcile the summarised financial information to the carrying amount of the Group’s interest in the joint ventures.

	2025 US$’000		2024 US$’000
Percentage ownership interest	50	%	50	%

Non-current assets	413,507		427,959
Current assets	43,119		63,657
Non-current liabilities	(265,854	)	(317,722	)
Current liabilities	(28,904	)	(45,350	)
Net assets (100%)	161,868		128,544

Group’s share of net assets (50%)	80,934		64,272
Hedging reserve	41		—
Carrying amount of interest in joint venture	80,975		64,272

Revenue	99,293		112,907
Other income	2,972		2,623
Expenses	(68,854	)	(73,951	)
Profit and total comprehensive income (100%)	33,411		41,579

Profit and total comprehensive income (50%)	16,706		20,790
Adjustment to previously recognised share of profit from prior year	-		35
Group’s share of total comprehensive income (50%)	16,706		20,825

	2025 US$’000		2024 US$’000
Percentage ownership interest	50	%	50	%

Non-current assets	59,271		59,892
Current assets	5,071		5,388
Non-current liabilities	(41,151	)	(46,093	)
Current liabilities	(4,731	)	(4,940	)
Net assets (100%)	18,460		14,247

Group’s share of net assets (50%)	9,230		7,124
Shareholder’s loans	5,308		6,308
Alignment of accounting policies	20		1,153
Carrying amount of interest in joint venture	14,558		14,585

Revenue	11,069		11,459
Other income	1,496		1,866
Expenses	(9,377	)	(10,791	)
Profit and total comprehensive income (100%)	3,188		2,534

Profit and total comprehensive income (50%)	1,594		1,267
Adjustment to previously recognised share of profit from prior year	(474	)	—
Alignment of accounting policies	(147	)	147
Group’s share of total comprehensive income (50%)	973		1,414

	2025 US$’000		2024 US$’000
Percentage ownership interest	50	%	50	%

Non-current assets	185,498		68,964
Current assets	13,872		4,928
Non-current liabilities	(172,098	)	(77,032	)
Current liabilities	(32,795	)	—
Net liabilities (100%)	(5,523	)	(3,140	)

Group’s share of net liabilities (50%)	(2,762	)	(1,570	)
Unrecognised share of losses	2,762		1,633
Translation reserve	—		(63	)
Carrying amount of interest in joint venture	—		—

Revenue	20,549		—
Other income	1,717		32
Expenses	(24,490	)	(3,321	)
Loss and total comprehensive loss (100%)	(2,224	)	(3,289	)

Loss and total comprehensive loss (50%)	(1,112	)	(1,645	)
Adjustment to previously recognised share of loss from prior year	(13	)	—
Unrecognised share of loss for the current year	1,125		1,633
Group’s share of total comprehensive loss (50%)	—		(12	)

The Group has a number of immaterial joint ventures. The following table summarises, in aggregate, the carrying amount and share of profit of these joint ventures that are accounted for using the equity method: