16.	Borrowings

  

			2025 US$’000				2024 US$’000
Current
Bank borrowings			184,773				252,556
Sale and leaseback liabilities			5,925				64,506
Other lease liabilities			21,876				19,233
			212,574				336,295
Non-current
Bank borrowings			863,352				322,820
Sale and leaseback liabilities			31,170				461,924
Other lease liabilities			15,880				1,210
			910,402				785,954
Total borrowings			1,122,976				1,122,249

Bank borrowings

As at 31 December 2025, bank borrowings consist of eight (2024: ten) credit facilities from external financial institutions. The table below summarises key information of the bank borrowings:

 

Facility amount		Outstanding amount US$’000				Maturity date
US$473 million facility			49,897
- US$413 million term loan							2026
- US$60 million revolving credit facility							2026
US$84 million facility			71,050				2029
US$40 million facility			33,007				2029
US$303 million facility			—
- US$303 million revolving credit facility							2029
US$715 million facility			637,000
- US$715 million revolving credit facility							2032
Up to US$175 million borrowing base facility			47,500				2026
Up to US$175 million borrowing base facility (with an accordion option of up to US$75 million)			57,000				2026
US$175 million facility			160,000
- US$175 million revolving credit facility							2032

The Group’s revolving credit facilities will be available for utilisation if there is no event of default or default which is continuing or would result from the proposed utilisation or under the existing utilisations; and relevant conditions are met. The Group pays commitment fees to have these revolving credit facilities which are between 35-40% (2024: 35-40%) of the facilities’ margin.

On 10 December 2025, the Group entered into a US$175 million revolving credit facility.

On 24 November 2025, the US$39 million facility term loan tranche matured.

On 22 August 2025, the US$39 million facility revolving credit facility tranche matured.

On 21 July 2025, the Group refinanced its US$216 million and US$84 million facilities into a separate US$715 million facility.

On 30 June 2025, the Group cancelled its US$374 million facility.

On 27 May 2025, the Group partially cancelled its US$473 million facility revolving credit facility tranche.

On 11 July 2024, the Group refinanced its US$106 million facility into a  separate US$84 million facility.

 

Sale and leaseback liabilities consist of various facilities provided by external leasing houses under sale-and-leaseback contracts. Under these contracts, the vessels were legally sold to external leasing houses and leased back by the Group. The sale of vessels under these sale and leaseback arrangements did not meet the criteria for sale as prescribed by IFRS 15 Revenue with customers as the Group has assessed that there was no transfer of control of the vessels. The Group continues to have the right to direct the use of the vessels and to obtain the remaining economic benefits from the vessels. The Group also has the option/obligation to repurchase the vessels from the leasing houses. As a result of the assessment performed, the vessels were not derecognised from the Group’s consolidated balance sheet. These transactions were treated as financing arrangements since lease inception, with the proceeds received from the external leasing houses reflected as sale and leaseback liabilities, which were accounted for as financing transactions.

During the financial year ended 2025, the Group exercised the purchase options on twenty one of its existing sale and leaseback financings with CSSC (Hong Kong) Shipping Company Limited, ICBC Financial Leasing, CMB Financial Leasing, Ocean Yield Limited and Sole Shipping. These transactions were accounted for as an extinguishment of existing sale and leaseback liabilities.

During the financial year ended 2024, the Group exercised the purchase options on six of its existing sale and leaseback financings with Jiangsu Financial Lease Co Limited and CSSC (Hong Kong) Shipping Company Limited. These transactions were accounted for as an extinguishment of existing sale and leaseback liabilities.

Facility amount		Outstanding amount US$’000				Maturity date
CMB finance lease			15,179				2033
Hafnia Tankers finance leases			21,917				2029 – 2030

The weighted average effective interest rates per annum of total borrowings at the balance sheet date are as follows:

		2025				2024
Bank borrowings			5.3	%			6.8	%
Sale and leaseback liabilities			5.8	%			6.9	%

The exposure of borrowings to interest rate risk is disclosed in Note 20.

The contractual undiscounted cash flows have the following maturity:

		2025 US$’000				2024 US$’000
Later than one year and not later than five years			459,412				517,013
Later than five years			450,990				268,941
			910,402				785,954

The carrying values of the bank borrowings and sale and leaseback liabilities approximate their fair values.

 

The Group has bank borrowings and sale and leaseback liabilities that contain financial and non-financial covenants. Any breach of covenants will result in bank borrowings and sale and leaseback liabilities becoming payable on demand. The Group was in compliance with financial and non-financial covenants as at 31 December 2025 and 31 December 2024.