|
The income tax expense reconciliation of the Group is as follows:
|
Reconciliation of effective tax rate
|
|
|
2025
US$’000
|
|
|
|
2024
US$’000
|
|
|
|
2023
US$’000
|
|
|
Profit before income tax
|
|
|
342,177
|
|
|
|
778,453
|
|
|
|
799,526
|
|
Tax calculated at a tax rate of 17% (2024: 0%, 2023: 0%)
|
|
|
58,170
|
|
|
|
—
|
|
|
|
—
|
|
Exempt shipping profit under Section 13A & 13E of the Singapore Income Tax Act
|
|
|
(51,472 |
) |
|
|
— |
|
|
|
— |
|
|
Effect of different tax rates in other countries and effects from Pillar 2.0 top up taxes
|
|
|
(2,309 |
) |
|
|
—
|
|
|
|
—
|
|
|
Tax on income derived from non-shipping activities
|
|
|
4,389
|
|
|
|
5,849
|
|
|
|
6,540
|
|
|
Over provision of income tax in prior years
|
|
|
(1,894
|
)
|
|
|
(1,431
|
)
|
|
|
(289
|
)
|
|
Income tax expense
|
|
|
2,495
|
|
|
|
4,418
|
|
|
|
6,251
|
|
|