Borrowings (Tables)

12 Months Ended

Dec. 31, 2025

	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

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

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 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