Financial risk management (Tables)

12 Months Ended

Dec. 31, 2025

Financial risk management [Abstract]

As at the balance sheet date, the interest rate profile of interest-bearing financial instruments, as reported to the management, was as follows:

	Nominal amount
		2025 US$’000		2024 US$’000			2023 US$’000
Interest bearing financial instruments
Financial assets		59,845			64,133			69,626
Financial liabilities		1,122,976			1,122,249			1,251,990
Effect of interest rate swaps		(394,760	)		(506,197	)		(1,005,586	)
		788,061			680,185			316,030

Age Analysis of Trade Receivables and Contract Assets

The age analysis of trade receivables and contract assets is as follows:

	2025 US$’000		2024 US$’000		2023 US$’000
Current (not past due)		93,445		199,076		312,744
Past due 0 to 3 months		182,364		68,653		86,920
Past due for more than 3 months		111,026		136,284		108,178
Less: Allowance for impairment		—		—		—
		386,835		404,013		507,842

Financial Liabilities Based on Contractual Undiscounted Cash Flows

The maturity profile of the Group’s financial liabilities based on contractual undiscounted cash flows is as follows:

	Less than 1 year US$’000		Between 1 and 2 years US$’000		Between 2 and 5 years US$’000		Over 5 years US$’000
At 31 December 2025
Trade and other payables, and provisions¹		350,735		—		—		—
Derivative financial instruments		163		—		—		—
Interest payments arising from financing activities		56,041		47,863		105,369		38,083
Borrowings		186,154		92,777		324,853		451,670
Sale and leaseback liabilities and other lease liabilities		27,811		10,262		29,115		7,731
		620,904		150,902		459,337		497,484

	Less than 1 year US$’000		Between 1 and 2 years US$’000		Between 2 and 5 years US$’000		Over 5 years US$’000
At 31 December 2024
Trade and other payables, and provisions¹		312,839		—		—		—
Derivative financial instruments		1,939		—		—		—
Interest payments arising from financing activities		55,598		33,239		53,365		15,659
Borrowings		253,803		231,878		92,550		-
Sale and leaseback liabilities and other lease liabilities		84,029		48,834		146,842		269,773
		708,208		313,951		292,757		285,432

	Less than 1 year US$’000		Between 1 and 2 years US$’000		Between 2 and 5 years US$’000		Over 5 years US$’000
At 31 December 2023
Trade and other payables, and provisions¹		385,478		—		—		—
Derivative financial instruments		276		—		—		—
Interest payments arising from financing activities		60,437		50,567		78,168		31,528
Borrowings		175,900		148,090		228,992		24,386
Sale and leaseback liabilities and other lease liabilities		94,071		79,666		198,617		354,043
		716,162		278,323		505,777		409,957

¹	Excluding provisions

Financial Assets Measured at Fair Value

The following tables present assets and liabilities recognised and measured at fair value and classified by level of the following fair value measurement hierarchy:

(1)	quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

(2)	inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and

(3)	inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

	Carrying amount										Fair value
	Note		Fair value hedging instruments/ Mandatorily at FVTPL - others US$’000		Financial assets at amortised cost US$’000		FVOCI – equity instruments US$’000		Total US$’000		Level 1 US$’000		Level 2 US$’000		Level 3 US$’000		Total US$’000
At 31 December 2025
Financial assets measured at fair value
Loans receivable from joint venture		9		7,046		—		—		7,046		—		—		7,046		7,046
Forward foreign exchange contracts		8		267		—		—		267		—		267		—		267
Forward freight agreements		8		590		—		—		590		—		590		—		590
Interest rate swaps used for hedging		8		8,007		—		—		8,007		—		8,007		—		8,007
Other investments				—		—		297,581		297,581		284,981		—		12,600		297,581
				15,910		—		297,581		313,491
Financial assets not measured at fair value
Loans receivable from joint ventures		9		—		52,799		—		52,799
Trade and other receivables, and prepayments¹		12		—		450,087		—		450,087
Restricted cash		13		—		10,000		—		10,000
Cash at bank and on hand		13		—		103,609		—		103,609
Cash retained in the commercial pools		13		—		88,966		—		88,966
				—		705,461		—		705,461

¹	Excluding prepayments

			Carrying amount								Fair value
	Note		Fair value hedging instruments/ Mandatorily at FVTPL - others US$’000		Financial assets at amortised cost US$’000		FVOCI- equity instrument US$’000		Total US$’000		Level 1 US$’000		Level 2 US$’000		Level 3 US$’000		Total US$’000
At 31 December 2024
Financial assets measured at fair value
Forward freight agreements		8		1,690		—		—		1,690		—		1,690		—		1,690
Interest rate swaps used for hedging		8		22,935		—		—		22,935		—		22,935		—		22,935
Interest rate caps		8		—		—		—		—		—		—		—		—
Other investments				—		—		23,069		23,069		—		—		23,069		23,069
				24,625		—		23,069		47,694

Financial assets not measured at fair value
Loans receivable from joint ventures		9		—		64,133		—		64,133
Trade and other receivables, and prepayments¹		12		—		487,677		—		487,677
Restricted cash		13		—		13,542		—		13,542
Cash at bank and on hand		13		—		195,271		—		195,271
Cash retained in the commercial pools		13		—		88,297		—		88,297
				—		848,920		—		848,920

¹	Excluding prepayments

	Carrying amount										Fair value
	Note		Fair value hedging instruments/ Mandatorily at FVTPL - others US$’000		Financial assets at amortised cost US$’000		FVOCI- equity instrument US$’000		Total US$’000		Level 1 US$’000		Level 2 US$’000		Level 3 US$’000		Total US$’000
At 31 December 2023
Financial assets measured at fair value
Forward foreign exchange contracts		8		449		—		—		449		—		449		—		449
Forward freight agreements		8		1,512		—		—		1,512		—		1,512		—		1,512
Interest rate swaps used for hedging		8		45,964		—		—		45,964		—		45,964		—		45,964
Other investments				—		—		23,953		23,953		—		—		23,953		23,953
				47,925		—		23,953		71,878
Financial assets not measured at fair value
Loans receivable from joint ventures		9		—		69,626		—		69,626
Trade and other receivables, and prepayments¹		12		—		568,436		—		568,436
Restricted cash		13		-		13,381		-		13,381
Cash at bank and on hand		13		—		141,621		—		141,621
Cash retained in the commercial pools		13		—		80,900		—		80,900
				—		873,964		—		873,964

¹	Excluding prepayments

Financial Liabilities Measured at Fair Value

The following tables present assets and liabilities recognised and measured at fair value and classified by level of the following fair value measurement hierarchy:

(1)	quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

(2)	inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and

(3)	inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

	Carrying amount											Fair value
	Note		Fair value – hedging instruments US$’000			Other financial liabilities US$’000			Total US$’000			Level 1 US$’000		Level 2 US$’000			Level 3 US$’000		Total US$’000
At 31 December 2025
Financial liabilities measured at fair value
Forward foreign exchange contract		8		(163	)		—			(163	)		—		(163	)		—		(163	)
Financial liabilities not measured at fair value
Bank borrowings		16		—			(1,048,125	)		(1,048,125	)
Sale and leaseback liabilities and other lease liabilities		16		—			(74,851	)		(74,851	)
Trade and other payables, and provisions²		17		—			(350,735	)		(350,735	)
				—			(1,473,711	)		(1,473,711	)

²	Excluding provisions

			Carrying amount									Fair value
	Note		Fair value – hedging instruments US$’000			Other financial liabilities US$’000			Total US$’000			Level 1 US$’000		Level 2 US$’000			Level 3 US$’000		Total US$’000
At 31 December 2024
Financial liabilities measured at fair value
Forward foreign exchange contracts		8		(1,048	)		—			(1,048	)		—		(1,048	)		—		(1,048	)
Forward freight agreements		8		(891	)		—			(891	)		—		(891	)		—		(891	)
				(1,939	)		—			(1,939	)
Financial liabilities not measured at fair value
Bank borrowings		16		—			(575,376	)		(575,376	)
Sale and leaseback liabilities and other lease liabilities		16		—			(546,873	)		(546,873	)
Trade and other payables, and provisions²		17		—			(312,839	)		(312,839	)
				—			(1,435,088	)		(1,435,088	)

²	Excluding provisions

			Carrying amount									Fair value
	Note		Fair value – hedging instruments US$’000			Other financial liabilities US$’000			Total US$’000			Level 1 US$’000		Level 2 US$’000			Level 3 US$’000		Total US$’000
At 31 December 2023
Financial liabilities measured at fair value
Forward freight agreements		8		(276	)		—			(276	)		—		(276	)		—		(276	)
Financial liabilities not measured at fair value
Bank borrowings		16		—			(572,511	)		(572,511	)
Sale and leaseback liabilities and other lease liabilities		16		—			(679,479	)		(679,479	)
Trade and other payables, and provision²		17		—			(385,478	)		(385,478	)
				—			(1,637,468	)		(1,637,468	)

²	Excluding provisions

Fair value of investments in equity instruments

The Group has elected to designate these other investments at FVOCI. The fair value of the Group’s investments in equity instruments are as follows:

	2025 US$’000	2024 US$’000	2023 US$’000
Investment in ZeroNorth A/S (formerly known as Alpha Ori Technology Holdings Pte Ltd “Alpha Ori”)	2,344	2,344	3,428
Investment in Diginex Solutions (HK) Limited (“Diginex”)	7,806	525	525
Investment in Clean Hydrogen Works, LA-1, LLC (“CHW-LA1”)	10,054	20,000	20,000
Investment in Vanguard Tech, Inc. (“Vanguard”)	200	200	—
Investment in TORM plc (“TORM”)	277,177	—	—
	297,581	23,069	23,953

Reconciliation from investment in unquoted equity instruments

The following table shows a reconciliation from the opening balance to the closing balance of the Group’s investment in unquoted equity instruments measured at Level 3 fair value:

	2025 US$’000		2024 US$’000		2023 US$’000
Opening balance	23,069		23,953		3,825
Acquisition of equity investments at FVOCI	—		862		10,408
Conversion of debt into equity	36		—		—
Equity investments at FVOCI – net change in fair value (unrealised)	(2,699	)	1,186		9,720
Disposal of other investments	—		(2,932	)	—
Transfer from Level 3 to Level 1	(7,806	)	—		—
Closing balance	12,600		23,069		23,953

Loans receivable from a joint venture measured at Level 3 fair value

The following table shows a reconciliation from the opening balance to the closing balance of the Group’s loans receivable from a joint venture measured at Level 3 fair value:

	2025 US$’000	2024 US$’000	2023 US$’000
Opening balance	—	—	—
Issuance of convertible loan notes to a joint venture	7,046	—	—
Closing balance	7,046	—	—