| Borrowings and lease liabilities |
6.Borrowings and lease liabilities | | | | | | | 30 June | | 31 December | | | 2026 | | 2025 | | | US$’000 | | US$’000 | Borrowings | | | | | Bank borrowings | | 503,359 | | 627,873 | Lease financing arrangement | | 175,994 | | 182,689 | Trust receipts | | 132,183 | | 39,792 | Interest payable | | 2,712 | | 2,749 | | | 814,248 | | 853,103 | Borrowings | | | | | Non-current | | 611,606 | | 730,394 | Current | | 202,642 | | 122,709 | | | 814,248 | | 853,103 | Lease liabilities | | | | | Non-current | | 53,946 | | 72,836 | Current | | 64,438 | | 64,303 | | | 118,384 | | 137,139 |
Movements in borrowings and lease liabilities are analysed as follows: | | | | | | | | | | | Lease | | | | | Borrowings | | Liabilities | | Total | | | US$’000 | | US$’000 | | US$’000 | At 1 January 2026 | | 853,109 | | 137,139 | | 990,248 | Drawdown of trust receipts | | 732,116 | | — | | 732,116 | Additions | | 578,197 | | — | | 578,197 | Interest expense | | 17,514 | | 3,721 | | 21,235 | Lease modifications | | — | | 24,495 | | 24,495 | Less: Interest paid | | (16,540) | | (3,809) | | (20,349) | Less: Principal repayment | | (710,423) | | (43,162) | | (753,585) | Less: Repayment of trust receipts | | (639,725) | | — | | (639,725) | At 30 June 2026 | | 814,248 | | 118,384 | | 932,632 |
| | | | | | | | | | | Lease | | | | | Borrowings | | liabilities | | Total | | | US$’000 | | US$’000 | | US$’000 | At 1 January 2025 | | 942,008 | | 231,288 | | 1,173,296 | Drawdown of trust receipts | | 1,145,290 | | — | | 1,145,290 | Additions | | 721,468 | | — | | 721,468 | Interest expense | | 25,749 | | 4,321 | | 30,070 | Lease modifications | | — | | (72,732) | | (72,732) | Less: Interest paid | | (25,397) | | (4,321) | | (29,718) | Less: Payment of financing fees | | (2,790) | | — | | (2,790) | Less: Principal repayment | | (620,988) | | (50,306) | | (671,294) | Less: Repayment of trust receipts | | (1,159,778) | | — | | (1,159,778) | At 30 June 2025 | | 1,025,562 | | 108,250 | | 1,133,812 |
6.Borrowings and lease liabilities (continued) As at 30 June 2026, borrowings amounting to US$670.7 million (31 December 2025: US$799.4 million) are secured by mortgages over certain vessels of the Group (note 4). These borrowings are interest bearing at US$ SOFR + margin and they contain covenants (the “Quarterly Covenants”) stating that at the end of each quarter, the Group shall ensure that its adjusted equity ratio, minimum adjusted equity, and minimum liquidity do not fall below the agreed thresholds (as defined in the respective borrowings agreements), otherwise the borrowings will be repayable on demand. At 30 June 2026, the Group complied with the Quarterly Covenants and accordingly, the borrowings are classified as non-current at 30 June 2026. If the Group continues with its financial position as at the end of the reporting date, the Group expects to comply with the Quarterly Covenants within 12 months after the reporting date.
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