v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities        
Profit before tax $ 131,313 $ 47,070 $ 342,975 $ 113,837
- amortisation of intangible assets 43 51 102 261
- depreciation charge 61,068 62,586 121,336 125,710
- gain on disposal of vessels       (32,051)
- fair value (gain)/loss from equity financial assets (696) 1,172 (696) 1,172
- interest income (1,552) (2,005) (2,836) (4,938)
- interest expenses 11,343 13,043 20,144 30,070
- other finance expenses 317 214 634 598
- share-based payments 572 583 1,020 938
- finance lease income (228) (137) (482) (308)
- loss on derecognition of right-of-use assets   732   289
Cash flows from before changes in working capital 202,180 123,309 482,197 235,578
- inventories (67,383) 59,038 (50,410) 39,895
- trade and other receivables (245,320) (83,515) (193,083) (149,658)
- trade and other payables 121,420 29,487 118,825 100,873
- derivative financial instruments 101,088 (11,078) 691 23,542
- margin account held with broker 95,494 (14,988) 14,877 14,122
Total changes in working capital 5,299 (21,056) (109,100) 28,774
Taxes paid (1,598) (7,534) (1,738) (3,391)
Net cash from operating activities 205,881 94,719 371,359 260,961
Cash flows from investing activities        
Additions in property, plant and equipment (13,260) (81,308) (24,706) (157,606)
Proceeds from sale of vessels       65,049
Proceeds from sale of investment in joint venture 127   127  
Repayment of finance lease receivables 1,791 2,053 3,556 4,074
Interest received 1,780 2,142 3,318 5,246
Sale of equity financial assets, at fair value 14,800   14,800  
Net cash from/(used in) investing activities 5,238 (77,113) (2,905) (83,237)
Cash flows from financing activities        
Proceeds from borrowings 243,132 499,738 578,197 721,468
Payment of financing fees   (2,587)   (2,790)
Repayments of bank borrowings (325,544) (423,633) (710,423) (620,988)
Payment of lease liabilities (21,657) (24,746) (43,162) (50,306)
Interest paid (10,926) (14,469) (19,849) (29,718)
Other finance expense paid (317) (219) (634) (598)
Purchase of treasury shares   (2,739)   (2,739)
Drawdown of trust receipts 443,831 583,251 732,116 1,145,290
Repayment of trust receipts (311,648) (564,047) (639,725) (1,159,778)
Dividend payment (101,716) (42,376) (188,250) (106,022)
Dividend payment to non-controlling interests       (11,185)
Capital return to non-controlling interests       (4,965)
Net cash (used in)/from financing activities (84,845) 8,173 (291,730) (122,331)
Net increase in cash and cash equivalents 126,274 25,779 76,724 55,393
Cash and cash equivalents at beginning of the financial period 176,164 261,514 225,714 231,900
Cash and cash equivalents at end of the financial period $ 302,438 $ 287,293 $ 302,438 $ 287,293