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| Borrowings |
Note 7: Borrowings
As at 30 June 2026, bank borrowings consist of seven
(31 December 2025: eight) credit facilities from external financial institutions, namely USD 84 million, USD 715 million, USD 175 million, USD 100 million, USD 100 million and two borrowing base
facilities (31 December 2025: USD 473 million, USD 84 million, USD 40 million, USD 303 million, USD 715 million, USD 175 million, and two borrowing base
facilities).
The USD 40 million facility was fully
repaid and terminated on 30 June 2026. The USD 303 million facility was undrawn and terminated on 30 June 2026. A majority of the
facilities are secured by the Group’s fleet of vessels and receivables. The tables below summarise key information and the repayment profile of the bank borrowings:
1 The revolving credit facility does not have fixed repayment terms and is repayable at the discretion of the Group; subject to the outstanding amounts not exceeding commitment amounts.
2 The borrowing base facilities do not have fixed repayment terms and are repayable when the receivables base decreases below certain thresholds.
As at 30 June 2026, bank borrowings of joint ventures consist of eight credit facilities (31 December 2025: ten credit facilities) from external financial institutions
(excluded from LTV ratio under key figures).
The H&A Shipping Joint Venture’s USD 22.1
million and USD 23.5 million facilities were fully repaid and terminated on 30 June 2026. The table below
summarises key information of the joint ventures’ bank borrowings:
As at 30 June 2026, the sale and leaseback liabilities consist of various facilities provided by external leasing houses under sale-and-leaseback
contracts. Under these contracts, the vessels were legally sold to external leasing houses and leased back by the Group. The maturity dates of the facilities range from 2029 to 2033.
The carrying amount relating to the one
CTI vessel was USD 14.5 million (31 December 2025: USD 15.2 million) and other finance leases were USD 19.8 million (31 December 2025: USD 21.9 million).
Interest rates
The weighted average effective interest rates per annum of total borrowings, excluding the effect of interest rate swaps, at the balance sheet date are
as follows:
Carrying amounts and fair values
The carrying values of the floating rate bank borrowings and sale and leaseback liabilities approximate their fair values as they are re-priceable at to three-month intervals.
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