v3.26.1
Borrowings (Tables)
6 Months Ended
Jun. 30, 2026
Borrowings [Abstract]  
Borrowings
   
As at 30 June 2026
USD’000
As at 31 December 2025
USD’000
 
 
Current
     
 
Bank borrowings
197,949
184,773
 
 
Sale and leaseback liabilities
5,774
5,925
 
 
Other lease liabilities
27,778
21,876
 
 
Total current borrowings
231,501
212,574
 
         
 
Non-current
     
 
Bank borrowings
610,350
863,352
 
 
Sale and leaseback liabilities
28,559
31,170
 
 
Other lease liabilities
14,953
15,880
 
 
Total non-current borrowings
653,862
910,402
 
         
 
Total borrowings
885,363
1,122,976
 
Repayment Profile of Bank Borrowing The tables below summarise key information and the repayment profile of the bank borrowings:

   
Outstanding amount
USD m
Maturity date
 
 
Facility amount
     
 
USD 84 million facility
66.7
2029
 
 
USD 715 million facility
     
 
- USD 715 million revolving credit facility
357.0
2032
 
 
Up to USD 175 million borrowing base facility
Up to USD 175 million borrowing base facility
(with an accordion option of up to USD 75 million)
90.5
 
 
USD 175 million facility
     
 
- USD 175 million revolving credit facility
100.0
2032
 
 
USD 100 million revolving credit facility
100.0
2029
 
 
USD 100 million revolving credit facility
100.0
2027
 

   
For the financial year ended
31 December 2026
For the financial year ended
31 December 2027
 
 
Repayment profile USD’000
     
 
USD 84 million facility
4,317
8,633
 
 
USD 715 million facility1
 
 
Up to USD 175 million borrowing base facility2
Up to USD 175 million borrowing base facility2
(with an accordion option of up to USD 75 million)


 
 
USD 175 million facility1
 
 
USD 100 million revolving credit facility1
 
 
USD 100 million revolving credit facility1
100,000
 

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.
Summary Key Information of Joint Ventures' Bank Borrowings The table below summarises key information of the joint ventures’ bank borrowings:

   
Outstanding amount
USD m
Maturity date
 
 
Facility amount
     
 
Vista Shipping joint venture
     
 
USD 51.8 million facility
25.5
2031
 
 
USD 111.0 million facility
64.3
2032
 
 
USD 89.6 million facility
73.1
2033
 
 
USD 88.5 million facility
76.2
2031
 
         
 
Ecomar joint venture
     
 
Vessel 1 French Tax Lease Arrangement
40.6
2032
 
 
Vessel 2 French Tax Lease Arrangement
38.8
2032
 
 
Vessel 3 French Tax Lease Arrangement
38.4
2032
 
 
Vessel 4 French Tax Lease Arrangement
38.6
2033
 

   
For the financial year ended
31 December 2026
For the financial year ended
31 December 2027
 
 
Repayment profile USD’000
     
 
Vista Shipping joint venture
     
 
USD 51.8 million facility
1,727
3,453
 
 
USD 111.0 million facility
3,700
7,400
 
 
USD 89.6 million facility
2,635
5,271
 
 
USD 88.5 million facility
2,458
4,917
 
         
 
Ecomar joint venture
     
 
Vessel 1 French Tax Lease Arrangement
639
3,632
 
 
Vessel 2 French Tax Lease Arrangement
641
3,570
 
 
Vessel 3 French Tax Lease Arrangement
638
3,818
 
 
Vessel 4 French Tax Lease Arrangement
1,820
4,436
 
Weighted Average Effective Interest Rates of Borrowings
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:

   
As at 30 June 2026
As at 31 December 2025
 
 
Bank borrowings
4.8%
5.2%
 
 
Sale and leaseback liabilities
5.6%
5.7%