v3.26.1
Condensed consolidated statement of cash flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities          
Profit for the financial period $ 277,803 $ 75,335 $ 457,533 $ 138,525 $ 339,682
Adjustments for:          
income tax expense 1,413 2,660 2,201 4,079  
depreciation and amortisation charges 47,201 51,084 95,269 100,714  
gain on disposal of assets (39,312) 0 (71,838) 0  
interest income (3,493) (3,424) (5,834) (6,084)  
finance expense 15,263 11,477 29,557 28,026  
share of profit of equity accounted investees, net of tax (10,969) (2,957) (20,937) (5,993)  
equity-settled share-based payment transactions 921 843 1,723 1,507  
provision for claims 2,548 0 5,068 0  
Reversal of impairment loss on trade receivables (576) 0 0 0  
unrealized (gain)/loss on derivatives (17,637) 730 5,371 100  
Operating cash flow before working capital changes 273,162 135,748 498,113 260,874  
Changes in working capital:          
intangible assets 623 (5,696) 7,638 (11,983)  
inventories (24,070) 9,981 (40,727) 11,848  
trade and other receivables, and prepayments 61,162 58,355 (95,204) 41,292  
trade and other payables (9,936) (9,270) 59,298 25,277  
Cash generated from operations 300,941 189,118 429,118 327,308  
Income tax paid (2,869) (1,436) (3,284) (2,269)  
Net cash provided by operating activities 298,072 187,682 425,834 325,039  
Cash flows from investing activities          
Interest income received 3,573 2,720 6,762 4,455  
Loan to joint ventures (4,674) (973) (4,674) (3,753)  
Equity investment in joint venture 0 (25) 0 (25)  
Proceeds from disposal of property, plant and equipment 152,365 0 281,331 0  
Proceeds from disposal of other investments 0 0 105 0  
Repayment of loan by joint venture 900 6,955 900 6,955  
Purchase of property, plant and equipment (20,549) (41,023) (41,334) (68,342)  
Net cash provided by/(used in) investing activities 131,615 (32,346) 243,090 (60,710)  
Cash flows from financing activities          
Proceeds from borrowings from external financial institutions 0 5,000 200,000 7,000  
Repayment of borrowings to external financial institutions (146,748) (15,669) (441,221) (31,338)  
Repayment of lease liabilities (9,748) (38,177) (19,298) (91,531)  
Payment of financing fees 0 (270) (200) (489)  
Interest paid to external financial institutions (11,085) (14,758) (23,985) (30,832)  
Interest paid to third party (151) 0 (229) 0  
Proceeds from exercise of employee share options 0 0 8,012 0  
Proceeds from settlement of derivatives 849 4,535 2,510 7,652  
Dividends paid (143,787) (50,546) (231,838) (65,178)  
Purchase of treasury shares 0 0 0 (27,656)  
Other finance expense paid (1,120) (296) (2,090) (2,214)  
Net cash used in financing activities (311,790) (110,181) (508,339) (234,586)  
Net increase in cash and cash equivalents 117,897 45,155 160,585 29,743  
Cash and cash equivalents at beginning of the financial period 235,263 268,156 192,575 283,568 283,568
Cash and cash equivalents at end of the financial period 353,160 313,311 353,160 313,311 192,575
Cash and cash equivalents at the end of the financial period consists of:          
Cash at bank and on hand 270,983 194,022 270,983 194,022 103,609
Cash retained in the commercial pools 82,177 [1] 119,289 82,177 [1] 119,289 88,966 [1]
Cash and cash equivalents $ 353,160 $ 313,311 $ 353,160 $ 313,311 $ 192,575
[1] The cash retained in the commercial pools represents cash in the pool bank accounts that are opened in the name of the Group’s pool management companies and can only be used for the operation of vessels within the commercial pools.