Property, plant and equipment |
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| Property, plant and equipment [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, plant and equipment | Property, plant and equipment
The current year presentation reclassified prepayments to assets under construction. To align with this reclassification, the Group re-presented the comparative information. In the first six months of 2026, two VLCCs, two Suezmax vessels and nine dry bulk vessels have been dry- docked. The cost of planned repairs and maintenance is capitalized and included under the heading Acquisitions. During the first half of 2026, the Company took delivery of four Newcastlemax vessels (Mineral Latvija, Mineral Magyar, Mineral Eesti and Mineral Lietuva), three VLCCs (Eburones, Menapii and Morini), two Suezmax vessels (Cap Grace and Cap Joseph), one chemical tanker (Bochem Callao), and one CSOV (Windcat Haarlem). The Group had twenty-five vessels under construction at June 30, 2026, for an aggregate amount of $526.0 million. The amounts presented within "vessels under construction" relate to one eco-type VLCC, two dual-fuel bitumen tankers, six Newcastlemax bulk carriers, six chemical tankers, three CSOVs (Commissioning Service Operations Vessels), two coaster vessels of 5,000 dwt, one 1,400 TEU ammonia- powered container vessel, two Hydrocat CTVs (Crew Transfer Vessel), one MPASV (Multi-Purpose Accommodation Support Vessel) and one Multi Purpose Harbour Vessel. The Group capitalizes borrowing costs related to the financing of the newbuild vessels as reported under vessels under construction. As per June 30, 2026, the total amount that was capitalized amounts to $8.8 million at an average interest rate of 7%. The line acquisitions through business combinations relates to Cleanergy (see Note 24). Disposal of assets – Gains/losses
On January 7, 2026, the Company entered into agreements for the sale of six VLCCs. The vessels were delivered to their new owners as follows: Dia (2015 – 299,999 dwt) for $103.0 million, delivered on January 28, 2026, generating a net gain of $54.6 million; Aegean (2016 – 299,999 dwt) for $107.0 million, delivered on February 9, 2026, generating a net gain of $57.0 million; Hirado (2011 – 302,550 dwt) for $75.0 million and Hojo (2013 – 302,965 dwt) for $85.0 million, both delivered on February 23, 2026, generating net gains of $35.8 million and $36.1 million respectively; and Antigone (2015 – 299,421 dwt) for $103.0 million and Daishan (2007 – 306,005 dwt) for $47.0 million, both delivered on March 4, 2026, generating net gains of $49.2 million and $26.5 million respectively. In aggregate, the six VLCCs generated a net gain of $259.3 million in the first quarter of 2026. The Company sold the Capesize vessels Golden Magnum (2009 – 179,790 dwt) and Belgravia (2009 – 169,390 dwt) for $28.0 million and $25.1 million respectively. Both vessels were delivered to their new owners during the first quarter of 2026, generating net gains of $4.4 million and $3.6 million respectively. On February 4, 2026, the Company entered into agreements for the sale of two further VLCCs, Ilma (2012 – 314,000 dwt) and Ingrid (2012 – 314,000 dwt), for $88.8 million each. Ilma was delivered to its new owner on April 9, 2026, and Ingrid on April 22, 2026, generating net gains of $48.6 million and $49.6 million respectively. On March 26, 2026, the Company sold the Suezmax Sienna (2007 – 150,205 dwt) for $41.9 million. The vessel was delivered to its new owner on June 2, 2026, generating a net gain of $29.2 million. The Company entered into a sale and leaseback transaction in respect of Windcat 4, generating a net gain of $0.2 million. ImpairmentMarine Based on the impairment indicator analysis con-ducted for the period ending June 30, 2026, the Group has not identified any impairment triggers within its Marine division that require further impairment testing. Both internal and external impairment indicators, including asset performance, market valuations, and macroeconomic conditions, have been thoroughly assessed. The review is supported by independent broker valuations which indicate that the fair market value of the fleet exceeds its carrying value. The same analysis was conducted for the year ending December 31, 2025. Accordingly, as of the reporting date, no further impairment adjustments are required for the Group’s assets within the Marine division. The Management Board, under supervision of the Supervisory Board, will continue to evaluate potential impairment risks on an ongoing basis, ensuring timely responses to any significant changes in market conditions or operational performance. Security All vessels financed with bank loans are subject to a mortgage to secure bank loans (see Note 16). Capital commitmentAs at June 30, 2026 the Group's total capital commitment amounts to $0.9 billion (December 31, 2025: $1.6 billion). These capital commitments can be detailed as follows:
The current newbuilding program of the Group comprises the following: –1 eco-type VLCC, –6 Newcastlemax bulk carriers, –6 chemical tankers, –Offshore wind vessels are related to 3 CSOVs (Commissioning Service Operation Vessel), 1 MPASV (Multi Purpose Accommodation Support Vessel) and 2 CTVs (Crew Transfer Vessels). –2 coasters of 5,000 dwt, –1 ammonia-powered container vessel with a capacity of 1,400 TEU, –2 dual-fuel bitumen tankers, –The other items are related to a multi purpose harbour vessel and other hydrogen applications.
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