REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of Each Class |
Trading Symbol |
Name of Each Exchange on Which Registered |
||
Large accelerated filer ¨ |
x |
Non-accelerated filer ¨ |
Emerging growth company |
† | The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
U.S. GAAP ¨ |
by the International Accounting Standards Board x |
Other ¨ |
• | our future operating or financial results; |
• | the strength of world economies, including, in particular, in China and the rest of the Asia-Pacific region; |
• | the effects of the COVID-19 pandemic on our operations and the demand and trading patterns for the drybulk markets, and the duration of these effects; |
• | cyclicality of the drybulk industry, including general drybulk shipping market conditions and trends, including fluctuations in charter hire rates and vessel values; |
• | changes in supply and demand in the drybulk shipping industry, including the market for our vessels; |
• | changes in the value of our vessels; |
• | changes in our business strategy and expected capital spending or operating expenses, including drydocking, surveys, upgrades and insurance costs; |
• | competition within the drybulk industry; |
• | seasonal fluctuations within the drybulk industry; |
• | our ability to employ our vessels in the spot market and our ability to enter into time charters after our current charters expire; |
• | general economic conditions and conditions in the coal industry; |
• | our ability to satisfy the technical, health, safety and compliance standards of our customers; |
• | the failure of counterparties to our contracts to fully perform their obligations with us; |
• | our ability to execute our growth strategy; |
• | international political conditions, including additional tariffs imposed by China and the United States; |
• | potential disruption of shipping routes due to weather, accidents, political events, natural disasters or other catastrophic events; |
• | vessel breakdowns; |
• | corruption, piracy, military conflicts, political instability and terrorism in locations where we may operate, including the conflict between Russia and Ukraine; |
• | fluctuations in interest rates and foreign exchange rates and changes in the method pursuant to which the London Interbank Offered Rate (“LIBOR”) and other benchmark rates are determined; |
• | changes in the costs associated with owning and operating our vessels; |
• | changes in, and our compliance with, governmental, tax, environmental, health and safety regulations; |
• | potential liability from pending or future litigation; |
• | our ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations; |
• | the continued borrowing availability under our debt agreements and compliance with the covenants contained therein; |
• | our ability to fund future capital expenditures and investments in the construction, acquisition and refurbishment of our vessels; |
• | our dependence on key personnel; |
• | our expectations regarding the availability of vessel acquisitions and our ability to buy and sell vessels and to charter-in vessels as planned or at prices we deem satisfactory; |
• | adequacy of our insurance coverage; |
• | effects of new technological innovation and advances in vessel design; and |
• | the other factors set out in “Item 3. Key Information—Risk Factors”. |
Page | |
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
1 |
OFFER STATISTICS AND EXPECTED TIMETABLE |
2 |
KEY INFORMATION |
3 |
• | Global economic conditions could negatively affect the markets in which we operate and could affect our results; |
• | Outbreaks of epidemic and pandemic diseases, including COVID-19, and governmental responses thereto, could affect our results; |
• | Charter rates and spot markets for drybulk carriers are volatile, which could affect our results; |
• | The fair market values of our vessels are volatile which could limit our borrowings, cause us to breach covenants or result in impairment losses; |
• | Inflation could continue to adversely affect our business and financial results; |
• | An inability to effectively time investments in and divestments of vessels could affect our business strategy; |
• | An over-supply of drybulk carrier capacity may lead to a reduction in drybulk carrier charter rates; |
• | We operate in the highly competitive international shipping industry and we may not be able to successfully compete; |
• | Our drybulk shipping charter rates and spot rates will be subject to seasonal and cyclical fluctuations; |
• | We are subject to complex laws and regulations, that can affect the cost, manner or feasibility of doing business; |
• | Climate change and greenhouse gas restrictions may adversely affect our operating results; |
• | Our growth depends on continued growth in demand for commodities and the seaborne transportation of such cargoes; |
• | If we cannot meet our customers’ requirements we may not be able to operate our vessels profitably; |
• | World events, including terrorist attacks and regional conflict, could affect on our results; |
• | Increasing trade protectionism and unraveling multilateral trade agreements could impact our client’s and our business; |
• | Acts of piracy on ocean-going vessels may impact our business; |
• | We are subject to international safety regulations and requirements imposed by our classification societies and the failure to comply with these regulations may affect our business; |
• | Increased inspection procedures and tighter import and export controls could increase costs and disrupt our business; |
• | Changes in fuel, or bunker, prices may adversely affect our profits; |
• | Long-term technological innovations could expose us to lower vessel utilization and/or decreased charter rates; |
• | We operate drybulk carriers worldwide and, as a result, our business has inherent operational risks; |
• | Maritime claimants could arrest or attach one or more of our vessels, which could interrupt our cash flows; |
• | Labor interruptions could disrupt our business; |
• | Our vessels may call on ports located in countries that are subject to restrictions which could affect our reputation; |
• | We could be adversely affected by violations of worldwide anti-corruption laws; |
• | The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against us; and |
• | Governments could requisition our vessels during a period of war or emergency, which could affect our results. |
• | Our drybulk vessels are employed in the spot market and a decrease in drybulk spot rates could affect our results; |
• | A reduction in charter rates, spot market rates, market deterioration or the aging of our Fleet may result in impairment charges against our vessels; |
• | We depend on certain customers for our revenue who could default on their obligations; |
• | A drop in spot market rates may provide an incentive for customers to default on their charters and contracts; |
• | We are subject to certain risks with respect to our counterparties to contracts, which could cause us to suffer losses; |
• | We may be unable to attract and retain key management personnel and other employees, which could affect our results; |
4 |
• | The aging of our vessels may result in increased operating costs in the future, which could affect our results; |
• | We may not have adequate insurance to compensate us for losses due to the inherent risks in the industry; |
• | We may have difficulty managing our planned growth properly; |
• | Grindrod Shipping depends on its subsidiaries to distribute funds to it; |
• | Our future capital needs are uncertain and we may need to raise additional funds in the future; |
• | Servicing our current or future indebtedness and meeting certain financing obligations limits available funds; |
• | We are exposed to volatility in benchmark rates (in particular LIBOR) which could affect our results; |
• | The interest rates incurred under our credit facilities may be impacted by the phasing out of LIBOR; |
• | We are leveraged, which could significantly limit our ability to execute our business strategy; |
• | Utilising derivative instruments, such as forward freight or bunker swap agreements, could affect our results; |
• | We may be subject to litigation that could affect our results; |
• | Some of the vessels in our Fleet are operated by third-party technical managers which may affect our results; |
• | Some of the third-party managers are privately held companies with limited public information available; |
• | Security breaches and disruptions to our information technology infrastructure could affect our operations; |
• | Exchange rate fluctuations could cause exchange rate losses; |
• | If we are unable to operate our financial and operations systems effectively, our performance may be affected; |
• | We need to maintain our relationships with local shipping agents, port and terminal operators; |
• | Prolonged disruption in the loading and unloading of our vessels and port congestion could affect our operations; |
• | If we acquire and/or operate secondhand vessels, we could be exposed to increased operating costs; |
• | Technological innovation could reduce our charter hire income and the value of our vessels; |
• | Newbuilding projects are subject to risks that could cause delays, cost overruns or cancellations; |
• | Our failure to comply with data privacy laws could damage our customer relationships and expose us to litigation; and |
• | We currently bank with a limited number of financial institutions, which subjects us to credit risk. |
• | There may not be a liquid market for the Grindrod Shipping ordinary shares; |
• | Certain shareholders own large portions of our ordinary shares, which may influence the outcome of significant votes; |
• | The Grindrod Shipping ordinary shares are traded on two stock exchanges and this may result in price variations; |
• | If analysts do not publish research or reports about our business, our share price and trading volume could decline; |
• | Grindrod Shipping may not have sufficient distributable profits to distribute dividends or assets to shareholders; |
• | Any shareholder whose principal currency is not the U.S. dollar is subject to currency risk on dividends paid; |
• | Grindrod Shipping is a Singapore company, and shareholder rights differ from those under U.S. law; |
• | Grindrod Shipping is subject to the laws of Singapore, which differ from the laws of the United States; |
• | Anti-takeover provisions under Singapore law may affect a future takeover or change of control of Grindrod Shipping, which could affect the share price; |
• | Under Singapore law, shareholder approval is required to allow us to issue new shares; |
• | The Jumpstart Our Business Startups Act of 2012 allows us to postpone the date by which we must comply with some disclosure and investor protection laws; |
• | As a “foreign private issuer” we are permitted to follow certain home country corporate governance practices; |
• | If we lost foreign private issuer status, we would be required to comply with the Exchange Act’s domestic reporting regime; |
• | If we fail to establish and maintain proper internal controls, our ability to produce accurate financial statements or comply with applicable regulations could be impaired; |
• | We incur certain significant costs as a company whose ordinary shares are publicly traded in the United States; |
• | We are subject to significant scrutiny and expectations with respect to our Environmental, Social and Governance (“ESG”) policies; and |
• | Certain of Grindrod Shipping’s directors may have actual or potential conflicts of interest. |
• | We may have to pay tax on U.S. source income, which would reduce our earnings; |
• | U.S. tax authorities could treat us as a “passive foreign investment company.” |
• | We may be subject to taxes, which may reduce our cash available for distribution to our shareholders; and |
• | Grindrod Shipping shareholders may be subject to Singapore taxes. |
5 |
6 |
• | low charter rates, particularly for vessels employed on short-term time charters or in the spot market; |
• | decreases in the market value of drybulk carriers and limited second-hand market for the sale of vessels; |
• | limited financing for vessels; |
• | widespread loan covenant defaults; and |
• | declaration of bankruptcy by certain vessel operators, vessel owners, shipyards and charterers. |
7 |
• | supply of and demand for energy resources, commodities, consumer and industrial products; |
• | changes in the exploration or production of energy resources, commodities, consumer and industrial products; |
• | the location of regional and global production and manufacturing facilities; |
• | the location of consuming regions for energy resources, commodities, consumer and industrial products; |
• | the globalization of production and manufacturing; |
• | global and regional economic and political conditions, including armed conflicts and terrorist activities, embargoes, tariffs and strikes; |
• | disruptions and developments in international trade including additional trade tariffs imposed; |
• | economic slowdowns caused by public health events such as the COVID-19 pandemic; |
• | the cost of steel and labor; |
• | the cost and availability of financing; |
• | changes in seaborne and other transportation patterns, including the distance cargo is transported by sea; |
• | environmental and other regulatory developments; |
• | competition from alternative sources of energy; |
• | international sanctions, embargoes, import and export restrictions, nationalizations and wars; |
• | currency exchange rates; and |
• | weather, natural disasters and other catastrophic events may disrupt drybulk trading patterns. |
• | the number of newbuilding orders and deliveries, including slippage in deliveries; |
• | the number of shipyards and ability of shipyards to deliver vessels; |
• | port or canal congestion; |
8 |
• | the scrapping rate of older vessels; |
• | environmental concerns and regulations; |
• | changes in international regulations that may result in the reduced carrying capacity of vessels or early obsolescence of tonnage; |
• | speed of vessel operation; |
• | vessel casualties; |
• | weather; and |
• | the number of vessels that are out of service, namely those that are laid-up, drydocked, awaiting repairs or otherwise not available for hire. |
• | prevailing levels of charter rates; |
• | the duration and impact of COVID-19; |
• | general economic and market conditions affecting the shipping industry; |
• | competition from varying types and sizes of vessels; |
• | the ages of vessels; |
• | the supply of and demand for vessels; |
• | other modes of transportation; |
• | the cost of newbuildings; |
• | governmental and other regulations; |
• | the need to upgrade vessels as a result of charterer requirements, technological advances in vessel design or equipment or otherwise; |
• | bunker prices; and |
• | competition from other shipping companies. |
9 |
10 |
11 |
• | technology developments and their effect on factors such as cost, alternative or substitute products, alternative methods of production and the location of production; |
• | the economic and financial developments globally, including actual and projected global economic growth; |
• | fluctuations in the actual or projected price of crude oil, refined petroleum products or other bulk liquids; |
12 |
• | refining capacity and its geographical location; |
• | increases in the production of oil or natural gas in areas linked by pipelines to consuming areas, the extension of existing, or the development of new, pipeline systems in markets we may serve, or the conversion of existing non-oil pipelines to oil pipelines in those markets; |
• | decreases in the consumption of oil or natural gas due to increases in its price relative to other energy sources, and other factors making consumption of oil or natural gas less attractive or energy conservation measures; |
• | availability of new, alternative energy sources; and |
• | negative or deteriorating global or regional economic or political conditions, particularly in oil-consuming regions, which could reduce energy consumption or its growth. |
13 |
14 |
15 |
16 |
17 |
18 |
19 |
20 |
21 |
• | identify suitable drybulk carriers, including newbuilding slots at shipyards and/or shipping companies for acquisition at attractive prices; |
• | sell older vessels at an appropriate time in the market; |
• | obtain required financing for our existing and new vessels and operations; |
• | identify businesses engaged in managing, operating or owning drybulk carriers for acquisition or joint ventures; |
• | integrate any acquired drybulk carriers or businesses successfully with our existing operations, including obtaining any approvals and qualifications necessary to operate vessels that we acquire; |
• | hire, train and retain qualified personnel and crew to manage and operate our growing business and Fleet; |
• | identify additional new markets; |
• | enhance our customer base; and |
• | enhance our operating, financial and accounting systems and controls. |
22 |
• | our financial performance; |
• | our credit ratings; |
• | the liquidity of the overall capital markets; |
• | the state of the Singapore, South African, United States and global economies; |
• | general economic conditions and other contingencies and uncertainties that are beyond our control; and |
• | the state of the drybulk industry. |
23 |
• | seeking to raise additional capital; |
• | refinancing or restructuring our debt; |
• | selling our vessels; or |
• | reducing or delaying capital investments. |
24 |
• | incur additional indebtedness on the relevant vessels securing that facility; |
• | sell any collateral vessel (unless a corresponding amount under the relevant facility were prepaid in accordance with its terms); |
• | upon the happening of an event of default or potential event of default, make additional investments or acquisitions; |
• | upon the happening of an event of default or potential event of default, pay dividends; or |
• | effect a change of ownership or control of the relevant borrower group under each facility. |
25 |
26 |
27 |
28 |
29 |
30 |
31 |
32 |
• | the provisions of the Sarbanes-Oxley Act of 2002, as amended, or Sarbanes-Oxley Act, requiring that Grindrod Shipping’s independent registered public accounting firm provide an attestation report on the effectiveness of Grindrod Shipping’s internal control over financial reporting; |
• | Section 107 of the JOBS Act, which provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, or the Securities Act, for complying with new or revised accounting standards. This means that an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. Grindrod Shipping currently prepares its financial statements in accordance with IFRS as issued by the IASB, which do not have separate provisions for publicly traded and private companies. However, in the event Grindrod Shipping converts to U.S. GAAP in the future while it is still an emerging growth company, Grindrod Shipping may be able to take advantage of the benefits of this extended transition period and, as a result, during the time that Grindrod Shipping delays such adoption of new or revised accounting standards Grindrod Shipping’s financial statements may not be comparable to companies that comply with all public company accounting standards; and |
• | any rules that may be adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotation or a supplement to the auditor’s report on the financial statements. |
33 |
34 |
35 |
36 |
37 |
INFORMATION ON THE COMPANY |
A. | History and Development of the Company |
B. | Business Overview |
38 |
• | Established shipping track record in key geographic markets. The Grindrod Shipping business has been involved in various sectors of the shipping industry for more than 100 years. With a core presence and primary offices in Africa and Asia, we maintain a strong focus and local business relationships with critical end-users in geographic regions that have been key to drybulk demand growth. |
• | Quality fleet built to high specifications. We operate a quality fleet of drybulk carriers predominantly built in Japan with an average age of approximately eight years, including our long-term charter-in fleet. We believe that owning and maintaining a quality fleet of Japanese vessels reduces off-hire time and operating costs, improves safety and environmental performance and provides us with a competitive advantage in securing employment for our vessels. Additionally, we believe that quality vessels built in Japan are able to retain value over market cycles. Our quality fleet will also better allow us to cost effectively comply with increasing environmental regulations that may be applicable to our vessels. |
39 |
• | Vessel employment supported by cargo contracts and strong relationships with key counterparties . We continue to operate strategic cargo contracts and we believe that our focus on these contracts supports the employment and regional positioning of our vessels. We have also established strong long-term global relationships with shipping companies, charterers, shipyards, trading houses, brokers and commercial shipping lenders. |
• | Experienced management team. Our management team will be led by Edward Buttery, our newly appointed Chief Executive Officer, who will assume the new role effective April 1, 2023. Mr. Buttery is the Founder, Chief Executive Officer and Executive Director of Taylor Maritime Investments Limited and has extensive experience in the shipping and maritime finance fields over the last 17 years. Our management team collectively has over 200 years of combined shipping experience, and has developed industry relationships with charterers, lenders, shipbuilders, insurers and other industry participants. |
• | Long-standing risk management model and liquidity model. We operate a risk management model and a liquidity model that have been in place for many years and quantify the extent to which our financial position may be at risk to freight market movements and assess our liquidity position under various scenarios. We utilize these models to evaluate and attempt to mitigate market risk during any portion of a shipping cycle with a primary focus on maintaining acceptable levels of equity and liquidity in any potential market downturn. |
• | Primarily focus on handysize and supramax/ultramax drybulk market. We intend to continue focusing our operations in the key drybulk market segments in which we have historically excelled. We completed our exit from the tanker segment in 2022 and do not anticipate reinvesting in the sector at this time. |
• | Maintain balance sheet flexibility and liquidity. We continue to take a prudent approach in managing our Fleet to ensure balance sheet flexibility and liquidity, as we seek to strengthen our balance sheet over time by reducing net leverage. We expect to achieve this through a combination of vessel sales and operating cash flow. |
• | Utilize a dynamic approach to fleet development . We believe that our approach to fleet management, which utilizes a combination of owned vessels, long-term charter-in vessels and short-term charter-in vessels, allows us significant flexibility to adjust our market exposure depending on market conditions. Our focus on Japanese-built vessels and our long-term charter-in fleet with attractive purchase options relative to prevailing market prices allows us to better manage our fleet renewal options while fulfilling our cargo contracts. |
• | Leverage our commercial management expertise. We intend to optimize the employment of our drybulk carriers to maximize charter revenues while mitigating risk through a combination of charters, FFA’s and COA’s, when appropriate, to secure future earnings and create cash flow visibility. |
• | Continue to grow our relationships with key industry players. We continue to maintain our relationships with key industry players in Japan which has historically provided us with access to attractive financing terms and high quality vessels for charters and acquisitions. |
40 |
Vessel Name | Built | Country of Build | DWT | Type of Employment | ||||||||
Handysize – Eco | ||||||||||||
IVS Tembe | 2016 | Japan | 37,740 | IVS Commercial (1) | ||||||||
IVS Sunbird | 2015 | Japan | 33,400 | IVS Handysize Pool | ||||||||
IVS Thanda | 2015 | Japan | 37,720 | IVS Commercial (1) | ||||||||
IVS Kestrel (2) | 2014 | Japan | 32,770 | IVS Handysize Pool | ||||||||
IVS Phinda | 2014 | Japan | 37,720 | IVS Commercial (1) | ||||||||
IVS Sparrowhawk | 2014 | Japan | 33,420 | IVS Handysize Pool | ||||||||
Handysize | ||||||||||||
IVS Merlion | 2013 | China | 32,070 | IVS Handysize Pool | ||||||||
IVS Raffles | 2013 | China | 32,050 | IVS Handysize Pool | ||||||||
IVS Ibis | 2012 | Japan | 28,240 | IVS Handysize Pool | ||||||||
IVS Kinglet (3) | 2011 | Japan | 33,130 | IVS Handysize Pool | ||||||||
IVS Magpie (3) | 2011 | Japan | 28,240 | IVS Handysize Pool | ||||||||
IVS Orchard | 2011 | China | 32,530 | IVS Handysize Pool | ||||||||
IVS Knot (3) | 2010 | Japan | 33,140 | IVS Handysize Pool | ||||||||
IVS Sentosa (4) | 2010 | China | 32,700 | IVS Handysize Pool | ||||||||
IVS Kingbird | 2007 | Japan | 32,560 | IVS Handysize Pool | ||||||||
Supramax/Ultramax – Eco | ||||||||||||
IVS Prestwick | 2019 | Japan | 61,300 | IVS Supramax Pool | ||||||||
IVS Okudogo | 2019 | Japan | 61,330 | IVS Supramax Pool | ||||||||
IVS Phoenix (3) | 2019 | Japan | 61,470 | IVS Supramax Pool | ||||||||
IVS Swinley Forest | 2017 | Japan | 60,490 | IVS Supramax Pool | ||||||||
IVS Gleneagles | 2016 | Japan | 58,070 | IVS Supramax Pool | ||||||||
IVS North Berwick | 2016 | Japan | 60,480 | IVS Supramax Pool | ||||||||
IVS Bosch Hoek | 2015 | Japan | 60,270 | IVS Supramax Pool | ||||||||
IVS Wentworth | 2015 | Japan | 58,090 | IVS Supramax Pool | ||||||||
IVS Pinehurst (5) | 2015 | Philippines (6) | 57,810 | IVS Supramax Pool |
Vessel Name | Built | Country of Build | DWT | Charter- in Period (7) | Purchase Option Price (Millions) | Type of Employment | ||||||||||||||||||
Supramax/Ultramax – Eco | ||||||||||||||||||||||||
Aries Karin (8) | 2021 | Japan | 64,230 | 2024-25 | - | IVS Supramax Pool | ||||||||||||||||||
IVS Atsugi (9) | 2020 | Japan | 62,660 | 2023-24 | 25.2 | IVS Supramax Pool | ||||||||||||||||||
IVS Pebble Beach (10) | 2020 | Japan | 62,660 | 2023-24 | $ | 25.2 | IVS Supramax Pool | |||||||||||||||||
IVS Hayakita (11) | 2016 | Japan | 60,400 | 2023-26 | $ | ~21.6 | IVS Supramax Pool | |||||||||||||||||
IVS Windsor (12) | 2016 | Japan | 60,280 | 2023-26 | $ | - | IVS Supramax Pool | |||||||||||||||||
IVS Crimson Creek (13) | 2014 | Japan | 57,950 | 2023 | $ | - | IVS Supramax Pool | |||||||||||||||||
IVS Naruo (14) | 2014 | Japan | 60,030 | 2023-24 | $ | ~13.6 | IVS Supramax Pool |
(1) | Commercially managed by Grindrod Shipping alongside the IVS Handysize Pool. |
(2) | IVS Kestrel has been contracted for sale and is planned to deliver to the new owners on or about April 30, 2023 |
(3) | IVS Knot , IVS Kinglet , IVS Magpie and IVS Phoenix have each undergone separate financing arrangements in which we sold these vessels but retained the right to control the use of these vessels for a period up to 2030, 2031, 2031 and 2036, respectively, and we have had an option to acquire IVS Knot , IVS Kinglet and IVS Magpie commencing in 2021 and we have an option to acquire the IVS Phoenix in 2023. We regard the vessels as owned since we have retained the right to control the use of the vessels. |
(4) | IVS Sentosa has been contracted for sale and is planned to deliver to the new owners on or about March 31, 2023 |
41 |
(5) | IVS Pinehurst has been contracted for sale and is planned to deliver to the new owners on or about May 31, 2023 |
(6) | Constructed at Tsuneishi Cebu Shipyard (Philippines), a subsidiary of Tsuneishi Shipbuilding (Japan). |
(7) | Expiration date range represents the earliest and latest re-delivery periods due to extension options. |
(8) | Chartered-in until Q4 2024 with one one-year option to extend. |
(9) | Chartered-in until Q4 2023 with one one-year options to extend. The purchase option is exercisable beginning in Q4 2022 and any time thereafter to expiry date, subject to contract terms and conditions. The purchase option price reduces with a linear depreciation of $1.0 million per year or prorate. |
(10) | Chartered-in until Q3 2023 with one one-year options to extend. The purchase option is exercisable beginning in Q3 2022 and any time thereafter to expiry date, subject to contract terms and conditions. The purchase option price reduces with a linear depreciation of $1.0 million per year or prorate. |
(11) | Chartered-in until Q3 2023 with two one-year options to extend and one nine-month option to extend. The purchase option is exercisable next in Q4 2023 subject to contract terms and conditions and includes an estimated Japanese Yen denominated component but excludes estimated 50/50 profit sharing with vessel owner. The Japanese Yen component has been converted to at a rate of 133 Yen to $1. |
(12) | Chartered-in until Q3 2023 with two one-year options to extend and one nine-month option to extend. |
(13) | Chartered-in for a period of 11 to 13 months commencing May 1, 2022. |
(14) | Chartered-in until Q4 2023 one one-year options to extend. The purchase option is exercisable at any time prior to expiry date, subject to contract terms and conditions. The option includes an estimated Japanese Yen denominated component which has been converted to at a rate of 133 Yen to $1. |
42 |
43 |
44 |
45 |
46 |
47 |
48 |
• | injury to, destruction or loss of, or loss of use of, natural resources and the costs of assessment thereof; |
• | injury to, or economic losses resulting from, the destruction of real and personal property; |
• | net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources; |
• | loss of subsistence use of natural resources that are injured, destroyed or lost; |
• | lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and |
49 |
• | net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards. |
50 |
51 |
52 |
53 |
2022 | 2021 | |||||||
General | ||||||||
Fleet average age mid-period (years) | 7.5 | 7.0 | ||||||
CO 2 Emissions generated during the period (metric tonnes) | 317,809 | 318,733 | ||||||
Annual Efficiency Ratio for the period (grams CO 2 / deadweight ton-mile)(2) | ||||||||
All drybulk vessels | 6.27 | 6.11 | ||||||
Handysize drybulk carriers | 7.86 | 7.12 | ||||||
Supramax / ultramax drybulk carriers | 4.88 | 5.09 | ||||||
Energy Efficiency Operational Indicator for the period (grams CO 2 / cargo ton-mile)(3) | ||||||||
All drybulk vessels | 11.33 | 10.74 | ||||||
Handysize drybulk carriers | 14.79 | 12.34 | ||||||
Supramax / ultramax drybulk carriers | 8.27 | 9.07 |
(1) | Our emissions data is based on the reporting tools and information reasonably available to Grindrod Shipping and its applicable third-party technical managers. Grindrod Shipping assesses such data from time to time and may adjust and restate data to reflect latest information. |
(2) | AER is reported in unit grams of CO 2 per deadweight ton-mile and is calculated by dividing (i) mass of fuel consumed by type, converted to equivalent mass CO2 by (ii) the design deadweight tonnage of the vessel (in metric tons) multiplied by distance travelled, both laden and in ballast (in nautical miles). |
(3) | EEOI is reported in unit grams of CO 2 per cargo ton-mile and is calculated by dividing (i) mass of fuel consumed by type, converted to equivalent mass of CO2 by (ii) cargo carried (in metric tons) multiplied by laden voyage distance (in nautical miles). This calculation is performed as per IMO MEPC.1/Circ.684 |
54 |
• | on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped vessels and shore stations, including information on a vessel’s identity, position, course, speed and navigational status; |
• | on-board installation of vessel security alert systems, which do not sound on the vessel but only alert the authorities on shore; |
• | the development of a vessel security plan; |
• | vessel identification number to be permanently marked on a vessel’s hull; |
• | a continuous synopsis record kept onboard showing a vessel’s history including the name of the vessel, the state whose flag the vessel is entitled to fly, the date on which the vessel was registered with that state, the vessel’s identification number, the port at which the vessel is registered and the name of the registered owner(s) and their registered address; and |
• | compliance with flag state security certification requirements. |
55 |
56 |
57 |
C. | Organizational Structure |
D. | Property, Plants and Equipment |
58 |
UNRESOLVED STAFF COMMENTS |
59 |
OPERATING AND FINANCIAL REVIEW AND PROSPECTS |
Commercial Pool | Spot Market | Time Charters | ||||
Typical contract length | Varies | Varies | Varies | |||
Charter hire rate basis (1) | Varies | Varies | Daily | |||
Voyage expenses | Pool pays | We or customer pays | Customer pays | |||
Vessel operating costs for owned vessels | We pay | We pay | We pay | |||
Charter hire costs for vessels chartered-in by us | We pay | We pay | We pay | |||
Off-hire (2) | Pool does not pay | Customer does not pay | Customer does not pay |
(1) | “Charter hire rate” refers to the basic payment from the charterer for the use of the vessel under time charter. |
(2) | “Off-hire” refers to the time a vessel is not available for service due primarily to scheduled and unscheduled repairs or drydockings. For time chartered-in vessels, we do not pay the charter hire cost when the vessel is off-hire. And for time chartered-out vessels, the charterer is not obliged to pay us the charter hire when the vessel is off-hire. |
60 |
• | strength of world economies, in particularly in China and the rest of the Asia-Pacific region; |
• | the effects of the COVID-19 pandemic on our operations and the demand and trading patterns for drybulk; and the duration of these effects; |
• | cyclicality in the drybulk industry and volatility of charter rates which is impacted by supply and demand; |
• | seasonality; |
• | our ability to successfully compete in the drybulk markets and employ or procure the employment of our vessels at economically attractive rates; |
• | changes in supply of drybulk vessels; |
• | the duration of our charter contracts and market conditions when charters expire; |
• | our decisions relating to vessel acquisitions and disposals and our ability to buy and sell vessels, and to charter-in vessels at prices we deem satisfactory; |
• | the strength of and growth in the number of our customer relationships; |
• | an increase in the price of bunker or other market-related increases to components of our costs of sales, including the costs associated with the IMO 2020 regulations limiting sulfur content in fuels; |
61 |
• | depreciation on our vessels and potential impairment charges; |
• | the amount of time and expense that we spend positioning our vessels and changes in trade routes for a variety of reasons, including as a result of additional trade tariffs imposed by China and the United States; |
• | loss of operating days through accidents or other damage to our vessels, as well as a result of disruptions along our operating routes; |
• | the failure of counterparties to fully perform their contracts with us; |
• | the required maintenance capital expenditures relating to our vessels and other administrative expenses; |
• | the amount of expense incurred, and time that our vessels spend, in drydock undergoing repairs; |
• | the age, condition and specifications of our vessels; |
• | the effective and efficient technical management of our vessels and our vessel operating costs; |
• | our ability to satisfy the technical, health, safety and compliance standards of our customers; |
• | our ability to access capital to finance our Fleet, including our ability to pay down our existing credit facilities if the fair market values of our vessels decline; |
• | our level of debt and related interest expense; |
• | fluctuations in interest rates, and foreign exchange rates, and the changes in the method pursuant to which the London Interbank Offered Rate and other benchmark rates are determined; |
• | corruption, piracy, militant activities, political instability and terrorism in locations where we may operate; |
• | losses or provisions for losses on uncollectible revenue; |
• | the effectiveness of forward freight agreements, bunker swaps and other contracts we may enter into to manage our revenue and expenses and costs in unwinding them; |
• | the cost and adequacy or otherwise of our insurance coverage; |
• | fluctuations in foreign currency exchange rates; and |
• | inflation. |
62 |
63 |
Year ended December 31, | ||||||||
(In thousands of U.S. dollars, other than per share data) | 2022 | 2021 | ||||||
Continuing operations | ||||||||
Revenue | $ | 460,460 | $ | 455,839 | ||||
Cost of sales | ||||||||
Voyage expenses | (91,104 | ) | (96,964 | ) | ||||
Vessel operating costs | (46,901 | ) | (43,958 | ) | ||||
Charter hire costs | (58,926 | ) | (75,381 | ) | ||||
Depreciation of ships, drydocking and plant and equipment– owned assets | (30,498 | ) | (25,866 | ) | ||||
Depreciation of ships and ship equipment – right-of-use assets | (35,676 | ) | (34,898 | ) | ||||
Other expenses | (696 | ) | (1,875 | ) | ||||
Cost of ship sale | (29,897 | ) | - | |||||
Gross profit | 166,762 | 176,897 | ||||||
Other operating income | 341 | 3,849 | ||||||
Administrative expense | (48,069 | ) | (36,089 | ) | ||||
Share of losses of joint ventures | (5 | ) | (31 | ) | ||||
Interest income | 2,228 | 201 | ||||||
Interest expense | (17,133 | ) | (12,298 | ) | ||||
Profit before taxation | 104,124 | 132,529 | ||||||
Income tax (expense) benefit | (757 | ) | 118 | |||||
Profit for the period from continuing operations | 103,367 | 132,647 | ||||||
Discontinued operation | ||||||||
Loss for the period from discontinued operation | - | (3,165 | ) | |||||
Profit for the period | 103,367 | 129,482 | ||||||
Profit for the period attributable to: | ||||||||
Owners of the Company | 103,367 | 118,925 | ||||||
Continuing operations | 103,367 | 122,090 | ||||||
Discontinued operation | - | (3,165 | ) | |||||
Non-controlling interests | - | 10,557 | ||||||
103,367 | 129,482 |
Year ended December 31, | ||||||||
(In thousands of U.S. dollars) | 2022 | 2021 | ||||||
Drybulk Carriers Business | ||||||||
Handysize Segment | ||||||||
Revenue | $ | 159,934 | $ | 158,210 | ||||
Cost of sales | (93,418 | ) | (84,231 | ) | ||||
Gross Profit | 66,516 | 73,979 | ||||||
Supramax/Ultramax Segment | ||||||||
Revenue | $ | 268,463 | $ | 292,257 | ||||
Cost of sales | (172,588 | ) | (195,811 | ) | ||||
Gross Profit | 95,875 | 96,446 |
* | Segment results of operations include the impact of the proportionate share of joint ventures, which differs from the statements of profit or loss in our consolidated financial statements which account for our investments in joint ventures under the equity method. |
64 |
Year ended December 31, | ||||||||
(In thousands of U.S. dollars) | 2022 | 2021 | ||||||
Drybulk Carriers Business | ||||||||
Handysize Segment | ||||||||
Calendar days (1) | 6,091 | 6,375 | ||||||
Available days (2) | 5,980 | 6,239 | ||||||
Operating days (3) | 5,826 | 6,115 | ||||||
Owned fleet operating days (4) | 5,210 | 5,215 | ||||||
Short-term charter-in days (6) | 616 | 900 | ||||||
Fleet utilization (7) | 97.4 | %% % | 98.0 | % | ||||
TCE per day (8) | $ | 22,115 | $ | 21,336 | ||||
Vessel operating costs per day (9) | $ | 5,776 | $ | 5,670 | ||||
Supramax/Ultramax Segment | ||||||||
Calendar days (1) | 8,210 | 9,652 | ||||||
Available days (2) | 8,143 | 9,555 | ||||||
Operating days (3) | 8,063 | 9,429 | ||||||
Owned fleet operating days (4) | 3,345 | 2,943 | ||||||
Long-term charter-in days (5) | 2,343 | 2,674 | ||||||
Short-term charter-in days (6) | 2,375 | 3,812 | ||||||
Fleet utilization (7) | 99.0 | % | 98.7 | % | ||||
TCE per day (8) | $ | 25,788 | $ | 23,608 | ||||
Vessel operating costs per day (9) | $ | 5,297 | $ | 5,223 |
(1) | Calendar days : total calendar days the vessels were in our possession for the relevant period. Comparability of the calendar days are affected by the consolidation of the IVS Bulk vessels since February 2020. |
(2) | Available days : total number of calendar days a vessel is in our possession for the relevant period after subtracting off-hire days for scheduled drydocking and special surveys. We use available days to measure the number of days in a relevant period during which vessels should be available for generating revenue. Comparability of the available days are affected by the consolidation of the IVS Bulk vessels since February 2020. |
(3) | Operating days : the number of available days in the relevant period a vessel is controlled by us after subtracting the aggregate number of days that the vessel is off-hire due to a reason other than scheduled drydocking and special surveys, including unforeseen circumstances. We use operating days to measure the aggregate number of days in a relevant period during which vessels are actually available to generate revenue. Comparability of the operating days are affected by the consolidation of the IVS Bulk vessels since February 2020. |
(4) | Owned fleet operating days : the number of operating days in which our owned fleet is operating for the relevant period. |
(5) | Long-term charter-in days : the number of operating days for which our long-term charter-in fleet is operating for the relevant period. We regard chartered-in vessels as long-term charters if the period of the charter that we initially commit to is 12 months or more. Once we have included such chartered-in vessels in our Fleet, we will continue to regard them as part of our Fleet until the end of their chartered-in period, including any period that the charter has been extended under an option, even if at a given time the remaining period of their charter may be less than 12 months. |
(6) | Short-term charter-in days : the number of operating days for which we have chartered-in third party vessels for durations of less than one year for the relevant period. |
(7) | Fleet utilization : the percentage of time that vessels are available for generating revenue, determined by dividing the number of operating days during a relevant period by the number of available days during that period. We use fleet utilization to measure a company’s efficiency in employing its vessels. |
(8) | TCE per day : vessel revenue less voyage expenses during a relevant period divided by the number of operating days during the period. The number of operating days used to calculate TCE revenue per day includes the proportionate share of our joint ventures’ operating days and includes charter-in days. See “—Non-GAAP Financial Measures” below for a discussion of TCE revenue and a reconciliation of revenue to TCE revenue. |
65 |
(9) | Vessel operating costs per day : vessel operating costs per day represents vessel operating costs divided by the number of calendar days for owned vessels. The vessel operating costs and the number of calendar days used to calculate vessel operating costs per day includes the proportionate share of our joint ventures’ vessel operating costs and calendar days and excludes charter-in costs and charter-in days. See “—Non-GAAP Financial Measures” below for a discussion of vessel operating costs per day. |
66 |
67 |
68 |
Year Ended December 31, | ||||||||
(In thousands of U.S. dollars) | 2021 | 2020 | ||||||
Continuing operations | ||||||||
Revenue | $ | 455,839 | $ | 210,682 | ||||
Cost of sales | ||||||||
Voyage expenses | (96,964 | ) | (81,840 | ) | ||||
Vessel operating costs | (43,958 | ) | (37,968 | ) | ||||
Charter hire costs | (75,381 | ) | (34,369 | ) | ||||
Depreciation of ships, drydocking and plant and equipment - owned assets | (25,866 | ) | (22,003 | ) | ||||
Depreciation of ships and ship equipment – right-of-use assets | (34,898 | ) | (24,674 | ) | ||||
Other expenses | (1,875 | ) | (398 | ) | ||||
Cost of ship sale | - | (5,375 | ) | |||||
Gross profit | 176,897 | 4,055 | ||||||
Other operating income (expense) | 3,849 | (293 | ) | |||||
Administrative expense | (36,089 | ) | (21,435 | ) | ||||
Share of losses of joint ventures | (31 | ) | (2,476 | ) | ||||
Interest income | 201 | 467 | ||||||
Interest expense | (12,298 | ) | (15,106 | ) | ||||
Profit (loss) before taxation | 132,529 | (34,788 | ) | |||||
Income tax benefit (expense) | 118 | (189 | ) | |||||
Profit (loss) for the year from continuing operations | $ | 132,647 | $ | (34,977 | ) | |||
Discontinued operation | ||||||||
Loss for the year from discontinued operation | (3,165 | ) | (6,123 | ) | ||||
Profit (loss) for the year | 129,482 | (41,100 | ) |
Year Ended December 31, | ||||||||
(In thousands of U.S. dollars) | 2021 | 2020 | ||||||
Drybulk Carriers Business | ||||||||
Handysize Segment | ||||||||
Revenue | $ | 158,210 | $ | 84,519 | ||||
Cost of Sales | (84,231 | ) | (90,453 | ) | ||||
Gross profit (loss) | 73,979 | (5,934 | ) | |||||
Supramax/ultramax Segment | ||||||||
Revenue | $ | 292,257 | $ | 124,672 | ||||
Cost of Sales | (195,811 | ) | (121,284 | ) | ||||
Gross profit (loss) | 96,446 | 3,388 |
* | Segment results of operations include the impact of the proportionate share of joint ventures, which differs from the statements of profit or loss in our consolidated financial statements which account for our investments in joint ventures under the equity method. |
69 |
Year Ended December 31, | ||||||||
2021 | 2020 | |||||||
Drybulk Carriers Business | ||||||||
Handysize Segment | ||||||||
Calendar days (2) | 6,375 | 6,882 | ||||||
Available days (3) | 6,239 | 6,713 | ||||||
Operating days (4) | 6,115 | 6,584 | ||||||
Owned fleet operating days (5) | 5,215 | 5,354 | ||||||
Long-term charter-in days (6) | - | - | ||||||
Short-term charter-in days (7) | 900 | 1,230 | ||||||
Fleet utilization (8) | 98.0 | % | 98.1 | % | ||||
TCE per day (9) | $ | 21,336 | $ | 6,629 | ||||
Vessel operating costs per day (10) | $ | 5,670 | $ | 5,030 | ||||
Supramax/ultramax Segment | ||||||||
Calendar days (2) | 9,652 | 7,787 | ||||||
Available days (3) | 9,555 | 7,736 | ||||||
Operating days (4) | 9,429 | 7,526 | ||||||
Owned fleet operating days (5) | 2,943 | 2,514 | ||||||
Long-term charter-in days (6) | 2,674 | 2,261 | ||||||
Short-term charter-in days (7) | 3,812 | 2,751 | ||||||
Fleet utilization (8) | 98.7 | % | 97.3 | % | ||||
TCE per day (9) | $ | 23,608 | $ | 10,072 | ||||
Vessel operating costs per day (10) | $ | 5,223 | $ | 5,073 |
(1) | Segment results of operations include the proportionate share of joint ventures, which differs from the statements of profit or loss in our consolidated financial statements which account for our investments in joint ventures under the equity method. |
(2) | Calendar days : total calendar days the vessels were in our possession for the relevant period. Comparability of the calendar days are affected by the consolidation of the IVS Bulk vessels since February 2020. |
(3) | Available days : total number of calendar days a vessel is in our possession for the relevant period after subtracting off-hire days for scheduled drydocking and special surveys. We use available days to measure the number of days in a relevant period during which vessels should be available for generating revenue. Comparability of the available days are affected by the consolidation of the IVS Bulk vessels since February 2020. |
(4) | Operating days : the number of available days in the relevant period a vessel is controlled by us after subtracting the aggregate number of days that the vessel is off-hire due to a reason other than scheduled drydocking and special surveys, including unforeseen circumstances. We use operating days to measure the aggregate number of days in a relevant period during which vessels are actually available to generate revenue. Comparability of the operating days are affected by the consolidation of the IVS Bulk vessels since February 2020. |
(5) | Owned fleet operating days : the number of operating days in which our owned fleet is operating for the relevant period. |
(6) | Long-term charter-in days : the number of operating days for which our long-term charter-in fleet is operating for the relevant period. We regard chartered-in vessels as long-term charters if the period of the charter that we initially commit to is 12 months or more. Once we have included such chartered-in vessels in our Fleet, we will continue to regard them as part of our Fleet until the end of their chartered-in period, including any period that the charter has been extended under an option, even if at a given time the remaining period of their charter may be less than 12 months. |
(7) | Short-term charter-in days : the number of operating days for which we have chartered-in third party vessels for durations of less than one year for the relevant period. |
(8) | Fleet utilization : the percentage of time that vessels are available for generating revenue, determined by dividing the number of operating days during a relevant period by the number of available days during that period. We use fleet utilization to measure a company’s efficiency in employing its vessels. |
70 |
(9) | TCE per day : vessel revenue less voyage expenses during a relevant period divided by the number of operating days during the period. The number of operating days used to calculate TCE revenue per day includes the proportionate share of our joint ventures’ operating days and includes charter-in days. See “—Non-GAAP Financial Measures” above for a discussion of TCE revenue and a reconciliation of revenue to TCE revenue. |
(10) | Vessel operating costs per day : vessel operating costs per day represents vessel operating costs divided by the number of calendar days for owned vessels. The vessel operating costs and the number of calendar days used to calculate vessel operating costs per day includes the proportionate share of our joint ventures’ vessel operating costs and calendar days and excludes charter-in costs and charter-in days. See “—Non-GAAP Financial Measures” above for a discussion of vessel operating costs per day. |
71 |
72 |
73 |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||
(In thousands of U.S. dollars) | Revenue | Voyage Expenses | TCE Revenue | Revenue | Voyage Expenses | TCE Revenue | Revenue | Voyage Expenses | TCE Revenue | |||||||||||||||||||||||||||
Vessel revenue | ||||||||||||||||||||||||||||||||||||
Handysize | 159,524 | (30,683 | ) | 128,841 | 157,707 | (27,235 | ) | 130,472 | 74,641 | (30,995 | ) | 43,646 | ||||||||||||||||||||||||
Supramax/ultramax | 268,352 | (60,420 | ) | 207,932 | 292,179 | (69,600 | ) | 222,579 | 124,352 | (48,547 | ) | 75,805 | ||||||||||||||||||||||||
Other | 2,082 | 5,372 | 5,463 | |||||||||||||||||||||||||||||||||
Ship sale revenue | 29,981 | - | 5,178 | |||||||||||||||||||||||||||||||||
Other revenue | 521 | 581 | 1,526 | |||||||||||||||||||||||||||||||||
Adjustments (*) | - | - | (478 | ) | ||||||||||||||||||||||||||||||||
Revenue | 460,460 | 455,839 | 210,682 |
* | Vessel revenue earned and voyage expenses incurred by the joint-ventures are included within the operating segment information on a proportionate consolidation basis for the period the joint venture existed during the relevant period. Accordingly, joint-ventures’ proportionate financial information are adjusted out to reconcile to the consolidated financial statements. |
74 |
Year Ended December 31, | ||||||||||||
(In thousands of U.S. dollars) | 2022 | 2021 | 2020 | |||||||||
Profit (loss) for the period from continuing operations | $ | 103,367 | $ | 132,647 | $ | (34,977 | ) | |||||
Adjusted for: | ||||||||||||
Income tax expense (benefit) | 757 | (118 | ) | 189 | ||||||||
Interest income | (2,228 | ) | (201 | ) | (467 | ) | ||||||
Interest expense | 17,133 | 12,298 | 15,106 | |||||||||
Share of losses of joint ventures | 5 | 31 | 2,476 | |||||||||
Depreciation and amortization | 67,275 | 61,919 | 47,808 | |||||||||
EBITDA from continuing operations | $ | 186,309 | $ | 206,576 | $ | 30,135 | ||||||
Adjusted for | ||||||||||||
(Reversal of) impairment loss recognized on ships | (1,707 | ) | (3,557 | ) | 5,148 | |||||||
Impairment loss (Reversal of) recognized on right-of-use assets | 985 | (1,046 | ) | - | ||||||||
Impairment loss recognized on goodwill and intangibles | - | 965 | - | |||||||||
Share based compensation | 8,134 | 3,330 | 1,847 | |||||||||
Secondary registration and offering related expenses | - | 633 | - | |||||||||
Tender offer and related expenses | 10,307 | - | - | |||||||||
ADJUSTED EBITDA from continuing operations | $ | 204,028 | $ | 206,901 | $ | 37,130 |
75 |
Year Ended December 31, | ||||||||||||
(In thousands of U.S. dollars, other than per share data) | 2022 | 2021 | 2020 | |||||||||
Profit (loss) for the period attributable to owners of the Company for continuing operations | $ | 103,367 | $ | 122,090 | $ | (32,672 | ) | |||||
Adjusted for: | ||||||||||||
(Reversal of) impairment loss recognized on ships | (1,707 | ) | (3,557 | ) | 5,148 | |||||||
Impairment loss recognized on goodwill and intangibles | - | 965 | - | |||||||||
Impairment loss (reversal of) recognized on right-of-use assets | 985 | (1,046 | ) | - | ||||||||
Share based compensation | 8,134 | 3,330 | 1,847 | |||||||||
Secondary registration and offering related expenses | - | 633 | - | |||||||||
Tender offer and related expenses | 10,307 | - | - | |||||||||
Adjusted net income (loss) for continuing operations | 121,086 | 122,415 | (25,677 | ) | ||||||||
Weighted average number of shares on which profit/(loss) per share has been calculated | 18,949,972 | 19,150,787 | 18,966,414 | |||||||||
Effect of dilutive potential ordinary shares | - | 861,168 | - | |||||||||
Weighted average number of ordinary shares for the purpose of calculating diluted profit/(loss) per share | 18,949,972 | 20,011,955 | 18,966,414 | |||||||||
Basic profit (loss) per share for continuing operations | $ | 5.45 | $ | 6.38 | $ | (1.72 | ) | |||||
Diluted profit (loss) per share for continuing operations | $ | 5.45 | $ | 6.10 | $ | (1.72 | ) | |||||
Basic Adjusted earnings (loss) per share for continuing operations | $ | 6.39 | $ | 6.39 | $ | (1.35 | ) | |||||
Diluted Adjusted earnings (loss) per share for continuing operations | $ | 6.39 | $ | 6.12 | $ | (1.35 | ) |
76 |
Year ended December 31, | ||||||||||||
(In thousands of U.S. dollars, other than per share data) | 2022 | 2021 | 2020 | |||||||||
Profit (loss) for the period attributable to owners of the Company | $ | 103,367 | $ | 118,925 | $ | (38,795 | ) | |||||
Adjusted for: | ||||||||||||
(Reversal of) impairment loss recognized on ships | (1,707 | ) | (3,557 | ) | 16,282 | |||||||
Impairment loss (reversal of) recognized on right-of-use assets | 985 | (1,046 | ) | - | ||||||||
Impairment loss recognized on goodwill and intangibles | - | 965 | - | |||||||||
Impairment loss recognized on assets of disposal group | - | 2,551 | 576 | |||||||||
Impairment loss recognized on office equipment, furniture and fittings and motor vehicles | - | 1 | 138 | |||||||||
Loss on disposals of business | - | 26 | - | |||||||||
Headline earnings (loss) | $ | 102,645 | $ | 117,865 | $ | (21,799 | ) | |||||
Weighted average number of shares on which profit (loss) per share has been calculated | 18,949,972 | 19,150,787 | 18,966,414 | |||||||||
Effect of dilutive potential ordinary shares | - | 861,168 | - | |||||||||
Weighted average number of ordinary shares for the purpose of calculating diluted profit (loss) per share | 18,949,972 | 20,011,955 | 18,966,414 | |||||||||
Basic profit (loss) per share | $ | 5.45 | $ | 6.21 | $ | (2.05 | ) | |||||
Diluted profit (loss) per share | $ | 5.45 | $ | 5.94 | $ | (2.05 | ) | |||||
Basic headline earnings (loss) per share | $ | 5.42 | $ | 6.15 | $ | (1.15 | ) | |||||
Diluted headline earnings (loss) per share | $ | 5.42 | $ | 5.89 | $ | (1.15 | ) |
77 |
Year Ended December 31, | ||||||||||||
(In thousands of U.S. dollars) | 2022 | 2021 | 2020 | |||||||||
Net cash flows generated from operating activities (1) | $ | 186,029 | $ | 204,852 | $ | 70,384 | ||||||
Net cash generated from (used in) investing activities | 98 | 1,066 | (22,559 | ) | ||||||||
Net cash flows from financing activities | (243,142 | ) | (139,076 | ) | (41,983 | ) | ||||||
Net (decrease) increase in cash and cash equivalents | (57,015 | ) | 66,842 | 5,842 | ||||||||
Cash and cash equivalents, beginning of year | 104,243 | 37,942 | 32,527 | |||||||||
Effect of exchange rate changes on the balance of cash held in foreign currencies | (667 | ) | (541 | ) | (427 | ) | ||||||
Cash and cash equivalents, end of year | $ | 46,561 | $ | 104,243 | $ | 37,942 |
(1) | Net cash flows generated from operating activities includes capital expenditure on ships of $9,306,000, $33,455,000 and $9,021,000 and proceeds from disposal of ships of $29,509,000, $47,819,000 and $40,366,000 for the years ended December 31, 2022, 2021 and 2020. |
78 |
79 |
Year | Estimated Drydocking Cost | Estimated Off-hire Days | ||||
(U.S. dollars) | ||||||
2023 | $ | 10.8 million | 220.00 days | |||
2024 | $ | 8.1 million | 180.00 days |
80 |
81 |
• | the reduction of the cash covenant to be tested as at June 30, 2020 and September 30, 2020 from $30 million to $20 million; and |
• | the determination of current liabilities will exclude the amount owed under the $35.8 million senior secured credit facility for purposes of testing, as at June 30, 2020 and September 30, 2020, the covenant that requires our current assets to exceed our current liabilities. |
• | the book value net worth for the purposes of testing, as at December 31, 2020 shall not be lower than US$225 million; |
• | the ratio of debt to market adjusted tangible fixed assets for the purposes of testing, as at December 31, 2020 shall be not more than 80%; |
• | the determination of current liabilities shall exclude the amount owed to the $35.8 million senior secured credit facility for purposes of testing, as at December 31, 2020, the working capital covenant that requires our current assets to exceed our current liabilities. |
• | the book value net worth for the purposes of testing, as at January 1, 2021 and thereafter shall not be lower than US$200 million; |
• | book value net worth of the lower of (a) the aggregate of $200 million from January 1, 2021 thereafter plus 25% of the amount of positive retained earnings plus 50% of each capital raise and (b) $275 million. For purposes of the forgoing, “positive retained earnings” means the positive retained earnings of Grindrod Shipping and its subsidiaries on a consolidated basis tested bi-annually at each June 30 and December 31, and “capital raise” means the dollar amount (or equivalent amount in dollars) of the proceeds of any equity capital raised by Grindrod Shipping (without giving effect to any capital raised by its subsidiaries), as evidenced in the latest accounts as of each June 30 or December 31; |
82 |
• | cash and cash equivalents (which may, depending on the facility, include cash restricted in certain security accounts) of not less than $30 million; |
• | a ratio of debt to market adjusted tangible fixed assets of not more than 75%. For purposes of the foregoing, the definition of “debt” excludes lease obligations recognized under IFRS 16 and the definition of “tangible fixed assets” excludes right-of-use assets relating to ships; and |
• | positive working capital, such that consolidated current assets (excluding any adjustments made for IFRS 16) must exceed the consolidated current liabilities (excluding any adjustments for IFRS 16) as evidenced in the latest accounts as of each June 30 and December 31. |
• | incur additional indebtedness on the relevant vessels securing that facility; |
• | sell any collateral vessel (unless a corresponding amount under the relevant facility were prepaid in accordance with its terms); |
• | upon the happening of an event of default or potential event of default, make additional investments or acquisitions; |
• | upon the happening of an event of default or potential event of default, pay dividends; or |
• | effect a change of ownership or control of the relevant borrower group under each facility. |
83 |
Payments Due by Period | ||||||||||||||||||||
(In thousands of U.S. dollars) | Total | Less Than 1 Year | 1–3 Years | 3–5 Years | More than 5 Years | |||||||||||||||
Secured bank loans and other borrowings (1) | 198,968 | 33,330 | 110,744 | 28,065 | 26,829 | |||||||||||||||
Interest on secured bank loans and other borrowings (2) | 41,546 | 11,925 | 17,248 | 5,293 | 7,080 | |||||||||||||||
Capital expenditure on vessels (1) | 1,399 | 1,399 | - | - | - | |||||||||||||||
Lease liabilities (3) | 26,113 | 22,058 | 4,055 | - | - | |||||||||||||||
Total contractual obligations | 268,026 | 68,712 | 132,047 | 33,358 | 33,909 |
(1) | These obligations are disclosed in Notes 25 and 43 of the consolidated financial statements. |
(2) | Interest is based on LIBOR assumption of 4.6% per annum for secured bank loans and other borrowings. |
(3) | Include obligations under certain time charter agreements. Please see Note 24 of the consolidated financial statements. |
84 |
Name | Age | Position | Term Expires | |||
Rebecca Brosnan (1) | 43 | Director | Next Annual General Meeting, by rotation | |||
Edward Buttery (1) | 38 | Director | Next Annual General Meeting, by rotation | |||
Gordon French (1) | 58 | Director | Next Annual General Meeting, by rotation | |||
Alan Hatton (1) | 45 | Director | Next Annual General Meeting, by rotation | |||
Charles Maltby (1) | 51 | Director | Next Annual General Meeting, by rotation | |||
Kurt Klemme (1) | 54 | Director | Next Annual General Meeting, by rotation | |||
Cullen Schaar (1) | 39 | Director | Next Annual General Meeting, by rotation | |||
Paul Over (2) | 66 | Director | Next Annual General Meeting, by rotation | |||
Stephen Griffiths (3) | 62 | Director | Will retire effective on March 31, 2023 | |||
John Herholdt (4) | 74 | Director | Will retire effective on March 31, 2023 | |||
Quah Ban Huat (4) | 56 | Director | Will retire effective on March 31, 2023 | |||
Murray Grindrod (4) | 55 | Director | Resigned effective on December 6, 2022 | |||
Michael Hankinson (4) | 73 | Director | Resigned effective on December 6, 2022 | |||
Martyn Wade (5) | 63 | Director | Retired effective on April 30, 2022 | |||
(1) | Ms. Brosnan, Messrs Buttery, Klemme, Maltby and Schaar were appointed by the Directors of the Company on December 6, 2022. Mr. Alan Hatton and Mr. Gordon French were appointed by the Directors of the Company on December 14, 2022 and March 20, 2023 respectively. Collectively, all of the seven new Non-executive directors shall hold office only until the next Annual General Meeting. They are all required to retire at the Annual General Meeting of the Company pursuant to Regulation 106 of the Constitution and shall be eligible for re-election but shall not be taken into account in determining the number of Directors who are to retire by rotation at such meeting. |
(2) | At each Annual General Meeting subsequent to the first Annual General Meeting, one-third of the directors for the time being (or, if their number is not a multiple of three the number nearest to one-third) shall retire from office by rotation. The directors to retire in every year shall be those, subject to retirement by rotation, who have been longest in office since their last re-election or appointment and so that as between persons who became or were last re-elected directors on the same day, those to retire shall (unless they otherwise agree among themselves) be determined by lot. A retiring director shall be eligible for re-election. Mr. Paul Over will retire by rotation pursuant to Regulation 101 of the Company’s Constitution in the next Annual General Meeting. |
(3) | Mr. Stephen Griffiths will retire as Chief Financial Officer & Interim Chief Executive Offer effective on March 31, 2023 as he plans to relocate to United Kingdom. Mr. Griffiths will also retire from his board position in the Company. |
(4) | Messrs Herholdt and Quah will retire on March 31, 2023 and relinquish their respective positions as Chairman of the Compensation and Nomination Committee and Chairman of the Audit and Risk Committee. Messrs Michael John Hankinson and Murray Paul Grindrod both resigned on December 6, 2022 pursuant to the Transaction Implementation Agreement with Taylor Maritime Investments Ltd. |
(5) | Mr. Martyn Wade retired as Chief Executive Officer of the Company effective on April 30, 2022. |
85 |
86 |
Name | Age | Position | ||
Stephen Griffiths (1) | 62 | Chief Financial Officer and Interim Chief Executive Officer |
(1) | Stephen Griffiths will retire effective March 31, 2023. On April 1, 2023 he will be succeeded by Edward Buttery as Chief Executive Officer and Deborah Davel as Chief Financial Officer. |
87 |
88 |
89 |
Holder (1) | Direct interest in Grindrod Shipping Ordinary Shares | Direct Percentage Ownership | Indirect interest in Grindrod Shipping Ordinary Shares | Indirect Percentage Ownership | ||||||||||||
Edward Buttery | - | - | 18,894 | * |
* | Less than 1% |
(1) | No other directors or executive officers of the Company own any shares in the Company. |
90 |
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS |
Ordinary shares beneficially owned as of | ||||||||
March 1, 2022 | ||||||||
Beneficial owner | Grindrod Shipping Ordinary Shares (1) | Percentage Ownership (2) | ||||||
Good Falkirk (MI) Limited | 16,206,365 | 83.23 | % |
(1) | On October 12, 2022, Good Falkirk (MI) Limited as Offeror, TMI and the Company, announced that they had entered into the TIA, providing for a voluntary conditional cash offer, the TMI Offer, to be made by the Offeror for all the issued ordinary shares in the capital of the Company other than shares held by the Offeror and shares held in treasury, in accordance with Rule 15 of The Singapore Code on Take-overs and Mergers and Regulations 14D and 14E under the Exchange Act. The formal offer documentation to be issued in respect of the TMI Offer dated October 28, 2022 (the “Offer to Purchase”) containing the terms of the TMI Offer together with the relevant documents was circulated to all shareholders of the Company. |
91 |
(2) | Percentage amounts based on 19,472,008 ordinary shares outstanding (excluding treasury shares) as of March 1, 2023. It is to be noted that Good Falkirk (MI) Limited does not hold voting rights which are different from those that are held by Grindrod Shipping’s other shareholders. |
92 |
FINANCIAL INFORMATION |
93 |
THE OFFER AND LISTING |
94 |
ADDITIONAL INFORMATION |
95 |
96 |
• | We and each of our applicable subsidiaries are organized in a jurisdiction outside the United States that grants an equivalent exemption from tax to corporations organized in the United States with respect to the types of U.S. Source International Transportation Income that we earn, or an Equivalent Exemption; |
• | We and each of our applicable subsidiaries satisfy the Qualified Shareholder Stock Ownership Test (as described below); and |
• | We and each of our applicable subsidiaries meet certain substantiation, reporting and other requirements. |
• | individual residents of jurisdictions that grant an Equivalent Exemption; |
• | non-U.S. corporations organized in jurisdictions that grant an Equivalent Exemption provided that the equity interests in such non-U.S. corporations are “primarily traded” and “regularly traded” on an established securities market either in the United States or in a jurisdiction outside the United States that grants an Equivalent Exemption and are not considered to be “closely held” under specific rules in the Section 883 Regulations, which we refer to as the “Publicly Traded Test” or |
• | certain other qualified persons described in the Section 883 Regulations, or collectively, the Qualified Shareholders. |
97 |
98 |
• | is an individual U.S. citizen or resident (as determined for U.S. federal income tax purposes); |
• | a corporation (or other entity that is classified as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia; |
• | an estate the income of which is subject to U.S. federal income taxation regardless of its source; or |
• | a trust if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more “United States persons” (as defined in the Code) have the authority to control all substantial decisions of the trust or (ii) the trust has a valid election in effect under current Treasury regulations to be treated as a “United States person.” |
99 |
• | at least 75% of our gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business), or |
• | at least 50% of the average value of the assets held by us (based on an average of the quarterly values of the assets during a taxable year) produce, or are held for the production of, passive income. |
100 |
101 |
• | the excess distribution and any gain would be allocated ratably over the Non-Electing Holder’s aggregate holding period for the ordinary shares; |
• | the amount allocated to the current taxable year and any year prior to the year we were first treated as a PFIC with respect to the Non-Electing Holder would be taxed as ordinary income; and |
• | the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. |
• | fails to provide an accurate taxpayer identification number; |
102 |
• | is notified by the IRS that it has failed to report all interest or corporate distributions required to be reported on his U.S. federal income tax returns; or |
• | in certain circumstances, fails to comply with applicable certification requirements. |
103 |
104 |
(a) | a member (defined as an “authorised user” in section 1 of the Financial Markets Act No 19 of 2012), if the listed security is purchased through the agency of, or from such member; |
(b) | the participant (defined as a person authorised by the central securities depository to hold in custody and administer the listed security), where the listed security is purchased from the participant and the STT has not been settled by a member referred to under (a) above; |
(c) | by the purchaser, if no STT was payable under (a) or (b) above. |
105 |
106 |
107 |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Impact on profit or loss | ||||||||
(In millions of U.S. dollars) | 2022 | 2021 | ||||||
U.S. dollars | $ | - | $ | 0.1 | ||||
South African Rand | (0.2 | ) | (0.5 | ) |
108 |
109 |
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES |
110 |
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES |
111 |
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS |
112 |
CONTROLS AND PROCEDURES |
113 |
AUDIT COMMITTEE FINANCIAL EXPERT |
114 |
CODE OF ETHICS |
115 |
PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Year Ended December 31, |
||||||||||||
(In thousands of U.S. dollars) |
2022 |
2021 |
2020 |
|||||||||
Audit Fees (1) |
1,644.4 | 1,765.6 | 1,426.8 | |||||||||
Audit-Related Fees (2) |
- | 65.6 | 13.0 | |||||||||
Tax Fees (3) |
13.1 | 14.2 | 36.4 | |||||||||
Other Fees (4) |
1.2 | - | 16.0 | |||||||||
Total Fees |
1,658.7 | 1,845.4 | 1,492.2 |
(1) | Includes fees billed or accrued for professional services rendered by the principal accountant, and member firms in their respective network, for the audit or review of our annual financial statements, and those of our consolidated subsidiaries. |
(2) | Fees for services reasonably related to the performance of the audit review and include services associated with the Registration Statement for the year ended December 31, 202 1 . |
(3) | Consists of fees for professional services rendered during the fiscal year by the principal accountant mainly for tax advice, compliance and assistance with tax audits and appeals. |
(4) | Other fees comprise of additional services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements, except for those not required by statute or regulation |
116 |
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES |
117 |
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS |
Period |
Total number of ordinary shares purchased |
Weighted average price per ordinary share (1) |
Total Number of Shares Purchased as part of Publicly Announced Plans or Programs |
Maximum Number (or Appropriate U.S. Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs |
||||||||||||
January 1 - January 31, 2022 | - | - | - | - | ||||||||||||
February 1 - February 28, 2022 | - | - | - | - | ||||||||||||
March 1 - March 31, 2022 | - | - | - | - | ||||||||||||
April 1 - April 30, 2022 | - | - | - | - | ||||||||||||
May 1 - May 31, 2022 | - | - | - | - | ||||||||||||
June 1 - June 30, 2022 | - | - | - | - | ||||||||||||
July 1 - July 31, 2022 | - | - | - | - | ||||||||||||
August 1 - August 31, 2022 | - | - | - | - | ||||||||||||
September 1 - September 30, 2022 | - | - | - | - | ||||||||||||
October 1 - October 31, 2022 | - | - | - | - | ||||||||||||
November 1 - November 30, 2022 | - | - | - | - | ||||||||||||
December 1 - December 31, 2022 | - | - | - | - | ||||||||||||
Total ordinary shares purchased |
- |
- |
- |
- |
118 |
CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT |
119 |
CORPORATE GOVERNANCE |
120 |
MINE SAFETY DISCLOSURE |
121 |
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections |
122 |
123 |
FINANCIAL STATEMENTS |
124 |
EXHIBITS |
125 |
126 |
127 |
(1) | Incorporated by reference to Amendment No. 1 to the Registrant’s registration statement on form 20-F filed with the Commission on April 6, 2018. |
(2) | Incorporated by reference to Amendment No. 2 to the Registrant’s registration statement on form 20-F filed with the Commission on April 30, 2018. |
(3) | Incorporated by reference to Amendment No. 3 to the Registrant’s registration statement on form 20-F filed with the Commission on June 5, 2018. |
(4) | Incorporated by reference to the Registrant’s 2018 annual report on form 20-F filed with the Commission on April 16, 2019. |
(5) | Incorporated by reference to the Registrant’s 2019 annual report on form 20-F files with the Commission on June 5, 2020. |
(6) | Incorporated by reference to the Registrant’s 2020 annual report on form 20-F files with the Commission on March 31, 2021. |
(7) | Incorporated by reference to the Registrant’s 2021 annual report on form 20-F files with the Commission on March 25, 2022. |
(8) | Incorporated by reference to Exhibit 99.3 to the Form 6-K furnished by Grindrod Shipping Holdings Ltd. on October 12, 2022. |
128 |
GRINDROD SHIPPING HOLDINGS LTD. | ||
/s/ Stephen Griffiths | ||
Name | Stephen Griffiths | |
Title: | Chief Financial Officer | |
Date: | March 23, 2023 |
129 |
F-1 |
/s/ | |
F-2 |
2022 | 2021 | |||||||||||
Notes | US$’000 | US$’000 | ||||||||||
ASSETS |
||||||||||||
Current assets |
||||||||||||
Cash and bank balances | 6 | |||||||||||
Trade receivables | 7 | |||||||||||
Contract assets | 8 | |||||||||||
Other receivables and prepayments | 9 | |||||||||||
Loans to joint ventures | 10 | |||||||||||
Derivative financial instruments | 11 | |||||||||||
Inventories | 12 | |||||||||||
Total current assets | ||||||||||||
Non-current assets |
||||||||||||
Restricted cash | 6 | |||||||||||
Ships, property, plant and equipment | 13 | |||||||||||
Right-of-use assets | 14 | |||||||||||
Interest in joint ventures | 16 | |||||||||||
Derivative financial instruments | 11 | |||||||||||
Intangible assets | 17 | |||||||||||
Other receivables and prepayments | 9 | |||||||||||
Other investments | 19 | |||||||||||
Deferred tax assets | 20 | |||||||||||
Total non-current assets | ||||||||||||
Total assets |
||||||||||||
LIABILITIES AND EQUITY |
||||||||||||
Current liabilities |
||||||||||||
Trade and other payables | 21 | |||||||||||
Contract liabilities | 22 | |||||||||||
Due to joint ventures | ||||||||||||
Lease liabilities | 24 | |||||||||||
Bank loans and other borrowings | 25 | |||||||||||
Retirement benefit obligation | 27 | |||||||||||
Derivative financial instruments | 11 | |||||||||||
Provisions | 26 | |||||||||||
Income tax payable | ||||||||||||
Total current liabilities | ||||||||||||
Non-current liabilities |
||||||||||||
Trade and other payables | 21 | |||||||||||
Lease liabilities | 24 | |||||||||||
Bank loans and other borrowings | 25 | |||||||||||
Retirement benefit obligation | 27 | |||||||||||
Total non-current liabilities | ||||||||||||
Capital and reserves |
||||||||||||
Share capital | 28 | |||||||||||
Other equity and reserves | 29 | ( |
) | ( |
) | |||||||
Accumulated (losses) profit | ( |
) | ||||||||||
Total equity | ||||||||||||
Total equity and liabilities |
F-3 |
2022 | 2021 | 2020 | ||||||||||||||
Notes | US$’000 | US$’000 | US$’000 | |||||||||||||
Continuing operations |
||||||||||||||||
Revenue |
30 | |||||||||||||||
Cost of sales |
||||||||||||||||
Voyage expenses | ( |
) | ( |
) | ( |
) | ||||||||||
Vessel operating costs | ( |
) | ( |
) | ( |
) | ||||||||||
Charter hire costs | ( |
) | ( |
) | ( |
) | ||||||||||
Depreciation of ships, drydocking and plant and equipment– owned assets | 35 | ( |
) | ( |
) | ( |
) | |||||||||
Depreciation of ships and ship equipment – right-of-use assets | 35 | ( |
) | ( |
) | ( |
) | |||||||||
Other expenses | ( |
) | ( |
) | ( |
) | ||||||||||
Cost of ship sale | ( |
) | ( |
) | ||||||||||||
Gross profit |
||||||||||||||||
Other operating income (expense) | 32 | ( |
) | |||||||||||||
Administrative expense | ( |
) | ( |
) | ( |
) | ||||||||||
Share of losses of joint ventures | 16 | ( |
) | ( |
) | ( |
) | |||||||||
Interest income | 33 | |||||||||||||||
Interest expense | 34 | ( |
) | ( |
) | ( |
) | |||||||||
Profit (loss) before taxation |
35 | ( |
) |
|||||||||||||
Income tax (expense) benefit | 36 | ( |
) | ( |
) | |||||||||||
Profit (loss) for the year from continuing operations |
( |
) |
||||||||||||||
Discontinued operation |
||||||||||||||||
Loss for the year from discontinued operation | 37 | ( |
) |
( |
) |
|||||||||||
Profit (loss) for the year |
( |
) |
||||||||||||||
Profit (loss) for the year attributable to: |
||||||||||||||||
Owners of the Company | ( |
) | ||||||||||||||
Continuing operations | ( |
) | ||||||||||||||
Discontinued operation | ( |
) | ( |
) | ||||||||||||
Non-controlling interests | 42 | ( |
) | |||||||||||||
( |
) | |||||||||||||||
Earnings (loss) per share attributable to the owners of the Company |
US$ | US$ | US$ | |||||||||||||
From continuing and discontinued operation | ||||||||||||||||
Basic | 40 | ( |
) | |||||||||||||
Diluted | 40 | ( |
) | |||||||||||||
From continuing operations | ||||||||||||||||
Basic | 40 | ( |
) | |||||||||||||
Diluted | 40 | ( |
) |
F-4 |
2022 | 2021 | 2020 | |||||||||||||
Notes | US$’000 | US$’000 | US$’000 | ||||||||||||
Profit (Loss) for the year |
( |
) |
|||||||||||||
Items that will not be reclassified subsequently to profit or loss |
|||||||||||||||
Remeasurement of defined benefit obligation | |||||||||||||||
Remeasurement of other investment | ( |
) | |||||||||||||
( |
) | ||||||||||||||
Items that may be reclassified subsequently to profit or loss |
|||||||||||||||
Exchange differences arising from translation of foreign operations | ( |
) | ( |
) | ( |
) | |||||||||
Net fair value (loss) gain on hedging instruments designated as cash flow hedges | ( |
) | |||||||||||||
( |
) | ( |
) | ||||||||||||
Other comprehensive (loss) income for the year, net of income tax |
( |
) |
( |
) |
|||||||||||
Total comprehensive income (loss) for the year |
( |
) |
|||||||||||||
Total comprehensive income (loss) for the year attributable to: |
|||||||||||||||
Owners of the Company | ( |
) | |||||||||||||
Continuing operations | ( |
) | |||||||||||||
Discontinued operation | ( |
) | ( |
) | |||||||||||
Non-controlling interests | ( |
) | |||||||||||||
( |
) |
F-5 |
Equity attributable to equity holders of the company |
||||||||||||||||||||||||||||||||||||||||
Other equity and reserves |
||||||||||||||||||||||||||||||||||||||||
Share capital |
Treasury shares |
Share compensation reserve |
Hedging reserve |
Translation reserve |
Merger reserve |
Accumulated (losses) profit |
Attributable to owners of the company |
Non-controlling interest |
Total equity |
|||||||||||||||||||||||||||||||
US$’000 |
US$’000 |
US$’000 |
US$’000 |
US$’000 |
US$’000 |
US$’000 |
US$’000 |
US$’000 |
US$’000 |
|||||||||||||||||||||||||||||||
Balance at 1 January 2020 |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Loss for the year |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Other comprehensive loss for the year, net of income tax |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||
Total comprehensive loss for the year |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||
Equity-settled share-based payments (Note 29) |
||||||||||||||||||||||||||||||||||||||||
Treasury shares reissued to employees under the Forfeitable Share Plan (Note 29) |
( |
) |
||||||||||||||||||||||||||||||||||||||
Transfer of pension fund surplus (Note 19) |
||||||||||||||||||||||||||||||||||||||||
Non-controlling interest on acquisition of a subsidiary (Note 39) |
||||||||||||||||||||||||||||||||||||||||
Transaction with owners, recognised directly in equity |
( |
) |
||||||||||||||||||||||||||||||||||||||
Balance at 31 December 2020 |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income for the year, net of income tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends (Note 41) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
( |
) |
Equity-settled share-based payments (Note 29) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury shares reissued to employees under the Forfeitable Share Plan |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of treasury shares |
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
( |
) |
Acquisition of non-controlling interest (Note 39) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
Transaction with owners, recognised directly in equity |
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2021 |
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss for the year, net of income tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
( |
) |
Total comprehensive income for the year |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends (Note 41) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
( |
) |
Equity-settled share-based payments (Note 29) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury shares reissued to Offeror under the TMI Offer (Note 28) |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
( |
) |
Transaction with owners, recognised directly in equity |
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 31 December 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
F-6 |
2022 | 2021 | 2020 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Operating activities |
||||||||||||
Profit (loss) for the year | ( |
) | ||||||||||
Adjustments for: | ||||||||||||
Share of losses of joint ventures | ||||||||||||
(Gain) Loss on ship sales | ( |
) | ||||||||||
Loss on disposal of business | ||||||||||||
Gain on disposal of plant and equipment, furniture and fittings and motor vehicles | ( |
) | ( |
) | ||||||||
Gain on disposal of right-of-use assets | ( |
) | ||||||||||
Depreciation and amortisation | ||||||||||||
(Reversal of) impairment loss recognised on ships | ( |
) | ( |
) | ||||||||
Impairment loss recognised (reversed) on right-of-use assets | ( |
) | ||||||||||
Impairment loss recognised on goodwill and intangibles | ||||||||||||
Impairment loss (reversed) recognised on financial assets | ( |
) | ||||||||||
Impairment loss recognised on net disposal group | ||||||||||||
Impairment loss recognised on plant and equipment | ||||||||||||
Provision for onerous contracts (reversed) recognised | ( |
) | ( |
) | ||||||||
Recognition of share-based payments expenses | ||||||||||||
Net foreign exchange gain | ( |
) | ( |
) | ( |
) | ||||||
Interest expense | ||||||||||||
Interest income | ( |
) | ( |
) | ( |
) | ||||||
Income tax expense (benefit) | ( |
) | ||||||||||
Components of defined benefit costs recognised in profit or loss | ||||||||||||
Operating cash flows before movements in working capital and ships | ||||||||||||
Inventories | ( |
) | ( |
) | ||||||||
Trade receivables, other receivables and prepayments | ( |
) | ( |
) | ||||||||
Contract assets | ( |
) | ||||||||||
Trade and other payables | ( |
) | ( |
) | ||||||||
Contract liabilities | ( |
) | ||||||||||
Due to related parties | ||||||||||||
Due from related parties | ( |
) | ||||||||||
Operating cash flows before movement in ships | ||||||||||||
Capital expenditure on ships | ( |
) | ( |
) | ( |
) | ||||||
Proceeds from ship sales | ||||||||||||
Net cash generated from operations | ||||||||||||
Interest paid | ( |
) | ( |
) | ( |
) | ||||||
Interest received | ||||||||||||
Income tax paid | ( |
) | ( |
) | ( |
) | ||||||
Net cash flows generated from operating activities |
||||||||||||
Investing activities |
||||||||||||
Repayment to related parties | ( |
) | ||||||||||
Repayment of loans and amount due from joint venture | ||||||||||||
Purchase of plant and equipment | ( |
) | ( |
) | ( |
) | ||||||
Purchase of intangible assets | ( |
) | ( |
) | ( |
) | ||||||
Proceeds from disposal of plant and equipment | ||||||||||||
Proceeds from disposal of businesses | ||||||||||||
Dividends and distributions received from a joint venture | ||||||||||||
Cash transferred in from disposal group (Note 38) | ||||||||||||
Payment for acquisition of subsidiary, net of cash acquired (Note 39) | ( |
) | ||||||||||
Net cash generated from (used in) investing activities |
( |
) |
F- 7 |
2022 | 2021 | 2020 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Financing activities (Note A) |
||||||||||||
Long-term interest-bearing debt raised | ||||||||||||
Payment of principal portion of long-term interest-bearing debt |
( |
) | ( |
) | ( |
) | ||||||
Principal repayments on lease liabilities | ( |
) | ( |
) | ( |
) | ||||||
Acquisition of non-controlling interest (Note 39) | ( |
) | ||||||||||
Acquisition of treasury shares | ( |
) | ||||||||||
Dividends paid | ( |
) | ( |
) | ||||||||
Restricted cash | ( |
) | ||||||||||
Net cash flows used in financing activities |
( |
) |
( |
) |
( |
) |
||||||
Net (decrease) increase in cash and cash equivalents | ( |
) | ||||||||||
Cash and cash equivalents at the beginning of the period (Note 6) | ||||||||||||
Effect of exchange rate changes on the balance of cash held in foreign currencies | ( |
) | ( |
) | ( |
) | ||||||
Cash and cash equivalents at the end of the period (Note 6) |
Bank loans and other borrowings |
Due (from) to joint venture and related parties |
Lease liabilities |
||||||||||
(Note 25) | (Note 10) | (Note 24) | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Balance at 1 January 2021 | ||||||||||||
Financing cash flows (i) |
( |
) | ( |
) | ||||||||
Other changes (ii) |
( |
) | ||||||||||
Balance at 31 December 2021 | ||||||||||||
Financing cash flows (i) |
( |
) | ( |
) | ||||||||
Other changes (ii) |
||||||||||||
Balance at 31 December 2022 |
F-8 |
1 | GENERAL |
F- 9 |
2 | SIGNIFICANT ACCOUNTING POLICIES |
2.1 | Statement of compliance |
2.2 | Basis of preparation of historical consolidated financial information |
2.3 | Application of new and revised International Financial Reporting Standards (IFRSs) |
F-10 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
Amendments to IAS 1 | Classification of liabilities as Current or Non-current | |
Amendments to IAS 1 and IFRS Practice Statement 2 | Disclosure of Accounting Policies | |
Amendments to IAS 8 | Definition of Accounting Estimates | |
Amendments to IAS 12 | Deferred Tax related to assets and liabilities arising from a Single Transaction |
F-11 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
2.5 | Basis of Consolidation |
F-12 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
2.6 | Business combinations |
2.7 | Financial instruments |
F-13 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
• | those to be measured subsequently at fair value (either through OCI or through profit or loss), and |
• | those to be measured at amortised cost. |
• | the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and |
• | the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. |
• | the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and |
• | the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. |
F-14 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
• | existing or forecast adverse changes in business, financial or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations; or |
• | an actual or expected significant deterioration in the operating results of the debtor. |
F-15 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
i) | the financial instrument has a low risk of default, | |
ii) | the borrower has a strong capacity to meet its contractual cash flow obligations in the near term and |
iii) | adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfil its contractual cash flow obligations. |
• | when there is a breach of financial covenants by the counterparty; or |
• | information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Group). |
• | significant financial difficulty of the issuer or the borrower; |
• | a breach of contract, such as a default or past due event; |
• | the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider; |
• | it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or |
• | the disappearance of an active market for that financial asset because of financial difficulties. |
F-16 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
F-17 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
• | there is an economic relationship between the hedged item and the hedging instrument; |
• | the effect of credit risk does not dominate the value changes that result from that economic relationship; and |
• | the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the entity actually uses to hedge that quantity of hedged item. |
F- 18 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
2.8 | Offsetting Arrangements |
2.9 | Inventories |
F- 19 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
2.10 | Ships, Property, Plant and Equipment |
Office equipment and furniture and fittings | - | |
Plant and equipment | - | |
Motor vehicles | - | |
Ships | - | |
Drydocking | - |
F-20 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
2.11 | Intangible Assets |
2.12 | Impairment of Tangible and Intangible Assets Excluding Goodwill |
F-21 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
2.13 | Goodwill |
2.14 | Other Investments |
2.15 | Leases |
• | fixed lease payments (including in-substance fixed payments), less any lease incentives; |
• | variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; |
• | the amount expected to be payable by the lessee under residual value guarantees; |
• | the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and |
• | payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. |
F-22 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
• | the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; |
• | the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); or |
• | a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. |
F-23 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
2.16 | Interest in Joint Ventures |
F-24 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
2.17 | Non-current assets and disposal groups held for sale |
2.18 | Revenue recognition and voyage expenses |
F-25 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
• | The contract with the end charterer specifically names the pool, rather than the shipowner; |
• | The pool manager is responsible for managing issues that may arise during the end charterer’s use of the vessel; |
• | The pool manager has the power to decide which vessel in the pool it will use to fulfill the contract with the end charterer; and |
• | The pool manager sets the prices that the end charterer will pay to use the vessel. |
F-26 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
2.19 | Borrowing costs |
2.20 | Share-Based Payments |
2.21 | Retirement Benefit Costs |
F-27 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
• | service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements); |
• | net interest expense or income; and |
• | remeasurement |
2.22 | Employee Leave Entitlement |
2.23 | Provisions |
F- 28 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
2.24 | Income Tax |
F- 29 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
2.25 | Foreign Currency Transactions and Translation |
F-30 |
2 | SIGNIFICANT ACCOUNTING POLICIES (cont’d) |
2.26 | Cash and Cash Equivalents in the statement of Cash Flows |
3 | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
(i) | Critical judgements in applying the Group’s accounting policies |
F-31 |
3 | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (cont’d) |
(ii) | Key sources of estimation uncertainty |
1) | Forecast earnings are based on internal estimates having considered: fixed future earnings from existing contracts of affreightment and charter contracts, allowing for dry dock and commercial off hire days, internal forecasts, as well as third party information and historical earnings averages. |
2) | Pre-tax discount rate of |
3) | Vessel operating expenses and drydock costs are based on management’s best estimates. |
F-32 |
3 | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (cont’d) |
• |
• |
F-33 |
4 | FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT |
(i) |
Categories of financial instruments |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Financial assets |
||||||||
Financial assets at amortised cost | ||||||||
Derivative instruments designated in hedge accounting relationship | ||||||||
Financial liabilities |
||||||||
Financial liabilities at amortised cost | ||||||||
Derivative instruments designated in hedge accounting relationships | ||||||||
(ii) |
Financial risk management policies and objectives |
(a) | Credit risk management |
• | the carrying amount of the respective recognised financial assets as stated in the consolidated statement of financial position; and |
• | the maximum amount the Group would have to pay if the financial guarantee is called upon, irrespective of the likelihood of the guarantee being exercised. |
F-34 |
4 | FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (cont’d) |
Category |
Description |
Basis for recognising ECL |
||
Performing | The counterparty has a low risk of default and does not have any past-due amounts. | 12-month ECL | ||
Doubtful | Amount is >90 days past due or there has been a significant increase in credit risk since initial recognition. | Lifetime ECL – not credit-impaired | ||
In default | Amount is >120 days past due or there is evidence indicating the asset is credit-impaired. | Lifetime ECL – credit-impaired | ||
Write-off | There is evidence indicating that the debtor is in severe financial difficulty and the Group has no realistic prospect of recovery. | Amount is written off |
Note | Internal credit rating |
12-month or lifetime ECL |
Gross carrying amount |
Loss allowance |
Net carrying amount |
|||||||||||||||||||
31 December 2022 |
US$’000 |
US$’000 |
US$’000 |
|||||||||||||||||||||
Trade receivables | 7 | ( |
) | |||||||||||||||||||||
Contract assets | 8 | |||||||||||||||||||||||
Other receivables | 9 | |||||||||||||||||||||||
( |
) |
Note | Internal credit rating |
12-month or lifetime ECL |
Gross carrying amount |
Loss allowance |
Net carrying amount |
|||||||||||||||||||
31 December 2021 |
US$’000 |
US$’000 |
US$’000 |
|||||||||||||||||||||
Trade receivables | 7 | ( |
) | |||||||||||||||||||||
Contract assets | 8 | |||||||||||||||||||||||
Other receivables | 9 | |||||||||||||||||||||||
Loans to joint ventures | 10 | |||||||||||||||||||||||
( |
) |
(i) |
For trade receivables and contract assets, the Group has applied the simplified approach in IFRS 9 to measure the loss allowance at lifetime ECL. The Group determines the ECL on these items by using a provision matrix, estimated based on historical credit loss experience based on the past due status of the debtors, adjusted as appropriate to reflect current conditions and estimates of future economic conditions. Accordingly, the credit risk profile of these assets is presented based on their past due status in terms of the provision matrix. |
F-35 |
4 | FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (cont’d) |
(b) | Interest rate risk management |
F-36 |
4 | FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (cont’d) |
(c) | Foreign currency exchange risk management |
Liabilities | Assets | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
United States dollars | ( |
) | ( |
) | ||||||||||||
South African rands | ( |
) | ( |
) |
Impact on profit or loss | ||||||||
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
United States dollars | ||||||||
South African rands | ( |
) | ( |
) |
F-37 |
4 | FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (cont’d) |
(d) | Liquidity risk management |
Weighted average effective interest rate |
On demand or within 1 year |
Within 2 to 5 years |
After 5 years |
Adjustment | Total |
|||||||||||||||||||
% p.a | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||||||||
Group |
||||||||||||||||||||||||
2022 |
||||||||||||||||||||||||
Non-interest bearing | ||||||||||||||||||||||||
Lease liabilities | ( |
) | ||||||||||||||||||||||
Variable interest rate instruments | ( |
) | ||||||||||||||||||||||
( |
) | |||||||||||||||||||||||
2021 |
||||||||||||||||||||||||
Non-interest bearing | ||||||||||||||||||||||||
Lease liabilities | ( |
) | ||||||||||||||||||||||
Variable interest rate instruments | ( |
) | ||||||||||||||||||||||
( |
) |
F- 38 |
4 |
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (cont’d) |
On demand or within 1 year |
Within 2 to 5 years |
Adjustment | Total | |||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
Group | ||||||||||||||||
2022 | ||||||||||||||||
Gross settled: | ||||||||||||||||
Bunker swaps | ||||||||||||||||
Gross inflow | ||||||||||||||||
Gross outflow | ( |
) | ( |
) | ||||||||||||
( |
) | |||||||||||||||
2021 | ||||||||||||||||
Gross settled: | ||||||||||||||||
Forward freight agreements | ||||||||||||||||
Gross inflow | ||||||||||||||||
Gross outflow | ( |
) | ( |
) | ||||||||||||
Bunker swaps | ||||||||||||||||
Gross inflow | ||||||||||||||||
Gross outflow | ( |
) | ( |
) | ||||||||||||
(e) | Shipping market price risk management |
• | Profit (loss) for the year, and ended 31 December 2022 would decrease/increase by US$ |
• | hedging reserve for the year ended 31 December 2022 would decrease/increase by US$ |
F- 39 |
4 |
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (cont’d) |
(f) | Commodity price risk management |
• |
profit (loss) for the year ended 31 December 2022 would decrease/increase by US$ |
• |
hedging reserve for the year ended 31 December 2022 would decrease/increase by US$ |
(g) | Fair value measurement of financial assets and financial liabilities |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Financial Assets |
||||||||
Forward freight agreements | ||||||||
Bunker swaps | ||||||||
Financial Liabilities |
||||||||
Forward freight agreements | ( |
) | ||||||
Bunker swaps | ( |
) | ( |
) |
F-40 |
4 |
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (cont’d) |
• | market related interest rate yield curves to discount expected future cash flows; and/or |
• | projected unit method; and/or |
• | market value, and/or |
• | the net asset value of the underlying investments; and/or |
• | a price earnings multiple or a discounted projected income/present value approach |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
2022 |
||||||||||||||||
Financial Assets |
||||||||||||||||
Derivative financial instruments | ||||||||||||||||
Financial Liabilities |
||||||||||||||||
Derivative financial instruments | ( |
) | ( |
) | ||||||||||||
2021 |
||||||||||||||||
Financial Assets |
||||||||||||||||
Derivative financial instruments | ||||||||||||||||
Financial Liabilities |
||||||||||||||||
Derivative financial instruments | ( |
) | ( |
) |
(iii) |
Capital management policies and objectives |
F-41 |
5 |
RELATED PARTIES TRANSACTIONS |
(i) |
Joint ventures |
2022 | 2021 | 2020 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Interest income | ||||||||||||
Technical management fee income | ||||||||||||
Agency fees from joint ventures | ||||||||||||
Dividend income | ||||||||||||
Charter hire and other related revenue | ||||||||||||
Charter hire and other related expenses | ( |
) | ||||||||||
Payments on behalf of a joint venture | ( |
) | ||||||||||
Repayment of preference shares by a joint venture | ||||||||||||
Settlement of interest-bearing loan |
(ii) |
Compensation of directors and key management personnel |
2022 | 2021 | 2020 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Short-term benefits | ||||||||||||
Share-based payments | ||||||||||||
F-42 |
6 | CASH AND BANK BALANCES INCLUDING RESTRICTED CASH |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Restricted cash, current portion | ||||||||
Cash on hand | ||||||||
Cash at bank | ||||||||
Cash and bank balances | ||||||||
Less: | ||||||||
Restricted cash, current portion | ( |
) | ( |
) | ||||
Cash and cash equivalents in the statements of cash flows | ||||||||
Restricted cash | ||||||||
Classified as: | ||||||||
Current | ||||||||
Non-current | ||||||||
F-43 |
7 | TRADE RECEIVABLES |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Trade receivables | ||||||||
Less: Allowances for doubtful debts | ( |
) | ( |
) | ||||
Trade receivables due from the Pools | ||||||||
Trade receivables past due – collectively assessed | ||||||||||||||||||||||||||||
2022 | Not past due |
<30 | 31-60 | 61-90 | 91-120 | >120 | Total | |||||||||||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | ||||||||||||||||||||||
Estimated total gross carrying amount at default, representing net carrying amount of default |
Trade receivables past due – collectively assessed | ||||||||||||||||||||||||||||
2021 | Not past due |
<30 | 31-60 | 61-90 | 91-120 | >120 | Total | |||||||||||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | ||||||||||||||||||||||
Estimated total gross carrying amount at default, representing net carrying amount of default |
F-44 |
7 |
TRADE RECEIVABLES (cont’d) |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Gross carrying amount | ||||||||
Less: Loss allowances | ( |
) | ( |
) | ||||
Carrying amount net of allowance |
2022 | 2021 | |||||||
Individually assessed | US$’000 | US$’000 | ||||||
Balance at 1 January | ( |
) | ||||||
Net remeasurement of loss allowance | ( |
) | ||||||
Amount written off | ||||||||
Effect of foreign exchange differences | ( |
) | ||||||
Balance at 31 December | ( |
) | ( |
) |
8 |
CONTRACT ASSETS |
F-45 |
9 |
OTHER RECEIVABLES AND PREPAYMENTS |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Current Assets: |
||||||||
Deposit | ||||||||
Prepayments | ||||||||
Voyages in progress | ||||||||
Other receivables | ||||||||
Loan receivables | ||||||||
Due from joint ventures | ||||||||
Non-current Assets: |
||||||||
Prepayments | ||||||||
10 |
LOANS TO JOINT VENTURES |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Loans to joint ventures |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Loss allowance previously written off recognised in profit or loss on changes in credit risk |
( |
) | ||||||
Amount recovered | ||||||||
Balance as at 31 December |
F-46 |
11 | DERIVATIVE FINANCIAL INSTRUMENTS |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Assets | ||||||||
Current assets | ||||||||
Non-current assets | ||||||||
Liabilities | ||||||||
Current liabilities | ( | ) | ( | ) |
Settlement periods | Strike price | Quantity | Notional value | Fair value gain | ||||||||||||||
US$ | MT | US$’000 | US$’000 | |||||||||||||||
January 2023 | 0.5% FOB Rotterdam | |||||||||||||||||
January 2023 to December 2023 | 0.5% FOB Rotterdam | |||||||||||||||||
April 2023 | 0.5% FOB Rotterdam | |||||||||||||||||
May 2023 | 0.5% FOB Singapore | |||||||||||||||||
April 2023 | 0.5% FOB Rotterdam | |||||||||||||||||
May 2023 | 0.5% FOB Singapore | |||||||||||||||||
March 2023 to May 2023 | 0.5% FOB Singapore | |||||||||||||||||
Settlement periods | Strike price | Quantity | Notional value | Fair value gain | ||||||||||||||
US$ | MT | US$’000 | US$’000 | |||||||||||||||
January 2023 | 0.5% FOB Rotterdam | ( | ) | |||||||||||||||
January 2023 | 0.5% FOB Rotterdam | ( | ) | |||||||||||||||
January 2023 to February 2023 | 0.5% FOB Rotterdam | ( | ) | |||||||||||||||
February 2023 to July 2023 | 0.5% FOB Rotterdam | ( | ) | |||||||||||||||
August 2023 to December 2023 | 0.5% FOB Rotterdam | ( | ) | |||||||||||||||
June 2023 | 0.5% FOB Singapore | |||||||||||||||||
( | ) |
F-4 7 |
11 | DERIVATIVE FINANCIAL INSTRUMENTS (cont’d) |
Settlement periods | Strike price | Quantity | Notional value | Fair value gain | ||||||||||||||
US$ | MT | US$’000 | US$’000 | |||||||||||||||
January 2022 | 0.5% FOB Rotterdam | |||||||||||||||||
January 2022 to May 2022 | 0.5% FOB Singapore | |||||||||||||||||
January 2022 to June 2022 | 0.5% FOB Rotterdam | |||||||||||||||||
January 2022 to February 2022 | 0.5% FOB Singapore | |||||||||||||||||
January 2022 to March 2022 | 0.5% FOB Rotterdam | |||||||||||||||||
Settlement periods | Strike price | Quantity | Notional value | Fair value gain | ||||||||||||||
US$ | MT | US$’000 | US$’000 | |||||||||||||||
April 2022 to October 2022 | 0.5% FOB Rotterdam | ( | ) | |||||||||||||||
November 2022 | 0.5% FOB Rotterdam | ( | ) | |||||||||||||||
December 2022 | 0.5% FOB Rotterdam | ( | ) | |||||||||||||||
( | ) |
Settlement periods | Strike price | Duration | Notional value | Fair value gain | ||||||||||||||
US$ | US$’000 | US$’000 | ||||||||||||||||
April 2022 to December 2022 | BSI-58 ave 10TC | |||||||||||||||||
April 2022 to December 2022 | BSI-58 ave 10TC | |||||||||||||||||
April 2022 to December 2022 | BSI-58 ave 10TC | |||||||||||||||||
January 2022 to December 2022 | BSI-58 ave 10TC | |||||||||||||||||
January 2022 to December 2022 | BSI-58 ave 10TC | |||||||||||||||||
January 2022 to December 2022 | BSI-58 ave 10TC | |||||||||||||||||
January 2022 to December 2022 | BSI-58 ave 10TC | |||||||||||||||||
January 2022 to June 2022 | BSI-58 ave 10TC | |||||||||||||||||
June 2022 | BSI-58 ave 10TC | |||||||||||||||||
July 2022 to September 2022 | BSI-58 ave 10TC | |||||||||||||||||
October 2022 to December 2022 | BSI-58 ave 10TC | |||||||||||||||||
January 2022 to June 2022 | BSI-58 ave 10TC | |||||||||||||||||
January 2022 to June 2022 | BSI-58 ave 10TC | |||||||||||||||||
January 2022 to June 2022 | BSI-58 ave 10TC | |||||||||||||||||
F- 48 |
11 | DERIVATIVE FINANCIAL INSTRUMENTS (cont’d) |
Settlement periods | Strike price | Duration | Notional value | Fair value gain | ||||||||||||||
US$ | MT | US$’000 | US$’000 | |||||||||||||||
January 2023 to December 2023 | BSI-58 ave 10TC | |||||||||||||||||
January 2023 to December 2023 | BSI-58 ave 10TC | |||||||||||||||||
January 2023 to December 2023 | BSI-58 ave 10TC | |||||||||||||||||
January 2023 to December 2023 | BSI-58 ave 10TC | |||||||||||||||||
January 2023 to December 2023 | BSI-58 ave 10TC | |||||||||||||||||
January 2023 to December 2023 | BSI-58 ave 10TC | |||||||||||||||||
Settlement periods | Strike price | Quantity | Notional value | Fair value gain | ||||||||||||||
US$ | MT | US$’000 | US$’000 | |||||||||||||||
July 2022 to December 2022 | BSI-58 ave 10TC | ( | ) | |||||||||||||||
January 2022 to March 2022 | BSI-58 ave 10TC | ( | ) | |||||||||||||||
January 2022 to March 2022 | BSI-58 ave 10TC | ( | ) | |||||||||||||||
January 2022 to March 2022 | BSI-58 ave 10TC | ( | ) | |||||||||||||||
April 2022 to May 2022 | BSI-58 ave 10TC | ( | ) | |||||||||||||||
July 2022 to December 2022 | BSI-58 ave 10TC | ( | ) | |||||||||||||||
July 2022 to December 2022 | BSI-58 ave 10TC | ( | ) | |||||||||||||||
July 2022 to December 2022 | BSI-58 ave 10TC | ( | ) | |||||||||||||||
( | ) |
12 | INVENTORIES |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Bunkers and other consumables at cost | ||||||||
Ships reclassified from property plant and equipment as held for sale asset (Note 13) (a) | ||||||||
Sale of ships recognised as inventories (a) | ( | ) | ( | ) | ||||
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Cost | ||||||||
Accumulated depreciation | ( | ) | ( | ) | ||||
Impairment | ( | ) | ||||||
Carrying amount |
F- 49 |
13 | SHIPS, PROPERTY, PLANT AND EQUIPMENT |
Office equipment, furniture and fittings and motor vehicles | Plant and equipment | Ships | Drydocking | Construction in progress | Freehold land and buildings | Total | ||||||||||||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | ||||||||||||||||||||||
Cost: | ||||||||||||||||||||||||||||
Balance at 1 January 2021 | ||||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||||
Disposals | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Reclassification to inventories (Note 12) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Effect of foreign currency exchange differences | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Balance at 31 December 2021 | ||||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||||
Disposals | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Transfer from right-of-use assets (Note 14) | ||||||||||||||||||||||||||||
Reclassification to inventories (Note 12) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Effect of foreign currency exchange differences | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Balance at 31 December 2022 | ||||||||||||||||||||||||||||
Accumulated depreciation: | ||||||||||||||||||||||||||||
Balance at 1 January 2021 | ||||||||||||||||||||||||||||
Depreciation from continuing operations | ||||||||||||||||||||||||||||
Depreciation from discontinued operation | ||||||||||||||||||||||||||||
Disposals | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Reclassification to inventories (Note 12) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Effect of foreign currency exchange differences | ( | ) | ( | ) | ||||||||||||||||||||||||
Balance at 31 December 2021 | ||||||||||||||||||||||||||||
Depreciation | ||||||||||||||||||||||||||||
Disposals | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Transfer from right-of-use assets (Note 14) | ||||||||||||||||||||||||||||
Reclassification to inventories (Note 12) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Effect of foreign currency exchange differences | ( | ) | ( | ) | ||||||||||||||||||||||||
Balance at 31 December 2022 | ||||||||||||||||||||||||||||
Impairment: | ||||||||||||||||||||||||||||
Balance at 1 January 2021 | ||||||||||||||||||||||||||||
Impairment losses recognised in profit and loss from discontinued operation | ||||||||||||||||||||||||||||
Reversal of impairment recognised in profit and loss from continuing operations | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Reclassification to inventories (Note 12) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Balance at 31 December 2021 | ||||||||||||||||||||||||||||
Reversal of impairment loss | ( | ) | ( | ) | ||||||||||||||||||||||||
Disposal | ( | ) | ( | ) | ||||||||||||||||||||||||
Balance at 31 December 2022 | ||||||||||||||||||||||||||||
Carrying amount: | ||||||||||||||||||||||||||||
At 31 December 2022 | ||||||||||||||||||||||||||||
At 31 December 2021 |
F- 50 |
14 | RIGHT-OF-USE ASSETS |
Office and residential property | Ships | Ships equipment | Total | |||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
Cost: | ||||||||||||||||
Balance at 1 January 2021 | ||||||||||||||||
Additions | ||||||||||||||||
Derecognition of right-of-use asset | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Effect of foreign currency exchange differences | ||||||||||||||||
Balance at 31 December 2021 | ||||||||||||||||
Additions | ||||||||||||||||
Transfer to ships, property, plant and equipment (Note 13) | ( | ) | ( | ) | ||||||||||||
Derecognition of right-of-use-asset | ( | ) | ( | ) | ||||||||||||
Effect of foreign currency exchange differences | ( | ) | ( | ) | ||||||||||||
Balance at 31 December 2022 | ||||||||||||||||
Accumulated depreciation: | ||||||||||||||||
Balance at 1 January 2021 | ||||||||||||||||
Depreciation for continuing operations | ||||||||||||||||
Depreciation for discontinued operation | ||||||||||||||||
Derecognition of right-of-use asset | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Effect of foreign currency exchange differences | ||||||||||||||||
Balance at 31 December 2021 | ||||||||||||||||
Depreciation | ||||||||||||||||
Transfer to ships, property, plant and equipment (Note 13) | ( | ) | ( | ) | ||||||||||||
Derecognition of right-of-use-asset | ( | ) | ( | ) | ||||||||||||
Effect of foreign currency exchange differences | ( | ) | ( | ) | ||||||||||||
Balance at 31 December 2022 | ||||||||||||||||
Impairment: | ||||||||||||||||
Balance at 1 January 2021 | ||||||||||||||||
Derecognition of right-of-use asset | ( | ) | ( | ) | ||||||||||||
Reversal of impairment loss from continuing operations | ( | ) | ( | ) | ||||||||||||
Balance at 31 December 2021 | ||||||||||||||||
Impairment loss | ||||||||||||||||
Balance at 31 December 2022 | ||||||||||||||||
Carrying amount: | ||||||||||||||||
At 31 December 2022 | ||||||||||||||||
At 31 December 2021 |
F-5 1 |
14 | RIGHT-OF-USE ASSETS (cont’d) |
F-5 2 |
15 | SUBSIDIARIES |
Proportion of ownership interest and voting power held by the Group | ||||||||||||
Country of | 2022 | 2021 | ||||||||||
Name of subsidiary | Principal activity | incorporation | % | % | ||||||||
% | % | |||||||||||
% | % | |||||||||||
Held by Grindrod Shipping Pte. Ltd | ||||||||||||
(ii) | % | % | ||||||||||
(ii) | % | % | ||||||||||
(ii) | % | % | ||||||||||
(ii) | % | % | ||||||||||
% | % | |||||||||||
% | % | |||||||||||
% | % | |||||||||||
% | % | |||||||||||
% | % | |||||||||||
% | % | |||||||||||
% | % | |||||||||||
% | % | |||||||||||
% | % | |||||||||||
% | % | |||||||||||
(i) | % | |||||||||||
% | % | |||||||||||
% | % | |||||||||||
% | % | |||||||||||
% | % | |||||||||||
% | % | |||||||||||
% | % | |||||||||||
% | % | |||||||||||
(ii) | % | % | ||||||||||
(ii) | % | % | ||||||||||
(ii) | % | % | ||||||||||
(ii) | % | % | ||||||||||
(ii) | % | % | ||||||||||
(ii) | % | % | ||||||||||
(ii) | % | % | ||||||||||
% | % | |||||||||||
% | % | |||||||||||
% | % | |||||||||||
% | % | |||||||||||
% | % |
F-5 3 |
15 | SUBSIDIARIES (cont’d) |
Proportion of ownership interest and voting power held by the Group | ||||||||||||
Country of | 2022 | 2021 | ||||||||||
Name of subsidiary | Principal activity | incorporation | % | % | ||||||||
Held by Grindrod Shipping (South Africa) Pty Ltd | ||||||||||||
% | % | |||||||||||
% | % | |||||||||||
Held by IVS Bulk Pte. Ltd. | ||||||||||||
| % | % | ||||||||||
| % | % | ||||||||||
| % | % | ||||||||||
| % | % | ||||||||||
| % | % | ||||||||||
| % | % | ||||||||||
| % | % | ||||||||||
| % | % | ||||||||||
| % | % | ||||||||||
| % | % | ||||||||||
| % | % | ||||||||||
| % | % |
(i) | This company was registered in 2022. | |
(ii) | These companies were deregistered on 1 6 2rch 0 23 . |
F-5 4 |
16 |
INTEREST IN JOINT VENTURES |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Cost of investment in joint ventures | ||||||||
Share of post acquisition (loss) profit, net of dividends received | ( |
) | ||||||
Carrying amount |
Name of the joint venture | Principal activity | Country of incorporation |
Proportion of ownership interest and voting power held by the Group |
Cost of investment in joint ventures |
||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||
Tri-View Shipping Pte Ltd (a) |
% | % | ||||||||||||||||||
Leopard Tankers Pte Ltd (b) |
% | - | * | |||||||||||||||||
* | Amount is less than US$1,000. |
(a) |
The Group has joint control over this entity by virtue of the contractual arrangement with its joint venture partner(s) requiring resolutions on the relevant activities to be passed based on unanimous approval. This entity is in the process of being deregistered. |
(b) |
This joint venture company was deregistered on 3 October 2022. |
F-5 5 |
17 |
INTANGIBLE ASSETS |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Cost: |
||||||||
Balance at 1 January | ||||||||
Additions | ||||||||
Disposal | ( |
) | ||||||
Derecognition of intangible asset | ( |
) | ( |
) | ||||
Effects of foreign currency exchange differences | ( |
) | ( |
) | ||||
Balance at 31 December | ||||||||
Accumulated amortisation: |
||||||||
Balance at 1 January | ||||||||
Amortisation | ||||||||
Derecognition of intangible asset | ( |
) | ( |
) | ||||
Effects of foreign currency exchange differences | ( |
) | ( |
) | ||||
Balance at 31 December | ||||||||
Impairment: |
||||||||
Balance at 1 January | ||||||||
Derecognition of intangible asset | ( |
) | ||||||
Effects of foreign currency exchange differences | ( |
) | ||||||
Balance at 31 December | ||||||||
Carrying amount: |
||||||||
At 31 December |
F- 5 6 |
18 |
GOODWILL |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Cost: |
||||||||
Balance at 1 January | ||||||||
Derecognition of goodwill | ( |
) | ||||||
Effects of foreign currency exchange differences | ( |
) | ( |
) | ||||
Balance at 31 December | ||||||||
Accumulated impairment losses: |
||||||||
Balance at 1 January | ||||||||
Impairment | ||||||||
Derecognition of goodwill | ( |
) | ||||||
Effects of foreign currency exchange differences | ( |
) | ( |
) | ||||
Balance at 31 December | ||||||||
Carrying amount: |
||||||||
At 31 December |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Cost: |
||||||||
Island Trading and Shipping | ||||||||
Parcel Service | ||||||||
F- 5 7 |
19 |
OTHER INVESTMENTS |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Recognised asset at 1 January | ||||||||
Interest income | ||||||||
Recognised in other comprehensive income in the current year | ( |
) | ||||||
Translation | ( |
) | ( |
) | ||||
Present value of other investment at 31 December | ||||||||
The principal actuarial assumptions applied in the determination of fair values include: | ||||||||
Discount rate (p.a.) | % | % |
F- 5 8 |
20 |
DEFERRED TAX |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Deferred taxation analysed by major category: | ||||||||
Other timing differences | ||||||||
Reconciliation of deferred taxation: | ||||||||
Opening balance | ||||||||
(Credit) debit to profit or loss for the year – continuing operations (Note 36) | ( |
) | ||||||
Debit to profit or loss for the year – discontinued operation | ||||||||
Deferred tax on the actuarial gain | ( |
) | ( |
) | ||||
Exchange differences | ( |
) | ( |
) | ||||
Closing balance |
21 |
TRADE AND OTHER PAYABLES |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Trade payables | ||||||||
Accrued expenses | ||||||||
Other | ||||||||
Non-current trade and other payables | ( |
) | ( |
) | ||||
Current trade and other payables |
22 |
CONTRACT LIABILITIES |
F- 59 |
23 |
LEASES AND SHIP CHARTERS |
a) |
As Lessor |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Year 1 | ||||||||
Total |
b) |
As Lessee |
F-6 0 |
24 | LEASE LIABILITIES |
Office and residential property | Ships | Ships equipment | Total | |||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||
Balance at 1 January 2021 | ||||||||||||||||
Additions | ||||||||||||||||
Disposals | ( | ) | ( | ) | ||||||||||||
Interest expense | ||||||||||||||||
Lease payments | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
- Principal | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
- Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Effect of foreign currency exchange differences | ( | ) | ( | ) | ||||||||||||
Lease liabilities as at 31 December 2021 | ||||||||||||||||
Additions | ||||||||||||||||
Interest expense | ||||||||||||||||
Lease payments | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
- Principal | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
- Purchase option payments (1) | ( | ) | ( | ) | ||||||||||||
- Interest | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Effect of foreign currency exchange differences | ||||||||||||||||
Lease liabilities as at 31 December 2022 |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Analysed between: | ||||||||
Current portion | ||||||||
Non-current portion | ||||||||
F-6 1 |
25 | BANK LOANS AND OTHER BORROWINGS |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Secured – at amortised cost: | ||||||||
Bank loans | ||||||||
Other borrowings | ||||||||
Analysed between: | ||||||||
Current | ||||||||
Non-current portion | ||||||||
Interest payable (included in bank loans) | ||||||||
Non-current bank loans and other borrowings are estimated to be payable as follows: | ||||||||
Within 2 to 5 years | ||||||||
After 5 years | ||||||||
i. | US$100.0 million senior secured credit facility |
ii. | US$6.3 million secured term facility |
iii. | Combined US$31.4 million senior secured credit facility |
F-6 2 |
25 | BANK LOANS AND OTHER BORROWINGS (cont’d) |
iv. | Combined US$114.1 million senior secured credit facility |
vi. | Combined US$13.1 million senior secured credit facility |
• | book value net worth of the lower of (a) the aggregate of US$ |
• | cash and cash equivalents (including restricted cash held in the debt service reserve account) of US$ |
• | a ratio of debt to market adjusted tangible fixed assets of not more than |
• | positive working capital, such that consolidated current assets must exceed the consolidated current liabilities excluding any adjustments made for IFRS 16. |
F-6 3 |
26 | PROVISIONS |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Provision for onerous contracts (i) | ||||||||
2022 | 2021 | |||||||
Analysis of provision for onerous contracts: | US$’000 | US$’000 | ||||||
Balance at 1 January | ||||||||
Provision raised | ||||||||
Released to profit or loss | ( | ) | ( | ) | ||||
Balance at 31 December |
F-6 4 |
27 | RETIREMENT BENEFIT OBLIGATION |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Recognised liability at beginning of the year | ||||||||
Recognised in profit or loss in the current year | ||||||||
Interest on obligation | ||||||||
Recognised in other comprehensive income in the current year | ||||||||
Actuarial losses | ( | ) | ( | ) | ||||
Translation | ( | ) | ( | ) | ||||
Employer payments | ( | ) | ( | ) | ||||
Present value of unfunded obligation recognised as a liability at end of year | ||||||||
Analysis between: | ||||||||
Current portion | ||||||||
Non-current portion | ||||||||
The principal actuarial assumptions applied in the determination of fair values include: | ||||||||
Health care cost inflation | % | % | ||||||
Discount rate | % | % | ||||||
CPI inflation | % | % | ||||||
Continuation at retirement | % | % |
2022 | 2021 | |||||||||||||||
Increase | Increase | |||||||||||||||
(Decrease) | (Decrease) | |||||||||||||||
Health care cost inflation | % | ( | %) | % | ( | %) | ||||||||||
Discount rate | % | ( | %) | % | ( | %) |
F-6 5 |
27 | RETIREMENT BENEFIT OBLIGATION (cont’d) |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Present value of unfunded obligations | ||||||||
Present Value of Obligations in excess of Plan Assets |
28 | SHARE CAPITAL |
Number of shares | Share capital | |||||||
US$’000 | ||||||||
Issued and paid up: | ||||||||
At 1 January 2020 and 31 December 2020 | ||||||||
Issued during the year | ||||||||
At 31 December 2021 | ||||||||
Issued during the year | ||||||||
At 31 December 2022 |
F- 6 6 |
29 |
OTHER EQUITY AND RESERVES |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Treasury shares | ( |
) | ||||||
Share compensation reserve | ||||||||
Hedging reserve | ( |
) | ||||||
Translation reserve | ( |
) | ( |
) | ||||
Merger reserve | ( |
) | ( |
) | ||||
At 31 December 2022 | ( |
) | ( |
) |
Number of shares |
Share capital |
|||||||
US$’000 | ||||||||
Balance at 1 January 2021 | ||||||||
Acquisition of shares | ||||||||
Reissued to employees under the Fo r feitable Share Plan |
( |
) | ( |
) | ||||
Balance at 31 December 2021 | ||||||||
Reissued to Offeror under the TMI Offer | ( |
) | ( |
) | ||||
Balance at 31 December 2022 |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Balance at 1 January | ||||||||
Share-based payments expenses | ||||||||
Treasury shares issued to employees under the Forfeitable Share Plan | ( |
) | ( |
) | ||||
Balance at 31 December |
F- 6 7 |
29 |
OTHER EQUITY AND RESERVES (cont’d) |
Number of share awards:
|
2018 | 2020 | 2021 | 2022 | Total | |||||||||||||||
Outstanding at 1 January 2021
|
- | - | ||||||||||||||||||
Issued during the year
|
- | - | - | |||||||||||||||||
Forfeited during the year
|
( |
) | - | - | - | ( |
) | |||||||||||||
Awards vested to employees under the Forfeitable Share Plan
|
( |
) | ( |
) | - | - | ( |
) | ||||||||||||
Outstanding at 31 December 2021
|
- | |||||||||||||||||||
Issued during the year
|
- | - | - | |||||||||||||||||
Forfeited during the year
|
- | - | ( |
) | - | ( |
) | |||||||||||||
Awards vested to employees under the Forfeitable Share Plan
|
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
Awards vested to employees under TMI Offer
|
- | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||
Outstanding at 31 December 2022
|
||||||||||||||||||||
|
||||||||||||||||||||
|
US$ | US$ | US$ | US$ | ||||||||||||||||
Fair value at grant date
|
F- 68 |
29 | OTHER EQUITY AND RESERVES (cont’d) |
30 | REVENUE |
2022 | 2021 | 2020 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Over time: | ||||||||||||
Charter hire | ||||||||||||
Freight revenue | ||||||||||||
Vessel revenue | ||||||||||||
Management fees | ||||||||||||
Other | ||||||||||||
At a point in time: | ||||||||||||
Sale of ships | ||||||||||||
Sale of bunkers and other consumables | ||||||||||||
Ship sales | ||||||||||||
F- 69 |
31 | SEGMENT INFORMATION |
F-7 0 |
31 |
SEGMENT INFORMATION (cont’d) |
2022 |
||||||||||||||||||||||||||||||||
Drybulk Carrier Business |
Other |
Total |
Unallocated |
Total |
Adjustments |
Total |
||||||||||||||||||||||||||
Handysize | Supramax/ Ultramax |
Total |
||||||||||||||||||||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 |
US$’000 |
US$’000 |
US$’000 | US$’000 |
|||||||||||||||||||||||||
Vessel revenue | ||||||||||||||||||||||||||||||||
Ship sale revenue | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Total revenue |
||||||||||||||||||||||||||||||||
Voyage expenses | ( |
) | ( |
) | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Vessel operating costs | ( |
) | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Charter hire costs | ( |
) | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Depreciation of ships, drydocking and plant and equipment– owned assets | ( |
) | ( |
) | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Depreciation of ships and ship equipment – right-of-use assets | ( |
) | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Cost of ship sale | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||
Other | ( |
) | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Costs of sales |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Gross profit |
||||||||||||||||||||||||||||||||
Operating profit (loss) |
( |
) |
||||||||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||||||
Interest expense | ( |
) | ( |
) | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Share of losses of joint ventures | ( |
) | ( |
) |
||||||||||||||||||||||||||||
Income tax expense | ( |
) | ( |
) | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Profit (loss) for the period | ( |
) | ||||||||||||||||||||||||||||||
Reversal of impairment loss recognised on ships | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||
Impairment loss on right-of-use asset | ||||||||||||||||||||||||||||||||
Capital expenditure |
F-7 1 |
31 |
SEGMENT INFORMATION (cont’d) |
2021 |
||||||||||||||||||||||||||||||||
Drybulk Carrier Business |
Others | Total |
Unallocated | Total |
Adjustments | Total |
||||||||||||||||||||||||||
Handysize | Supramax/Ultramax | |||||||||||||||||||||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 |
US$’000 | US$’000 |
US$’000 | US$’000 |
|||||||||||||||||||||||||
Vessel revenue | ||||||||||||||||||||||||||||||||
Ship sale revenue | ||||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Total revenue |
||||||||||||||||||||||||||||||||
Voyage expenses | ( |
) | ( |
) | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Vessel operating costs | ( |
) | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Charter hire costs | ( |
) | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Depreciation of ships, drydocking and plant and equipment– owned assets | ( |
) | ( |
) | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Depreciation of ships and ship equipment – right-of-use assets | ( |
) | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Cost of ship sale | ||||||||||||||||||||||||||||||||
Other | ( |
) | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Costs of sales |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Gross profit |
||||||||||||||||||||||||||||||||
Operating profit (loss) |
( |
) | ||||||||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||||||
Interest expense | ( |
) | ( |
) | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||
Share of losses of joint ventures | ( |
) | ( |
) |
||||||||||||||||||||||||||||
Income tax benefit | ||||||||||||||||||||||||||||||||
Profit (loss) for the period | ( |
) | ||||||||||||||||||||||||||||||
(Reversal of) impairment loss on owned ships | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||
(Reversal of) impairment loss on right-of-use assets | ( |
) | ( |
) |
( |
) |
( |
) |
||||||||||||||||||||||||
Impairment loss on disposal group | ||||||||||||||||||||||||||||||||
Impairment of goodwill and intangibles | ||||||||||||||||||||||||||||||||
Capital expenditure |
F-7 2 |
2020 | ||||||||||||||||||||||||||||||||
Drybulk Carrier Business | Others | Total | Unallocated | Total | Adjustments | Total | ||||||||||||||||||||||||||
Handysize | Supramax/Ultramax | |||||||||||||||||||||||||||||||
US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | US$’000 | |||||||||||||||||||||||||
Vessel revenue | ( | ) | ||||||||||||||||||||||||||||||
Ship sale revenue | ( | ) | ||||||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||||||||
Total revenue | ( | ) | ||||||||||||||||||||||||||||||
Voyage expenses | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Vessel operating costs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Charter hire costs | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Depreciation of ships, drydocking and plant and equipment– owned assets | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Depreciation of ships and ship equipment – right-of-use assets | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Cost of ship sale | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||||
Other | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Costs of sales | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Gross profit | ( | ) | ||||||||||||||||||||||||||||||
Operating profit (loss) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||||||||
Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Share of losses of joint ventures | ( | ) | ( | ) | ||||||||||||||||||||||||||||
Income tax expense/(expense) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Profit (loss) for the period | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Impairment loss on owned ships | ( | ) | ||||||||||||||||||||||||||||||
Impairment loss on disposal group | ||||||||||||||||||||||||||||||||
Acquisition of subsidiary (Note 39) | ||||||||||||||||||||||||||||||||
Capital expenditure |
F-7 3 |
32 | OTHER OPERATING INCOME (EXPENSE) |
2022 | 2021 | 2020 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Reversal of (impairment loss) recognised on ships (Note 13) | ( | ) | ||||||||||
(Impairment loss) reversal of impairment recognised on right-of-use assets (Note 14) | ( | ) | ||||||||||
Impairment loss on goodwill (Note 18) | ( | ) | ||||||||||
Reversal of (impairment loss) on financial assets | ( | ) | ( | ) | ||||||||
Net foreign exchange (loss) gain | ( | ) | ||||||||||
Gain on disposal of plant and equipment | ||||||||||||
Gain on disposal of right-of-use asset | ||||||||||||
Other operating income | ||||||||||||
Other operating expenses | ( | ) | ( | ) | ||||||||
( | ) |
33 | INTEREST INCOME |
2022 | 2021 | 2020 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Interest on loans to joint ventures (Note 5) | ||||||||||||
Bank interests | ||||||||||||
Other interest | ||||||||||||
34 | INTEREST EXPENSE |
2022 | 2021 | 2020 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Interest on bank loans | ||||||||||||
Interest on non-bank loans | ||||||||||||
Amortisation of upfront fees on bank loans | ||||||||||||
Other finance costs | ||||||||||||
Interest on lease liabilities | ||||||||||||
F-7 4 |
35 | PROFIT (LOSS) BEFORE TAXATION |
2022 | 2021 | 2020 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Depreciation of ships, dry-docking and plant and equipment (Note 13) | ||||||||||||
Depreciation of other property, plant and equipment * | ||||||||||||
Amortisation of intangible assets * | ||||||||||||
Total depreciation and amortisation – owned assets | ||||||||||||
Depreciation of ships and ship equipment – right-of-use | ||||||||||||
Depreciation of property – right-of-use * | ||||||||||||
Total depreciation and amortisation – right-of-use assets | ||||||||||||
Total depreciation and amortisation | ||||||||||||
Cost of inventories recognised as expense (included in voyage expenses) | ||||||||||||
Expense recognised in respect of equity-settled share-based payments | ||||||||||||
Employee benefits expenses (including directors’ remuneration and share based payments) | ||||||||||||
Cost of defined benefit plan and defined contribution plans included in employee benefits expenses | ||||||||||||
Tender offer and related expenses |
F-7 5 |
36 | INCOME TAX EXPENSE (BENEFIT) |
2022 | 2021 | 2020 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Current tax | ||||||||||||
In respect of the current year | ||||||||||||
Withholding taxes | ||||||||||||
In respect of prior years | ( | ) | ( | ) | ||||||||
Deferred tax | ||||||||||||
In respect of the current year | ( | ) | ( | ) | ||||||||
( | ) | ( | ) | |||||||||
Income tax expense (benefit) | ( | ) |
2022 | 2021 | 2020 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Profit (loss) before tax | ( | ) | ||||||||||
Income tax expense (benefit) calculated at corporate rate | ( | ) | ||||||||||
Adjusted for: | ||||||||||||
Effect of income that is exempt from tax | ( | ) | ( | ) | ( | ) | ||||||
Effect of expenses that are not deductible in determining taxable profit | ||||||||||||
Effect of different tax rates of subsidiaries operating in other jurisdictions | ( | ) | ( | ) | ||||||||
Effect of tax losses disallowed to be brought forward | ||||||||||||
Overprovision of current tax in prior year | ( | ) | ( | ) | ||||||||
Withholding tax | ||||||||||||
( | ) |
F- 7 6 |
37 | DISCONTINUED OPERATION |
2021 | 2020 | |||||||
US$’000 | US$’000 | |||||||
Revenue | ||||||||
Cost of sales | ||||||||
Voyage expenses | ( | ) | ( | ) | ||||
Vessel operating costs | ( | ) | ( | ) | ||||
Charter hire costs | ( | ) | ||||||
Depreciation of ships, drydocking and plant and equipment– owned assets | ( | ) | ||||||
Depreciation of ships and ship equipment – right-of-use assets | ( | ) | ||||||
Other expenses | ( | ) | ( | ) | ||||
Cost of ship sale | ( | ) | ( | ) | ||||
Gross (loss) profit | ( | ) | ||||||
Other operating expense | ( | ) | ( | ) | ||||
Administrative expense | ( | ) | ( | ) | ||||
Share of (losses) profit of joint ventures | ( | ) | ||||||
Interest income | ||||||||
Interest expense | ( | ) | ( | ) | ||||
Loss before taxation | ( | ) | ( | ) | ||||
Income tax benefit (expense) | ( | ) | ||||||
Net loss attributable to discontinued operation (attributable to the owners of the Company) | ( | ) | ( | ) | ||||
Cash flows relating to the discontinued operation of the tanker business were as follows: | ||||||||
Net cash flows from discontinued operation | ||||||||
Cash generated from (used in) from operating activities | ||||||||
Cash generated from (used in) from investing activities | ( | ) | ||||||
Cash used in financing activities | ( | ) | ( | ) |
F- 7 7 |
38 | ASSETS CLASSIFIED AS HELD FOR SALE |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Net assets of disposal group held for sale as at 1 January | ||||||||
Sale of business during the year | ( | ) | ||||||
Movements during the year on assets held for sale | ( | ) | ||||||
Impairment of disposal group held for sale | ( | ) | ||||||
Effect of foreign currency exchange differences | ( | ) | ||||||
Net assets of disposal group held for sale as at 31 December |
F- 78 |
39 | ACQUISITION OF A SUBSIDIARY |
Assets and liabilities recognised at the date of acquisition | 2020 | |||
US$’000 | ||||
Cash and bank balances including restricted cash | ||||
Other receivables and prepayments | ||||
Due from related parties | ||||
Inventories | ||||
Ships, property, plant and equipment | ||||
Right-of-use assets | ||||
Bank loans | ( | ) | ||
Other payables | ( | ) | ||
Due to related parties | ( | ) | ||
Lease liabilities | ( | ) | ||
Fair value of net identifiable assets acquired | ||||
Net cash outflows arising on acquisition of IVS Bulk Pte. Ltd. | 2020 | |||
US$’000 | ||||
Total purchase consideration | ( | ) | ||
Less: cash and bank balances including restricted cash | ||||
Payment for acquisition of subsidiary, net of cash acquired | ( | ) |
F- 79 |
40 | EARNINGS PER SHARE |
2022 | 2021 | 2020 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Profit (loss) for the purpose of basic profit (loss) per share | ||||||||||||
Net profit (loss) attributable to the shareholders of the Group | ( | ) | ||||||||||
Effect of dilutive potential on ordinary shares | ||||||||||||
Profit (loss) for the purposes of diluted profit (loss) per share | ( | ) |
2022 | 2021 | 2020 | ||||||||||
Weighted average number of ordinary shares for the purpose of basic profit (loss) per share | ||||||||||||
Effect of dilutive potential ordinary shares due to FSP share awards | ||||||||||||
Weighted average number of ordinary shares for the purpose of diluted profit loss per share | ||||||||||||
US$ | US$ | US$ | ||||||||||
Basic profit (loss) per share | ( | ) | ||||||||||
Diluted profit (loss) per share | ( | ) | ||||||||||
The following potential ordinary shares are anti-dilutive and are therefore excluded from the | ||||||||||||
weighted average number of ordinary shares for the purpose of diluted profit (loss) per share: | ||||||||||||
Number of shares |
F-8 0 |
40 | EARNINGS PER SHARE (cont’d) |
2022 | 2021 | 2020 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Profit (loss) for the purpose of basic profit (loss) per share | ||||||||||||
Net profit (loss) attributable to the s h areholders of the Group | ( | ) | ||||||||||
Adjustments to exclude loss for the year from discontinued operation | ||||||||||||
Profit (loss) from continuing operations for the purpose of basic profit (loss) per share from continuing operations | ( | ) | ||||||||||
Effect of dilutive potential ordinary share | - | - | - | |||||||||
Profit (loss) for the purposes of diluted profit (loss) per share from continuing operations | ( | ) | ||||||||||
US$ | US$ | US$ | ||||||||||
Basic profit (loss) per share | ( | ) | ||||||||||
Diluted profit (loss) per share | ( | ) |
2022 | 2021 | 2020 | ||||||||||
US$ | US$ | US$ | ||||||||||
Basic profit (loss) per share | ||||||||||||
Diluted profit (loss) per share |
41 | DIVIDENDS |
2022 | 2021 | 2020 | ||||||||||
US$’000 | US$’000 | US$’000 | ||||||||||
Amounts recognised as distributions to equity holders in the year | ||||||||||||
Interim dividend paid 22 March (2021: 13 December) | ||||||||||||
Interim dividend paid 20 June | ||||||||||||
Interim dividend paid 19 September | ||||||||||||
Interim dividend paid 1 December | ||||||||||||
US$ | US$ | US$ | ||||||||||
Interim dividend per share - paid 22 March (2021:13 December) | ||||||||||||
Interim dividend per share - paid 20 June | ||||||||||||
Interim dividend per share - paid 19 September | ||||||||||||
Interim dividend per share - paid 1 December |
F-81 |
42 | NON-CONTROLLING INTEREST |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Balance at 1 January | ||||||||
Acquisition of the non-controlling interest of IVS Bulk Pte. Ltd. (Note 39) | ( | ) | ||||||
Share of profit (loss) for the year | ||||||||
Balance at 31 December |
43 | COMMITMENTS |
2022 | 2021 | |||||||
US$’000 | US$’000 | |||||||
Due within one year |
44 | GOING CONCERN |
45 | EVENTS AFTER THE REPORTING PERIOD |
a) | On 15 February 2023, the Company’s Board of Directors declared an interim quarterly cash dividend of US$ |
b) | On 22 December 2022, the ship IVS Hirono was contracted for sale for $was delivered to the new owners o n 16 March 2023. |
c) | On 3 March 2023, the ship IVS Sentosa was contracted for sale for $The vessel is expected to be delivered to the new |
F-8 2 |
Exhibit 8.1 (b)
List of Grindrod Shipping Holdings Ltd. Subsidiaries(1)
Name of Subsidiary | Jurisdiction of Incorporation or Organization | |
Comshipco Schiffahrtsagentur GmBH | Germany | |
Grindrod Shipping Pte. Ltd. | Singapore | |
Grindrod Shipping Services UK Limited | United Kingdom | |
Grindrod Shipping (South Africa) (Pty) Ltd | South Africa | |
IM Shipping Pte. Ltd. | Singapore | |
Island Bulk Carriers Pte. Ltd. | Singapore | |
IVS Bulk Pte. Ltd. | Singapore | |
IVS Bulk 225 Pte. Ltd. | Singapore | |
IVS Bulk 475 Pte. Ltd. |
Singapore | |
IVS Bulk 541 Pte. Ltd. | Singapore | |
IVS Bulk 543 Pte. Ltd. | Singapore | |
IVS Bulk 545 Pte. Ltd. | Singapore | |
IVS Bulk 554 Pte. Ltd. | Singapore | |
IVS Bulk 603 Pte. Ltd. | Singapore | |
IVS Bulk 609 Pte. Ltd. | Singapore | |
IVS Bulk 611 Pte. Ltd. | Singapore | |
IVS Bulk 612 Pte. Ltd. | Singapore | |
IVS Bulk 709 Pte. Ltd. | Singapore | |
IVS Bulk 712 Pte. Ltd. | Singapore | |
IVS Bulk 1345 Pte. Ltd. | Singapore | |
IVS Bulk 3693 Pte. Ltd. | Singapore | |
IVS Bulk 3708 Pte. Ltd. | Singapore | |
IVS Bulk 3720 Pte. Ltd. | Singapore | |
IVS Bulk 5855 Pte. Ltd. | Singapore | |
IVS Bulk 5858 Pte. Ltd. | Singapore | |
IVS Bulk 7297 Pte. Ltd. | Singapore | |
IVS Bulk 10824 Pte. Ltd. | Singapore |
(1) | Excludes 14 dormant or otherwise inactive subsidiaries, five of which are incorporated in the British Virgin Islands, 8 of which are incorporated in Singapore, and one of which is incorporated in South Africa. |
Exhibit 12.1
CERTIFICATION OF INTERIM CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Stephen Griffiths, certify that:
1. I have reviewed this annual report on Form 20-F of Grindrod Shipping Holdings Ltd. (the “Company”);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;
4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and |
5. I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting. |
Date: March 23, 2023
By: | /s/ Stephen Griffiths | ||
Name: | Stephen Griffiths | ||
Title: | Interim Chief Executive Officer and Chief Financial Officer |
Exhibit 13.1
CERTIFICATION OF Interim Chief Executive Officer and CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002, U.S.C. SECTION 1350
I, Stephen Griffiths, Interim Chief Executive Officer and Chief Financial Officer of Grindrod Shipping Holdings Ltd. (the “Company”), do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
1. | The Annual Report on Form 20-F of the Company for the fiscal year ended December 31, 2022, as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
Date: March 23, 2023
By: | /s/ Stephen Griffiths | ||
Name: | Stephen Griffiths | ||
Title: | Interim Chief Executive Officer and Chief Financial Officer |
Exhibit 15.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement No. 333-259019 on Form F-3 and Registration Statement No. 333-263494 on Form S-8 of our report dated March 23, 2023, relating to the consolidated financial statements of Grindrod Shipping Holdings Ltd., appearing in this Annual Report on Form 20-F for the year ended December 31, 2022.
/s/ Deloitte & Touche LLP |
Singapore
March 23, 2023
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands |
Total |
Share capital [member] |
Treasury shares [member] |
Share compensation reserve [member] |
Hedging reserve [member] |
Translation reserve [member] |
Merger reserve [member] |
Accumulated (losses) profit [member] |
Attributable to owners of the company [member] |
Non-controlling interest [member] |
---|---|---|---|---|---|---|---|---|---|---|
Share capital, Balance at Dec. 31, 2019 | $ 251,938 | $ 320,683 | $ (1,993) | $ 4,520 | $ 173 | $ (2,522) | $ (18,354) | $ (50,569) | $ 251,938 | $ 0 |
Statement [Line Items] | ||||||||||
Profit/Loss for the year | (41,100) | 0 | 0 | 0 | 0 | 0 | 0 | (38,795) | (38,795) | (2,305) |
Other comprehensive income for the year, net of income tax | (5,903) | 0 | 0 | 0 | 285 | (6,227) | 0 | 39 | (5,903) | 0 |
Total comprehensive income/loss for the year | (47,003) | 0 | 0 | 0 | 285 | (6,227) | 0 | (38,756) | (44,698) | (2,305) |
Dividends (Note 41) | 0 | |||||||||
Equity-settled share-based payments (Note 29) | 1,847 | 0 | 0 | 1,847 | 0 | 0 | 0 | 0 | 1,847 | 0 |
Treasury shares reissued to employees under the Forfeitable Share Plan (Note 29) | 0 | 0 | 1,606 | (2,413) | 0 | 0 | 0 | 807 | 0 | 0 |
Transfer of pension fund surplus (Note 19) | 3,150 | 0 | 0 | 0 | 0 | 0 | 0 | 3,150 | 3,150 | |
Acquisition of non-controlling interest (Note 39.1) | 44,087 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 44,087 |
Transaction with owners, recognised directly in equity | 49,084 | 0 | 1,606 | (566) | 0 | 0 | 0 | 3,957 | 4,997 | 44,087 |
Share capital, Balance at Dec. 31, 2020 | 254,019 | 320,683 | (387) | 3,954 | 458 | (8,749) | (18,354) | (85,368) | 212,237 | 41,782 |
Statement [Line Items] | ||||||||||
Profit/Loss for the year | 129,482 | 0 | 0 | 0 | 0 | 0 | 0 | 118,925 | 118,925 | 10,557 |
Other comprehensive income for the year, net of income tax | 4,860 | 0 | 0 | 0 | 4,999 | (1,034) | 0 | 895 | 4,860 | 0 |
Total comprehensive income/loss for the year | 134,342 | 0 | 0 | 0 | 4,999 | (1,034) | 0 | 119,820 | 123,785 | 10,557 |
Dividends (Note 41) | (13,546) | 0 | 0 | 0 | 0 | 0 | 0 | (13,546) | (13,546) | 0 |
Equity-settled share-based payments (Note 29) | 3,330 | 0 | 0 | 3,330 | 0 | 0 | 0 | 0 | 3,330 | 0 |
Acquisition of treasury shares (Note 29) | (11,876) | 0 | (11,876) | 0 | 0 | 0 | 0 | 0 | (11,876) | 0 |
Treasury shares reissued to employees under the Forfeitable Share Plan (Note 29) | 0 | 0 | 393 | (2,507) | 0 | 0 | 0 | 2,114 | 0 | 0 |
Acquisition of non-controlling interest (Note 39.1) | (46,634) | 0 | 0 | 0 | 0 | 0 | 5,705 | 0 | 5,705 | (52,339) |
Transaction with owners, recognised directly in equity | 68,726 | 0 | (11,483) | 823 | 0 | 0 | 5,705 | (11,432) | (16,387) | (52,339) |
Share capital, Balance at Dec. 31, 2021 | 319,635 | 320,683 | (11,870) | 4,777 | 5,457 | (9,783) | (12,649) | 23,020 | 319,635 | 0 |
Statement [Line Items] | ||||||||||
Profit/Loss for the year | 103,367 | 0 | 0 | 0 | 0 | 0 | 0 | 103,367 | 103,367 | 0 |
Other comprehensive income for the year, net of income tax | (7,807) | 0 | 0 | 0 | (6,794) | (917) | 0 | (96) | (7,807) | 0 |
Total comprehensive income/loss for the year | 95,560 | 0 | 0 | 0 | (6,794) | (917) | 0 | 103,271 | 95,560 | 0 |
Dividends (Note 41) | (135,877) | 0 | 0 | 0 | 0 | 0 | 0 | (135,877) | (135,877) | 0 |
Equity-settled share-based payments (Note 29) | 8,134 | 0 | 0 | 8,134 | 0 | 0 | 0 | 0 | 8,134 | 0 |
Treasury shares reissued to Offeror under the TMI Offer (Note 28) | (3) | 0 | 11,870 | (12,911) | 0 | 0 | 0 | 1,038 | (3) | 0 |
Transaction with owners, recognised directly in equity | 127,746 | 0 | 11,870 | (4,777) | 0 | 0 | 0 | (134,839) | (127,746) | 0 |
Share capital, Balance at Dec. 31, 2022 | $ 287,449 | $ 320,683 | $ 0 | $ 0 | $ (1,337) | $ (10,700) | $ (12,649) | $ (8,548) | $ 287,449 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH FLOWS 1 - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Bank loans and other borrowings [Member] | ||
Supplemental Cash Flow Information [Abstract] | ||
Opening Balance | $ 245,666 | $ 278,432 |
Financing cash flows | (49,850) | (34,079) |
Other changes | 3,152 | 1,313 |
Closing Balance | 198,968 | 245,666 |
Due (from) to joint venture and related parties [Member] | ||
Supplemental Cash Flow Information [Abstract] | ||
Opening Balance | 0 | 1 |
Financing cash flows | 0 | 0 |
Other changes | 0 | (1) |
Closing Balance | 0 | 0 |
Lease liabilities [member] | ||
Supplemental Cash Flow Information [Abstract] | ||
Opening Balance | 33,271 | 51,244 |
Financing cash flows | (56,930) | (36,040) |
Other changes | 49,772 | 18,067 |
Closing Balance | $ 26,113 | $ 33,271 |
GENERAL |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 | ||||
Disclosure Of Basis Of Presentation Abstract [Abstract] | ||||
GENERAL |
General information Grindrod Shipping Holdings Ltd. (the “Company”) is incorporated in Singapore with its principal place of business and registered office at #03-01 Southpoint, 200 Cantonment Road, Singapore 089763. The principal activities of the Group are ship chartering, operating and sales of vessels. Information of the entities within the Group is contained in Note 15.On October 12, 2022, we announced that we had entered into a Transaction Implementation Agreement (“TIA”), dated as of October 11, 2022, between the Company, Taylor Maritime Investments Limited (“TMI”) and Good Falkirk (MI) Limited, a wholly-owned subsidiary of TMI (the “ Offeror ” ) , providing for a voluntary conditional cash offer (the “ TMI Offer ” ) to be made by the Offeror for all of the issued ordinary shares in the capital of the Company. All shares that were validly tendered were accepted for payment, following which TMI owned approximately 73.78% of the shares of the Company. A subsequent offer period began immediately thereafter and expired on December 19, 2022. On expiration of the subsequent offer period, TMI held approximately 83.23% of the outstanding shares of the Company.The Group completed the plan to discontinue the tanker business during December 2021 and has presented the tanker business as a discontinued operation. The Group is now focused on the drybulk business which is presented as the continuing operations. Prior period figures have been reclassified for the presentation of the tanker business as a discontinued operation which is explained in more detail in Note 37. The COVID-19 pandemic and the Russian invasion of Ukraine have caused severe disruptions in the supply chain and industrial production These events may continue to cause trade disruptions. As a result of the spread of the pandemic, the Group has incurred some additional crewing expenses arising from crew travel, COVID-19 testing and procurement of personal protection equipment which is included in our vessel operating costs in our consolidated statements of profit or loss for the years ended 31 December 2022, 2021 and 2020. Additionally, the Group experienced some delays in drydocking and installations of ballast water treatment systems, operations and crew changes due to quarantine regulations and COVID-19 testing and the resulting off-hire days. Although the disruption from COVID-19 and Russia’s invasion of Ukraine may only be temporary, given the dynamic nature of these circumstances, the duration of business disruption and the related financial impact cannot be reasonably estimated at this time but could materially affect our business, results of operations and financial condition.The consolidated financial statements of the Group for the year ended 31 December 2022 were authorised for issue by the Board of Directors on 23 March 2023. |
SIGNIFICANT ACCOUNTING POLICIES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Significant Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES |
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”).
The financial statements are prepared in accordance with the historical cost basis except as disclosed in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability which market participants would take into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 Share-based Payment , leasing transactions that are within the scope of IFRS 16 Leases , and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 Inventories or value in use in IAS 36 Impairment of Assets .
From 1 January 2022, the Group has applied a number of amendments to IFRSs issued by the IASB that are mandatorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. Amendments to IFRS 3 Reference to the Conceptual Framework The Group has adopted the amendments to IFRS 3 Business Combinations for the first time in the current year. The amendments update IFRS 3 so that it refers to the 2018 Conceptual Framework instead of the 1989 Framework. They also add to IFRS 3 a requirement that, for obligations within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets , an acquirer applies IAS 37 to determine whether at the acquisition date a present obligation exists as a result of past events. For a levy that would be within the scope of IFRIC 21 Levies , the acquirer applies IFRIC 21 to determine whether the obligating event that gives rise to a liability to pay the levy has occurred by the acquisition date.Amendments to IAS 16 Property, Plant and Equipment – Proceeds before intended use The Group has adopted the amendments to IAS 16 Property, Plant and Equipment for the first time in the current year. The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced before that asset is available for use, i.e. proceeds while bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Consequently, an entity recognises such sales proceeds and related costs in profit or loss. The entity measures the cost of those items in accordance with IAS 2 Inventories. The amendments also clarify the meaning of 'testing whether an asset is functioning properly'. IAS 16 now specifies this as assessing whether the technical and physical performance of the asset is such that it is capable of being used in the production or supply of goods or services, for rental to others, or for administrative purposes. If not presented separately in the statement of comprehensive income (loss), the financial statements shall disclose the amounts of proceeds and cost included in profit or loss that relate to items produced that are not an output of the entity’s ordinary activities, and which line item(s) in the statement of comprehensive income (loss), include(s) such proceeds and cost.Amendments to IAS 38 Onerous Contracts – Cost of Fulfilling a Contract The Group has adopted the amendments to IAS 37 for the first time in the current year. The amendments specify that the cost of fulfilling a contract comprises the costs that relate directly to the contract. Costs that relate directly to a contract consist of both the incremental costs of fulfilling that contract (examples would be direct labour or materials) and an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The Group has adopted the amendments included in the Annual Improvements to IFRS Accounting Standards 2018-2020 Cycle for the first time in the current year. The Annual Improvements include amendments to four standards.IFRS 9 Financial Instruments The amendment clarifies that in applying the '10 per cent' test to assess whether to derecognise a financial liability, an entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other’s behalf. IFRS 16 Leases The amendment removes the illustration of the reimbursement of leasehold improvements. 2.4 New and revised IFRSs in issue but not yet effective The Group has not applied the following new and revised IFRSs that are relevant to the Group that were issued but are not yet effective:
The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods, except if indicated below. Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The amendments to IFRS 10 and IAS 28 deal with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. Specifically, the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transaction with an associate or a joint venture that is accounted for using the equity method, are recognised in the parent’s profit or loss only to the extent of the unrelated investors’ interests in that associate or joint venture. Similarly, gains and losses resulting from the remeasurement of investments retained in any former subsidiary (that has become an associate or a joint venture that is accounted for using the equity method) to fair value are recognised in the former parent’s profit or loss only to the extent of the unrelated investors’ interests in the new associate or joint venture. The effective date of the amendments has yet to be set by the IASB; however, earlier application of the amendments are permitted. The directors of the Group anticipate that the application of these amendments may have an impact on the Group's consolidated financial statements in future periods should such transactions arise.
The consolidated financial statements incorporate the financial statements of the Group and entities controlled by the Group (its subsidiaries) made up to 31 December each year. Control is achieved when the Group has the power over the investee, is exposed; or has rights, to variable returns from its involvement with the investee; and has the ability to use its power to affects its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Group has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not the Group’s voting rights in an investee are sufficient to give it power, including; the size of the Group’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; potential voting rights held by the Group, other vote holders or other parties; rights arising from other contractual arrangements; and any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Group gains control until the date when the Group ceases to control the subsidiary. Non-controlling interests in subsidiaries are identified separately from the Group’s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity. Profit or loss and each component of other comprehensive income (loss) (OCI) are attributed to the owners of the Group and to the non-controlling interests. Total comprehensive income (loss) of the subsidiaries is attributed to the owners of the Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Group’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. Changes in the Group’s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Group. When the Group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income (loss) in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS Standards). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 when applicable, or the cost on initial recognition of an investment in an associate or a joint venture.
Acquisition of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values of assets given, liabilities incurred by the Group to the former owners of the acquiree, and equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair values are adjusted against the cost of acquisition where they qualify as measurement period adjustments. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustment depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IAS 39 Financial Instruments , or IFRS 9 Provisions, Contingent Liabilities and Contingent Assets , as appropriate, with the corresponding gain or loss being recognised in profit or loss.IFRS 3 Business Combinations has an optional, simplified approach for assessing whether the Group has acquired a business or assets. Under this optional concentration test, if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the Group can conclude that the acquisition is not a business combination. The acquisition would instead be accounted for as an asset acquisition.If the Group chooses not to perform the optional concentration test, or performs the optional concentration test and determines that substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset or group of similar identifiable assets, it must assess if the acquired set of activities and assets comprises all of the required elements of a business. If the fair value of gross assets acquired in an asset acquisition is in excess of consideration, the excess will be allocated to the single identifiable asset as identified in the concentration test.
Financial assets and financial liabilities are recognised on the Group’s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Financial assets The Group classifies its financial assets in the following measurement categories:
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. Classification of financial assets Debt instruments mainly comprise cash and bank balances, trade and other receivables, loans to joint ventures and amounts due from joint ventures that meet the following conditions are subsequently measured at amortised cost:
Debt instruments relating to derivative financial instruments that meet the following conditions are subsequently measured at fair value through other comprehensive income (loss) (FVTOCI):
By default, all other financial assets are subsequently measured at fair value through profit or loss (FVTPL). Amortised cost and effective interest method The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. For financial assets other than purchased or originated credit-impaired financial assets (i.e. assets that are credit-impaired on initial recognition), the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses (ECL), through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. For purchased or originated credit-impaired financial assets, a credit-adjusted effective interest rate is calculated by discounting the estimated future cash flows, including ECL, to the amortised cost of the debt instrument on initial recognition. The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance. Interest is recognised using the effective interest method for debt instruments measured subsequently at amortised cost, except for short-term balances when the effect of discounting is immaterial. Impairment of financial assets The Group recognises a loss allowance for ECL on trade and other receivables, amounts due from joint ventures and contract assets. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the lifetime financial instrument. The Group recognises lifetime ECL for trade receivables and contract assets. The ECL on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. Significant increase in credit risk In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers historical loss rates for each category of customers and adjusts to reflect current and forward-looking macroeconomic factors affecting the ability of the customers to settle the receivables. The Group has identified forecast economic information that relate to international shipping operations in which it operates to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors. The following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:
Irrespective of the outcome of the above assessment, the company presumes that the credit risk on a financial asset has increased since initial recognition when contractual payments are more than 90 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise. The Group assumes that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. A financial instrument is determined to have low credit risk if:
The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due. Definition of default The Group considers the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable:
Irrespective of the above analysis, the Group considers that default has occurred when a financial asset is more than 120 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:
Write-off policy The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss. Measurement and recognition of ECL The measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information as described above. As for the exposure at default, for financial assets, this is represented by the assets’ gross carrying amount at the reporting date; for financial guarantee contracts, the exposure includes the amount drawn down as at the reporting date, together with any additional amounts expected to be drawn down in the future by default date determined based on historical trend, the Group’s understanding of the specific future financing needs of the debtors, and other relevant forward-looking information. For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the company in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate. If the Group has measured the loss allowance for a financial instrument at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Group measures the loss allowance at an amount equal to 12-month ECL at the current reporting date. Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. Classification as debt or equity Debt and equity instruments issued by the Group are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue cost. Repurchase of the company’s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the company’s own equity instruments. Trade and other payables Trade and other payables are initially measured at fair value and subsequently measured at amortised cost, using the effective interest method, except for short-term balances when the effect of discounting is immaterial. Financial liabilities and equity instruments Bank loans Interest-bearing bank loans are initially measured at fair value and subsequently measured at amortised cost, using the effective interest method. Interest expense calculated using the effective interest method is recognised over the term of the borrowing in accordance with the company’s accounting policy for borrowing costs (see below). Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. Derivative financial instruments The Group enters into freight forward agreements and bunker swaps to manage its exposure to freight rate and bunker prices respectively. Further details of derivative financial instruments are disclosed in Note 11. Derivatives are initially recognised at fair value at the date the derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Group designates the derivatives as hedges of highly probable forecast transactions or hedges of foreign currency risk of firm commitments (cash flow hedges). A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both legal right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instruments is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. Hedge accounting The Group designates hedges of freight rate risk and bunker prices as cash flow hedges. At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts. Note 11 contains details of the fair values of the derivative instruments used for hedging purposes. Movements in the hedging reserve in equity are also detailed in the statements of comprehensive income (loss) (“OCI”).Cash flow hedge The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in OCI and accumulated under the heading of Hedging Reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss as part of other operating expense or other operating income. Amounts previously recognised in OCI and accumulated in equity are reclassified to profit or loss in the periods when the hedged item is recognised in profit or loss in the same line of the statement of profit or loss and OCI as the recognised hedged item. However, when the forecast transaction that is hedged, results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the asset or liability. This transfer does not affect OCI. Furthermore, if the Group expects that some or all of the loss accumulated in OCI will not be recovered in the future, that amount is immediately reclassified to profit or loss. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in OCI and accumulated in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in profit or loss.
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when the Group has a legally enforceable right to set off the recognised amounts; and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. A right to set-off must be available today rather than being contingent on a future event and must be exercisable by any of the counterparties, both in the normal course of business and in the event of default, insolvency or bankruptcy.
Inventories are assets held for sale in the ordinary course of business, in the process of production for such sale or in the form of materials or supplies to be consumed in the production process or in the rendering of services. Inventories which include bunkers on board ships and other consumable stores are valued at the lower of cost and net realisable value. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Cost is determined on a first-in first-out basis. Spares on board ships are charged against income when issued to the ships. When inventories are sold, the carrying amount is recognised as part of cost of sales. Any write-down of inventories to net realisable value and all losses of inventories or reversals of previous write-downs or losses are recognised in cost of sales in the period the write-down, loss or reversal occurs.
Ships, property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged so as to write off the cost of assets other than freehold land and buildings and ships under construction over their estimated useful lives, using the straight-line method, on the following bases:
The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis. Ships and properties in the course of construction for production, rental or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognised impairment loss. Depreciation of these assets, on the same bases as other assets, commences when the assets are available for use. Ships are measured at cost less accumulated depreciation and adjusted for any accumulated impairment losses and reversals of such losses. Cost comprises acquisition cost and costs directly related to the acquisition up until the time when the asset is ready for use, including interest expense incurred to finance the vessel during the period. The market average useful life of a ship is estimated to range from 25 to 30 years at which point it would usually be scrapped. The Group policy is to maintain a young fleet compared to the market average and estimates useful life as 15 years from date of delivery for new ships. Ships are depreciated on a straight-line basis to an estimated residual value over their useful life. From time to time, the Group’s ships are required to be drydocked for inspection and re-licensing at which time major repairs and maintenance that cannot be performed while the ships are in operation are generally performed. The Group capitalises the costs associated with drydocking as they occur and depreciates these costs on a straight-line basis over 2.5 to 5 years, which is generally the period until the next scheduled drydocking. A portion of the cost of acquiring a new ship is estimated and allocated to the components expected to be replaced or refurbished at the next scheduled drydocking. If the ship is disposed before the next drydocking, the carrying amount of drydocking expenses is included in determining the gain or loss on disposal of the ship and taken to the profit or loss. If the period to the next drydocking is shorter than expected, the undepreciated balance of the deferred drydocking cost is charged immediately as an expense before the next drydocking. Fully depreciated ships, plant and equipment still in use are retained in the financial statements. Assets that are held for rental are initially classified as ships, property, plant and equipment. When these assets cease to be rented and a decision is made to sell these assets, the carrying amount is transferred to inventories. Upon sale of these assets, the sales value is recorded in gross revenue and the related carrying value of these assets (held as inventories) is recorded in cost of sales. In relation to these assets that are held for rental, the cash payments to acquire such assets and subsequently cash proceeds from the sale of such assets are classified as cash flows from operating activities.
Intangible assets acquired in a business combination are identified and recognised separately from goodwill. The cost of such tangible assets is their fair value at the acquisition date. Subsequent to initial recognition, they are stated on the same basis as intangible assets acquired separately. Intangible assets acquired separately are reported at cost less accumulated amortisation and accumulated impairment losses. Intangible assets with finite useful lives are amortised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each annual reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives are not amortised. Each period, the useful lives of such assets are reviewed to determine whether events and circumstances continue to support an indefinite useful life assessment for the asset, such events are tested for impairment in accordance with the policy below.
At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risk specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is indication that the asset may be impaired.
Goodwill arising in a business combination is recognised as an asset at the date that control is acquired (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer’s previously held equity interest (if any) in the entity over net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the Group’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. On disposal of a subsidiary or the relevant cash generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
Other investments relates to pension fund surplus from a defined benefit pension plan where the accounting policy is included in Note 2.21. Other investments are measured at fair value.
The Group as lessee The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses the incremental borrowing rate specific to the lessee. Lease payments included in the measurement of the lease liability comprise:
The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:
The Group did not make any such adjustments during the periods presented. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. The costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the right-of-use asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the ‘Ships, property, plant and equipment’ policy. The Group has identified that the contracts between the pools and vessels owners described in Note 2.18 below, meet the definition of leases under IFRS 16 and the share of third party vessel owners’ net earnings of the pool represents variable lease payments. Variable payments that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included in the line ‘Voyage expenses’ for expenses relating to ships and ‘Administrative expense’ for all other expenses in the consolidated statement of profit or loss. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Group has used this practical expedient. The Group as lessor The Group enters into lease agreements as a lessor with respect to its vessels and these are classified as operating leases. When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Charter hire revenue (rental income from operating leases) is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The results and assets and liabilities of joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operation . Under the equity method, an investment in a joint venture is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group’s share of the profit or loss and OCI of the joint venture. When the Group’s share of losses of a joint venture exceeds the Group’s interest in that joint venture (which includes any long-term interests that, in substance, form part of the Group’s net investment in the joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.An investment in a joint venture is accounted for using the equity method from the date on which the investee becomes a joint venture. On acquisition of the investment in a joint venture, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. The requirements of IAS 36 Impairment of Assets applied to determine whether it is necessary to recognise any impairment loss with respect to the Group’s investment in a joint venture. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount, any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases.The Group discontinues the use of the equity method from the date when the investment ceases to be a joint venture, or when the investment is classified as held for sale. When the Group retains an interest in the former joint venture and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with IFRS 9 Financial Instruments. The difference between the carrying amount of the joint venture at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the joint venture is included in the determination of the gain or loss on disposal of the joint venture. In addition, the Group accounts for all amounts previously recognised in OCI in relation to that joint venture on the same basis as would be required if that joint venture had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in OCI by that joint venture would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is discontinued.The Group continues to use the equity method when the investment in a joint venture becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests. When the Group reduces its ownership interest in a joint venture but the Group continues to use the equity method, the Group reclassifies to profit or loss, the proportion of the gain or loss that had previously been recognised in OCI relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. When a Group entity transacts with a joint venture of the Group, profits and losses resulting from the transactions with the joint venture are recognised in the Group’s consolidated financial statements only to the extent of interests in the joint venture that are not related to the Group.
Non-current assets (and disposal groups) classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. A discontinued operation is a component of the Group that has been disposed of or is classified as held-for-sale and that represents a separate major line of business and is part of a single co-ordinated plan to dispose of such a line of business. The results of discontinued operation are presented separately in the consolidated statement of profit and loss.
Vessel revenue The primary source of revenue for the Group is vessel revenue; comprising of charter hire of ships and freight revenue. Charter hire - The Group earns hire revenue by placing its vessels on time charter, bareboat charter and in pool arrangements. The performance obligations within pool and time-charter contracts include the bareboat charter and the operation of the vessel. Hire revenue is recognised over time as the Group satisfies its obligation based on time elapsed between the delivery of a vessel to a charterer and the redelivery of a vessel from the charterer.For time and bareboat charter contracts, hire is typically invoiced bi-monthly or monthly in advance and hire revenue is accrued based on the daily hire rates. Other variable hire components of the contract, such as off-hire and speed claims, are recognised only to the extent that it is highly probable that a significant reversal will not occur when the uncertainty is subsequently resolved. In a small number of charters, the Group may earn profit share consideration, which occurs when actual spot rates earned by the vessel exceed certain thresholds for a period of time. For pool arrangements, the Group has two types of such arrangements: 1) pool arrangements that are controlled and managed by the Group namely, IVS Handysize Pool and IVS Supramax Pool; and 2) Pool arrangements operated by third parties in which the Group’s owned vessels are placed. An assessment is performed to determine who is the principal and agent in such arrangements. Indicators that the Group as the pool manager is a principal in a pool arrangement are:
The Group has evaluated that it has the exclusive rights as the pool manager and hence it is a principal in the IVS Handysize and IVS Supramax Pool arrangements. In such arrangements, the Group recognizes total amount of the gross revenue earned by the pools as the revenue which it expects to be entitled for the satisfaction of the performance obligation and correspondingly, it also recognizes the share of third party vessel owners’ net earnings of the pool in the voyage expenses in the period incurred. The Group has identified that the contracts between the pools and vessels owners to contain a lease in accordance with IFRS 16. Refer to Note 2.15 Leases for further discussion. On the other hand, for third party pool arrangements that the Group’s vessels participate in, the Group recognises revenue from these pool arrangements based on its portion of the net distributions reported by the relevant pool, which represents the net voyage revenue of the pool after voyage expenses and pool manager fees. The net distribution is computed based on pool index and the participation days of the Group’s vessels in these third party pool arrangements. The pool index is variable and dependent on the participating vessels within the pool. Freight revenue – The Group recognises freight revenue for each specific voyage which is usually priced on a current or "spot" market rate and then adjusted for predetermined criteria. The performance obligations for freight revenue commence from the time the ship is ready at the load port until the cargo has been delivered at the discharge port. The revenue will be recognised over the duration of the voyage between the two points, as measured using the time that has elapsed from commencement of performance at the load port. Management assesses the stage of completion as determined by the proportion of the total time expected for the voyage that has elapsed at the end of the reporting period as an appropriate measure of progress towards complete satisfaction of these performance obligations and the revenue is recognised in accordance with the calculated stage of completion. The duration of a single voyage will typically be less than three months. Demurrage and despatch are considered at contract inception and estimates are updated throughout the contract period. The consideration for demurrage and despatch will be recognised in the period within which such consideration was incurred. A contract asset is recognised over the period in which the freight services are performed representing the entity’s right to consideration for the services performed as at the end of the reporting period.Sale of ships, bunkers and other consumables The Group generates revenue from the sale of ships, bunkers and other consumables. Revenue is recognised when control of the ships, bunkers and other consumables have been delivered to the buyer. The Group only has the right to the consideration at the point of transfer of the asset. Management fees The Group also generates revenue from the management and operation of vessels owned by third parties and by equity- accounted investees as well as providing corporate management services to such entities. The performance obligations within these contracts will typically consist of crewing, technical management, insurance and potentially commercial management. The performance obligations are satisfied concurrently and consecutively rendered over the duration of the management contract, as measured using the time that has elapsed from commencement of performance. Consideration for such contracts will generally consist of a fixed monthly management fee, plus the reimbursement of crewing and other costs for vessels being managed. Management fees are typically invoiced monthly. Voyage expenses Voyage expenses that relate directly to a contract include charter hire expenses, fuel expenses and port expenses. Contract costs are deferred and amortised over the course of the voyage on a percentage completion basis that is consistent with the revenue recognition. This percentage of completion is derived from time elapsed between the tender of readiness to load a cargo or delivery of a vessel to a charterer, and the completion of discharging a cargo or redelivery of a vessel from a charterer. Contract costs are recognised as an asset if they represent incremental costs of obtaining a contract or fulfilment costs that (i) relate directly a contract or to an anticipated contract, (ii) generate or enhance resources to be used in meeting obligations under the contract and (iii) are expected to be recovered.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Equity-settled share options – Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 29. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the number of equity instruments that will eventually vest. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves.
Payments to defined contribution retirement benefit plans are charged as an expense when employees have rendered the services entitling them to the contributions. Payments made to state-managed retirement benefit schemes, such as the Singapore Central Provident Fund, and South African defined contribution provident funds, are dealt with as payments to defined contribution plans where the Group’s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan. Current contributions to the defined contribution funds are charged against income when incurred. The cost of providing benefits to the defined benefit plan are determined and expensed using the projected unit credit actuarial valuation method. Contribution rates to the defined benefit plan are adjusted for any unfavourable experience adjustments. Favourable experience adjustments are retained within the fund. For defined benefit retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Actuarial surpluses are brought to account in the annual financial statements only when it is clear that economic benefits will be available to the Group. These surpluses are recognised immediately in the statement of financial position with a charge or credit to the statement of comprehensive income (loss) in the period in which they occur.Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognised in OCI in the period in which they occur. Remeasurement recognised in OCI is reflected immediately in retained earnings and will not be reclassified to profit or loss. Past service cost is recognised in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorised as follows:
The Group presents the first two components of defined benefit costs in profit or loss in the line item ‘Administrative expense’. Curtailment gains and losses are accounted for as past service costs. The retirement benefit obligation recognised in the consolidated statement of financial position represents the actual deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs.
Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the end of the reporting period.
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Onerous contracts Present obligations arising under onerous contracts are recognised and measured as a provision. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract which include both the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. Before a separate provision for an onerous contract is established, the Group recognises any impairment loss that has occurred on assets used in fulfilling the contract.
Income tax (benefit) expense in profit or loss represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in statement of profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are not taxable or tax deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted in countries where the company and subsidiaries operate by the end of the reporting period. Deferred tax is recognised on the differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. A provision is recognised for those matters for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on management judgement supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice. Deferred tax liabilities are recognised on taxable temporary differences arising on investments in subsidiaries and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset realised based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax are recognised as an expense or income in profit or loss, except when they relate to items credited or debited outside profit or loss (either in OCI or directly in equity), in which case the tax is also recognised outside profit or loss (either in OCI or directly in equity, respectively), or where they arise from the initial accounting for a business combination. In the case of a business combination, the tax effect is taken into account in calculating goodwill or determining the excess of the acquirer’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities over cost.
The individual financial statements of each Group entity are measured and presented in the currency of the primary economic environment in which the entity operates (its functional currency which is either United States dollars or South African Rands). The consolidated financial statements of the Group are presented in United States Dollars and are rounded to the nearest thousands. In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing on the end of the reporting period. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences arising on the settlement of monetary items, and on retranslation of monetary items are included in profit or loss for the year. Exchange differences arising on the retranslation of non-monetary items carried at fair value are included in profit or loss for the year except for differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised directly in OCI. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in OCI. Exchange differences on foreign currency borrowings relating to assets under construction for future productive use, are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings. For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group’s foreign operations (including comparatives) are expressed in United States Dollars using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in OCI and accumulated in a separate component of equity under the header of translation reserve. On the disposal of a foreign operation (i.e. a disposal of the Group’s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, loss of joint control over a jointly controlled entity that includes a foreign operation, or loss of significant influence over an associate that includes a foreign operation), all of the accumulated exchange differences in respect of that operation attributable to the Group are reclassified to profit or loss. Any exchange differences that have previously been attributed to non-controlling interests are derecognised, but they are not reclassified to profit or loss. In the case of a partial disposal (i.e. no loss of control) of a subsidiary that includes a foreign operation, the proportionate share of accumulated exchange differences are re-attributed to non-controlling interests and are not recognised in profit or loss. For all other partial disposals (i.e. of associates or jointly controlled entities not involving a change of accounting basis), the proportionate share of the accumulated exchange differences is reclassified to profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the rate of exchange prevailing at the end of each reporting period. Exchange differences arising are recognised in OCI.
Cash and cash equivalents in the statement of cash flows comprise cash on hand and demand deposits that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. |
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
12 Months Ended | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||
Disclosure of changes in accounting estimates [abstract] | |||||||||||||||||||||||||
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the Group’s accounting policies, which are described in Note 2, management is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There have been no significant changes in the basis upon which judgements and accounting estimates have been determined.
The following are the critical judgements, apart from those involving estimations (see below), that management has made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Ships classified as inventories The Group regularly engages in trading of ships. When a ship ceases to be rented and a decision is made for the ship to be sold, the ship would be classified as inventories (Note 12). The proceeds from the sale of such assets shall be recognised as revenue in accordance with IFRS 15 Revenue from Contracts with Customers . The corresponding cost shall be accounted for as cost of sales.Estimation of lease term of charters with extension options When estimating the lease term of the respective lease arrangement, management considers all facts and circumstances that create an economic incentive to exercise an extension option, including any expected changes in facts and circumstances from the commencement date until the exercise date of the option. This is assessed on an ongoing basis and the extension options are only included in the lease term if the lease is reasonably certain to be exercised. $52,621,000 (2021: $64,533,000) have not been included in the lease liability because it is not reasonably certain that the leases will be extended.If a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the lessee , the above assessment will be reviewed further. The Group exercised options to extend lease term of charters on two supramax vessels .
The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. Vessels and depreciation In the shipping industry, the use of the 25 to 30 year ship life has become the prevailing standard for the type of ship owned by the Group. However, management depreciates the ships on a straight-line basis after deduction for residual values over the ship’s estimated useful life of 15 years, from the date the ship was originally delivered from the shipyard as the Group maintains a young fleet compared to the market average and generally aims to replace ships that are 15 years or older. As a result, ships are depreciated over 15 years to the expected residual market value of a ship of a similar age and specification. Management reassesses the depreciation period of ships that surpass this limit with special consideration of the ships and the purpose for which the ship was retained in the fleet. Residual values of the ships are reassessed by management at the end of each reporting period based on the current shipping markets, the movement of the markets over the previous five years and the age, specification and condition of the respective ships. Considerations for useful life of the ships also include maintenance and repair cost, technical or commercial obsolescence and legal or similar limits to the use of ships. Impairment and reversals of impairment of Vessels (including owned and right-of-use) Management also reviews the ships (owned and right-of-use) for impairment whenever there is an indication that the carrying amount of the ships may not be recoverable. Management measures the recoverability of an asset by comparing its carrying amount against its recoverable amount. Recoverable amount is the higher of the fair value less cost to sell and value in use. Management identifies an appropriate valuation technique to estimate the fair value that is in accordance with IFRS 13 Fair Value Measurement . The selection of technique requires judgment and takes into account the reliability of the valuation technique and the reliability of the inputs used. If the ship is considered to be impaired, an impairment loss is recognised to an amount to the excess of the carrying value of the asset over its recoverable amount. Where an impairment loss subsequently reverses, the reversal of an impairment loss does not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years.Value in use is the future cash flows that the ships are expected to generate from charter hire of the ships and the expected running costs thereof over their remaining useful lives, with a cash inflow in the final year equal to the residual value of the ships. Management determined the value-in-use based on past performance of the ships and their expectations of the market development. The future cash flows are determined based on the combination of the following assumptions:
Accordingly, based on the carrying amounts of the right-of-use ships as at end of each reporting period the Group has recognised an impairment loss of US$985,000 for the year ended 31 December 2022 (2021: US$1,046,000 reversal of impairment and 2020: US
$16,282,000 ) in profit or loss in the line item ‘Other operating (expense) income’ following the weaker spot market earnings when compared to the charter-in rate of a single drybulk vessel that was chartered-in at the height of the market. On the other hand, based on the carrying amount of the owned ships as at end of each reporting period the Group has recognised a reversal of impairment of US$1,707,000 for the year ended 31 December 2022 (2021: US$3,557,000 and 2020: US$Nil) recorded in profit or loss in the line item ‘Other operating (expense) income’ following the decision to sell an older Handysize vessel at value higher than book value.As at 31 December 2022 and 2021, a possible change to the following estimate used in management’s assessment will result in the recoverable amount to be below the total carrying amount of the owned and right-of-use ships (on the basis that each of the other key assumptions remain unchanged): Drybulk Carriers
Based on the key assumptions and taking into account the sensitivity analysis above, management has determined that the estimated recoverable amount of the ships are appropriate. The recoverable amounts of ships classified as inventories were determined based on estimated selling price less cost to sell, which were determined based on the market comparable approach that reflects recent transaction prices for similar ships, with similar age and specifications. The carrying amounts of the ships are disclosed in Notes 13 and 14. |
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments financial risks and capital management [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT |
The management of the Group monitors and manages the financial risks relating to the operations of the Group to ensure appropriate measures are implemented in a timely and effective manner. These risks include market risk (foreign currency risk, interest rate risk), credit risk and liquidity risk. The Group does not hold or issue derivative financial instruments for speculative purpose. Other than liquidity risk, there has been no change to the Group’s exposure to these financial risks. There have been no significant changes to the manner in which it manages and measures the risk. Market risk exposures are measured using sensitivity analysis indicated below.
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. As at 31 December 2022 and 31 December 2021, the Group’s maximum exposure to credit risk without taking into account any collateral held or other credit enhancements, which will cause a financial loss to the Group due to failure to discharge an obligation by the counterparties and financial guarantees provided by the Group arises from:
In order to minimise credit risk, the Group has categorised exposures according to their degree of risk of default. The Group uses its own trading records to rate its major customers and other debtors and the Group’s exposure and the credit ratings of its counterparties are continuously monitored. The aggregate value of transactions concluded is spread amongst approved counterparties. The Group’s current credit risk grading framework comprises the following categories:
The tables below detail the credit quality of the Group’s financial assets and other items, as well as maximum exposure to credit risk by credit risk rating grades:
Further details on the loss allowance are disclosed in the respective notes. In order to minimise credit risk, the Group has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. The Group uses its own trading records to rate its major customers. The Group's exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties. In addition, in response to the COVID-19 pandemic, the Group has increased reviews of counterparties and potential customers to ensure that contractual obligations will be met. Before accepting any new customer, the Group assesses the potential customer's credit quality and defines credit limits by customer. There are ongoing reviews on the limits attributed to customers. Credit approvals and other monitoring procedures are also in place to ensure that follow-up action is taken to recover overdue debts. Furthermore, the Group reviews the recoverable amount of each trade debt on an individual basis at the end of the reporting period to ensure that adequate loss allowance is made for irrecoverable amounts. In this regard, management considers that the Group’s credit risk is significantly reduced. Trade receivables consist of a large number of customers, spread across diverse geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable. At the end of the reporting period, the Group does not have significant credit risk exposure to any single counterparty or any Group of counterparties having similar characteristics. The Group defines counterparties as having similar characteristics if they are related entities. The concentration of credit risk is limited due to the fact that the customer base is large and unrelated. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are third parties and banks with high internal and external credit ratings.
The Group is exposed to interest rate risk through the impact of bank loans and other borrowings and loans granted from/to joint ventures at variable interest rates. The Group monitors its exposure to fluctuating interest rates and generally enters into contracts that are linked to market rates relative to the currency of the asset or liability. The Group’s bank loans and other borrowings were originally advanced at a floating rate based on LIBOR which has been subject to international and regulatory proposals for reform. LIBOR will continue to be quoted until 30 June 2023 and thereafter, the Secured Overnight Financing Rate, or SOFR, has been recommended as an alternative to LIBOR. Certain of the Group’s bank loans will mature before LIBOR is due to be discontinued and do not require amendment. Management is discussing the transition for the longer term bank loans and other borrowings with the lenders as the discontinuation of LIBOR may materially adversely affect market rates of interest. The Group does not currently have any interest rate hedging instruments. Interest rate sensitivity The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the end of the reporting period and the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period in the case of instruments that have floating rates. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates. As a result of reduced economic growth expectations, interest rates in 2021 have steadily increased with an opening LIBOR rate of 0.1% in January 2022 to a closing rate of 4.7% in December 2022. If interest rates had been 50 basis points higher or lower and all other variables were held constant, the Group’s profit (loss) for the year ended 31 December 2022 would decrease/increase by US$997,000 (2021: Profit would increase/decrease by US$536,000 and 2020: Loss would increase/decrease by US$1,103,000). This is mainly attributable to the Group’s exposure to interest rates on its variable rate bank loans.
The Group’s main operational activities are carried out in United States dollars and South African rands, which is the functional currency of the respective financial statements of each Group entity. The risk arising from movements in foreign exchange rates is limited as the Group has minimal transactions in foreign currencies which mainly relates to administrative expenses in Singapore dollars, amounts due to related companies in South African rands as well as bank balances in South African rands. Management reviews and monitors currency risk exposure and determines whether any hedging is considered necessary. The objective of the foreign exchange exposure management policy is to ensure that all foreign exchange exposures are identified as early as possible and that the identified exposures are actively managed to reduce risk. All exposures are to reflect the underlying foreign currency commitments arising from trade and/or foreign currency finance. Under no circumstances are speculative positions, not supported by normal trade flows, permitted. At the end of the reporting period, the significant carrying amounts of monetary liabilities and monetary assets denominated in currencies other than the respective Group entities’ functional currencies are as follows:
Foreign currency sensitivity The following table details the sensitivity to a 10% increase and decrease in the relevant foreign currencies against the functional currency of each Group entity. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. If the relevant foreign currency strengthens/weakens by 10% against the functional currency of the entity, profit or loss will increase/(decrease) or, vice versa by:
Liquidity risk refers to the risk that the Group is unable to pay its creditors due to insufficient funds. The Group maintains and monitors a level of cash deemed adequate by management at all times to finance its obligations as and when they fall due. The shipping environment has been challenging and volatile over the last several years due to an oversupply of vessels allied to a lower growth rate of the world economy. While there was a rebound in charter rates in 2021 and 2022, charter rates are projected to reduce for 2023. This projected market deterioration could result in unfavourable market conditions and impact to the Group’s operations and cash flows and the Group’s ability to comply with covenants and other conditions in the loan agreements. The Group manages liquidity risk by monitoring forecast and actual cash flows and ensuring that adequate borrowing facilities are maintained. The management may, from time to time, at their discretion raise or borrow monies for the purposes of the Group as they deem fit. There are measures in place to preserve cash, maintain adequate financing to meet Group’s obligations and protect existing loan covenants imposed by the banks. The covenant levels are monitored continuously to identify any potential covenant issues so that solutions such as waivers or modifications to the loan covenants to obtain more favourable terms can be implemented in advance. Based on the 12 months cash flow forecast prepared by management from the date of the authorisation of financial statements, the Board of Directors has no reason to believe that the Group will not continue as a going concern and has assessed that there is no material uncertainty related to these conditions and there is no substantial doubt about the Group’s ability to continue as a going concern. Management has plans in place to sell certain vessels to maintain sufficient liquidity to repay the maturing obligations and provide adequate comfort in covenant levels at the next reporting date .Non-derivative financial liabilities The following tables detail the remaining contractual maturity for non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. The adjustment column represents the possible future cash flows attributable to the instrument included in the maturity analysis which is not included in the carrying amount of the financial liability on the consolidated statements of financial position.
Derivative financial instruments The following table details the liquidity analysis for derivative financial instruments. The table has been drawn up based on the undiscounted gross inflows and (outflows) on those derivatives that require gross settlement. When the amount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interest rates as illustrated by the yield curves existing at the end of reporting period.
The Group is exposed to the fluctuations in market conditions in the shipping industry which in turn affects the Group’s profitability. Management continually assess shipping markets using their experience and detailed research. Risks are managed by fixing tonnage on longer term time charters, contracts of affreightment and entering into forward freight agreements. The carrying amount of the derivative financial instruments is disclosed in Note 11. Shipping market price sensitivity The sensitivity analyses below have been determined based on the exposure to shipping market price risk at the end of the reporting period. In respect of derivative financial instruments, if the shipping market prices had been 10% higher/lower while other variables were held constant:
The Group uses bunker swaps to manage exposure to commodity price risk where the positions are not naturally economically hedged through the combination of holding inventory, forward sales contracts and forward purchase contracts. Management continually assess commodity price through their experience and detailed research. The carrying amount of the derivative financial instruments is disclosed in Note 11. Commodity price sensitivity The sensitivity analyses below have been determined based on the exposure to commodity price risk at the end of the reporting period. In respect of derivative financial instruments, if the commodity prices had been 10% higher/lower while other variables were held constant:
The carrying amounts of cash and cash equivalents, trade and other current receivables and payables, and other liabilities approximate their respective fair values due to the relatively short-term maturity of these financial instruments. The fair values of other classes of financial assets and liabilities are disclosed in the respective notes to financial statements. Financial instruments measured at fair value on a recurring basis
All the financial instruments relate to the forward freight agreements and bunker swap agreements and have been classified as Level 2 financial instruments, which indicates that the fair value of the instruments were determined based on discounted cash flow with reference to observable inputs for equivalent instruments, discounted at a rate that reflects the credit risk of various counterparties. Further details are disclosed in Note 11. Fair Value of Financial Instruments The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs) Level 2 and 3 fair values were determined by applying either a combination of, or one of the following valuation techniques:
The fair value measurement for income approach valuation is based on significant inputs that are not observable in the market. Key inputs used in the valuation include discount rates and future profit assumptions based on historical performance but adjusted for expected growth. Management reassess the earnings or yield multiples at least annually based on their assessment of the macro- and micro-economic environment.
There were no transfers between Level 1 and 2 in the period.
The Group manages its capital to ensure that the Group will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt to equity balance. The capital structure of the Group consists of debt and equity, which comprises of share capital and reserves. The Group also reviews the capital structure on a semi-annual basis. As a part of this review, the management considers the cost of capital and the risks associated with each class of capital. The management also ensures that the Group maintains gearing ratios within a set range to comply with the loan covenant imposed by a bank. The Group’s overall strategy remains unchanged from prior year. |
RELATED PARTIES TRANSACTIONS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of related parties transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RELATED PARTIES TRANSACTIONS |
Many of the Group’s transactions and arrangements were with related parties and the effect of these on the basis determined between the parties is reflected in these financial statements. The balances are unsecured, interest-free and repayable on demand unless otherwise stated. During the year, Group entities entered into the following transactions with related parties:
The remuneration of the directors and other members of key management is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures .
The remuneration of directors and key management is determined by the remuneration committee of Grindrod Shipping Holdings Limited having regard to the performance of individuals and market trends. |
CASH AND BANK BALANCES INCLUDING RESTRICTED CASH. |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of cash and cash equivalents [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH AND BANK BALANCES INCLUDING RESTRICTED CASH |
The current portion of the restricted cash represents amounts placed in retention accounts that can only be used to fund loan repayments or interest payments and a debt reserves security deposit required due to the conditions of a banking facility that will be maturing 12 months from the end of the reporting period. The non-current portion of restricted cash represents debt reserves security deposit required due to the conditions of certain banking facilities and these deposits are not available to finance the Group’s day to day operations. |
TRADE RECEIVABLES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Trade And Other Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TRADE RECEIVABLES |
The credit period is 1 to 30 days (2021: 1 to 30 days). No interest is charged on the outstanding invoice. Loss allowance for trade receivables has been measured at an amount equal to lifetime ECL. The ECL on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. There has been no significant change in the estimation techniques or significant assumptions made during the current reporting period in assessing the allowance for the amounts due from customers. A trade receivable is written off when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. The following table details the risk profile of trade receivables based on the Group’s provision matrix. The expected credit loss rate is considered immaterial for trade receivables outstanding for less than 120 days. For trade receivables past due for more than 120 days, the Group would recognise a loss allowance of 100% except for the adjustment to factors that are specific to the debtors, because historical experience has indicated that these receivables are generally not recoverable. As the Group’s historical credit loss experience does not show significantly different loss patterns for different customer segments, the provision for loss allowance based on past due status is not further distinguished between the Group’s different customer base.
As at 31 December 2022, management has identified a group of debtors to be credit impaired, which include a debtor that disputed an invoiced amount arising from the redelivery of a vessel out of the agreed position and sundry small debtors within the discontinued operation. Hence, management has assessed the recoverability of the outstanding balances separately from the table above.
Movement in the loss allowance:
|
CONTRACT ASSETS |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 | ||||
Contract assets [abstract] | ||||
CONTRACT ASSETS |
This relates to unbilled reven u e, recognised over the period in which the freight services are performed representing the entity’s right to consideration for the services performed as at the end of the reporting period which shall be recognised as revenue in the subsequent year.Management estimates the loss allowance on amounts due from customers at an amount equal to lifetime ECL, taking into account the historical default experience and the future prospects of the industry. No provision for loss allowance was made during 2022 and 2021 as the contract assets is aged less than 30 days and the expected credit loss rate is considered immaterial for trade receivables outstanding for less than 120 days. |
OTHER RECEIVABLES AND PREPAYMENTS |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Other Receivables and Prepayments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER RECEIVABLES AND PREPAYMENTS |
On 26 May 2020, the Group entered into a loan agreement with a third party with respect to the sale of vessel Inyala. The principal amount of US$600,000 and accrued interest was received on 7 June 2021. The balance of the principal amount of US$600,000 and accrued interest was received on 16 June 2022. For purpose of impairment assessment, other receivables and loan receivables are considered to have low credit risk as they are not due for payment at the end of the reporting period and there has been no significant increase in the risk of default on the receivables since initial recognition. Accordingly, for the purpose of impairment assessment for these receivables, the loss allowance is measured at an amount equal to 12-month ECL. In determining the ECL, management has taken into account the historical default experience and the financial position of the counterparties, adjusted for factors that are specific to the debtors and general economic conditions of the industry in which the debtors operate. No provision for loss allowance was made during 2022 and 2021. |
LOANS TO JOINT VENTURES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS TO JOINT VENTURES [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS TO JOINT VENTURES |
US$29,000 previously written off was recovered (refer to table below). Consequently, US$39,000 was repaid in 2022. At the end of the reporting period, the Group did not have any loans to joint ventures. The loan to a joint venture in 2021 was unsecured and did not bear interest. For the purpose of impairment assessment for these receivables, the loss allowance is measured at lifetime ECL. In determining the ECL, management has taken into account the provision of losses that arose from the Group’s share of losses in joint venture that were in excess of the Group’s cost of investment in joint ventures (Note 16) and any additional loss allowance required based on the expected recovery from the loan. The following table shows the movement in lifetime ECL – credit impaired lifetime ECL that has been recognised for loans to joint venture:
|
DERIVATIVE FINANCIAL INSTRUMENTS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS |
Forward freight agreements and bunker swaps - analysed between:
The Group has entered into a number of bunker swaps, as follows: 2022 Current assets Derivative instruments in designated hedge accounting relationships:
Current liabilities Derivative instruments in designated hedge accounting relationships:
2021 Current assets Derivative instruments in designated hedge accounting relationships:
Current liabilities Derivative instruments in designated hedge accounting relationships:
The Group has entered into a number of forward freight agreements in the normal course of business in order to hedge against open positions in the fleet from contracts of affreightment and exposure to earnings on the spot market. As at 31 December 2022, there are no outstanding forward freight agreements. As at 31 December 2021, there were 23 outstanding forward freight agreements, maturing as follows: 2021 Current assets Derivative instruments in designated hedge ac c ounting relationships:
Non-current assets Derivative instruments in designated hedge accounting relationships:
Current liabilities Derivative instruments in designated hedge ac c ounting relationships:
|
INVENTORIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES |
(a) Ships reclassified from ships, property, plant and equipment as inventories is reconciled as follows:
On 14 April 2022, the Group entered into memoranda of agreement with a third party for the sale of one ship at purchase consideration of US$29,981,000. The ship was delivered to the third party on 1 June 2022. On 11 March 2021, the Group entered into memoranda of agreement with third parties for the sale of three ships at purchase consideration of US$21,400,000, US$21,400,000 and US$6,800,000 respectively. The ships were delivered to third parties on 12 April 2021, 14 April 2021 and 20 April 2021. The effect of this has been included under Discontinued Operation Note 37. |
SHIPS, PROPERTY, PLANT AND EQUIPMENT |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Trade And Other Receivables Explanatory [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHIPS, PROPERTY, PLANT AND EQUIPMENT |
Certain ships are pledged to secure bank borrowings as disclosed in Note 25. |
RIGHT-OF-USE ASSETS |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RIGHT-OF-USE ASSETS |
The Group leases several assets including office property, residential property, ships and ship equipment which are disclosed as right-of-use assets.
GRINDROD SHIPPING HOLDINGS LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Right-of-use assets are depreciated over the remaining period of the lease. The average lease term is between 1 and 4 years for property, between 3 and 5 years for ships, and between 2 and 4 years for ship equipment. Depreciation expense of US$35,676,000 (2021: US$34,898,000 and 2020: US$26,413,000) for ships and ship equipment are recognised in cost of sales and the depreciation expense of US$889,000 (2021: US$938,000 and 2020: US$1,019,000) for office and residential property is recognised separately in administrative expense. The Group has options to purchase certain ships at set prices at certain dates within the contracts. The exercise price is not included in the right-of-use assets for these ships because it is not reasonably certain that the options will be exercised. For the year ended 31 December 2022, the Group recognised expense of US$60,869,000 (2021: US$90,763,000 and 2020: US$42,946,000) for short-term leases (i.e. a lease period of 12 months or less), US$82,000 (2021: US$58,000 and 2020: US$84,000) for leases of low value assets and US$60,869,000 (2021: US$90,763,000 and 2020: $42,946,000) for variable lease payments in connection with pool arrangements not included in the measurement of the lease liability. Corresponding lease liabilities are disclosed in Note 24. |
SUBSIDIARIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Significant Investments In Subsidiaries Explanatory [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUBSIDIARIES |
Details of the Group’s subsidiaries at the end of the reporting period are as follows:
|
INTEREST IN JOINT VENTURES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about Joint venture [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTEREST IN JOINT VENTURES |
Details of the joint ventures are as follows:
The above joint ventures are accounted for using the equity method in these consolidated financial statements. In 2022, the total share of joint venture companies' loss after taxation amounts to US$5,000 (2021: US$31,000; 2020: US$2,476,000). |
INTANGIBLE ASSETS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS |
Intangible assets include club memberships, software and licen s es. Club memberships are lifetime memberships and are not amortised. Software and licenses arose from the installation of major information systems (including packaged software) and are amortised over 3 years, the period over which the benefit is expected to accrue. |
GOODWILL |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL |
Goodwill acquired in a business combination is allocated, at acquisition, to the CGUs that are expected to benefit from that business combination. Before recognition of impairment losses, the cost of goodwill had been allocated as follows:
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. The recoverable amounts of the CGUs are determined based on value in use calculations. The key assumptions for the value in use calculations are those regarding the discount rates, growth rates and expected changes to selling prices and direct costs during the period. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the CGUs. The growth rates are based on industry growth forecasts. Changes in selling prices and direct costs are based on past practices and expectations of future changes in the market. A sustained decrease in the profitability of the Parcel Service and Island Trading and Shipping CGUs in 2021 indicated that an impairment of goodwill was required. The remaining goodwill of $965,000 was fully impaired in 2021 and is recorded in profit or loss in the line item ‘Other operating income (expense)’. |
OTHER INVESTMENTS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER INVESTMENTS |
In connection with the Spin-off of Grindrod Shipping Pte Limited (‘GSPL’) and Grindrod Shipping (SA) (Pty) Limited (‘GSSA’) from Grindrod Limited, Grindrod Limited (former Parent), GSSA and the trustees to the Grindrod Pension Fund (Fund), a defined benefit pension plan operated by Grindrod Limited, resolved that GSSA should be included as a second participating employer of this fund and GSSA will be allocated 40% of the pension surplus which was subject to regulatory approval before this could be enacted. On 7 October 2020, the relevant regulatory approval was obtained and accordingly effective on the 31 December 2020, GSSA was included in the Fund as the second employer. US$3,150,000 (Rands 46,054,000) was transferred from Grindrod Limited’s employer surplus account to the GSSA employer surplus account established within the Fund. GSSA will not contribute to the fund in respect of the fund employees and the employer surplus account is only available for use in accordance with the Rules of the Fund. The employer surplus was initially valued at US$3,150,000 based on the quoted market prices in the active markets. Subsequent fair value change in respect of the allocated fund assets are recorded as a component of other comprehensive income. The amounts recognised in the annual financial statements in this respect are as follows:
|
DEFERRED TAX |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of deferred taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEFERRED TAX |
At the end of the reporting period, the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have not been recognised is US$2,814,000 (2021: US$2,387,000). No liability has been recognised in respect of these differences because the Group is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. |
TRADE AND OTHER PAYABLES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TRADE AND OTHER PAYABLES |
Trade and other payables are recognised at amortised cost and their carrying value approximates fair value. Charter hire is paid in advance in terms of the charter contracts. The remaining payment terms are predominately 30 days. The Group’s trade and other payables are predominantly non-interest bearing and unsecured. |
CONTRACT LIABILITIES |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 | ||||
Contract liabilities [abstract] | ||||
CONTRACT LIABILITIES |
Advances received are classified as contract liabilities in accordance with IFRS 15 Revenue from Contracts with Customers . These arise when the customers’ make payments in advance and the amounts received exceeds the revenue recognised at the end of the reporting period and it shall be recognised as revenue in the subsequent year.There were no significant changes in the contract liabilities balances during the reporting period. |
LEASES AND SHIP CHARTERS |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES AND SHIP CHARTERS |
Operating leases, in which the Group was the lessor in the prior year, related to a ship owned by the Group chartered out under bareboat charter party agreement with a lease term of 4 years, with 2 years extension option. The lease does not have an option to purchase the ship at the expiry of the lease period. The ship was sold on 1 June 2022. Maturity analysis of operating lease payments:
At 31 December 2022, the Group is committed to US$Nil (2021: US$3,249,000) for short-term leases of ships. |
LEASE LIABILITIES |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASE LIABILITIES |
(1) Principal repayment and purchase option payment are included in principal repayments of lease liabilities as disclosed under financing activities in the statement of cash flows.
Maturity analysis of lease liabilities is disclosed in Note 4. The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group’s treasury function. During the financial year 2021, one of the charter contracts requiring the recognition of a right-of-use asset and a lease liability contains variable payment terms that is linked to an index and such variable lease payments are recognised in charter hire cost in the profit or loss in the period in which the condition that triggers those payments occurs. The charter contract was renewed in May 2022, with no variable payment terms. |
BANK LOANS AND OTHER BORROWINGS |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured loan [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BANK LOANS AND OTHER BORROWINGS |
Bank loans
The facility bears interest at London Interbank Offered Rate (“LIBOR”) plus 2.95% per annum and is made up of two tranches. Tranche A and B are repayable quarterly commencing 16 August 2018 and mature on 15 May 2022 and 15 May 2023 respectively, with the option to extend for a further two years. Tranche A of US$10,000,000 has been fully repaid. Facility fees of US$1,750,000 were payable to the lender upon signing the new loan agreement. Additional fees of US$164,000 were paid on 2 June 2021 for the lender swap. These were recorded as transaction costs to the loan account to the extent the loan was drawn down. As at 31 December 2022, the outstanding balance in relation to this facility is US$10,065,000, net of US$160,000 facility fees (31 December 2021: US$13,768,000, net of US$594,000 facility fees).
The facility bears interest at LIBOR plus 2% per annum and is repayable quarterly, commencing on 6 September 2018 and matures on 6 June 2023. Facility fees of US$32,000 were payable to the lender upon signing the new loan agreement. These were recorded as transaction costs to the loan account to the extent the loan was drawn down. As at 31 December 2022, the outstanding balance in relation to this facility is US$633,000, net of US$3,000 facility fees (31 December 2021: US$1,893,000, net of US$9,000 facility fees).
On 29 July 2019, the Group entered into two term facilities, each for an amount up to US$15,720,000 to finance the acquisition of two supramax/ultramax newbuildings. The facilities bear interest at LIBOR plus 2% per annum and is repayable quarterly, commencing on 5 November 2019 and 20 December 2019 and matures on 5 August 2026 and 24 September 2026. Facility fees of US$78,600 were payable to the lender upon drawdown of each loan agreement. These were recorded as transaction costs to the loan account to the extent the loan was drawn down. As at 31 December 2022, the outstanding balances in relation to these facilities are US$24,692,000, net of US$82,000 facility fees (31 December 2021: US$26,672,000, net of US$105,000 facility fees).
On 10 February 2020, the Group entered into a senior secured term loan facility for 11 drybulk vessels for the purpose of refinancing the existing indebtedness. The facility bears interest at LIBOR plus 3.10% per annum and is repayable quarterly, commencing on 13 May 2020 and matures on 13 February 2025. Facility fees of US$1,634,137 were payable to the lender upon drawdown of the loan agreement. These were recorded as transaction costs to the loan account to the extent the loan was drawn down. On 15 September 2021, the finance agreement was amended to drawdown an additional US$23,031,000 and additional fees of US$691,000 were paid to the lender on the second drawdown. As at 31 December 2022, the outstanding balances in relation to these facilities are US$102,454,000, net of US$1,123,000 facility fees (31 December 2021: US$115,375,000, net of US$1,651,000 facility fees).
On 31 January 2020, the Group entered into a senior secured term loan facility for one drybulk vessel for the purpose of refinancing the existing indebtedness. The facility bears i ntere st at LIBOR plus 2.75% per annum and is repayable quarterly, commencing on 13 May 2020 and matures on 13 February 2025. Facility fees of US$131,300 were payable to the lender upon drawdown of the loan agreement. This was recorded as a transaction cost to the loan account to the extent the loan was drawn down. As at 31 December 2022, the outstanding balance in relation to this facility is US$10,158,000, net of US$55,700 facility fees (31 December 2021: US$11,172,000, net of US$82,000 facility fees).The bank loans are secured by cash and certain ships owned by the Group. The cash pledged and the carrying value of the ships under security charge as at 31 December 2022 are US$10,009,000 (31 December 2021: US$9,524,000) and US$330,920,000 (31 December 2021: US$346,602,000) respectively. In addition, there are charges over the relevant subsidiaries’ earnings, insurances, charter and charter guarantees and any requisition compensation. Certain of the bank loans are guaranteed by Grindrod Shipping Pte. Ltd. and/or Grindrod Shipping Holdings Limited. The bank loans are arranged at LIBOR plus the respective margins. These bear a weighted average effective interest rate of 8.16% (31 December 2021: 3.82%) per annum. These bank loan facilities contain financial covenants where the most stringent of which require the Group to maintain the following:
The Group was in compliance with its financial covenants as of 31 December 2022 and 31 December 2021. Other borrowings Other borrowings relate to US$60,750,000 (31 December 2021: US$87,550,000) in financing arrangements entered into with third parties with respect to four of the vessels in the Group we regard as owned (the borrowing relating to the Matuku was settled in May 2022). The arrangements commenced on 26 June 2019, 20 September 2019, 20 November 2019 and 16 September 2021, respectively, are payable monthly in advance and bear interest at 3 month LIBOR plus 1.7% per annum and 3 month LIBOR plus 1.75% per annum. The loans mature on 26 May 2030, 20 August 2031, 20 October 2031 and 16 August 2036. As at 31 December 2022, the outstanding balances in relation to these borrowings is US$50,966,000 (31 December 2021: US$76,786,000). The carrying value of the ships under security charge as at 31 December 2022 is US$55,557,000 (31 December 2021: US$89,827,000). |
PROVISIONS |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for onerous contracts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROVISIONS |
(i) Provision for onerous contracts represents the present value of the future charter payments that the Group is presently obligated to make under non-cancellable onerous operating charter agreements and contracts of affreightment, less charter revenue expected to be earned on the charter and contract of affreightment. The estimate may vary as a result of changes to ship running costs and charter and freight revenue. Except for short-term onerous contracts when the effect of discounting is immaterial, the rate used to discount the future charter payments is 8.56% (31 December 2021: 7.46%).
|
RETIREMENT BENEFIT OBLIGATION |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of employee benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RETIREMENT BENEFIT OBLIGATION |
The Group subsidises the medical aid contributions of certain retired employees and has an obligation to subsidise contributions of certain current employees when they reach retirement. In prior periods, the Group undertook to offer pensioners a voluntary benefit in lieu of their current medical subsidy in order to close out the liability on the statement of financial position. The proposed offer had three options, namely an annuity offer, a cash offer or to remain in the scheme. A number of employees chose the annuity and cash offer. The provision has been calculated on the remaining individuals in the scheme. The risks typically faced by the Group as a result of the post-retirement medical aid are risks relating to inflation, longevity, future changes in legislation, future changes in tax environment, perceived inequality by non-eligible employees, administration of fund and enforcement of eligibility criteria and rules. During December 2022, a valuation was performed by Alexander Forbes. Apart from paying costs of entitlement, the Group is not liable to pay additional contributions in the case the fund does not hold sufficient assets. In that case, the fund would take other measures to restore solvency. The amounts recognised in the annual financial statements in this respect are as follows:
The sensitivity analysis presented above may not be representative of the actual change in the obligation as it is unlikely that the above change in assumptions would occur in isolation of one another. GRINDROD SHIPPING HOLDINGS LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
There was no change in the methods and assumptions used in preparing the sensitivity analysis from the prior year. The average duration of the benefit obligation as at 31 December 2022 is 8 years (31 December 2021: 9 years and 2020: 10 years).
|
SHARE CAPITAL |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE CAPITAL AND PREMIUM [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE CAPITAL |
In the TMI Offer a proposal (the “Award Election Opportunity”) was made by the Offeror and the Company to the holders of outstanding awards which are unvested or vested but remain unsettled (“FSA Holders”) which was granted under the Grindrod Shipping Holdings Ltd. 2018 Forfeitable Share Plan (Note 29). On December 1, 2022, 161,984 new ordinary shares were issued to fulfil the outstanding Company Forfeitable Shares.On 1 March 2021, the Company issued 246,191 additional shares of no par value to certain employees to partially settle the 2018 FSP awards that vested on 1 March 2021. Except for treasury shares, fully paid ordinary shares, which have no par value, carry one vote per share and a right to dividends as and when declared by the company. |
OTHER EQUITY AND RESERVES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Equity And Reserves [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER EQUITY AND RESERVES |
Treasury shares
On 29 May 2020 and 27 May 2021, shareholders granted the board of directors with the authority to repurchase shares of the company. The repurchase authority expires at the next Annual General Meeting, unless renewed, and may be suspended or terminated by the company at any time without prior notice. The authority allows the company to acquire ordinary shares in the open market on NASDAQ and the JSE. On 1 December 2022, the minimum conditions of the TMI Offer were met and all awards vested. All employees agreed to transfer their shares and all treasury shares were reissued to Good Falkirk (MI). See share compensation reserve below for further information. Shares issued out of treasury shares are accounted for on a first-in first-out basis.Share compensation reserve
The Group operates the 2018 FSP, in which certain employees of the company and its subsidiaries participate. On 31 July 2018, the Group granted the participating employee’s entitlements to be settled with a specified number of ordinary shares in the company (‘Awards”) which shares will be allotted and issued in 3 equal tranches over a period of 3 years commencing on 1 March 2020. On 9 June 2020, 2 July 2021, 23 August 2021 and 29 April 2022, the Group granted additional Awards which shares will be allotted and issued in 3 equal tranches over a period of 3 years commencing on 1 March 2021 for the awards granted in 2020, 1 March 2022 for the Awards granted in 2021 and 1 March 2023 for the Awards granted in 2022. This is subject to the condition that the participating employee remains employed during the vesting period relevant to each tranche. A participant has no ownership rights (such as rights to dividends and voting) in the ordinary shares subject to the Award until such right has vested and the ordinary shares have been registered in the participant’s name. The Award is subject to the risk of forfeiture until the vesting date should the participating employee no longer be employed for the period ending on the vesting date. However, the participating employee may be settled with all or a portion of the Award as determined by the rules of the 2018 FSP depending on the reasons for termination of his employment prior to the vesting date, and, in the case of retirement or termination for a reason not specifically set out in the 2018 FSP prior to the vesting date, subject to the discretion of the Compensation and Nomination Committee. The vesting of the ordinary shares is not subject to any performance-related conditions. The Group may utilise treasury shares or issue new ordinary shares when settling shares upon a participating employee. The employee is not required to make any payment for the ordinary shares settled upon him or her but is liable for taxation thereon. At any time, the aggregate number of ordinary shares of the company may be granted under Awards that have not vested shall not exceed 5% of the ordinary shares in issue (excluding treasury shares) on the day preceding the Award. The 2018 FSP was adopted on 4 May 2018. On the date of adoption of the 2018 FSP, the company’s issued share capital comprised 1 ordinary share and accordingly no Awards could be granted thereunder. On 18 June 2018 the company’s share capital increased from 1 ordinary share to 19,063,833 ordinary shares, and from the following day the maximum number of ordinary shares that could have been granted was 953,191. Since the increase in the company share capital in 2021 the maximum number of ordinary shares that could have been granted was 965,501. As at 31 December 2021 , 862,502 ordinary shares were subject to Awards that had not been forfeited or vested and the maximum number of ordinary shares in respect of which further Awards could have been granted under the 2018 FSP in 2021 was 102,999.On 1 December 2022, the minimum conditions of the TMI Offer were met and all outstanding awards vested and were settled during the year. Details of the share aw a rds outstanding during the year are as follows:
The fair value at grant date is determined based on the share price on the date of the grant. The Group recognised total expenses during the year of US$8,134,000 relating to the 2018 FSP (2021: US$3,330,000). Hedging reserve The hedging reserve represents hedging gains and losses recognised on the effective portion of cash flow hedges. The cumulative deferred gain or loss on the hedge recognised in OCI and accumulated in hedging reserve is reclassified to profit or loss when the hedged transaction impacts the profit or loss, or is included as a basis adjustment to the non-financial hedged item, consistent with the applicable accounting policy. Translation reserve Exchange differences relating to the translation from the functional currencies of the Group’s foreign subsidiaries into United States dollars are brought to account by recognising those exchange differences in OCI and accumulating them in a separate component of equity under the header of translation reserve. Gains and losses on hedging instruments that are designated as hedges of net investments in foreign operations are also recognised in OCI and accumulated in a separate component of equity under the header of translation reserve. Merger reserve This represents the residual differences between the ‘Parent invested capital’ and the Company’s ‘share capital’ as a result of the Spin-off of GSPL and GSSA from Grindrod Limited and the residual difference between the non-controlling interest and the purchase consideration for the remaining equity interest in IVS Bulk (Note 39). |
REVENUE |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE |
A disaggregation of the Group’s revenue for the year based on timing of revenue recognition is as follows:
Management expects that 100% of the transaction price allocated to the unsatisfied contracts as of 31 December 2022 will be recognised as revenue during the next reporting period. The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. |
SEGMENT INFORMATION |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of segments abstract [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION |
The information reported to the Group’s chief operating decision maker, who are directors of the Group, for the purpose of resource allocation and assessment of segment performance is provided based on the 3 operating segments within the Group, which are also reportable segments of the Group: The Group operates a diversified fleet of owned and long-term chartered vessels across the world. The Group operates the drybulk business with a focus on the categories of vessels – namely Handysize and Supramax/Ultramax, with all others businesses categorized as Others. Accordingly, the reportable segments are: Handysize; Supramax/Ultramax and Others. The tanker business, with the reportable segments of MR Tankers and Small Tankers, was discontinued in the prior year. The segment information reported on the next pages does not include any amounts for the discontinued operation, which are described in more detail in Note 37. The reportable segments of the Group have been identified on a primary basis by the business segment which is representative of the internal reporting used for management purposes, including the chief operating decision maker, as well as the source and nature of business risks and returns. Joint-ventures financial information are included within the segment information on a proportionate consolidation basis as the Group’s chief operating decision maker reviews them together with the entities of the Group. Accordingly, joint-ventures’ proportionate financial information are adjusted out to reconcile to the consolidated financial statements in the ‘Adjustments’ column. Segment profit (i.e. Gross profit (loss)) represents the profit earned by each segment without allocation of central administration costs and directors’ salaries. This is the measure reported to the Group’s chief operating decision maker for the purposes of resource allocation and assessment of segment performance. Group activities that do not relate to the above segments are accumulated in the ‘Unallocated’ segment financial information. Revenue reported in the segments represents revenue generated from external customers. There were no inter-segment sales in 2022, 2021 and 2020. For the purpose of monitoring segment performance and allocating resources between segments, the chief operating decision maker monitors the tangible, intangible and financial assets at the consolidated Group level. It is not practical to report revenue or non-current assets on a geographical basis due to the international nature of the shipping market. For the years ended 31 December 2022, 2021 and 2020, no single customer accounted for 10% or more of the Group’s drybulk business revenue within the Handysize and Supramax/Ultramax segments.The accounting policies of the segments are the same as the Group’s accounting policies as described in Note 2. The following is an analysis of the Group’s revenue, results and additions and impairments to non-current assets by segment
|
OTHER OPERATING INCOME (EXPENSE) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of other operating income expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER OPERATING INCOME (EXPENSE) |
|
INTEREST INCOME |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of interest income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTEREST INCOME |
|
INTEREST EXPENSE |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of interest expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTEREST EXPENSE |
|
PROFIT (LOSS) BEFORE TAXATION |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of loss before taxation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROFIT (LOSS) BEFORE TAXATION |
Profit (loss) before taxation has been arrived at after charging:
* Included in administrative expense |
INCOME TAX EXPENSE (BENEFIT) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of income tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAX EXPENSE (BENEFIT) |
In December 2004, Grindrod Shipping Pte. Ltd. was granted incentives under the Approved International Shipping Enterprise (“AIS”) Scheme, with effect from 10 June 2004. The incentives to the company expired in 2014 and has been renewed through 2024 subject to compliance with specified conditions. As such, the shipping profits of Grindrod Shipping Pte. Ltd. are exempted from income tax under Section 13F of the Singapore Income Tax Act. The shipping profits of the subsidiaries incorporated in Singapore are exempted from income tax under Section 13A of the Singapore Income Tax Act. The tax rate used for the 2022, 2021 and 2020 reconciliations below is the corporate tax rate of 17% payable by corporate entities in Singapore on taxable profits under tax law in that jurisdiction. The corporate taxation rates payable by the South African entities in terms of the tax law in South Africa is 28% (2021 and 2020: 28%).
The total charge (credit) for the y e ar can be reconciled to the accounting profit (loss) as follows:
|
DISCONTINUED OPERATION |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of analysis of single amount of discontinued operations [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DISCONTINUED OPERATION |
The Group completed the sale of the remaining MR tankers and Small tankers in April 2021 as part of a plan to exit the tanker business and focus on the drybulk business. The divestments of the vessels was followed by a restructure of the staff and administration which was completed in December 2021. The MR tanker segment and the Small tanker segment were effectively discontinued as at 31 December 2021. The results of the discontinued operation, which were included in the profit (loss) for the year, were as follows:
Included in the income tax benefit for 2021 was the reversal of a tax provision of US$2,400,000. On the 7 May 2021, the United Kingdom Upper Tribunal found in the Group’s favour with respect to the tax dispute with Her Majesty’s Revenue & Customs service of the United Kingdom (“HMRC”). HMRC decided not to appeal the decision and a reversal of the tax provision was recorded in profit or loss in the line item ‘Income tax benefit (expense)’. |
ASSETS CLASSIFIED AS HELD FOR SALE |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held for sale [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS CLASSIFIED AS HELD FOR SALE |
In 2019, the Group agreed to dispose of one of GSSA’s businesses (Unicorn Tanker division) to a third party and in 2020, the Group agreed to dispose of a second GSSA business (Training school) to a third party. Management assessed the fair value less cost to sell of the assets and liabilities of the first disposal group on the date that they were classified as held for sale and recorded an impairment loss of US$3,179,000 in 2019. The assets of the disposal group were further impaired by US$576,000 in 2020 and US$2,551,000 in 2021. The conclusion of the sale process was hampered by the global pandemic in 2020. In November 2021 the agreement was cancelled and management agreed to cease the Unicorn Tanker division operations with immediate effect. The Unicorn Tanker division has been included in the discontinued operation (Note 37). Management assessed the fair value less cost to sell of the assets and liabilities of the second disposal group on the date that they were classified as held for sale and recorded an impairment loss on office equipment, furniture and fittings and motor vehicles of US$138,000 in 2020. The transaction was completed in May 2021. |
ACQUISITION OF A SUBSIDIARY |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale Of Business [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITION OF A SUBSIDIARY |
IVS Bulk Pte. Ltd. On 14 February 2020, the Group acquired additional equity interest in IVS Bulk Pte. Ltd. from its joint venture partner which increased its ownership interest from 33.5% to 66.75%. The Group elected to apply the optional concentration test in accordance with IFRS 3 Business Combinations and concluded that the ships are considered as a group of identifiable assets. Consequently, the Group determined that substantially all of the fair value of the gross assets (excluding cash and cash equivalents) acquired is concentrated in the ships and concluded that the acquired set of activities and assets is not a business.The fair value and book value of the net assets acquired amounted to US$134,818,000 and US$147,683,000 respectively. The difference between fair value and book value is allocated on a pro rata basis of relative fair values to reduce certain of the assets acquired (i.e. ships). The ships acquired and cash and cash equivalents assumed as part of the transaction amounted to US$243,596,000 and US$15,774,000 respectively. In connection with the acquisition of the additional 33.25%, the company entered into a new shareholders’ agreement with Sankaty, the remaining partner, which grants the company control of key aspects of the corporate governance of the joint venture. As such, the Group consolidates the financial statements of IVS Bulk Pte. Ltd. with effect from the date of acquisition, resulting in the decrease in the amount due from joint ventures and amount due to related parties.
Non-controlling interest of 33.25% in IVS Bulk recognised at the acquisition date was measured based on the fair value of purchase consideration of IVS Bulk and amounts to US$44.1 million. On 1 December 2020, additional funding from GSPL to IVS Bulk Pte. Ltd. of US$4,000,000 was converted to share capital in terms of the shareholders agreement. The conversion increased the shareholding of GSPL from 66.75% to 68.86%. This has been accounted as an equity transaction between the shareholders. On 1 September 2021, the Group acquired the remaining 31.14% equity stake in IVS Bulk Pte. Ltd. for US$46,634,000, comprising of US$37,219,000 for the purchase of the ordinary shares, interest on the purchase price of US$275,000, related expenses of US$53,000 and US$9,087,000 for the preference shares. The purchase consideration was used to settle the non-controlling interest of US$52,339,000 and the difference of US$5,705,000 was recognised in equity as in Merger Reserve (Note 29). |
EARNINGS PER SHARE |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit or loss [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE |
The calculation of basic and diluted earnings per share is based on the following data: From continuing operations and discontinued operation Earnings
Number of shares for the purpose of calculating basic and diluted profit (loss) per share
The shares granted under the 2018 FSP became dilutive to basic profit (loss) per share in 2021 .From continuing operations Earnings
From discontinued operation
|
DIVIDENDS |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of dividends [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DIVIDENDS |
|
NON-CONTROLLING INTEREST |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Noncontrolling Interests [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NON-CONTROLLING INTEREST |
The non-controlling interest was acquired by the Group on 1 September 2021 and the equity balance was settled as part of the purchase price. |
COMMITMENTS |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Commitments [Abstract] | ||||||||||||||||||||||||||||||||||||||||
COMMITMENTS |
The Group has entered into drydock and ballast water treatment contracts for some of its ships during the year. In terms of the agreements, the Group has committed to payments for these ships. The following has been authorised:
The expenditure will be financed out of cash resources from operations and bank loans. |
GOING CONCERN |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 | ||||
Disclosure of going concern [Abstract] | ||||
GOING CONCERN |
The historical consolidated financial information presented has been prepared on the assumption that the Group as a whole will continue to operate as going concerns. The Board of Directors has no reason to believe that the Group will not continue to operate as a going concern as disclosed in Note 4 to the consolidated financial statements. |
EVENTS AFTER THE REPORTING PERIOD |
12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||
Events after reporting date [Abstract] | |||||||||||||
EVENTS AFTER THE REPORTING PERIOD |
|
SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Significant Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statement of compliance |
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of preparation of historical consolidated financial information |
The financial statements are prepared in accordance with the historical cost basis except as disclosed in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability which market participants would take into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 Share-based Payment , leasing transactions that are within the scope of IFRS 16 Leases , and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 Inventories or value in use in IAS 36 Impairment of Assets . |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Application of new and revised International Financial Reporting Standards (IFRSs) |
From 1 January 2022, the Group has applied a number of amendments to IFRSs issued by the IASB that are mandatorily effective for an accounting period that begins on or after 1 January 2022. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. Amendments to IFRS 3 Reference to the Conceptual Framework The Group has adopted the amendments to IFRS 3 Business Combinations for the first time in the current year. The amendments update IFRS 3 so that it refers to the 2018 Conceptual Framework instead of the 1989 Framework. They also add to IFRS 3 a requirement that, for obligations within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets , an acquirer applies IAS 37 to determine whether at the acquisition date a present obligation exists as a result of past events. For a levy that would be within the scope of IFRIC 21 Levies , the acquirer applies IFRIC 21 to determine whether the obligating event that gives rise to a liability to pay the levy has occurred by the acquisition date.Amendments to IAS 16 Property, Plant and Equipment – Proceeds before intended use The Group has adopted the amendments to IAS 16 Property, Plant and Equipment for the first time in the current year. The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced before that asset is available for use, i.e. proceeds while bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Consequently, an entity recognises such sales proceeds and related costs in profit or loss. The entity measures the cost of those items in accordance with IAS 2 Inventories. The amendments also clarify the meaning of 'testing whether an asset is functioning properly'. IAS 16 now specifies this as assessing whether the technical and physical performance of the asset is such that it is capable of being used in the production or supply of goods or services, for rental to others, or for administrative purposes. If not presented separately in the statement of comprehensive income (loss), the financial statements shall disclose the amounts of proceeds and cost included in profit or loss that relate to items produced that are not an output of the entity’s ordinary activities, and which line item(s) in the statement of comprehensive income (loss), include(s) such proceeds and cost.Amendments to IAS 38 Onerous Contracts – Cost of Fulfilling a Contract The Group has adopted the amendments to IAS 37 for the first time in the current year. The amendments specify that the cost of fulfilling a contract comprises the costs that relate directly to the contract. Costs that relate directly to a contract consist of both the incremental costs of fulfilling that contract (examples would be direct labour or materials) and an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The Group has adopted the amendments included in the Annual Improvements to IFRS Accounting Standards 2018-2020 Cycle for the first time in the current year. The Annual Improvements include amendments to four standards.IFRS 9 Financial Instruments The amendment clarifies that in applying the '10 per cent' test to assess whether to derecognise a financial liability, an entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other’s behalf. IFRS 16 Leases The amendment removes the illustration of the reimbursement of leasehold improvements. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New and revised International Financial Reporting Standards (IFRSs) in issue but not yet effective | 2.4 New and revised IFRSs in issue but not yet effective The Group has not applied the following new and revised IFRSs that are relevant to the Group that were issued but are not yet effective:
The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods, except if indicated below. Amendments to IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures – Sale or Contribution of Assets between an Investor and its Associate or Joint Venture The amendments to IFRS 10 and IAS 28 deal with situations where there is a sale or contribution of assets between an investor and its associate or joint venture. Specifically, the amendments state that gains or losses resulting from the loss of control of a subsidiary that does not contain a business in a transaction with an associate or a joint venture that is accounted for using the equity method, are recognised in the parent’s profit or loss only to the extent of the unrelated investors’ interests in that associate or joint venture. Similarly, gains and losses resulting from the remeasurement of investments retained in any former subsidiary (that has become an associate or a joint venture that is accounted for using the equity method) to fair value are recognised in the former parent’s profit or loss only to the extent of the unrelated investors’ interests in the new associate or joint venture. The effective date of the amendments has yet to be set by the IASB; however, earlier application of the amendments are permitted. The directors of the Group anticipate that the application of these amendments may have an impact on the Group's consolidated financial statements in future periods should such transactions arise. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Consolidation |
The consolidated financial statements incorporate the financial statements of the Group and entities controlled by the Group (its subsidiaries) made up to 31 December each year. Control is achieved when the Group has the power over the investee, is exposed; or has rights, to variable returns from its involvement with the investee; and has the ability to use its power to affects its returns. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Group has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not the Group’s voting rights in an investee are sufficient to give it power, including; the size of the Group’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; potential voting rights held by the Group, other vote holders or other parties; rights arising from other contractual arrangements; and any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Group gains control until the date when the Group ceases to control the subsidiary. Non-controlling interests in subsidiaries are identified separately from the Group’s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may initially be measured at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity. Profit or loss and each component of other comprehensive income (loss) (OCI) are attributed to the owners of the Group and to the non-controlling interests. Total comprehensive income (loss) of the subsidiaries is attributed to the owners of the Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with the Group’s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. Changes in the Group’s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Group. When the Group loses control of a subsidiary, the gain or loss on disposal recognised in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non-controlling interests. All amounts previously recognised in other comprehensive income (loss) in relation to that subsidiary are accounted for as if the Group had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS Standards). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 when applicable, or the cost on initial recognition of an investment in an associate or a joint venture. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations |
Acquisition of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values of assets given, liabilities incurred by the Group to the former owners of the acquiree, and equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair values are adjusted against the cost of acquisition where they qualify as measurement period adjustments. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustment depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IAS 39 Financial Instruments , or IFRS 9 Provisions, Contingent Liabilities and Contingent Assets , as appropriate, with the corresponding gain or loss being recognised in profit or loss.IFRS 3 Business Combinations has an optional, simplified approach for assessing whether the Group has acquired a business or assets. Under this optional concentration test, if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the Group can conclude that the acquisition is not a business combination. The acquisition would instead be accounted for as an asset acquisition.If the Group chooses not to perform the optional concentration test, or performs the optional concentration test and determines that substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset or group of similar identifiable assets, it must assess if the acquired set of activities and assets comprises all of the required elements of a business. If the fair value of gross assets acquired in an asset acquisition is in excess of consideration, the excess will be allocated to the single identifiable asset as identified in the concentration test. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments |
Financial assets and financial liabilities are recognised on the Group’s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Financial assets The Group classifies its financial assets in the following measurement categories:
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. Classification of financial assets Debt instruments mainly comprise cash and bank balances, trade and other receivables, loans to joint ventures and amounts due from joint ventures that meet the following conditions are subsequently measured at amortised cost:
Debt instruments relating to derivative financial instruments that meet the following conditions are subsequently measured at fair value through other comprehensive income (loss) (FVTOCI):
By default, all other financial assets are subsequently measured at fair value through profit or loss (FVTPL). Amortised cost and effective interest method The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. For financial assets other than purchased or originated credit-impaired financial assets (i.e. assets that are credit-impaired on initial recognition), the effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) excluding expected credit losses (ECL), through the expected life of the debt instrument, or, where appropriate, a shorter period, to the gross carrying amount of the debt instrument on initial recognition. For purchased or originated credit-impaired financial assets, a credit-adjusted effective interest rate is calculated by discounting the estimated future cash flows, including ECL, to the amortised cost of the debt instrument on initial recognition. The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance. Interest is recognised using the effective interest method for debt instruments measured subsequently at amortised cost, except for short-term balances when the effect of discounting is immaterial. Impairment of financial assets The Group recognises a loss allowance for ECL on trade and other receivables, amounts due from joint ventures and contract assets. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the lifetime financial instrument. The Group recognises lifetime ECL for trade receivables and contract assets. The ECL on these financial assets are estimated using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. If, on the other hand, the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition instead of on evidence of a financial asset being credit-impaired at the reporting date or an actual default occurring. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. Significant increase in credit risk In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers historical loss rates for each category of customers and adjusts to reflect current and forward-looking macroeconomic factors affecting the ability of the customers to settle the receivables. The Group has identified forecast economic information that relate to international shipping operations in which it operates to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors. The following information is taken into account when assessing whether credit risk has increased significantly since initial recognition:
Irrespective of the outcome of the above assessment, the company presumes that the credit risk on a financial asset has increased since initial recognition when contractual payments are more than 90 days past due, unless the Group has reasonable and supportable information that demonstrates otherwise. The Group assumes that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date. A financial instrument is determined to have low credit risk if:
The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes past due. Definition of default The Group considers the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that receivables that meet either of the following criteria are generally not recoverable:
Irrespective of the above analysis, the Group considers that default has occurred when a financial asset is more than 120 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Credit-impaired financial assets A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:
Write-off policy The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss. Measurement and recognition of ECL The measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information as described above. As for the exposure at default, for financial assets, this is represented by the assets’ gross carrying amount at the reporting date; for financial guarantee contracts, the exposure includes the amount drawn down as at the reporting date, together with any additional amounts expected to be drawn down in the future by default date determined based on historical trend, the Group’s understanding of the specific future financing needs of the debtors, and other relevant forward-looking information. For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the company in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate. If the Group has measured the loss allowance for a financial instrument at an amount equal to lifetime ECL in the previous reporting period, but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Group measures the loss allowance at an amount equal to 12-month ECL at the current reporting date. Derecognition of financial assets The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. On derecognition of a financial asset measured at amortised cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in profit or loss. Classification as debt or equity Debt and equity instruments issued by the Group are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue cost. Repurchase of the company’s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the company’s own equity instruments. Trade and other payables Trade and other payables are initially measured at fair value and subsequently measured at amortised cost, using the effective interest method, except for short-term balances when the effect of discounting is immaterial. Bank loans Interest-bearing bank loans are initially measured at fair value and subsequently measured at amortised cost, using the effective interest method. Interest expense calculated using the effective interest method is recognised over the term of the borrowing in accordance with the company’s accounting policy for borrowing costs (see below). Derecognition of financial liabilities The Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss. Derivative financial instruments The Group enters into freight forward agreements and bunker swaps to manage its exposure to freight rate and bunker prices respectively. Further details of derivative financial instruments are disclosed in Note 11. Derivatives are initially recognised at fair value at the date the derivative contract is entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. Group designates the derivatives as hedges of highly probable forecast transactions or hedges of foreign currency risk of firm commitments (cash flow hedges). A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both legal right and intention to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instruments is more than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities. Hedge accounting The Group designates hedges of freight rate risk and bunker prices as cash flow hedges. At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument that is used in a hedging relationship is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements:
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all of its hedging relationships involving forward contracts. Note 11 contains details of the fair values of the derivative instruments used for hedging purposes. Movements in the hedging reserve in equity are also detailed in the statements of comprehensive income (loss) (“OCI”).Cash flow hedge The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in OCI and accumulated under the heading of Hedging Reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss as part of other operating expense or other operating income. Amounts previously recognised in OCI and accumulated in equity are reclassified to profit or loss in the periods when the hedged item is recognised in profit or loss in the same line of the statement of profit or loss and OCI as the recognised hedged item. However, when the forecast transaction that is hedged, results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the asset or liability. This transfer does not affect OCI. Furthermore, if the Group expects that some or all of the loss accumulated in OCI will not be recovered in the future, that amount is immediately reclassified to profit or loss. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in OCI and accumulated in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognised immediately in profit or loss. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Arrangements |
Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when the Group has a legally enforceable right to set off the recognised amounts; and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. A right to set-off must be available today rather than being contingent on a future event and must be exercisable by any of the counterparties, both in the normal course of business and in the event of default, insolvency or bankruptcy. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories |
Inventories are assets held for sale in the ordinary course of business, in the process of production for such sale or in the form of materials or supplies to be consumed in the production process or in the rendering of services. Inventories which include bunkers on board ships and other consumable stores are valued at the lower of cost and net realisable value. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale. Cost is determined on a first-in first-out basis. Spares on board ships are charged against income when issued to the ships. When inventories are sold, the carrying amount is recognised as part of cost of sales. Any write-down of inventories to net realisable value and all losses of inventories or reversals of previous write-downs or losses are recognised in cost of sales in the period the write-down, loss or reversal occurs. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ships, Property, Plant and Equipment |
Ships, property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged so as to write off the cost of assets other than freehold land and buildings and ships under construction over their estimated useful lives, using the straight-line method, on the following bases:
The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis. Ships and properties in the course of construction for production, rental or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognised impairment loss. Depreciation of these assets, on the same bases as other assets, commences when the assets are available for use. Ships are measured at cost less accumulated depreciation and adjusted for any accumulated impairment losses and reversals of such losses. Cost comprises acquisition cost and costs directly related to the acquisition up until the time when the asset is ready for use, including interest expense incurred to finance the vessel during the period. The market average useful life of a ship is estimated to range from 25 to 30 years at which point it would usually be scrapped. The Group policy is to maintain a young fleet compared to the market average and estimates useful life as 15 years from date of delivery for new ships. Ships are depreciated on a straight-line basis to an estimated residual value over their useful life. From time to time, the Group’s ships are required to be drydocked for inspection and re-licensing at which time major repairs and maintenance that cannot be performed while the ships are in operation are generally performed. The Group capitalises the costs associated with drydocking as they occur and depreciates these costs on a straight-line basis over 2.5 to 5 years, which is generally the period until the next scheduled drydocking. A portion of the cost of acquiring a new ship is estimated and allocated to the components expected to be replaced or refurbished at the next scheduled drydocking. If the ship is disposed before the next drydocking, the carrying amount of drydocking expenses is included in determining the gain or loss on disposal of the ship and taken to the profit or loss. If the period to the next drydocking is shorter than expected, the undepreciated balance of the deferred drydocking cost is charged immediately as an expense before the next drydocking. Fully depreciated ships, plant and equipment still in use are retained in the financial statements. Assets that are held for rental are initially classified as ships, property, plant and equipment. When these assets cease to be rented and a decision is made to sell these assets, the carrying amount is transferred to inventories. Upon sale of these assets, the sales value is recorded in gross revenue and the related carrying value of these assets (held as inventories) is recorded in cost of sales. In relation to these assets that are held for rental, the cash payments to acquire such assets and subsequently cash proceeds from the sale of such assets are classified as cash flows from operating activities. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets |
Intangible assets acquired in a business combination are identified and recognised separately from goodwill. The cost of such tangible assets is their fair value at the acquisition date. Subsequent to initial recognition, they are stated on the same basis as intangible assets acquired separately. Intangible assets acquired separately are reported at cost less accumulated amortisation and accumulated impairment losses. Intangible assets with finite useful lives are amortised on a straight-line basis over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each annual reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives are not amortised. Each period, the useful lives of such assets are reviewed to determine whether events and circumstances continue to support an indefinite useful life assessment for the asset, such events are tested for impairment in accordance with the policy below. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of Tangible and Intangible Assets Excluding Goodwill |
At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risk specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is indication that the asset may be impaired. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill |
Goodwill arising in a business combination is recognised as an asset at the date that control is acquired (the acquisition date). Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer’s previously held equity interest (if any) in the entity over net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the Group’s interest in the fair value of the acquiree’s identifiable net assets exceeds the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain. Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period. On disposal of a subsidiary or the relevant cash generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments |
Other investments relates to pension fund surplus from a defined benefit pension plan where the accounting policy is included in Note 2.21. Other investments are measured at fair value. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases |
The Group as lessee The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses the incremental borrowing rate specific to the lessee. Lease payments included in the measurement of the lease liability comprise:
The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:
The Group did not make any such adjustments during the periods presented. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. The costs are included in the related right-of-use asset, unless those costs are incurred to produce inventories. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the right-of-use asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the ‘Ships, property, plant and equipment’ policy. The Group has identified that the contracts between the pools and vessels owners described in Note 2.18 below, meet the definition of leases under IFRS 16 and the share of third party vessel owners’ net earnings of the pool represents variable lease payments. Variable payments that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included in the line ‘Voyage expenses’ for expenses relating to ships and ‘Administrative expense’ for all other expenses in the consolidated statement of profit or loss. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Group has used this practical expedient. The Group as lessor The Group enters into lease agreements as a lessor with respect to its vessels and these are classified as operating leases. When the Group is an intermediate lessor, it accounts for the head lease and the sublease as two separate contracts. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease. Charter hire revenue (rental income from operating leases) is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest in Joint Ventures |
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The results and assets and liabilities of joint ventures are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operation . Under the equity method, an investment in a joint venture is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group’s share of the profit or loss and OCI of the joint venture. When the Group’s share of losses of a joint venture exceeds the Group’s interest in that joint venture (which includes any long-term interests that, in substance, form part of the Group’s net investment in the joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.An investment in a joint venture is accounted for using the equity method from the date on which the investee becomes a joint venture. On acquisition of the investment in a joint venture, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. The requirements of IAS 36 Impairment of Assets applied to determine whether it is necessary to recognise any impairment loss with respect to the Group’s investment in a joint venture. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount, any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases.The Group discontinues the use of the equity method from the date when the investment ceases to be a joint venture, or when the investment is classified as held for sale. When the Group retains an interest in the former joint venture and the retained interest is a financial asset, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition in accordance with IFRS 9 Financial Instruments. The difference between the carrying amount of the joint venture at the date the equity method was discontinued, and the fair value of any retained interest and any proceeds from disposing of a part interest in the joint venture is included in the determination of the gain or loss on disposal of the joint venture. In addition, the Group accounts for all amounts previously recognised in OCI in relation to that joint venture on the same basis as would be required if that joint venture had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in OCI by that joint venture would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when the equity method is discontinued.The Group continues to use the equity method when the investment in a joint venture becomes an investment in an associate. There is no remeasurement to fair value upon such changes in ownership interests. When the Group reduces its ownership interest in a joint venture but the Group continues to use the equity method, the Group reclassifies to profit or loss, the proportion of the gain or loss that had previously been recognised in OCI relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities. When a Group entity transacts with a joint venture of the Group, profits and losses resulting from the transactions with the joint venture are recognised in the Group’s consolidated financial statements only to the extent of interests in the joint venture that are not related to the Group. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current assets and disposal groups held for sale |
Non-current assets (and disposal groups) classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. A discontinued operation is a component of the Group that has been disposed of or is classified as held-for-sale and that represents a separate major line of business and is part of a single co-ordinated plan to dispose of such a line of business. The results of discontinued operation are presented separately in the consolidated statement of profit and loss. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue recognition and voyage expenses |
Vessel revenue The primary source of revenue for the Group is vessel revenue; comprising of charter hire of ships and freight revenue. Charter hire - The Group earns hire revenue by placing its vessels on time charter, bareboat charter and in pool arrangements. The performance obligations within pool and time-charter contracts include the bareboat charter and the operation of the vessel. Hire revenue is recognised over time as the Group satisfies its obligation based on time elapsed between the delivery of a vessel to a charterer and the redelivery of a vessel from the charterer.For time and bareboat charter contracts, hire is typically invoiced bi-monthly or monthly in advance and hire revenue is accrued based on the daily hire rates. Other variable hire components of the contract, such as off-hire and speed claims, are recognised only to the extent that it is highly probable that a significant reversal will not occur when the uncertainty is subsequently resolved. In a small number of charters, the Group may earn profit share consideration, which occurs when actual spot rates earned by the vessel exceed certain thresholds for a period of time. For pool arrangements, the Group has two types of such arrangements: 1) pool arrangements that are controlled and managed by the Group namely, IVS Handysize Pool and IVS Supramax Pool; and 2) Pool arrangements operated by third parties in which the Group’s owned vessels are placed. An assessment is performed to determine who is the principal and agent in such arrangements. Indicators that the Group as the pool manager is a principal in a pool arrangement are:
The Group has evaluated that it has the exclusive rights as the pool manager and hence it is a principal in the IVS Handysize and IVS Supramax Pool arrangements. In such arrangements, the Group recognizes total amount of the gross revenue earned by the pools as the revenue which it expects to be entitled for the satisfaction of the performance obligation and correspondingly, it also recognizes the share of third party vessel owners’ net earnings of the pool in the voyage expenses in the period incurred. The Group has identified that the contracts between the pools and vessels owners to contain a lease in accordance with IFRS 16. Refer to Note 2.15 Leases for further discussion. On the other hand, for third party pool arrangements that the Group’s vessels participate in, the Group recognises revenue from these pool arrangements based on its portion of the net distributions reported by the relevant pool, which represents the net voyage revenue of the pool after voyage expenses and pool manager fees. The net distribution is computed based on pool index and the participation days of the Group’s vessels in these third party pool arrangements. The pool index is variable and dependent on the participating vessels within the pool. Freight revenue – The Group recognises freight revenue for each specific voyage which is usually priced on a current or "spot" market rate and then adjusted for predetermined criteria. The performance obligations for freight revenue commence from the time the ship is ready at the load port until the cargo has been delivered at the discharge port. The revenue will be recognised over the duration of the voyage between the two points, as measured using the time that has elapsed from commencement of performance at the load port. Management assesses the stage of completion as determined by the proportion of the total time expected for the voyage that has elapsed at the end of the reporting period as an appropriate measure of progress towards complete satisfaction of these performance obligations and the revenue is recognised in accordance with the calculated stage of completion. The duration of a single voyage will typically be less than three months. Demurrage and despatch are considered at contract inception and estimates are updated throughout the contract period. The consideration for demurrage and despatch will be recognised in the period within which such consideration was incurred. A contract asset is recognised over the period in which the freight services are performed representing the entity’s right to consideration for the services performed as at the end of the reporting period.Sale of ships, bunkers and other consumables The Group generates revenue from the sale of ships, bunkers and other consumables. Revenue is recognised when control of the ships, bunkers and other consumables have been delivered to the buyer. The Group only has the right to the consideration at the point of transfer of the asset. Management fees The Group also generates revenue from the management and operation of vessels owned by third parties and by equity- accounted investees as well as providing corporate management services to such entities. The performance obligations within these contracts will typically consist of crewing, technical management, insurance and potentially commercial management. The performance obligations are satisfied concurrently and consecutively rendered over the duration of the management contract, as measured using the time that has elapsed from commencement of performance. Consideration for such contracts will generally consist of a fixed monthly management fee, plus the reimbursement of crewing and other costs for vessels being managed. Management fees are typically invoiced monthly. Voyage expenses Voyage expenses that relate directly to a contract include charter hire expenses, fuel expenses and port expenses. Contract costs are deferred and amortised over the course of the voyage on a percentage completion basis that is consistent with the revenue recognition. This percentage of completion is derived from time elapsed between the tender of readiness to load a cargo or delivery of a vessel to a charterer, and the completion of discharging a cargo or redelivery of a vessel from a charterer. Contract costs are recognised as an asset if they represent incremental costs of obtaining a contract or fulfilment costs that (i) relate directly a contract or to an anticipated contract, (ii) generate or enhance resources to be used in meeting obligations under the contract and (iii) are expected to be recovered. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowing Costs |
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payments |
Equity-settled share options – Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value excludes the effect of non-market-based vesting conditions. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in Note 29. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the number of equity instruments that will eventually vest. At each reporting date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to reserves. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefit Costs |
Payments to defined contribution retirement benefit plans are charged as an expense when employees have rendered the services entitling them to the contributions. Payments made to state-managed retirement benefit schemes, such as the Singapore Central Provident Fund, and South African defined contribution provident funds, are dealt with as payments to defined contribution plans where the Group’s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan. Current contributions to the defined contribution funds are charged against income when incurred. The cost of providing benefits to the defined benefit plan are determined and expensed using the projected unit credit actuarial valuation method. Contribution rates to the defined benefit plan are adjusted for any unfavourable experience adjustments. Favourable experience adjustments are retained within the fund. For defined benefit retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Actuarial surpluses are brought to account in the annual financial statements only when it is clear that economic benefits will be available to the Group. These surpluses are recognised immediately in the statement of financial position with a charge or credit to the statement of comprehensive income (loss) in the period in which they occur.Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognised in OCI in the period in which they occur. Remeasurement recognised in OCI is reflected immediately in retained earnings and will not be reclassified to profit or loss. Past service cost is recognised in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorised as follows:
The Group presents the first two components of defined benefit costs in profit or loss in the line item ‘Administrative expense’. Curtailment gains and losses are accounted for as past service costs. The retirement benefit obligation recognised in the consolidated statement of financial position represents the actual deficit or surplus in the Group’s defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans. A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Leave Entitlement |
Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the end of the reporting period. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions |
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Onerous contracts Present obligations arising under onerous contracts are recognised and measured as a provision. An onerous contract is considered to exist where the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract which include both the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. Before a separate provision for an onerous contract is established, the Group recognises any impairment loss that has occurred on assets used in fulfilling the contract. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax |
Income tax (benefit) expense in profit or loss represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in statement of profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are not taxable or tax deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted in countries where the company and subsidiaries operate by the end of the reporting period. Deferred tax is recognised on the differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. A provision is recognised for those matters for which the tax determination is uncertain but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on management judgement supported by previous experience in respect of such activities and in certain cases based on specialist independent tax advice. Deferred tax liabilities are recognised on taxable temporary differences arising on investments in subsidiaries and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset realised based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax are recognised as an expense or income in profit or loss, except when they relate to items credited or debited outside profit or loss (either in OCI or directly in equity), in which case the tax is also recognised outside profit or loss (either in OCI or directly in equity, respectively), or where they arise from the initial accounting for a business combination. In the case of a business combination, the tax effect is taken into account in calculating goodwill or determining the excess of the acquirer’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities over cost. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Transactions and Translation |
The individual financial statements of each Group entity are measured and presented in the currency of the primary economic environment in which the entity operates (its functional currency which is either United States dollars or South African Rands). The consolidated financial statements of the Group are presented in United States Dollars and are rounded to the nearest thousands. In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing on the end of the reporting period. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences arising on the settlement of monetary items, and on retranslation of monetary items are included in profit or loss for the year. Exchange differences arising on the retranslation of non-monetary items carried at fair value are included in profit or loss for the year except for differences arising on the retranslation of non-monetary items in respect of which gains and losses are recognised directly in OCI. For such non-monetary items, any exchange component of that gain or loss is also recognised directly in OCI. Exchange differences on foreign currency borrowings relating to assets under construction for future productive use, are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings. For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group’s foreign operations (including comparatives) are expressed in United States Dollars using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognised in OCI and accumulated in a separate component of equity under the header of translation reserve. On the disposal of a foreign operation (i.e. a disposal of the Group’s entire interest in a foreign operation, or a disposal involving loss of control over a subsidiary that includes a foreign operation, loss of joint control over a jointly controlled entity that includes a foreign operation, or loss of significant influence over an associate that includes a foreign operation), all of the accumulated exchange differences in respect of that operation attributable to the Group are reclassified to profit or loss. Any exchange differences that have previously been attributed to non-controlling interests are derecognised, but they are not reclassified to profit or loss. In the case of a partial disposal (i.e. no loss of control) of a subsidiary that includes a foreign operation, the proportionate share of accumulated exchange differences are re-attributed to non-controlling interests and are not recognised in profit or loss. For all other partial disposals (i.e. of associates or jointly controlled entities not involving a change of accounting basis), the proportionate share of the accumulated exchange differences is reclassified to profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the rate of exchange prevailing at the end of each reporting period. Exchange differences arising are recognised in OCI. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents in the Statement of Cash Flows |
Cash and cash equivalents in the statement of cash flows comprise cash on hand and demand deposits that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. |
SIGNIFICANT ACCOUNTING POLICIES (Tables) |
12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||
Disclosure Of Significant Accounting Policies [Abstract] | ||||||||||||||||
Disclosure of detailed information about useful lives of property plant and equipment [Text Block] | Depreciation is charged so as to write off the cost of assets other than freehold land and buildings and ships under construction over their estimated useful lives, using the straight-line method, on the following bases:
|
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments financial risks and capital management [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments [text block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality Of Financial assets And Exposure To Credit Risk [Text Block] |
The tables below detail the credit quality of the Group’s financial assets and other items, as well as maximum exposure to credit risk by credit risk rating grades:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about Assets and liabilities in functional currency [Text Block] |
At the end of the reporting period, the significant carrying amounts of monetary liabilities and monetary assets denominated in currencies other than the respective Group entities’ functional currencies are as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about foreign currency basis spreads strengthens by 10 % in profit or loss [Text block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information maturity analysis for non-derivative financial liabilities [Text block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information maturity analysis for derivative financial liabilities [Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about financial instruments measured at fair value on recuring basis [Text block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information significant unobservable inputs used in fair value measurement of assets [Text Block] |
|
RELATED PARTIES TRANSACTIONS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of related parties transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about transactions between related parties [Text Block] |
The remuneration of the directors and other members of key management is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures .
|
CASH AND BANK BALANCES INCLUDING RESTRICTED CASH (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of cash and cash equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about cash and bank balances [Text Block] |
|
TRADE RECEIVABLES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Trade And Other Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About Allowance For Doubtful Debts On Trade Receivables [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About Trade Receivables [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About Assessment Of Recoverability Of Outstanding Balances [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About Movement In Loss Allowances [Table Text Block] |
Movement in the loss allowance:
|
OTHER RECEIVABLES AND PREPAYMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Other Receivables and Prepayments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information for prepayments and other receivables text block [Table Text Block] |
|
LOANS TO JOINT VENTURES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS TO JOINT VENTURES [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about loans to joint ventures |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About Loans Recognized Credit Impaired Lifetime [Table Text Block] |
The following table shows the movement in lifetime ECL – credit impaired lifetime ECL that has been recognised for loans to joint venture:
|
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward freight agreements and bunker swaps [Table Text Block] | Forward freight agreements and bunker swaps - analysed between:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Outstanding Forward Freight Agreements Maturity [Table Text Block] | The Group has entered into a number of forward freight agreements in the normal course of business in order to hedge against open positions in the fleet from contracts of affreightment and exposure to earnings on the spot market. As at 31 December 2022, there are no outstanding forward freight agreements. As at 31 December 2021, there were 23 outstanding forward freight agreements, maturing as follows: 2021 Current assets Derivative instruments in designated hedge ac c ounting relationships:
Non-current assets Derivative instruments in designated hedge accounting relationships:
Current liabilities Derivative instruments in designated hedge ac c ounting relationships:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Detailed Information of Number of Bunker Swaps [Table Text Block] | The Group has entered into a number of bunker swaps, as follows: 2022 Current assets Derivative instruments in designated hedge accounting relationships:
Current liabilities Derivative instruments in designated hedge accounting relationships:
2021 Current assets Derivative instruments in designated hedge accounting relationships:
Current liabilities Derivative instruments in designated hedge accounting relationships:
|
INVENTORIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about inventories text block [Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Detailed Information of Reclassification of Ships as Inventoriestext block [Text Block] | (a) Ships reclassified from ships, property, plant and equipment as inventories is reconciled as follows:
|
SHIPS, PROPERTY, PLANT AND EQUIPMENT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ships property plant and equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [text block] |
|
RIGHT-OF-USE ASSETS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of quantitative information about right-of-use assets [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of group leases | The Group leases several assets including office property, residential property, ships and ship equipment which are disclosed as right-of-use assets.
|
SUBSIDIARIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Significant Investments In Subsidiaries Explanatory [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About Subsidiaries In Consolidated Financial Statements [Text Block] | Details of the Group’s subsidiaries at the end of the reporting period are as follows:
|
INTEREST IN JOINT VENTURES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about Joint venture [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About joint ventures [Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About interest in joint ventures [Text Block] |
Details of the joint ventures are as follows:
|
INTANGIBLE ASSETS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLE ASSETS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about intangible assets [text block] |
|
GOODWILL (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about goodwill [Table Text Block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about cost of goodwill [Table Text Block] |
Goodwill acquired in a business combination is allocated, at acquisition, to the CGUs that are expected to benefit from that business combination. Before recognition of impairment losses, the cost of goodwill had been allocated as follows:
|
OTHER INVESTMENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of amounts recognised in the annual financial statements |
The amounts recognised in the annual financial statements in this respect are as follows:
|
DEFERRED TAX (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of deferred taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about deferred tax liabilities and assets [Text Block] |
|
TRADE AND OTHER PAYABLES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade and other payables [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about trade and other payable [Table Text Block] |
|
LEASES AND SHIP CHARTERS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of maturity analysis of operating lease payments [text block] |
Maturity analysis of operating lease payments:
|
LEASE LIABILITIES (Table) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease liabilities [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About Movement In Lease Liabilities |
(1) Principal repayment and purchase option payment are included in principal repayments of lease liabilities as disclosed under financing activities in the statement of cash flows. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About Lease Liabilities |
|
BANK LOANS AND OTHER BORROWINGS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured loan [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Long Term Borrowings [Table Text Block] |
|
PROVISIONS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for onerous contracts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about provision for onerous contract [Text Block] |
(i) Provision for onerous contracts represents the present value of the future charter payments that the Group is presently obligated to make under non-cancellable onerous operating charter agreements and contracts of affreightment, less charter revenue expected to be earned on the charter and contract of affreightment. The estimate may vary as a result of changes to ship running costs and charter and freight revenue. Except for short-term onerous contracts when the effect of discounting is immaterial, the rate used to discount the future charter payments is 8.56% (31 December 2021: 7.46%). |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about analysis of provision for onerous contract Text block [Text Block] |
|
RETIREMENT BENEFIT OBLIGATION (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of employee benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of net defined benefit liability (asset) [text block] | The amounts recognised in the annual financial statements in this respect are as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of principal actuarial assumptions used [text block] |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of sensitivity analysis for actuarial assumptions [text block] | There was no change in the methods and assumptions used in preparing the sensitivity analysis from the prior year. The average duration of the benefit obligation as at 31 December 2022 is 8 years (31 December 2021: 9 years and 2020: 10 years).
|
SHARE CAPITAL (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in equity [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about share capital and share premium [Table Text Block] |
|
OTHER EQUITY AND RESERVES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Equity And Reserves [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About Other Reserves [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Treasury Shares Explanatory [Table Text Block] |
Treasury shares
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About Share Option Reserves [Table Text Block] |
Share compensation reserve
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about share awards outstanding [Table Text Block] |
Details of the share aw a rds outstanding during the year are as follows:
|
REVENUE (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Detailed Information About Timing Of Revenue [Table Text Block] | A disaggregation of the Group’s revenue for the year based on timing of revenue recognition is as follows:
|
SEGMENT INFORMATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of segments abstract [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of operating segments [text block] | The following is an analysis of the Group’s revenue, results and additions and impairments to non-current assets by segment
|
OTHER OPERATING INCOME (EXPENSE) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of other operating income expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information for other operating expenses income [Text Block] |
|
INTEREST INCOME (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of interest income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information for interest income [Text Block] |
|
INTEREST EXPENSE (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of interest expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information for interest expense [Text Block] |
|
PROFIT (LOSS) BEFORE TAXATION (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of loss before taxation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information regarding adjustments to reconcile profitloss before tax [Text Block] | Profit (loss) before taxation has been arrived at after charging:
* Included in administrative expense |
INCOME TAX EXPENSE (BENEFIT) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of income tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about adjustments for income tax expense [Text Block] | The corporate taxation rates payable by the South African entities in terms of the tax law in South Africa is 28% (2021 and 2020: 28%).
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about income tax reconciliation [Text Block] | The total charge (credit) for the y e ar can be reconciled to the accounting profit (loss) as follows:
|
DISCONTINUED OPERATION (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of analysis of single amount of discontinued operations [abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of analysis of single amount of discontinued operations [text block] | The results of the discontinued operation, which were included in the profit (loss) for the year, were as follows:
|
ASSETS CLASSIFIED AS HELD FOR SALE (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held for sale [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Assets Comprising The Disposal Group Classified Held For Sale [Table Text Block] |
|
ACQUISITION OF A SUBSIDIARY (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale Of Business [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about business combination |
|
EARNINGS PER SHARE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit or loss [abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of detailed information about earnings per share | The calculation of basic and diluted earnings per share is based on the following data: From continuing operations and discontinued operation Earnings
Number of shares for the purpose of calculating basic and diluted profit (loss) per share
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of earnings per share basic and diluted from continuing operations explanatory | Earnings
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of earnings per share basic and diluted from discontinuing operations explanatory |
|
DIVIDENDS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of dividends [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of dividend distributions to equity holders |
|
NON-CONTROLLING INTEREST (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About Noncontrolling Interests [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Detailed Information About Noncontrolling Interests [Table Text Block] |
|
COMMITMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||
Commitments [Abstract] | |||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about capital commitments text block [Text Block] | The following has been authorised:
|
GENERAL (Detail Textual) |
Dec. 19, 2022 |
Oct. 12, 2022 |
---|---|---|
Disclosure Of Basis Of Presentation Abstract [Abstract] | ||
Equity method investment ownership percentage | 73.78% | |
Percentage of outstanding shares | 83.23% |
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Disclosure of financial assets [abstract] | ||
Financial assets | $ 88,178 | $ 149,039 |
Disclosure of financial liabilities [abstract] | ||
Financial liabilities | 255,001 | 313,400 |
Financial liabilities at amortised cost, category [member] | ||
Disclosure of financial liabilities [abstract] | ||
Amortised cost | 254,863 | 312,696 |
Derivative instruments designated in hedge accounting relationships [Member] | ||
Disclosure of financial liabilities [abstract] | ||
Financial liabilities | 138 | 704 |
Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets [abstract] | ||
Financial assets at amortised cost | 88,127 | 143,058 |
Derivatives [member] | ||
Disclosure of financial assets [abstract] | ||
Financial assets | $ 51 | $ 5,981 |
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 1) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
Statement1 [Line Items] | ||||
Gross carrying amount | $ 34,243 | $ 33,661 | ||
Loss allowance | (660) | (684) | ||
Net carrying amount | $ 33,583 | $ 32,977 | ||
Trade receivables [member] | ||||
Statement1 [Line Items] | ||||
Internal Credit rating | [1] | (i) | (i) | |
12-month or lifetime ECL | Lifetime ECL (Simplified approach) | Lifetime ECL (Simplified approach) | ||
Gross carrying amount | $ 11,950 | $ 9,657 | ||
Loss allowance | (660) | (684) | ||
Net carrying amount | $ 11,290 | $ 8,973 | ||
Contract assets [member] | ||||
Statement1 [Line Items] | ||||
Internal Credit rating | [1] | (i) | (i) | |
12-month or lifetime ECL | Lifetime ECL (Simplified approach) | Lifetime ECL (Simplified approach) | ||
Gross carrying amount | $ 1,313 | $ 3,686 | ||
Loss allowance | 0 | 0 | ||
Net carrying amount | $ 1,313 | $ 3,686 | ||
Other Receivables [Member] | ||||
Statement1 [Line Items] | ||||
Internal Credit rating | Performing | Performing | ||
12-month or lifetime ECL | 12-month ECL | 12-month ECL | ||
Gross carrying amount | $ 20,980 | $ 20,308 | ||
Loss allowance | 0 | 0 | ||
Net carrying amount | $ 20,980 | $ 20,308 | ||
Loans to Joint Venture [Member] | ||||
Statement1 [Line Items] | ||||
Internal Credit rating | Doubtful | |||
12-month or lifetime ECL | Lifetime ECL | |||
Gross carrying amount | $ 10 | |||
Loss allowance | 0 | |||
Net carrying amount | $ 10 | |||
|
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 2) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement1 [Line Items] | ||
Financial liabilities | $ 255,001 | $ 313,400 |
Financial assets | 88,178 | 149,039 |
United States dollars [Member] | ||
Statement1 [Line Items] | ||
Financial liabilities | (554) | (564) |
Financial assets | 584 | 1,099 |
South African rands [Member] | ||
Statement1 [Line Items] | ||
Financial liabilities | (1,629) | (4,877) |
Financial assets | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 3) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
United States dollars [Member] | ||
Statement1 [Line Items] | ||
Impact on profit or loss in foreign currency strengthen by 10 % | $ 3 | $ 54 |
South africa rands [Member] | ||
Statement1 [Line Items] | ||
Impact on profit or loss in foreign currency strengthen by 10 % | $ (163) | $ (488) |
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 7) - Recurring fair value measurement [member] - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Forward freight agreements one [Member] | ||
Financial Liabilities | ||
Financial liabilities | $ 0 | $ (611) |
Swap contract [member] | ||
Financial Liabilities | ||
Financial liabilities | (138) | (93) |
Forward freight agreements one [Member] | ||
Financial Assets | ||
Financial assets | 0 | 5,720 |
Swap contract [member] | ||
Financial Assets | ||
Financial assets | $ 51 | $ 261 |
FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL MANAGEMENT (Details 8) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Financial assets | ||
Derivative financial instruments | $ 51 | $ 5,981 |
Financial liabilities | ||
Derivative financial instruments | (138) | (704) |
Level 1 | ||
Financial assets | ||
Derivative financial instruments | 0 | 0 |
Financial liabilities | ||
Derivative financial instruments | 0 | 0 |
Level 2 | ||
Financial assets | ||
Derivative financial instruments | 51 | 5,981 |
Financial liabilities | ||
Derivative financial instruments | (138) | (704) |
Level 3 | ||
Financial assets | ||
Derivative financial instruments | 0 | 0 |
Financial liabilities | ||
Derivative financial instruments | $ 0 | $ 0 |
RELATED PARTIES TRANSACTIONS (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Disclosure of holding company and related parties transactions [Line Items] | |||
Interest income | $ 2,228 | $ 201 | $ 467 |
Joint ventures where entity is venturer [member] | |||
Disclosure of holding company and related parties transactions [Line Items] | |||
Interest income | 0 | 0 | 157 |
Technical management fee income | 0 | 0 | 354 |
Agency Fees from joint ventures | 3 | 3 | 83 |
Dividend income | 0 | 0 | 536 |
Charter hire and other related revenue | 0 | 0 | 679 |
Charter hire and other related expenses | 0 | 0 | (6,025) |
Payments on behalf of a joint venture | 0 | 0 | (7,987) |
Repayment of preference shares by a joint venture | 0 | 0 | 2,569 |
Settlement of interest bearing loan | $ 0 | $ 0 | $ 5,382 |
RELATED PARTIES TRANSACTIONS (Details 1) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
Disclosure of holding company and related parties transactions [Line Items] | |||||
Short-term benefits | $ 7,954 | $ 9,200 | $ 4,073 | ||
Share-based payments | [1] | 5,108 | 1,479 | 769 | |
Total director's remuneration | $ 13,062 | $ 10,679 | $ 4,842 | ||
|
CASH AND BANK BALANCES INCLUDING RESTRICTED CASH (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Disclosure of cash and bank balances [Line Items] | ||
Restricted cash, current portion | $ 5,667 | $ 2,875 |
Cash on hand | 494 | 518 |
Cash at bank | 46,067 | 103,725 |
Cash and bank balances | 52,228 | 107,118 |
Less: Restricted cash, current portion | (5,667) | (2,875) |
Cash and cash equivalents in the statements of cash flows | 46,561 | 104,243 |
Restricted cash | ||
Current and Non Current | 10,009 | 9,524 |
Short Term [Member] | ||
Restricted cash | ||
Current | 5,667 | 2,875 |
Long Term [Member] | ||
Restricted cash | ||
Non-current | $ 4,342 | $ 6,649 |
TRADE RECEIVABLES (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement1 [Line Items] | ||
Trade receivables | $ 11,950 | $ 9,507 |
Less: Allowances for doubtful debts | (660) | (684) |
Trade receivables before receivable from the pools and after allowance for credit losses | 11,290 | 8,823 |
Trade receivables due from the Pools | 0 | 150 |
Total trade receivables, net | $ 11,290 | $ 8,973 |
TRADE RECEIVABLES (Details 4) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Disclosure Detail Of Assessment Of Recoverability Of Outstanding Balances From Impaired Debtors [Line Items] | |||
Gross carrying amount | $ 11,290 | $ 8,973 | |
Less: Allowances for doubtful debts | (660) | (684) | |
Carrying amount net of allowance | 11,290 | 8,973 | |
Credit impaired debtors including the debtor whose invoice is in dispute [member] | Expected credit losses individually assessed [member] | |||
Disclosure Detail Of Assessment Of Recoverability Of Outstanding Balances From Impaired Debtors [Line Items] | |||
Gross carrying amount | 660 | 684 | |
Less: Allowances for doubtful debts | (660) | (684) | $ 0 |
Carrying amount net of allowance | $ 0 | $ 0 |
TRADE RECEIVABLES (Details 5) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disclosure In Tabular Form Of Movement In Loss Allowances Of Credit Impaired Debtors [Line Items] | ||
Balance at 1 January | $ (684) | |
Balance at 31 December | (660) | $ (684) |
Expected credit losses individually assessed [member] | Credit impaired debtors including the debtor whose invoice is in dispute [member] | ||
Disclosure In Tabular Form Of Movement In Loss Allowances Of Credit Impaired Debtors [Line Items] | ||
Balance at 1 January | (684) | 0 |
Net remeasurement of loss allowance | (16) | (681) |
Amount written off | 7 | 0 |
Effect of foreign exchange differences | 1 | (3) |
Balance at 31 December | $ (660) | $ (684) |
TRADE RECEIVABLES (Details Textual) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Disclosure Of Trade And Other Receivables [Abstract] | |
Disclosure of Risk Profile of Trade Receivables | The expected credit loss rate is considered immaterial for trade receivables outstanding for less than 120 days. For trade receivables past due for more than 120 days, the Group would recognise a loss allowance of 100% except for the adjustment to factors that are specific to the debtors, because historical experience has indicated that these receivables are generally not recoverable. |
CONTRACT ASSETS (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Contract Assets [Line Items] | ||
Allowance for credit loss on contract assets | $ 660 | $ 684 |
Contract assets period for which the same is due | 30 years | 30 years |
Top of range [member] | ||
Contract Assets [Line Items] | ||
Trade receivables outstanding period for which expected credit loss rate is not considered | 120 years | 120 years |
Contract assets [member] | ||
Contract Assets [Line Items] | ||
Allowance for credit loss on contract assets | $ 0 | $ 0 |
OTHER RECEIVABLES AND PREPAYMENTS (Details) - USD ($) |
Dec. 31, 2022 |
Jun. 16, 2022 |
Dec. 31, 2021 |
Jun. 07, 2021 |
---|---|---|---|---|
Current: | ||||
Deposits | $ 269,000 | $ 809,000 | ||
Prepayments | 4,026,000 | 2,051,000 | ||
Voyages in progress | 17,085,000 | 15,076,000 | ||
Loan receivables | 0 | $ 600,000 | 613,000 | $ 600,000 |
Due from joint ventures | 0 | 6,000 | ||
Other receivables | 3,686,000 | 3,869,000 | ||
Other receivables and prepayments current | 25,066,000 | 22,424,000 | ||
Non-current: | ||||
Prepayments | 860,000 | 380,000 | ||
Prepayments and accrued income other than contract assets | $ 25,926,000 | $ 22,804,000 |
OTHER RECEIVABLES AND PREPAYMENTS (Details Textual) - USD ($) |
Dec. 31, 2022 |
Jun. 16, 2022 |
Dec. 31, 2021 |
Jun. 07, 2021 |
---|---|---|---|---|
Disclosure of Other Receivables and Prepayments [Abstract] | ||||
Loan receivables | $ 0 | $ 600,000 | $ 613,000 | $ 600,000 |
LOANS TO JOINT VENTURES (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Current assets: | ||
Loans to joint ventures | $ 0 | $ 10 |
Joint ventures [member] | ||
Current assets: | ||
Loans to joint ventures | $ 0 | $ 10 |
LOANS TO JOINT VENTURES (Parenthetical) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Statement1 [Line Items] | |||
Recovery Of Loans And Advances Previously Written Off | $ 29,000 | ||
Repayment of loans due from joint venture | $ 39,000 | $ 788,000 | $ 5,127,000 |
LOANS TO JOINT VENTURES (Details 1) - Joint ventures where entity is venturer [member] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disclosure of joint ventures [line items] | ||
Loss allowance previously written off recognised in profit or loss on changes in credit risk | $ (29) | $ 0 |
Amount recovered | 29 | 0 |
Balance | $ 0 | $ 0 |
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Assets | ||
Current assets | $ 51 | $ 5,370 |
Non-current assets | 0 | 611 |
Liabilities | ||
Current liabilities | $ (138) | $ (704) |
INVENTORIES (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement1 [Line Items] | ||
Bunkers and other consumables at cost | $ 15,278 | $ 13,909 |
Ships recognised as inventories | 0 | 0 |
Ships reclassified from property plant and equipment as held for sale asset (Note 13) | 28,853 | 48,935 |
Sale of ships recognised as inventories | (28,853) | (48,935) |
Inventories | $ 15,278 | $ 13,909 |
INVENTORIES (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement1 [Line Items] | ||
Reclassified Asset as Inventories | $ 28,853 | $ 48,935 |
Accumulated depreciation [member] | ||
Statement1 [Line Items] | ||
Reclassified Asset as Inventories | (12,444) | (8,982) |
Impairment [member] | ||
Statement1 [Line Items] | ||
Reclassified Asset as Inventories | 0 | (12,287) |
Cost [member] | ||
Statement1 [Line Items] | ||
Reclassified Asset as Inventories | $ 41,297 | $ 70,204 |
INVENTORIES (Details Textual) - USD ($) |
Jun. 01, 2022 |
Apr. 20, 2021 |
Apr. 14, 2021 |
Apr. 12, 2021 |
---|---|---|---|---|
Disclosure Of Inventories [Abstract] | ||||
Purchase Consideration | $ 29,981,000 | $ 6,800,000 | $ 21,400,000 | $ 21,400,000 |
INTEREST IN JOINT VENTURES (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement1 [Line Items] | ||
Cost of investment in joint ventures | $ 9 | $ 9 |
Share of post acquisition (loss) profit, net of dividends received | (1) | 4 |
Carrying amount | $ 8 | $ 13 |
INTEREST IN JOINT VENTURES (Details 1) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement1 [Line Items] | ||
Cost of investment in joint ventures | $ 9 | $ 9 |
Tri-View Shipping Pte. Ltd. [member] | ||
Statement1 [Line Items] | ||
Principal activity | Dormant | |
Country of incorporation | Singapore | |
Proportion of ownership interest and voting power held by the Group | 51.00% | 51.00% |
Cost of investment in joint ventures | $ 9 | $ 9 |
Leopard Tankers Pte. Ltd. [member] | ||
Statement1 [Line Items] | ||
Principal activity | Dormant | |
Country of incorporation | Singapore | |
Proportion of ownership interest and voting power held by the Group | 0.00% | 50.00% |
INTEREST IN JOINT VENTURES (Details Textual) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Statement1 [Line Items] | |||
Unrecognised share of losses of joint ventures | $ 5,000 | $ 31,000 | $ 2,476,000 |
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement1 [Line Items] | ||
Balance | $ 227 | |
Balance | 186 | $ 227 |
Cost [member] | ||
Statement1 [Line Items] | ||
Balance | 2,029 | 7,669 |
Additions | 126 | 6 |
Disposal | 0 | (2) |
Derecognition of intangible asset | 1,173 | 5,412 |
Effect of foreign currency exchange differences | (89) | (232) |
Balance | 893 | 2,029 |
Accumulated amortisation [member] | ||
Statement1 [Line Items] | ||
Balance | (1,802) | (3,942) |
Derecognition of intangible asset | (1,173) | (2,127) |
Amortisation | 155 | 165 |
Effect of foreign currency exchange differences | (77) | (178) |
Balance | (707) | (1,802) |
Impairment [member] | ||
Statement1 [Line Items] | ||
Balance | 0 | (3,322) |
Derecognition of intangible asset | 0 | (3,284) |
Effect of foreign currency exchange differences | 0 | (38) |
Balance | $ 0 | $ 0 |
INTANGIBLE ASSETS (Details Textual) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
licenses [member] | |
Statement1 [Line Items] | |
Intangible Assets Other than Goodwil useful Life | 3 years |
GOODWILL (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Statement1 [Line Items] | |||
Balance | $ 0 | ||
Impairment | 985 | $ 1,046 | $ 16,282 |
Balance | 0 | 0 | |
Cost [member] | |||
Statement1 [Line Items] | |||
Balance | 3,305 | 3,928 | |
Derecognition of goodwill | 0 | 604 | |
Effects of foreign currency exchange differences | (13) | (19) | |
Balance | 3,292 | 3,305 | 3,928 |
Accumulated impairment [member] | |||
Statement1 [Line Items] | |||
Balance | (3,305) | (2,968) | |
Impairment | 0 | 965 | |
Derecognition of goodwill | 0 | (604) | |
Effects of foreign currency exchange differences | (13) | (24) | |
Balance | $ (3,292) | $ (3,305) | $ (2,968) |
GOODWILL (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Statement1 [Line Items] | |||
Goodwill | $ 0 | $ 0 | |
Gross carrying amount [member] | |||
Statement1 [Line Items] | |||
Goodwill | 3,292 | 3,305 | $ 3,928 |
Gross carrying amount [member] | Parcel Service [Member] | |||
Statement1 [Line Items] | |||
Goodwill | 203 | 216 | |
Island Trading and Shipping [Member] | Gross carrying amount [member] | |||
Statement1 [Line Items] | |||
Goodwill | $ 3,089 | $ 3,089 |
GOODWILL (Details Textual) |
12 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
| |
Other operating income (expense) | |
Statement1 [Line Items] | |
Impairment loss recognised in profit or loss, intangible assets and goodwill | $ 965,000 |
OTHER INVESTMENTS (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disclosure of defined benefit plans [line items] | ||
Recognised asset at 1 January | $ 3,730 | $ 3,150 |
Interest income | 442 | 0 |
Recognised in other comprehensive income in the current year | (207) | 835 |
Translation | (251) | (255) |
Present value of other investment at 31 December | $ 3,714 | $ 3,730 |
Discount rate (p.a.) | 12.20% | 13.70% |
OTHER INVESTMENTS (Details Textual) - Grindrod Pension Fund [member] - Grindrod Shipping South Africa [Member] |
Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
ZAR (R)
|
---|---|---|
Disclosure of defined benefit plans [line items] | ||
Percentage of participation | 40.00% | 40.00% |
Surplus (deficit) in plan | $ 3,150,000 | R 46,054,000 |
DEFERRED TAX (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Deferred taxation analysed by major category: | ||
Other timing differences | $ 1,304 | $ 2,123 |
Deferred tax liability (asset) | 1,304 | 2,123 |
Reconciliation of deferred taxation: | ||
Opening balance | 2,123 | 1,138 |
Deferred tax on the actuarial gain | (45) | (25) |
Exchange differences | (109) | (174) |
Closing balance | 1,304 | 2,123 |
Continue operations [member] | ||
Reconciliation of deferred taxation: | ||
Credit to profit or loss for the year | (665) | 547 |
Discontinued operations [member] | ||
Reconciliation of deferred taxation: | ||
Credit to profit or loss for the year | $ 0 | $ 637 |
DEFERRED TAX (Detail Textuals) - USD ($) |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement1 [Line Items] | ||
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | $ 2,814,000 | $ 2,387,000 |
TRADE AND OTHER PAYABLES (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement1 [Line Items] | ||
Trade payables | $ 10,035 | $ 7,675 |
Accrued expenses | 19,250 | 25,671 |
Others | 454 | 688 |
Trade and other payables | 29,739 | 34,034 |
Non-current trade and other payables | (140) | (160) |
Current trade and other payables | $ 29,599 | $ 33,874 |
LEASES AND SHIP CHARTERS (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Disclosure of maturity analysis of operating lease payments [line items] | ||
Undiscounted operating lease payments to be received | $ 0 | $ 2,081 |
Year 1 | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Undiscounted operating lease payments to be received | $ 0 | $ 2,081 |
LEASES AND SHIP CHARTERS (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement1 [Line Items] | ||
Current lease liabilities | $ 22,058 | $ 27,375 |
Ships [member] | ||
Statement1 [Line Items] | ||
Current lease liabilities | $ 0 | $ 3,249,000 |
Ship Owned [Member] | ||
Statement1 [Line Items] | ||
Operating lease remaining lease term | 4 years | |
Operating lease option to extend | 2 years |
LEASE LIABILITIES - (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Lease Liabilities [Line Items] | |||
Current portion | $ 22,058 | $ 27,375 | |
Non-current portion | 4,055 | 5,896 | |
Lease liabilities | 26,113 | 33,271 | |
Restatement [Member] | |||
Lease Liabilities [Line Items] | |||
Current portion | 22,058 | 27,375 | |
Non-current portion | 4,055 | 5,896 | |
Lease liabilities | $ 26,113 | $ 33,271 | $ 51,244 |
BANK LOANS AND OTHER BORROWINGS (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Secured – at amortised cost: | ||
Bank Loans | $ 148,002 | $ 168,880 |
Other borrowings | 50,966 | 76,786 |
Borrowings | 198,968 | 245,666 |
Analysed between: | ||
Current | 33,330 | 28,020 |
Non-current portion | 165,638 | 217,646 |
Total | 198,968 | 245,666 |
Interest payable (included in bank loans) | 1,752 | 743 |
Non-current portion of non-current borrowings | 165,638 | 217,646 |
Within 2 to 5 years [member] | ||
Analysed between: | ||
Non-current portion of non-current borrowings | 138,809 | 170,666 |
More than 5 years [member] | ||
Analysed between: | ||
Non-current portion of non-current borrowings | $ 26,829 | $ 46,980 |
PROVISIONS (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Provision for onerous contracts | |||
Provision for onerous contracts | $ 592 | $ 1,019 | $ 80 |
Total Provisions | $ 592 | $ 1,019 |
PROVISIONS (Details 1) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Analysis of provision for onerous contracts: | ||
At beginning of the year | $ 1,019 | $ 80 |
Provision raised | 592 | 1,019 |
Released to profit or loss | (1,019) | (80) |
At the end of the financial year | $ 592 | $ 1,019 |
PROVISIONS (Details textual) |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Provision for onerous contracts [Abstract] | ||
Discount rate in onerous contract provision | 8.56% | 7.46% |
RETIREMENT BENEFIT OBLIGATION (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement1 [Line Items] | ||
Recognised liability at beginning of the year | $ 1,613 | $ 1,819 |
Recognised in profit or loss in the current year | 159 | 177 |
Interest on obligation | 159 | 177 |
Other | 1,397 | 1,613 |
Actuarial losses | (156) | (85) |
Translation | (101) | (147) |
Employer payments | (118) | (151) |
Present value of unfunded obligation recognised as a liability at end of year | 1,397 | 1,613 |
Current portion | 125 | 124 |
Non-current portion | $ 1,272 | $ 1,489 |
The principal actuarial assumptions applied in the determination of fair values include: | ||
Health care cost inflation | 7.80% | 7.80% |
Discount rate | 11.90% | 10.40% |
CPI inflation | 6.30% | 5.80% |
Continuation at retirement | 100.00% | 75.00% |
RETIREMENT BENEFIT OBLIGATION (Details 2) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement1 [Line Items] | ||
Present value of unfunded obligations | $ 1,397 | $ 1,613 |
Present value of obligations in excess of plan assets | $ 1,397 | $ 1,613 |
RETIREMENT BENEFIT OBLIGATION (Details Textual) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Statement1 [Line Items] | |||
Weighted average duration of defined benefit obligation | 8 years | 9 years | 10 years |
SHARE CAPITAL (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Issued and paid up: | ||
Number of shares, Balance | 825,163 | 56,975 |
Number of shares, Balance | 0 | 825,163 |
Share capital, Balance | $ 319,635 | $ 254,019 |
Share capital, Balance | $ 287,449 | $ 319,635 |
Share capital [member] | ||
Issued and paid up: | ||
Number of shares, Balance | 19,310,024 | 19,063,833 |
Number of shares, Issue of ordinary shares | 161,984 | 246,191 |
Number of shares, Balance | 19,472,008 | 19,310,024 |
Share capital, Balance | $ 320,683 | $ 320,683 |
Share capital, Issue of ordinary shares | 0 | 0 |
Share capital, Balance | $ 320,683 | $ 320,683 |
SHARE CAPITAL (Details Textual) |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 2022
shares
|
Mar. 31, 2021
shares
|
Dec. 31, 2022
shares
|
|
Statement1 [Line Items] | |||
Number of shares issued | 475,515 | ||
Ordinary shares [member] | 2018 FSP [Member] | |||
Statement1 [Line Items] | |||
Number of shares issued | 161,984 | ||
Certain Employees [Member] | Ordinary shares [member] | 2018 FSP [Member] | |||
Statement1 [Line Items] | |||
Stock issued during the period shares | 246,191 |
OTHER EQUITY AND RESERVES (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Statement1 [Line Items] | |||
Treasury shares | $ 0 | $ (11,870) | |
Share compensation reserve | 0 | 4,777 | $ 3,954 |
Hedging reserve | (1,337) | 5,457 | |
Translation reserve | (10,700) | (9,783) | |
Merger reserve | (12,649) | (12,649) | |
Other reserves | $ (24,686) | $ (24,068) |
OTHER EQUITY AND RESERVES (Details 1) - shares |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disclosure Of Treasury Shares [Line Items] | ||
Number of shares, Balance | 825,163 | 56,975 |
Acquisition of shares | 825,163 | |
Reissued to employees under the Forfeitable Share Plan | (56,975) | |
Reissued to Offeror under the TMI Offer | (825,163) | |
Number of shares, Balance | 0 | 825,163 |
Treasury Share [member] | ||
Disclosure Of Treasury Shares [Line Items] | ||
Number of shares, Balance | 11,870,000 | 387,000 |
Acquisition of shares | 11,876,000 | |
Reissued to employees under the Forfeitable Share Plan | (393,000) | |
Reissued to Offeror under the TMI Offer | (11,870) | |
Number of shares, Balance | 0 | 11,870,000 |
OTHER EQUITY AND RESERVES (Details 2) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement1 [Line Items] | ||
Balance | $ 4,777 | $ 3,954 |
Share-based payments expenses | 8,134 | 3,330 |
Treasury shares issued to employees under the Forfeitable Share Plan | (12,911) | (2,507) |
Balance | $ 0 | $ 4,777 |
REVENUE (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Over time: | |||
Charter hire | $ 193,631 | $ 210,079 | $ 81,212 |
Freight revenue | 236,327 | 245,179 | 122,766 |
Vessel revenue | 429,958 | 455,258 | 203,978 |
Management fees | 521 | 581 | 1,526 |
Other | 521 | 581 | 1,526 |
At a point in time: | |||
Sale of ships | 29,600 | 0 | 4,937 |
Sale of bunkers and other consumables | 381 | 0 | 241 |
Ship sales | 29,981 | 0 | 5,178 |
Revenue | $ 460,460 | $ 455,839 | $ 210,682 |
REVENUE (Details Textual) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Statement1 [Line Items] | |
Percentage of Unsatisfied Revenue Expected to be Recognized | 100.00% |
SEGMENT INFORMATION (Details Textual) |
12 Months Ended |
---|---|
Dec. 31, 2022 | |
Drybulk carrier business [Member] | |
Statement1 [Line Items] | |
Customer risk percentage | 10.00% |
OTHER OPERATING INCOME (EXPENSE) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Disclosure of other operating income expense [Abstract] | |||
Reversal of (impairment loss) recognised on ships (Note 13) | $ 1,707 | $ 3,557 | $ (5,148) |
(Impairment loss) reversal of impairment recognised on right-of-use assets (Note 14) | (985) | 1,046 | 0 |
Impairment loss on goodwill (Note 18) | 0 | (965) | 0 |
Reversal of (impairment loss) on financial assets | 45 | (2) | (1) |
Foreign exchange gain (loss) | (512) | 95 | 4,868 |
Gain on disposal of plant and equipment | 36 | 14 | 0 |
Gain on disposal of right-of-use asset | 0 | 104 | 0 |
Other operating expense | (2) | 0 | (12) |
Other operating income | 52 | 0 | 0 |
Total Other operating (expense) income | $ 341 | $ 3,849 | $ (293) |
INTEREST INCOME (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Disclosure of interest income [Abstract] | |||
Interest on loans to joint ventures (Note 5) | $ 0 | $ 0 | $ 112 |
Bank interests | 1,776 | 201 | 355 |
Other interests | 452 | 0 | 0 |
Interest income | $ 2,228 | $ 201 | $ 467 |
INTEREST EXPENSE (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Disclosure of interest expenses [Abstract] | |||
Interest on bank loans | $ 14,119 | $ 6,231 | $ 7,128 |
Interest on non-bank loan | 0 | 1,808 | 2,797 |
Amortisation of upfront fees on bank loans | 1,539 | 1,263 | 1,831 |
Other finance cost | 61 | 1,095 | 870 |
Interest on lease liabilities | 1,414 | 1,901 | 2,480 |
Interest Expense | $ 17,133 | $ 12,298 | $ 15,106 |
INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Current tax | |||
In respect of the current year | $ 428 | $ 513 | $ 181 |
Withholding taxes | 127 | 48 | 10 |
In respect of prior years | (463) | (132) | 0 |
Current tax expense (income) and adjustments for current tax of prior periods | 92 | 429 | 191 |
Deferred tax | |||
In respect of the current year | 665 | (547) | (2) |
Deferred tax expense (income) | 665 | (547) | (2) |
Tax expense (income), continuing operations | $ 757 | $ (118) | $ 189 |
INCOME TAX EXPENSE (BENEFIT) (Details 1) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Statement1 [Line Items] | |||
Loss before tax | $ 104,124 | $ 132,529 | $ (34,788) |
Income tax expense (benefit) calculated at corporate rate | 17,701 | 22,530 | (5,914) |
Adjusted for: | |||
Effect of income that is exempt from tax | (32,053) | (27,890) | (2,967) |
Effect of expenses that are not deductible in determining taxable profit | 15,025 | 6,204 | 9,905 |
Effect of different tax rates of subsidiaries operating in other jurisdictions | 420 | (878) | (849) |
Effect of income not taxable in determining taxable profit | 0 | 0 | 4 |
Overprovision of current tax in prior year | (463) | (132) | 0 |
Withholding tax | 127 | ||
Tax expense (income), continuing operations | $ 757 | $ (118) | $ 189 |
INCOME TAX EXPENSE (BENEFIT) (Details Textual) |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Singapore [Member] | ||
Statement1 [Line Items] | ||
Applicable tax rate | 17.00% | |
South africa [Member] | ||
Statement1 [Line Items] | ||
Applicable tax rate | 28.00% | 28.00% |
DISCONTINUED OPERATION (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Cost of Sales | ||
Loss before taxation | $ (5,878) | $ (5,589) |
Tanker business [Member] | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Revenue | 52,980 | 68,535 |
Cost of Sales | ||
Voyage expenses | (421) | (1,601) |
Vessel operating costs | (1,942) | (9,509) |
Charter hire costs | 0 | (3,851) |
Depreciation of ships, drydocking and plant and equipment– owned assets | 0 | (1,846) |
Depreciation of ships and ship equipment – right-of-use assets | 0 | (1,739) |
Other expenses | (61) | (582) |
Cost of ship sale | (50,580) | (38,356) |
Gross (loss) profit | (24) | 11,051 |
Other operating expense | (2,986) | (13,264) |
Administrative expense | (2,253) | (3,173) |
Share of (losses) profit of joint ventures | (1) | 1,531 |
Interest income | 35 | 98 |
Interest expense | (649) | (1,832) |
Income tax benefit (expense) | 2,713 | (534) |
Net loss attributable to discontinued operation (attributable to the owners of the Company) | $ (3,165) | $ (6,123) |
DISCONTINUED OPERATION (Detail 1) - Tanker business [Member] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Disclosure Of Summary Of Cash Flows From Discontinued Operations [Line Items] | ||
Cash generated from (used in) from operating activities | $ 21,902 | $ 29,845 |
Cash generated from (used in) from investing activities | 962 | (1,492) |
Cash used in financing activities | $ (25,949) | $ (25,723) |
DISCONTINUED OPERATION (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Disclosure Of Summary Of Cash Flows From Discontinued Operations [Line Items] | |||
Adjustment of current tax of prior period | $ (463) | $ (132) | $ 0 |
Her Majesty Revenue And Customs [Member] | |||
Disclosure Of Summary Of Cash Flows From Discontinued Operations [Line Items] | |||
Adjustment of current tax of prior period | $ 2,400,000 |
ASSETS CLASSIFIED AS HELD FOR SALE (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Disclosure Of Assets Comprising The Disposal Group Classified Held For Sale [Abstract] | |||
Net assets of disposal group held for sale as at 1 January | $ 0 | $ 3,254 | |
Sale of business during the year | 0 | (100) | |
Movements during the year on assets held for sale | 0 | (60) | |
Impairment of disposal group held for sale | 0 | (2,551) | $ (576) |
Effect of foreign currency exchange differences | 0 | (543) | |
Net assets of disposal group held for sale as at 31 December | $ 0 | $ 0 | $ 3,254 |
ASSETS CLASSIFIED AS HELD FOR SALE (Details Textual) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Statement1 [Line Items] | ||||
Impairment loss recognised on assets of disposal group | $ 0 | $ 2,551,000 | $ 576,000 | |
Grindrod Shipping South Africa [Member] | ||||
Statement1 [Line Items] | ||||
Gain (loss) on measurement to fair value less cost to sell of the assets and liabilities of disposal group | 138,000 | |||
Accumulated impairment [member] | ||||
Statement1 [Line Items] | ||||
Impairment loss recognised on assets of disposal group | $ 2,551,000 | $ 576,000 | $ 3,179,000 |
ACQUISITION OF A SUBSIDIARY (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2020 |
---|---|---|
Disclosure of detailed information about business combination [line items] | ||
Cash and bank balances including restricted cash | $ 15,774,000 | $ 15,774 |
Other receivables and prepayments | 694 | |
Due from related parties | 2,512 | |
Inventories | 485 | |
Ships, property, plant and equipment | 243,596,000 | 243,883 |
Right-of-use assets | 87 | |
Bank loans | (125,517) | |
Other payables | (2,690) | |
Due to related parties | (33) | |
Lease liabilities | (90) | |
Fair value of net identifiable assets acquired | 135,105 | |
Total purchase consideration | (44,087) | |
Less: cash and bank balances including restricted cash | $ 15,774,000 | 15,774 |
Payment for acquisition of subsidiary, net of cash acquired | $ (28,313) |
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Loss for the purpose of basic earnings per share | |||
Net profit (loss) attributable to the shareholders of the Group | $ 103,367 | $ 118,925 | $ (38,795) |
Effect of dilutive potential on ordinary shares | 0 | 0 | 0 |
Profit (loss) for the purposes of diluted profit (loss) per share | $ 103,367 | $ 118,925 | $ (38,795) |
Number of shares for the purpose of calculating basic and diluted profit/(loss) per share | |||
Weighted average number of ordinary shares for the purpose of basic profit/(loss) per share | 18,949,972 | 19,150,787 | 18,966,414 |
Effect of dilutive potential ordinary shares due to FSP share awards | 0 | 861,168 | 0 |
Weighted average number of ordinary shares for the purpose of diluted profit/(loss) per share | 18,949,972 | 20,011,955 | 18,966,414 |
Basic profit (loss) per share | $ 5.45 | $ 6.21 | $ (2.05) |
Diluted profit (loss) per share | $ 5.45 | $ 5.94 | $ (2.05) |
EARNINGS PER SHARE (Details 1) - shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Profit or loss [abstract] | |||
Number of shares | 0 | 0 | 650,333 |
EARNINGS PER SHARE (Details 3) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Profit or loss [abstract] | |||
Net profit (loss) attributable to the shareholders of the Group | $ 103,367 | $ 118,925 | $ (38,795) |
Adjustments to exclude loss for the year from discontinued operation | 0 | 3,165 | 6,123 |
Profit (loss) from continuing operations for the purpose of basic Profit (loss) per share from continuing operations | 103,367 | 122,090 | (32,672) |
Profit (loss) for the purposes of diluted profit (loss) per share from continuing operations | $ 103,367 | $ 122,090 | $ (32,672) |
Basic profit (loss) per share | $ 5.45 | $ 6.38 | $ (1.72) |
Diluted profit (loss) per share | $ 5.45 | $ 6.1 | $ (1.72) |
EARNINGS PER SHARE (Details 4) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Profit or loss [abstract] | |||
Basic profit (loss) per share | $ 0 | $ 0.17 | $ 0.33 |
Diluted profit (loss) per share | $ 0 | $ 0.16 | $ 0.33 |
DIVIDENDS (Details Textual) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Discloures Of Dividend [Line Items] | |||
Interim dividend paid | $ 135,877 | $ 13,546 | $ 0 |
Twenty Two March Two Thousand and Twenty Two [Member] | |||
Discloures Of Dividend [Line Items] | |||
Interim dividend paid | $ 13,650 | $ 13,546 | $ 0 |
Interim dividend per share | $ 0.72 | $ 0.72 | $ 0 |
Twenty June Two Thousand and Twenty Two [Member] | |||
Discloures Of Dividend [Line Items] | |||
Interim dividend paid | $ 8,910 | $ 0 | $ 0 |
Interim dividend per share | $ 0.47 | $ 0 | $ 0 |
Nineteen September March Two Thousand and Twenty Two [Member] | |||
Discloures Of Dividend [Line Items] | |||
Interim dividend paid | $ 15,957 | $ 0 | $ 0 |
Interim dividend per share | $ 0.84 | $ 0 | $ 0 |
First December Two Thousand and Twenty Two [Member] | |||
Discloures Of Dividend [Line Items] | |||
Interim dividend paid | $ 97,360 | $ 0 | $ 0 |
Interim dividend per share | $ 5 | $ 0 | $ 0 |
NON-CONTROLLING INTEREST (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Disclosure Of Detailed Information About Non controlling Interests [Line Items] | |||
Acquisition of the non-controlling interest of IVS Bulk Pte. Ltd. (Note 39) | $ (46,634) | $ 44,087 | |
IVS Bulk Pte Ltd [Member] | |||
Disclosure Of Detailed Information About Non controlling Interests [Line Items] | |||
Balance at 1 January | $ 0 | 41,782 | |
Acquisition of the non-controlling interest of IVS Bulk Pte. Ltd. (Note 39) | 0 | (52,339) | |
Share of profit (loss) for the year | 0 | 10,557 | |
Balance at 31 December | $ 0 | $ 0 | $ 41,782 |
COMMITMENTS (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
With in one year | ||
Statement1 [Line Items] | ||
Contractual capital commitments | $ 1,399 | $ 887 |
J?VLE,TKRNT<[5+AXG;+>;\,A
M4\L!BDY!=1H_:S6LVT!M^FA,)S%'3JU#U./ZEF6[3D/ZE-82MWO+.Q[W5_!*
M+W@89JN!@E52*GVS;_.".:%Z"#:&PU&5C\Z>FD93KR^M)6[WEAW4?=WL:1]<
M/4Q?]QH/VE;WI8'$K<9I,H6'%L2PK,\+HX)^W+)HR83V@T,[W)N+NE.+V!7:
M^1>HTB,2X_]NH:35E;Y5[4[1O*[0SM4N72EI=Z6O;J&D[@9UE:@)PV1DV$ZE
M$C5Q?=,Q[(9*)*6_).W^T@OD*B]&_^2U ?V(FJNQ'?+-^=$EFM<5VKF [$#!JC1%E;W^LNRB7J+/=G D
MCU$D ! ^[.(3@B&(Z8[X/=X(Y(#$">) X$80+J&4
M)J813&:R=X:I1.081%3#"QV!E_[7!UW^_1"2X/I15A)6#S>H)QLH8I.T9HAH
M0A-KZ8JUY9K*J,83ZL>36;W90O)3HQ^RP@*<5) 1]IX@';;=6>Z'I<5V*.1
MTE03 ^K:!@PB4M,U(HJM[HBUY$!0JF&%^F%%%_+F>;L.EF7]W()EE3I@Z? *H*Y=!_5#H0K_2>.'=(54JR*LZSAG27DMW)_'A9P[>!I),=!4+?^-MW$#;"TF?T(>4TUWY8I9@=,VC
MKK0Z4.!JDB97C0F ;Q5-UXJFPU^5OS$M\G!Q":6!NISQ;W7]>E@&K#LOA[6M
MR$DNS*)B*&]2VH1!NX/GMA"%=> OOQ3\^YUKG;%7)4KXLK>2G5U,-R$@ZSL'
MBN9RC@@']P)XRE89AGA OG)C3#L?N?$) FK@GZ$1=0PD4L:S*]#YNB4B[
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M1 _W=Y(1PB;/^+C1$;)0L>95( =?5Y?P82?_S:6\J4GTPM-0L@<$ #"$6'@
M$)5;(D>;BJG]4J/,/A4^PL?T<@H:"H7-T'28H>H[JN^AE$F*6:-U)>GV60$1
MLJW*:,E"QGHB7(7F[*@,]H&WRHFXWGCGU+]\5MBN<*.O$0W674XCI4ZAA@>-
MMV5>T',*!S,5/',L.Z*J]%9X^'HG BRNE'$/N2$Y9RXYDJ&0C6N$X8!,7C#P
M$'4)(T;[VZ4SM-VW4%AMML='4 FB8!8HM4T2=".6&9G 4ERU+'[VW[U4IQ*,
MOD
#@\VE](G?=.
MW_&SK^[TG2T+HW/UU0E?+A;2;3XH8]?O>Z->]>!&S^8%/=@_?;>4,W6KBF_+
MKPZ_]FLIJ5ZHW&N;"Z>R][VST
G.ZB@SQRI
MK;YDW63H;H^H(.YB.ND8,XX36>WL/,JL^ N3%);5E)4;]S5$4/-\J _9/(7?*9&PO=V]R:W-H965T