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"value": "NotesNote 1 \u2013 General informationMPC Container Ships ASA (\u201cthe Company\u201d) is a public limited liability company (Norwegian: allmennaksjeselskap) incorporated and domiciled in Norway, with registered address at Rusel\u00f8kkveien 34, 0251 Oslo, Norway, and Norwegian registered enterprise number 918 494 316. The Company was incorporated on January 9, 2017 and commenced operations in April 2017, when the first vessels were acquired. These consolidated financial statements comprise the Company and its subsidiaries (together referred to as \u201cthe Group\u201d). The principal activity of the Group is to invest in and to operate maritime assets in the container shipping segment.The shares of the Company are listed at the Oslo Stock Exchange under the ticker symbol MPCC. MPC Container Ships ASA is the parent company in the Group. The financial statements were approved by the Company\u2019s Board of Directors on March 23, 2023.Note 2 \u2013 Basis of preparationThe consolidated financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.Going concern assumption The financial statements are prepared based on the going concern assumption.Financial statement classificationThe Group presents assets and liabilities in the statement of financial position based on the current or non-current classification. Current assets are assets that are: +expected to be realized in the entity\u2019s normal operating cycle; +held primarily for the purpose of trading; +expected to be realized within twelve months after the reporting period; or +cash and cash equivalents (unless restricted).The current share of long-term assets or liabilities will be classified as current. All other assets are non-current.Current liabilities are those that are: +expected to be settled within the entity\u2019s normal operating cycle; +held for purpose of trading; or +due to be settled within twelve months; or +for which the entity does not have an unconditional right to defer settlement beyond twelve months.All other liabilities are non-current. If a liability has become payable given a breach of an undertaking under a long-term loan agreement, the liability is classified as current.The income statement of the Group is presented using the cost of sales method.The cash flow statement of the Group is prepared using the indirect method.Basis of measurementThe consolidated financial statements were prepared on the basis of historical cost, except for assets and liabilities measured at fair value from financial instruments, including derivatives.The Group\u2019s financial year corresponds to the calendar year.Basis of consolidationThe consolidated financial statements comprise the financial statements of MPC Container Ship ASA and its subsidiaries as at December 31, 2022. The assets and liabilities, expenditure and income may only be included in the consolidated financial statements for subsidiaries over which the Group has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In general, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has control over an investee, including: +the contractual arrangement with the other vote holders of the investee; +rights arising from other contractual arrangements; and +the Group\u2019s voting rights and potential voting rights.The consolidation of subsidiaries is carried out from the date on which the Group obtains the control over such companies and subsidiaries continue to be consolidated until the date that such control ceases. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets, liabilities, non-controlling interest and other components of equity while any resulting gain is recognized in profit or loss. Any investment retained is recognized at fair value.The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All intercompany balances, income and expenses, unrealized gains and losses as well as cash flows resulting from intercompany transactions are eliminated in full.Non-controlling interests represent the portion of comprehensive income and net assets that is not held by the Group and are presented separately in the consolidated statement of comprehensive income and within equity in the consolidated statement of financial position, separately from the Company\u2019s shareholders\u2019 equity.The Group has included the subsidiaries listed in Note 27 in the consolidated financial statements. Functional and presentation currencyThe consolidated financial statements are presented in US Dollar (USD), which is the functional currency of the parent company of the Group. All financial information presented in USD has been rounded to the nearest thousand USD, except otherwise indicated.Climate-related risksWhen preparing the consolidated financial statements, the Group considers climate-related risk, where these could potentially impact reported amounts materially. The areas in which the Group has assessed climate-related risks at the end of 2022 are included in Note 4.New and amended standards and interpretations The Group\u2019s intention is to adopt the relevant new and amended standards and interpretations when they become effective, subject to EU approval before the consolidated financial statements are issued. No new standards or interpretations implemented in 2022 had a material impact on the consolidated financial statements.Standards issued but not yet effectiveThe new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.Amendments to IFRS 17 \u2013 Insurance Contracts In May 2017, the IASB issued IFRS 17 insurance Contracts (FRS 17), a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. This standard is not applicable to the Group.Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: +What is meant by right to defer settlement +That a right to defer must exist at the end of the reporting period +That classification is unaffected by the likelihood that an entity will exercise its deferral right +That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The Group is currently assessing the impact of the amendments will have on current practice and our existing loan agreements.Amendments to IAS 8 \u2013 Accounting EstimatesIn February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of \u2018accounting estimates\u2019. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Earlier application is permitted as long as this fact is disclosed. The amendments are not expected to have a material impact on the Group\u2019s financial statements.Amendments to IAS 1 and IFRS Practice Statement 2- Disclosure of Accounting PoliciesIn February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after January 1, 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide non-mandatory guidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary. The Group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements.Note 3 \u2013 Significant accounting policiesForeign currency translationIn accordance with IAS 21, foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transaction.For those subsidiaries with functional currencies other than USD, financial position items are translated at the rate of exchange at the balance sheet date, and income statements are translated at the exchange rate prevailing at the date of the transaction. Exchange differences arising on the translation are recognized in other comprehensive income as foreign currency differences.Vessels and other property, plant and equipmentFixed assets are stated at historical cost, less subsequent depreciation and impairment. For vessels purchased, these costs include capitalizable expenditures that are directly attributable to the acquisition of the vessels. Upon acquisition, each component of the vessels, with a cost significant to the total acquisition costs, is separately identified and depreciated over that component\u2019s useful life on a straight-line basis. Depreciation is calculated on a straight-line basis over the useful life of the assets, taking residual values into consideration, and adjusted for impairment charges, if any. Residual values of the vessels are estimated as the lightweight tonnage of each vessel multiplied by scrap value per ton. Expected useful lives of assets and residual values are reviewed at each balance sheet date and, where they differ significantly from previous estimates, depreciation calculations are altered accordingly.Ordinary repairs and maintenance expenses are charged to the income statement as incurred. Costs related to dry-docking or other major overhauls are recognized in the carrying amount of the vessels. The recognition is made when the dry-docking has been performed and is depreciated based on estimated time to the next class renewal. The remaining costs that do not meet the recognition criteria are expensed as repairs and maintenance.The scrubber installations are recognized in the carrying amount of the vessels, and depreciated over the remaining useful life of the vessels.Vessels and other property, plant and equipment are derecognized upon disposal or when no future economic benefits are expected from their use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period the asset is derecognized.Newbuildings Instalments on newbuilding contracts are capitalized as \u201cNewbuildings\u201d when they are paid. Upon delivery, newbuildings are reclassified to vessels and are subject to depreciation. The acquisition cost includes direct investments, cost incurred during the construction period and borrowing cost. Borrowing costs are capitalized during the construction period. When the newbuilding contracts are financed, the amount of interest capitalized during the construction period will be based on the effective interest of the Group\u2019s loan facilities.Impairment of vessels Vessels and other fixed assets are assessed for impairment indicators each reporting period. If impairment indicators are identified, the recoverable amount is estimated; and if the carrying amount exceeds its recoverable amount an impairment loss is recognized, i.e. the asset is written down to its recoverable amount. An asset\u2019s recoverable amount is calculated as the higher of the fair value less cost of sale and its value in use. The net realisable value is the amount obtainable from the sale of an asset in an arm\u2019s length transaction less the costs of sale, and the value in use is the present value of estimated future cash flows expected from the continued use of an asset.Assets are grouped at the lowest level where there are separately identifiable independent cash flows. The following assumptions have been made when calculating the value in use for container vessels: +Each vessel is considered to be a separate cash-generating unit. +Future cash flows are based on an assessment of expected development in charter rates and estimated level of administrative and operating expenses (including maintenance and repair) and dry-docking over the remaining useful life of the vessel plus any residual value. +The net present value of future estimated cash flows of each cash-generating unit is based on a discount rate according to a pre-tax weighted average cost of capital (see Note 11). The weighted average cost of capital is calculated based on the expected long-term borrowing rate and risk-free USD LIBOR rate plus an equity risk premium. An impairment loss recognized in prior periods for an asset is reversed if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized.Investment in associates and joint venturesAn associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.The Group\u2019s investments in associates and joint ventures are accounted for using the equity method. The investment in an associate or a joint venture is initially recognized at cost and thereafter adjusted for the Group\u2019s share of post-acquisition profits or losses, movements in other comprehensive income or dividends received. The financial statements of the associate and joint venture are prepared for the same reporting period as the Group.ProvisionsProvisions are recognized when the Group has a present obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is recognized through profit and loss net of any reimbursement.Trade and other payablesTrade and other payables represent non-interest-bearing liabilities for goods and services provided to the Group prior to the reporting date. The amounts are unsecured and are usually paid within 30 days of recognition. They are recognized initially at fair value and subsequently measured at amortised cost using the effective interest method.Trade and other receivablesTrade receivables and other short-term receivables are measured at transaction price upon initial recognition and subsequently measured at amortised cost less expected credit losses. InventoriesThe Group values its inventories, which comprise mainly of lube oils and bunkers on board the vessels, at the lower of cost and net realisable value. They are accounted for on a first-in/first-out basis.Cash and cash equivalentsCash and short-term deposits in the statement of financial position comprise cash at banks, on hand and short-term deposits with a maturity of three months or less. Cash equivalents represent short-term, liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less. Cash and cash equivalents are recorded at their nominal values. Liquid funds denominated in foreign currencies are translated at the exchange rate on the balance sheet date.Cash not available for general use by the Group due to minimum liquidity requirements in the loan agreements and required class are classified as restricted cash.Share issuanceCosts related to share issuances are recognized directly in equity.WarrantsThe warrants issued by the Company are classified as equity instruments in accordance with IFRS 2. Accordingly, the subscription rights are not recognized in the Group\u2019s financial statements at the time they are granted. At the time of the execution, the Company issues shares and receives a cash contribution. The cash contribution is accounted for in share capital and capital reserves (in the amount a premium or discount to the shares\u2019 par value). The fair value of these common share warrants was re-measured at each financial reporting period and immediately before exercise, with any changes in fair value being recognized as a component of other income (expense) in our consolidated statements of operations. Financial liabilitiesAll loans and borrowings are initially recognized at fair value less directly attributable transaction costs and have not been designated as at fair value through profit or loss. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate.A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires.Derivative financial instruments and hedgingThe Group may use certain hedging instruments, such as forward contracts or options, to manage foreign exchange or interest rate risk, for instance. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.At the inception of a hedge relationship, the Group formally documents the relationship between the hedge instrument and the hedged item, including the risk management objectives and strategy in undertaking the hedge transaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedging relationship.The Group makes an assessment at inception and on an ongoing basis according to IFRS 9, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cash flows. For a cash flow hedge of a forecast transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that ultimately could affect profit or loss.For the purpose of hedge accounting, hedges are classified as: +fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment (except for foreign currency risk); or +cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable transactions.Hedges which meet the criteria for hedge accounting are accounted for as follows:The effective portion of the gain or loss on the hedging instrument is recognized in other comprehensive income (OCI) in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the statement of profit or loss. Amounts recognized as OCI are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expense is recognized or when a forecast sale occurs. When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognized as OCI are transferred to the initial carrying amount of the non-financial asset or liability.If the forecast transaction or firm commitment is no longer expected to occur, amounts previously recognized in equity are transferred to profit or loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognized in equity remain in equity until the forecast transaction or firm commitment occurs.Fair value estimation 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, using assumptions that market participants would use when pricing the asset or liability.All assets and liabilities for which fair values are measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: : +Level 1: Quoted market prices in active markets for identical assets or liabilities. +Level 2: Inputs other than quoted market prices included in Level 1 are directly or indirectly observable. +Level 3: Inputs are unobservable.Additional explanations of fair values can be found in Note 18 \u2013 Financial instruments.Leases as lessorThe determination of whether an arrangement contains a lease element is based on the substance of the arrangement at the inception of the lease. Leases are classified as finance leases if the terms of the lease agreement transfer substantially all the risks and benefits related to ownership of the leased item. All other leases are classified as operating leases.The Group leases its assets to liner shipping companies through time charter contracts. Payments made under operating leases are charged to the profit and loss on a straight-line basis over the period of the time charter contract.Revenue recognitionThe Group\u2019s time charter contract revenues are separated into a lease element accounted for in accordance with IFRS 16 Leases (see above under leases as lessor) and a service element which is accounted for in accordance with IFRS 15 Revenue from Contracts with Customers. Time charter, pool revenue and other revenue from contracts with customers is recognized when control of goods or services are trans-ferred to the customer and when each separate performance obligation in the customer contract is fulfilled following the \u201cover-time principle\u201d. It is recognized at an amount that reflects the consideration which the Group expects to receive in exchange for those goods or services. Revenues are presented net of indirect sales taxes. The Group acts as a participant in the pool arrangements. The performance obligation under the pool arrangements are equal as set under the time charter contracts. Revenues for the vessels employed in the pool are based on average revenues across the pool the vessels are employed in, i.e. the vessels earn the average charter rate of the pool for the respective month.The service element from the Group\u2019s time charter contracts are recognized over time, as the performance obligation is satisfied over time. This since the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs. Revenue from bunkers and other goods and services from customers are recognized in the period the goods or services are transferred to the customer, following the \u201cpoint in time principle\u201d. Operating expensesOperating expenses are accounted for on an accruals basis. Expenses are charged to the income statement, except for those incurred in the acquisition of an investment, which are capitalized as part of the cost of the investment. Expenses arising on the disposal of invest-ments are deducted from the disposal proceeds.Operating expenses of the Group are expenses related to the operation of vessels, such as (but not limited to) crewing expenses, expenses for maintenance and repair, insurance and lube oil.Interest incomeInterest income is recognized as accrued and is presented in financial income in the statement of comprehensive income.Earnings per share The Group presents basic and diluted earnings per share data for its ordinary shares.Basic earnings per share are calculated by dividing the profit for the reporting period attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the reporting period.Diluted earnings per share are calculated by dividing the profit attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares.TaxesCurrent income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the relevant taxation authorities.The Company is subject to tax on its income in accordance with the general tax rules pertaining to companies that are tax resident in Norway. The Company\u2019s vessel-owning subsidiaries are subject to the Norwegian, German or Dutch tonnage tax regime, i.e. taxable income is calculated as a lump sum depending on the net tonnage of the respective vessels, independent of the realized earnings. Income not derived from the operation of the vessels in international waters, such as financial income, is usually taxed according the ordinary taxation rules applicable in the resident country of each respective company. Tonnage taxes are classified as \u201cVessel operating expenditures\u201d.Deferred tax liabilities are classified as non-current liabilities and are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilised.Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision makers in the Group. The chief operating decision maker who is responsible for allocating resources and assessing performance of the operating segments has been identified as the Board of Directors of the Company. The Group has identified one operating segment as it employs one type of vessels: \u201cContainer vessels\u201d.Note 4 \u2013 Significant judgements, estimates, and assumptionsThe preparation of consolidated financial statements conforming to IFRS requires management to make judgments, estimates and assumptions that may affect assets, liabilities, revenues, expenses and information in Notes to these financial statements. Estimates are management\u2019s best assessment based on information available at the date the financial statements are authorized for issue. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in future periods. Estimates and underlying assumptions are reviewed on an on-going basis.JudgementsIn the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have significant effect on the amounts recognized in the consolidated financial statements: +Joint arrangements: The Group holds a 50% ownership interest in 2. Bluewater Holding Schifffahrtsgesellschaft GmbH & Co. KG; the Group has determined that it has joint control over the investee based on terms and conditions in the shareholder agreement and the ownership is shared with the joint venture partner. Assumptions and estimation uncertaintiesThe following assumptions and estimation uncertainties can have a significant risk of resulting in a material adjustment to the carrying amounts of assets: +Climate risk: Future climate change measures may affect the shipping industry regarding fuel regulation, port fees, useful life and the scrap values of the vessels. Potential future fuel taxes or development of new more climate friendly fuel may increase the future operating expenses or capex of the Group that may be only partly offset by higher time charter rates. Technological developments enabling more climate friendly container vessels may affect the ability to obtain new charters in the future, the potential useful life of the vessels and the scrap values of the vessels. Management has considered the impact of decarbonization and climate-related risks on useful lives of existing vessels. Such risk including new climate-related legislation restricting the recycling of EU flagged vessels outside of EU approved yard. +Depreciation of vessels (including scrubbers): Depreciation is based on estimates of the vessels\u2019 useful lives, residual values less scrapping costs and the depreciation method, which are reviewed by management at each balance sheet date. Any changes in estimated useful lives and/or residual values impact the depreciation of the vessels prospectively. +Impairment of vessels: Indicators of impairment of assets are assessed at each reporting date. In 2022 the Group identified impairment indicators (see Note 11 for further description). The impairment testing demand a considerable degree of estimation. Changes in circumstances and assumptions may significantly affect the estimated recoverable amounts. The Group\u2019s impairment test for operating vessels is based on the value in use as assessed by performing discounted cash flow calculations. Value in use calculations involve a high degree of estimation and a number of critical assumptions such as time charter rates, utilization rate, drydocking expenditures and requirements, operational expenses, residual values, climate risk and discount rates. These assumptions are based on a combination of historical trends and current market conditions as well as future expectations. Estimated outflows for operating expenses and drydocking expenditures as well as requirement are based on a combination of historical and budgeted costs and are adjusted for assumed inflation. Finally, utilization is based on historical levels achieved and estimates of a residual value are consistent with the pattern of scrap rates used in management\u2019s evaluation of salvage value. The more significant factors that could impact management\u2019s assumption regarding time charter rates include (i) regional and global economic environment, (ii) trade patterns, (iii) by industry-specific trends in respect of capacity supply and demand, and (iv) changes in rules and regulation applicable to the container market, which includes legislation adopted by the international organization such as IMO and the EU or by individual countries. Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate at the time they were made, such assumptions are highly subjective and likely to change, possibly materially in the future. Note 5 \u2013 Segment informationAll of the Group\u2019s vessels earn revenue from seaborne container transportation globally. The vessels exhibit similar economic, trading and financial characteristics. The Group is organised in one operating segment, i.e. the container shipping segment. The chief operating decision makers measure the financial performance based on the consolidated results for the Group\u2019s vessels. Further, the assets and liabilities are reviewed at a consolidated basis in a consistent manner with the statement of financial position.For the year ended December 31, 2022, the Group had two customers (2021: one) that accounted for 10% or more for our consolidated chartered revenues in the amount of USD 123.3 million and USD 121.7 million, respectively. The following customers of the Group represented more than 10% of the Group\u2019s consolidated charter revenues in 2022: ZIM Integrated Shipping Services Ltd and Maersk Line, Denmark. The Group\u2019s vessels trade globally and are suitable to be deployed in various global trading patterns. Therefore, there is no particular focus on a geographic region. The Company provides geographical data for revenue only, as the Group\u2019s revenue predominantly stems from vessels that may be employed globally. Gross revenue specific foreign countries which contribute significantly to total revenue are disclosed below.in USD thousands 2022 2021South America 159,398 87,787Intra-Asia 158,968 129,910Middle East 129,437 47,915Other geographical locations (worldwide trades) 55,245 37,179Europe 54,249 29,190Africa 32,084 20,946Total time charter and pool revenue 589,380 352,926Note 6 \u2013 Operating revenuesin USD thousands 2022 2021Time charter revenues 587,868 308,516Pool charter revenues 1,512 44,410Total charter revenues 589,380 352,926Amortization of time charter contracts 18,083 21,663Other revenues 9,304 10,121Total operating revenues 616,768 384,710The Group\u2019s time charter contracts and pool charter revenues are separated into a lease element and service element. The lease element of the vessel represents the use of the vessel without any associated performance obligations and is accounted for in accordance with IFRS 16 Leases. Revenues from time charter services (service element) and other revenue (e.g. bunkers and other services) are accounted for in accordance IFRS 15. In accordance with IFRS 15, for each contract with a customer, the Group identifies the performance obliga-tions, determines the transaction price, allocates the transaction price to performance obligations to the extent that the contract covers more than one performance obligation, determines whether revenue should be recognized over time or at a point in time and recognizes revenue when or as performance obligations are fulfilled. The Groups\u2019 voyage charters and time charter contracts qualify for recogni-tion over time. Revenue from shipping activities is recognized over time as the performance obligation is satisfied, including a share of revenue from incomplete voyages at the balance sheet date. Invoiced revenue related to an estimated proportion of remaining voyage time and activities at the destination port is deferred. Number of days of a voyage, as a percentage of the total number of days a voyage is estimated to last, is considered as a close approximation of percentage of completion.The lease and non-lease components of our revenues in the year ended December 31, 2022 and December 31, 2021 were as follows: in USD thousands 2022 2021Service element 134,936 115,833Other revenue 9,304 10,121Total revenue from customer contracts 144,240 125,953Lease element 454,444 237,094Amortization of time charter contracts 18,083 21,663Total operating revenues 616,768 384,710Contracted revenues based on fixed time charter contracts and full employment as at December 31, 2022 are set out below, based on minimum contract periods of vessels held in subsidiaries:in USD thousands < 1 year 1 - 3 years 4 - 5 years > 5 years TotalTime charter revenues 573,893 666,181 164,249 220,900 1,625,224 Contracted revenues based on fixed time charter contracts and full employment as at December 31, 2021 are set out below, based on minimum contract periods of vessels held in subsidiaries:in USD thousands < 1 year 1 - 3 years 4 - 5 years > 5 years TotalTime charter revenues 414,419 438,564 - - 852,983 Note 7 \u2013 Vessel voyage expendituresin USD thousands 2022 2021Bunker consumption (11,396) (9,968)Other voyage expenses (2,368) (2,014)Total voyage expenses (13,765) (11,982)In a time charter contract, the charterer bears the voyage related cost such as bunker expenses and port charges during the hire period. The Group recognized commissions on time charter revenue, to both the charterer and to brokers as well as bunker expenses incurred during periods where the vessels have been idle, repositioning or under maintenance and repair. Bunker expenses are partially compen-sated by income from sale of bunkers upon delivery into a time charter. Note 8 \u2013 Vessel operation expendituresin USD thousands 2022 2021Crew (71,331) (63,597)Lube oil (8,646) (6,593)Maintenance and repair (39,227) (28,000)Insurances (17,178) (12,998)Operating expenditures (3,605) (10,583)Total operating expenses (139,988) (121,771)Vessel operating expenditures are partially compensated by income from reimbursements from the charterer and are being recognized as other revenue. General operating expenses are costs related to navigation and communication, power supply, cargo handling, other consumables and tonnage tax. Note 9 \u2013 Investment in associates and joint ventureInvestment in Joint venture:The Group has a 50% interest in 2. Bluewater Holding Schifffahrtsgesellschaft GmbH & Co. KG (Bluewater), Hamburg (Germany), a company owning four container vessels between 2,500 - 2,800 TEU through respective fully owned subsidiaries. In view of the shared control structure in the joint venture, the Group\u2019s interest in Bluewater is accounted for using the equity method. Summarized financial information of the joint venture, based on its IFRS financial statements, is set out below:Bluewater cannot distribute dividends without the approval of both joint venture partners.The following tables shows the summarized financial information of the Group\u2019s investment in Bluewater:in USD thousands December 31, 2022 December 31, 2021Non-current assets 28,323 60,961 Cash and cash equivalents 13,211 11,358 Other current assets 1,328 1,526 Non-current liabilities - 13,631 Current liabilities 2,728 2,947 Equity 40,133 57,267 Group\u2019s carrying amount of the investment 20,067 28,656 in USD thousands 2022 2021Revenue 82,328 44,361 Cost of sales (18,227) (19,511)Administrative expenses (585) (777)Other income 43,740 31,746 Other expenses (218) (407)Depreciation (3,187) (5,166)Interest income 8 3 Interest expenses (315) (628)Income tax (22) (34)Profit after tax for the period 103,522 49,587 Total comprehensive income for the period 103,522 49,587 Group\u2019s share of profit for the period 51,761 24,794 Dividends received 60,350 24,500 The joint venture had no contingent liabilities or capital commitments at December 31, 2022 and 2021.Investment in associate:In 2022, the Group invested USD 826 thousand million in Siemssen KG for a 24.5% ownership.Note 10 \u2013 Administrative expensesin USD thousands 2022 2021Legal and advisory services (2,725) (5,211)Auditor services (1,104) (1,018)Salary and employee expenses (5,266) (9,710)Other administrative expenses (4,766) (3,574)Total administrative expenses (13,862) (19,513)Other administrative expenses include remuneration to the Board of Directors and executive management, and fees paid for corporate management services from MPC Maritime Investments GmbH and MPC M\u00fcnchmeyer Petersen Capital AG which are part of the Group\u2019s related parties. Further information on transactions between related parties can be found in Note 25. The Group employs 29 people as at December 31, 2022. The Group has defined contributions plan for all employees in line with established market practices and regulations. The following table details the administrative expenses incurred in relation to audit and related services.in USD thousands 2022 2021Audit fee (EY) (781) (701)Attestation services (9) (44)Tax services - -Other non-audit services - -Total auditor services (790) (745)Note 11 \u2013 Vessels and prepaymentsNewbuilds, Total property, payment on plant & Vessels in USD thousands Vesselsaccount equipmentheld-for-sale TotalCost:At January 1, 2021 706,924 1,000 707,924 - 707,924 Acquisitions 9,000 - 9,000 - 9,000 Acquisition of Songa Container Group 296,584 - 296,584 - 296,584 Capitalized dry-docking, scrubbers and other expenses 41,084 - 41,084 - 41,084 Transfers 1,000 (1,000) - - -Disposals of vessels (95,836) - (95,836) - (95,836)Vessel held for sale (20,914) - (20,914) 20,914 -At December 31, 2021 937,842 - 937,842 20,914 958,756 Acquisitions - - Capitalized dry-docking, scrubbers and other expenses 66,301 32,770 99,071 99,071 Transfers (1,041) - (1,041) - (1,041)Disposals of vessels (26,932) - (26,932) (20,914) (47,846)Vessel held for sale - - - - - At December 31, 2022 976,170 32,770 1,008,940 - 1,008,940 Accumulated depreciation:At January 1, 2021 (119,107) - (119,107) - (119,107)Depreciation for the year (62,049) - (62,049) - (62,049)Disposal of vessels 13,066 - 13,066 - 13,066Transfers 4,611 - 4,611 (4,611) -At December 31, 2021 (163,479) - (163,479) (4,611) (168,090)Depreciation for the year (75,270) - (75,270) - (75,270)Impairment - - - - -Disposal of vessels 8,452 - 8,452 4,611 13,063Transfers - - - - -At December 31, 2022 (230,297) - (230,297) - (230,297)Accumulated depreciation:At December 31, 2022 745,873 32,770 778,643 - 778,643At December 31, 2021 774,363 - 774,363 16,303 790,666 In 2022, three wholly-owned vessels (2021: six) were sold to unrelated parties and resulted a gain of USD 49.0 million (2021: USD 56.4 million). After the sale, the Group owns and operates 58 vessels. As at December 31, 2022, the joint venture Bluewater owned an additional four vessels.Vessels with a carrying amount of USD 414.9 million (2021: USD 442.0 million) have been pledged as security for the Group\u2019s two long-term loans. See Note 14. At each reporting date, the Group evaluates whether there is an indication that an asset may be impaired. If such indicator exists, an impairment test is performed. Such indicators may include depressed spot rate and depressed second-hand containerships values. As the market began to return to normal, the market values of our vessels have declined when compared to record high values reached in 2021 and early 2022. Hence, an impairment test has been performed for the Group\u2019s vessels. However, most of the vessels have locked in a high charter rate in long-term contracts, no impairment charges have been included in the financial results for 2022 as the recoverable amounts exceed the carrying amounts for all vessels. See also in Note 4.Note 12 \u2013 Business combination On June 22, 2021, the Group entered into a share purchase agreement to acquire Songa Container AS (\u201cSonga\u201d) for an aggregate purchase price of USD 210.3 million (\u201cthe Transaction\u201d). The Transaction, covering 100% of the shares in Songa, including a minority interest in a Songa subsidiary, was completed on August 9, 2021 (\u201cthe Transaction date\u201d). The consideration consisted of (i) cash consideration of USD 84.6 million payable upon closing of the Transaction and (ii) 49,795,250 ordinary shares of the Company at and agreed price of NOK 17.34 that were issued under the Transaction. The preliminary purchase price paid at closing on August 9, 2021 for the shares in Songa was USD 236.4 million. Out of the preliminary purchase price, a total of USD 84.6 million was paid in cash at the transaction date based on preliminary cash and working capital of Songa. The remaining portion was settled through issuing 49,795,250 consideration shares in the Company and the fair value of the subscription price was set at USD 3.01 (NOK 26.80) per share based on the closing price of the share of the Company at the transaction date with a USD/NOK exchange rate of 8.918. The preliminary purchase price and the cash consideration were subject to customary post- closing adjustments. Based on the preliminary purchase price, the fair value of Songa\u2019s net assets and liabilities for the Group was as follows:in USD thousands Total fair value of net identifiable assets 236,566Estimated fair value of share consideration 149,643Cash consideration 84,612Bargain purchase gain 2,312The bargain purchase gain of USD 2.3 million is considered as a forecast effect of the continued positive developments in assets prices and charter rates on the fair value of the net identifiable assets acquired. These were expected to exceed the impacts on the total consideration since only a portion of the total consideration was taken the form of consideration shares.Estimated total transaction costs related to the acquisition and the acquisition facility are USD 5.9 million, whereof the majority of the cost is related to fees for the new (acquisition) financing.The 11 vessels were acquired with an ongoing time charter contract with contracted duration from October 2021 at the earliest to July 2024 at the latest which were all fixed when the container shipping market faced less favourable time charter rates compared to when the acquisition took place. Accordingly, since the time charter contracts have a different useful life than the vessels and considered as a separable asset/liability, the estimated lower value of these contracts has been recognized and estimated separately as a liability in accordance with IFRS 3 Business Combinations and IFRS 13 Fair Value Measurement. The total negative time charter contract liability was USD 43.5 million at the acquisition date and is amortized over the remaining period of the acquired time charter contracts where the Group recognized USD 18.7 million that was included in revenue in 2022 (2021: USD 21.7 million). As at December 31, 2022, the remaining balance of the acquired time charter liability was USD 3.7 million (2021: 21.8 million). The following tables summarise the assumed fair value of the asset and liabilities acquired at the date of the acquisition:in USD thousands Book value Songa at 9 August 2021 Adjustments PPA Songa at 9 August 2021ASSETS 141,436 176,738 318,174Non-current Assets 119,846 176,738 296,584Vessels 119,846 176,738 296,584Current Assets 21,590 - 21,590Inventories 1,066 - 1,066Trade and other receivables 8,605 - 8,605Cash and cash equivalents 11,919 - 11,919EQUITY AND LIABILITIES 141,437 (59,828) 81,608Equity 103,301 (103,301) -Share capital 8,925 (8,925) -Share premium 66,065 (66,065) -Retained earnings 27,303 (27,303) -Non-controlling interest 1,008 (1,008) -Non-current Liabilities 34,071 7,417 41,488Interest bearing loans 34,071 - 34,071Acquired TC contracts, non-current- 7,417 7,417Current Liabilities 4,063 36,056 40,120Acquired TC contracts, current - 36,056 36,056Trade and other payables 2,362 - 2,362Other liabilities 1,701 - 1,701Total net identifiable assets acquired - 236,566 236,566Note 13 \u2013 Finance income and expensesin USD thousands 2022 2021 Interest income 631 22 Other financial income 3,110 134 Total financial income 3,741 155 Interest expenses (10,918) (24,810) Bank fees on early repayment of debt - (5,396) Result on derivative contracts reclassified from equity (300) (9,066) Other (3,262) (1,053) Total financial expenses (14,480) (40,325)Note 14 \u2013 Interest-bearing debtFacility in USD thousands Currencyamount Interest Maturity December 31, 2022 December 31, 2021 1 month LIBOR + Loan and credit facility USD 180,0003.35% November 2026 100,000 180,000Senior secured credit facility USD 70 million USD 70,000 Floating + 3.25% June 2024 55,000 55,000Other long-term debt incl. accrued interest 403 271Total outstanding 155,403 235,271Debt issuance costs (1,829) (3,446)Total interest-bearing debt outstanding 153,574 231,825Classified as:Non-current 74,462 148,083 Current 79,112 83,743 Total 153,574 231,825 In the fourth quarter of 2021, the Group repaid in full of the bridge financing provided by DNB Bank of a USD 127.5 million acquisition facility in connection with the acquisition Songa in August 2021. In 2021, the bond loan of USD 204 million (issued by MPC Container Invest BV, a wholly-owned subsidiary of the Group) was repaid at 102% of the outstanding notional amount in the fourth quarter of 2021. The related derivatives utilized to hedge the loan were similarly terminated in the December 2021. In July 2021, the Group entered into a USD 70.0 million three-year revolving credit facility agreement with CIT Group, where MPCC Second Financing GmbH & Co. KG, a subsidiary of the Company, is the borrower. The initial drawdown of USD 55 million was made to refinance the existing debt. The credit facility is secured by 8 vessels with a carrying amount of USD 95.7 million as at December 31, 2022. The credit line\u2019s maturity date is in June 2024.The following main financial covenants are defined in the terms of the revolving credit facility agreement with CIT: +The consolidated liquidity in the Group shall equal the greater of 5% of the total interest-bearing debt or USD 250.000 per consolidated vessel +Ttal debt in the Group shall not exceed 60% of the total book capitalization +Vssel loan-to-value ratio shall not exceed: \u2013 65% after within the 12 first months \u2013 62.5% after 12 months until 24 months \u2013 60% after 24 monthsIn October 2021, the Group entered into an agreement for a USD 180 million five-year senior secured loan and revolving credit facility with Hamburg Commercial Bank (\u201cHCOB\u201d). It consists of a USD 130 million term loan and a revolving credit facility of USD 50 million. The loan and credit facility is secured by 17 vessels with a carrying amount of USD 369.0 million as at December 31, 2022. The term loan matures in November 2023 and the revolving credit facility matures in November 2026.The following main financial covenants are defined in the terms of the credit facility agreement with HCOB: +The Parent company (MPC Container Ships ASA) shall maintain a minimum equity ratio of 40% +The consolidated liquidity in the Group shall maintain a minimum liquidity of USD 250.000 per consolidated vesselThe Group is in compliance with all loan and credit facility covenants as at December 31, 2022. Note 15 \u2013 Income taxThe Company\u2019s subsidiaries in which the vessels are held are subject to German, Dutch, or Norwegian tonnage tax, as applicable. Companies subject to tonnage tax are exempt from ordinary tax on income derived from operations in international waters. The subsidiaries within the tonnage tax system pay a tonnage tax based on the size of the vessels. The fee is recognized as an operating expense. The parent company (MPC Container Ships ASA) is under ordinary taxation rules in Norway. The ordinary rate of corporation tax in Norway is 22% for 2022 (2021: 22%). The parent company is a holding company with taxable income as per December 31, 2022. Deferred tax assets are only recognized to the extent that the future utilization within the Group can be justified as at December 31, 2022. As a consequence, a tax position of USD 18.7 million has not been recognized in the balance sheet. in USD thousands 2022 2021Corporate income tax (260) (387)Change in deferred tax asset (803) - Other corporate tax on foreign controlled entities (8) (289)Income tax expense reported in the statement of profit (loss) (1,071) (676)Specification of corporate income tax expense: Basis for ordinary corporation tax expenseProfit(loss) before taxes 436,118 190,530 Income from shipping activity, tonnage tax system (446,857) (230,698)Change in temporary differences and tax losses carried forward not recognised (10,738) 40,169 Change in temporary differences recognised (7,370) - Exchange rate differences / Other permanent differences applicable for corporate tax - 1,758 Corporate income tax (260) (387)Effective tax rate 0.2% 0.4%Income tax in the balance sheet: Corporate tax expense during the period recognized in profit (loss) (260) - Tonnage tax during the period recognized in profit (loss) (292) (332)Paid tonnage tax during the period 174 - Tax payable as at December 31 (378) (332)Temporary differencesForeign exchange differences from translation to presentation currency in Local GAAP (3,649) - Net basis for deferred tax liabilites: (3,649) - Deferred tax asets - - Deferred tax liabilities (803) - Deferred tax liabilities, net (803) - Note 16 \u2013 Earnings per sharein USD thousands 2022 2021Profit (loss) for year attributable to ordinary equity holders \u2013 in USD thousands 434,832 189,725Weighted average number of shares outstanding, basic 443,826,290 414,653,050Weighted average number of shares outstanding, diluted 443,868,078 419,017,088Basic earnings per share \u2013 in USD 0.98 0.46Diluted earnings per share \u2013 in USD 0.98 0.46Basic earnings per share is calculated by dividing the profit for the year attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the year. In the event of a loss, no dilution effect is calculated. Note 17 \u2013 Financial instrumentsSet out below is a comparison by category for carrying amounts and fair values of all of the Group\u2019s financial instruments that are carried in the financial statements. The estimated fair value amounts of the financial instruments have been determined using appropriate market information and valuation techniques.in USD thousands December 31, 2022 December 31, 2021Financial assets Carrying Amount Fair Value Carrying Amount Fair ValueTrade and other receivables 22,922 22,922 30,141 30,141 Financial instruments at fair value 1,740 1,740 - - Cash and cash equivalents 125,517 125,517 180,329 180,329 Total financial assets 150,179 150,179 210,470 210,470Financial liabilities at amortized costNon-current Interest-bearing debt 74,462 74,462 148,083 148 083Current interest-bearing debt 79,112 79,112 83,743 83,743Trade and other payables 17,282 17,282 17,628 17,628Other liabilities 18,863 18,863 20,613 20,613Total financial liabilities 189,719 189,719 270,067 270,067Fair value of trade receivables, cash and cash equivalents and trade payables approximate their carrying amounts measured at amortized cost due to the short-term maturities of these instruments. The fair value of interest-bearing debt is estimated by discounting future cash flows using rates for debt on similar terms, credit risk and remaining maturities. Fair value of interest-bearing debt approximates the carrying amounts as there have been no significant changes in the market rates for similar debt financing between the date of securing the debt financing and the reporting date.Fair value hierarchyThe Group uses a hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques. The table below shows the fair value measurements for both the Group\u2019s assets and liabilities as at December 31, 2022. in USD thousands Level 1 Level 2 Level 3 Total fair valueLiabilities:Floating rate debt - 153,574 - 153,574Assets:Financial instruments 1,740 - - 1,740The table below shows the fair value measurements for both the Group\u2019s assets and liabilities as at December 31, 2021. in USD thousands Level 1 Level 2 Level 3 Total fair valueLiabilities:Floating rate debt - 231,826 - 231,826Assets:Financial instruments - - - -Cash Flow HedgesThe Group uses interest rate swaps, caps and collars as hedges of its exposure to interest rate fluctuations in connection with its debt and bond financing.In January 2022, the Group entered into an interest rate cap with notional amount of USD 50.0 million effective for the period February 1, 2022 to November 30, 2023. The derivative provides of a cap of 2% on the risk-free 3 month LIBOR. In May 2022, the Group entered into an interest rate cap with a notional amount of USD 45.0 million effective for the period January 1, 2024 to December 31, 2026. The derivative provides a cap of 4% on the risk-free US interest (SOFR) for the period. The fair value (level 2) of the Group\u2019s interest rate cap is the estimated amount that the Group would receive or pay to terminate the agreements as at the reporting date, considering, as applicable, the forward interest rate curves. The estimated amount is the present value of future cash flows. Fair value adjustment of the interest rate cap as at December 31, 2022 is recognized in the statement of other comprehensive income. In October 2022, the Group entered into foreign currency forward contracts to hedge against fluctuations in EUR. Hedge accounting has not been applied for these forward contracts as no hedge relationships were designated at inception. Currency derivatives that are not hedging instruments are valued at fair value, and any changes in value are entered in the condensed consolidated statement of profit or loss as finance income or finance costs. In 2022, the Group recorded USD 0.2 million relating to the foreign currency forward contracts. in USD thousands December 31, 2022 December 31, 2021Interest swap 1,493 -Currency derivatives 247 -Total Derivatives 1,740 -Note 18 \u2013 Trade and other receivablesin USD thousands December 31, 2022 December 31, 2021Trade receivables 7,903 10,377Receivables to affiliated companies 34 345Claims related to insurance cases 9,829 4,737Other receivables and prepayments 5,156 14,682Total Trade and other receivables 22,922 30,141Trade receivables relate to receivables against the charterers for the Group\u2019s time charter contracts. Insurance claims are the Group\u2019s claims covered by insurance agreements where the virtually certain threshold are met.The Group had outstanding receivables per year end amounting to USD 7.9 million. Historically, the Group have not had any credit losses of significance. A significant part of the outstanding receivables is against larger liner companies, of which the Group have had a long business relationship with, which reduces the risk further. The Group applies the simplified approach to provide for lifetime Expected Credit Losses in accordance with IFRS 9. The invoiced amount is considered to be approximately equal to the value which would be derived under the amortized cost method. In 2022, the Group recognized USD 0.6 million as impairment losses, compared to USD 1.1 million in 2021.Note 19 - Cash and cash equivalentsin USD thousands December 31, 2022 December 31, 2021Bank deposits denominated in USD 121,245 178,108Bank deposits denominated in EUR 2,521 1,893Bank deposits denominated in NOK 1,751 328Total cash and cash equivalents 125,517 180,329The fair value of cash and cash equivalents at December 31, 2022 is USD 125.5 million (USD 180.3 million at December 31, 2021). Restricted cash as at December 31, 2022 was USD 30.2 million compared to USD 23.6 million as at December 31, 2021. USD 10.8 million under the senior secured credit facility is restricted cash for the solely use for required class-related maintenance on the vessels, compared to USD 1.0 million at December 31, 2021. Further, the group have USD 5.6 million in a retention account, related to repayment on the term loan facility, and USD 14.5 million is kept as minimum liquidity as required by the loan agreements described in Note 14. Bank deposits earn interest at floating rates based on applicable bank deposit rates. Short-term deposits are made for varying periods, depending on the cash requirements of the Group.Note 20 - Issued capital and reserves Number of shares Share capital (USD thousands) Share premium (USD thousands) At January 1, 2022 444,051,377 48,630 597,080Cancellation of treasury shares (351,098) (41) (1,102)Dividend paid from share premium - - (441,022)Settlement of warrants - - (2,219)At December 31, 2022 443,700,279 48,589 152,737Number of shares Share capital (USD thousands) Share premium (USD thousands) January 1, 2021 394,256,127 43,047 456,764Capital increase from equity private placement announced 9 August 2021 49,795,250 5,584 143,870Settelment of warrants - - (3,554)At December 31, 2021 444,051,377 48,630 597,080On August 9, 2021 the Group completed the acquisition of Songa Container AS, with a total of 49,795,250 new shares were issued as part of the consideration paid. See Note 12 for further details regarding the acquisition. The share capital of the Company consists of 443,700,279 (2021: 444,051,377) shares as at December 31, 2022, with nominal value per share of NOK 1. All issued shares are of equal rights and are fully paid up.As at December 31, 2022 the Company held 0 treasury shares, compared to 351,098 treasury shares as at December 31, 2021. The 351,098 outstanding treasury shares at December 31, 2021 was cancelled in 2022, as resolved by an extraordinary general meeting held January 13, 2022. The cancellation of treasury shares was recognized to share capital and share premium, and had no cash effect. In July 2022 the Group entered a contract to purchase two new carbon-neutral 1300 TEU newbuildings, together with Topeka MPC Maritime AS, a joint venture between Topeka Holding AS (zero emission shipping company owned by Wilhelmsen Group) and MPC Capital AG. Topeka MPC Maritime AS purchased their 9.9% non-controlling interest for USD 1.4 million. Furthermore, non-controlling interests as of December 31, 2022 consists of the 0.1% shares the ship managers hold in the ship-owning entities under the MPC Container Ships Invest B.V. Group. As of December 31, 2022, the non-controlling interest also includes the minority interest\u2019s share of result within these ship-owning entities, see Note 27 \u2013 Group Companies. The table below summarizes the changes in components in other reserves.Change in Other Cash flow hedging Currency translation adjustmentcomprehensive incomeAt January 1, 2022 - (109) (109)Change during year 634 - 634 At December 31, 2022 634 (109) 525 Change in Other Cash flow hedging Currency translation adjustment comprehensive incomeAt January 1, 2021 (9,065) 188 (8,877)Change during year 445 (297) 148 Reclassified to profit and loss 8,620 - 8,620 At December 31, 2021 - (109) (109)Overview of the 20 largest shareholders as at December 31, 2022:Shareholder Number of shares in % TypeMPC CSI GmbH 70,302,796 15.8% OrdinarySONGA CAPITAL AS 20,001,927 4.5% OrdinaryCLEARSTREAM BANKING S.A. 16,982,612 3.8% NomineeFOLKETRYGDFONDET 15,408,275 3.5% OrdinaryState Street Bank and Trust Comp 15,269,834 3.4% NomineeJ.P. Morgan SE 13,994,742 3.2% NomineeThe Bank of New York Mellon 12,402,665 2.8% NomineeJPMorgan Chase Bank 6,948,288 1.6% NomineeEuroclear Bank S.A./N.V. 6,398,062 1.4% NomineeDZ Privatbank S.A. 6,180,000 1.4% NomineeNORDNET LIVSFORSIKRING AS 5,967,207 1.3% OrdinaryThe Bank of New York Mellon 4,421,406 1.0% NomineeDeutsche Bank Aktiengesellschaft 3,640,240 0.8% NomineeThe Bank of New York Mellon SA/NV 3,529,901 0.8% NomineeState Street Bank and Trust Comp 3,522,889 0.8% NomineeSIX SIS AG 3,501,059 0.8% NomineeVERDIPAPIRFONDET KLP AKSJENORGE IN 3,326,517 0.7% OrdinarySUNDT AS 3,300,000 0.7% OrdinaryUBS Europe SE 2,527,883 0.6% NomineeState Street Bank and Trust Comp 2,492,045 0.6% NomineeTotal 220,118,348 49.6% As at December 31, 2022, Chairman of the Board Ulf Holl\u00e4nder and board member Dr. Axel Schroeder held indirect ownership interest in the Company through an indirect minority interest in MPC CSI GmbH. Board members Peter Frederiksen and Ellen Hanetho held direct ownership in the Company, while board member Pia Meling held no shares in the Company. CEO Constantin Back held shares directly in the in the Company and did not have any indirect ownership. Refer to Note 25 for further information on the Board\u2019s and executive man-agement\u2019s compensation and shareholding.Note 21 \u2013 Capital managementA key objective of the Group\u2019s capital management is to ensure that the Group maintains a capital structure in order to support its business activities and maximise the shareholder value. The Group evaluates its capital structure in light of current and projected cash flows, the state of the shipping markets, new business opportunities and the Group\u2019s financial commitments. Capital is primarily managed on Group level.The Group monitors its capital structure using the book-equity ratio, which stands at 75.4% as at December 31, 2022. The Group\u2019s debt facilities contain certain financial covenants which require the Company or the subsidiaries to maintain the following financial covenants, minimum value of vessels, and a certain level of free cash and equity ratio. The Group aims at maintaining an equity ratio with adequate headroom to the respective covenant requirements (refer to Note 14).in USD thousands December 31, 2022 December 31, 2021Book equity 721,447 727,589Total assets 956,321 1,034,613Book-equity ratio 75.4% 70.3%In support of the Group\u2019s objective of maximizing returns to shareholders, the Group\u2019s intention is to pay regular dividends by way of distributing 75% of profits (loss) for the period after considering CAPEX and working capital requirements, including liquidity reserves and one-off effects. Dividends will be declared or proposed by the Board at the sole discretion of the Board and will depend upon the financial position, earnings, debt covenants, distribution restrictions, capital requirements and other factors related to the Group. The Company cannot guarantee that its Board will declare or propose dividends in the future. Furthermore, the Board may make event driven distributions based on non-recurring proceeds, such as vessel sales, by way of extraordinary dividends or share buybacks, to be applied according to the Board\u2019s discretion.During 2022 the company distributed dividends from its share premium, for a total of USD 441.0 million. These include both recurring and event-driven dividends :Announcement date Type Cash distribution per share Ex-dividend Record Payment 02.02.2022 Event-driven USD 0.34 / NOK 3.00 07.02.2022 08.02.2022 10.02.2022 24.02.2022 Recurring USD 0.11 / NOK 0.9489 24.03.2022 25.03.2022 30.03.2022 19.05.2022 Recurring USD 0.13 / NOK 1.2960 23.06.2022 24.06.2022 29.06.2022 19.05.2022 Event-driven USD 0.03 / NOK 0.2991 23.06.2022 24.06.2022 29.06.2022 18.08.2022 Recurring USD 0.15 / NOK 1.5650 22.09.2022 23.09.2022 29.09.2022 18.08.2022 Event-driven USD 0.04 / NOK 0.4173 22.09.2022 23.09.2022 29.09.2022 17.11.2022 Recurring USD 0.16 / NOK 1.5766 20.12.2022 21.12.2022 23.12.2022 17.11.2022 Event-driven USD 0.03 / NOK 0.2956 20.12.2022 21.12.2022 23.12.2022 Note 22 \u2013 WarrantsIn 2017 the company issued 2,121,046 warrants to MPC Capital Beteiligungsgesellschaft mbH & Co. KG, and additional 3,489,860 warrants were issued in 2020. Each warrant gave the right, but no obligation, to subscribe for one share in the Company. The warrants were valid for a period of five years from April 20, 2017.The Company entered into an agreement on September 3, 2021 with the warrant holder to settle 3,740,604 warrants for a cash consideration of USD 3.5 million which was recognized in 2021 in other paid capital. Since the cash consideration was due by June 30, 2022, the provision was included under current liabilities as at December 31, 2021. As at December 31, 2021 the warrant holder holds 1,870,302 which have an exercise price of USD 1.89 conditional on that the vesting criteria are met. The remaining 1,870,302 warrants held at year-end 2021 were settled for a cash consideration of USD 2.2 million on January 22, 2022. Following the settlement agreement, there were no longer any warrants outstanding relating to the Company from this date onwards. The warrants issued to the founding shareholder were recognized as equity instruments in accordance with IAS 2 Financial Instruments.Note 23 \u2013 CommitmentsAs at December 31, 2022, the Group\u2019s newbuilding program consisted of two 5,500 TEU eco-design vessel and two carbon-neutral 1,300 TEU vessels, which are expected to be delivered in 2024. In the twelve-month ended December 31, 2022, total installments of USD 32.8 million had been paid to the shipyards. Remaining commitments amounted to USD 189.4 million, of which USD 50.3 million is expected to be paid in 2023 and USD 139.2 million in 2024. In December 2022, the Company had entered into a put/call option with INERATEC GmbH through its investment in associates for the delivery of 1,500MT green physical marine diesel oil between 2024 and 2026. The option would oblige the Company to purchase and take delivery of the at a maximum price of 2,500 USD/MT.As at December 31, 2022, the Group guaranteed as performance guarantor the payment obligations under the newbuilding contracts for the two 5,500 TEU eco-design vessels of up to USD 72.2 million each towards the yard.Note 24 \u2013 Other liabilitiesThe following table shows the components of other liabilities as at period end.in USD thousands December 31, 2022 December 31, 2021Accrued expenses 15,989 12,655Taxes payable - 574Accrued salaries 1,034 6,007VAT, social security, etc 217 492Other short-term liabilities 1,623 885Total Other liabilities 18,863 20,613Note 25 \u2013 Related party disclosureThe Group has entered into a corporate service agreement to purchase administrative and corporate services from MPC M\u00fcnchmeyer Petersen Capital AG and its subsidiaries.The Company is responsible for the technical ship management of the vessels owned by the Group. Performance of technical ship man-agement services is sub-contracted to Wilhelmsen Ahrenkiel Ship Management GmbH & Co. KG and Wilhelmsen Ahrenkiel Ship Manage-ment B.V., joint ventures of MPC M\u00fcnchmeyer Petersen Capital AG, for 51 of the 58 vessels owned by the Group at December 31, 2022.Commercial ship management of the vessels owned by the Group and associated joint ventures is contracted to Contchart GmbH & Co. KG and Harper Petersen B.V., which are joint ventures of MPC M\u00fcnchmeyer Petersen Capital AG.The following table provides the total amount of service transactions that have been entered into with related parties for the relevant period:2. Bluewater Holding Schifffahrtsgesellschaft in USD thousands / 2022 GroupGmbH & Co. KGWilhelmsen Ahrenkiel Ship Man. GmbH & Co. KG / B.V. 8,653 765 Harper Petersen & Co. GmbH 5,670 948 MPC Maritime Investments GmbH 3 -MPC Capital GmbH 126 -MPC M\u00fcnchmeyer Petersen Capital AG 1,051 -Total 15,503 1,7132. Bluewater Holding Schifffahrtsgesellschaft in USD thousands / 2021 GroupGmbH & Co. KGWilhelmsen Ahrenkiel Ship Man. GmbH & Co. KG / B.V. 8,831 9751Contchart GmbH & Co. KG / Harper Petersen B.V. 5,352 541MPC Maritime Investments GmbH 58 -MPC Capital GmbH 76 -MPC M\u00fcnchmeyer Petersen Capital AG 775 -Total 15,092 1,5162 Directors\u2019 and executive management\u2019s compensation and shareholding Shares at December 31, 2022 Warrants 2022 remunerationUlf Holl\u00e4nder (Chairman) 165,637 - NOK 600,0003Dr. Axel Schroeder 2,536,511 - NOK 400,000Pia Meling - - NOK 400,000Peter Fredriksen 200,000 - NOK 400,000Ellen Hanetho 60,000 - NOK 400,000Constantin Baack (CEO) 66,000 - NOK 7,848,515Dr. Benjamin Pfeifer (former CFO) 7,300 - NOK 3,820,956Moritz Fuhrmann (CFO) - - NOK 285,807 Included in the USD 5.4 million is also commission related to vessel sales in total of USD 0.8 million.2 Several of the board members hold further share through indirect shareholdings in the Company. Please refer to Note 20 for further details3 In November 2022, 4,9 million shares were transferred from a company controlled by Dr. Axel Schroeder to MPC CSI GmbH (being the designated investment vehicle of the MPC group in MPC) as contribution in kind. Shares at December 31, 2021 Warrants 2021 remunerationUlf Holl\u00e4nder (Chairman) 12,217 - NOK 200,000 Dr. Axel Schroeder 7,294,635 - NOK 200,000 Darren Maupin 1,129,083 - NOK 200,000 Laura Carballo - - NOK 200,000 Ellen Hanetho 60,000 - NOK 200,000 4Constantin Baack (CEO) - - NOK 50,937,406Dr. Benjamin Pfeifer (CFO) - - NOK 3,464,795in USD thousands 2022 Base salary Variable pay TotalConstantin Baack (CEO) 460 316 776 Dr. Benjamin Pfeifer (former CFO) 272 105 377 Moritz Fuhrmann (CFO) 28 - 28 in USD thousands 2021 Base salary Variable pay TotalConstantin Baack (CEO) 332 5,483 5,816 Dr. Benjamin Pfeifer (CFO) 281 115 396 On April 27, 2022, the Company\u2019s general meeting unanimously resolved that each member of the Board of Directors shall receive NOK 400,000 (NOK 600,000 for the Chairman of the Board) in remuneration for the financial year 2022. The Board fees resolved for the year are paid out in the subsequent year. The total remuneration to the Board of Directors and executive management in 2022 was USD 1.2 million (2021: USD 6.3 million).Guidelines for compensation to the CEO and CFOThe main purpose of the compensation to the executive management is to attract, retain and motivate employees with the skills, qualifications and experience needed to maximise value creation for the Company and its shareholders.The total compensation to the CEO and CFO consists of base salary, bonus and other benefits. The Company practices standard employment contracts, with standard terms and conditions regarding notice period and severance pay for the executive management. The executive management participates in a variable bonus scheme where the purpose is to provide incentive to contribute to the value creation of the Company and its shareholders.4 The CEO multi-year bonus of 4,711,598 recognized in the statement of profit or loss in 2021 and included in the disclosure of management compensation in the table above was paid out and reported as salary for tax purposes in 2022.Note 26 \u2013 Financial risk managementThis section provides additional information about the Group\u2019s policies that are considered most relevant in understanding the operations and management of the Group, in particular objectives and policies of how the Group manages its financial risks, liquidity positions and capital structure.The Group owns and operates vessels for worldwide transportation of containerised cargo. Through its operation, the Group is exposed to market risk, credit risk, liquidity risk and other risks that may negatively influence the value of assets, liability and future cash flows. Market risk from financial instruments is the risk that future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise four types of risk: interest rate risk, foreign currency risk, credit risk and price risk. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obliga-tions with floating interest rates, i.e. interest payable on the bond issued and the non-recourse senior secured term loan depends on the short-term LIBOR. An increase of the short-term LIBOR rate by 100 basis points would cause the Group\u2019s annualized interest expenses to increase by USD 2.8 million.Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The functional currency of most of the entities in the Group is USD, and the Group has only minor currency risk from its operations since all income and all major vessel costs are in USD. However, the Group has exposure to EUR and NOK as parts of administration and vessel operating expenses and a portion of cash and cash equivalents, other short-term assets, trade payables and provisions and accruals are denominated in EUR and NOK. Currently, no financial instruments have been entered into to mitigate this risk. The Group is subject to price risk related to the charter market for feeder container vessel which is uncertain and volatile and will depend upon, among other things, the global and regional macroeconomic developments. In addition, the future financial position of the Group depends on valuations of the vessels owned by the Group. Currently, no financial instruments have been entered into to reduce this shipping market risk. The Group will normally have limited exposure to risks associated with bunker price fluctuations as the bunkers are for the charterers account when the vessels are on time charter contracts. See Board of Directors\u2019 report for further description. Credit riskCredit risk refers to the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financ-ing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. The maximum credit risk exposure is related to the Group\u2019s trade receivables of USD 7.9 million as at December 31, 2022. It is the aim of the Group to enter into contracts with creditworthy counterparties only. Prior to concluding a charter party, the Group evaluates the credit quality of the customer, assessing its financial position, past experience and other factors. Charter hire is paid in advance, effectively reducing the potential exposure to credit risk. Bank deposits are only deposited with internationally recognized financial institutions.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations when they fall due. The Group\u2019s approach to managing liquidity risk is to ensure, as far as possible, that it will have sufficient liquidity and/or undrawn committed credit facilities at all times to meet its obligations. See Board of Directors\u2019 report for further description with respect to liquidity risk. To ensure this, the Group continuously monitors projected cash flows using a liquidity planning tool. This includes furnishing management with weekly cash reporting, monthly liquidity forecasts and furnishing management and the Board of Directors with rolling 12-24 months liquidity forecasts. The following table summarises the contractual maturities of financial liabilities on an undiscounted basis as at December 31, 2022:in USD thousands < 1 year 1 - 3 years 4 - 5 years > 5 years TotalInterest-bearing debt 80,000 48,333 26,667 - 155,000 Interest payments 9,825 6,862 1,938 - 18,625 Trade and other payables 17,282 - - - 17,282Other liabilities 18,863 - - - 18,863Total 125,970 55,195 28,605 - 209,770The following table summarises the contractual maturities of financial liabilities on an undiscounted basis as at December 31, 2021:in USD thousands < 1 year 1 - 3 years 4 - 5 years > 5 years TotalInterest bearing loans and borrowings 85,000 81,667 41,667 26,666 235,000Interest payments 6,813 5,871 1,086 851 14,621Trade and other payables 17,628 - - - 17,628Other liabilities 19,547 - - - 19,547Total 128,988 87,538 42,753 27,517 286,796Note 27 - Group companiesThe Group\u2019s consolidated financial statements include the financial statements of the Company and its subsidiaries listed in the table below. The table excludes all general partner companies and non-operating companies.in USD thousands Country Principal activity Ownership\"AS SAMANTA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS SABRINA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS FREYA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS FENJA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS PAOLA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS PAULINE\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS PENELOPE\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%MPC Container Ships GmbH & Co. KG Germany Management Company 100.00%MPCC Second Financing GmbH & Co. KG Germany Holding company 100.00%Zweite \"AS PALINA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%Zweite \"AS PETRA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Camellia\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Carlotta\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Carolina\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Christiana\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Constantina\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Franziska\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Roberta\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Serena\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Susanna\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Svenja\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Nadia Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%MPC Container Ships Invest B.V. Netherlands Holding company 100.00%\"AS Angelina\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS California\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Carelia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Clara\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Clarita\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Clementina CV\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Columbia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Cypria\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Fabiana\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Fabrizia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Fatima\" ShipCo C.V. Netherlands Ship-owning entity 99,90%in USD thousands Country Principal activity Ownership\"AS Felicia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Filippa\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Fiorella\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Flora\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Floretta\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Floriana\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Patria\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Paulina\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Petronia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS RAFAELA\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Ragna\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Romina\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Rosalia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Sara\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Savanna\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS SELINA\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Sevillia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Sicilia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Sophia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%MPCC Third Financing AS Norway Holding company 100.00%MPCC Box AS Norway Holding company 100.00%MPCC Mipo AS Norway Ship-owning entity 100.00%MPCC City AS Norway Ship-owning entity 100.00%MPCC Nora AS Norway Ship-owning entity 100.00%MPCC Emma AS Norway Ship-owning entity 100.00%MPCC Caspria AS Norway Ship-owning entity 100.00%MPCC Alva AS Norway Ship-owning entity 100.00%MPC ECOBOX OPCO 5 GmbH & Co. KG Germany Ship-owning entity 100.00%MPC ECOBOX OPCO 6 GmbH & Co. KG Germany Ship-owning entity 100.00%MPCC GREENBOX AS Norway Holding company 90.1%MPCC NORDLAND AS Norway Ship-owning entity 90.1%MPCC VESTLAND AS Norway Ship-owning entity 90.1%Note 28 \u2013 Subsequent events In December 2022, as part of the Group\u2019s measures for continuous portfolio optimization, the Group entered into a commercial agreement for the option for early redelivery of the vessel AS Carlotta against a cash compensation of USD 25.2 million. The option was subsequently exercised in January 2023 and the vessel was redelivered in January 2023.In December 2022, the Group entered into an MOA to sell its 2006-built vessel AS Cleopatra for an agreed sale price of USD 20.9 million to an unrelated party. The vessel was delivered to its new owner in January 2023.In December 2022, the Group obtained an approval from Credit Agricole Corporate & Investment Bank (\u201cCredit Agricole\u201d) together with an Export Credit Agency for a senior secured Pre-Delivery loan facility in the amount of up to USD 15.8 million and a senior secured Post- Delivery loan facility in an amount of up to USD 102.4 million. The loan facilities will be used to finance the two 5,500 TEU eco-design newbuildings and are subject to the execution of final transaction documents to both parties\u2019 satisfaction.In January 2023, the Group entered into an MOA to sell its 2003-built vessel Carinthia for an agreed sale price of USD 7.6 million to an unrelated party. In January 2023, the Group entered into agreements to acquire the 2010-built vessel Rio Centaurus and the 2007-built vessel TRF Kaya for a total consideration of USD 33.9 million. Both vessels are scrubber-fitted, benefitting from the current high fuel price spread. Moreover, both vessels come with existing charters attached with renewals in the third quarter of 2023 and the first quarter of 2024, respectively.In February 2023, the Group signed a senior secured term loan facility in an amount up to USD 8.3 million with OVB. The loan facility matures four years after delivery of 2007-built TRF Kaya and carries an interest equivalent to the SOFR plus a margin of 350 basis points. The facility will be used to partially finance the acquisition of the vessel. In February 2023, the Group postponed the USD 15.0 million repayment of its USD 70.0 million three-year revolving credit facility agree-ment with CIT Group by six months to July 2023.On February 28, the Company paid an event-driven dividend of USD 0.07 per share based on the commercial agreements for the rede-livery of vessels Carpathia and AS Carlotta and the sale of joint venture vessels Carpathia and AS Cleopatra. The Board of Directors also declared a recurring dividend of USD 0.15 per share for the fourth quarter of 2022.In March 2023, AS Claudia (formerly known as TRF Kaya) was delivered from the seller and the loan facility of USD 8.3 million with OVB was drawn down.",
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"value": "Note 1 \u2013 General informationMPC Container Ships ASA (\u201cthe Company\u201d) is a public limited liability company (Norwegian: allmennaksjeselskap) incorporated and domiciled in Norway, with registered address at Rusel\u00f8kkveien 34, 0251 Oslo, Norway, and Norwegian registered enterprise number 918 494 316. The Company was incorporated on January 9, 2017 and commenced operations in April 2017, when the first vessels were acquired. These consolidated financial statements comprise the Company and its subsidiaries (together referred to as \u201cthe Group\u201d). The principal activity of the Group is to invest in and to operate maritime assets in the container shipping segment.The shares of the Company are listed at the Oslo Stock Exchange under the ticker symbol MPCC. MPC Container Ships ASA is the parent company in the Group. The financial statements were approved by the Company\u2019s Board of Directors on March 23, 2023.",
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"value": "Note 2 \u2013 Basis of preparationThe consolidated financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.Going concern assumption The financial statements are prepared based on the going concern assumption.Financial statement classificationThe Group presents assets and liabilities in the statement of financial position based on the current or non-current classification. Current assets are assets that are: +expected to be realized in the entity\u2019s normal operating cycle; +held primarily for the purpose of trading; +expected to be realized within twelve months after the reporting period; or +cash and cash equivalents (unless restricted).The current share of long-term assets or liabilities will be classified as current. All other assets are non-current.Current liabilities are those that are: +expected to be settled within the entity\u2019s normal operating cycle; +held for purpose of trading; or +due to be settled within twelve months; or +for which the entity does not have an unconditional right to defer settlement beyond twelve months.All other liabilities are non-current. If a liability has become payable given a breach of an undertaking under a long-term loan agreement, the liability is classified as current.The income statement of the Group is presented using the cost of sales method.The cash flow statement of the Group is prepared using the indirect method.Basis of measurementThe consolidated financial statements were prepared on the basis of historical cost, except for assets and liabilities measured at fair value from financial instruments, including derivatives.The Group\u2019s financial year corresponds to the calendar year.Basis of consolidationThe consolidated financial statements comprise the financial statements of MPC Container Ship ASA and its subsidiaries as at December 31, 2022. The assets and liabilities, expenditure and income may only be included in the consolidated financial statements for subsidiaries over which the Group has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In general, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has control over an investee, including: +the contractual arrangement with the other vote holders of the investee; +rights arising from other contractual arrangements; and +the Group\u2019s voting rights and potential voting rights.The consolidation of subsidiaries is carried out from the date on which the Group obtains the control over such companies and subsidiaries continue to be consolidated until the date that such control ceases. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets, liabilities, non-controlling interest and other components of equity while any resulting gain is recognized in profit or loss. Any investment retained is recognized at fair value.The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All intercompany balances, income and expenses, unrealized gains and losses as well as cash flows resulting from intercompany transactions are eliminated in full.Non-controlling interests represent the portion of comprehensive income and net assets that is not held by the Group and are presented separately in the consolidated statement of comprehensive income and within equity in the consolidated statement of financial position, separately from the Company\u2019s shareholders\u2019 equity.The Group has included the subsidiaries listed in Note 27 in the consolidated financial statements. Functional and presentation currencyThe consolidated financial statements are presented in US Dollar (USD), which is the functional currency of the parent company of the Group. All financial information presented in USD has been rounded to the nearest thousand USD, except otherwise indicated.Climate-related risksWhen preparing the consolidated financial statements, the Group considers climate-related risk, where these could potentially impact reported amounts materially. The areas in which the Group has assessed climate-related risks at the end of 2022 are included in Note 4.New and amended standards and interpretations The Group\u2019s intention is to adopt the relevant new and amended standards and interpretations when they become effective, subject to EU approval before the consolidated financial statements are issued. No new standards or interpretations implemented in 2022 had a material impact on the consolidated financial statements.Standards issued but not yet effectiveThe new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.Amendments to IFRS 17 \u2013 Insurance Contracts In May 2017, the IASB issued IFRS 17 insurance Contracts (FRS 17), a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. This standard is not applicable to the Group.Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current In January 2020, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: +What is meant by right to defer settlement +That a right to defer must exist at the end of the reporting period +That classification is unaffected by the likelihood that an entity will exercise its deferral right +That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The Group is currently assessing the impact of the amendments will have on current practice and our existing loan agreements.Amendments to IAS 8 \u2013 Accounting EstimatesIn February 2021, the IASB issued amendments to IAS 8, in which it introduces a definition of \u2018accounting estimates\u2019. The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. Also, they clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Earlier application is permitted as long as this fact is disclosed. The amendments are not expected to have a material impact on the Group\u2019s financial statements.Amendments to IAS 1 and IFRS Practice Statement 2- Disclosure of Accounting PoliciesIn February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after January 1, 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide non-mandatory guidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary. The Group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__17": {
"value": "The consolidated financial statements of the Group are prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__18": {
"value": "Going concern assumption The financial statements are prepared based on the going concern assumption.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__21": {
"value": "Basis of consolidationThe consolidated financial statements comprise the financial statements of MPC Container Ship ASA and its subsidiaries as at December 31, 2022. The assets and liabilities, expenditure and income may only be included in the consolidated financial statements for subsidiaries over which the Group has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In general, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has control over an investee, including: +the contractual arrangement with the other vote holders of the investee; +rights arising from other contractual arrangements; and +the Group\u2019s voting rights and potential voting rights.The consolidation of subsidiaries is carried out from the date on which the Group obtains the control over such companies and subsidiaries continue to be consolidated until the date that such control ceases. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets, liabilities, non-controlling interest and other components of equity while any resulting gain is recognized in profit or loss. Any investment retained is recognized at fair value.The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All intercompany balances, income and expenses, unrealized gains and losses as well as cash flows resulting from intercompany transactions are eliminated in full.Non-controlling interests represent the portion of comprehensive income and net assets that is not held by the Group and are presented separately in the consolidated statement of comprehensive income and within equity in the consolidated statement of financial position, separately from the Company\u2019s shareholders\u2019 equity.The Group has included the subsidiaries listed in Note 27 in the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__20": {
"value": "Basis of consolidationThe consolidated financial statements comprise the financial statements of MPC Container Ship ASA and its subsidiaries as at December 31, 2022. The assets and liabilities, expenditure and income may only be included in the consolidated financial statements for subsidiaries over which the Group has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In general, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has control over an investee, including: +the contractual arrangement with the other vote holders of the investee; +rights arising from other contractual arrangements; and +the Group\u2019s voting rights and potential voting rights.The consolidation of subsidiaries is carried out from the date on which the Group obtains the control over such companies and subsidiaries continue to be consolidated until the date that such control ceases. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets, liabilities, non-controlling interest and other components of equity while any resulting gain is recognized in profit or loss. Any investment retained is recognized at fair value.The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All intercompany balances, income and expenses, unrealized gains and losses as well as cash flows resulting from intercompany transactions are eliminated in full.Non-controlling interests represent the portion of comprehensive income and net assets that is not held by the Group and are presented separately in the consolidated statement of comprehensive income and within equity in the consolidated statement of financial position, separately from the Company\u2019s shareholders\u2019 equity.The Group has included the subsidiaries listed in Note 27 in the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__19-1": {
"value": "Basis of consolidationThe consolidated financial statements comprise the financial statements of MPC Container Ship ASA and its subsidiaries as at December 31, 2022. The assets and liabilities, expenditure and income may only be included in the consolidated financial statements for subsidiaries over which the Group has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In general, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has control over an investee, including: +the contractual arrangement with the other vote holders of the investee; +rights arising from other contractual arrangements; and +the Group\u2019s voting rights and potential voting rights.The consolidation of subsidiaries is carried out from the date on which the Group obtains the control over such companies and subsidiaries continue to be consolidated until the date that such control ceases. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets, liabilities, non-controlling interest and other components of equity while any resulting gain is recognized in profit or loss. Any investment retained is recognized at fair value.The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. All intercompany balances, income and expenses, unrealized gains and losses as well as cash flows resulting from intercompany transactions are eliminated in full.Non-controlling interests represent the portion of comprehensive income and net assets that is not held by the Group and are presented separately in the consolidated statement of comprehensive income and within equity in the consolidated statement of financial position, separately from the Company\u2019s shareholders\u2019 equity.The Group has included the subsidiaries listed in Note 27 in the consolidated financial statements.The Group\u2019s consolidated financial statements include the financial statements of the Company and its subsidiaries listed in the table below. The table excludes all general partner companies and non-operating companies.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__22": {
"value": "Functional and presentation currencyThe consolidated financial statements are presented in US Dollar (USD), which is the functional currency of the parent company of the Group. All financial information presented in USD has been rounded to the nearest thousand USD, except otherwise indicated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__23": {
"value": "Climate-related risksWhen preparing the consolidated financial statements, the Group considers climate-related risk, where these could potentially impact reported amounts materially. The areas in which the Group has assessed climate-related risks at the end of 2022 are included in Note 4.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__24": {
"value": "New and amended standards and interpretations The Group\u2019s intention is to adopt the relevant new and amended standards and interpretations when they become effective, subject to EU approval before the consolidated financial statements are issued. No new standards or interpretations implemented in 2022 had a material impact on the consolidated financial statements.Standards issued but not yet effectiveThe new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group\u2019s financial statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__25": {
"value": "Note 3 \u2013 Significant accounting policiesForeign currency translationIn accordance with IAS 21, foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transaction.For those subsidiaries with functional currencies other than USD, financial position items are translated at the rate of exchange at the balance sheet date, and income statements are translated at the exchange rate prevailing at the date of the transaction. Exchange differences arising on the translation are recognized in other comprehensive income as foreign currency differences.Vessels and other property, plant and equipmentFixed assets are stated at historical cost, less subsequent depreciation and impairment. For vessels purchased, these costs include capitalizable expenditures that are directly attributable to the acquisition of the vessels. Upon acquisition, each component of the vessels, with a cost significant to the total acquisition costs, is separately identified and depreciated over that component\u2019s useful life on a straight-line basis. Depreciation is calculated on a straight-line basis over the useful life of the assets, taking residual values into consideration, and adjusted for impairment charges, if any. Residual values of the vessels are estimated as the lightweight tonnage of each vessel multiplied by scrap value per ton. Expected useful lives of assets and residual values are reviewed at each balance sheet date and, where they differ significantly from previous estimates, depreciation calculations are altered accordingly.Ordinary repairs and maintenance expenses are charged to the income statement as incurred. Costs related to dry-docking or other major overhauls are recognized in the carrying amount of the vessels. The recognition is made when the dry-docking has been performed and is depreciated based on estimated time to the next class renewal. The remaining costs that do not meet the recognition criteria are expensed as repairs and maintenance.The scrubber installations are recognized in the carrying amount of the vessels, and depreciated over the remaining useful life of the vessels.Vessels and other property, plant and equipment are derecognized upon disposal or when no future economic benefits are expected from their use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period the asset is derecognized.Newbuildings Instalments on newbuilding contracts are capitalized as \u201cNewbuildings\u201d when they are paid. Upon delivery, newbuildings are reclassified to vessels and are subject to depreciation. The acquisition cost includes direct investments, cost incurred during the construction period and borrowing cost. Borrowing costs are capitalized during the construction period. When the newbuilding contracts are financed, the amount of interest capitalized during the construction period will be based on the effective interest of the Group\u2019s loan facilities.Impairment of vessels Vessels and other fixed assets are assessed for impairment indicators each reporting period. If impairment indicators are identified, the recoverable amount is estimated; and if the carrying amount exceeds its recoverable amount an impairment loss is recognized, i.e. the asset is written down to its recoverable amount. An asset\u2019s recoverable amount is calculated as the higher of the fair value less cost of sale and its value in use. The net realisable value is the amount obtainable from the sale of an asset in an arm\u2019s length transaction less the costs of sale, and the value in use is the present value of estimated future cash flows expected from the continued use of an asset.Assets are grouped at the lowest level where there are separately identifiable independent cash flows. The following assumptions have been made when calculating the value in use for container vessels: +Each vessel is considered to be a separate cash-generating unit. +Future cash flows are based on an assessment of expected development in charter rates and estimated level of administrative and operating expenses (including maintenance and repair) and dry-docking over the remaining useful life of the vessel plus any residual value. +The net present value of future estimated cash flows of each cash-generating unit is based on a discount rate according to a pre-tax weighted average cost of capital (see Note 11). The weighted average cost of capital is calculated based on the expected long-term borrowing rate and risk-free USD LIBOR rate plus an equity risk premium. An impairment loss recognized in prior periods for an asset is reversed if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized.Investment in associates and joint venturesAn associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.The Group\u2019s investments in associates and joint ventures are accounted for using the equity method. The investment in an associate or a joint venture is initially recognized at cost and thereafter adjusted for the Group\u2019s share of post-acquisition profits or losses, movements in other comprehensive income or dividends received. The financial statements of the associate and joint venture are prepared for the same reporting period as the Group.ProvisionsProvisions are recognized when the Group has a present obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is recognized through profit and loss net of any reimbursement.Trade and other payablesTrade and other payables represent non-interest-bearing liabilities for goods and services provided to the Group prior to the reporting date. The amounts are unsecured and are usually paid within 30 days of recognition. They are recognized initially at fair value and subsequently measured at amortised cost using the effective interest method.Trade and other receivablesTrade receivables and other short-term receivables are measured at transaction price upon initial recognition and subsequently measured at amortised cost less expected credit losses. InventoriesThe Group values its inventories, which comprise mainly of lube oils and bunkers on board the vessels, at the lower of cost and net realisable value. They are accounted for on a first-in/first-out basis.Cash and cash equivalentsCash and short-term deposits in the statement of financial position comprise cash at banks, on hand and short-term deposits with a maturity of three months or less. Cash equivalents represent short-term, liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less. Cash and cash equivalents are recorded at their nominal values. Liquid funds denominated in foreign currencies are translated at the exchange rate on the balance sheet date.Cash not available for general use by the Group due to minimum liquidity requirements in the loan agreements and required class are classified as restricted cash.Share issuanceCosts related to share issuances are recognized directly in equity.WarrantsThe warrants issued by the Company are classified as equity instruments in accordance with IFRS 2. Accordingly, the subscription rights are not recognized in the Group\u2019s financial statements at the time they are granted. At the time of the execution, the Company issues shares and receives a cash contribution. The cash contribution is accounted for in share capital and capital reserves (in the amount a premium or discount to the shares\u2019 par value). The fair value of these common share warrants was re-measured at each financial reporting period and immediately before exercise, with any changes in fair value being recognized as a component of other income (expense) in our consolidated statements of operations. Financial liabilitiesAll loans and borrowings are initially recognized at fair value less directly attributable transaction costs and have not been designated as at fair value through profit or loss. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate.A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires.Derivative financial instruments and hedgingThe Group may use certain hedging instruments, such as forward contracts or options, to manage foreign exchange or interest rate risk, for instance. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.At the inception of a hedge relationship, the Group formally documents the relationship between the hedge instrument and the hedged item, including the risk management objectives and strategy in undertaking the hedge transaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedging relationship.The Group makes an assessment at inception and on an ongoing basis according to IFRS 9, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cash flows. For a cash flow hedge of a forecast transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that ultimately could affect profit or loss.For the purpose of hedge accounting, hedges are classified as: +fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment (except for foreign currency risk); or +cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable transactions.Hedges which meet the criteria for hedge accounting are accounted for as follows:The effective portion of the gain or loss on the hedging instrument is recognized in other comprehensive income (OCI) in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the statement of profit or loss. Amounts recognized as OCI are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expense is recognized or when a forecast sale occurs. When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognized as OCI are transferred to the initial carrying amount of the non-financial asset or liability.If the forecast transaction or firm commitment is no longer expected to occur, amounts previously recognized in equity are transferred to profit or loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognized in equity remain in equity until the forecast transaction or firm commitment occurs.Fair value estimation 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, using assumptions that market participants would use when pricing the asset or liability.All assets and liabilities for which fair values are measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: : +Level 1: Quoted market prices in active markets for identical assets or liabilities. +Level 2: Inputs other than quoted market prices included in Level 1 are directly or indirectly observable. +Level 3: Inputs are unobservable.Additional explanations of fair values can be found in Note 18 \u2013 Financial instruments.Leases as lessorThe determination of whether an arrangement contains a lease element is based on the substance of the arrangement at the inception of the lease. Leases are classified as finance leases if the terms of the lease agreement transfer substantially all the risks and benefits related to ownership of the leased item. All other leases are classified as operating leases.The Group leases its assets to liner shipping companies through time charter contracts. Payments made under operating leases are charged to the profit and loss on a straight-line basis over the period of the time charter contract.Revenue recognitionThe Group\u2019s time charter contract revenues are separated into a lease element accounted for in accordance with IFRS 16 Leases (see above under leases as lessor) and a service element which is accounted for in accordance with IFRS 15 Revenue from Contracts with Customers. Time charter, pool revenue and other revenue from contracts with customers is recognized when control of goods or services are trans-ferred to the customer and when each separate performance obligation in the customer contract is fulfilled following the \u201cover-time principle\u201d. It is recognized at an amount that reflects the consideration which the Group expects to receive in exchange for those goods or services. Revenues are presented net of indirect sales taxes. The Group acts as a participant in the pool arrangements. The performance obligation under the pool arrangements are equal as set under the time charter contracts. Revenues for the vessels employed in the pool are based on average revenues across the pool the vessels are employed in, i.e. the vessels earn the average charter rate of the pool for the respective month.The service element from the Group\u2019s time charter contracts are recognized over time, as the performance obligation is satisfied over time. This since the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs. Revenue from bunkers and other goods and services from customers are recognized in the period the goods or services are transferred to the customer, following the \u201cpoint in time principle\u201d. Operating expensesOperating expenses are accounted for on an accruals basis. Expenses are charged to the income statement, except for those incurred in the acquisition of an investment, which are capitalized as part of the cost of the investment. Expenses arising on the disposal of invest-ments are deducted from the disposal proceeds.Operating expenses of the Group are expenses related to the operation of vessels, such as (but not limited to) crewing expenses, expenses for maintenance and repair, insurance and lube oil.Interest incomeInterest income is recognized as accrued and is presented in financial income in the statement of comprehensive income.Earnings per share The Group presents basic and diluted earnings per share data for its ordinary shares.Basic earnings per share are calculated by dividing the profit for the reporting period attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the reporting period.Diluted earnings per share are calculated by dividing the profit attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares.TaxesCurrent income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the relevant taxation authorities.The Company is subject to tax on its income in accordance with the general tax rules pertaining to companies that are tax resident in Norway. The Company\u2019s vessel-owning subsidiaries are subject to the Norwegian, German or Dutch tonnage tax regime, i.e. taxable income is calculated as a lump sum depending on the net tonnage of the respective vessels, independent of the realized earnings. Income not derived from the operation of the vessels in international waters, such as financial income, is usually taxed according the ordinary taxation rules applicable in the resident country of each respective company. Tonnage taxes are classified as \u201cVessel operating expenditures\u201d.Deferred tax liabilities are classified as non-current liabilities and are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilised.Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision makers in the Group. The chief operating decision maker who is responsible for allocating resources and assessing performance of the operating segments has been identified as the Board of Directors of the Company. The Group has identified one operating segment as it employs one type of vessels: \u201cContainer vessels\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__26": {
"value": "Foreign currency translationIn accordance with IAS 21, foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transaction.For those subsidiaries with functional currencies other than USD, financial position items are translated at the rate of exchange at the balance sheet date, and income statements are translated at the exchange rate prevailing at the date of the transaction. Exchange differences arising on the translation are recognized in other comprehensive income as foreign currency differences.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__28": {
"value": "Vessels and other property, plant and equipmentFixed assets are stated at historical cost, less subsequent depreciation and impairment. For vessels purchased, these costs include capitalizable expenditures that are directly attributable to the acquisition of the vessels. Upon acquisition, each component of the vessels, with a cost significant to the total acquisition costs, is separately identified and depreciated over that component\u2019s useful life on a straight-line basis. Depreciation is calculated on a straight-line basis over the useful life of the assets, taking residual values into consideration, and adjusted for impairment charges, if any. Residual values of the vessels are estimated as the lightweight tonnage of each vessel multiplied by scrap value per ton. Expected useful lives of assets and residual values are reviewed at each balance sheet date and, where they differ significantly from previous estimates, depreciation calculations are altered accordingly.Ordinary repairs and maintenance expenses are charged to the income statement as incurred. Costs related to dry-docking or other major overhauls are recognized in the carrying amount of the vessels. The recognition is made when the dry-docking has been performed and is depreciated based on estimated time to the next class renewal. The remaining costs that do not meet the recognition criteria are expensed as repairs and maintenance.The scrubber installations are recognized in the carrying amount of the vessels, and depreciated over the remaining useful life of the vessels.Vessels and other property, plant and equipment are derecognized upon disposal or when no future economic benefits are expected from their use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period the asset is derecognized.Newbuildings Instalments on newbuilding contracts are capitalized as \u201cNewbuildings\u201d when they are paid. Upon delivery, newbuildings are reclassified to vessels and are subject to depreciation. The acquisition cost includes direct investments, cost incurred during the construction period and borrowing cost. Borrowing costs are capitalized during the construction period. When the newbuilding contracts are financed, the amount of interest capitalized during the construction period will be based on the effective interest of the Group\u2019s loan facilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__27": {
"value": "Vessels and other property, plant and equipmentFixed assets are stated at historical cost, less subsequent depreciation and impairment. For vessels purchased, these costs include capitalizable expenditures that are directly attributable to the acquisition of the vessels. Upon acquisition, each component of the vessels, with a cost significant to the total acquisition costs, is separately identified and depreciated over that component\u2019s useful life on a straight-line basis. Depreciation is calculated on a straight-line basis over the useful life of the assets, taking residual values into consideration, and adjusted for impairment charges, if any. Residual values of the vessels are estimated as the lightweight tonnage of each vessel multiplied by scrap value per ton. Expected useful lives of assets and residual values are reviewed at each balance sheet date and, where they differ significantly from previous estimates, depreciation calculations are altered accordingly.Ordinary repairs and maintenance expenses are charged to the income statement as incurred. Costs related to dry-docking or other major overhauls are recognized in the carrying amount of the vessels. The recognition is made when the dry-docking has been performed and is depreciated based on estimated time to the next class renewal. The remaining costs that do not meet the recognition criteria are expensed as repairs and maintenance.The scrubber installations are recognized in the carrying amount of the vessels, and depreciated over the remaining useful life of the vessels.Vessels and other property, plant and equipment are derecognized upon disposal or when no future economic benefits are expected from their use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period the asset is derecognized.Newbuildings Instalments on newbuilding contracts are capitalized as \u201cNewbuildings\u201d when they are paid. Upon delivery, newbuildings are reclassified to vessels and are subject to depreciation. The acquisition cost includes direct investments, cost incurred during the construction period and borrowing cost. Borrowing costs are capitalized during the construction period. When the newbuilding contracts are financed, the amount of interest capitalized during the construction period will be based on the effective interest of the Group\u2019s loan facilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__29": {
"value": "Impairment of vessels Vessels and other fixed assets are assessed for impairment indicators each reporting period. If impairment indicators are identified, the recoverable amount is estimated; and if the carrying amount exceeds its recoverable amount an impairment loss is recognized, i.e. the asset is written down to its recoverable amount. An asset\u2019s recoverable amount is calculated as the higher of the fair value less cost of sale and its value in use. The net realisable value is the amount obtainable from the sale of an asset in an arm\u2019s length transaction less the costs of sale, and the value in use is the present value of estimated future cash flows expected from the continued use of an asset.Assets are grouped at the lowest level where there are separately identifiable independent cash flows. The following assumptions have been made when calculating the value in use for container vessels: +Each vessel is considered to be a separate cash-generating unit. +Future cash flows are based on an assessment of expected development in charter rates and estimated level of administrative and operating expenses (including maintenance and repair) and dry-docking over the remaining useful life of the vessel plus any residual value. +The net present value of future estimated cash flows of each cash-generating unit is based on a discount rate according to a pre-tax weighted average cost of capital (see Note 11). The weighted average cost of capital is calculated based on the expected long-term borrowing rate and risk-free USD LIBOR rate plus an equity risk premium. An impairment loss recognized in prior periods for an asset is reversed if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognized.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__32": {
"value": "Investment in associates and joint venturesAn associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.The Group\u2019s investments in associates and joint ventures are accounted for using the equity method. The investment in an associate or a joint venture is initially recognized at cost and thereafter adjusted for the Group\u2019s share of post-acquisition profits or losses, movements in other comprehensive income or dividends received. The financial statements of the associate and joint venture are prepared for the same reporting period as the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__31": {
"value": "Investment in associates and joint venturesAn associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.The Group\u2019s investments in associates and joint ventures are accounted for using the equity method. The investment in an associate or a joint venture is initially recognized at cost and thereafter adjusted for the Group\u2019s share of post-acquisition profits or losses, movements in other comprehensive income or dividends received. The financial statements of the associate and joint venture are prepared for the same reporting period as the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__30": {
"value": "Investment in associates and joint venturesAn associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.The Group\u2019s investments in associates and joint ventures are accounted for using the equity method. The investment in an associate or a joint venture is initially recognized at cost and thereafter adjusted for the Group\u2019s share of post-acquisition profits or losses, movements in other comprehensive income or dividends received. The financial statements of the associate and joint venture are prepared for the same reporting period as the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__33": {
"value": "ProvisionsProvisions are recognized when the Group has a present obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is recognized through profit and loss net of any reimbursement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__34": {
"value": "Trade and other payablesTrade and other payables represent non-interest-bearing liabilities for goods and services provided to the Group prior to the reporting date. The amounts are unsecured and are usually paid within 30 days of recognition. They are recognized initially at fair value and subsequently measured at amortised cost using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__35-1": {
"value": "Trade and other receivablesTrade receivables and other short-term receivables are measured at transaction price upon initial recognition and subsequently measured at amortised cost less expected credit losses.The Group had outstanding receivables per year end amounting to USD 7.9 million. Historically, the Group have not had any credit losses of significance. A significant part of the outstanding receivables is against larger liner companies, of which the Group have had a long business relationship with, which reduces the risk further. The Group applies the simplified approach to provide for lifetime Expected Credit Losses in accordance with IFRS 9. The invoiced amount is considered to be approximately equal to the value which would be derived under the amortized cost method. In 2022, the Group recognized USD 0.6 million as impairment losses, compared to USD 1.1 million in 2021.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__36": {
"value": "InventoriesThe Group values its inventories, which comprise mainly of lube oils and bunkers on board the vessels, at the lower of cost and net realisable value. They are accounted for on a first-in/first-out basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__38": {
"value": "Cash and cash equivalentsCash and short-term deposits in the statement of financial position comprise cash at banks, on hand and short-term deposits with a maturity of three months or less. Cash equivalents represent short-term, liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less. Cash and cash equivalents are recorded at their nominal values. Liquid funds denominated in foreign currencies are translated at the exchange rate on the balance sheet date.Cash not available for general use by the Group due to minimum liquidity requirements in the loan agreements and required class are classified as restricted cash.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__37": {
"value": "Cash and cash equivalentsCash and short-term deposits in the statement of financial position comprise cash at banks, on hand and short-term deposits with a maturity of three months or less. Cash equivalents represent short-term, liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less. Cash and cash equivalents are recorded at their nominal values. Liquid funds denominated in foreign currencies are translated at the exchange rate on the balance sheet date.Cash not available for general use by the Group due to minimum liquidity requirements in the loan agreements and required class are classified as restricted cash.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__39": {
"value": "Share issuanceCosts related to share issuances are recognized directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__40": {
"value": "WarrantsThe warrants issued by the Company are classified as equity instruments in accordance with IFRS 2. Accordingly, the subscription rights are not recognized in the Group\u2019s financial statements at the time they are granted. At the time of the execution, the Company issues shares and receives a cash contribution. The cash contribution is accounted for in share capital and capital reserves (in the amount a premium or discount to the shares\u2019 par value). The fair value of these common share warrants was re-measured at each financial reporting period and immediately before exercise, with any changes in fair value being recognized as a component of other income (expense) in our consolidated statements of operations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__41": {
"value": "Financial liabilitiesAll loans and borrowings are initially recognized at fair value less directly attributable transaction costs and have not been designated as at fair value through profit or loss. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate.A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__43": {
"value": "Derivative financial instruments and hedgingThe Group may use certain hedging instruments, such as forward contracts or options, to manage foreign exchange or interest rate risk, for instance. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.At the inception of a hedge relationship, the Group formally documents the relationship between the hedge instrument and the hedged item, including the risk management objectives and strategy in undertaking the hedge transaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedging relationship.The Group makes an assessment at inception and on an ongoing basis according to IFRS 9, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cash flows. For a cash flow hedge of a forecast transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that ultimately could affect profit or loss.For the purpose of hedge accounting, hedges are classified as: +fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment (except for foreign currency risk); or +cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable transactions.Hedges which meet the criteria for hedge accounting are accounted for as follows:The effective portion of the gain or loss on the hedging instrument is recognized in other comprehensive income (OCI) in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the statement of profit or loss. Amounts recognized as OCI are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expense is recognized or when a forecast sale occurs. When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognized as OCI are transferred to the initial carrying amount of the non-financial asset or liability.If the forecast transaction or firm commitment is no longer expected to occur, amounts previously recognized in equity are transferred to profit or loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognized in equity remain in equity until the forecast transaction or firm commitment occurs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__42": {
"value": "Derivative financial instruments and hedgingThe Group may use certain hedging instruments, such as forward contracts or options, to manage foreign exchange or interest rate risk, for instance. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.At the inception of a hedge relationship, the Group formally documents the relationship between the hedge instrument and the hedged item, including the risk management objectives and strategy in undertaking the hedge transaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedging relationship.The Group makes an assessment at inception and on an ongoing basis according to IFRS 9, of whether the hedging instruments are expected to be highly effective in offsetting the changes in the fair value or cash flows. For a cash flow hedge of a forecast transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that ultimately could affect profit or loss.For the purpose of hedge accounting, hedges are classified as: +fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment (except for foreign currency risk); or +cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable transactions.Hedges which meet the criteria for hedge accounting are accounted for as follows:The effective portion of the gain or loss on the hedging instrument is recognized in other comprehensive income (OCI) in the cash flow hedge reserve, while any ineffective portion is recognized immediately in the statement of profit or loss. Amounts recognized as OCI are transferred to profit or loss when the hedged transaction affects profit or loss, such as when the hedged financial income or financial expense is recognized or when a forecast sale occurs. When the hedged item is the cost of a non-financial asset or non-financial liability, the amounts recognized as OCI are transferred to the initial carrying amount of the non-financial asset or liability.If the forecast transaction or firm commitment is no longer expected to occur, amounts previously recognized in equity are transferred to profit or loss. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, amounts previously recognized in equity remain in equity until the forecast transaction or firm commitment occurs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__44": {
"value": "Fair value estimation 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, using assumptions that market participants would use when pricing the asset or liability.All assets and liabilities for which fair values are measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: : +Level 1: Quoted market prices in active markets for identical assets or liabilities. +Level 2: Inputs other than quoted market prices included in Level 1 are directly or indirectly observable. +Level 3: Inputs are unobservable.Additional explanations of fair values can be found in Note 18 \u2013 Financial instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__45": {
"value": "Leases as lessorThe determination of whether an arrangement contains a lease element is based on the substance of the arrangement at the inception of the lease. Leases are classified as finance leases if the terms of the lease agreement transfer substantially all the risks and benefits related to ownership of the leased item. All other leases are classified as operating leases.The Group leases its assets to liner shipping companies through time charter contracts. Payments made under operating leases are charged to the profit and loss on a straight-line basis over the period of the time charter contract.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__46": {
"value": "Revenue recognitionThe Group\u2019s time charter contract revenues are separated into a lease element accounted for in accordance with IFRS 16 Leases (see above under leases as lessor) and a service element which is accounted for in accordance with IFRS 15 Revenue from Contracts with Customers. Time charter, pool revenue and other revenue from contracts with customers is recognized when control of goods or services are trans-ferred to the customer and when each separate performance obligation in the customer contract is fulfilled following the \u201cover-time principle\u201d. It is recognized at an amount that reflects the consideration which the Group expects to receive in exchange for those goods or services. Revenues are presented net of indirect sales taxes. The Group acts as a participant in the pool arrangements. The performance obligation under the pool arrangements are equal as set under the time charter contracts. Revenues for the vessels employed in the pool are based on average revenues across the pool the vessels are employed in, i.e. the vessels earn the average charter rate of the pool for the respective month.The service element from the Group\u2019s time charter contracts are recognized over time, as the performance obligation is satisfied over time. This since the customer simultaneously receives and consumes the benefits provided by the Group\u2019s performance as the Group performs. Revenue from bunkers and other goods and services from customers are recognized in the period the goods or services are transferred to the customer, following the \u201cpoint in time principle\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__47": {
"value": "Operating expensesOperating expenses are accounted for on an accruals basis. Expenses are charged to the income statement, except for those incurred in the acquisition of an investment, which are capitalized as part of the cost of the investment. Expenses arising on the disposal of invest-ments are deducted from the disposal proceeds.Operating expenses of the Group are expenses related to the operation of vessels, such as (but not limited to) crewing expenses, expenses for maintenance and repair, insurance and lube oil.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__48": {
"value": "Interest incomeInterest income is recognized as accrued and is presented in financial income in the statement of comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__49": {
"value": "Earnings per share The Group presents basic and diluted earnings per share data for its ordinary shares.Basic earnings per share are calculated by dividing the profit for the reporting period attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the reporting period.Diluted earnings per share are calculated by dividing the profit attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__52": {
"value": "TaxesCurrent income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the relevant taxation authorities.The Company is subject to tax on its income in accordance with the general tax rules pertaining to companies that are tax resident in Norway. The Company\u2019s vessel-owning subsidiaries are subject to the Norwegian, German or Dutch tonnage tax regime, i.e. taxable income is calculated as a lump sum depending on the net tonnage of the respective vessels, independent of the realized earnings. Income not derived from the operation of the vessels in international waters, such as financial income, is usually taxed according the ordinary taxation rules applicable in the resident country of each respective company. Tonnage taxes are classified as \u201cVessel operating expenditures\u201d.Deferred tax liabilities are classified as non-current liabilities and are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__51": {
"value": "TaxesCurrent income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the relevant taxation authorities.The Company is subject to tax on its income in accordance with the general tax rules pertaining to companies that are tax resident in Norway. The Company\u2019s vessel-owning subsidiaries are subject to the Norwegian, German or Dutch tonnage tax regime, i.e. taxable income is calculated as a lump sum depending on the net tonnage of the respective vessels, independent of the realized earnings. Income not derived from the operation of the vessels in international waters, such as financial income, is usually taxed according the ordinary taxation rules applicable in the resident country of each respective company. Tonnage taxes are classified as \u201cVessel operating expenditures\u201d.Deferred tax liabilities are classified as non-current liabilities and are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__50": {
"value": "TaxesCurrent income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the relevant taxation authorities.The Company is subject to tax on its income in accordance with the general tax rules pertaining to companies that are tax resident in Norway. The Company\u2019s vessel-owning subsidiaries are subject to the Norwegian, German or Dutch tonnage tax regime, i.e. taxable income is calculated as a lump sum depending on the net tonnage of the respective vessels, independent of the realized earnings. Income not derived from the operation of the vessels in international waters, such as financial income, is usually taxed according the ordinary taxation rules applicable in the resident country of each respective company. Tonnage taxes are classified as \u201cVessel operating expenditures\u201d.Deferred tax liabilities are classified as non-current liabilities and are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__53": {
"value": "Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision makers in the Group. The chief operating decision maker who is responsible for allocating resources and assessing performance of the operating segments has been identified as the Board of Directors of the Company. The Group has identified one operating segment as it employs one type of vessels: \u201cContainer vessels\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__55": {
"value": "Note 4 \u2013 Significant judgements, estimates, and assumptionsThe preparation of consolidated financial statements conforming to IFRS requires management to make judgments, estimates and assumptions that may affect assets, liabilities, revenues, expenses and information in Notes to these financial statements. Estimates are management\u2019s best assessment based on information available at the date the financial statements are authorized for issue. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in future periods. Estimates and underlying assumptions are reviewed on an on-going basis.JudgementsIn the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have significant effect on the amounts recognized in the consolidated financial statements: +Joint arrangements: The Group holds a 50% ownership interest in 2. Bluewater Holding Schifffahrtsgesellschaft GmbH & Co. KG; the Group has determined that it has joint control over the investee based on terms and conditions in the shareholder agreement and the ownership is shared with the joint venture partner. Assumptions and estimation uncertaintiesThe following assumptions and estimation uncertainties can have a significant risk of resulting in a material adjustment to the carrying amounts of assets: +Climate risk: Future climate change measures may affect the shipping industry regarding fuel regulation, port fees, useful life and the scrap values of the vessels. Potential future fuel taxes or development of new more climate friendly fuel may increase the future operating expenses or capex of the Group that may be only partly offset by higher time charter rates. Technological developments enabling more climate friendly container vessels may affect the ability to obtain new charters in the future, the potential useful life of the vessels and the scrap values of the vessels. Management has considered the impact of decarbonization and climate-related risks on useful lives of existing vessels. Such risk including new climate-related legislation restricting the recycling of EU flagged vessels outside of EU approved yard. +Depreciation of vessels (including scrubbers): Depreciation is based on estimates of the vessels\u2019 useful lives, residual values less scrapping costs and the depreciation method, which are reviewed by management at each balance sheet date. Any changes in estimated useful lives and/or residual values impact the depreciation of the vessels prospectively. +Impairment of vessels: Indicators of impairment of assets are assessed at each reporting date. In 2022 the Group identified impairment indicators (see Note 11 for further description). The impairment testing demand a considerable degree of estimation. Changes in circumstances and assumptions may significantly affect the estimated recoverable amounts. The Group\u2019s impairment test for operating vessels is based on the value in use as assessed by performing discounted cash flow calculations. Value in use calculations involve a high degree of estimation and a number of critical assumptions such as time charter rates, utilization rate, drydocking expenditures and requirements, operational expenses, residual values, climate risk and discount rates. These assumptions are based on a combination of historical trends and current market conditions as well as future expectations. Estimated outflows for operating expenses and drydocking expenditures as well as requirement are based on a combination of historical and budgeted costs and are adjusted for assumed inflation. Finally, utilization is based on historical levels achieved and estimates of a residual value are consistent with the pattern of scrap rates used in management\u2019s evaluation of salvage value. The more significant factors that could impact management\u2019s assumption regarding time charter rates include (i) regional and global economic environment, (ii) trade patterns, (iii) by industry-specific trends in respect of capacity supply and demand, and (iv) changes in rules and regulation applicable to the container market, which includes legislation adopted by the international organization such as IMO and the EU or by individual countries. Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate at the time they were made, such assumptions are highly subjective and likely to change, possibly materially in the future.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__54": {
"value": "Note 4 \u2013 Significant judgements, estimates, and assumptionsThe preparation of consolidated financial statements conforming to IFRS requires management to make judgments, estimates and assumptions that may affect assets, liabilities, revenues, expenses and information in Notes to these financial statements. Estimates are management\u2019s best assessment based on information available at the date the financial statements are authorized for issue. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in future periods. Estimates and underlying assumptions are reviewed on an on-going basis.JudgementsIn the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have significant effect on the amounts recognized in the consolidated financial statements: +Joint arrangements: The Group holds a 50% ownership interest in 2. Bluewater Holding Schifffahrtsgesellschaft GmbH & Co. KG; the Group has determined that it has joint control over the investee based on terms and conditions in the shareholder agreement and the ownership is shared with the joint venture partner. Assumptions and estimation uncertaintiesThe following assumptions and estimation uncertainties can have a significant risk of resulting in a material adjustment to the carrying amounts of assets: +Climate risk: Future climate change measures may affect the shipping industry regarding fuel regulation, port fees, useful life and the scrap values of the vessels. Potential future fuel taxes or development of new more climate friendly fuel may increase the future operating expenses or capex of the Group that may be only partly offset by higher time charter rates. Technological developments enabling more climate friendly container vessels may affect the ability to obtain new charters in the future, the potential useful life of the vessels and the scrap values of the vessels. Management has considered the impact of decarbonization and climate-related risks on useful lives of existing vessels. Such risk including new climate-related legislation restricting the recycling of EU flagged vessels outside of EU approved yard. +Depreciation of vessels (including scrubbers): Depreciation is based on estimates of the vessels\u2019 useful lives, residual values less scrapping costs and the depreciation method, which are reviewed by management at each balance sheet date. Any changes in estimated useful lives and/or residual values impact the depreciation of the vessels prospectively. +Impairment of vessels: Indicators of impairment of assets are assessed at each reporting date. In 2022 the Group identified impairment indicators (see Note 11 for further description). The impairment testing demand a considerable degree of estimation. Changes in circumstances and assumptions may significantly affect the estimated recoverable amounts. The Group\u2019s impairment test for operating vessels is based on the value in use as assessed by performing discounted cash flow calculations. Value in use calculations involve a high degree of estimation and a number of critical assumptions such as time charter rates, utilization rate, drydocking expenditures and requirements, operational expenses, residual values, climate risk and discount rates. These assumptions are based on a combination of historical trends and current market conditions as well as future expectations. Estimated outflows for operating expenses and drydocking expenditures as well as requirement are based on a combination of historical and budgeted costs and are adjusted for assumed inflation. Finally, utilization is based on historical levels achieved and estimates of a residual value are consistent with the pattern of scrap rates used in management\u2019s evaluation of salvage value. The more significant factors that could impact management\u2019s assumption regarding time charter rates include (i) regional and global economic environment, (ii) trade patterns, (iii) by industry-specific trends in respect of capacity supply and demand, and (iv) changes in rules and regulation applicable to the container market, which includes legislation adopted by the international organization such as IMO and the EU or by individual countries. Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate at the time they were made, such assumptions are highly subjective and likely to change, possibly materially in the future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__56": {
"value": "Note 5 \u2013 Segment informationAll of the Group\u2019s vessels earn revenue from seaborne container transportation globally. The vessels exhibit similar economic, trading and financial characteristics. The Group is organised in one operating segment, i.e. the container shipping segment. The chief operating decision makers measure the financial performance based on the consolidated results for the Group\u2019s vessels. Further, the assets and liabilities are reviewed at a consolidated basis in a consistent manner with the statement of financial position.For the year ended December 31, 2022, the Group had two customers (2021: one) that accounted for 10% or more for our consolidated chartered revenues in the amount of USD 123.3 million and USD 121.7 million, respectively. The following customers of the Group represented more than 10% of the Group\u2019s consolidated charter revenues in 2022: ZIM Integrated Shipping Services Ltd and Maersk Line, Denmark. The Group\u2019s vessels trade globally and are suitable to be deployed in various global trading patterns. Therefore, there is no particular focus on a geographic region. The Company provides geographical data for revenue only, as the Group\u2019s revenue predominantly stems from vessels that may be employed globally. Gross revenue specific foreign countries which contribute significantly to total revenue are disclosed below.in USD thousands 2022 2021South America 159,398 87,787Intra-Asia 158,968 129,910Middle East 129,437 47,915Other geographical locations (worldwide trades) 55,245 37,179Europe 54,249 29,190Africa 32,084 20,946Total time charter and pool revenue 589,380 352,926",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__58": {
"value": "Note 6 \u2013 Operating revenuesin USD thousands 2022 2021Time charter revenues 587,868 308,516Pool charter revenues 1,512 44,410Total charter revenues 589,380 352,926Amortization of time charter contracts 18,083 21,663Other revenues 9,304 10,121Total operating revenues 616,768 384,710The Group\u2019s time charter contracts and pool charter revenues are separated into a lease element and service element. The lease element of the vessel represents the use of the vessel without any associated performance obligations and is accounted for in accordance with IFRS 16 Leases. Revenues from time charter services (service element) and other revenue (e.g. bunkers and other services) are accounted for in accordance IFRS 15. In accordance with IFRS 15, for each contract with a customer, the Group identifies the performance obliga-tions, determines the transaction price, allocates the transaction price to performance obligations to the extent that the contract covers more than one performance obligation, determines whether revenue should be recognized over time or at a point in time and recognizes revenue when or as performance obligations are fulfilled. The Groups\u2019 voyage charters and time charter contracts qualify for recogni-tion over time. Revenue from shipping activities is recognized over time as the performance obligation is satisfied, including a share of revenue from incomplete voyages at the balance sheet date. Invoiced revenue related to an estimated proportion of remaining voyage time and activities at the destination port is deferred. Number of days of a voyage, as a percentage of the total number of days a voyage is estimated to last, is considered as a close approximation of percentage of completion.The lease and non-lease components of our revenues in the year ended December 31, 2022 and December 31, 2021 were as follows: in USD thousands 2022 2021Service element 134,936 115,833Other revenue 9,304 10,121Total revenue from customer contracts 144,240 125,953Lease element 454,444 237,094Amortization of time charter contracts 18,083 21,663Total operating revenues 616,768 384,710Contracted revenues based on fixed time charter contracts and full employment as at December 31, 2022 are set out below, based on minimum contract periods of vessels held in subsidiaries:in USD thousands < 1 year 1 - 3 years 4 - 5 years > 5 years TotalTime charter revenues 573,893 666,181 164,249 220,900 1,625,224 Contracted revenues based on fixed time charter contracts and full employment as at December 31, 2021 are set out below, based on minimum contract periods of vessels held in subsidiaries:in USD thousands < 1 year 1 - 3 years 4 - 5 years > 5 years TotalTime charter revenues 414,419 438,564 - - 852,983",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__57": {
"value": "Note 6 \u2013 Operating revenuesin USD thousands 2022 2021Time charter revenues 587,868 308,516Pool charter revenues 1,512 44,410Total charter revenues 589,380 352,926Amortization of time charter contracts 18,083 21,663Other revenues 9,304 10,121Total operating revenues 616,768 384,710The Group\u2019s time charter contracts and pool charter revenues are separated into a lease element and service element. The lease element of the vessel represents the use of the vessel without any associated performance obligations and is accounted for in accordance with IFRS 16 Leases. Revenues from time charter services (service element) and other revenue (e.g. bunkers and other services) are accounted for in accordance IFRS 15. In accordance with IFRS 15, for each contract with a customer, the Group identifies the performance obliga-tions, determines the transaction price, allocates the transaction price to performance obligations to the extent that the contract covers more than one performance obligation, determines whether revenue should be recognized over time or at a point in time and recognizes revenue when or as performance obligations are fulfilled. The Groups\u2019 voyage charters and time charter contracts qualify for recogni-tion over time. Revenue from shipping activities is recognized over time as the performance obligation is satisfied, including a share of revenue from incomplete voyages at the balance sheet date. Invoiced revenue related to an estimated proportion of remaining voyage time and activities at the destination port is deferred. Number of days of a voyage, as a percentage of the total number of days a voyage is estimated to last, is considered as a close approximation of percentage of completion.The lease and non-lease components of our revenues in the year ended December 31, 2022 and December 31, 2021 were as follows: in USD thousands 2022 2021Service element 134,936 115,833Other revenue 9,304 10,121Total revenue from customer contracts 144,240 125,953Lease element 454,444 237,094Amortization of time charter contracts 18,083 21,663Total operating revenues 616,768 384,710Contracted revenues based on fixed time charter contracts and full employment as at December 31, 2022 are set out below, based on minimum contract periods of vessels held in subsidiaries:in USD thousands < 1 year 1 - 3 years 4 - 5 years > 5 years TotalTime charter revenues 573,893 666,181 164,249 220,900 1,625,224 Contracted revenues based on fixed time charter contracts and full employment as at December 31, 2021 are set out below, based on minimum contract periods of vessels held in subsidiaries:in USD thousands < 1 year 1 - 3 years 4 - 5 years > 5 years TotalTime charter revenues 414,419 438,564 - - 852,983",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__59-1": {
"value": "Note 7 \u2013 Vessel voyage expendituresin USD thousands 2022 2021Bunker consumption (11,396) (9,968)Other voyage expenses (2,368) (2,014)Total voyage expenses (13,765) (11,982)In a time charter contract, the charterer bears the voyage related cost such as bunker expenses and port charges during the hire period. The Group recognized commissions on time charter revenue, to both the charterer and to brokers as well as bunker expenses incurred during periods where the vessels have been idle, repositioning or under maintenance and repair. Bunker expenses are partially compen-sated by income from sale of bunkers upon delivery into a time charter.Note 8 \u2013 Vessel operation expendituresin USD thousands 2022 2021Crew (71,331) (63,597)Lube oil (8,646) (6,593)Maintenance and repair (39,227) (28,000)Insurances (17,178) (12,998)Operating expenditures (3,605) (10,583)Total operating expenses (139,988) (121,771)Vessel operating expenditures are partially compensated by income from reimbursements from the charterer and are being recognized as other revenue. General operating expenses are costs related to navigation and communication, power supply, cargo handling, other consumables and tonnage tax.Note 10 \u2013 Administrative expensesin USD thousands 2022 2021Legal and advisory services (2,725) (5,211)Auditor services (1,104) (1,018)Salary and employee expenses (5,266) (9,710)Other administrative expenses (4,766) (3,574)Total administrative expenses (13,862) (19,513)Other administrative expenses include remuneration to the Board of Directors and executive management, and fees paid for corporate management services from MPC Maritime Investments GmbH and MPC M\u00fcnchmeyer Petersen Capital AG which are part of the Group\u2019s related parties. Further information on transactions between related parties can be found in Note 25. The Group employs 29 people as at December 31, 2022. The Group has defined contributions plan for all employees in line with established market practices and regulations. The following table details the administrative expenses incurred in relation to audit and related services.in USD thousands 2022 2021Audit fee (EY) (781) (701)Attestation services (9) (44)Tax services - -Other non-audit services - -Total auditor services (790) (745)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__63": {
"value": "Note 9 \u2013 Investment in associates and joint ventureInvestment in Joint venture:The Group has a 50% interest in 2. Bluewater Holding Schifffahrtsgesellschaft GmbH & Co. KG (Bluewater), Hamburg (Germany), a company owning four container vessels between 2,500 - 2,800 TEU through respective fully owned subsidiaries. In view of the shared control structure in the joint venture, the Group\u2019s interest in Bluewater is accounted for using the equity method. Summarized financial information of the joint venture, based on its IFRS financial statements, is set out below:Bluewater cannot distribute dividends without the approval of both joint venture partners.The following tables shows the summarized financial information of the Group\u2019s investment in Bluewater:in USD thousands December 31, 2022 December 31, 2021Non-current assets 28,323 60,961 Cash and cash equivalents 13,211 11,358 Other current assets 1,328 1,526 Non-current liabilities - 13,631 Current liabilities 2,728 2,947 Equity 40,133 57,267 Group\u2019s carrying amount of the investment 20,067 28,656 in USD thousands 2022 2021Revenue 82,328 44,361 Cost of sales (18,227) (19,511)Administrative expenses (585) (777)Other income 43,740 31,746 Other expenses (218) (407)Depreciation (3,187) (5,166)Interest income 8 3 Interest expenses (315) (628)Income tax (22) (34)Profit after tax for the period 103,522 49,587 Total comprehensive income for the period 103,522 49,587 Group\u2019s share of profit for the period 51,761 24,794 Dividends received 60,350 24,500 The joint venture had no contingent liabilities or capital commitments at December 31, 2022 and 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__62": {
"value": "Note 9 \u2013 Investment in associates and joint ventureInvestment in Joint venture:The Group has a 50% interest in 2. Bluewater Holding Schifffahrtsgesellschaft GmbH & Co. KG (Bluewater), Hamburg (Germany), a company owning four container vessels between 2,500 - 2,800 TEU through respective fully owned subsidiaries. In view of the shared control structure in the joint venture, the Group\u2019s interest in Bluewater is accounted for using the equity method. Summarized financial information of the joint venture, based on its IFRS financial statements, is set out below:Bluewater cannot distribute dividends without the approval of both joint venture partners.The following tables shows the summarized financial information of the Group\u2019s investment in Bluewater:in USD thousands December 31, 2022 December 31, 2021Non-current assets 28,323 60,961 Cash and cash equivalents 13,211 11,358 Other current assets 1,328 1,526 Non-current liabilities - 13,631 Current liabilities 2,728 2,947 Equity 40,133 57,267 Group\u2019s carrying amount of the investment 20,067 28,656 in USD thousands 2022 2021Revenue 82,328 44,361 Cost of sales (18,227) (19,511)Administrative expenses (585) (777)Other income 43,740 31,746 Other expenses (218) (407)Depreciation (3,187) (5,166)Interest income 8 3 Interest expenses (315) (628)Income tax (22) (34)Profit after tax for the period 103,522 49,587 Total comprehensive income for the period 103,522 49,587 Group\u2019s share of profit for the period 51,761 24,794 Dividends received 60,350 24,500 The joint venture had no contingent liabilities or capital commitments at December 31, 2022 and 2021.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__61": {
"value": "Note 9 \u2013 Investment in associates and joint ventureInvestment in Joint venture:The Group has a 50% interest in 2. Bluewater Holding Schifffahrtsgesellschaft GmbH & Co. KG (Bluewater), Hamburg (Germany), a company owning four container vessels between 2,500 - 2,800 TEU through respective fully owned subsidiaries. In view of the shared control structure in the joint venture, the Group\u2019s interest in Bluewater is accounted for using the equity method. Summarized financial information of the joint venture, based on its IFRS financial statements, is set out below:Bluewater cannot distribute dividends without the approval of both joint venture partners.The following tables shows the summarized financial information of the Group\u2019s investment in Bluewater:in USD thousands December 31, 2022 December 31, 2021Non-current assets 28,323 60,961 Cash and cash equivalents 13,211 11,358 Other current assets 1,328 1,526 Non-current liabilities - 13,631 Current liabilities 2,728 2,947 Equity 40,133 57,267 Group\u2019s carrying amount of the investment 20,067 28,656 in USD thousands 2022 2021Revenue 82,328 44,361 Cost of sales (18,227) (19,511)Administrative expenses (585) (777)Other income 43,740 31,746 Other expenses (218) (407)Depreciation (3,187) (5,166)Interest income 8 3 Interest expenses (315) (628)Income tax (22) (34)Profit after tax for the period 103,522 49,587 Total comprehensive income for the period 103,522 49,587 Group\u2019s share of profit for the period 51,761 24,794 Dividends received 60,350 24,500 The joint venture had no contingent liabilities or capital commitments at December 31, 2022 and 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__64": {
"value": "Investment in associate:In 2022, the Group invested USD 826 thousand million in Siemssen KG for a 24.5% ownership.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__70": {
"value": "Note 10 \u2013 Administrative expensesin USD thousands 2022 2021Legal and advisory services (2,725) (5,211)Auditor services (1,104) (1,018)Salary and employee expenses (5,266) (9,710)Other administrative expenses (4,766) (3,574)Total administrative expenses (13,862) (19,513)Other administrative expenses include remuneration to the Board of Directors and executive management, and fees paid for corporate management services from MPC Maritime Investments GmbH and MPC M\u00fcnchmeyer Petersen Capital AG which are part of the Group\u2019s related parties. Further information on transactions between related parties can be found in Note 25. The Group employs 29 people as at December 31, 2022. The Group has defined contributions plan for all employees in line with established market practices and regulations. The following table details the administrative expenses incurred in relation to audit and related services.in USD thousands 2022 2021Audit fee (EY) (781) (701)Attestation services (9) (44)Tax services - -Other non-audit services - -Total auditor services (790) (745)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__69": {
"value": "Note 10 \u2013 Administrative expensesin USD thousands 2022 2021Legal and advisory services (2,725) (5,211)Auditor services (1,104) (1,018)Salary and employee expenses (5,266) (9,710)Other administrative expenses (4,766) (3,574)Total administrative expenses (13,862) (19,513)Other administrative expenses include remuneration to the Board of Directors and executive management, and fees paid for corporate management services from MPC Maritime Investments GmbH and MPC M\u00fcnchmeyer Petersen Capital AG which are part of the Group\u2019s related parties. Further information on transactions between related parties can be found in Note 25. The Group employs 29 people as at December 31, 2022. The Group has defined contributions plan for all employees in line with established market practices and regulations. The following table details the administrative expenses incurred in relation to audit and related services.in USD thousands 2022 2021Audit fee (EY) (781) (701)Attestation services (9) (44)Tax services - -Other non-audit services - -Total auditor services (790) (745)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__68": {
"value": "Note 10 \u2013 Administrative expensesin USD thousands 2022 2021Legal and advisory services (2,725) (5,211)Auditor services (1,104) (1,018)Salary and employee expenses (5,266) (9,710)Other administrative expenses (4,766) (3,574)Total administrative expenses (13,862) (19,513)Other administrative expenses include remuneration to the Board of Directors and executive management, and fees paid for corporate management services from MPC Maritime Investments GmbH and MPC M\u00fcnchmeyer Petersen Capital AG which are part of the Group\u2019s related parties. Further information on transactions between related parties can be found in Note 25. The Group employs 29 people as at December 31, 2022. The Group has defined contributions plan for all employees in line with established market practices and regulations. The following table details the administrative expenses incurred in relation to audit and related services.in USD thousands 2022 2021Audit fee (EY) (781) (701)Attestation services (9) (44)Tax services - -Other non-audit services - -Total auditor services (790) (745)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__67": {
"value": "Note 10 \u2013 Administrative expensesin USD thousands 2022 2021Legal and advisory services (2,725) (5,211)Auditor services (1,104) (1,018)Salary and employee expenses (5,266) (9,710)Other administrative expenses (4,766) (3,574)Total administrative expenses (13,862) (19,513)Other administrative expenses include remuneration to the Board of Directors and executive management, and fees paid for corporate management services from MPC Maritime Investments GmbH and MPC M\u00fcnchmeyer Petersen Capital AG which are part of the Group\u2019s related parties. Further information on transactions between related parties can be found in Note 25. The Group employs 29 people as at December 31, 2022. The Group has defined contributions plan for all employees in line with established market practices and regulations. The following table details the administrative expenses incurred in relation to audit and related services.in USD thousands 2022 2021Audit fee (EY) (781) (701)Attestation services (9) (44)Tax services - -Other non-audit services - -Total auditor services (790) (745)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__65": {
"value": "Note 10 \u2013 Administrative expensesin USD thousands 2022 2021Legal and advisory services (2,725) (5,211)Auditor services (1,104) (1,018)Salary and employee expenses (5,266) (9,710)Other administrative expenses (4,766) (3,574)Total administrative expenses (13,862) (19,513)Other administrative expenses include remuneration to the Board of Directors and executive management, and fees paid for corporate management services from MPC Maritime Investments GmbH and MPC M\u00fcnchmeyer Petersen Capital AG which are part of the Group\u2019s related parties. Further information on transactions between related parties can be found in Note 25. The Group employs 29 people as at December 31, 2022. The Group has defined contributions plan for all employees in line with established market practices and regulations. The following table details the administrative expenses incurred in relation to audit and related services.in USD thousands 2022 2021Audit fee (EY) (781) (701)Attestation services (9) (44)Tax services - -Other non-audit services - -Total auditor services (790) (745)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__74": {
"value": "Note 11 \u2013 Vessels and prepaymentsNewbuilds, Total property, payment on plant & Vessels in USD thousands Vesselsaccount equipmentheld-for-sale TotalCost:At January 1, 2021 706,924 1,000 707,924 - 707,924 Acquisitions 9,000 - 9,000 - 9,000 Acquisition of Songa Container Group 296,584 - 296,584 - 296,584 Capitalized dry-docking, scrubbers and other expenses 41,084 - 41,084 - 41,084 Transfers 1,000 (1,000) - - -Disposals of vessels (95,836) - (95,836) - (95,836)Vessel held for sale (20,914) - (20,914) 20,914 -At December 31, 2021 937,842 - 937,842 20,914 958,756 Acquisitions - - Capitalized dry-docking, scrubbers and other expenses 66,301 32,770 99,071 99,071 Transfers (1,041) - (1,041) - (1,041)Disposals of vessels (26,932) - (26,932) (20,914) (47,846)Vessel held for sale - - - - - At December 31, 2022 976,170 32,770 1,008,940 - 1,008,940 Accumulated depreciation:At January 1, 2021 (119,107) - (119,107) - (119,107)Depreciation for the year (62,049) - (62,049) - (62,049)Disposal of vessels 13,066 - 13,066 - 13,066Transfers 4,611 - 4,611 (4,611) -At December 31, 2021 (163,479) - (163,479) (4,611) (168,090)Depreciation for the year (75,270) - (75,270) - (75,270)Impairment - - - - -Disposal of vessels 8,452 - 8,452 4,611 13,063Transfers - - - - -At December 31, 2022 (230,297) - (230,297) - (230,297)Accumulated depreciation:At December 31, 2022 745,873 32,770 778,643 - 778,643At December 31, 2021 774,363 - 774,363 16,303 790,666 In 2022, three wholly-owned vessels (2021: six) were sold to unrelated parties and resulted a gain of USD 49.0 million (2021: USD 56.4 million). After the sale, the Group owns and operates 58 vessels. As at December 31, 2022, the joint venture Bluewater owned an additional four vessels.Vessels with a carrying amount of USD 414.9 million (2021: USD 442.0 million) have been pledged as security for the Group\u2019s two long-term loans. See Note 14. At each reporting date, the Group evaluates whether there is an indication that an asset may be impaired. If such indicator exists, an impairment test is performed. Such indicators may include depressed spot rate and depressed second-hand containerships values. As the market began to return to normal, the market values of our vessels have declined when compared to record high values reached in 2021 and early 2022. Hence, an impairment test has been performed for the Group\u2019s vessels. However, most of the vessels have locked in a high charter rate in long-term contracts, no impairment charges have been included in the financial results for 2022 as the recoverable amounts exceed the carrying amounts for all vessels. See also in Note 4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__73": {
"value": "Note 11 \u2013 Vessels and prepaymentsNewbuilds, Total property, payment on plant & Vessels in USD thousands Vesselsaccount equipmentheld-for-sale TotalCost:At January 1, 2021 706,924 1,000 707,924 - 707,924 Acquisitions 9,000 - 9,000 - 9,000 Acquisition of Songa Container Group 296,584 - 296,584 - 296,584 Capitalized dry-docking, scrubbers and other expenses 41,084 - 41,084 - 41,084 Transfers 1,000 (1,000) - - -Disposals of vessels (95,836) - (95,836) - (95,836)Vessel held for sale (20,914) - (20,914) 20,914 -At December 31, 2021 937,842 - 937,842 20,914 958,756 Acquisitions - - Capitalized dry-docking, scrubbers and other expenses 66,301 32,770 99,071 99,071 Transfers (1,041) - (1,041) - (1,041)Disposals of vessels (26,932) - (26,932) (20,914) (47,846)Vessel held for sale - - - - - At December 31, 2022 976,170 32,770 1,008,940 - 1,008,940 Accumulated depreciation:At January 1, 2021 (119,107) - (119,107) - (119,107)Depreciation for the year (62,049) - (62,049) - (62,049)Disposal of vessels 13,066 - 13,066 - 13,066Transfers 4,611 - 4,611 (4,611) -At December 31, 2021 (163,479) - (163,479) (4,611) (168,090)Depreciation for the year (75,270) - (75,270) - (75,270)Impairment - - - - -Disposal of vessels 8,452 - 8,452 4,611 13,063Transfers - - - - -At December 31, 2022 (230,297) - (230,297) - (230,297)Accumulated depreciation:At December 31, 2022 745,873 32,770 778,643 - 778,643At December 31, 2021 774,363 - 774,363 16,303 790,666 In 2022, three wholly-owned vessels (2021: six) were sold to unrelated parties and resulted a gain of USD 49.0 million (2021: USD 56.4 million). After the sale, the Group owns and operates 58 vessels. As at December 31, 2022, the joint venture Bluewater owned an additional four vessels.Vessels with a carrying amount of USD 414.9 million (2021: USD 442.0 million) have been pledged as security for the Group\u2019s two long-term loans. See Note 14. At each reporting date, the Group evaluates whether there is an indication that an asset may be impaired. If such indicator exists, an impairment test is performed. Such indicators may include depressed spot rate and depressed second-hand containerships values. As the market began to return to normal, the market values of our vessels have declined when compared to record high values reached in 2021 and early 2022. Hence, an impairment test has been performed for the Group\u2019s vessels. However, most of the vessels have locked in a high charter rate in long-term contracts, no impairment charges have been included in the financial results for 2022 as the recoverable amounts exceed the carrying amounts for all vessels. See also in Note 4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__72": {
"value": "Note 11 \u2013 Vessels and prepaymentsNewbuilds, Total property, payment on plant & Vessels in USD thousands Vesselsaccount equipmentheld-for-sale TotalCost:At January 1, 2021 706,924 1,000 707,924 - 707,924 Acquisitions 9,000 - 9,000 - 9,000 Acquisition of Songa Container Group 296,584 - 296,584 - 296,584 Capitalized dry-docking, scrubbers and other expenses 41,084 - 41,084 - 41,084 Transfers 1,000 (1,000) - - -Disposals of vessels (95,836) - (95,836) - (95,836)Vessel held for sale (20,914) - (20,914) 20,914 -At December 31, 2021 937,842 - 937,842 20,914 958,756 Acquisitions - - Capitalized dry-docking, scrubbers and other expenses 66,301 32,770 99,071 99,071 Transfers (1,041) - (1,041) - (1,041)Disposals of vessels (26,932) - (26,932) (20,914) (47,846)Vessel held for sale - - - - - At December 31, 2022 976,170 32,770 1,008,940 - 1,008,940 Accumulated depreciation:At January 1, 2021 (119,107) - (119,107) - (119,107)Depreciation for the year (62,049) - (62,049) - (62,049)Disposal of vessels 13,066 - 13,066 - 13,066Transfers 4,611 - 4,611 (4,611) -At December 31, 2021 (163,479) - (163,479) (4,611) (168,090)Depreciation for the year (75,270) - (75,270) - (75,270)Impairment - - - - -Disposal of vessels 8,452 - 8,452 4,611 13,063Transfers - - - - -At December 31, 2022 (230,297) - (230,297) - (230,297)Accumulated depreciation:At December 31, 2022 745,873 32,770 778,643 - 778,643At December 31, 2021 774,363 - 774,363 16,303 790,666 In 2022, three wholly-owned vessels (2021: six) were sold to unrelated parties and resulted a gain of USD 49.0 million (2021: USD 56.4 million). After the sale, the Group owns and operates 58 vessels. As at December 31, 2022, the joint venture Bluewater owned an additional four vessels.Vessels with a carrying amount of USD 414.9 million (2021: USD 442.0 million) have been pledged as security for the Group\u2019s two long-term loans. See Note 14. At each reporting date, the Group evaluates whether there is an indication that an asset may be impaired. If such indicator exists, an impairment test is performed. Such indicators may include depressed spot rate and depressed second-hand containerships values. As the market began to return to normal, the market values of our vessels have declined when compared to record high values reached in 2021 and early 2022. Hence, an impairment test has been performed for the Group\u2019s vessels. However, most of the vessels have locked in a high charter rate in long-term contracts, no impairment charges have been included in the financial results for 2022 as the recoverable amounts exceed the carrying amounts for all vessels. See also in Note 4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__71": {
"value": "Note 11 \u2013 Vessels and prepaymentsNewbuilds, Total property, payment on plant & Vessels in USD thousands Vesselsaccount equipmentheld-for-sale TotalCost:At January 1, 2021 706,924 1,000 707,924 - 707,924 Acquisitions 9,000 - 9,000 - 9,000 Acquisition of Songa Container Group 296,584 - 296,584 - 296,584 Capitalized dry-docking, scrubbers and other expenses 41,084 - 41,084 - 41,084 Transfers 1,000 (1,000) - - -Disposals of vessels (95,836) - (95,836) - (95,836)Vessel held for sale (20,914) - (20,914) 20,914 -At December 31, 2021 937,842 - 937,842 20,914 958,756 Acquisitions - - Capitalized dry-docking, scrubbers and other expenses 66,301 32,770 99,071 99,071 Transfers (1,041) - (1,041) - (1,041)Disposals of vessels (26,932) - (26,932) (20,914) (47,846)Vessel held for sale - - - - - At December 31, 2022 976,170 32,770 1,008,940 - 1,008,940 Accumulated depreciation:At January 1, 2021 (119,107) - (119,107) - (119,107)Depreciation for the year (62,049) - (62,049) - (62,049)Disposal of vessels 13,066 - 13,066 - 13,066Transfers 4,611 - 4,611 (4,611) -At December 31, 2021 (163,479) - (163,479) (4,611) (168,090)Depreciation for the year (75,270) - (75,270) - (75,270)Impairment - - - - -Disposal of vessels 8,452 - 8,452 4,611 13,063Transfers - - - - -At December 31, 2022 (230,297) - (230,297) - (230,297)Accumulated depreciation:At December 31, 2022 745,873 32,770 778,643 - 778,643At December 31, 2021 774,363 - 774,363 16,303 790,666 In 2022, three wholly-owned vessels (2021: six) were sold to unrelated parties and resulted a gain of USD 49.0 million (2021: USD 56.4 million). After the sale, the Group owns and operates 58 vessels. As at December 31, 2022, the joint venture Bluewater owned an additional four vessels.Vessels with a carrying amount of USD 414.9 million (2021: USD 442.0 million) have been pledged as security for the Group\u2019s two long-term loans. See Note 14. At each reporting date, the Group evaluates whether there is an indication that an asset may be impaired. If such indicator exists, an impairment test is performed. Such indicators may include depressed spot rate and depressed second-hand containerships values. As the market began to return to normal, the market values of our vessels have declined when compared to record high values reached in 2021 and early 2022. Hence, an impairment test has been performed for the Group\u2019s vessels. However, most of the vessels have locked in a high charter rate in long-term contracts, no impairment charges have been included in the financial results for 2022 as the recoverable amounts exceed the carrying amounts for all vessels. See also in Note 4.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__75": {
"value": "Note 12 \u2013 Business combination On June 22, 2021, the Group entered into a share purchase agreement to acquire Songa Container AS (\u201cSonga\u201d) for an aggregate purchase price of USD 210.3 million (\u201cthe Transaction\u201d). The Transaction, covering 100% of the shares in Songa, including a minority interest in a Songa subsidiary, was completed on August 9, 2021 (\u201cthe Transaction date\u201d). The consideration consisted of (i) cash consideration of USD 84.6 million payable upon closing of the Transaction and (ii) 49,795,250 ordinary shares of the Company at and agreed price of NOK 17.34 that were issued under the Transaction. The preliminary purchase price paid at closing on August 9, 2021 for the shares in Songa was USD 236.4 million. Out of the preliminary purchase price, a total of USD 84.6 million was paid in cash at the transaction date based on preliminary cash and working capital of Songa. The remaining portion was settled through issuing 49,795,250 consideration shares in the Company and the fair value of the subscription price was set at USD 3.01 (NOK 26.80) per share based on the closing price of the share of the Company at the transaction date with a USD/NOK exchange rate of 8.918. The preliminary purchase price and the cash consideration were subject to customary post- closing adjustments. Based on the preliminary purchase price, the fair value of Songa\u2019s net assets and liabilities for the Group was as follows:in USD thousands Total fair value of net identifiable assets 236,566Estimated fair value of share consideration 149,643Cash consideration 84,612Bargain purchase gain 2,312The bargain purchase gain of USD 2.3 million is considered as a forecast effect of the continued positive developments in assets prices and charter rates on the fair value of the net identifiable assets acquired. These were expected to exceed the impacts on the total consideration since only a portion of the total consideration was taken the form of consideration shares.Estimated total transaction costs related to the acquisition and the acquisition facility are USD 5.9 million, whereof the majority of the cost is related to fees for the new (acquisition) financing.The 11 vessels were acquired with an ongoing time charter contract with contracted duration from October 2021 at the earliest to July 2024 at the latest which were all fixed when the container shipping market faced less favourable time charter rates compared to when the acquisition took place. Accordingly, since the time charter contracts have a different useful life than the vessels and considered as a separable asset/liability, the estimated lower value of these contracts has been recognized and estimated separately as a liability in accordance with IFRS 3 Business Combinations and IFRS 13 Fair Value Measurement. The total negative time charter contract liability was USD 43.5 million at the acquisition date and is amortized over the remaining period of the acquired time charter contracts where the Group recognized USD 18.7 million that was included in revenue in 2022 (2021: USD 21.7 million). As at December 31, 2022, the remaining balance of the acquired time charter liability was USD 3.7 million (2021: 21.8 million). The following tables summarise the assumed fair value of the asset and liabilities acquired at the date of the acquisition:in USD thousands Book value Songa at 9 August 2021 Adjustments PPA Songa at 9 August 2021ASSETS 141,436 176,738 318,174Non-current Assets 119,846 176,738 296,584Vessels 119,846 176,738 296,584Current Assets 21,590 - 21,590Inventories 1,066 - 1,066Trade and other receivables 8,605 - 8,605Cash and cash equivalents 11,919 - 11,919EQUITY AND LIABILITIES 141,437 (59,828) 81,608Equity 103,301 (103,301) -Share capital 8,925 (8,925) -Share premium 66,065 (66,065) -Retained earnings 27,303 (27,303) -Non-controlling interest 1,008 (1,008) -Non-current Liabilities 34,071 7,417 41,488Interest bearing loans 34,071 - 34,071Acquired TC contracts, non-current- 7,417 7,417Current Liabilities 4,063 36,056 40,120Acquired TC contracts, current - 36,056 36,056Trade and other payables 2,362 - 2,362Other liabilities 1,701 - 1,701Total net identifiable assets acquired - 236,566 236,566",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__81": {
"value": "Note 13 \u2013 Finance income and expensesin USD thousands 2022 2021 Interest income 631 22 Other financial income 3,110 134 Total financial income 3,741 155 Interest expenses (10,918) (24,810) Bank fees on early repayment of debt - (5,396) Result on derivative contracts reclassified from equity (300) (9,066) Other (3,262) (1,053) Total financial expenses (14,480) (40,325)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__80": {
"value": "Note 13 \u2013 Finance income and expensesin USD thousands 2022 2021 Interest income 631 22 Other financial income 3,110 134 Total financial income 3,741 155 Interest expenses (10,918) (24,810) Bank fees on early repayment of debt - (5,396) Result on derivative contracts reclassified from equity (300) (9,066) Other (3,262) (1,053) Total financial expenses (14,480) (40,325)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__79": {
"value": "Note 13 \u2013 Finance income and expensesin USD thousands 2022 2021 Interest income 631 22 Other financial income 3,110 134 Total financial income 3,741 155 Interest expenses (10,918) (24,810) Bank fees on early repayment of debt - (5,396) Result on derivative contracts reclassified from equity (300) (9,066) Other (3,262) (1,053) Total financial expenses (14,480) (40,325)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__78": {
"value": "Note 13 \u2013 Finance income and expensesin USD thousands 2022 2021 Interest income 631 22 Other financial income 3,110 134 Total financial income 3,741 155 Interest expenses (10,918) (24,810) Bank fees on early repayment of debt - (5,396) Result on derivative contracts reclassified from equity (300) (9,066) Other (3,262) (1,053) Total financial expenses (14,480) (40,325)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__77": {
"value": "Note 13 \u2013 Finance income and expensesin USD thousands 2022 2021 Interest income 631 22 Other financial income 3,110 134 Total financial income 3,741 155 Interest expenses (10,918) (24,810) Bank fees on early repayment of debt - (5,396) Result on derivative contracts reclassified from equity (300) (9,066) Other (3,262) (1,053) Total financial expenses (14,480) (40,325)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__76": {
"value": "Note 13 \u2013 Finance income and expensesin USD thousands 2022 2021 Interest income 631 22 Other financial income 3,110 134 Total financial income 3,741 155 Interest expenses (10,918) (24,810) Bank fees on early repayment of debt - (5,396) Result on derivative contracts reclassified from equity (300) (9,066) Other (3,262) (1,053) Total financial expenses (14,480) (40,325)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__82": {
"value": "Note 14 \u2013 Interest-bearing debtFacility in USD thousands Currencyamount Interest Maturity December 31, 2022 December 31, 2021 1 month LIBOR + Loan and credit facility USD 180,0003.35% November 2026 100,000 180,000Senior secured credit facility USD 70 million USD 70,000 Floating + 3.25% June 2024 55,000 55,000Other long-term debt incl. accrued interest 403 271Total outstanding 155,403 235,271Debt issuance costs (1,829) (3,446)Total interest-bearing debt outstanding 153,574 231,825Classified as:Non-current 74,462 148,083 Current 79,112 83,743 Total 153,574 231,825 In the fourth quarter of 2021, the Group repaid in full of the bridge financing provided by DNB Bank of a USD 127.5 million acquisition facility in connection with the acquisition Songa in August 2021. In 2021, the bond loan of USD 204 million (issued by MPC Container Invest BV, a wholly-owned subsidiary of the Group) was repaid at 102% of the outstanding notional amount in the fourth quarter of 2021. The related derivatives utilized to hedge the loan were similarly terminated in the December 2021. In July 2021, the Group entered into a USD 70.0 million three-year revolving credit facility agreement with CIT Group, where MPCC Second Financing GmbH & Co. KG, a subsidiary of the Company, is the borrower. The initial drawdown of USD 55 million was made to refinance the existing debt. The credit facility is secured by 8 vessels with a carrying amount of USD 95.7 million as at December 31, 2022. The credit line\u2019s maturity date is in June 2024.The following main financial covenants are defined in the terms of the revolving credit facility agreement with CIT: +The consolidated liquidity in the Group shall equal the greater of 5% of the total interest-bearing debt or USD 250.000 per consolidated vessel +Ttal debt in the Group shall not exceed 60% of the total book capitalization +Vssel loan-to-value ratio shall not exceed: \u2013 65% after within the 12 first months \u2013 62.5% after 12 months until 24 months \u2013 60% after 24 monthsIn October 2021, the Group entered into an agreement for a USD 180 million five-year senior secured loan and revolving credit facility with Hamburg Commercial Bank (\u201cHCOB\u201d). It consists of a USD 130 million term loan and a revolving credit facility of USD 50 million. The loan and credit facility is secured by 17 vessels with a carrying amount of USD 369.0 million as at December 31, 2022. The term loan matures in November 2023 and the revolving credit facility matures in November 2026.The following main financial covenants are defined in the terms of the credit facility agreement with HCOB: +The Parent company (MPC Container Ships ASA) shall maintain a minimum equity ratio of 40% +The consolidated liquidity in the Group shall maintain a minimum liquidity of USD 250.000 per consolidated vesselThe Group is in compliance with all loan and credit facility covenants as at December 31, 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__84": {
"value": "Note 15 \u2013 Income taxThe Company\u2019s subsidiaries in which the vessels are held are subject to German, Dutch, or Norwegian tonnage tax, as applicable. Companies subject to tonnage tax are exempt from ordinary tax on income derived from operations in international waters. The subsidiaries within the tonnage tax system pay a tonnage tax based on the size of the vessels. The fee is recognized as an operating expense. The parent company (MPC Container Ships ASA) is under ordinary taxation rules in Norway. The ordinary rate of corporation tax in Norway is 22% for 2022 (2021: 22%). The parent company is a holding company with taxable income as per December 31, 2022. Deferred tax assets are only recognized to the extent that the future utilization within the Group can be justified as at December 31, 2022. As a consequence, a tax position of USD 18.7 million has not been recognized in the balance sheet. in USD thousands 2022 2021Corporate income tax (260) (387)Change in deferred tax asset (803) - Other corporate tax on foreign controlled entities (8) (289)Income tax expense reported in the statement of profit (loss) (1,071) (676)Specification of corporate income tax expense: Basis for ordinary corporation tax expenseProfit(loss) before taxes 436,118 190,530 Income from shipping activity, tonnage tax system (446,857) (230,698)Change in temporary differences and tax losses carried forward not recognised (10,738) 40,169 Change in temporary differences recognised (7,370) - Exchange rate differences / Other permanent differences applicable for corporate tax - 1,758 Corporate income tax (260) (387)Effective tax rate 0.2% 0.4%Income tax in the balance sheet: Corporate tax expense during the period recognized in profit (loss) (260) - Tonnage tax during the period recognized in profit (loss) (292) (332)Paid tonnage tax during the period 174 - Tax payable as at December 31 (378) (332)Temporary differencesForeign exchange differences from translation to presentation currency in Local GAAP (3,649) - Net basis for deferred tax liabilites: (3,649) - Deferred tax asets - - Deferred tax liabilities (803) - Deferred tax liabilities, net (803) -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__83": {
"value": "Note 15 \u2013 Income taxThe Company\u2019s subsidiaries in which the vessels are held are subject to German, Dutch, or Norwegian tonnage tax, as applicable. Companies subject to tonnage tax are exempt from ordinary tax on income derived from operations in international waters. The subsidiaries within the tonnage tax system pay a tonnage tax based on the size of the vessels. The fee is recognized as an operating expense. The parent company (MPC Container Ships ASA) is under ordinary taxation rules in Norway. The ordinary rate of corporation tax in Norway is 22% for 2022 (2021: 22%). The parent company is a holding company with taxable income as per December 31, 2022. Deferred tax assets are only recognized to the extent that the future utilization within the Group can be justified as at December 31, 2022. As a consequence, a tax position of USD 18.7 million has not been recognized in the balance sheet. in USD thousands 2022 2021Corporate income tax (260) (387)Change in deferred tax asset (803) - Other corporate tax on foreign controlled entities (8) (289)Income tax expense reported in the statement of profit (loss) (1,071) (676)Specification of corporate income tax expense: Basis for ordinary corporation tax expenseProfit(loss) before taxes 436,118 190,530 Income from shipping activity, tonnage tax system (446,857) (230,698)Change in temporary differences and tax losses carried forward not recognised (10,738) 40,169 Change in temporary differences recognised (7,370) - Exchange rate differences / Other permanent differences applicable for corporate tax - 1,758 Corporate income tax (260) (387)Effective tax rate 0.2% 0.4%Income tax in the balance sheet: Corporate tax expense during the period recognized in profit (loss) (260) - Tonnage tax during the period recognized in profit (loss) (292) (332)Paid tonnage tax during the period 174 - Tax payable as at December 31 (378) (332)Temporary differencesForeign exchange differences from translation to presentation currency in Local GAAP (3,649) - Net basis for deferred tax liabilites: (3,649) - Deferred tax asets - - Deferred tax liabilities (803) - Deferred tax liabilities, net (803) -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__85": {
"value": "Note 16 \u2013 Earnings per sharein USD thousands 2022 2021Profit (loss) for year attributable to ordinary equity holders \u2013 in USD thousands 434,832 189,725Weighted average number of shares outstanding, basic 443,826,290 414,653,050Weighted average number of shares outstanding, diluted 443,868,078 419,017,088Basic earnings per share \u2013 in USD 0.98 0.46Diluted earnings per share \u2013 in USD 0.98 0.46Basic earnings per share is calculated by dividing the profit for the year attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the year. In the event of a loss, no dilution effect is calculated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__89": {
"value": "Note 17 \u2013 Financial instrumentsSet out below is a comparison by category for carrying amounts and fair values of all of the Group\u2019s financial instruments that are carried in the financial statements. The estimated fair value amounts of the financial instruments have been determined using appropriate market information and valuation techniques.in USD thousands December 31, 2022 December 31, 2021Financial assets Carrying Amount Fair Value Carrying Amount Fair ValueTrade and other receivables 22,922 22,922 30,141 30,141 Financial instruments at fair value 1,740 1,740 - - Cash and cash equivalents 125,517 125,517 180,329 180,329 Total financial assets 150,179 150,179 210,470 210,470Financial liabilities at amortized costNon-current Interest-bearing debt 74,462 74,462 148,083 148 083Current interest-bearing debt 79,112 79,112 83,743 83,743Trade and other payables 17,282 17,282 17,628 17,628Other liabilities 18,863 18,863 20,613 20,613Total financial liabilities 189,719 189,719 270,067 270,067Fair value of trade receivables, cash and cash equivalents and trade payables approximate their carrying amounts measured at amortized cost due to the short-term maturities of these instruments. The fair value of interest-bearing debt is estimated by discounting future cash flows using rates for debt on similar terms, credit risk and remaining maturities. Fair value of interest-bearing debt approximates the carrying amounts as there have been no significant changes in the market rates for similar debt financing between the date of securing the debt financing and the reporting date.Fair value hierarchyThe Group uses a hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques. The table below shows the fair value measurements for both the Group\u2019s assets and liabilities as at December 31, 2022. in USD thousands Level 1 Level 2 Level 3 Total fair valueLiabilities:Floating rate debt - 153,574 - 153,574Assets:Financial instruments 1,740 - - 1,740The table below shows the fair value measurements for both the Group\u2019s assets and liabilities as at December 31, 2021. in USD thousands Level 1 Level 2 Level 3 Total fair valueLiabilities:Floating rate debt - 231,826 - 231,826Assets:Financial instruments - - - -Cash Flow HedgesThe Group uses interest rate swaps, caps and collars as hedges of its exposure to interest rate fluctuations in connection with its debt and bond financing.In January 2022, the Group entered into an interest rate cap with notional amount of USD 50.0 million effective for the period February 1, 2022 to November 30, 2023. The derivative provides of a cap of 2% on the risk-free 3 month LIBOR. In May 2022, the Group entered into an interest rate cap with a notional amount of USD 45.0 million effective for the period January 1, 2024 to December 31, 2026. The derivative provides a cap of 4% on the risk-free US interest (SOFR) for the period. The fair value (level 2) of the Group\u2019s interest rate cap is the estimated amount that the Group would receive or pay to terminate the agreements as at the reporting date, considering, as applicable, the forward interest rate curves. The estimated amount is the present value of future cash flows. Fair value adjustment of the interest rate cap as at December 31, 2022 is recognized in the statement of other comprehensive income. In October 2022, the Group entered into foreign currency forward contracts to hedge against fluctuations in EUR. Hedge accounting has not been applied for these forward contracts as no hedge relationships were designated at inception. Currency derivatives that are not hedging instruments are valued at fair value, and any changes in value are entered in the condensed consolidated statement of profit or loss as finance income or finance costs. In 2022, the Group recorded USD 0.2 million relating to the foreign currency forward contracts. in USD thousands December 31, 2022 December 31, 2021Interest swap 1,493 -Currency derivatives 247 -Total Derivatives 1,740 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__88": {
"value": "Note 17 \u2013 Financial instrumentsSet out below is a comparison by category for carrying amounts and fair values of all of the Group\u2019s financial instruments that are carried in the financial statements. The estimated fair value amounts of the financial instruments have been determined using appropriate market information and valuation techniques.in USD thousands December 31, 2022 December 31, 2021Financial assets Carrying Amount Fair Value Carrying Amount Fair ValueTrade and other receivables 22,922 22,922 30,141 30,141 Financial instruments at fair value 1,740 1,740 - - Cash and cash equivalents 125,517 125,517 180,329 180,329 Total financial assets 150,179 150,179 210,470 210,470Financial liabilities at amortized costNon-current Interest-bearing debt 74,462 74,462 148,083 148 083Current interest-bearing debt 79,112 79,112 83,743 83,743Trade and other payables 17,282 17,282 17,628 17,628Other liabilities 18,863 18,863 20,613 20,613Total financial liabilities 189,719 189,719 270,067 270,067Fair value of trade receivables, cash and cash equivalents and trade payables approximate their carrying amounts measured at amortized cost due to the short-term maturities of these instruments. The fair value of interest-bearing debt is estimated by discounting future cash flows using rates for debt on similar terms, credit risk and remaining maturities. Fair value of interest-bearing debt approximates the carrying amounts as there have been no significant changes in the market rates for similar debt financing between the date of securing the debt financing and the reporting date.Fair value hierarchyThe Group uses a hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques. The table below shows the fair value measurements for both the Group\u2019s assets and liabilities as at December 31, 2022. in USD thousands Level 1 Level 2 Level 3 Total fair valueLiabilities:Floating rate debt - 153,574 - 153,574Assets:Financial instruments 1,740 - - 1,740The table below shows the fair value measurements for both the Group\u2019s assets and liabilities as at December 31, 2021. in USD thousands Level 1 Level 2 Level 3 Total fair valueLiabilities:Floating rate debt - 231,826 - 231,826Assets:Financial instruments - - - -Cash Flow HedgesThe Group uses interest rate swaps, caps and collars as hedges of its exposure to interest rate fluctuations in connection with its debt and bond financing.In January 2022, the Group entered into an interest rate cap with notional amount of USD 50.0 million effective for the period February 1, 2022 to November 30, 2023. The derivative provides of a cap of 2% on the risk-free 3 month LIBOR. In May 2022, the Group entered into an interest rate cap with a notional amount of USD 45.0 million effective for the period January 1, 2024 to December 31, 2026. The derivative provides a cap of 4% on the risk-free US interest (SOFR) for the period. The fair value (level 2) of the Group\u2019s interest rate cap is the estimated amount that the Group would receive or pay to terminate the agreements as at the reporting date, considering, as applicable, the forward interest rate curves. The estimated amount is the present value of future cash flows. Fair value adjustment of the interest rate cap as at December 31, 2022 is recognized in the statement of other comprehensive income. In October 2022, the Group entered into foreign currency forward contracts to hedge against fluctuations in EUR. Hedge accounting has not been applied for these forward contracts as no hedge relationships were designated at inception. Currency derivatives that are not hedging instruments are valued at fair value, and any changes in value are entered in the condensed consolidated statement of profit or loss as finance income or finance costs. In 2022, the Group recorded USD 0.2 million relating to the foreign currency forward contracts. in USD thousands December 31, 2022 December 31, 2021Interest swap 1,493 -Currency derivatives 247 -Total Derivatives 1,740 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__87": {
"value": "Note 17 \u2013 Financial instrumentsSet out below is a comparison by category for carrying amounts and fair values of all of the Group\u2019s financial instruments that are carried in the financial statements. The estimated fair value amounts of the financial instruments have been determined using appropriate market information and valuation techniques.in USD thousands December 31, 2022 December 31, 2021Financial assets Carrying Amount Fair Value Carrying Amount Fair ValueTrade and other receivables 22,922 22,922 30,141 30,141 Financial instruments at fair value 1,740 1,740 - - Cash and cash equivalents 125,517 125,517 180,329 180,329 Total financial assets 150,179 150,179 210,470 210,470Financial liabilities at amortized costNon-current Interest-bearing debt 74,462 74,462 148,083 148 083Current interest-bearing debt 79,112 79,112 83,743 83,743Trade and other payables 17,282 17,282 17,628 17,628Other liabilities 18,863 18,863 20,613 20,613Total financial liabilities 189,719 189,719 270,067 270,067Fair value of trade receivables, cash and cash equivalents and trade payables approximate their carrying amounts measured at amortized cost due to the short-term maturities of these instruments. The fair value of interest-bearing debt is estimated by discounting future cash flows using rates for debt on similar terms, credit risk and remaining maturities. Fair value of interest-bearing debt approximates the carrying amounts as there have been no significant changes in the market rates for similar debt financing between the date of securing the debt financing and the reporting date.Fair value hierarchyThe Group uses a hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques. The table below shows the fair value measurements for both the Group\u2019s assets and liabilities as at December 31, 2022. in USD thousands Level 1 Level 2 Level 3 Total fair valueLiabilities:Floating rate debt - 153,574 - 153,574Assets:Financial instruments 1,740 - - 1,740The table below shows the fair value measurements for both the Group\u2019s assets and liabilities as at December 31, 2021. in USD thousands Level 1 Level 2 Level 3 Total fair valueLiabilities:Floating rate debt - 231,826 - 231,826Assets:Financial instruments - - - -Cash Flow HedgesThe Group uses interest rate swaps, caps and collars as hedges of its exposure to interest rate fluctuations in connection with its debt and bond financing.In January 2022, the Group entered into an interest rate cap with notional amount of USD 50.0 million effective for the period February 1, 2022 to November 30, 2023. The derivative provides of a cap of 2% on the risk-free 3 month LIBOR. In May 2022, the Group entered into an interest rate cap with a notional amount of USD 45.0 million effective for the period January 1, 2024 to December 31, 2026. The derivative provides a cap of 4% on the risk-free US interest (SOFR) for the period. The fair value (level 2) of the Group\u2019s interest rate cap is the estimated amount that the Group would receive or pay to terminate the agreements as at the reporting date, considering, as applicable, the forward interest rate curves. The estimated amount is the present value of future cash flows. Fair value adjustment of the interest rate cap as at December 31, 2022 is recognized in the statement of other comprehensive income. In October 2022, the Group entered into foreign currency forward contracts to hedge against fluctuations in EUR. Hedge accounting has not been applied for these forward contracts as no hedge relationships were designated at inception. Currency derivatives that are not hedging instruments are valued at fair value, and any changes in value are entered in the condensed consolidated statement of profit or loss as finance income or finance costs. In 2022, the Group recorded USD 0.2 million relating to the foreign currency forward contracts. in USD thousands December 31, 2022 December 31, 2021Interest swap 1,493 -Currency derivatives 247 -Total Derivatives 1,740 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__86": {
"value": "Note 17 \u2013 Financial instrumentsSet out below is a comparison by category for carrying amounts and fair values of all of the Group\u2019s financial instruments that are carried in the financial statements. The estimated fair value amounts of the financial instruments have been determined using appropriate market information and valuation techniques.in USD thousands December 31, 2022 December 31, 2021Financial assets Carrying Amount Fair Value Carrying Amount Fair ValueTrade and other receivables 22,922 22,922 30,141 30,141 Financial instruments at fair value 1,740 1,740 - - Cash and cash equivalents 125,517 125,517 180,329 180,329 Total financial assets 150,179 150,179 210,470 210,470Financial liabilities at amortized costNon-current Interest-bearing debt 74,462 74,462 148,083 148 083Current interest-bearing debt 79,112 79,112 83,743 83,743Trade and other payables 17,282 17,282 17,628 17,628Other liabilities 18,863 18,863 20,613 20,613Total financial liabilities 189,719 189,719 270,067 270,067Fair value of trade receivables, cash and cash equivalents and trade payables approximate their carrying amounts measured at amortized cost due to the short-term maturities of these instruments. The fair value of interest-bearing debt is estimated by discounting future cash flows using rates for debt on similar terms, credit risk and remaining maturities. Fair value of interest-bearing debt approximates the carrying amounts as there have been no significant changes in the market rates for similar debt financing between the date of securing the debt financing and the reporting date.Fair value hierarchyThe Group uses a hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques. The table below shows the fair value measurements for both the Group\u2019s assets and liabilities as at December 31, 2022. in USD thousands Level 1 Level 2 Level 3 Total fair valueLiabilities:Floating rate debt - 153,574 - 153,574Assets:Financial instruments 1,740 - - 1,740The table below shows the fair value measurements for both the Group\u2019s assets and liabilities as at December 31, 2021. in USD thousands Level 1 Level 2 Level 3 Total fair valueLiabilities:Floating rate debt - 231,826 - 231,826Assets:Financial instruments - - - -Cash Flow HedgesThe Group uses interest rate swaps, caps and collars as hedges of its exposure to interest rate fluctuations in connection with its debt and bond financing.In January 2022, the Group entered into an interest rate cap with notional amount of USD 50.0 million effective for the period February 1, 2022 to November 30, 2023. The derivative provides of a cap of 2% on the risk-free 3 month LIBOR. In May 2022, the Group entered into an interest rate cap with a notional amount of USD 45.0 million effective for the period January 1, 2024 to December 31, 2026. The derivative provides a cap of 4% on the risk-free US interest (SOFR) for the period. The fair value (level 2) of the Group\u2019s interest rate cap is the estimated amount that the Group would receive or pay to terminate the agreements as at the reporting date, considering, as applicable, the forward interest rate curves. The estimated amount is the present value of future cash flows. Fair value adjustment of the interest rate cap as at December 31, 2022 is recognized in the statement of other comprehensive income. In October 2022, the Group entered into foreign currency forward contracts to hedge against fluctuations in EUR. Hedge accounting has not been applied for these forward contracts as no hedge relationships were designated at inception. Currency derivatives that are not hedging instruments are valued at fair value, and any changes in value are entered in the condensed consolidated statement of profit or loss as finance income or finance costs. In 2022, the Group recorded USD 0.2 million relating to the foreign currency forward contracts. in USD thousands December 31, 2022 December 31, 2021Interest swap 1,493 -Currency derivatives 247 -Total Derivatives 1,740 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__90": {
"value": "Note 18 \u2013 Trade and other receivablesin USD thousands December 31, 2022 December 31, 2021Trade receivables 7,903 10,377Receivables to affiliated companies 34 345Claims related to insurance cases 9,829 4,737Other receivables and prepayments 5,156 14,682Total Trade and other receivables 22,922 30,141Trade receivables relate to receivables against the charterers for the Group\u2019s time charter contracts. Insurance claims are the Group\u2019s claims covered by insurance agreements where the virtually certain threshold are met.The Group had outstanding receivables per year end amounting to USD 7.9 million. Historically, the Group have not had any credit losses of significance. A significant part of the outstanding receivables is against larger liner companies, of which the Group have had a long business relationship with, which reduces the risk further. The Group applies the simplified approach to provide for lifetime Expected Credit Losses in accordance with IFRS 9. The invoiced amount is considered to be approximately equal to the value which would be derived under the amortized cost method. In 2022, the Group recognized USD 0.6 million as impairment losses, compared to USD 1.1 million in 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__91": {
"value": "The Group had outstanding receivables per year end amounting to USD 7.9 million. Historically, the Group have not had any credit losses of significance. A significant part of the outstanding receivables is against larger liner companies, of which the Group have had a long business relationship with, which reduces the risk further. The Group applies the simplified approach to provide for lifetime Expected Credit Losses in accordance with IFRS 9. The invoiced amount is considered to be approximately equal to the value which would be derived under the amortized cost method. In 2022, the Group recognized USD 0.6 million as impairment losses, compared to USD 1.1 million in 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__94": {
"value": "Note 19 - Cash and cash equivalentsin USD thousands December 31, 2022 December 31, 2021Bank deposits denominated in USD 121,245 178,108Bank deposits denominated in EUR 2,521 1,893Bank deposits denominated in NOK 1,751 328Total cash and cash equivalents 125,517 180,329The fair value of cash and cash equivalents at December 31, 2022 is USD 125.5 million (USD 180.3 million at December 31, 2021). Restricted cash as at December 31, 2022 was USD 30.2 million compared to USD 23.6 million as at December 31, 2021. USD 10.8 million under the senior secured credit facility is restricted cash for the solely use for required class-related maintenance on the vessels, compared to USD 1.0 million at December 31, 2021. Further, the group have USD 5.6 million in a retention account, related to repayment on the term loan facility, and USD 14.5 million is kept as minimum liquidity as required by the loan agreements described in Note 14. Bank deposits earn interest at floating rates based on applicable bank deposit rates. Short-term deposits are made for varying periods, depending on the cash requirements of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__93": {
"value": "Note 19 - Cash and cash equivalentsin USD thousands December 31, 2022 December 31, 2021Bank deposits denominated in USD 121,245 178,108Bank deposits denominated in EUR 2,521 1,893Bank deposits denominated in NOK 1,751 328Total cash and cash equivalents 125,517 180,329The fair value of cash and cash equivalents at December 31, 2022 is USD 125.5 million (USD 180.3 million at December 31, 2021). Restricted cash as at December 31, 2022 was USD 30.2 million compared to USD 23.6 million as at December 31, 2021. USD 10.8 million under the senior secured credit facility is restricted cash for the solely use for required class-related maintenance on the vessels, compared to USD 1.0 million at December 31, 2021. Further, the group have USD 5.6 million in a retention account, related to repayment on the term loan facility, and USD 14.5 million is kept as minimum liquidity as required by the loan agreements described in Note 14. Bank deposits earn interest at floating rates based on applicable bank deposit rates. Short-term deposits are made for varying periods, depending on the cash requirements of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__98": {
"value": "Note 20 - Issued capital and reserves Number of shares Share capital (USD thousands) Share premium (USD thousands) At January 1, 2022 444,051,377 48,630 597,080Cancellation of treasury shares (351,098) (41) (1,102)Dividend paid from share premium - - (441,022)Settlement of warrants - - (2,219)At December 31, 2022 443,700,279 48,589 152,737Number of shares Share capital (USD thousands) Share premium (USD thousands) January 1, 2021 394,256,127 43,047 456,764Capital increase from equity private placement announced 9 August 2021 49,795,250 5,584 143,870Settelment of warrants - - (3,554)At December 31, 2021 444,051,377 48,630 597,080On August 9, 2021 the Group completed the acquisition of Songa Container AS, with a total of 49,795,250 new shares were issued as part of the consideration paid. See Note 12 for further details regarding the acquisition. The share capital of the Company consists of 443,700,279 (2021: 444,051,377) shares as at December 31, 2022, with nominal value per share of NOK 1. All issued shares are of equal rights and are fully paid up.As at December 31, 2022 the Company held 0 treasury shares, compared to 351,098 treasury shares as at December 31, 2021. The 351,098 outstanding treasury shares at December 31, 2021 was cancelled in 2022, as resolved by an extraordinary general meeting held January 13, 2022. The cancellation of treasury shares was recognized to share capital and share premium, and had no cash effect. In July 2022 the Group entered a contract to purchase two new carbon-neutral 1300 TEU newbuildings, together with Topeka MPC Maritime AS, a joint venture between Topeka Holding AS (zero emission shipping company owned by Wilhelmsen Group) and MPC Capital AG. Topeka MPC Maritime AS purchased their 9.9% non-controlling interest for USD 1.4 million. Furthermore, non-controlling interests as of December 31, 2022 consists of the 0.1% shares the ship managers hold in the ship-owning entities under the MPC Container Ships Invest B.V. Group. As of December 31, 2022, the non-controlling interest also includes the minority interest\u2019s share of result within these ship-owning entities, see Note 27 \u2013 Group Companies. The table below summarizes the changes in components in other reserves.Change in Other Cash flow hedging Currency translation adjustmentcomprehensive incomeAt January 1, 2022 - (109) (109)Change during year 634 - 634 At December 31, 2022 634 (109) 525 Change in Other Cash flow hedging Currency translation adjustment comprehensive incomeAt January 1, 2021 (9,065) 188 (8,877)Change during year 445 (297) 148 Reclassified to profit and loss 8,620 - 8,620 At December 31, 2021 - (109) (109)Overview of the 20 largest shareholders as at December 31, 2022:Shareholder Number of shares in % TypeMPC CSI GmbH 70,302,796 15.8% OrdinarySONGA CAPITAL AS 20,001,927 4.5% OrdinaryCLEARSTREAM BANKING S.A. 16,982,612 3.8% NomineeFOLKETRYGDFONDET 15,408,275 3.5% OrdinaryState Street Bank and Trust Comp 15,269,834 3.4% NomineeJ.P. Morgan SE 13,994,742 3.2% NomineeThe Bank of New York Mellon 12,402,665 2.8% NomineeJPMorgan Chase Bank 6,948,288 1.6% NomineeEuroclear Bank S.A./N.V. 6,398,062 1.4% NomineeDZ Privatbank S.A. 6,180,000 1.4% NomineeNORDNET LIVSFORSIKRING AS 5,967,207 1.3% OrdinaryThe Bank of New York Mellon 4,421,406 1.0% NomineeDeutsche Bank Aktiengesellschaft 3,640,240 0.8% NomineeThe Bank of New York Mellon SA/NV 3,529,901 0.8% NomineeState Street Bank and Trust Comp 3,522,889 0.8% NomineeSIX SIS AG 3,501,059 0.8% NomineeVERDIPAPIRFONDET KLP AKSJENORGE IN 3,326,517 0.7% OrdinarySUNDT AS 3,300,000 0.7% OrdinaryUBS Europe SE 2,527,883 0.6% NomineeState Street Bank and Trust Comp 2,492,045 0.6% NomineeTotal 220,118,348 49.6% As at December 31, 2022, Chairman of the Board Ulf Holl\u00e4nder and board member Dr. Axel Schroeder held indirect ownership interest in the Company through an indirect minority interest in MPC CSI GmbH. Board members Peter Frederiksen and Ellen Hanetho held direct ownership in the Company, while board member Pia Meling held no shares in the Company. CEO Constantin Back held shares directly in the in the Company and did not have any indirect ownership. Refer to Note 25 for further information on the Board\u2019s and executive man-agement\u2019s compensation and shareholding.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__97": {
"value": "Note 20 - Issued capital and reserves Number of shares Share capital (USD thousands) Share premium (USD thousands) At January 1, 2022 444,051,377 48,630 597,080Cancellation of treasury shares (351,098) (41) (1,102)Dividend paid from share premium - - (441,022)Settlement of warrants - - (2,219)At December 31, 2022 443,700,279 48,589 152,737Number of shares Share capital (USD thousands) Share premium (USD thousands) January 1, 2021 394,256,127 43,047 456,764Capital increase from equity private placement announced 9 August 2021 49,795,250 5,584 143,870Settelment of warrants - - (3,554)At December 31, 2021 444,051,377 48,630 597,080On August 9, 2021 the Group completed the acquisition of Songa Container AS, with a total of 49,795,250 new shares were issued as part of the consideration paid. See Note 12 for further details regarding the acquisition. The share capital of the Company consists of 443,700,279 (2021: 444,051,377) shares as at December 31, 2022, with nominal value per share of NOK 1. All issued shares are of equal rights and are fully paid up.As at December 31, 2022 the Company held 0 treasury shares, compared to 351,098 treasury shares as at December 31, 2021. The 351,098 outstanding treasury shares at December 31, 2021 was cancelled in 2022, as resolved by an extraordinary general meeting held January 13, 2022. The cancellation of treasury shares was recognized to share capital and share premium, and had no cash effect. In July 2022 the Group entered a contract to purchase two new carbon-neutral 1300 TEU newbuildings, together with Topeka MPC Maritime AS, a joint venture between Topeka Holding AS (zero emission shipping company owned by Wilhelmsen Group) and MPC Capital AG. Topeka MPC Maritime AS purchased their 9.9% non-controlling interest for USD 1.4 million. Furthermore, non-controlling interests as of December 31, 2022 consists of the 0.1% shares the ship managers hold in the ship-owning entities under the MPC Container Ships Invest B.V. Group. As of December 31, 2022, the non-controlling interest also includes the minority interest\u2019s share of result within these ship-owning entities, see Note 27 \u2013 Group Companies. The table below summarizes the changes in components in other reserves.Change in Other Cash flow hedging Currency translation adjustmentcomprehensive incomeAt January 1, 2022 - (109) (109)Change during year 634 - 634 At December 31, 2022 634 (109) 525 Change in Other Cash flow hedging Currency translation adjustment comprehensive incomeAt January 1, 2021 (9,065) 188 (8,877)Change during year 445 (297) 148 Reclassified to profit and loss 8,620 - 8,620 At December 31, 2021 - (109) (109)Overview of the 20 largest shareholders as at December 31, 2022:Shareholder Number of shares in % TypeMPC CSI GmbH 70,302,796 15.8% OrdinarySONGA CAPITAL AS 20,001,927 4.5% OrdinaryCLEARSTREAM BANKING S.A. 16,982,612 3.8% NomineeFOLKETRYGDFONDET 15,408,275 3.5% OrdinaryState Street Bank and Trust Comp 15,269,834 3.4% NomineeJ.P. Morgan SE 13,994,742 3.2% NomineeThe Bank of New York Mellon 12,402,665 2.8% NomineeJPMorgan Chase Bank 6,948,288 1.6% NomineeEuroclear Bank S.A./N.V. 6,398,062 1.4% NomineeDZ Privatbank S.A. 6,180,000 1.4% NomineeNORDNET LIVSFORSIKRING AS 5,967,207 1.3% OrdinaryThe Bank of New York Mellon 4,421,406 1.0% NomineeDeutsche Bank Aktiengesellschaft 3,640,240 0.8% NomineeThe Bank of New York Mellon SA/NV 3,529,901 0.8% NomineeState Street Bank and Trust Comp 3,522,889 0.8% NomineeSIX SIS AG 3,501,059 0.8% NomineeVERDIPAPIRFONDET KLP AKSJENORGE IN 3,326,517 0.7% OrdinarySUNDT AS 3,300,000 0.7% OrdinaryUBS Europe SE 2,527,883 0.6% NomineeState Street Bank and Trust Comp 2,492,045 0.6% NomineeTotal 220,118,348 49.6% As at December 31, 2022, Chairman of the Board Ulf Holl\u00e4nder and board member Dr. Axel Schroeder held indirect ownership interest in the Company through an indirect minority interest in MPC CSI GmbH. Board members Peter Frederiksen and Ellen Hanetho held direct ownership in the Company, while board member Pia Meling held no shares in the Company. CEO Constantin Back held shares directly in the in the Company and did not have any indirect ownership. Refer to Note 25 for further information on the Board\u2019s and executive man-agement\u2019s compensation and shareholding.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__96": {
"value": "Note 20 - Issued capital and reserves Number of shares Share capital (USD thousands) Share premium (USD thousands) At January 1, 2022 444,051,377 48,630 597,080Cancellation of treasury shares (351,098) (41) (1,102)Dividend paid from share premium - - (441,022)Settlement of warrants - - (2,219)At December 31, 2022 443,700,279 48,589 152,737Number of shares Share capital (USD thousands) Share premium (USD thousands) January 1, 2021 394,256,127 43,047 456,764Capital increase from equity private placement announced 9 August 2021 49,795,250 5,584 143,870Settelment of warrants - - (3,554)At December 31, 2021 444,051,377 48,630 597,080On August 9, 2021 the Group completed the acquisition of Songa Container AS, with a total of 49,795,250 new shares were issued as part of the consideration paid. See Note 12 for further details regarding the acquisition. The share capital of the Company consists of 443,700,279 (2021: 444,051,377) shares as at December 31, 2022, with nominal value per share of NOK 1. All issued shares are of equal rights and are fully paid up.As at December 31, 2022 the Company held 0 treasury shares, compared to 351,098 treasury shares as at December 31, 2021. The 351,098 outstanding treasury shares at December 31, 2021 was cancelled in 2022, as resolved by an extraordinary general meeting held January 13, 2022. The cancellation of treasury shares was recognized to share capital and share premium, and had no cash effect. In July 2022 the Group entered a contract to purchase two new carbon-neutral 1300 TEU newbuildings, together with Topeka MPC Maritime AS, a joint venture between Topeka Holding AS (zero emission shipping company owned by Wilhelmsen Group) and MPC Capital AG. Topeka MPC Maritime AS purchased their 9.9% non-controlling interest for USD 1.4 million. Furthermore, non-controlling interests as of December 31, 2022 consists of the 0.1% shares the ship managers hold in the ship-owning entities under the MPC Container Ships Invest B.V. Group. As of December 31, 2022, the non-controlling interest also includes the minority interest\u2019s share of result within these ship-owning entities, see Note 27 \u2013 Group Companies. The table below summarizes the changes in components in other reserves.Change in Other Cash flow hedging Currency translation adjustmentcomprehensive incomeAt January 1, 2022 - (109) (109)Change during year 634 - 634 At December 31, 2022 634 (109) 525 Change in Other Cash flow hedging Currency translation adjustment comprehensive incomeAt January 1, 2021 (9,065) 188 (8,877)Change during year 445 (297) 148 Reclassified to profit and loss 8,620 - 8,620 At December 31, 2021 - (109) (109)Overview of the 20 largest shareholders as at December 31, 2022:Shareholder Number of shares in % TypeMPC CSI GmbH 70,302,796 15.8% OrdinarySONGA CAPITAL AS 20,001,927 4.5% OrdinaryCLEARSTREAM BANKING S.A. 16,982,612 3.8% NomineeFOLKETRYGDFONDET 15,408,275 3.5% OrdinaryState Street Bank and Trust Comp 15,269,834 3.4% NomineeJ.P. Morgan SE 13,994,742 3.2% NomineeThe Bank of New York Mellon 12,402,665 2.8% NomineeJPMorgan Chase Bank 6,948,288 1.6% NomineeEuroclear Bank S.A./N.V. 6,398,062 1.4% NomineeDZ Privatbank S.A. 6,180,000 1.4% NomineeNORDNET LIVSFORSIKRING AS 5,967,207 1.3% OrdinaryThe Bank of New York Mellon 4,421,406 1.0% NomineeDeutsche Bank Aktiengesellschaft 3,640,240 0.8% NomineeThe Bank of New York Mellon SA/NV 3,529,901 0.8% NomineeState Street Bank and Trust Comp 3,522,889 0.8% NomineeSIX SIS AG 3,501,059 0.8% NomineeVERDIPAPIRFONDET KLP AKSJENORGE IN 3,326,517 0.7% OrdinarySUNDT AS 3,300,000 0.7% OrdinaryUBS Europe SE 2,527,883 0.6% NomineeState Street Bank and Trust Comp 2,492,045 0.6% NomineeTotal 220,118,348 49.6% As at December 31, 2022, Chairman of the Board Ulf Holl\u00e4nder and board member Dr. Axel Schroeder held indirect ownership interest in the Company through an indirect minority interest in MPC CSI GmbH. Board members Peter Frederiksen and Ellen Hanetho held direct ownership in the Company, while board member Pia Meling held no shares in the Company. CEO Constantin Back held shares directly in the in the Company and did not have any indirect ownership. Refer to Note 25 for further information on the Board\u2019s and executive man-agement\u2019s compensation and shareholding.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__95-1": {
"value": "Note 20 - Issued capital and reserves Number of shares Share capital (USD thousands) Share premium (USD thousands) At January 1, 2022 444,051,377 48,630 597,080Cancellation of treasury shares (351,098) (41) (1,102)Dividend paid from share premium - - (441,022)Settlement of warrants - - (2,219)At December 31, 2022 443,700,279 48,589 152,737Number of shares Share capital (USD thousands) Share premium (USD thousands) January 1, 2021 394,256,127 43,047 456,764Capital increase from equity private placement announced 9 August 2021 49,795,250 5,584 143,870Settelment of warrants - - (3,554)At December 31, 2021 444,051,377 48,630 597,080On August 9, 2021 the Group completed the acquisition of Songa Container AS, with a total of 49,795,250 new shares were issued as part of the consideration paid. See Note 12 for further details regarding the acquisition. The share capital of the Company consists of 443,700,279 (2021: 444,051,377) shares as at December 31, 2022, with nominal value per share of NOK 1. All issued shares are of equal rights and are fully paid up.As at December 31, 2022 the Company held 0 treasury shares, compared to 351,098 treasury shares as at December 31, 2021. The 351,098 outstanding treasury shares at December 31, 2021 was cancelled in 2022, as resolved by an extraordinary general meeting held January 13, 2022. The cancellation of treasury shares was recognized to share capital and share premium, and had no cash effect. In July 2022 the Group entered a contract to purchase two new carbon-neutral 1300 TEU newbuildings, together with Topeka MPC Maritime AS, a joint venture between Topeka Holding AS (zero emission shipping company owned by Wilhelmsen Group) and MPC Capital AG. Topeka MPC Maritime AS purchased their 9.9% non-controlling interest for USD 1.4 million. Furthermore, non-controlling interests as of December 31, 2022 consists of the 0.1% shares the ship managers hold in the ship-owning entities under the MPC Container Ships Invest B.V. Group. As of December 31, 2022, the non-controlling interest also includes the minority interest\u2019s share of result within these ship-owning entities, see Note 27 \u2013 Group Companies. The table below summarizes the changes in components in other reserves.Change in Other Cash flow hedging Currency translation adjustmentcomprehensive incomeAt January 1, 2022 - (109) (109)Change during year 634 - 634 At December 31, 2022 634 (109) 525 Change in Other Cash flow hedging Currency translation adjustment comprehensive incomeAt January 1, 2021 (9,065) 188 (8,877)Change during year 445 (297) 148 Reclassified to profit and loss 8,620 - 8,620 At December 31, 2021 - (109) (109)Overview of the 20 largest shareholders as at December 31, 2022:Shareholder Number of shares in % TypeMPC CSI GmbH 70,302,796 15.8% OrdinarySONGA CAPITAL AS 20,001,927 4.5% OrdinaryCLEARSTREAM BANKING S.A. 16,982,612 3.8% NomineeFOLKETRYGDFONDET 15,408,275 3.5% OrdinaryState Street Bank and Trust Comp 15,269,834 3.4% NomineeJ.P. Morgan SE 13,994,742 3.2% NomineeThe Bank of New York Mellon 12,402,665 2.8% NomineeJPMorgan Chase Bank 6,948,288 1.6% NomineeEuroclear Bank S.A./N.V. 6,398,062 1.4% NomineeDZ Privatbank S.A. 6,180,000 1.4% NomineeNORDNET LIVSFORSIKRING AS 5,967,207 1.3% OrdinaryThe Bank of New York Mellon 4,421,406 1.0% NomineeDeutsche Bank Aktiengesellschaft 3,640,240 0.8% NomineeThe Bank of New York Mellon SA/NV 3,529,901 0.8% NomineeState Street Bank and Trust Comp 3,522,889 0.8% NomineeSIX SIS AG 3,501,059 0.8% NomineeVERDIPAPIRFONDET KLP AKSJENORGE IN 3,326,517 0.7% OrdinarySUNDT AS 3,300,000 0.7% OrdinaryUBS Europe SE 2,527,883 0.6% NomineeState Street Bank and Trust Comp 2,492,045 0.6% NomineeTotal 220,118,348 49.6% As at December 31, 2022, Chairman of the Board Ulf Holl\u00e4nder and board member Dr. Axel Schroeder held indirect ownership interest in the Company through an indirect minority interest in MPC CSI GmbH. Board members Peter Frederiksen and Ellen Hanetho held direct ownership in the Company, while board member Pia Meling held no shares in the Company. CEO Constantin Back held shares directly in the in the Company and did not have any indirect ownership. Refer to Note 25 for further information on the Board\u2019s and executive man-agement\u2019s compensation and shareholding.Note 22 \u2013 WarrantsIn 2017 the company issued 2,121,046 warrants to MPC Capital Beteiligungsgesellschaft mbH & Co. KG, and additional 3,489,860 warrants were issued in 2020. Each warrant gave the right, but no obligation, to subscribe for one share in the Company. The warrants were valid for a period of five years from April 20, 2017.The Company entered into an agreement on September 3, 2021 with the warrant holder to settle 3,740,604 warrants for a cash consideration of USD 3.5 million which was recognized in 2021 in other paid capital. Since the cash consideration was due by June 30, 2022, the provision was included under current liabilities as at December 31, 2021. As at December 31, 2021 the warrant holder holds 1,870,302 which have an exercise price of USD 1.89 conditional on that the vesting criteria are met. The remaining 1,870,302 warrants held at year-end 2021 were settled for a cash consideration of USD 2.2 million on January 22, 2022. Following the settlement agreement, there were no longer any warrants outstanding relating to the Company from this date onwards. The warrants issued to the founding shareholder were recognized as equity instruments in accordance with IAS 2 Financial Instruments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__100": {
"value": "Note 21 \u2013 Capital managementA key objective of the Group\u2019s capital management is to ensure that the Group maintains a capital structure in order to support its business activities and maximise the shareholder value. The Group evaluates its capital structure in light of current and projected cash flows, the state of the shipping markets, new business opportunities and the Group\u2019s financial commitments. Capital is primarily managed on Group level.The Group monitors its capital structure using the book-equity ratio, which stands at 75.4% as at December 31, 2022. The Group\u2019s debt facilities contain certain financial covenants which require the Company or the subsidiaries to maintain the following financial covenants, minimum value of vessels, and a certain level of free cash and equity ratio. The Group aims at maintaining an equity ratio with adequate headroom to the respective covenant requirements (refer to Note 14).in USD thousands December 31, 2022 December 31, 2021Book equity 721,447 727,589Total assets 956,321 1,034,613Book-equity ratio 75.4% 70.3%In support of the Group\u2019s objective of maximizing returns to shareholders, the Group\u2019s intention is to pay regular dividends by way of distributing 75% of profits (loss) for the period after considering CAPEX and working capital requirements, including liquidity reserves and one-off effects. Dividends will be declared or proposed by the Board at the sole discretion of the Board and will depend upon the financial position, earnings, debt covenants, distribution restrictions, capital requirements and other factors related to the Group. The Company cannot guarantee that its Board will declare or propose dividends in the future. Furthermore, the Board may make event driven distributions based on non-recurring proceeds, such as vessel sales, by way of extraordinary dividends or share buybacks, to be applied according to the Board\u2019s discretion.During 2022 the company distributed dividends from its share premium, for a total of USD 441.0 million. These include both recurring and event-driven dividends :Announcement date Type Cash distribution per share Ex-dividend Record Payment 02.02.2022 Event-driven USD 0.34 / NOK 3.00 07.02.2022 08.02.2022 10.02.2022 24.02.2022 Recurring USD 0.11 / NOK 0.9489 24.03.2022 25.03.2022 30.03.2022 19.05.2022 Recurring USD 0.13 / NOK 1.2960 23.06.2022 24.06.2022 29.06.2022 19.05.2022 Event-driven USD 0.03 / NOK 0.2991 23.06.2022 24.06.2022 29.06.2022 18.08.2022 Recurring USD 0.15 / NOK 1.5650 22.09.2022 23.09.2022 29.09.2022 18.08.2022 Event-driven USD 0.04 / NOK 0.4173 22.09.2022 23.09.2022 29.09.2022 17.11.2022 Recurring USD 0.16 / NOK 1.5766 20.12.2022 21.12.2022 23.12.2022 17.11.2022 Event-driven USD 0.03 / NOK 0.2956 20.12.2022 21.12.2022 23.12.2022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__99": {
"value": "Note 21 \u2013 Capital managementA key objective of the Group\u2019s capital management is to ensure that the Group maintains a capital structure in order to support its business activities and maximise the shareholder value. The Group evaluates its capital structure in light of current and projected cash flows, the state of the shipping markets, new business opportunities and the Group\u2019s financial commitments. Capital is primarily managed on Group level.The Group monitors its capital structure using the book-equity ratio, which stands at 75.4% as at December 31, 2022. The Group\u2019s debt facilities contain certain financial covenants which require the Company or the subsidiaries to maintain the following financial covenants, minimum value of vessels, and a certain level of free cash and equity ratio. The Group aims at maintaining an equity ratio with adequate headroom to the respective covenant requirements (refer to Note 14).in USD thousands December 31, 2022 December 31, 2021Book equity 721,447 727,589Total assets 956,321 1,034,613Book-equity ratio 75.4% 70.3%In support of the Group\u2019s objective of maximizing returns to shareholders, the Group\u2019s intention is to pay regular dividends by way of distributing 75% of profits (loss) for the period after considering CAPEX and working capital requirements, including liquidity reserves and one-off effects. Dividends will be declared or proposed by the Board at the sole discretion of the Board and will depend upon the financial position, earnings, debt covenants, distribution restrictions, capital requirements and other factors related to the Group. The Company cannot guarantee that its Board will declare or propose dividends in the future. Furthermore, the Board may make event driven distributions based on non-recurring proceeds, such as vessel sales, by way of extraordinary dividends or share buybacks, to be applied according to the Board\u2019s discretion.During 2022 the company distributed dividends from its share premium, for a total of USD 441.0 million. These include both recurring and event-driven dividends :Announcement date Type Cash distribution per share Ex-dividend Record Payment 02.02.2022 Event-driven USD 0.34 / NOK 3.00 07.02.2022 08.02.2022 10.02.2022 24.02.2022 Recurring USD 0.11 / NOK 0.9489 24.03.2022 25.03.2022 30.03.2022 19.05.2022 Recurring USD 0.13 / NOK 1.2960 23.06.2022 24.06.2022 29.06.2022 19.05.2022 Event-driven USD 0.03 / NOK 0.2991 23.06.2022 24.06.2022 29.06.2022 18.08.2022 Recurring USD 0.15 / NOK 1.5650 22.09.2022 23.09.2022 29.09.2022 18.08.2022 Event-driven USD 0.04 / NOK 0.4173 22.09.2022 23.09.2022 29.09.2022 17.11.2022 Recurring USD 0.16 / NOK 1.5766 20.12.2022 21.12.2022 23.12.2022 17.11.2022 Event-driven USD 0.03 / NOK 0.2956 20.12.2022 21.12.2022 23.12.2022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__103": {
"value": "Note 23 \u2013 CommitmentsAs at December 31, 2022, the Group\u2019s newbuilding program consisted of two 5,500 TEU eco-design vessel and two carbon-neutral 1,300 TEU vessels, which are expected to be delivered in 2024. In the twelve-month ended December 31, 2022, total installments of USD 32.8 million had been paid to the shipyards. Remaining commitments amounted to USD 189.4 million, of which USD 50.3 million is expected to be paid in 2023 and USD 139.2 million in 2024. In December 2022, the Company had entered into a put/call option with INERATEC GmbH through its investment in associates for the delivery of 1,500MT green physical marine diesel oil between 2024 and 2026. The option would oblige the Company to purchase and take delivery of the at a maximum price of 2,500 USD/MT.As at December 31, 2022, the Group guaranteed as performance guarantor the payment obligations under the newbuilding contracts for the two 5,500 TEU eco-design vessels of up to USD 72.2 million each towards the yard.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__102": {
"value": "Note 23 \u2013 CommitmentsAs at December 31, 2022, the Group\u2019s newbuilding program consisted of two 5,500 TEU eco-design vessel and two carbon-neutral 1,300 TEU vessels, which are expected to be delivered in 2024. In the twelve-month ended December 31, 2022, total installments of USD 32.8 million had been paid to the shipyards. Remaining commitments amounted to USD 189.4 million, of which USD 50.3 million is expected to be paid in 2023 and USD 139.2 million in 2024. In December 2022, the Company had entered into a put/call option with INERATEC GmbH through its investment in associates for the delivery of 1,500MT green physical marine diesel oil between 2024 and 2026. The option would oblige the Company to purchase and take delivery of the at a maximum price of 2,500 USD/MT.As at December 31, 2022, the Group guaranteed as performance guarantor the payment obligations under the newbuilding contracts for the two 5,500 TEU eco-design vessels of up to USD 72.2 million each towards the yard.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__105": {
"value": "Note 24 \u2013 Other liabilitiesThe following table shows the components of other liabilities as at period end.in USD thousands December 31, 2022 December 31, 2021Accrued expenses 15,989 12,655Taxes payable - 574Accrued salaries 1,034 6,007VAT, social security, etc 217 492Other short-term liabilities 1,623 885Total Other liabilities 18,863 20,613",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__104": {
"value": "Note 24 \u2013 Other liabilitiesThe following table shows the components of other liabilities as at period end.in USD thousands December 31, 2022 December 31, 2021Accrued expenses 15,989 12,655Taxes payable - 574Accrued salaries 1,034 6,007VAT, social security, etc 217 492Other short-term liabilities 1,623 885Total Other liabilities 18,863 20,613",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__107": {
"value": "Note 25 \u2013 Related party disclosureThe Group has entered into a corporate service agreement to purchase administrative and corporate services from MPC M\u00fcnchmeyer Petersen Capital AG and its subsidiaries.The Company is responsible for the technical ship management of the vessels owned by the Group. Performance of technical ship man-agement services is sub-contracted to Wilhelmsen Ahrenkiel Ship Management GmbH & Co. KG and Wilhelmsen Ahrenkiel Ship Manage-ment B.V., joint ventures of MPC M\u00fcnchmeyer Petersen Capital AG, for 51 of the 58 vessels owned by the Group at December 31, 2022.Commercial ship management of the vessels owned by the Group and associated joint ventures is contracted to Contchart GmbH & Co. KG and Harper Petersen B.V., which are joint ventures of MPC M\u00fcnchmeyer Petersen Capital AG.The following table provides the total amount of service transactions that have been entered into with related parties for the relevant period:2. Bluewater Holding Schifffahrtsgesellschaft in USD thousands / 2022 GroupGmbH & Co. KGWilhelmsen Ahrenkiel Ship Man. GmbH & Co. KG / B.V. 8,653 765 Harper Petersen & Co. GmbH 5,670 948 MPC Maritime Investments GmbH 3 -MPC Capital GmbH 126 -MPC M\u00fcnchmeyer Petersen Capital AG 1,051 -Total 15,503 1,7132. Bluewater Holding Schifffahrtsgesellschaft in USD thousands / 2021 GroupGmbH & Co. KGWilhelmsen Ahrenkiel Ship Man. GmbH & Co. KG / B.V. 8,831 9751Contchart GmbH & Co. KG / Harper Petersen B.V. 5,352 541MPC Maritime Investments GmbH 58 -MPC Capital GmbH 76 -MPC M\u00fcnchmeyer Petersen Capital AG 775 -Total 15,092 1,5162 Directors\u2019 and executive management\u2019s compensation and shareholding Shares at December 31, 2022 Warrants 2022 remunerationUlf Holl\u00e4nder (Chairman) 165,637 - NOK 600,0003Dr. Axel Schroeder 2,536,511 - NOK 400,000Pia Meling - - NOK 400,000Peter Fredriksen 200,000 - NOK 400,000Ellen Hanetho 60,000 - NOK 400,000Constantin Baack (CEO) 66,000 - NOK 7,848,515Dr. Benjamin Pfeifer (former CFO) 7,300 - NOK 3,820,956Moritz Fuhrmann (CFO) - - NOK 285,807 Included in the USD 5.4 million is also commission related to vessel sales in total of USD 0.8 million.2 Several of the board members hold further share through indirect shareholdings in the Company. Please refer to Note 20 for further details3 In November 2022, 4,9 million shares were transferred from a company controlled by Dr. Axel Schroeder to MPC CSI GmbH (being the designated investment vehicle of the MPC group in MPC) as contribution in kind. Shares at December 31, 2021 Warrants 2021 remunerationUlf Holl\u00e4nder (Chairman) 12,217 - NOK 200,000 Dr. Axel Schroeder 7,294,635 - NOK 200,000 Darren Maupin 1,129,083 - NOK 200,000 Laura Carballo - - NOK 200,000 Ellen Hanetho 60,000 - NOK 200,000 4Constantin Baack (CEO) - - NOK 50,937,406Dr. Benjamin Pfeifer (CFO) - - NOK 3,464,795in USD thousands 2022 Base salary Variable pay TotalConstantin Baack (CEO) 460 316 776 Dr. Benjamin Pfeifer (former CFO) 272 105 377 Moritz Fuhrmann (CFO) 28 - 28 in USD thousands 2021 Base salary Variable pay TotalConstantin Baack (CEO) 332 5,483 5,816 Dr. Benjamin Pfeifer (CFO) 281 115 396 On April 27, 2022, the Company\u2019s general meeting unanimously resolved that each member of the Board of Directors shall receive NOK 400,000 (NOK 600,000 for the Chairman of the Board) in remuneration for the financial year 2022. The Board fees resolved for the year are paid out in the subsequent year. The total remuneration to the Board of Directors and executive management in 2022 was USD 1.2 million (2021: USD 6.3 million).Guidelines for compensation to the CEO and CFOThe main purpose of the compensation to the executive management is to attract, retain and motivate employees with the skills, qualifications and experience needed to maximise value creation for the Company and its shareholders.The total compensation to the CEO and CFO consists of base salary, bonus and other benefits. The Company practices standard employment contracts, with standard terms and conditions regarding notice period and severance pay for the executive management. The executive management participates in a variable bonus scheme where the purpose is to provide incentive to contribute to the value creation of the Company and its shareholders.4 The CEO multi-year bonus of 4,711,598 recognized in the statement of profit or loss in 2021 and included in the disclosure of management compensation in the table above was paid out and reported as salary for tax purposes in 2022.",
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},
"s11_notes__9__106": {
"value": "Note 25 \u2013 Related party disclosureThe Group has entered into a corporate service agreement to purchase administrative and corporate services from MPC M\u00fcnchmeyer Petersen Capital AG and its subsidiaries.The Company is responsible for the technical ship management of the vessels owned by the Group. Performance of technical ship man-agement services is sub-contracted to Wilhelmsen Ahrenkiel Ship Management GmbH & Co. KG and Wilhelmsen Ahrenkiel Ship Manage-ment B.V., joint ventures of MPC M\u00fcnchmeyer Petersen Capital AG, for 51 of the 58 vessels owned by the Group at December 31, 2022.Commercial ship management of the vessels owned by the Group and associated joint ventures is contracted to Contchart GmbH & Co. KG and Harper Petersen B.V., which are joint ventures of MPC M\u00fcnchmeyer Petersen Capital AG.The following table provides the total amount of service transactions that have been entered into with related parties for the relevant period:2. Bluewater Holding Schifffahrtsgesellschaft in USD thousands / 2022 GroupGmbH & Co. KGWilhelmsen Ahrenkiel Ship Man. GmbH & Co. KG / B.V. 8,653 765 Harper Petersen & Co. GmbH 5,670 948 MPC Maritime Investments GmbH 3 -MPC Capital GmbH 126 -MPC M\u00fcnchmeyer Petersen Capital AG 1,051 -Total 15,503 1,7132. Bluewater Holding Schifffahrtsgesellschaft in USD thousands / 2021 GroupGmbH & Co. KGWilhelmsen Ahrenkiel Ship Man. GmbH & Co. KG / B.V. 8,831 9751Contchart GmbH & Co. KG / Harper Petersen B.V. 5,352 541MPC Maritime Investments GmbH 58 -MPC Capital GmbH 76 -MPC M\u00fcnchmeyer Petersen Capital AG 775 -Total 15,092 1,5162 Directors\u2019 and executive management\u2019s compensation and shareholding Shares at December 31, 2022 Warrants 2022 remunerationUlf Holl\u00e4nder (Chairman) 165,637 - NOK 600,0003Dr. Axel Schroeder 2,536,511 - NOK 400,000Pia Meling - - NOK 400,000Peter Fredriksen 200,000 - NOK 400,000Ellen Hanetho 60,000 - NOK 400,000Constantin Baack (CEO) 66,000 - NOK 7,848,515Dr. Benjamin Pfeifer (former CFO) 7,300 - NOK 3,820,956Moritz Fuhrmann (CFO) - - NOK 285,807 Included in the USD 5.4 million is also commission related to vessel sales in total of USD 0.8 million.2 Several of the board members hold further share through indirect shareholdings in the Company. Please refer to Note 20 for further details3 In November 2022, 4,9 million shares were transferred from a company controlled by Dr. Axel Schroeder to MPC CSI GmbH (being the designated investment vehicle of the MPC group in MPC) as contribution in kind. Shares at December 31, 2021 Warrants 2021 remunerationUlf Holl\u00e4nder (Chairman) 12,217 - NOK 200,000 Dr. Axel Schroeder 7,294,635 - NOK 200,000 Darren Maupin 1,129,083 - NOK 200,000 Laura Carballo - - NOK 200,000 Ellen Hanetho 60,000 - NOK 200,000 4Constantin Baack (CEO) - - NOK 50,937,406Dr. Benjamin Pfeifer (CFO) - - NOK 3,464,795in USD thousands 2022 Base salary Variable pay TotalConstantin Baack (CEO) 460 316 776 Dr. Benjamin Pfeifer (former CFO) 272 105 377 Moritz Fuhrmann (CFO) 28 - 28 in USD thousands 2021 Base salary Variable pay TotalConstantin Baack (CEO) 332 5,483 5,816 Dr. Benjamin Pfeifer (CFO) 281 115 396 On April 27, 2022, the Company\u2019s general meeting unanimously resolved that each member of the Board of Directors shall receive NOK 400,000 (NOK 600,000 for the Chairman of the Board) in remuneration for the financial year 2022. The Board fees resolved for the year are paid out in the subsequent year. The total remuneration to the Board of Directors and executive management in 2022 was USD 1.2 million (2021: USD 6.3 million).Guidelines for compensation to the CEO and CFOThe main purpose of the compensation to the executive management is to attract, retain and motivate employees with the skills, qualifications and experience needed to maximise value creation for the Company and its shareholders.The total compensation to the CEO and CFO consists of base salary, bonus and other benefits. The Company practices standard employment contracts, with standard terms and conditions regarding notice period and severance pay for the executive management. The executive management participates in a variable bonus scheme where the purpose is to provide incentive to contribute to the value creation of the Company and its shareholders.4 The CEO multi-year bonus of 4,711,598 recognized in the statement of profit or loss in 2021 and included in the disclosure of management compensation in the table above was paid out and reported as salary for tax purposes in 2022.",
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"s11_notes__9__109": {
"value": "Note 26 \u2013 Financial risk managementThis section provides additional information about the Group\u2019s policies that are considered most relevant in understanding the operations and management of the Group, in particular objectives and policies of how the Group manages its financial risks, liquidity positions and capital structure.The Group owns and operates vessels for worldwide transportation of containerised cargo. Through its operation, the Group is exposed to market risk, credit risk, liquidity risk and other risks that may negatively influence the value of assets, liability and future cash flows. Market risk from financial instruments is the risk that future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise four types of risk: interest rate risk, foreign currency risk, credit risk and price risk. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obliga-tions with floating interest rates, i.e. interest payable on the bond issued and the non-recourse senior secured term loan depends on the short-term LIBOR. An increase of the short-term LIBOR rate by 100 basis points would cause the Group\u2019s annualized interest expenses to increase by USD 2.8 million.Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The functional currency of most of the entities in the Group is USD, and the Group has only minor currency risk from its operations since all income and all major vessel costs are in USD. However, the Group has exposure to EUR and NOK as parts of administration and vessel operating expenses and a portion of cash and cash equivalents, other short-term assets, trade payables and provisions and accruals are denominated in EUR and NOK. Currently, no financial instruments have been entered into to mitigate this risk. The Group is subject to price risk related to the charter market for feeder container vessel which is uncertain and volatile and will depend upon, among other things, the global and regional macroeconomic developments. In addition, the future financial position of the Group depends on valuations of the vessels owned by the Group. Currently, no financial instruments have been entered into to reduce this shipping market risk. The Group will normally have limited exposure to risks associated with bunker price fluctuations as the bunkers are for the charterers account when the vessels are on time charter contracts. See Board of Directors\u2019 report for further description. Credit riskCredit risk refers to the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financ-ing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. The maximum credit risk exposure is related to the Group\u2019s trade receivables of USD 7.9 million as at December 31, 2022. It is the aim of the Group to enter into contracts with creditworthy counterparties only. Prior to concluding a charter party, the Group evaluates the credit quality of the customer, assessing its financial position, past experience and other factors. Charter hire is paid in advance, effectively reducing the potential exposure to credit risk. Bank deposits are only deposited with internationally recognized financial institutions.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations when they fall due. The Group\u2019s approach to managing liquidity risk is to ensure, as far as possible, that it will have sufficient liquidity and/or undrawn committed credit facilities at all times to meet its obligations. See Board of Directors\u2019 report for further description with respect to liquidity risk. To ensure this, the Group continuously monitors projected cash flows using a liquidity planning tool. This includes furnishing management with weekly cash reporting, monthly liquidity forecasts and furnishing management and the Board of Directors with rolling 12-24 months liquidity forecasts. The following table summarises the contractual maturities of financial liabilities on an undiscounted basis as at December 31, 2022:in USD thousands < 1 year 1 - 3 years 4 - 5 years > 5 years TotalInterest-bearing debt 80,000 48,333 26,667 - 155,000 Interest payments 9,825 6,862 1,938 - 18,625 Trade and other payables 17,282 - - - 17,282Other liabilities 18,863 - - - 18,863Total 125,970 55,195 28,605 - 209,770The following table summarises the contractual maturities of financial liabilities on an undiscounted basis as at December 31, 2021:in USD thousands < 1 year 1 - 3 years 4 - 5 years > 5 years TotalInterest bearing loans and borrowings 85,000 81,667 41,667 26,666 235,000Interest payments 6,813 5,871 1,086 851 14,621Trade and other payables 17,628 - - - 17,628Other liabilities 19,547 - - - 19,547Total 128,988 87,538 42,753 27,517 286,796",
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"s11_notes__9__108": {
"value": "Note 26 \u2013 Financial risk managementThis section provides additional information about the Group\u2019s policies that are considered most relevant in understanding the operations and management of the Group, in particular objectives and policies of how the Group manages its financial risks, liquidity positions and capital structure.The Group owns and operates vessels for worldwide transportation of containerised cargo. Through its operation, the Group is exposed to market risk, credit risk, liquidity risk and other risks that may negatively influence the value of assets, liability and future cash flows. Market risk from financial instruments is the risk that future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise four types of risk: interest rate risk, foreign currency risk, credit risk and price risk. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obliga-tions with floating interest rates, i.e. interest payable on the bond issued and the non-recourse senior secured term loan depends on the short-term LIBOR. An increase of the short-term LIBOR rate by 100 basis points would cause the Group\u2019s annualized interest expenses to increase by USD 2.8 million.Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The functional currency of most of the entities in the Group is USD, and the Group has only minor currency risk from its operations since all income and all major vessel costs are in USD. However, the Group has exposure to EUR and NOK as parts of administration and vessel operating expenses and a portion of cash and cash equivalents, other short-term assets, trade payables and provisions and accruals are denominated in EUR and NOK. Currently, no financial instruments have been entered into to mitigate this risk. The Group is subject to price risk related to the charter market for feeder container vessel which is uncertain and volatile and will depend upon, among other things, the global and regional macroeconomic developments. In addition, the future financial position of the Group depends on valuations of the vessels owned by the Group. Currently, no financial instruments have been entered into to reduce this shipping market risk. The Group will normally have limited exposure to risks associated with bunker price fluctuations as the bunkers are for the charterers account when the vessels are on time charter contracts. See Board of Directors\u2019 report for further description. Credit riskCredit risk refers to the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financ-ing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. The maximum credit risk exposure is related to the Group\u2019s trade receivables of USD 7.9 million as at December 31, 2022. It is the aim of the Group to enter into contracts with creditworthy counterparties only. Prior to concluding a charter party, the Group evaluates the credit quality of the customer, assessing its financial position, past experience and other factors. Charter hire is paid in advance, effectively reducing the potential exposure to credit risk. Bank deposits are only deposited with internationally recognized financial institutions.Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations when they fall due. The Group\u2019s approach to managing liquidity risk is to ensure, as far as possible, that it will have sufficient liquidity and/or undrawn committed credit facilities at all times to meet its obligations. See Board of Directors\u2019 report for further description with respect to liquidity risk. To ensure this, the Group continuously monitors projected cash flows using a liquidity planning tool. This includes furnishing management with weekly cash reporting, monthly liquidity forecasts and furnishing management and the Board of Directors with rolling 12-24 months liquidity forecasts. The following table summarises the contractual maturities of financial liabilities on an undiscounted basis as at December 31, 2022:in USD thousands < 1 year 1 - 3 years 4 - 5 years > 5 years TotalInterest-bearing debt 80,000 48,333 26,667 - 155,000 Interest payments 9,825 6,862 1,938 - 18,625 Trade and other payables 17,282 - - - 17,282Other liabilities 18,863 - - - 18,863Total 125,970 55,195 28,605 - 209,770The following table summarises the contractual maturities of financial liabilities on an undiscounted basis as at December 31, 2021:in USD thousands < 1 year 1 - 3 years 4 - 5 years > 5 years TotalInterest bearing loans and borrowings 85,000 81,667 41,667 26,666 235,000Interest payments 6,813 5,871 1,086 851 14,621Trade and other payables 17,628 - - - 17,628Other liabilities 19,547 - - - 19,547Total 128,988 87,538 42,753 27,517 286,796",
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"s11_notes__9__110": {
"value": "Market risk from financial instruments is the risk that future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprise four types of risk: interest rate risk, foreign currency risk, credit risk and price risk. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obliga-tions with floating interest rates, i.e. interest payable on the bond issued and the non-recourse senior secured term loan depends on the short-term LIBOR. An increase of the short-term LIBOR rate by 100 basis points would cause the Group\u2019s annualized interest expenses to increase by USD 2.8 million.Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The functional currency of most of the entities in the Group is USD, and the Group has only minor currency risk from its operations since all income and all major vessel costs are in USD. However, the Group has exposure to EUR and NOK as parts of administration and vessel operating expenses and a portion of cash and cash equivalents, other short-term assets, trade payables and provisions and accruals are denominated in EUR and NOK. Currently, no financial instruments have been entered into to mitigate this risk. The Group is subject to price risk related to the charter market for feeder container vessel which is uncertain and volatile and will depend upon, among other things, the global and regional macroeconomic developments. In addition, the future financial position of the Group depends on valuations of the vessels owned by the Group. Currently, no financial instruments have been entered into to reduce this shipping market risk. The Group will normally have limited exposure to risks associated with bunker price fluctuations as the bunkers are for the charterers account when the vessels are on time charter contracts. See Board of Directors\u2019 report for further description.",
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"s11_notes__9__111": {
"value": "Credit riskCredit risk refers to the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financ-ing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. The maximum credit risk exposure is related to the Group\u2019s trade receivables of USD 7.9 million as at December 31, 2022. It is the aim of the Group to enter into contracts with creditworthy counterparties only. Prior to concluding a charter party, the Group evaluates the credit quality of the customer, assessing its financial position, past experience and other factors. Charter hire is paid in advance, effectively reducing the potential exposure to credit risk. Bank deposits are only deposited with internationally recognized financial institutions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s11_notes__9__112": {
"value": "Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations when they fall due. The Group\u2019s approach to managing liquidity risk is to ensure, as far as possible, that it will have sufficient liquidity and/or undrawn committed credit facilities at all times to meet its obligations. See Board of Directors\u2019 report for further description with respect to liquidity risk. To ensure this, the Group continuously monitors projected cash flows using a liquidity planning tool. This includes furnishing management with weekly cash reporting, monthly liquidity forecasts and furnishing management and the Board of Directors with rolling 12-24 months liquidity forecasts. The following table summarises the contractual maturities of financial liabilities on an undiscounted basis as at December 31, 2022:in USD thousands < 1 year 1 - 3 years 4 - 5 years > 5 years TotalInterest-bearing debt 80,000 48,333 26,667 - 155,000 Interest payments 9,825 6,862 1,938 - 18,625 Trade and other payables 17,282 - - - 17,282Other liabilities 18,863 - - - 18,863Total 125,970 55,195 28,605 - 209,770The following table summarises the contractual maturities of financial liabilities on an undiscounted basis as at December 31, 2021:in USD thousands < 1 year 1 - 3 years 4 - 5 years > 5 years TotalInterest bearing loans and borrowings 85,000 81,667 41,667 26,666 235,000Interest payments 6,813 5,871 1,086 851 14,621Trade and other payables 17,628 - - - 17,628Other liabilities 19,547 - - - 19,547Total 128,988 87,538 42,753 27,517 286,796",
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"s11_notes__9__115": {
"value": "Note 27 - Group companiesThe Group\u2019s consolidated financial statements include the financial statements of the Company and its subsidiaries listed in the table below. The table excludes all general partner companies and non-operating companies.in USD thousands Country Principal activity Ownership\"AS SAMANTA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS SABRINA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS FREYA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS FENJA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS PAOLA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS PAULINE\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS PENELOPE\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%MPC Container Ships GmbH & Co. KG Germany Management Company 100.00%MPCC Second Financing GmbH & Co. KG Germany Holding company 100.00%Zweite \"AS PALINA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%Zweite \"AS PETRA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Camellia\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Carlotta\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Carolina\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Christiana\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Constantina\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Franziska\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Roberta\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Serena\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Susanna\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Svenja\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Nadia Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%MPC Container Ships Invest B.V. Netherlands Holding company 100.00%\"AS Angelina\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS California\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Carelia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Clara\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Clarita\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Clementina CV\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Columbia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Cypria\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Fabiana\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Fabrizia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Fatima\" ShipCo C.V. Netherlands Ship-owning entity 99,90%in USD thousands Country Principal activity Ownership\"AS Felicia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Filippa\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Fiorella\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Flora\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Floretta\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Floriana\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Patria\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Paulina\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Petronia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS RAFAELA\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Ragna\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Romina\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Rosalia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Sara\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Savanna\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS SELINA\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Sevillia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Sicilia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Sophia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%MPCC Third Financing AS Norway Holding company 100.00%MPCC Box AS Norway Holding company 100.00%MPCC Mipo AS Norway Ship-owning entity 100.00%MPCC City AS Norway Ship-owning entity 100.00%MPCC Nora AS Norway Ship-owning entity 100.00%MPCC Emma AS Norway Ship-owning entity 100.00%MPCC Caspria AS Norway Ship-owning entity 100.00%MPCC Alva AS Norway Ship-owning entity 100.00%MPC ECOBOX OPCO 5 GmbH & Co. KG Germany Ship-owning entity 100.00%MPC ECOBOX OPCO 6 GmbH & Co. KG Germany Ship-owning entity 100.00%MPCC GREENBOX AS Norway Holding company 90.1%MPCC NORDLAND AS Norway Ship-owning entity 90.1%MPCC VESTLAND AS Norway Ship-owning entity 90.1%",
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"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__114": {
"value": "Note 27 - Group companiesThe Group\u2019s consolidated financial statements include the financial statements of the Company and its subsidiaries listed in the table below. The table excludes all general partner companies and non-operating companies.in USD thousands Country Principal activity Ownership\"AS SAMANTA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS SABRINA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS FREYA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS FENJA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS PAOLA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS PAULINE\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS PENELOPE\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%MPC Container Ships GmbH & Co. KG Germany Management Company 100.00%MPCC Second Financing GmbH & Co. KG Germany Holding company 100.00%Zweite \"AS PALINA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%Zweite \"AS PETRA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Camellia\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Carlotta\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Carolina\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Christiana\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Constantina\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Franziska\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Roberta\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Serena\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Susanna\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Svenja\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Nadia Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%MPC Container Ships Invest B.V. Netherlands Holding company 100.00%\"AS Angelina\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS California\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Carelia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Clara\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Clarita\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Clementina CV\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Columbia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Cypria\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Fabiana\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Fabrizia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Fatima\" ShipCo C.V. Netherlands Ship-owning entity 99,90%in USD thousands Country Principal activity Ownership\"AS Felicia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Filippa\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Fiorella\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Flora\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Floretta\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Floriana\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Patria\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Paulina\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Petronia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS RAFAELA\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Ragna\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Romina\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Rosalia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Sara\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Savanna\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS SELINA\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Sevillia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Sicilia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Sophia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%MPCC Third Financing AS Norway Holding company 100.00%MPCC Box AS Norway Holding company 100.00%MPCC Mipo AS Norway Ship-owning entity 100.00%MPCC City AS Norway Ship-owning entity 100.00%MPCC Nora AS Norway Ship-owning entity 100.00%MPCC Emma AS Norway Ship-owning entity 100.00%MPCC Caspria AS Norway Ship-owning entity 100.00%MPCC Alva AS Norway Ship-owning entity 100.00%MPC ECOBOX OPCO 5 GmbH & Co. KG Germany Ship-owning entity 100.00%MPC ECOBOX OPCO 6 GmbH & Co. KG Germany Ship-owning entity 100.00%MPCC GREENBOX AS Norway Holding company 90.1%MPCC NORDLAND AS Norway Ship-owning entity 90.1%MPCC VESTLAND AS Norway Ship-owning entity 90.1%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__113": {
"value": "Note 27 - Group companiesThe Group\u2019s consolidated financial statements include the financial statements of the Company and its subsidiaries listed in the table below. The table excludes all general partner companies and non-operating companies.in USD thousands Country Principal activity Ownership\"AS SAMANTA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS SABRINA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS FREYA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS FENJA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS PAOLA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS PAULINE\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS PENELOPE\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%MPC Container Ships GmbH & Co. KG Germany Management Company 100.00%MPCC Second Financing GmbH & Co. KG Germany Holding company 100.00%Zweite \"AS PALINA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%Zweite \"AS PETRA\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Camellia\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Carlotta\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Carolina\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Christiana\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Constantina\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Franziska\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Roberta\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Serena\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Susanna\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Svenja\" Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%\"AS Nadia Schifffahrtsgesellschaft mbH & Co. KG Germany Ship-owning entity 100.00%MPC Container Ships Invest B.V. Netherlands Holding company 100.00%\"AS Angelina\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS California\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Carelia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Clara\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Clarita\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Clementina CV\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Columbia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Cypria\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Fabiana\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Fabrizia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Fatima\" ShipCo C.V. Netherlands Ship-owning entity 99,90%in USD thousands Country Principal activity Ownership\"AS Felicia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Filippa\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Fiorella\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Flora\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Floretta\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Floriana\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Patria\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Paulina\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Petronia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS RAFAELA\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Ragna\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Romina\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Rosalia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Sara\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Savanna\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS SELINA\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Sevillia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Sicilia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%\"AS Sophia\" ShipCo C.V. Netherlands Ship-owning entity 99,90%MPCC Third Financing AS Norway Holding company 100.00%MPCC Box AS Norway Holding company 100.00%MPCC Mipo AS Norway Ship-owning entity 100.00%MPCC City AS Norway Ship-owning entity 100.00%MPCC Nora AS Norway Ship-owning entity 100.00%MPCC Emma AS Norway Ship-owning entity 100.00%MPCC Caspria AS Norway Ship-owning entity 100.00%MPCC Alva AS Norway Ship-owning entity 100.00%MPC ECOBOX OPCO 5 GmbH & Co. KG Germany Ship-owning entity 100.00%MPC ECOBOX OPCO 6 GmbH & Co. KG Germany Ship-owning entity 100.00%MPCC GREENBOX AS Norway Holding company 90.1%MPCC NORDLAND AS Norway Ship-owning entity 90.1%MPCC VESTLAND AS Norway Ship-owning entity 90.1%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__9__117": {
"value": "Note 28 \u2013 Subsequent events In December 2022, as part of the Group\u2019s measures for continuous portfolio optimization, the Group entered into a commercial agreement for the option for early redelivery of the vessel AS Carlotta against a cash compensation of USD 25.2 million. The option was subsequently exercised in January 2023 and the vessel was redelivered in January 2023.In December 2022, the Group entered into an MOA to sell its 2006-built vessel AS Cleopatra for an agreed sale price of USD 20.9 million to an unrelated party. The vessel was delivered to its new owner in January 2023.In December 2022, the Group obtained an approval from Credit Agricole Corporate & Investment Bank (\u201cCredit Agricole\u201d) together with an Export Credit Agency for a senior secured Pre-Delivery loan facility in the amount of up to USD 15.8 million and a senior secured Post- Delivery loan facility in an amount of up to USD 102.4 million. The loan facilities will be used to finance the two 5,500 TEU eco-design newbuildings and are subject to the execution of final transaction documents to both parties\u2019 satisfaction.In January 2023, the Group entered into an MOA to sell its 2003-built vessel Carinthia for an agreed sale price of USD 7.6 million to an unrelated party. In January 2023, the Group entered into agreements to acquire the 2010-built vessel Rio Centaurus and the 2007-built vessel TRF Kaya for a total consideration of USD 33.9 million. Both vessels are scrubber-fitted, benefitting from the current high fuel price spread. Moreover, both vessels come with existing charters attached with renewals in the third quarter of 2023 and the first quarter of 2024, respectively.In February 2023, the Group signed a senior secured term loan facility in an amount up to USD 8.3 million with OVB. The loan facility matures four years after delivery of 2007-built TRF Kaya and carries an interest equivalent to the SOFR plus a margin of 350 basis points. The facility will be used to partially finance the acquisition of the vessel. In February 2023, the Group postponed the USD 15.0 million repayment of its USD 70.0 million three-year revolving credit facility agree-ment with CIT Group by six months to July 2023.On February 28, the Company paid an event-driven dividend of USD 0.07 per share based on the commercial agreements for the rede-livery of vessels Carpathia and AS Carlotta and the sale of joint venture vessels Carpathia and AS Cleopatra. The Board of Directors also declared a recurring dividend of USD 0.15 per share for the fourth quarter of 2022.In March 2023, AS Claudia (formerly known as TRF Kaya) was delivered from the seller and the loan facility of USD 8.3 million with OVB was drawn down.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800MXS7CXYJ2Q1805",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}