The Board of Directors of | ||||
Klaveness Combinations Carriers ASA | ||||
Oslo, 31 December 2024 | ||||
27 February 2025 | ||||
Ernst A. Meyer | Magne \u00d8vre\u00e5s | Brita Eilertsen | ||
Chair of the Board | Board member | Board member | ||
Marianne M\u00f8gster | G\u00f8ran Andreassen | Engebret Dahm | ||
Board member | Board member | CEO |
Accounting policy |
Newbuildings Vessels under construction are classified as non-current assets and recognised at the cost incurred in relation to the non-current asset when paid. Newbuildings are not depreciated until delivery. Borrowing costs directly attributable to the construction of vessels are added to the cost of the vessels, until such time as the vessels are ready for their intended use. |
Accounting policy |
Equity-settled share-based payments are treated as an increase in equity at fair value. The purchase price is recognized as a capital increase immediately, and the discount is periodized as a wage/equity increase over the vesting period. Employee share options are calculated at fair value at the time they are granted and charged to expense over the vesting period as payroll cost with a corresponding increase in equity. The market value of the employee share options are estimated based on the Black-Scholes-Merton method. |
Accounting policy |
Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Related parties transactions are recorded to estimated fair value. |
Accounting policy |
Under the tonnage tax regime, profit from operations is tax exempt. Companies within the tonnage tax regime pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the income statement. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income. |
Operating income and operating expenses per segment | 2024 | 2023 | ||||
(USD '000) | CABU | CLEANBU | Total | CABU | CLEANBU | Total |
Operating revenue, vessels | 143\u00a0079 | 135\u00a0179 | 278\u00a0259 | 145\u00a0785 | 141\u00a0380 | 287\u00a0166 |
Voyage expenses | (52\u00a0152) | (34\u00a0165) | (86\u00a0319) | (50\u00a0120) | (40\u00a0242) | (90\u00a0362) |
Net revenue from operations of vessels | 90\u00a0927 | 101\u00a0012 | 191\u00a0940 | 95\u00a0665 | 101\u00a0139 | 196\u00a0805 |
Other income | 278 | 540 | 817 | - | - | - |
Operating expenses, vessels | (25\u00a0272) | (29\u00a0522) | (54\u00a0794) | (22\u00a0138) | (28\u00a0098) | (50\u00a0237) |
Group commercial and administrative services | (2\u00a0420) | (2\u00a0827) | (5\u00a0248) | (2\u00a0381) | (3\u00a0022) | (5\u00a0403) |
Salaries and social expenses | (1\u00a0933) | (2\u00a0258) | (4\u00a0190) | (1\u00a0801) | (2\u00a0285) | (4\u00a0086) |
Tonnage tax | (89) | (77) | (166) | (100) | (74) | (175) |
Other operating and administrative expenses | (850) | (993) | (1\u00a0843) | (852) | (1\u00a0081) | (1\u00a0933) |
Operating profit before depreciation (EBITDA) | 60\u00a0642 | 65\u00a0874 | 126\u00a0516 | 68\u00a0393 | 66\u00a0576 | 134\u00a0971 |
Depreciation | (13\u00a0667) | (16\u00a0776) | (30\u00a0444) | (13\u00a0476) | (18\u00a0366) | (31\u00a0842) |
Operating profit after depreciation (EBIT) | 46\u00a0974 | 49\u00a0098 | 96\u00a0072 | 54\u00a0917 | 48\u00a0210 | 103\u00a0129 |
(USD '000) | 2024 | 2023 | ||||
CABU | CLEANBU | Total | CABU | CLEANBU | Total | |
Net revenue from operations of vessels | 90\u00a0927 | 101\u00a0012 | 191\u00a0940 | 95\u00a0665 | 101\u00a0139 | 196\u00a0805 |
On-hire days | 2\u00a0779 | 2\u00a0648 | 5\u00a0427 | 2\u00a0754 | 2\u00a0872 | 5\u00a0626 |
Average TCE earnings per on-hire day ($/d) | 32\u00a0717 | 38\u00a0151 | 35\u00a0368 | 34\u00a0742 | 35\u00a0214 | 34\u00a0983 |
Accounting policy | |
The operating segments are reported in a manner consistent with the internal financial reporting provided to the chief operating decision-maker, who is responsible for allocating resources, making strategic decisions and assessing performance. The chief operating decision-maker has been identified as the Board of Directors. | The reporting of the financial results separates the CABUs and CLEANBUs as two segments, to better evaluate and follow up on the performance of the different vessel concepts. The Group identifies and reports its segments based on information provided to the Management and the Board of Directors. Resources are allocated and decisions are made based on this information. |
Revenue types (USD '000) | Classification | 2024 | 2023 |
Revenue from COA contracts | Freight revenue | 162\u00a0877 | 138\u00a0880 |
Revenue from spot voyage contracts | Freight revenue | 77\u00a0348 | 108\u00a0662 |
Revenue from TC contracts | Charter hire revenue | 38\u00a0034 | 39\u00a0624 |
Total revenue, vessels | 278\u00a0259 | 287\u00a0166 |
Other income (USD '000) | Classification | 2024 | 2023 |
Other income | Other income | 817 | - |
Total other income | 817 | - |
Region (USD '000) | 2024 | 2023 | ||
Middle East | 46\u00a0848 | 17% | 31\u00a0115 | 11% |
Australia / Oceania | 88\u00a0164 | 32% | 107\u00a0041 | 37% |
North East Asia | 29\u00a0239 | 10% | 31\u00a0260 | 11% |
South America | 46\u00a0761 | 17% | 52\u00a0201 | 18% |
North America | 33\u00a0447 | 12% | 47\u00a0484 | 17% |
Europe | 10\u00a0262 | 4% | 3\u00a0479 | 1% |
Africa | 2\u00a0611 | 1% | - | -% |
South East Asia | 12\u00a0256 | 4% | 3\u00a0879 | 1% |
South Asia | 9\u00a0055 | 3% | 10\u00a0157 | 4% |
Total Revenue, regions | 278\u00a0643 | 286\u00a0616 | ||
Gain/(loss) of FFAs | - | (140) | ||
IFRS adjustments | (384) | 690 | ||
Total revenue, vessels | 278\u00a0259 | 287\u00a0166 |
(USD '000) | Notes | 31 Dec 2024 | 31 Dec 2023 |
Trade receivables from charterers | 13 | 14\u00a0918 | 15\u00a0497 |
Contract assets | 13 | 5\u00a0359 | 6\u00a0454 |
Contract liabilities | 4\u00a0801 | 3\u00a0792 |
Accounting policy | |
The Group is in the business of transporting cargo at sea. Contracts of affreightment The combination carriers are employed on both long and short term contracts of affreightment (COAs) as well as in the spot market. The ambition is to have a large part of the wet exposure covered by contracts of affreightment (COA) and to a larger extent employ the vessels in the spot market when trading dry. The mix of COA and spot business creates ability to optimize the trading of the fleet and provide the COA customers with the flexibility they need in their logistics. When the COA contracts were signed, they had duration between 1-6 years. Revenue from the Group\u2019s COA commitments are classified as freight revenue in the Income Statement. Revenue from contracts with customers is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. The Group has concluded that the performance obligation under a voyage charter is satisfied over time, and begins from the point at which cargo is loaded until the point at which a cargo is discharged at the destination port. Other revenue from services, such as demurrage, is recognised when earned and is included in freight revenue. | Performance obligations IFRS 15 requires the Group to identify the performance obligations, determine the transaction price, allocate the transaction price to performance obligations for each contract with a customer to the extent that the contract covers more than one performance obligation, determine whether revenue should be recognised over time or at a point in time and recognise revenue when or as performance obligations are recognised. The Group's voyage charters and time charter (TC) contracts qualify for recognition over time. The nature of the Group\u2019s revenue from TC contracts with its customers is categorised in two groups, the leasing element of the vessel and the service element related to the leased vessel. Expenses between discharge and load are deferred and amortised over the voyage to the extent they qualify as cost to fulfil under IFRS 15. Time charter (TC) agreements The time charter revenue is generated from fixed rate time charter contracts. Revenue from time charters is accounted for as lease in accordance with IFRS 16 and is classified as charter hire revenue in the Income Statement. The Group\u2019s time charter contracts normally have a duration of 1-3 months and a significant portion of the risks and rewards of ownership are retained by the lessor (KCC), hence the lease is classified as operating lease. In 2023, the Group entered into a two-year TC agreement for one of its\u00a0 CLEANBU vessels, as KCC remains the right to substitute the asset throughout the period of use, the TC agreement is classified as an operating lease. Payments received under operating leases are recognised as revenue on a straight line basis over the lease term. |
Revenue types (USD '000) | Classification | 2024 | 2023 |
Revenue from COA contracts | Freight revenue | 162\u00a0877 | 138\u00a0880 |
Revenue from spot voyage contracts | Freight revenue | 77\u00a0348 | 108\u00a0662 |
Revenue from TC contracts | Charter hire revenue | 38\u00a0034 | 39\u00a0624 |
Total revenue, vessels | 278\u00a0259 | 287\u00a0166 |
Other income (USD '000) | Classification | 2024 | 2023 |
Other income | Other income | 817 | - |
Total other income | 817 | - |
Region (USD '000) | 2024 | 2023 | ||
Middle East | 46\u00a0848 | 17% | 31\u00a0115 | 11% |
Australia / Oceania | 88\u00a0164 | 32% | 107\u00a0041 | 37% |
North East Asia | 29\u00a0239 | 10% | 31\u00a0260 | 11% |
South America | 46\u00a0761 | 17% | 52\u00a0201 | 18% |
North America | 33\u00a0447 | 12% | 47\u00a0484 | 17% |
Europe | 10\u00a0262 | 4% | 3\u00a0479 | 1% |
Africa | 2\u00a0611 | 1% | - | -% |
South East Asia | 12\u00a0256 | 4% | 3\u00a0879 | 1% |
South Asia | 9\u00a0055 | 3% | 10\u00a0157 | 4% |
Total Revenue, regions | 278\u00a0643 | 286\u00a0616 | ||
Gain/(loss) of FFAs | - | (140) | ||
IFRS adjustments | (384) | 690 | ||
Total revenue, vessels | 278\u00a0259 | 287\u00a0166 |
(USD '000) | Notes | 31 Dec 2024 | 31 Dec 2023 |
Trade receivables from charterers | 13 | 14\u00a0918 | 15\u00a0497 |
Contract assets | 13 | 5\u00a0359 | 6\u00a0454 |
Contract liabilities | 4\u00a0801 | 3\u00a0792 |
Accounting policy | |
The Group is in the business of transporting cargo at sea. Contracts of affreightment The combination carriers are employed on both long and short term contracts of affreightment (COAs) as well as in the spot market. The ambition is to have a large part of the wet exposure covered by contracts of affreightment (COA) and to a larger extent employ the vessels in the spot market when trading dry. The mix of COA and spot business creates ability to optimize the trading of the fleet and provide the COA customers with the flexibility they need in their logistics. When the COA contracts were signed, they had duration between 1-6 years. Revenue from the Group\u2019s COA commitments are classified as freight revenue in the Income Statement. Revenue from contracts with customers is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods. The Group has concluded that the performance obligation under a voyage charter is satisfied over time, and begins from the point at which cargo is loaded until the point at which a cargo is discharged at the destination port. Other revenue from services, such as demurrage, is recognised when earned and is included in freight revenue. | Performance obligations IFRS 15 requires the Group to identify the performance obligations, determine the transaction price, allocate the transaction price to performance obligations for each contract with a customer to the extent that the contract covers more than one performance obligation, determine whether revenue should be recognised over time or at a point in time and recognise revenue when or as performance obligations are recognised. The Group's voyage charters and time charter (TC) contracts qualify for recognition over time. The nature of the Group\u2019s revenue from TC contracts with its customers is categorised in two groups, the leasing element of the vessel and the service element related to the leased vessel. Expenses between discharge and load are deferred and amortised over the voyage to the extent they qualify as cost to fulfil under IFRS 15. Time charter (TC) agreements The time charter revenue is generated from fixed rate time charter contracts. Revenue from time charters is accounted for as lease in accordance with IFRS 16 and is classified as charter hire revenue in the Income Statement. The Group\u2019s time charter contracts normally have a duration of 1-3 months and a significant portion of the risks and rewards of ownership are retained by the lessor (KCC), hence the lease is classified as operating lease. In 2023, the Group entered into a two-year TC agreement for one of its\u00a0 CLEANBU vessels, as KCC remains the right to substitute the asset throughout the period of use, the TC agreement is classified as an operating lease. Payments received under operating leases are recognised as revenue on a straight line basis over the lease term. |
(USD '000) | 2024 | 2023 |
Freight expenses | 14\u00a0741 | 17\u00a0381 |
Voyage expenses | 71\u00a0289 | 72\u00a0949 |
Fuel hedge settlement | (255) | (311) |
Various expenses | 544 | 343 |
Total voyage costs, vessels | 86\u00a0319 | 90\u00a0362 |
(USD '000) | 2024 | 2023 |
Technical expenses | 20\u00a0172 | 18\u00a0005 |
Crewing expenses | 24\u00a0210 | 23\u00a0050 |
Insurance | 2\u00a0335 | 3\u00a0325 |
Crewing agency fee to Klaveness Ship Management AS | 1\u00a0482 | 1\u00a0469 |
Ship management to Klaveness Ship Management AS | 4\u00a0477 | 4\u00a0117 |
Other operating expenses | 2\u00a0118 | 271 |
Total operating expenses | 54\u00a0794 | 50\u00a0237 |
(USD '000) | 2024 | 2023 |
Statutory audit | 147 | 156 |
Other assurance services | 46 | 39 |
Total | 193 | 196 |
Auditor\u2019s fee are stated excluding VAT. |
(USD '000) | 2024 | 2023 |
Salaries and other remuneration | 3\u00a0662 | 3\u00a0586 |
Social security tax | 386 | 376 |
Pension benefit | 118 | 96 |
Other social costs | 25 | 12 |
Other personel related expenses | - | 16 |
Salaries and social expenses | 4\u00a0190 | 4\u00a0086 |
Diversity of employees | 2024 | 2023 | ||
Number | Percentage | Number | Percentage | |
Women | 6 | 32% | 5 | 50% |
Men | 13 | 68% | 5 | 50% |
Total employees in KCC at year end | 19 | 100% | 10 | 100% |
Average number of employees | 11.0 | 11.5 | ||
KCC ASA in Norway | 16 | 84% | 8 | 80% |
KCC Asia in Singapore | 3 | 16% | 2 | 20% |
Nationalities | 7 | 3 | ||
Sick leave | 0.22% | 0.95% |
(USD '000) | Base Salary | Bonus | Pension benefit | Total |
Engebret Dahm (CEO) | 386 | 316 | 15 | 717 |
Liv Hege Dyrnes (CFO) | 279 | 178 | 15 | 473 |
Total management remuneration 2024 | 665 | 493 | 31 | 1\u00a0189 |
(USD '000) | Base Salary | Bonus | Pension benefit | Total |
Engebret Dahm (CEO) | 534 | 288 | 15 | 837 |
Liv Hege Dyrnes (CFO) | 390 | 152 | 15 | 557 |
Total management remuneration 2023 | 924 | 440 | 29 | 1\u00a0394 |
(USD '000) | 2024 | 2023 |
Ernst Meyer (Chair of the Board)* | 57 | 49 |
Magne \u00d8vre\u00e5s (Board member and member of Audit Committee) | 40 | 34 |
G\u00f8ran Andreassen (Board member)* | 34 | 29 |
Winifred Patricia Johansen (Board member until 23 April 2024) | 11 | 29 |
Marianne M\u00f8gster (Board member from 23 April 2024) | 23 | - |
Brita Eilertsen (Board member and Chair of Audit Committee) | 44 | 36 |
Total | 210 | 177 |
Diversity of Board of Directors | 2024 | 2023 | ||
Number | Percentage | Number | Percentage | |
Women | 2 | 40% | 2 | 40% |
Men | 3 | 60% | 3 | 60% |
Finance income | 2024 | 2023 |
(USD '000) | ||
Other interest income | 5\u00a0310 | 4\u00a0594 |
Gain on currency contracts | 10 | 285 |
Gain on terminated cross-currency swaps | - | 2\u00a0652 |
Other financial income | 292 | 1 |
Gain on foreign exchange | 67 | - |
Finance income | 5\u00a0679 | 7\u00a0533 |
Finance cost | 2024 | 2023 |
(USD '000) | ||
Interest expenses mortgage debt | 10\u00a0515 | 13\u00a0590 |
Interest expenses bond loan | 6\u00a0743 | 5\u00a0756 |
Amortization capitalized fees on loans | 1\u00a0184 | 1\u00a0784 |
Other financial expenses | 1\u00a0399 | 2\u00a0135 |
Loss on currency contracts | 500 | - |
Fair value changes and realization effects of interest rate swaps | - | 303 |
Loss on foreign exchange | - | 169 |
Finance cost | 20\u00a0341 | 23\u00a0739 |
(USD '000) | 2024 | 2023 |
Freight expenses | 14\u00a0741 | 17\u00a0381 |
Voyage expenses | 71\u00a0289 | 72\u00a0949 |
Fuel hedge settlement | (255) | (311) |
Various expenses | 544 | 343 |
Total voyage costs, vessels | 86\u00a0319 | 90\u00a0362 |
(USD '000) | 2024 | 2023 |
Technical expenses | 20\u00a0172 | 18\u00a0005 |
Crewing expenses | 24\u00a0210 | 23\u00a0050 |
Insurance | 2\u00a0335 | 3\u00a0325 |
Crewing agency fee to Klaveness Ship Management AS | 1\u00a0482 | 1\u00a0469 |
Ship management to Klaveness Ship Management AS | 4\u00a0477 | 4\u00a0117 |
Other operating expenses | 2\u00a0118 | 271 |
Total operating expenses | 54\u00a0794 | 50\u00a0237 |
(USD '000) | 2024 | 2023 |
Technical expenses | 20\u00a0172 | 18\u00a0005 |
Crewing expenses | 24\u00a0210 | 23\u00a0050 |
Insurance | 2\u00a0335 | 3\u00a0325 |
Crewing agency fee to Klaveness Ship Management AS | 1\u00a0482 | 1\u00a0469 |
Ship management to Klaveness Ship Management AS | 4\u00a0477 | 4\u00a0117 |
Other operating expenses | 2\u00a0118 | 271 |
Total operating expenses | 54\u00a0794 | 50\u00a0237 |
(USD '000) | 2024 | 2023 |
Statutory audit | 147 | 156 |
Other assurance services | 46 | 39 |
Total | 193 | 196 |
Auditor\u2019s fee are stated excluding VAT. |
(USD '000) | 2024 | 2023 |
Statutory audit | 147 | 156 |
Other assurance services | 46 | 39 |
Total | 193 | 196 |
Auditor\u2019s fee are stated excluding VAT. |
(USD '000) | 2024 | 2023 |
Salaries and other remuneration | 3\u00a0662 | 3\u00a0586 |
Social security tax | 386 | 376 |
Pension benefit | 118 | 96 |
Other social costs | 25 | 12 |
Other personel related expenses | - | 16 |
Salaries and social expenses | 4\u00a0190 | 4\u00a0086 |
Diversity of employees | 2024 | 2023 | ||
Number | Percentage | Number | Percentage | |
Women | 6 | 32% | 5 | 50% |
Men | 13 | 68% | 5 | 50% |
Total employees in KCC at year end | 19 | 100% | 10 | 100% |
Average number of employees | 11.0 | 11.5 | ||
KCC ASA in Norway | 16 | 84% | 8 | 80% |
KCC Asia in Singapore | 3 | 16% | 2 | 20% |
Nationalities | 7 | 3 | ||
Sick leave | 0.22% | 0.95% |
(USD '000) | Base Salary | Bonus | Pension benefit | Total |
Engebret Dahm (CEO) | 386 | 316 | 15 | 717 |
Liv Hege Dyrnes (CFO) | 279 | 178 | 15 | 473 |
Total management remuneration 2024 | 665 | 493 | 31 | 1\u00a0189 |
(USD '000) | Base Salary | Bonus | Pension benefit | Total |
Engebret Dahm (CEO) | 534 | 288 | 15 | 837 |
Liv Hege Dyrnes (CFO) | 390 | 152 | 15 | 557 |
Total management remuneration 2023 | 924 | 440 | 29 | 1\u00a0394 |
(USD '000) | 2024 | 2023 |
Ernst Meyer (Chair of the Board)* | 57 | 49 |
Magne \u00d8vre\u00e5s (Board member and member of Audit Committee) | 40 | 34 |
G\u00f8ran Andreassen (Board member)* | 34 | 29 |
Winifred Patricia Johansen (Board member until 23 April 2024) | 11 | 29 |
Marianne M\u00f8gster (Board member from 23 April 2024) | 23 | - |
Brita Eilertsen (Board member and Chair of Audit Committee) | 44 | 36 |
Total | 210 | 177 |
Diversity of Board of Directors | 2024 | 2023 | ||
Number | Percentage | Number | Percentage | |
Women | 2 | 40% | 2 | 40% |
Men | 3 | 60% | 3 | 60% |
Diversity of employees | 2024 | 2023 | ||
Number | Percentage | Number | Percentage | |
Women | 6 | 32% | 5 | 50% |
Men | 13 | 68% | 5 | 50% |
Total employees in KCC at year end | 19 | 100% | 10 | 100% |
Average number of employees | 11.0 | 11.5 | ||
KCC ASA in Norway | 16 | 84% | 8 | 80% |
KCC Asia in Singapore | 3 | 16% | 2 | 20% |
Nationalities | 7 | 3 | ||
Sick leave | 0.22% | 0.95% |
(USD '000) | Base Salary | Bonus | Pension benefit | Total |
Engebret Dahm (CEO) | 386 | 316 | 15 | 717 |
Liv Hege Dyrnes (CFO) | 279 | 178 | 15 | 473 |
Total management remuneration 2024 | 665 | 493 | 31 | 1\u00a0189 |
(USD '000) | Base Salary | Bonus | Pension benefit | Total |
Engebret Dahm (CEO) | 534 | 288 | 15 | 837 |
Liv Hege Dyrnes (CFO) | 390 | 152 | 15 | 557 |
Total management remuneration 2023 | 924 | 440 | 29 | 1\u00a0394 |
(USD '000) | 2024 | 2023 |
Ernst Meyer (Chair of the Board)* | 57 | 49 |
Magne \u00d8vre\u00e5s (Board member and member of Audit Committee) | 40 | 34 |
G\u00f8ran Andreassen (Board member)* | 34 | 29 |
Winifred Patricia Johansen (Board member until 23 April 2024) | 11 | 29 |
Marianne M\u00f8gster (Board member from 23 April 2024) | 23 | - |
Brita Eilertsen (Board member and Chair of Audit Committee) | 44 | 36 |
Total | 210 | 177 |
Diversity of Board of Directors | 2024 | 2023 | ||
Number | Percentage | Number | Percentage | |
Women | 2 | 40% | 2 | 40% |
Men | 3 | 60% | 3 | 60% |
Finance income | 2024 | 2023 |
(USD '000) | ||
Other interest income | 5\u00a0310 | 4\u00a0594 |
Gain on currency contracts | 10 | 285 |
Gain on terminated cross-currency swaps | - | 2\u00a0652 |
Other financial income | 292 | 1 |
Gain on foreign exchange | 67 | - |
Finance income | 5\u00a0679 | 7\u00a0533 |
Finance cost | 2024 | 2023 |
(USD '000) | ||
Interest expenses mortgage debt | 10\u00a0515 | 13\u00a0590 |
Interest expenses bond loan | 6\u00a0743 | 5\u00a0756 |
Amortization capitalized fees on loans | 1\u00a0184 | 1\u00a0784 |
Other financial expenses | 1\u00a0399 | 2\u00a0135 |
Loss on currency contracts | 500 | - |
Fair value changes and realization effects of interest rate swaps | - | 303 |
Loss on foreign exchange | - | 169 |
Finance cost | 20\u00a0341 | 23\u00a0739 |
Finance income | 2024 | 2023 |
(USD '000) | ||
Other interest income | 5\u00a0310 | 4\u00a0594 |
Gain on currency contracts | 10 | 285 |
Gain on terminated cross-currency swaps | - | 2\u00a0652 |
Other financial income | 292 | 1 |
Gain on foreign exchange | 67 | - |
Finance income | 5\u00a0679 | 7\u00a0533 |
Finance income | 2024 | 2023 |
(USD '000) | ||
Other interest income | 5\u00a0310 | 4\u00a0594 |
Gain on currency contracts | 10 | 285 |
Gain on terminated cross-currency swaps | - | 2\u00a0652 |
Other financial income | 292 | 1 |
Gain on foreign exchange | 67 | - |
Finance income | 5\u00a0679 | 7\u00a0533 |
Finance cost | 2024 | 2023 |
(USD '000) | ||
Interest expenses mortgage debt | 10\u00a0515 | 13\u00a0590 |
Interest expenses bond loan | 6\u00a0743 | 5\u00a0756 |
Amortization capitalized fees on loans | 1\u00a0184 | 1\u00a0784 |
Other financial expenses | 1\u00a0399 | 2\u00a0135 |
Loss on currency contracts | 500 | - |
Fair value changes and realization effects of interest rate swaps | - | 303 |
Loss on foreign exchange | - | 169 |
Finance cost | 20\u00a0341 | 23\u00a0739 |
Vessels | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Cost price 1.1 | 755\u00a0564 | 742\u00a0721 |
Dry docking | 13\u00a0482 | 4\u00a0959 |
Energy efficiency upgrade | 11\u00a0420 | 7\u00a0566 |
Technical upgrade | 1\u00a0810 | 319 |
Cost price end of period | 782\u00a0276 | 755\u00a0564 |
Acc. Depreciation 1.1 | 258\u00a0491 | 226\u00a0650 |
Depreciation vessels | 30\u00a0444 | 31\u00a0842 |
Acc. Depreciation end of period | 288\u00a0935 | 258\u00a0491 |
Carrying amounts end of period* | 493\u00a0341 | 497\u00a0072 |
*) carrying value of vessels includes dry-docking | ||
No. of vessels | 16 | 16 |
Useful life vessel | 25 | 25 |
Useful life Dry Docking | 2-3 | 2-3 |
Depreciation schedule | Straight-line | Straight-line |
Accounting policy | |
Significant accounting estimates Non-current assets such as vessels, the cost of dry-docking and newbuildings are carried at cost less accumulated depreciation and impairment charges. Cost is defined as directly attributable cost plus borrowing cost during the construction period. | Impairment testing At the end of each reporting period the Group will assess whether there is any indication of impairment. If any indication exists, the Group will estimate the recoverable amount of the asset. Recoverable amount is set as the highest of fair value less cost to sell and value in use. If carrying value exceeds the estimated recoverable amount, impairment is recognised. Impairments are reversed in a later period if recoverable amount exceeds carrying amount. Identification of impairment indicators is based on an assessment of development in market rates (dry bulk, MR tanker, LR1 tanker and fuel), TCE earnings for the fleet, vessel opex, operating profit, technological development, change in regulations, interest rates and discount rate. As per year end 2023 and 2024 no indicators for impairment were identified. |
Useful life and residual values The carrying amount of vessels is based on management\u2019s assumptions of useful life. Useful life for the combination carrier vessels is reassessed on an annual basis. Useful life may change due to change in technological developments, competition, environmental and legal requirements, freight rates and steel prices. Management has also considered the impact of decarbonisation and climate related risks on the existing assets\u2019 useful lives. Such risks include new climate related legislation restricting the use of certain assets, new technology demanded by climate related legislation and Based on the updated dry docking schedule, the vessels are planned for dry-docking with a limited scope during each intermediate survey, first time approximately 2.5 years after delivery.\u00a0 KCC commits to perform recycling of its vessels in compliance with the Hong Kong Convention, the Norwegian Shipowners' Association\u2019s guidelines and when relevant the EU Ship Recycling Regulation. Annual assessment of residual value is based on observable market prices and available recycling alternatives as of today. Residual value estimates for the KCC vessels have been calculated based on average steel prices for Turkey and India, deducted by best estimate of direct costs for recycling. There is a high degree of uncertainty in net green pricing for recycling. KCC has concluded to retain a residual value of USD 3.8/5.3/5.9 million for CABUI/ CABUII/CLEANBU for 2025. | Cash-generating units The Group operates combination carrier vessels which can switch between dry and wet cargo. The CABUs have the same characteristics in respect of what cargo to transport, number of cargo holds and approximately size of the vessels. All the CLEANBU are identical vessels with same characteristics. CLEANBU vessels have higher cargo carrying capacity than the CABUs, and can in addition transport other types of wet commodities. All the CABUs vessels are interchangeable, same for all the CLEANBU vessels. Investment, continuance and disposal decisions are made by class of vessels. The CABU and CLEANBU vessels are operated by KCC Chartering AS (KCCC). Contracts (COAs) are normally not negotiated based on a specific vessel. It is the sum of vessel capacity at any time that determines the optimization of voyages. A portion of the voyages are also executed in the spot market, and KCCC is dependent on operating the vessels as a portfolio according to free vessel capacity and available cargos. The Group has defined the fleet of CABUs (including newbuildings) and the fleet of CLEANBUs as two separate cash generating units. |
Government grants The government grants related to assets are presented in the statement of financial position by deducting the grants from the carrying amounts of the assets. Government grants are recognized according to the percentage of completion method in the proportion to which depreciation expense of the assets is recognized. The grants are recognized in profit or loss over the life of the depreciable asset as a reduced depreciation expense. |
ENOVA1 = A Norwegian government enterprise responsible for promotion of environmentally friendly production and consumption of energy. |
Newbuildings, net carrying amount | Notes | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | |||
Cost 1.1 | 17\u00a0591 | - | |
Yard installments paid | - | 17\u00a0205 | |
Other capitalized cost (project fee to KSM) | 1\u00a0578 | 386 | |
Net carrying amount | 19\u00a0170 | 17\u00a0591 |
Remaining newbuilding installments1 | 2025 | 2026 | Total |
(USD '000) | |||
CABU III - Hull 1560 | 20\u00a0073 | 31\u00a0543 | 51\u00a0616 |
CABU III - Hull 1561 | 20\u00a0073 | 31\u00a0543 | 51\u00a0616 |
CABU III - Hull 1562 | 14\u00a0338 | 37\u00a0278 | 51\u00a0616 |
Toal remaining newbuilding installments | 54\u00a0484 | 100\u00a0364 | 154\u00a0848 |
Accounting policy |
Newbuildings Vessels under construction are classified as non-current assets and recognised at the cost incurred in relation to the non-current asset when paid. Newbuildings are not depreciated until delivery. Borrowing costs directly attributable to the construction of vessels are added to the cost of the vessels, until such time as the vessels are ready for their intended use. |
1Delivery costs not included. Delivery costs will include costs for change orders, supervision and project management fee, upstoring costs and energy efficiency investments. |
ENOVA1 = A Norwegian government enterprise responsible for promotion of environmentally friendly production and consumption of energy. |
Accounting policy |
Newbuildings Vessels under construction are classified as non-current assets and recognised at the cost incurred in relation to the non-current asset when paid. Newbuildings are not depreciated until delivery. Borrowing costs directly attributable to the construction of vessels are added to the cost of the vessels, until such time as the vessels are ready for their intended use. |
Accounting policy |
Newbuildings Vessels under construction are classified as non-current assets and recognised at the cost incurred in relation to the non-current asset when paid. Newbuildings are not depreciated until delivery. Borrowing costs directly attributable to the construction of vessels are added to the cost of the vessels, until such time as the vessels are ready for their intended use. |
Inventories | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Bunkers | 9\u00a0817 | 10\u00a0738 |
Spare parts | 1\u00a0254 | 99 |
Luboil | 1\u00a0381 | 1\u00a0286 |
EU ETS allowances | 214 | - |
Inventories | 12\u00a0665 | 12\u00a0123 |
Accounting policy |
EU ETS allowances, bunkers and lubricant oil on board vessels are recorded in the balance sheet at acquisition cost. Acquisition cost is based on FIFO (first in, first out principle). |
Accounting policy |
EU ETS allowances, bunkers and lubricant oil on board vessels are recorded in the balance sheet at acquisition cost. Acquisition cost is based on FIFO (first in, first out principle). |
Mortgage debt | Description | Interest rate | Maturity | Carrying amount |
(USD '000) | ||||
DNB/SEB/SR-Bank/Sparebanken Vest Facility** | Term Loan/RCF, USD 190 million | Term SOFR + 2.1 % | June 2028 | 85\u00a0555 |
Nordea/Credit Agricole Facility* | Term Loan/RCF, USD 60 million | Term SOFR + 2.25 % | March 2027 | 16\u00a0765 |
Nordea/Danske Bank Facility**/*** | Term Loan, USD 80 million | Term SOFR + CAS + 2.1 % | December 2026 | 53\u00a0881 |
Capitalized loan fees | (2\u00a0443) | |||
Mortgage debt 31 December 2024 | 153\u00a0758 |
Bond loan | Face value | Year of | Carrying amount |
(NOK '000) | maturity | (USD '000) | |
KCC04 | 700\u00a0000 | 11/02/2025 | 76\u00a0390 |
Buyback KCC04 (Q3 2024) | (191\u00a0500) | (21\u00a0411) | |
Buyback KCC04 (Q3 2023) | (508\u00a0500) | (54\u00a0978) | |
SUM KCC04 | - | - | |
KCC05 | 500\u00a0000 | 05/09/2028 | 47\u00a0077 |
Tap issue KCC05 (Q2 2024) | 300\u00a0000 | 28\u00a0011 | |
Exchange rate adjustments | (4\u00a0529) | ||
Capitalized expenses | (970) | ||
Bond premium | 1\u00a0037 | ||
SUM KCC05 | 800\u00a0000 | 70\u00a0625 | |
Total bond loan | 800\u00a0000 | 70\u00a0625 |
Interest bearing liabilities | Fair value | Carrying amount | Carrying amount |
(USD '000) | 31 Dec 2024 | 31 Dec 2024 | 31 Dec 2023 |
Mortgage debt | 131\u00a0003 | 131\u00a0003 | 158\u00a0201 |
Capitalized loan fees | - | (2\u00a0443) | (3\u00a0367) |
Bond loan | 73\u00a0058 | 70\u00a0559 | 67\u00a0777 |
Bond premium | - | 1\u00a0037 | - |
Bond discount | - | - | (82) |
Capitalized expenses bond loan | - | (970) | (797) |
Total non-current interest bearing liabilities | 204\u00a0060 | 199\u00a0184 | 221\u00a0732 |
Mortgage debt, current | 25\u00a0199 | 25\u00a0199 | 25\u00a0199 |
Total interest bearing liabilities | 229\u00a0259 | 224\u00a0383 | 246\u00a0931 |
Book value of collateral and mortgaged assets (USD '000) | 2024 | 2023 |
Vessels | 467\u00a0358 | 477\u00a0828 |
Bunkers inventory | 9\u00a0817 | 10\u00a0738 |
Earning accounts | 2\u00a0020 | 3\u00a0650 |
Accounts receivables | 20\u00a0926 | 24\u00a0942 |
Total book value of collateral and mortgaged assets | 500\u00a0120 | 517\u00a0159 |
Financial assets | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 120 | 1\u00a0891 |
Interest rate swaps | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 |
Financial instruments at fair value through P&L | ||
Forward currency contract | - | 285 |
Financial assets | 6\u00a0524 | 8\u00a0024 |
Current | 2\u00a0142 | 1\u00a0699 |
Non-current | 4\u00a0382 | 6\u00a0325 |
Financial liabilities | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 4\u00a0920 | 985 |
Financial instruments at fair value through P&L | ||
Forward currency contract | 164 | - |
Financial liabilities | 5\u00a0084 | 985 |
Current | 555 | 328 |
Non-current | 4\u00a0529 | 657 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 6\u00a0404 | 5\u00a0762 | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 | - | 87 |
Cross-currency interest rate swap | 120 | 1\u00a0891 | 120 | 1\u00a0891 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | 285 | - | 285 |
Total financial assets at fair value | 6\u00a0524 | 8\u00a0024 | 6\u00a0524 | 8\u00a0024 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 14\u00a0918 | 15\u00a0497 | 14\u00a0918 | 15\u00a0497 |
Receivables from related parties | 706 | 110 | 706 | 110 |
Total financial assets measured at amortised costs | 15\u00a0623 | 15\u00a0607 | 15\u00a0623 | 15\u00a0607 |
Cash and cash equivalents | 56\u00a0139 | 68\u00a0071 | 56\u00a0139 | 68\u00a0071 |
Total financial assets | 78\u00a0287 | 91\u00a0703 | 78\u00a0287 | 91\u00a0703 |
Total current | 73\u00a0904 | 85\u00a0271 | 73\u00a0904 | 85\u00a0271 |
Total non-current | 4\u00a0382 | 6\u00a0432 | 4\u00a0382 | 6\u00a0432 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swap | 4\u00a0920 | 985 | 4\u00a0920 | 985 |
Financial liabilities at fair value through P&L | ||||
Forward currency contract | 164 | - | 164 | - |
Total financial liabilities at fair value | 5\u00a0084 | 985 | 5\u00a0084 | 985 |
Other financial liabilities at amortised cost | ||||
Accounts payable | 7\u00a0524 | 3\u00a0658 | 7\u00a0524 | 3\u00a0658 |
Interest bearing debt, non-current | 128\u00a0559 | 154\u00a0835 | 131\u00a0003 | 158\u00a0201 |
Interest bearing debt, current | 25\u00a0199 | 25\u00a0199 | 25\u00a0199 | 25\u00a0199 |
Bond loan | 70\u00a0625 | 66\u00a0897 | 73\u00a0058 | 68\u00a0798 |
Overdraft facility | - | - | - | - |
Current debt to related parties | 555 | 1\u00a0067 | 555 | 1\u00a0067 |
Total financial liabilities at amortised cost | 232\u00a0461 | 251\u00a0656 | 237\u00a0338 | 256\u00a0923 |
Total financial liabilities | 237\u00a0545 | 252\u00a0640 | 242\u00a0422 | 257\u00a0908 |
Total current | 33\u00a0832 | 29\u00a0924 | 33\u00a0832 | 29\u00a0924 |
Total non-current | 203\u00a0713 | 222\u00a0716 | 208\u00a0589 | 227\u00a0984 |
Accounting policy | |
Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts, fuel contracts and interest rate swaps to hedge its foreign currency risks, interest rate risks and to reduce exposure to volatile and potentially rising fuel costs. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured 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. For the purpose of hedge accounting, hedges are classified as: \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment. \u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. As per 31 December 2024 all the Group hedges are classified as cash flow hedges. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged | and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of the gain or loss on the hedging instrument is recognised directly as other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in profit and loss. Amounts recognised as other comprehensive income are transferred to profit and loss when the hedged transaction effects profit and loss, such as when the hedged financial income or expense is recognised or when a forecast transaction occurs. Derivative financial instruments that are designated as, and are effective hedging instruments are separated into a current and non-current portion consistent with the classification of the underlying item. |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through OCI | ||||
Cross-currency interest rate swap | - | 120 | - | 120 |
Interest rate swaps | - | 6\u00a0404 | - | 6\u00a0404 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swap | - | 4\u00a0920 | - | 4\u00a0920 |
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 131\u00a0003 | 131\u00a0003 |
Mortgage debt, current | - | - | 25\u00a0199 | 25\u00a0199 |
Bond loan | - | 73\u00a0058 | - | 73\u00a0058 |
31 December 2023 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through P&L | ||||
Forward currency contract | - | 285 | - | 285 |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swap | - | 1\u00a0891 | - | 1\u00a0891 |
Fuel hedge | - | 87 | - | 87 |
Interest rate swaps | - | 5\u00a0762 | - | 5\u00a0762 |
31 December 2023 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 158\u00a0201 | 158\u00a0201 |
Mortgage debt, current | - | - | 25\u00a0199 | 25\u00a0199 |
Bond loan | 68\u00a0798 | - | 68\u00a0798 |
Accounting policy | |
Fair value measurement Derivatives are measured at fair value. The fair value of financial instruments traded in active markets is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs. The fair value of financial instruments not traded in active markets is determined using appropriate evaluation techniques. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized 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 \u2013 Quoted (unadjusted) market prices in active markets for identical assets and liabilities Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instruments are included in level 2. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. During the reporting periods there were no transfers between any of the levels. |
Liabilities | Equity | Total | |||||
(USD '000) | Interest payable | Current lease liabilities | Interest bearing short-term debt | Interest bearing long-term debt | Share capital/ premium/ reserve | Other equity | Total |
Balance at 1 January 2024 | - | - | 25\u00a0199 | 221\u00a0732 | 209\u00a0732 | 151\u00a0966 | 529\u00a0882 |
Repayment of mortgage debt | - | - | - | (37\u00a0200) | - | - | (37\u00a0200) |
Proceeds from mortgage debt | - | - | - | 10\u00a0000 | - | - | 10\u00a0000 |
Repayment bond loans | - | - | - | (18\u00a0259) | - | - | (18\u00a0259) |
Proceeds from bond loan | - | - | - | 29\u00a0203 | - | - | 29\u00a0203 |
Reclassification as short-term debt | - | - | - | - | - | - | - |
Transaction costs on issuance of loans | - | - | - | (444) | - | - | (444) |
Interest paid | (19\u00a0114) | - | - | - | - | - | (19\u00a0114) |
Paid in registered capital increase | - | - | - | - | - | - | - |
Transaction costs on capital increase | - | - | - | - | - | - | - |
Repayment of overdraft facility | - | - | - | - | - | - | - |
Dividends | - | - | - | - | - | (78\u00a0584) | (78\u00a0584) |
Total Changes from financing cash flow | (19\u00a0114) | - | - | (16\u00a0700) | - | (78\u00a0584) | (114\u00a0398) |
Liability-related | |||||||
Expensed capitalised borrowing costs | - | - | - | 1\u00a0184 | - | - | 1\u00a0184 |
Non-cash movement | - | - | - | (7\u00a0033) | - | - | (7\u00a0033) |
Total liability-related changes | - | - | - | (5\u00a0849) | - | - | (5\u00a0849) |
Total equity-related other changes | - | - | - | - | (1\u00a0069) | 77\u00a0819 | 76\u00a0751 |
Balance at 31 December 2024 | 25\u00a0199 | 199\u00a0184 | 208\u00a0664 | 151\u00a0201 | 486\u00a0387 |
Liabilities | Equity | Total | |||||
(USD '000) | Interest payable | Current lease liabilities | Interest bearing short-term debt | Interest bearing long-term debt | Share capital/ premium/ reserve | Other equity | Total |
Balance at 1 January 2023 | - | - | 93\u00a0002 | 226\u00a0509 | 159\u00a0820 | 137\u00a0725 | 560\u00a0204 |
Proceeds from mortgage debt | 0 | 0 | 0 | 95000000 | 0 | 95000000 | |
Repayment of mortgage debt | - | - | (80\u00a0533) | (83\u00a0500) | - | (164\u00a0033) | |
Proceeds from mortgage debt | - | - | - | 95\u00a0000 | - | 95\u00a0000 | |
Repayment of bond loans | - | - | - | (55\u00a0478) | - | (55\u00a0478) | |
Proceeds from bond loans | - | - | - | 47\u00a0112 | - | 47\u00a0112 | |
Reclassification as short-term debt | - | - | 12\u00a0963 | (12\u00a0963) | - | - | |
Transaction costs on issuance of loans | - | - | - | (2\u00a0303) | - | (2\u00a0303) | |
Interest paid | (21\u00a0894) | - | - | - | - | (21\u00a0894) | |
Paid in registered capital increase | - | - | - | - | - | - | |
Transaction costs on capital increase | - | - | - | - | 49\u00a0828 | 49\u00a0828 | |
Repayment of overdraft facility | - | - | (233) | - | (1\u00a0093) | (1\u00a0326) | |
Dividends | - | - | - | - | - | (66\u00a0836) | (66\u00a0836) |
Total Changes from financing cash flow | (21\u00a0894) | - | (67\u00a0803) | (12\u00a0132) | 48\u00a0735 | (66\u00a0836) | (119\u00a0930) |
Liability-related | |||||||
Expensed capitalised borrowing costs | - | - | - | 1\u00a0784 | - | - | 1\u00a0784 |
Non-cash movement | - | - | - | 5\u00a0571 | - | - | 5\u00a0571 |
Total liability-related changes | - | - | - | 7\u00a0355 | - | - | 7\u00a0355 |
Total equity-related other changes | 1\u00a0176 | 81\u00a0077 | 82\u00a0253 | ||||
Balance at 31 December 2023 | - | - | 25\u00a0199 | 221\u00a0732 | 209\u00a0732 | 151\u00a0966 | 529\u00a0882 |
Mortgage debt | Description | Interest rate | Maturity | Carrying amount |
(USD '000) | ||||
DNB/SEB/SR-Bank/Sparebanken Vest Facility** | Term Loan/RCF, USD 190 million | Term SOFR + 2.1 % | June 2028 | 85\u00a0555 |
Nordea/Credit Agricole Facility* | Term Loan/RCF, USD 60 million | Term SOFR + 2.25 % | March 2027 | 16\u00a0765 |
Nordea/Danske Bank Facility**/*** | Term Loan, USD 80 million | Term SOFR + CAS + 2.1 % | December 2026 | 53\u00a0881 |
Capitalized loan fees | (2\u00a0443) | |||
Mortgage debt 31 December 2024 | 153\u00a0758 |
Bond loan | Face value | Year of | Carrying amount |
(NOK '000) | maturity | (USD '000) | |
KCC04 | 700\u00a0000 | 11/02/2025 | 76\u00a0390 |
Buyback KCC04 (Q3 2024) | (191\u00a0500) | (21\u00a0411) | |
Buyback KCC04 (Q3 2023) | (508\u00a0500) | (54\u00a0978) | |
SUM KCC04 | - | - | |
KCC05 | 500\u00a0000 | 05/09/2028 | 47\u00a0077 |
Tap issue KCC05 (Q2 2024) | 300\u00a0000 | 28\u00a0011 | |
Exchange rate adjustments | (4\u00a0529) | ||
Capitalized expenses | (970) | ||
Bond premium | 1\u00a0037 | ||
SUM KCC05 | 800\u00a0000 | 70\u00a0625 | |
Total bond loan | 800\u00a0000 | 70\u00a0625 |
Interest bearing liabilities | Fair value | Carrying amount | Carrying amount |
(USD '000) | 31 Dec 2024 | 31 Dec 2024 | 31 Dec 2023 |
Mortgage debt | 131\u00a0003 | 131\u00a0003 | 158\u00a0201 |
Capitalized loan fees | - | (2\u00a0443) | (3\u00a0367) |
Bond loan | 73\u00a0058 | 70\u00a0559 | 67\u00a0777 |
Bond premium | - | 1\u00a0037 | - |
Bond discount | - | - | (82) |
Capitalized expenses bond loan | - | (970) | (797) |
Total non-current interest bearing liabilities | 204\u00a0060 | 199\u00a0184 | 221\u00a0732 |
Mortgage debt, current | 25\u00a0199 | 25\u00a0199 | 25\u00a0199 |
Total interest bearing liabilities | 229\u00a0259 | 224\u00a0383 | 246\u00a0931 |
Book value of collateral and mortgaged assets (USD '000) | 2024 | 2023 |
Vessels | 467\u00a0358 | 477\u00a0828 |
Bunkers inventory | 9\u00a0817 | 10\u00a0738 |
Earning accounts | 2\u00a0020 | 3\u00a0650 |
Accounts receivables | 20\u00a0926 | 24\u00a0942 |
Total book value of collateral and mortgaged assets | 500\u00a0120 | 517\u00a0159 |
Financial assets | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 120 | 1\u00a0891 |
Interest rate swaps | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 |
Financial instruments at fair value through P&L | ||
Forward currency contract | - | 285 |
Financial assets | 6\u00a0524 | 8\u00a0024 |
Current | 2\u00a0142 | 1\u00a0699 |
Non-current | 4\u00a0382 | 6\u00a0325 |
Financial liabilities | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 4\u00a0920 | 985 |
Financial instruments at fair value through P&L | ||
Forward currency contract | 164 | - |
Financial liabilities | 5\u00a0084 | 985 |
Current | 555 | 328 |
Non-current | 4\u00a0529 | 657 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 6\u00a0404 | 5\u00a0762 | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 | - | 87 |
Cross-currency interest rate swap | 120 | 1\u00a0891 | 120 | 1\u00a0891 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | 285 | - | 285 |
Total financial assets at fair value | 6\u00a0524 | 8\u00a0024 | 6\u00a0524 | 8\u00a0024 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 14\u00a0918 | 15\u00a0497 | 14\u00a0918 | 15\u00a0497 |
Receivables from related parties | 706 | 110 | 706 | 110 |
Total financial assets measured at amortised costs | 15\u00a0623 | 15\u00a0607 | 15\u00a0623 | 15\u00a0607 |
Cash and cash equivalents | 56\u00a0139 | 68\u00a0071 | 56\u00a0139 | 68\u00a0071 |
Total financial assets | 78\u00a0287 | 91\u00a0703 | 78\u00a0287 | 91\u00a0703 |
Total current | 73\u00a0904 | 85\u00a0271 | 73\u00a0904 | 85\u00a0271 |
Total non-current | 4\u00a0382 | 6\u00a0432 | 4\u00a0382 | 6\u00a0432 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swap | 4\u00a0920 | 985 | 4\u00a0920 | 985 |
Financial liabilities at fair value through P&L | ||||
Forward currency contract | 164 | - | 164 | - |
Total financial liabilities at fair value | 5\u00a0084 | 985 | 5\u00a0084 | 985 |
Other financial liabilities at amortised cost | ||||
Accounts payable | 7\u00a0524 | 3\u00a0658 | 7\u00a0524 | 3\u00a0658 |
Interest bearing debt, non-current | 128\u00a0559 | 154\u00a0835 | 131\u00a0003 | 158\u00a0201 |
Interest bearing debt, current | 25\u00a0199 | 25\u00a0199 | 25\u00a0199 | 25\u00a0199 |
Bond loan | 70\u00a0625 | 66\u00a0897 | 73\u00a0058 | 68\u00a0798 |
Overdraft facility | - | - | - | - |
Current debt to related parties | 555 | 1\u00a0067 | 555 | 1\u00a0067 |
Total financial liabilities at amortised cost | 232\u00a0461 | 251\u00a0656 | 237\u00a0338 | 256\u00a0923 |
Total financial liabilities | 237\u00a0545 | 252\u00a0640 | 242\u00a0422 | 257\u00a0908 |
Total current | 33\u00a0832 | 29\u00a0924 | 33\u00a0832 | 29\u00a0924 |
Total non-current | 203\u00a0713 | 222\u00a0716 | 208\u00a0589 | 227\u00a0984 |
Accounting policy | |
Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts, fuel contracts and interest rate swaps to hedge its foreign currency risks, interest rate risks and to reduce exposure to volatile and potentially rising fuel costs. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured 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. For the purpose of hedge accounting, hedges are classified as: \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment. \u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. As per 31 December 2024 all the Group hedges are classified as cash flow hedges. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged | and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of the gain or loss on the hedging instrument is recognised directly as other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in profit and loss. Amounts recognised as other comprehensive income are transferred to profit and loss when the hedged transaction effects profit and loss, such as when the hedged financial income or expense is recognised or when a forecast transaction occurs. Derivative financial instruments that are designated as, and are effective hedging instruments are separated into a current and non-current portion consistent with the classification of the underlying item. |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through OCI | ||||
Cross-currency interest rate swap | - | 120 | - | 120 |
Interest rate swaps | - | 6\u00a0404 | - | 6\u00a0404 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swap | - | 4\u00a0920 | - | 4\u00a0920 |
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 131\u00a0003 | 131\u00a0003 |
Mortgage debt, current | - | - | 25\u00a0199 | 25\u00a0199 |
Bond loan | - | 73\u00a0058 | - | 73\u00a0058 |
31 December 2023 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through P&L | ||||
Forward currency contract | - | 285 | - | 285 |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swap | - | 1\u00a0891 | - | 1\u00a0891 |
Fuel hedge | - | 87 | - | 87 |
Interest rate swaps | - | 5\u00a0762 | - | 5\u00a0762 |
31 December 2023 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 158\u00a0201 | 158\u00a0201 |
Mortgage debt, current | - | - | 25\u00a0199 | 25\u00a0199 |
Bond loan | 68\u00a0798 | - | 68\u00a0798 |
Accounting policy | |
Fair value measurement Derivatives are measured at fair value. The fair value of financial instruments traded in active markets is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs. The fair value of financial instruments not traded in active markets is determined using appropriate evaluation techniques. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized 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 \u2013 Quoted (unadjusted) market prices in active markets for identical assets and liabilities Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instruments are included in level 2. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. During the reporting periods there were no transfers between any of the levels. |
Mortgage debt | Description | Interest rate | Maturity | Carrying amount |
(USD '000) | ||||
DNB/SEB/SR-Bank/Sparebanken Vest Facility** | Term Loan/RCF, USD 190 million | Term SOFR + 2.1 % | June 2028 | 85\u00a0555 |
Nordea/Credit Agricole Facility* | Term Loan/RCF, USD 60 million | Term SOFR + 2.25 % | March 2027 | 16\u00a0765 |
Nordea/Danske Bank Facility**/*** | Term Loan, USD 80 million | Term SOFR + CAS + 2.1 % | December 2026 | 53\u00a0881 |
Capitalized loan fees | (2\u00a0443) | |||
Mortgage debt 31 December 2024 | 153\u00a0758 |
Bond loan | Face value | Year of | Carrying amount |
(NOK '000) | maturity | (USD '000) | |
KCC04 | 700\u00a0000 | 11/02/2025 | 76\u00a0390 |
Buyback KCC04 (Q3 2024) | (191\u00a0500) | (21\u00a0411) | |
Buyback KCC04 (Q3 2023) | (508\u00a0500) | (54\u00a0978) | |
SUM KCC04 | - | - | |
KCC05 | 500\u00a0000 | 05/09/2028 | 47\u00a0077 |
Tap issue KCC05 (Q2 2024) | 300\u00a0000 | 28\u00a0011 | |
Exchange rate adjustments | (4\u00a0529) | ||
Capitalized expenses | (970) | ||
Bond premium | 1\u00a0037 | ||
SUM KCC05 | 800\u00a0000 | 70\u00a0625 | |
Total bond loan | 800\u00a0000 | 70\u00a0625 |
Interest bearing liabilities | Fair value | Carrying amount | Carrying amount |
(USD '000) | 31 Dec 2024 | 31 Dec 2024 | 31 Dec 2023 |
Mortgage debt | 131\u00a0003 | 131\u00a0003 | 158\u00a0201 |
Capitalized loan fees | - | (2\u00a0443) | (3\u00a0367) |
Bond loan | 73\u00a0058 | 70\u00a0559 | 67\u00a0777 |
Bond premium | - | 1\u00a0037 | - |
Bond discount | - | - | (82) |
Capitalized expenses bond loan | - | (970) | (797) |
Total non-current interest bearing liabilities | 204\u00a0060 | 199\u00a0184 | 221\u00a0732 |
Mortgage debt, current | 25\u00a0199 | 25\u00a0199 | 25\u00a0199 |
Total interest bearing liabilities | 229\u00a0259 | 224\u00a0383 | 246\u00a0931 |
Book value of collateral and mortgaged assets (USD '000) | 2024 | 2023 |
Vessels | 467\u00a0358 | 477\u00a0828 |
Bunkers inventory | 9\u00a0817 | 10\u00a0738 |
Earning accounts | 2\u00a0020 | 3\u00a0650 |
Accounts receivables | 20\u00a0926 | 24\u00a0942 |
Total book value of collateral and mortgaged assets | 500\u00a0120 | 517\u00a0159 |
Financial assets | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 120 | 1\u00a0891 |
Interest rate swaps | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 |
Financial instruments at fair value through P&L | ||
Forward currency contract | - | 285 |
Financial assets | 6\u00a0524 | 8\u00a0024 |
Current | 2\u00a0142 | 1\u00a0699 |
Non-current | 4\u00a0382 | 6\u00a0325 |
Financial liabilities | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 4\u00a0920 | 985 |
Financial instruments at fair value through P&L | ||
Forward currency contract | 164 | - |
Financial liabilities | 5\u00a0084 | 985 |
Current | 555 | 328 |
Non-current | 4\u00a0529 | 657 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 6\u00a0404 | 5\u00a0762 | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 | - | 87 |
Cross-currency interest rate swap | 120 | 1\u00a0891 | 120 | 1\u00a0891 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | 285 | - | 285 |
Total financial assets at fair value | 6\u00a0524 | 8\u00a0024 | 6\u00a0524 | 8\u00a0024 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 14\u00a0918 | 15\u00a0497 | 14\u00a0918 | 15\u00a0497 |
Receivables from related parties | 706 | 110 | 706 | 110 |
Total financial assets measured at amortised costs | 15\u00a0623 | 15\u00a0607 | 15\u00a0623 | 15\u00a0607 |
Cash and cash equivalents | 56\u00a0139 | 68\u00a0071 | 56\u00a0139 | 68\u00a0071 |
Total financial assets | 78\u00a0287 | 91\u00a0703 | 78\u00a0287 | 91\u00a0703 |
Total current | 73\u00a0904 | 85\u00a0271 | 73\u00a0904 | 85\u00a0271 |
Total non-current | 4\u00a0382 | 6\u00a0432 | 4\u00a0382 | 6\u00a0432 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swap | 4\u00a0920 | 985 | 4\u00a0920 | 985 |
Financial liabilities at fair value through P&L | ||||
Forward currency contract | 164 | - | 164 | - |
Total financial liabilities at fair value | 5\u00a0084 | 985 | 5\u00a0084 | 985 |
Other financial liabilities at amortised cost | ||||
Accounts payable | 7\u00a0524 | 3\u00a0658 | 7\u00a0524 | 3\u00a0658 |
Interest bearing debt, non-current | 128\u00a0559 | 154\u00a0835 | 131\u00a0003 | 158\u00a0201 |
Interest bearing debt, current | 25\u00a0199 | 25\u00a0199 | 25\u00a0199 | 25\u00a0199 |
Bond loan | 70\u00a0625 | 66\u00a0897 | 73\u00a0058 | 68\u00a0798 |
Overdraft facility | - | - | - | - |
Current debt to related parties | 555 | 1\u00a0067 | 555 | 1\u00a0067 |
Total financial liabilities at amortised cost | 232\u00a0461 | 251\u00a0656 | 237\u00a0338 | 256\u00a0923 |
Total financial liabilities | 237\u00a0545 | 252\u00a0640 | 242\u00a0422 | 257\u00a0908 |
Total current | 33\u00a0832 | 29\u00a0924 | 33\u00a0832 | 29\u00a0924 |
Total non-current | 203\u00a0713 | 222\u00a0716 | 208\u00a0589 | 227\u00a0984 |
Accounting policy | |
Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts, fuel contracts and interest rate swaps to hedge its foreign currency risks, interest rate risks and to reduce exposure to volatile and potentially rising fuel costs. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured 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. For the purpose of hedge accounting, hedges are classified as: \u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment. \u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. As per 31 December 2024 all the Group hedges are classified as cash flow hedges. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged | and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 There is an economic relationship between the hedged item and the hedging instrument. \u2022 The effect of credit risk does not dominate the value changes that result from that economic relationship. \u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The effective portion of the gain or loss on the hedging instrument is recognised directly as other comprehensive income in the cash flow hedge reserve, while any ineffective portion is recognised immediately in profit and loss. Amounts recognised as other comprehensive income are transferred to profit and loss when the hedged transaction effects profit and loss, such as when the hedged financial income or expense is recognised or when a forecast transaction occurs. Derivative financial instruments that are designated as, and are effective hedging instruments are separated into a current and non-current portion consistent with the classification of the underlying item. |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through OCI | ||||
Cross-currency interest rate swap | - | 120 | - | 120 |
Interest rate swaps | - | 6\u00a0404 | - | 6\u00a0404 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swap | - | 4\u00a0920 | - | 4\u00a0920 |
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 131\u00a0003 | 131\u00a0003 |
Mortgage debt, current | - | - | 25\u00a0199 | 25\u00a0199 |
Bond loan | - | 73\u00a0058 | - | 73\u00a0058 |
31 December 2023 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through P&L | ||||
Forward currency contract | - | 285 | - | 285 |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swap | - | 1\u00a0891 | - | 1\u00a0891 |
Fuel hedge | - | 87 | - | 87 |
Interest rate swaps | - | 5\u00a0762 | - | 5\u00a0762 |
31 December 2023 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 158\u00a0201 | 158\u00a0201 |
Mortgage debt, current | - | - | 25\u00a0199 | 25\u00a0199 |
Bond loan | 68\u00a0798 | - | 68\u00a0798 |
Accounting policy | |
Fair value measurement Derivatives are measured at fair value. The fair value of financial instruments traded in active markets is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs. The fair value of financial instruments not traded in active markets is determined using appropriate evaluation techniques. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized 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 \u2013 Quoted (unadjusted) market prices in active markets for identical assets and liabilities Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instruments are included in level 2. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. During the reporting periods there were no transfers between any of the levels. |
Liabilities | Equity | Total | |||||
(USD '000) | Interest payable | Current lease liabilities | Interest bearing short-term debt | Interest bearing long-term debt | Share capital/ premium/ reserve | Other equity | Total |
Balance at 1 January 2024 | - | - | 25\u00a0199 | 221\u00a0732 | 209\u00a0732 | 151\u00a0966 | 529\u00a0882 |
Repayment of mortgage debt | - | - | - | (37\u00a0200) | - | - | (37\u00a0200) |
Proceeds from mortgage debt | - | - | - | 10\u00a0000 | - | - | 10\u00a0000 |
Repayment bond loans | - | - | - | (18\u00a0259) | - | - | (18\u00a0259) |
Proceeds from bond loan | - | - | - | 29\u00a0203 | - | - | 29\u00a0203 |
Reclassification as short-term debt | - | - | - | - | - | - | - |
Transaction costs on issuance of loans | - | - | - | (444) | - | - | (444) |
Interest paid | (19\u00a0114) | - | - | - | - | - | (19\u00a0114) |
Paid in registered capital increase | - | - | - | - | - | - | - |
Transaction costs on capital increase | - | - | - | - | - | - | - |
Repayment of overdraft facility | - | - | - | - | - | - | - |
Dividends | - | - | - | - | - | (78\u00a0584) | (78\u00a0584) |
Total Changes from financing cash flow | (19\u00a0114) | - | - | (16\u00a0700) | - | (78\u00a0584) | (114\u00a0398) |
Liability-related | |||||||
Expensed capitalised borrowing costs | - | - | - | 1\u00a0184 | - | - | 1\u00a0184 |
Non-cash movement | - | - | - | (7\u00a0033) | - | - | (7\u00a0033) |
Total liability-related changes | - | - | - | (5\u00a0849) | - | - | (5\u00a0849) |
Total equity-related other changes | - | - | - | - | (1\u00a0069) | 77\u00a0819 | 76\u00a0751 |
Balance at 31 December 2024 | 25\u00a0199 | 199\u00a0184 | 208\u00a0664 | 151\u00a0201 | 486\u00a0387 |
Liabilities | Equity | Total | |||||
(USD '000) | Interest payable | Current lease liabilities | Interest bearing short-term debt | Interest bearing long-term debt | Share capital/ premium/ reserve | Other equity | Total |
Balance at 1 January 2023 | - | - | 93\u00a0002 | 226\u00a0509 | 159\u00a0820 | 137\u00a0725 | 560\u00a0204 |
Proceeds from mortgage debt | 0 | 0 | 0 | 95000000 | 0 | 95000000 | |
Repayment of mortgage debt | - | - | (80\u00a0533) | (83\u00a0500) | - | (164\u00a0033) | |
Proceeds from mortgage debt | - | - | - | 95\u00a0000 | - | 95\u00a0000 | |
Repayment of bond loans | - | - | - | (55\u00a0478) | - | (55\u00a0478) | |
Proceeds from bond loans | - | - | - | 47\u00a0112 | - | 47\u00a0112 | |
Reclassification as short-term debt | - | - | 12\u00a0963 | (12\u00a0963) | - | - | |
Transaction costs on issuance of loans | - | - | - | (2\u00a0303) | - | (2\u00a0303) | |
Interest paid | (21\u00a0894) | - | - | - | - | (21\u00a0894) | |
Paid in registered capital increase | - | - | - | - | - | - | |
Transaction costs on capital increase | - | - | - | - | 49\u00a0828 | 49\u00a0828 | |
Repayment of overdraft facility | - | - | (233) | - | (1\u00a0093) | (1\u00a0326) | |
Dividends | - | - | - | - | - | (66\u00a0836) | (66\u00a0836) |
Total Changes from financing cash flow | (21\u00a0894) | - | (67\u00a0803) | (12\u00a0132) | 48\u00a0735 | (66\u00a0836) | (119\u00a0930) |
Liability-related | |||||||
Expensed capitalised borrowing costs | - | - | - | 1\u00a0784 | - | - | 1\u00a0784 |
Non-cash movement | - | - | - | 5\u00a0571 | - | - | 5\u00a0571 |
Total liability-related changes | - | - | - | 7\u00a0355 | - | - | 7\u00a0355 |
Total equity-related other changes | 1\u00a0176 | 81\u00a0077 | 82\u00a0253 | ||||
Balance at 31 December 2023 | - | - | 25\u00a0199 | 221\u00a0732 | 209\u00a0732 | 151\u00a0966 | 529\u00a0882 |
Risk | Description | Risk type |
Main risks next 12 months | ||
Weak freight rates and changes in trade flows | commodities, caustic soda, or clean petroleum products can significantly impact the Group\u2019s financial performance. The effect of lower freight is somewhat offset by the low historical correlation between dry bulk and product tanker freight rates. Partly fixed-rate contract coverage for the CABU fleet in 2025 reduces freight rate risk over the next 12 months. The Group is dependent on certain trade flows to obtain efficient combination trading. Production issues at plants, mines, and refineries, regional commodity price differences, and geopolitical conflicts may impact these flows. Unfavourable changes in trade patterns and volumes may adversely affect the Group\u2019s earnings and financial position. To mitigate these risks, the Group maintains operational flexibility to adjust its trade routes as needed. Geopolitical risks arising from territorial and other disputes between countries, war, political instability, terrorism, piracy and trade wars might impact the trading pattern and market levels. These risks could lead to higher costs for KCC, including crew expenses and insurance premiums, while also affecting revenue through market disruptions and trade restrictions. Limitations on the Group\u2019s ability to operate in key regions or efficiently employ vessels in combination trading may have a material adverse effect on its business, financial performance, and operations. However, these disruptions might as well results in | Market |
CABU vessel age | Due to stricter environmental regulations and customer requirements, older tonnage is in danger of both being re-rated and has a higher risk of being detained and losing competitiveness to more modern tonnage. The consequences can be lower utilization due to more waiting time, risk of increased discounts and in worst case not being accepted by some customers. For the Group this can result in less flexibility and lower net revenue for the oldest vessels in the fleet. As per year-end 2024, the Group owns three CABU vessels above 20 year age. | Operational & technical |
CABU caustic soda contracts | The Group is, to a certain degree, dependent on a limited number of key customers and renewal of key/material contracts with these customers, particularly related to caustic soda transportation. Lack of renewal of such contracts and unfavourable changes in trade flows and volumes may adversely affect the Group\u2019s earnings and financial position. | Market |
Risk | Description | Risk type |
Main risks next 12 months | ||
CLEANBU commercial and technical performance | Acceptance and/or exemptions are required in relation to the CLEANBU vessels from clients and terminals where policies may require clean petroleum products (CPP) as the last cargo or the three last cargoes to avoid cargo contamination or where policies may exclude the use of combination carriers like the CLEANBU vessels. Should the Group not obtain the relevant acceptances or exemptions from clients or terminals, this may have a material adverse effect on the operations of the CLEANBU vessels and consequently the Group's operations and results. Although CLEANBU commercial and technical performance was strong and continued to improve in 2024, among other things due to increased experience in transitioning between wet and dry cargoes and gaining wider acceptance from new customers and type of cargoes, it is important to acknowledge that commercial and technical risks still remain, which may adversely affect the Group\u2019s earnings and financial position. | Operational & technical |
Energy efficiency measures | In 2024, the Group retrofitted two vessels with air lubrication system and shaft generator to reduce fuel consumption. Additional three vessels will go through the same procedure in 2025 and 2026. KCC has as well decided to install suctions sails on one of the newbuildings with delivery in 2026.\u00a0 One of the main pillars of the Group's strategy is to improve the energy efficiency of the existing vessels, aligned with its emission reduction ambition. Success depends on the ability to deliver on retrofit/energy saving device projects at the budgeted cost and time, and that the retrofits deliver the estimated fuel/emission savings. Emission reductions from the initial vessels retrofitted with air lubrication and shaft generator have increased over time since initial observations, due to configuration improvements.\u00a0 Further work is currently underway to activate the full potential of this technology on the three vessels where it is already installed as of February 2025, and to ensure that future installations will be able to meet or exceed expectations. Moving forward, the Group faces due diligence risk as it considers new investments in energy efficiency. Being an early adopter of certain measures, there is a lack of large-scale testing prior to installation, introducing an element of risk. | Operational & technical |
Risk | Description | Risk type |
Main long-term risks | ||
Global economic growth and the impact on energy and commodity markets | The general development of the global economy, in particular the oil and commodities markets, may affect demand and the profitability of the Group companies. Furthermore, the demand for seaborne transportation is dependent on open economies and low barriers to trade. There has historically been a strong link between the development of the world economy and demand for dry bulk and oil commodities. A period of deterioration in the outlook for the world economy could reduce the overall demand for these commodities and for the Group's services. Trade restrictions such as tariffs and embargoes have a negative impact on the demand for seaborne transportation. This may lead to a downturn in the future prospects of the sectors the Group has invested in and, impact revenues negatively and may also make it more difficult to raise equity or debt. | Market |
Impact of a low- carbon future with introduction of emission regulations, zero-emission vessels and lower demand for transportation of fossil fuels | A move to a low-carbon economy can potentially have material negative impact on the Group through several ways: \u2022 Emerging propulsion technologies and fuels might negatively affect the competitiveness of the Group\u2019s existing fleet, potentially leading to lower revenue and/or impairment of vessel values. The increasing diversity of alternatives also heightens the risk of selecting the wrong technology. \u2022 New regulations can lead to material cost related to upgrades and retrofits to comply with regulations and/or material impairment of operational flexibility and/or operational limitations. Ultimately, it could lead to higher vessel recycling activity and/ or stranded vessels for vessels that are not compliant. \u2022 Increased pressure on financial institutions to incentivize reduction in CO\u2082 emissions and new regulations, such as the EU taxonomy, could reduce and restrict access to capital, increase cost of capital, and raise breakeven levels for the Group. \u2022 The demand for the transportation of fossil fuels could be materially impacted, reducing demand for dry bulk and product tanker vessels. \u2022 New customer requirements related to sustainability and carbon emissions could negatively affect the Group\u2019s competitive position. \u2022 New carbon pricing regulations, such as the EU ETS, along with FuelEU Maritime, which aim to reduce the carbon intensity of maritime fuels, may result in higher operating costs. The introduction of these initiatives, combined with stricter IMO regulations on vessel emissions, could further increase compliance costs and operational complexity. | Climate related |
Newbuilds | The CABU newbuilds are an upgraded design based on the existing CABU vessels built in 2016\u20132017, incorporating experience gained from the design and construction of the CLEANBU vessels delivered from the same shipyard in 2019\u20132021. There are technical, operational, and commercial risks that the new vessels may not perform as intended, potentially affecting their earnings capacity and market value. In addition, the construction phase carries risks related to delays, cost overruns, and quality issues at the shipyard. Supply chain disruptions, labour shortages, unforeseen technical challenges or sanctions could impact delivery timelines and vessel specifications. Any significant deviation from the expected performance, schedule, or budget could have financial and operational and financial consequences for the Group. | Operational & technical |
Change in bps (effect in USD'000) | Profit before tax | Equity | ||
2024 | 2023 | 2024 | 2023 | |
100 | (1\u00a0027) | (743) | 109 | 215 |
50 | (514) | (371) | 64 | 123 |
-50 | 514 | 371 | (85) | (154) |
-100 | 1\u00a0027 | 743 | (191) | (339) |
Maturity profile financial liabilities | < 1 year | 1-2 years | 3-5 years | > 5 years | Total |
31 Dec 2024 | |||||
Mortgage debt (incl interests) | 33\u00a0832 | 93\u00a0777 | 47\u00a0751 | - | 175\u00a0360 |
Bond loan (incl interest) | 5\u00a0905 | 11\u00a0656 | 78\u00a0464 | - | 96\u00a0025 |
Trade and other payables | 22\u00a0155 | - | - | - | 22\u00a0155 |
Current debt to related parties | 555 | - | - | - | 555 |
62\u00a0446 | 105\u00a0433 | 126\u00a0215 | - | 294\u00a0094 |
Maturity profile financial liabilities | < 1 year | 1-2 years | 3-5 years | > 5 years | Total |
31 Dec 2023 | |||||
Mortgage debt (incl interests) | 36\u00a0246 | 100\u00a0892 | 74\u00a0239 | - | 211\u00a0377 |
Bond loan (incl interest) | 5\u00a0266 | 25\u00a0861 | 54\u00a0015 | - | 85\u00a0142 |
Trade and other payables | 17\u00a0052 | - | - | - | 17\u00a0052 |
Current debt to related parties | 1\u00a0067 | - | - | - | 1\u00a0067 |
59\u00a0631 | 126\u00a0753 | 128\u00a0254 | - | 314\u00a0638 |
Mortgage debt | Description | Interest rate | Maturity | Carrying amount |
(USD '000) | ||||
DNB/SEB/SR-Bank/Sparebanken Vest Facility** | Term Loan/RCF, USD 190 million | Term SOFR + 2.1 % | June 2028 | 85\u00a0555 |
Nordea/Credit Agricole Facility* | Term Loan/RCF, USD 60 million | Term SOFR + 2.25 % | March 2027 | 16\u00a0765 |
Nordea/Danske Bank Facility**/*** | Term Loan, USD 80 million | Term SOFR + CAS + 2.1 % | December 2026 | 53\u00a0881 |
Capitalized loan fees | (2\u00a0443) | |||
Mortgage debt 31 December 2024 | 153\u00a0758 |
Bond loan | Face value | Year of | Carrying amount |
(NOK '000) | maturity | (USD '000) | |
KCC04 | 700\u00a0000 | 11/02/2025 | 76\u00a0390 |
Buyback KCC04 (Q3 2024) | (191\u00a0500) | (21\u00a0411) | |
Buyback KCC04 (Q3 2023) | (508\u00a0500) | (54\u00a0978) | |
SUM KCC04 | - | - | |
KCC05 | 500\u00a0000 | 05/09/2028 | 47\u00a0077 |
Tap issue KCC05 (Q2 2024) | 300\u00a0000 | 28\u00a0011 | |
Exchange rate adjustments | (4\u00a0529) | ||
Capitalized expenses | (970) | ||
Bond premium | 1\u00a0037 | ||
SUM KCC05 | 800\u00a0000 | 70\u00a0625 | |
Total bond loan | 800\u00a0000 | 70\u00a0625 |
Interest bearing liabilities | Fair value | Carrying amount | Carrying amount |
(USD '000) | 31 Dec 2024 | 31 Dec 2024 | 31 Dec 2023 |
Mortgage debt | 131\u00a0003 | 131\u00a0003 | 158\u00a0201 |
Capitalized loan fees | - | (2\u00a0443) | (3\u00a0367) |
Bond loan | 73\u00a0058 | 70\u00a0559 | 67\u00a0777 |
Bond premium | - | 1\u00a0037 | - |
Bond discount | - | - | (82) |
Capitalized expenses bond loan | - | (970) | (797) |
Total non-current interest bearing liabilities | 204\u00a0060 | 199\u00a0184 | 221\u00a0732 |
Mortgage debt, current | 25\u00a0199 | 25\u00a0199 | 25\u00a0199 |
Total interest bearing liabilities | 229\u00a0259 | 224\u00a0383 | 246\u00a0931 |
Book value of collateral and mortgaged assets (USD '000) | 2024 | 2023 |
Vessels | 467\u00a0358 | 477\u00a0828 |
Bunkers inventory | 9\u00a0817 | 10\u00a0738 |
Earning accounts | 2\u00a0020 | 3\u00a0650 |
Accounts receivables | 20\u00a0926 | 24\u00a0942 |
Total book value of collateral and mortgaged assets | 500\u00a0120 | 517\u00a0159 |
Book value of collateral and mortgaged assets (USD '000) | 2024 | 2023 |
Vessels | 467\u00a0358 | 477\u00a0828 |
Bunkers inventory | 9\u00a0817 | 10\u00a0738 |
Earning accounts | 2\u00a0020 | 3\u00a0650 |
Accounts receivables | 20\u00a0926 | 24\u00a0942 |
Total book value of collateral and mortgaged assets | 500\u00a0120 | 517\u00a0159 |
Financial assets | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 120 | 1\u00a0891 |
Interest rate swaps | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 |
Financial instruments at fair value through P&L | ||
Forward currency contract | - | 285 |
Financial assets | 6\u00a0524 | 8\u00a0024 |
Current | 2\u00a0142 | 1\u00a0699 |
Non-current | 4\u00a0382 | 6\u00a0325 |
Financial liabilities | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 4\u00a0920 | 985 |
Financial instruments at fair value through P&L | ||
Forward currency contract | 164 | - |
Financial liabilities | 5\u00a0084 | 985 |
Current | 555 | 328 |
Non-current | 4\u00a0529 | 657 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 6\u00a0404 | 5\u00a0762 | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 | - | 87 |
Cross-currency interest rate swap | 120 | 1\u00a0891 | 120 | 1\u00a0891 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | 285 | - | 285 |
Total financial assets at fair value | 6\u00a0524 | 8\u00a0024 | 6\u00a0524 | 8\u00a0024 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 14\u00a0918 | 15\u00a0497 | 14\u00a0918 | 15\u00a0497 |
Receivables from related parties | 706 | 110 | 706 | 110 |
Total financial assets measured at amortised costs | 15\u00a0623 | 15\u00a0607 | 15\u00a0623 | 15\u00a0607 |
Cash and cash equivalents | 56\u00a0139 | 68\u00a0071 | 56\u00a0139 | 68\u00a0071 |
Total financial assets | 78\u00a0287 | 91\u00a0703 | 78\u00a0287 | 91\u00a0703 |
Total current | 73\u00a0904 | 85\u00a0271 | 73\u00a0904 | 85\u00a0271 |
Total non-current | 4\u00a0382 | 6\u00a0432 | 4\u00a0382 | 6\u00a0432 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through OCI | ||||
Cross-currency interest rate swap | - | 120 | - | 120 |
Interest rate swaps | - | 6\u00a0404 | - | 6\u00a0404 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swap | - | 4\u00a0920 | - | 4\u00a0920 |
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 131\u00a0003 | 131\u00a0003 |
Mortgage debt, current | - | - | 25\u00a0199 | 25\u00a0199 |
Bond loan | - | 73\u00a0058 | - | 73\u00a0058 |
31 December 2023 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through P&L | ||||
Forward currency contract | - | 285 | - | 285 |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swap | - | 1\u00a0891 | - | 1\u00a0891 |
Fuel hedge | - | 87 | - | 87 |
Interest rate swaps | - | 5\u00a0762 | - | 5\u00a0762 |
31 December 2023 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 158\u00a0201 | 158\u00a0201 |
Mortgage debt, current | - | - | 25\u00a0199 | 25\u00a0199 |
Bond loan | 68\u00a0798 | - | 68\u00a0798 |
Financial assets | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 120 | 1\u00a0891 |
Interest rate swaps | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 |
Financial instruments at fair value through P&L | ||
Forward currency contract | - | 285 |
Financial assets | 6\u00a0524 | 8\u00a0024 |
Current | 2\u00a0142 | 1\u00a0699 |
Non-current | 4\u00a0382 | 6\u00a0325 |
Financial liabilities | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 4\u00a0920 | 985 |
Financial instruments at fair value through P&L | ||
Forward currency contract | 164 | - |
Financial liabilities | 5\u00a0084 | 985 |
Current | 555 | 328 |
Non-current | 4\u00a0529 | 657 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 6\u00a0404 | 5\u00a0762 | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 | - | 87 |
Cross-currency interest rate swap | 120 | 1\u00a0891 | 120 | 1\u00a0891 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | 285 | - | 285 |
Total financial assets at fair value | 6\u00a0524 | 8\u00a0024 | 6\u00a0524 | 8\u00a0024 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 14\u00a0918 | 15\u00a0497 | 14\u00a0918 | 15\u00a0497 |
Receivables from related parties | 706 | 110 | 706 | 110 |
Total financial assets measured at amortised costs | 15\u00a0623 | 15\u00a0607 | 15\u00a0623 | 15\u00a0607 |
Cash and cash equivalents | 56\u00a0139 | 68\u00a0071 | 56\u00a0139 | 68\u00a0071 |
Total financial assets | 78\u00a0287 | 91\u00a0703 | 78\u00a0287 | 91\u00a0703 |
Total current | 73\u00a0904 | 85\u00a0271 | 73\u00a0904 | 85\u00a0271 |
Total non-current | 4\u00a0382 | 6\u00a0432 | 4\u00a0382 | 6\u00a0432 |
(USD '000) | 31 Dec 2024 | 31 Dec 2023 |
Trade receivables from charterers | 14\u00a0918 | 15\u00a0497 |
Contract assets | 5\u00a0359 | 6\u00a0454 |
Prepaid expenses | 2\u00a0508 | 2\u00a0749 |
Claims | 555 | 70 |
Other short term receivables | 175 | 173 |
Trade receivables and other current assets | 23\u00a0514 | 24\u00a0942 |
Financial assets | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 120 | 1\u00a0891 |
Interest rate swaps | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 |
Financial instruments at fair value through P&L | ||
Forward currency contract | - | 285 |
Financial assets | 6\u00a0524 | 8\u00a0024 |
Current | 2\u00a0142 | 1\u00a0699 |
Non-current | 4\u00a0382 | 6\u00a0325 |
Financial liabilities | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 4\u00a0920 | 985 |
Financial instruments at fair value through P&L | ||
Forward currency contract | 164 | - |
Financial liabilities | 5\u00a0084 | 985 |
Current | 555 | 328 |
Non-current | 4\u00a0529 | 657 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 6\u00a0404 | 5\u00a0762 | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 | - | 87 |
Cross-currency interest rate swap | 120 | 1\u00a0891 | 120 | 1\u00a0891 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | 285 | - | 285 |
Total financial assets at fair value | 6\u00a0524 | 8\u00a0024 | 6\u00a0524 | 8\u00a0024 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 14\u00a0918 | 15\u00a0497 | 14\u00a0918 | 15\u00a0497 |
Receivables from related parties | 706 | 110 | 706 | 110 |
Total financial assets measured at amortised costs | 15\u00a0623 | 15\u00a0607 | 15\u00a0623 | 15\u00a0607 |
Cash and cash equivalents | 56\u00a0139 | 68\u00a0071 | 56\u00a0139 | 68\u00a0071 |
Total financial assets | 78\u00a0287 | 91\u00a0703 | 78\u00a0287 | 91\u00a0703 |
Total current | 73\u00a0904 | 85\u00a0271 | 73\u00a0904 | 85\u00a0271 |
Total non-current | 4\u00a0382 | 6\u00a0432 | 4\u00a0382 | 6\u00a0432 |
(USD '000) | 31 Dec 2024 | 31 Dec 2023 |
Trade receivables from charterers | 14\u00a0918 | 15\u00a0497 |
Contract assets | 5\u00a0359 | 6\u00a0454 |
Prepaid expenses | 2\u00a0508 | 2\u00a0749 |
Claims | 555 | 70 |
Other short term receivables | 175 | 173 |
Trade receivables and other current assets | 23\u00a0514 | 24\u00a0942 |
Financial assets | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 120 | 1\u00a0891 |
Interest rate swaps | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 |
Financial instruments at fair value through P&L | ||
Forward currency contract | - | 285 |
Financial assets | 6\u00a0524 | 8\u00a0024 |
Current | 2\u00a0142 | 1\u00a0699 |
Non-current | 4\u00a0382 | 6\u00a0325 |
Financial liabilities | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 4\u00a0920 | 985 |
Financial instruments at fair value through P&L | ||
Forward currency contract | 164 | - |
Financial liabilities | 5\u00a0084 | 985 |
Current | 555 | 328 |
Non-current | 4\u00a0529 | 657 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 6\u00a0404 | 5\u00a0762 | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 | - | 87 |
Cross-currency interest rate swap | 120 | 1\u00a0891 | 120 | 1\u00a0891 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | 285 | - | 285 |
Total financial assets at fair value | 6\u00a0524 | 8\u00a0024 | 6\u00a0524 | 8\u00a0024 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 14\u00a0918 | 15\u00a0497 | 14\u00a0918 | 15\u00a0497 |
Receivables from related parties | 706 | 110 | 706 | 110 |
Total financial assets measured at amortised costs | 15\u00a0623 | 15\u00a0607 | 15\u00a0623 | 15\u00a0607 |
Cash and cash equivalents | 56\u00a0139 | 68\u00a0071 | 56\u00a0139 | 68\u00a0071 |
Total financial assets | 78\u00a0287 | 91\u00a0703 | 78\u00a0287 | 91\u00a0703 |
Total current | 73\u00a0904 | 85\u00a0271 | 73\u00a0904 | 85\u00a0271 |
Total non-current | 4\u00a0382 | 6\u00a0432 | 4\u00a0382 | 6\u00a0432 |
Financial assets | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 120 | 1\u00a0891 |
Interest rate swaps | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 |
Financial instruments at fair value through P&L | ||
Forward currency contract | - | 285 |
Financial assets | 6\u00a0524 | 8\u00a0024 |
Current | 2\u00a0142 | 1\u00a0699 |
Non-current | 4\u00a0382 | 6\u00a0325 |
Financial liabilities | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 4\u00a0920 | 985 |
Financial instruments at fair value through P&L | ||
Forward currency contract | 164 | - |
Financial liabilities | 5\u00a0084 | 985 |
Current | 555 | 328 |
Non-current | 4\u00a0529 | 657 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 6\u00a0404 | 5\u00a0762 | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 | - | 87 |
Cross-currency interest rate swap | 120 | 1\u00a0891 | 120 | 1\u00a0891 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | 285 | - | 285 |
Total financial assets at fair value | 6\u00a0524 | 8\u00a0024 | 6\u00a0524 | 8\u00a0024 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 14\u00a0918 | 15\u00a0497 | 14\u00a0918 | 15\u00a0497 |
Receivables from related parties | 706 | 110 | 706 | 110 |
Total financial assets measured at amortised costs | 15\u00a0623 | 15\u00a0607 | 15\u00a0623 | 15\u00a0607 |
Cash and cash equivalents | 56\u00a0139 | 68\u00a0071 | 56\u00a0139 | 68\u00a0071 |
Total financial assets | 78\u00a0287 | 91\u00a0703 | 78\u00a0287 | 91\u00a0703 |
Total current | 73\u00a0904 | 85\u00a0271 | 73\u00a0904 | 85\u00a0271 |
Total non-current | 4\u00a0382 | 6\u00a0432 | 4\u00a0382 | 6\u00a0432 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swap | 4\u00a0920 | 985 | 4\u00a0920 | 985 |
Financial liabilities at fair value through P&L | ||||
Forward currency contract | 164 | - | 164 | - |
Total financial liabilities at fair value | 5\u00a0084 | 985 | 5\u00a0084 | 985 |
Other financial liabilities at amortised cost | ||||
Accounts payable | 7\u00a0524 | 3\u00a0658 | 7\u00a0524 | 3\u00a0658 |
Interest bearing debt, non-current | 128\u00a0559 | 154\u00a0835 | 131\u00a0003 | 158\u00a0201 |
Interest bearing debt, current | 25\u00a0199 | 25\u00a0199 | 25\u00a0199 | 25\u00a0199 |
Bond loan | 70\u00a0625 | 66\u00a0897 | 73\u00a0058 | 68\u00a0798 |
Overdraft facility | - | - | - | - |
Current debt to related parties | 555 | 1\u00a0067 | 555 | 1\u00a0067 |
Total financial liabilities at amortised cost | 232\u00a0461 | 251\u00a0656 | 237\u00a0338 | 256\u00a0923 |
Total financial liabilities | 237\u00a0545 | 252\u00a0640 | 242\u00a0422 | 257\u00a0908 |
Total current | 33\u00a0832 | 29\u00a0924 | 33\u00a0832 | 29\u00a0924 |
Total non-current | 203\u00a0713 | 222\u00a0716 | 208\u00a0589 | 227\u00a0984 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through OCI | ||||
Cross-currency interest rate swap | - | 120 | - | 120 |
Interest rate swaps | - | 6\u00a0404 | - | 6\u00a0404 |
31 December 2024 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swap | - | 4\u00a0920 | - | 4\u00a0920 |
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 131\u00a0003 | 131\u00a0003 |
Mortgage debt, current | - | - | 25\u00a0199 | 25\u00a0199 |
Bond loan | - | 73\u00a0058 | - | 73\u00a0058 |
31 December 2023 | Level 1 | Level 2 | Level 3 | Total |
Financial assets (USD '000) | ||||
Financial assets at fair value through P&L | ||||
Forward currency contract | - | 285 | - | 285 |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swap | - | 1\u00a0891 | - | 1\u00a0891 |
Fuel hedge | - | 87 | - | 87 |
Interest rate swaps | - | 5\u00a0762 | - | 5\u00a0762 |
31 December 2023 | Level 1 | Level 2 | Level 3 | Total |
Financial liabilities (USD '000) | ||||
Financial liabilities not measured at fair value, but for which fair value is disclosed | ||||
Mortgage debt, non-current | - | - | 158\u00a0201 | 158\u00a0201 |
Mortgage debt, current | - | - | 25\u00a0199 | 25\u00a0199 |
Bond loan | 68\u00a0798 | - | 68\u00a0798 |
Accounting policy | |
Fair value measurement Derivatives are measured at fair value. The fair value of financial instruments traded in active markets is determined by reference to quoted market prices or dealer price quotations, without any deduction for transaction costs. The fair value of financial instruments not traded in active markets is determined using appropriate evaluation techniques. A fair value measurement of a non-financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized 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 \u2013 Quoted (unadjusted) market prices in active markets for identical assets and liabilities Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instruments are included in level 2. If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3. During the reporting periods there were no transfers between any of the levels. |
Financial liabilities | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 4\u00a0920 | 985 |
Financial instruments at fair value through P&L | ||
Forward currency contract | 164 | - |
Financial liabilities | 5\u00a0084 | 985 |
Current | 555 | 328 |
Non-current | 4\u00a0529 | 657 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 6\u00a0404 | 5\u00a0762 | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 | - | 87 |
Cross-currency interest rate swap | 120 | 1\u00a0891 | 120 | 1\u00a0891 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | 285 | - | 285 |
Total financial assets at fair value | 6\u00a0524 | 8\u00a0024 | 6\u00a0524 | 8\u00a0024 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 14\u00a0918 | 15\u00a0497 | 14\u00a0918 | 15\u00a0497 |
Receivables from related parties | 706 | 110 | 706 | 110 |
Total financial assets measured at amortised costs | 15\u00a0623 | 15\u00a0607 | 15\u00a0623 | 15\u00a0607 |
Cash and cash equivalents | 56\u00a0139 | 68\u00a0071 | 56\u00a0139 | 68\u00a0071 |
Total financial assets | 78\u00a0287 | 91\u00a0703 | 78\u00a0287 | 91\u00a0703 |
Total current | 73\u00a0904 | 85\u00a0271 | 73\u00a0904 | 85\u00a0271 |
Total non-current | 4\u00a0382 | 6\u00a0432 | 4\u00a0382 | 6\u00a0432 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swap | 4\u00a0920 | 985 | 4\u00a0920 | 985 |
Financial liabilities at fair value through P&L | ||||
Forward currency contract | 164 | - | 164 | - |
Total financial liabilities at fair value | 5\u00a0084 | 985 | 5\u00a0084 | 985 |
Other financial liabilities at amortised cost | ||||
Accounts payable | 7\u00a0524 | 3\u00a0658 | 7\u00a0524 | 3\u00a0658 |
Interest bearing debt, non-current | 128\u00a0559 | 154\u00a0835 | 131\u00a0003 | 158\u00a0201 |
Interest bearing debt, current | 25\u00a0199 | 25\u00a0199 | 25\u00a0199 | 25\u00a0199 |
Bond loan | 70\u00a0625 | 66\u00a0897 | 73\u00a0058 | 68\u00a0798 |
Overdraft facility | - | - | - | - |
Current debt to related parties | 555 | 1\u00a0067 | 555 | 1\u00a0067 |
Total financial liabilities at amortised cost | 232\u00a0461 | 251\u00a0656 | 237\u00a0338 | 256\u00a0923 |
Total financial liabilities | 237\u00a0545 | 252\u00a0640 | 242\u00a0422 | 257\u00a0908 |
Total current | 33\u00a0832 | 29\u00a0924 | 33\u00a0832 | 29\u00a0924 |
Total non-current | 203\u00a0713 | 222\u00a0716 | 208\u00a0589 | 227\u00a0984 |
Financial liabilities | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Financial instruments at fair value through OCI | ||
Cross-currency interest rate swap | 4\u00a0920 | 985 |
Financial instruments at fair value through P&L | ||
Forward currency contract | 164 | - |
Financial liabilities | 5\u00a0084 | 985 |
Current | 555 | 328 |
Non-current | 4\u00a0529 | 657 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
Financial assets at fair value through OCI | ||||
Interest rate swaps | 6\u00a0404 | 5\u00a0762 | 6\u00a0404 | 5\u00a0762 |
Fuel hedge | - | 87 | - | 87 |
Cross-currency interest rate swap | 120 | 1\u00a0891 | 120 | 1\u00a0891 |
Financial assets at fair value through P&L | ||||
Forward currency contract | - | 285 | - | 285 |
Total financial assets at fair value | 6\u00a0524 | 8\u00a0024 | 6\u00a0524 | 8\u00a0024 |
Financial assets measured at amortised costs | ||||
Accounts receivable | 14\u00a0918 | 15\u00a0497 | 14\u00a0918 | 15\u00a0497 |
Receivables from related parties | 706 | 110 | 706 | 110 |
Total financial assets measured at amortised costs | 15\u00a0623 | 15\u00a0607 | 15\u00a0623 | 15\u00a0607 |
Cash and cash equivalents | 56\u00a0139 | 68\u00a0071 | 56\u00a0139 | 68\u00a0071 |
Total financial assets | 78\u00a0287 | 91\u00a0703 | 78\u00a0287 | 91\u00a0703 |
Total current | 73\u00a0904 | 85\u00a0271 | 73\u00a0904 | 85\u00a0271 |
Total non-current | 4\u00a0382 | 6\u00a0432 | 4\u00a0382 | 6\u00a0432 |
(USD '000) | Carrying amount | Carrying amount | Fair value | Fair value |
31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
Financial liabilities at fair value through OCI | ||||
Cross-currency interest rate swap | 4\u00a0920 | 985 | 4\u00a0920 | 985 |
Financial liabilities at fair value through P&L | ||||
Forward currency contract | 164 | - | 164 | - |
Total financial liabilities at fair value | 5\u00a0084 | 985 | 5\u00a0084 | 985 |
Other financial liabilities at amortised cost | ||||
Accounts payable | 7\u00a0524 | 3\u00a0658 | 7\u00a0524 | 3\u00a0658 |
Interest bearing debt, non-current | 128\u00a0559 | 154\u00a0835 | 131\u00a0003 | 158\u00a0201 |
Interest bearing debt, current | 25\u00a0199 | 25\u00a0199 | 25\u00a0199 | 25\u00a0199 |
Bond loan | 70\u00a0625 | 66\u00a0897 | 73\u00a0058 | 68\u00a0798 |
Overdraft facility | - | - | - | - |
Current debt to related parties | 555 | 1\u00a0067 | 555 | 1\u00a0067 |
Total financial liabilities at amortised cost | 232\u00a0461 | 251\u00a0656 | 237\u00a0338 | 256\u00a0923 |
Total financial liabilities | 237\u00a0545 | 252\u00a0640 | 242\u00a0422 | 257\u00a0908 |
Total current | 33\u00a0832 | 29\u00a0924 | 33\u00a0832 | 29\u00a0924 |
Total non-current | 203\u00a0713 | 222\u00a0716 | 208\u00a0589 | 227\u00a0984 |
Liabilities | Equity | Total | |||||
(USD '000) | Interest payable | Current lease liabilities | Interest bearing short-term debt | Interest bearing long-term debt | Share capital/ premium/ reserve | Other equity | Total |
Balance at 1 January 2024 | - | - | 25\u00a0199 | 221\u00a0732 | 209\u00a0732 | 151\u00a0966 | 529\u00a0882 |
Repayment of mortgage debt | - | - | - | (37\u00a0200) | - | - | (37\u00a0200) |
Proceeds from mortgage debt | - | - | - | 10\u00a0000 | - | - | 10\u00a0000 |
Repayment bond loans | - | - | - | (18\u00a0259) | - | - | (18\u00a0259) |
Proceeds from bond loan | - | - | - | 29\u00a0203 | - | - | 29\u00a0203 |
Reclassification as short-term debt | - | - | - | - | - | - | - |
Transaction costs on issuance of loans | - | - | - | (444) | - | - | (444) |
Interest paid | (19\u00a0114) | - | - | - | - | - | (19\u00a0114) |
Paid in registered capital increase | - | - | - | - | - | - | - |
Transaction costs on capital increase | - | - | - | - | - | - | - |
Repayment of overdraft facility | - | - | - | - | - | - | - |
Dividends | - | - | - | - | - | (78\u00a0584) | (78\u00a0584) |
Total Changes from financing cash flow | (19\u00a0114) | - | - | (16\u00a0700) | - | (78\u00a0584) | (114\u00a0398) |
Liability-related | |||||||
Expensed capitalised borrowing costs | - | - | - | 1\u00a0184 | - | - | 1\u00a0184 |
Non-cash movement | - | - | - | (7\u00a0033) | - | - | (7\u00a0033) |
Total liability-related changes | - | - | - | (5\u00a0849) | - | - | (5\u00a0849) |
Total equity-related other changes | - | - | - | - | (1\u00a0069) | 77\u00a0819 | 76\u00a0751 |
Balance at 31 December 2024 | 25\u00a0199 | 199\u00a0184 | 208\u00a0664 | 151\u00a0201 | 486\u00a0387 |
Liabilities | Equity | Total | |||||
(USD '000) | Interest payable | Current lease liabilities | Interest bearing short-term debt | Interest bearing long-term debt | Share capital/ premium/ reserve | Other equity | Total |
Balance at 1 January 2023 | - | - | 93\u00a0002 | 226\u00a0509 | 159\u00a0820 | 137\u00a0725 | 560\u00a0204 |
Proceeds from mortgage debt | 0 | 0 | 0 | 95000000 | 0 | 95000000 | |
Repayment of mortgage debt | - | - | (80\u00a0533) | (83\u00a0500) | - | (164\u00a0033) | |
Proceeds from mortgage debt | - | - | - | 95\u00a0000 | - | 95\u00a0000 | |
Repayment of bond loans | - | - | - | (55\u00a0478) | - | (55\u00a0478) | |
Proceeds from bond loans | - | - | - | 47\u00a0112 | - | 47\u00a0112 | |
Reclassification as short-term debt | - | - | 12\u00a0963 | (12\u00a0963) | - | - | |
Transaction costs on issuance of loans | - | - | - | (2\u00a0303) | - | (2\u00a0303) | |
Interest paid | (21\u00a0894) | - | - | - | - | (21\u00a0894) | |
Paid in registered capital increase | - | - | - | - | - | - | |
Transaction costs on capital increase | - | - | - | - | 49\u00a0828 | 49\u00a0828 | |
Repayment of overdraft facility | - | - | (233) | - | (1\u00a0093) | (1\u00a0326) | |
Dividends | - | - | - | - | - | (66\u00a0836) | (66\u00a0836) |
Total Changes from financing cash flow | (21\u00a0894) | - | (67\u00a0803) | (12\u00a0132) | 48\u00a0735 | (66\u00a0836) | (119\u00a0930) |
Liability-related | |||||||
Expensed capitalised borrowing costs | - | - | - | 1\u00a0784 | - | - | 1\u00a0784 |
Non-cash movement | - | - | - | 5\u00a0571 | - | - | 5\u00a0571 |
Total liability-related changes | - | - | - | 7\u00a0355 | - | - | 7\u00a0355 |
Total equity-related other changes | 1\u00a0176 | 81\u00a0077 | 82\u00a0253 | ||||
Balance at 31 December 2023 | - | - | 25\u00a0199 | 221\u00a0732 | 209\u00a0732 | 151\u00a0966 | 529\u00a0882 |
(USD '000) | 31 Dec 2024 | 31 Dec 2023 |
Trade receivables from charterers | 14\u00a0918 | 15\u00a0497 |
Contract assets | 5\u00a0359 | 6\u00a0454 |
Prepaid expenses | 2\u00a0508 | 2\u00a0749 |
Claims | 555 | 70 |
Other short term receivables | 175 | 173 |
Trade receivables and other current assets | 23\u00a0514 | 24\u00a0942 |
(USD '000) | 31 Dec 2024 | 31 Dec 2023 |
Trade receivables from charterers | 14\u00a0918 | 15\u00a0497 |
Contract assets | 5\u00a0359 | 6\u00a0454 |
Prepaid expenses | 2\u00a0508 | 2\u00a0749 |
Claims | 555 | 70 |
Other short term receivables | 175 | 173 |
Trade receivables and other current assets | 23\u00a0514 | 24\u00a0942 |
(USD '000) | 31 Dec 2024 | 31 Dec 2023 |
Accounts payable | 7\u00a0524 | 3\u00a0658 |
Unearned income | 4\u00a0801 | 3\u00a0792 |
Accrued expenses | 5\u00a0787 | 4\u00a0831 |
Other current liabilities | 4\u00a0049 | 4\u00a0772 |
Trade payables and other current liabilities | 22\u00a0162 | 17\u00a0052 |
(USD '000) | 31 Dec 2024 | 31 Dec 2023 |
Accounts payable | 7\u00a0524 | 3\u00a0658 |
Unearned income | 4\u00a0801 | 3\u00a0792 |
Accrued expenses | 5\u00a0787 | 4\u00a0831 |
Other current liabilities | 4\u00a0049 | 4\u00a0772 |
Trade payables and other current liabilities | 22\u00a0162 | 17\u00a0052 |
(USD '000) | 31 Dec 2024 | 31 Dec 2023 |
Bank deposits, NOK | 1\u00a0973 | 1\u00a0045 |
Bank deposits, USD | 52\u00a0514 | 63\u00a0784 |
Bank deposits, EUR | 1\u00a0157 | 2\u00a0662 |
Bank deposits, other | 38 | 11 |
Cash | 356 | 391 |
Payroll withholding tax account (restricted cash NOK) | 101 | 178 |
Cash and cash equivalents | 56\u00a0139 | 68\u00a0071 |
Risk | Description | Risk type |
Main risks next 12 months | ||
Weak freight rates and changes in trade flows | commodities, caustic soda, or clean petroleum products can significantly impact the Group\u2019s financial performance. The effect of lower freight is somewhat offset by the low historical correlation between dry bulk and product tanker freight rates. Partly fixed-rate contract coverage for the CABU fleet in 2025 reduces freight rate risk over the next 12 months. The Group is dependent on certain trade flows to obtain efficient combination trading. Production issues at plants, mines, and refineries, regional commodity price differences, and geopolitical conflicts may impact these flows. Unfavourable changes in trade patterns and volumes may adversely affect the Group\u2019s earnings and financial position. To mitigate these risks, the Group maintains operational flexibility to adjust its trade routes as needed. Geopolitical risks arising from territorial and other disputes between countries, war, political instability, terrorism, piracy and trade wars might impact the trading pattern and market levels. These risks could lead to higher costs for KCC, including crew expenses and insurance premiums, while also affecting revenue through market disruptions and trade restrictions. Limitations on the Group\u2019s ability to operate in key regions or efficiently employ vessels in combination trading may have a material adverse effect on its business, financial performance, and operations. However, these disruptions might as well results in | Market |
CABU vessel age | Due to stricter environmental regulations and customer requirements, older tonnage is in danger of both being re-rated and has a higher risk of being detained and losing competitiveness to more modern tonnage. The consequences can be lower utilization due to more waiting time, risk of increased discounts and in worst case not being accepted by some customers. For the Group this can result in less flexibility and lower net revenue for the oldest vessels in the fleet. As per year-end 2024, the Group owns three CABU vessels above 20 year age. | Operational & technical |
CABU caustic soda contracts | The Group is, to a certain degree, dependent on a limited number of key customers and renewal of key/material contracts with these customers, particularly related to caustic soda transportation. Lack of renewal of such contracts and unfavourable changes in trade flows and volumes may adversely affect the Group\u2019s earnings and financial position. | Market |
Risk | Description | Risk type |
Main risks next 12 months | ||
CLEANBU commercial and technical performance | Acceptance and/or exemptions are required in relation to the CLEANBU vessels from clients and terminals where policies may require clean petroleum products (CPP) as the last cargo or the three last cargoes to avoid cargo contamination or where policies may exclude the use of combination carriers like the CLEANBU vessels. Should the Group not obtain the relevant acceptances or exemptions from clients or terminals, this may have a material adverse effect on the operations of the CLEANBU vessels and consequently the Group's operations and results. Although CLEANBU commercial and technical performance was strong and continued to improve in 2024, among other things due to increased experience in transitioning between wet and dry cargoes and gaining wider acceptance from new customers and type of cargoes, it is important to acknowledge that commercial and technical risks still remain, which may adversely affect the Group\u2019s earnings and financial position. | Operational & technical |
Energy efficiency measures | In 2024, the Group retrofitted two vessels with air lubrication system and shaft generator to reduce fuel consumption. Additional three vessels will go through the same procedure in 2025 and 2026. KCC has as well decided to install suctions sails on one of the newbuildings with delivery in 2026.\u00a0 One of the main pillars of the Group's strategy is to improve the energy efficiency of the existing vessels, aligned with its emission reduction ambition. Success depends on the ability to deliver on retrofit/energy saving device projects at the budgeted cost and time, and that the retrofits deliver the estimated fuel/emission savings. Emission reductions from the initial vessels retrofitted with air lubrication and shaft generator have increased over time since initial observations, due to configuration improvements.\u00a0 Further work is currently underway to activate the full potential of this technology on the three vessels where it is already installed as of February 2025, and to ensure that future installations will be able to meet or exceed expectations. Moving forward, the Group faces due diligence risk as it considers new investments in energy efficiency. Being an early adopter of certain measures, there is a lack of large-scale testing prior to installation, introducing an element of risk. | Operational & technical |
Risk | Description | Risk type |
Main long-term risks | ||
Global economic growth and the impact on energy and commodity markets | The general development of the global economy, in particular the oil and commodities markets, may affect demand and the profitability of the Group companies. Furthermore, the demand for seaborne transportation is dependent on open economies and low barriers to trade. There has historically been a strong link between the development of the world economy and demand for dry bulk and oil commodities. A period of deterioration in the outlook for the world economy could reduce the overall demand for these commodities and for the Group's services. Trade restrictions such as tariffs and embargoes have a negative impact on the demand for seaborne transportation. This may lead to a downturn in the future prospects of the sectors the Group has invested in and, impact revenues negatively and may also make it more difficult to raise equity or debt. | Market |
Impact of a low- carbon future with introduction of emission regulations, zero-emission vessels and lower demand for transportation of fossil fuels | A move to a low-carbon economy can potentially have material negative impact on the Group through several ways: \u2022 Emerging propulsion technologies and fuels might negatively affect the competitiveness of the Group\u2019s existing fleet, potentially leading to lower revenue and/or impairment of vessel values. The increasing diversity of alternatives also heightens the risk of selecting the wrong technology. \u2022 New regulations can lead to material cost related to upgrades and retrofits to comply with regulations and/or material impairment of operational flexibility and/or operational limitations. Ultimately, it could lead to higher vessel recycling activity and/ or stranded vessels for vessels that are not compliant. \u2022 Increased pressure on financial institutions to incentivize reduction in CO\u2082 emissions and new regulations, such as the EU taxonomy, could reduce and restrict access to capital, increase cost of capital, and raise breakeven levels for the Group. \u2022 The demand for the transportation of fossil fuels could be materially impacted, reducing demand for dry bulk and product tanker vessels. \u2022 New customer requirements related to sustainability and carbon emissions could negatively affect the Group\u2019s competitive position. \u2022 New carbon pricing regulations, such as the EU ETS, along with FuelEU Maritime, which aim to reduce the carbon intensity of maritime fuels, may result in higher operating costs. The introduction of these initiatives, combined with stricter IMO regulations on vessel emissions, could further increase compliance costs and operational complexity. | Climate related |
Newbuilds | The CABU newbuilds are an upgraded design based on the existing CABU vessels built in 2016\u20132017, incorporating experience gained from the design and construction of the CLEANBU vessels delivered from the same shipyard in 2019\u20132021. There are technical, operational, and commercial risks that the new vessels may not perform as intended, potentially affecting their earnings capacity and market value. In addition, the construction phase carries risks related to delays, cost overruns, and quality issues at the shipyard. Supply chain disruptions, labour shortages, unforeseen technical challenges or sanctions could impact delivery timelines and vessel specifications. Any significant deviation from the expected performance, schedule, or budget could have financial and operational and financial consequences for the Group. | Operational & technical |
Change in bps (effect in USD'000) | Profit before tax | Equity | ||
2024 | 2023 | 2024 | 2023 | |
100 | (1\u00a0027) | (743) | 109 | 215 |
50 | (514) | (371) | 64 | 123 |
-50 | 514 | 371 | (85) | (154) |
-100 | 1\u00a0027 | 743 | (191) | (339) |
Maturity profile financial liabilities | < 1 year | 1-2 years | 3-5 years | > 5 years | Total |
31 Dec 2024 | |||||
Mortgage debt (incl interests) | 33\u00a0832 | 93\u00a0777 | 47\u00a0751 | - | 175\u00a0360 |
Bond loan (incl interest) | 5\u00a0905 | 11\u00a0656 | 78\u00a0464 | - | 96\u00a0025 |
Trade and other payables | 22\u00a0155 | - | - | - | 22\u00a0155 |
Current debt to related parties | 555 | - | - | - | 555 |
62\u00a0446 | 105\u00a0433 | 126\u00a0215 | - | 294\u00a0094 |
Maturity profile financial liabilities | < 1 year | 1-2 years | 3-5 years | > 5 years | Total |
31 Dec 2023 | |||||
Mortgage debt (incl interests) | 36\u00a0246 | 100\u00a0892 | 74\u00a0239 | - | 211\u00a0377 |
Bond loan (incl interest) | 5\u00a0266 | 25\u00a0861 | 54\u00a0015 | - | 85\u00a0142 |
Trade and other payables | 17\u00a0052 | - | - | - | 17\u00a0052 |
Current debt to related parties | 1\u00a0067 | - | - | - | 1\u00a0067 |
59\u00a0631 | 126\u00a0753 | 128\u00a0254 | - | 314\u00a0638 |
Change in bps (effect in USD'000) | Profit before tax | Equity | ||
2024 | 2023 | 2024 | 2023 | |
100 | (1\u00a0027) | (743) | 109 | 215 |
50 | (514) | (371) | 64 | 123 |
-50 | 514 | 371 | (85) | (154) |
-100 | 1\u00a0027 | 743 | (191) | (339) |
Maturity profile financial liabilities | < 1 year | 1-2 years | 3-5 years | > 5 years | Total |
31 Dec 2024 | |||||
Mortgage debt (incl interests) | 33\u00a0832 | 93\u00a0777 | 47\u00a0751 | - | 175\u00a0360 |
Bond loan (incl interest) | 5\u00a0905 | 11\u00a0656 | 78\u00a0464 | - | 96\u00a0025 |
Trade and other payables | 22\u00a0155 | - | - | - | 22\u00a0155 |
Current debt to related parties | 555 | - | - | - | 555 |
62\u00a0446 | 105\u00a0433 | 126\u00a0215 | - | 294\u00a0094 |
Maturity profile financial liabilities | < 1 year | 1-2 years | 3-5 years | > 5 years | Total |
31 Dec 2023 | |||||
Mortgage debt (incl interests) | 36\u00a0246 | 100\u00a0892 | 74\u00a0239 | - | 211\u00a0377 |
Bond loan (incl interest) | 5\u00a0266 | 25\u00a0861 | 54\u00a0015 | - | 85\u00a0142 |
Trade and other payables | 17\u00a0052 | - | - | - | 17\u00a0052 |
Current debt to related parties | 1\u00a0067 | - | - | - | 1\u00a0067 |
59\u00a0631 | 126\u00a0753 | 128\u00a0254 | - | 314\u00a0638 |
Model inputs | |
Dividend yield (%) | 14% |
Expected volatility (%)* | 28% |
Risk-free interest rate (%)** | 6.80% |
Expected life of share options (year) | 5 |
Weighted average share price (NOK) | 105.00 |
Number of shares | Average exercise price | 2024 | 2023 |
Outstanding at 1 January | 40\u00a0500 | 65\u00a0280 | |
Granted during the year | NOK 69.5 | 60\u00a0525 | 40\u00a0500 |
Exercised during the year | NOK 46.14 | - | (65\u00a0280) |
Forfeited during the year | - | - | |
Expired during the year | - | - | |
Outstanding at 31 December | 101\u00a0025 | 40\u00a0500 |
Accounting policy |
Equity-settled share-based payments are treated as an increase in equity at fair value. The purchase price is recognized as a capital increase immediately, and the discount is periodized as a wage/equity increase over the vesting period. Employee share options are calculated at fair value at the time they are granted and charged to expense over the vesting period as payroll cost with a corresponding increase in equity. The market value of the employee share options are estimated based on the Black-Scholes-Merton method. |
Accounting policy |
Equity-settled share-based payments are treated as an increase in equity at fair value. The purchase price is recognized as a capital increase immediately, and the discount is periodized as a wage/equity increase over the vesting period. Employee share options are calculated at fair value at the time they are granted and charged to expense over the vesting period as payroll cost with a corresponding increase in equity. The market value of the employee share options are estimated based on the Black-Scholes-Merton method. |
Date | Shares | Notional (NOK) | Share capital (NOK) |
Shares and share capital at 31 December 2022 | 52\u00a0372\u00a0000 | 52\u00a0372\u00a0000 | |
Shares issued 30 May 2023 | 7\u00a0857\u00a0143 | 1 | 7\u00a0857\u00a0143 |
Shares issued 11 August 2023 (warrants) | 14\u00a0020 | 1 | 14\u00a0020 |
Shares issued 6 September 2023 (warrants) | 215\u00a0068 | 1 | 215\u00a0068 |
Shares and share capital at 31 December 2023 | 60\u00a0458\u00a0231 | 60\u00a0458\u00a0231 | |
Shares and share capital at 31 December 2024 | 60\u00a0458\u00a0231 | 60\u00a0458\u00a0231 |
2024 | 2023 | |
Weighted average number of ordinary shares for basic EPS | 60\u00a0397\u00a0369 | 56\u00a0996\u00a0430 |
Effects of dilution from: | ||
\u00a0 Share options | 78\u00a0609 | 43\u00a0717 |
\u00a0 Warrants | - | 155\u00a0255 |
Weighted average number of ordinary shares for the effect of dilution | 60\u00a0475\u00a0978 | 57\u00a0195\u00a0402 |
Largest shareholders at 31 December 2024 | Ownership | Ownership |
Number of shares | In % | |
Rederiaksjeselskapet Torvald Klaveness | 32\u00a0537\u00a0608 | 53.8% |
EGD Shipping Invest AS | 3\u00a0500\u00a0000 | 5.8% |
Hundred Roses Corporation | 2\u00a0382\u00a0283 | 3.9% |
J.P. Morgan SE (nominee) | 1\u00a0808\u00a0745 | 3.0% |
J.P. Morgan SE (nominee) | 1\u00a0696\u00a0043 | 2.8% |
Goldman Sachs & Co. LLC (nominee) | 1\u00a0689\u00a0425 | 2.8% |
Landkreditt Utbytte | 774\u00a0573 | 1.3% |
VPF Sparebank 1 Norge Verdi | 570\u00a0237 | 0.9% |
Surfside Holding AS | 410\u00a0000 | 0.7% |
Hausta Investor AS | 400\u00a0000 | 0.7% |
Other | 14\u00a0689\u00a0317 | 24.3% |
Total | 60\u00a0458\u00a0231 | 100.0% |
Name | Position | Number of shares |
Engebret Dahm | Chief Executive Officer | 40 532 (held through E Dahm Invest AS) |
Liv Hege Dyrnes | Chief Financial Officer | 6 500 |
Magne \u00d8vre\u00e5s | Board member | Indirectly owns 9.9 % of EGD Shipping Invest AS which holds 3 500 000 shares |
G\u00f8ran Andreassen | Board member | 4 300 |
Brita Eilertsen | Board member | 2 000 |
Ernst A. Meyer | Chair of the Board | 5 000 |
Date | Shares | Notional (NOK) | Share capital (NOK) |
Shares and share capital at 31 December 2022 | 52\u00a0372\u00a0000 | 52\u00a0372\u00a0000 | |
Shares issued 30 May 2023 | 7\u00a0857\u00a0143 | 1 | 7\u00a0857\u00a0143 |
Shares issued 11 August 2023 (warrants) | 14\u00a0020 | 1 | 14\u00a0020 |
Shares issued 6 September 2023 (warrants) | 215\u00a0068 | 1 | 215\u00a0068 |
Shares and share capital at 31 December 2023 | 60\u00a0458\u00a0231 | 60\u00a0458\u00a0231 | |
Shares and share capital at 31 December 2024 | 60\u00a0458\u00a0231 | 60\u00a0458\u00a0231 |
2024 | 2023 | |
Weighted average number of ordinary shares for basic EPS | 60\u00a0397\u00a0369 | 56\u00a0996\u00a0430 |
Effects of dilution from: | ||
\u00a0 Share options | 78\u00a0609 | 43\u00a0717 |
\u00a0 Warrants | - | 155\u00a0255 |
Weighted average number of ordinary shares for the effect of dilution | 60\u00a0475\u00a0978 | 57\u00a0195\u00a0402 |
Largest shareholders at 31 December 2024 | Ownership | Ownership |
Number of shares | In % | |
Rederiaksjeselskapet Torvald Klaveness | 32\u00a0537\u00a0608 | 53.8% |
EGD Shipping Invest AS | 3\u00a0500\u00a0000 | 5.8% |
Hundred Roses Corporation | 2\u00a0382\u00a0283 | 3.9% |
J.P. Morgan SE (nominee) | 1\u00a0808\u00a0745 | 3.0% |
J.P. Morgan SE (nominee) | 1\u00a0696\u00a0043 | 2.8% |
Goldman Sachs & Co. LLC (nominee) | 1\u00a0689\u00a0425 | 2.8% |
Landkreditt Utbytte | 774\u00a0573 | 1.3% |
VPF Sparebank 1 Norge Verdi | 570\u00a0237 | 0.9% |
Surfside Holding AS | 410\u00a0000 | 0.7% |
Hausta Investor AS | 400\u00a0000 | 0.7% |
Other | 14\u00a0689\u00a0317 | 24.3% |
Total | 60\u00a0458\u00a0231 | 100.0% |
Name | Position | Number of shares |
Engebret Dahm | Chief Executive Officer | 40 532 (held through E Dahm Invest AS) |
Liv Hege Dyrnes | Chief Financial Officer | 6 500 |
Magne \u00d8vre\u00e5s | Board member | Indirectly owns 9.9 % of EGD Shipping Invest AS which holds 3 500 000 shares |
G\u00f8ran Andreassen | Board member | 4 300 |
Brita Eilertsen | Board member | 2 000 |
Ernst A. Meyer | Chair of the Board | 5 000 |
2024 | 2023 | |
Weighted average number of ordinary shares for basic EPS | 60\u00a0397\u00a0369 | 56\u00a0996\u00a0430 |
Effects of dilution from: | ||
\u00a0 Share options | 78\u00a0609 | 43\u00a0717 |
\u00a0 Warrants | - | 155\u00a0255 |
Weighted average number of ordinary shares for the effect of dilution | 60\u00a0475\u00a0978 | 57\u00a0195\u00a0402 |
Type pf service/transaction | Provider* | Receiver* | Price method | 2024 | 2023 |
(USD '000) | |||||
Business administration services | KAS | KCC ASA, on behalf of KCC companies | Cost +5%/per employee | 2\u00a0230 | 1\u00a0944 |
Business administration services | KA Ltd | KCCA Ltd | Cost +5% | 67 | 139 |
Business administration services | KD | KCCC | Priced as other CargoValue Services | 12 | 5 |
Commercial services* | KAD | KCCC | Cost +7.5% | 631 | 381 |
Commercial services** | KDB | KCCC | Cost +7.5% | 227 | 293 |
Commercial services*** | KSM | KCCC | Cost +7.5% | 815 | 990 |
Board member fee | KD | KCC ASA | Fixed fee as per annual general meeting | (12) | (24) |
Project management*** | KSM | KCCS, KCC | Cost +7.5% | 1\u00a0277 | 1\u00a0674 |
Total group commercial and administrative services | 5\u00a0248 | 5\u00a0403 |
Type of service/transaction | Provider* | Receiver* | Price method | 2024 | 2023 |
(USD '000) | |||||
Technical management fee (opex) | KSM | KCCS | Fixed fee per vessel | 4\u00a0477 | 4\u00a0117 |
Crewing and IT fee (opex) | KSM | KCCS | Fixed fee per vessel | 1\u00a0727 | 1\u00a0496 |
Project management fee (newbuilding) | KSM | KCCS | Fixed fee per vessel | 1\u00a0578 | 386 |
Board member fee (administrative expenses) | KAS | KCC | Fixed fee as per annual general meeting | 77 | 80 |
Total other services/ transactions | 7\u00a0859 | 6\u00a0079 |
Short term receivables and debt related parties | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Klaveness Ship Management AS | 405 | 82 |
Klaveness AS | 301 | 24 |
Klaveness Dry Bulk AS | - | 4 |
Short-term receivables from related parties | 706 | 110 |
Klaveness AS | 154 | 35 |
Klaveness Ship Management AS | 99 | 549 |
Klaveness Dry Bulk AS | 31 | 1 |
Klaveness Asia-Dubai | 234 | 208 |
Baumarine AS | 6 | |
Klaveness Digital AS | 14 | 15 |
AS Klaveness Chartering | 1 | 228 |
Klaveness Asia Pte.Ltd | 17 | 32 |
Short-term debt to related parties | 555 | 1\u00a0067 |
Accounting policy |
Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Related parties transactions are recorded to estimated fair value. |
Accounting policy |
Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Related parties transactions are recorded to estimated fair value. |
Company name | Location | Ownership interest | Ownership interest |
per 31 Dec 2024 | per 31 Dec 2023 | ||
KCC Shipowning AS* | Oslo, Norway | 100% | 100% |
KCC Bass AS | Oslo, Norway | 100% | 100% |
KCC Chartering AS | Oslo, Norway | 100% | 100% |
Klaveness Combination Carriers Asia Ptd. Ltd. | Singapore | 100% | 100% |
Company name | Location | Ownership interest | Ownership interest |
per 31 Dec 2024 | per 31 Dec 2023 | ||
KCC Shipowning AS* | Oslo, Norway | 100% | 100% |
KCC Bass AS | Oslo, Norway | 100% | 100% |
KCC Chartering AS | Oslo, Norway | 100% | 100% |
Klaveness Combination Carriers Asia Ptd. Ltd. | Singapore | 100% | 100% |
Income taxes for the year | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Income taxes payable | - | - |
Change in deferred tax | - | - |
Total tax expense / income (-) reported in the income statement | - | - |
Tax on net (gain)/loss on revaluation of cash flow hedges | - | - |
Deferred tax charged to OCI | - | - |
(USD '000) | Income | 31 Dec 2024 | Income | 31 Dec 2023 |
Tax payable | Tax effect | Tax effect | ||
Profit / loss (-) before taxes, incl OCI | 77\u00a0808 | 17\u00a0118 | 81\u00a0102 | 17\u00a0842 |
Income from shipping activity, tonnage tax system | (96\u00a0804) | (21\u00a0299) | (116\u00a0808) | (25\u00a0698) |
Change in temporary differences | (258) | (57) | (529) | (116) |
Change in tax losses carried forward | 10\u00a0192 | 2\u00a0242 | 13\u00a0769 | 3\u00a0029 |
Exchange rate differences / Other permanent differences | 9\u00a0071 | 1\u00a0996 | 22\u00a0465 | 4\u00a0942 |
Tax payable in the balance sheet | - | - | - | - |
Effective tax rate | ||||
Tax payable -foreign subsidiaries | 4 | 15 | ||
Tonnage tax (included in operating profit) | 162 | 168 | ||
Total tax payable in the balance sheet | 166 | 183 |
(USD '000) | Temporary difference | 31 Dec 2024 | Temporary difference | 31 Dec 2023 |
Temporary differences - ordinary taxation | Tax effect | Tax effect | ||
Temporary differences | (4\u00a0891) | (1\u00a0076) | (5\u00a0149) | (1\u00a0133) |
Tax losses carried forward | (59\u00a0922) | (13\u00a0183) | (49\u00a0730) | (10\u00a0941) |
Deferred tax asset not recognised in the balance sheet | 64\u00a0813 | 14\u00a0259 | 5\u00a0488 | 12\u00a0074 |
Net temporary differences - deferred tax liability/asset (-) | - | - | - | - |
Deferred tax asset in balance sheet | - | - | ||
Deferred tax liability in balance sheet | - | - |
Accounting policy |
Under the tonnage tax regime, profit from operations is tax exempt. Companies within the tonnage tax regime pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the income statement. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income. |
Income taxes for the year | 31 Dec 2024 | 31 Dec 2023 |
(USD '000) | ||
Income taxes payable | - | - |
Change in deferred tax | - | - |
Total tax expense / income (-) reported in the income statement | - | - |
Tax on net (gain)/loss on revaluation of cash flow hedges | - | - |
Deferred tax charged to OCI | - | - |
(USD '000) | Income | 31 Dec 2024 | Income | 31 Dec 2023 |
Tax payable | Tax effect | Tax effect | ||
Profit / loss (-) before taxes, incl OCI | 77\u00a0808 | 17\u00a0118 | 81\u00a0102 | 17\u00a0842 |
Income from shipping activity, tonnage tax system | (96\u00a0804) | (21\u00a0299) | (116\u00a0808) | (25\u00a0698) |
Change in temporary differences | (258) | (57) | (529) | (116) |
Change in tax losses carried forward | 10\u00a0192 | 2\u00a0242 | 13\u00a0769 | 3\u00a0029 |
Exchange rate differences / Other permanent differences | 9\u00a0071 | 1\u00a0996 | 22\u00a0465 | 4\u00a0942 |
Tax payable in the balance sheet | - | - | - | - |
Effective tax rate | ||||
Tax payable -foreign subsidiaries | 4 | 15 | ||
Tonnage tax (included in operating profit) | 162 | 168 | ||
Total tax payable in the balance sheet | 166 | 183 |
(USD '000) | Temporary difference | 31 Dec 2024 | Temporary difference | 31 Dec 2023 |
Temporary differences - ordinary taxation | Tax effect | Tax effect | ||
Temporary differences | (4\u00a0891) | (1\u00a0076) | (5\u00a0149) | (1\u00a0133) |
Tax losses carried forward | (59\u00a0922) | (13\u00a0183) | (49\u00a0730) | (10\u00a0941) |
Deferred tax asset not recognised in the balance sheet | 64\u00a0813 | 14\u00a0259 | 5\u00a0488 | 12\u00a0074 |
Net temporary differences - deferred tax liability/asset (-) | - | - | - | - |
Deferred tax asset in balance sheet | - | - | ||
Deferred tax liability in balance sheet | - | - |
Accounting policy |
Under the tonnage tax regime, profit from operations is tax exempt. Companies within the tonnage tax regime pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the income statement. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income. |
(USD '000) | Income | 31 Dec 2024 | Income | 31 Dec 2023 |
Tax payable | Tax effect | Tax effect | ||
Profit / loss (-) before taxes, incl OCI | 77\u00a0808 | 17\u00a0118 | 81\u00a0102 | 17\u00a0842 |
Income from shipping activity, tonnage tax system | (96\u00a0804) | (21\u00a0299) | (116\u00a0808) | (25\u00a0698) |
Change in temporary differences | (258) | (57) | (529) | (116) |
Change in tax losses carried forward | 10\u00a0192 | 2\u00a0242 | 13\u00a0769 | 3\u00a0029 |
Exchange rate differences / Other permanent differences | 9\u00a0071 | 1\u00a0996 | 22\u00a0465 | 4\u00a0942 |
Tax payable in the balance sheet | - | - | - | - |
Effective tax rate | ||||
Tax payable -foreign subsidiaries | 4 | 15 | ||
Tonnage tax (included in operating profit) | 162 | 168 | ||
Total tax payable in the balance sheet | 166 | 183 |
(USD '000) | Temporary difference | 31 Dec 2024 | Temporary difference | 31 Dec 2023 |
Temporary differences - ordinary taxation | Tax effect | Tax effect | ||
Temporary differences | (4\u00a0891) | (1\u00a0076) | (5\u00a0149) | (1\u00a0133) |
Tax losses carried forward | (59\u00a0922) | (13\u00a0183) | (49\u00a0730) | (10\u00a0941) |
Deferred tax asset not recognised in the balance sheet | 64\u00a0813 | 14\u00a0259 | 5\u00a0488 | 12\u00a0074 |
Net temporary differences - deferred tax liability/asset (-) | - | - | - | - |
Deferred tax asset in balance sheet | - | - | ||
Deferred tax liability in balance sheet | - | - |
Accounting policy |
Under the tonnage tax regime, profit from operations is tax exempt. Companies within the tonnage tax regime pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the income statement. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income. |
Accounting policy |
Under the tonnage tax regime, profit from operations is tax exempt. Companies within the tonnage tax regime pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the income statement. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income. |
Accounting policy |
Under the tonnage tax regime, profit from operations is tax exempt. Companies within the tonnage tax regime pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the income statement. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income. |
Accounting policy |
Under the tonnage tax regime, profit from operations is tax exempt. Companies within the tonnage tax regime pay a tonnage tax based on the deadweight tonnage of the vessels. The tonnage tax is recognised as an operating expense in the income statement. Taxable profit is calculated on the basis of financial income after deduction of a portion of financial expenses (based on financial assets in percent of total assets). For companies subject to ordinary taxation, tax expense comprises tax payable and changes in deferred tax assets. Tax payable corresponds to the amount expected to be paid to authorities while deferred tax assets/liabilities are calculated based on temporary differences at the reporting date. Deferred tax assets are recognised to the extent that future utilisation is probable. Deferred tax liabilities/deferred tax assets within the same tax system that may be offset are recorded on a net basis. Income tax relating to items recognised directly in equity is included directly in equity and not in the statement of income. |