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"value": "Reconciliation of Liabilities arising from Financing ActivitiesNon-cash changes - USD \u2019000Additional Financialleases Fair value1 January cashcapitalised changes on31 December2022flows (i)during the Acquisition of Disposal of Interest cash flow2022USD \u2019000USD \u2019000yearsubsidiariessubsidiariesexpense hedgesUSD \u2019000Bank borrowings 1,112,912 (421,349) - - - 34,813 - 726,376Loan from a related corporation 18,750 (19,453) - - - 703 - -Loan from non-related parties 4,391 (582) - - - 1,620 - 5,429Finance and other lease liabilities 195,150 128,789 1,895 702,423 (46,604) 61,829 - 1,043,482Derivative financial instruments (327) 4,707 - - - (5,406) (68,110) (69,136)Non-cash changes - USD \u2019000Additional Financialleases Fair value 1 January cashcapitalised Capitalised changes on31 December2021flows (i)during the Interestfinancing fees cash flow Other finance 2021USD \u2019000USD \u2019000yearexpensewritten offhedgesexpenseUSD \u2019000Bank borrowings 1,110,527 (24,389) - 22,278 4,496 - - 1,112,912Loan from a related corporation - 18,489 - 261 - - - 18,750 Loan from non-related parties 4,781 (423) - 33 - - - 4,391Finance and other lease liabilities 191,986 (42,863) 36,226 9,801 - - - 195,150Derivative financial instruments 15,991 (6,633) - 6,631 - (16,321) 5 (327)(i) The cash flows make up the net amount of proceeds from borrowings, repayments of borrowings, interest expense and financing fees paid as reported in the statement of cash flows.12. Trade and other Receivables20222021NoteUSD \u2019000USD \u2019000Trade receivables- non-related parties 419,064 118,467Less: Allowance made for trade receivables- non-related parties 25(b) - -Trade receivables \u2013 net 419,064 118,467Prepayments 21,602 9,287Pool working capital 75,362 42,300Other receivables- non-related parties 100,320 31,069616,348 201,123The carrying amounts of trade and other receivables, principally denom-inated in United States Dollars, approximate their fair values due to the short period to maturity. Included within trade and other receivables as at 31 December 2022 are contract assets of USD 99.5 million (2021: USD 27.5 million). These contract assets relate to the Group\u2019s rights to consideration for propor-tional performance from voyage charters in progress at the balance sheetdate. These contract assets are transferred to trade receivables when the rights to such consideration become unconditional, typically when the Group has satisfied its performance obligations upon completion of the voyage. As voyage charters in progress have an expected duration of less than one year, the Group applies the practical expedient available under IFRS 15 and does not disclose information about remaining performance obligations as at balance sheet date. There were no impairment losses recognised on contract assets (2021: USD Nil). During the year, two of the Chemical-Stainless vessels, Hafnia Spark and Hafnia Stellar, were deemed be sold even though physical title over the vessels have not been transferred, as control over the vessels have been transferred to the buyers. Included within other receivables are USD 49.9 million of receivables from the buyers to be used to repay the associated lease liabilities outstanding for Hafnia Spark and Hafnia Stellar up to and until legal completion of the sale of these vessels (see Note 9 and Note 19).13. Loans Receivable from Joint Venture and Pool ParticipantsThe Group and CSSC (Hong Kong) Shipping Company Limited (\u201cCSSC Shipping\u201d) are joint venture partners in Vista Shipping Pte. Ltd. (formerly known as Vista Shipping Limited), which builds and operates LR1 and LR2product tanker vessels. As part of financing for the newbuilds under the joint venture, each joint venture partner provides to the joint venture a shareholder\u2019s loan to finance 50% of the initial payment instalments for the product tanker vessels.In 2021, two orders for LR2 vessels were made through the joint venture.As part of financing for the LR2 newbuilds under the joint venture, each joint venture partner contributed a shareholder\u2019s loan to finance the pre-delivery instalments for the four LR2 newbuilds.In 2022, the joint venture partners provided additional financing of USD 23.0 million.The loans receivable from the joint venture are unsecured, bear interest at three-month USD LIBOR plus 3% margin per annum and have no fixed terms of repayment. As the Group does not expect the joint venture to set-tle the loans within the next 12 months, the loans receivable are classifiedas \u201cnon-current\u201d receivables. In substance, the Group considers these loan receivables as an extension of the Group\u2019s investments in joint ven-ture. The carrying amounts of the loan receivables approximate their fair values since the interest rates are re-priceable at three-month intervals.In July 2021, the Group provided a working capital loan to the commercialpools. The loan receivables attributable to the Group\u2019s own vessels oper-ating in the pools have been eliminated against the Group\u2019s vessels\u2019 share of the loan. The resulting loan receivables presented on the balance sheetare due from the Group\u2019s pool participants.In 2022, the Group provided additional financing to commercial pools of USD 15.0 million.The loan receivables from the pool participants are unsecured, bear interest at three-month USD LIBOR plus 4.8% margin per annum and are repayable within the next 12 months. The loan receivables are classified as \u201ccurrent\u201d receivables. The carrying amounts of the loan receivables approximate their fair values since the interest rates are re-priceable at three-month intervals.20222021USD \u2019000USD \u2019000Loans receivable from pool participants 45,998 34,865Loans receivable from joint venture 74,213 60,22915. Cash and Cash Equivalents including Restricted Cash20222021USD \u2019000USD \u2019000Cash at bank and on hand 174,440 100,075Restricted cash 4,780 -179,220 100,075Less: Restricted cash (4,780) -Cash and cash equivalents in the statements of cash flows 174,440 100,075The restricted cash represents amounts placed in debt service reserve accounts. This restricted cash is not available to finance the Group\u2019s dayto day operations.19. Borrowings20222021USD \u2019000USD \u2019000CurrentLoan from a related corporation - 18,750Loan from non-related parties 673 390Bank borrowings 103,807 178,211Finance lease liabilities 170,731 6,715Other lease liabilities 44,905 44,308320,116 248,374Non-currentLoan from non-related parties 4,756 4,001Bank borrowings 622,569 934,701Finance lease liabilities 798,273 70,977Other lease liabilities 29,573 73,1501,455,171 1,082,829Total borrowings 1,775,287 1,331,203Bank borrowingsAs at 31 December 2022, bank borrowings consist of seven credit facilities from external financial institutions and a related corporation, amounting to USD 473 million, USD 374 million, USD 216 million, USD 106 million, USD 100 million, USD 84 million and USD 39 million respectively (2021: USD 473 million, USD 374 million, USD 216 million, USD 106 million,USD 100 million, USD 84 million and USD 39 million respectively).These facilities are secured by the Group\u2019s fleet of vessels except the USD100 million (2021: USD 100 million) facility, which is unsecured. The table below summarises key information of the bank borrowings:Carrying amount MaturityFacility amountUSD \u2018000dateUSD 473 million facility 195,859- USD 413 million term loan 2026- USD 60 million revolving credit facility 2026USD 374 million facility 188,214- USD 274 million term loan 2028- USD 100 million revolving credit facility 2028USD 216 million facility 158,945 2027USD 106 million facility 99,518 2025USD 100 million facility* - - USD 50 million revolving credit facility 2023USD 84 million facility 61,787 - USD 68 million term loan 2026 - USD 16 million revolving credit facility 2026USD 39 million facility 22,053- USD 30 million term loan 2025- USD 9 million revolving credit facility 2025*The USD 50 million term loan under this facility has been fully repaid as at 31 December 2022On 21 December 2022, the USD 50 million revolving credit facility under the USD 100 million facility was extended until June 2023On 18 March 2022, the Group closed the USD 70 million upsizing of its exist-ing USD 216 million facilityOn 22 March 2021, the Group refinanced the USD 676 million and USD 128 million facilities. These two facilities were extinguished and replaced with the new USD 374 million facilityOn 1 July 2021, the Group entered into a USD 100 million unsecured facility.On 17 December 2021, the Group refinanced the USD 266 million facility. This facility was extinguished and replaced with the USD 84 million and USD106 million facilities.Finance lease liabilitiesAs at 31 December 2022, the finance lease liabilities consist of various facilities provided by external leasing houses under sale-and-leaseback contracts. Under these contracts, the vessels were legally sold to external leasing houses and leased back by Hafnia. As the sale of vessels under these sale and leaseback arrangements did not meet the criteria for sale as prescribed by IFRS15 Revenue with customers, the vessels were not derecognised from the Group\u2019s balance sheet. These transactions were treated as financing arrangements since lease inception, with the proceedsreceived from the external leasing houses reflected as finance lease liabil-ities.On 28 February 2022, the Group entered into a USD 414 million sale-and-leaseback facility agreement with ICBC Leasing (\u201cUSD 414 million SLB facility\u201d) to finance the purchase of 12 LR1 vessels from Scorpio.On 27 January 2022, the Group completed the acquisition of CTI\u2019s fleet of vessels which were entirely financed by sale and leaseback financing ar-rangements from eight external leasing houses (the \u201cCTI vessels facilities\u201d). Refer to Note 3.During the year, the Group disposed of eight Chemical-Stainless vessels which were financed by such sale-and-leaseback arrangements. The bor-rowings relating to two of these Chemical-Stainless vessels, Hafnia Spark and Hafnia Stellar, have not been derecognised from the Group\u2019s balance sheet as the legal obligations towards the leasing houses still exist. The borrowings amounted to USD 49.3 million as at 31 December 2022.Another four LR1 vessels (Hafnia Arctic, Hafnia Asia, Hafnia Africa and Hafnia Australia) are also on such sale and leaseback financing arrange-ments (the \u201cHafnia Tankers finance leases\u201d) and the Group has assumed therelated borrowings since the merger with Hafnia Tankers during 2019.Carrying amountMaturityFacility amountUS$ \u2018000dateUSD 414 million SLB facility 383,533 2032CTI vessels facilities 512,334 2023\u20132033Hafnia Tankers finance leases 73,137 2025\u20132030Interest ratesThe weighted average effective interest rates per annum of total borrow-ings at the balance sheet date are as follows:2022 2021Bank borrowings 6.0% 1.8%Finance lease liabilities 7.4% 5.2%The exposure of borrowings to interest rate risk is disclosed in Note 25.Maturity of borrowingsThe non-current borrowings have the following maturity:20222021USD \u2019000USD \u2019000Later than one year and not later than five years 974,953 988,298Later than five years 480,218 94,5311,455,171 1,082,829Carrying amounts and fair valuesThe carrying values of bank borrowings and finance lease liabilities approximate their fair values as they bear floating interest rates and are re-priceable at one to three month intervals.The loan from a related corporation bears floating interest at a nominal rate of USD three-month LIBOR plus margin of 2.80%. The carrying value approximates the fair values as the interest rate is re-priceable at three-month intervals.Financial and non-financial covenantsThe Group has bank borrowings and finance lease liabilities that contain financial and non-financial covenants. Any breach of covenants will resultin bank borrowings and lease liabilities becoming payable on demand. TheGroup was in compliance with financial and non-financial covenants as at 31 December 2022 and 31 December 2021.20. Derivative Financial Instruments20222021USD \u2019000USD \u2019000Assets Liabilities Assets LiabilitiesCash flow hedges - Interest rate swaps 69,136 - 654 327Non-hedging instruments- Interest rate caps 726 - 21 -- Forward freight agreements 308 93 60 -- Forward foreign exchange contracts 438 - 192 -70,608 93 927 327Analysed as:Non-current 69,184 - 675 306Current 1,424 93 252 2170,608 93 927 327Cash flow hedgesInterest rate derivativesThe Group has entered into interest rate swap contracts that qualify for hedge accounting. The Group pays interest at fixed rates varying from 0.46% to 2.15% (2021: 0.46% to 2.15%) per annum and receives interest at a floating rate based on three-month USD LIBOR. The notional principal amount of these outstanding interest rate swaps as at 31 December 2022 amounted to USD 949.0 million (2021: USD 716.0 million) and the amounts mature in more than one year from the balance sheet date. Of theseUSD 899.0 million matures within 2-5 years, and USD 50.0 million maturesafter 5 years.Non-hedging instrumentsInterest rate derivativesAs at 31 December 2022, the Group has existing interest rate caps with a strike of 3.00% against the three-month USD LIBOR. The interest rate caps have a notional amount of USD 225.0 million (2021: USD 300.0 mil-lion) with the last cap expiring in 2023. The changes in fair values of the interest rate caps are recognised in profit or loss.Forward foreign exchange contractsThe Group has entered into forward foreign exchange contracts to swap United States Dollars for Singapore Dollars with an external financial institution. The notional principal amounts of the outstanding forward for-eign exchange contracts as at 31 December 2022 and 31 December 2021comprise the following:20222021USD \u2019000USD \u2019000NotionalNotionalamounts in USD amounts in USDCurrencylocal currencyequivalentlocal currencyequivalentSingaporeDollars 22,580 16,404 25,605 18,792As at 31 December 2022, these forward foreign exchange contracts will mature within nine (2021: 12) months from the balance sheet date. No hedge accounting is adopted and the fair value changes of these forward exchange contracts are recorded in profit or loss.Freight forward agreementsThe Group has entered into a number of forward freight agreements in order to hedge its spot voyage exposure for its vessels trading in the pools. As at 31 December 2022, the Group has outstanding positions with a notional amount of USD 7.3 million (2021: USD 2.4 million), which will mature in the next one year. No hedge accounting is adopted and the fair value changes of these freight forward agreements are recorded in profitor loss.21. Trade and other Payables20222021USD \u2019000USD \u2019000Trade payables - non-related parties 45,124 29,498Accrued operating expenses 72,344 30,431Other payables- related corporations 6,675 5,569- non-related parties 5,590 (108)129,733 65,390Analysed as:Non-current - -Current 129,733 65,390129,733 65,390The carrying amounts of trade and other payables, principally denominat-ed in United States Dollars, approximate their fair values due to the short period to maturity. The other payables due to related corporations are unsecured, inter-est-free and are repayable on demand.Information about the Group\u2019s exposure to currency and liquidity risks is included in Note 25.",
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"value": "Reconciliation of Liabilities arising from Financing ActivitiesNon-cash changes - USD \u2019000Additional Financialleases Fair value1 January cashcapitalised changes on31 December2022flows (i)during the Acquisition of Disposal of Interest cash flow2022USD \u2019000USD \u2019000yearsubsidiariessubsidiariesexpense hedgesUSD \u2019000Bank borrowings 1,112,912 (421,349) - - - 34,813 - 726,376Loan from a related corporation 18,750 (19,453) - - - 703 - -Loan from non-related parties 4,391 (582) - - - 1,620 - 5,429Finance and other lease liabilities 195,150 128,789 1,895 702,423 (46,604) 61,829 - 1,043,482Derivative financial instruments (327) 4,707 - - - (5,406) (68,110) (69,136)Non-cash changes - USD \u2019000Additional Financialleases Fair value 1 January cashcapitalised Capitalised changes on31 December2021flows (i)during the Interestfinancing fees cash flow Other finance 2021USD \u2019000USD \u2019000yearexpensewritten offhedgesexpenseUSD \u2019000Bank borrowings 1,110,527 (24,389) - 22,278 4,496 - - 1,112,912Loan from a related corporation - 18,489 - 261 - - - 18,750 Loan from non-related parties 4,781 (423) - 33 - - - 4,391Finance and other lease liabilities 191,986 (42,863) 36,226 9,801 - - - 195,150Derivative financial instruments 15,991 (6,633) - 6,631 - (16,321) 5 (327)(i) The cash flows make up the net amount of proceeds from borrowings, repayments of borrowings, interest expense and financing fees paid as reported in the statement of cash flows.19. Borrowings20222021USD \u2019000USD \u2019000CurrentLoan from a related corporation - 18,750Loan from non-related parties 673 390Bank borrowings 103,807 178,211Finance lease liabilities 170,731 6,715Other lease liabilities 44,905 44,308320,116 248,374Non-currentLoan from non-related parties 4,756 4,001Bank borrowings 622,569 934,701Finance lease liabilities 798,273 70,977Other lease liabilities 29,573 73,1501,455,171 1,082,829Total borrowings 1,775,287 1,331,203Bank borrowingsAs at 31 December 2022, bank borrowings consist of seven credit facilities from external financial institutions and a related corporation, amounting to USD 473 million, USD 374 million, USD 216 million, USD 106 million, USD 100 million, USD 84 million and USD 39 million respectively (2021: USD 473 million, USD 374 million, USD 216 million, USD 106 million,USD 100 million, USD 84 million and USD 39 million respectively).These facilities are secured by the Group\u2019s fleet of vessels except the USD100 million (2021: USD 100 million) facility, which is unsecured. The table below summarises key information of the bank borrowings:Carrying amount MaturityFacility amountUSD \u2018000dateUSD 473 million facility 195,859- USD 413 million term loan 2026- USD 60 million revolving credit facility 2026USD 374 million facility 188,214- USD 274 million term loan 2028- USD 100 million revolving credit facility 2028USD 216 million facility 158,945 2027USD 106 million facility 99,518 2025USD 100 million facility* - - USD 50 million revolving credit facility 2023USD 84 million facility 61,787 - USD 68 million term loan 2026 - USD 16 million revolving credit facility 2026USD 39 million facility 22,053- USD 30 million term loan 2025- USD 9 million revolving credit facility 2025*The USD 50 million term loan under this facility has been fully repaid as at 31 December 2022On 21 December 2022, the USD 50 million revolving credit facility under the USD 100 million facility was extended until June 2023On 18 March 2022, the Group closed the USD 70 million upsizing of its exist-ing USD 216 million facilityOn 22 March 2021, the Group refinanced the USD 676 million and USD 128 million facilities. These two facilities were extinguished and replaced with the new USD 374 million facilityOn 1 July 2021, the Group entered into a USD 100 million unsecured facility.On 17 December 2021, the Group refinanced the USD 266 million facility. This facility was extinguished and replaced with the USD 84 million and USD106 million facilities.Finance lease liabilitiesAs at 31 December 2022, the finance lease liabilities consist of various facilities provided by external leasing houses under sale-and-leaseback contracts. Under these contracts, the vessels were legally sold to external leasing houses and leased back by Hafnia. As the sale of vessels under these sale and leaseback arrangements did not meet the criteria for sale as prescribed by IFRS15 Revenue with customers, the vessels were not derecognised from the Group\u2019s balance sheet. These transactions were treated as financing arrangements since lease inception, with the proceedsreceived from the external leasing houses reflected as finance lease liabil-ities.On 28 February 2022, the Group entered into a USD 414 million sale-and-leaseback facility agreement with ICBC Leasing (\u201cUSD 414 million SLB facility\u201d) to finance the purchase of 12 LR1 vessels from Scorpio.On 27 January 2022, the Group completed the acquisition of CTI\u2019s fleet of vessels which were entirely financed by sale and leaseback financing ar-rangements from eight external leasing houses (the \u201cCTI vessels facilities\u201d). Refer to Note 3.During the year, the Group disposed of eight Chemical-Stainless vessels which were financed by such sale-and-leaseback arrangements. The bor-rowings relating to two of these Chemical-Stainless vessels, Hafnia Spark and Hafnia Stellar, have not been derecognised from the Group\u2019s balance sheet as the legal obligations towards the leasing houses still exist. The borrowings amounted to USD 49.3 million as at 31 December 2022.Another four LR1 vessels (Hafnia Arctic, Hafnia Asia, Hafnia Africa and Hafnia Australia) are also on such sale and leaseback financing arrange-ments (the \u201cHafnia Tankers finance leases\u201d) and the Group has assumed therelated borrowings since the merger with Hafnia Tankers during 2019.Carrying amountMaturityFacility amountUS$ \u2018000dateUSD 414 million SLB facility 383,533 2032CTI vessels facilities 512,334 2023\u20132033Hafnia Tankers finance leases 73,137 2025\u20132030Interest ratesThe weighted average effective interest rates per annum of total borrow-ings at the balance sheet date are as follows:2022 2021Bank borrowings 6.0% 1.8%Finance lease liabilities 7.4% 5.2%The exposure of borrowings to interest rate risk is disclosed in Note 25.Maturity of borrowingsThe non-current borrowings have the following maturity:20222021USD \u2019000USD \u2019000Later than one year and not later than five years 974,953 988,298Later than five years 480,218 94,5311,455,171 1,082,829Carrying amounts and fair valuesThe carrying values of bank borrowings and finance lease liabilities approximate their fair values as they bear floating interest rates and are re-priceable at one to three month intervals.The loan from a related corporation bears floating interest at a nominal rate of USD three-month LIBOR plus margin of 2.80%. The carrying value approximates the fair values as the interest rate is re-priceable at three-month intervals.Financial and non-financial covenantsThe Group has bank borrowings and finance lease liabilities that contain financial and non-financial covenants. Any breach of covenants will resultin bank borrowings and lease liabilities becoming payable on demand. TheGroup was in compliance with financial and non-financial covenants as at 31 December 2022 and 31 December 2021.",
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"value": "2. Significant Accounting Policies2.1 Basis of preparationThe consolidated financial statements have been prepared in accordance with Interna-tional Financial Reporting Standards (IFRS), and have been prepared under the historicalcost convention, except as disclosed in the accounting policies below.2.2 Changes in accounting policiesNew standard and amendments to published standards, effective in 2022 and subsequent yearsThe Group has applied the following IFRSs,amendments to and interpretations of IFRS for the first time for the annual period begin-ning on 1 January 2022:Amendments:- Amendments to IFRS 3: Reference to the Conceptual Framework- Amendments to IAS 16: Property, Plant and Equipment \u2013 Proceeds before Intended Use- Amendments to IAS 37: Onerous Contracts \u2013 Cost of Fulfilling a Contract- Annual Improvements to IFRS 2018-2020 The application of these amendments to standards and interpretations does not have a material effect on the financial statements.The Group has adopted Amendments to IAS 37: Onerous Contracts \u2013 Cost of Fulfilling a Contract from 1 January 2022. This resultedin a change in accounting policy for perform-ing an onerous contracts assessment. Pre-viously, the Group included only incremental costs to fulfil a contract when determining whether that contract was onerous. The revised policy is to include both incremental costs and an allocation of other direct costs.The amendments apply prospectively to contracts existing at the date when the amendments are first applied. The Group hasanalysed all contracts existing at 1 January 2022 and determined that none of them would be identified as onerous applying the revised accounting policy \u2013 i.e. there is no impact on the opening equity balances as at 1 January 2022 as a result of the change.A number of new standards, interpretations, and amendments to standards will become effective for annual periods beginning after 1January 2023, and early adoption is permit-ted. In preparing these financial statements, the Group has not early adopted any new or amended standards or interpretations, except for Amendments to IAS 1: Classifica-tion of Liabilities as Current or Non-current, which were issued in January 2020 and de-ferred to no earlier than 1 January 2024. In previous years, the Group had early adopted Amendments to IAS 1 from 1 January 2020.The adoption of these new standard, in-terpretations and amendments in future periods is not expected to give rise to a material impact on the consolidated financialstatements.2.3 Critical accounting estimates and assumptionsThe preparation of consolidated financial statements in conformity with IFRS requires management to exercise its judgement in theprocess of applying the Group\u2019s accounting policies. It also requires the use of certain critical accounting estimates and assump-tions discussed below.Certain amounts included in or affecting the consolidated financial statements and relat-ed disclosures are estimated, requiring the Group to make assumptions with respect to values or conditions which cannot be known with certainty at the time the consolidated financial statements are prepared. A critical accounting estimate or assumption is one which is both important to the portrayal of the Group\u2019s financial condition and results and requires management\u2019s most difficult, subjective or complex judgements, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Management evaluates such es-timates on an ongoing basis, using historical results and experience, consideration of relevant trends, consultation with experts and other methods considered reasonable inthe particular circumstances.The following is a summary of estimates and assumptions which have a material effect onthe financial statements.(a) Useful life and residual value of assetsThe Group reviews the useful lives and residual values of its vessels at least at eachfinancial year-end and any adjustments are made on a prospective basis. Residual valueis estimated as the lightweight tonnage of each vessel multiplied by the expected scrapvalue per ton. If estimates of the residual values are revised, the amounts of depre-ciation charges in the future periods will be changed.There was no significant change to the estimated residual values of any vessel for the financial years ended 31 December 2022and 31 December 2021.The useful lives of the vessels are assessed periodically based on the condition of the vessels, market conditions and other regula-tory requirements. If the estimates of useful lives for the vessels are revised or there is a change in useful lives, the amounts of depre-ciation charges recorded in future periods will be changed. (b) Impairment/Reversal of impairment of non-financial assetsProperty, plant and equipment and right-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired or a reversal of previously recognised impairment charge may be required. The recoverable amount of an asset, and where applicable, a cash-generating unit (\u201cCGU\u201d), is determined based on the higher of fair value less costs to sell and value-in-use calcula-tions prepared on the basis of management\u2019sassumptions and estimates.All impairment calculations demand a high degree of estimation, which include assess-ments of the expected cash flows arising from such assets under various modes of deployment, and the selection of discount rates. Changes to these estimates may significantly impact the impairment charges recognised, and future changes may lead to reversals of any previously recognised im-pairment charges. The Group views that the forecast of future freight rates, representingthe main driver of recoverable amounts of the Group\u2019s vessels to be inherently difficult to estimate. This is further complicated by the volatility in oil prices caused by geopol-itics and macroeconomic forces, together with the cyclical nature of freight rates pre-vailing in the tankers market.See Note 9 for further disclosures on estimation of the recoverable amounts of vessels.(c) Revenue recognitionAll freight voyage charter revenues and voy-age expenses are recognised on a percent-age of completion basis. Load-to-discharge basis is used in determining the percentage of completion for all spot voyages and voy-ages servicing contracts of affreightment. Under the load-to-discharge method, freight voyage charter revenue is recognised evenlyover the period from the point of loading of the current voyage to the point of discharge of the current voyage. Management uses its judgement in esti-mating the total number of days of a voyage based on historical trends, the operating capability of the vessel (speed and fuel consumption), and the distance of the trade route. Actual results, however, may differ from estimates. Demurrage revenue is recognised as reve-nue from voyage charters in profit or loss, based on past experience of demurrages recovered over total estimated claims issuedto customers historically.(d) Extension and purchase options in measurement of lease liabilitiesThe contracts of certain leased-in vessels contain purchase and/or extension options exercisable by the Group. The Group assess-es at lease commencement date, or re-as-sesses when there are significant changes in circumstances within its control, whether it is reasonably certain to exercise the op-tion(s). Such assessment requires manage-ment judgement and affects the measure-ment of right-of-use assets and related leaseliabilities. 2.4 Revenue and income recognitionRevenue comprises the fair value of con-sideration received or receivable for the rendering of services in the ordinary course of the Group\u2019s activities, net of rebates, discounts and off-hire charges, and after eliminating sales within the Group.(a) Rendering of servicesRevenue from rendering of services in the ordinary course of business is recognised when the Group satisfies a performance obligation (\u201cPO\u201d) by transferring control of a promised good or service to the customer. The amount of revenue recognised is the amount of the transaction price allocated to the satisfied PO.Revenue from time charters, accounted for as operating leases, is recognised rateably over the rental periods of such charters, as services are performed. Revenue from freight voyage charters is rec-ognised rateably over the estimated length of the voyage within the respective reportingperiod, in the event the voyage commenc-es in one reporting period and ends in the subsequent reporting period. The Group determines the percentage of completion of freight voyage charter using the load-to-dis-charge method. Under the load-to-dischargemethod, freight voyage charter revenue is recognised rateably over the period from thepoint of loading of the current voyage to the point of discharge of the current voyage.Revenue from chemical tankers freight voyage charter is recognised under the load-to-discharge method on individual contract basis.Losses arising from time or voyage charters are provided for in full as soon as they are anticipated.The Group has vessels which participate in commercial pools in which other vessel owners with similar, high-quality, modern and well-maintained vessels also participate.These pools employ experienced commer-cial charterers and operators who have established relationships with customers and brokers, while technical management is arranged by each vessel owner. The man-agers of the pools negotiate charters with customers primarily in the spot market. The earnings allocated to vessels are aggregat-ed and divided on the basis of a weighted scale, or pool point system, which reflects comparative voyage results on hypothetical benchmark routes. The pool point system considers various factors such as size, fuel consumption, class notation and other capa-bilities. Pool revenues are recognised when the vessel has participated in a pool duringthe period and the amount of pool revenue for the period can be estimated reliably.(b) Management feesRevenue from the provision of managementsupport services is recognised over time based on the period of services provided.(c) Interest incomeInterest income is recognised on an accrualbasis using the effective interest method.2.5 Group accounting(a) Subsidiaries(1) ConsolidationSubsidiaries are entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Sub-sidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated fromthe date that control ceases.In preparing the consolidated financial statements, transactions, balances and unrealised gains on transactions between group companies are eliminat-ed. Unrealised losses are also eliminat-ed but are considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been aligned where necessary to ensureconsistency with the policies adopted by (3) DisposalsWhen a change in the Group\u2019s ownership interest in a subsidiary results in a loss of control over the subsidiary, the assets and liabilities of the subsidiary including any goodwill are derecognised. Amounts previously recognised in other compre-hensive income in respect of that entity are also reclassified to profit or loss or transferred directly to retained earnings ifrequired by a specific standard.Any retained interest in the entity is re-measured at fair value. The differ-ence between the carrying amount of the retained interest at the date when control is lost and its fair value is recognised in profit or loss.the Group.(2) Acquisitions The acquisition method of accounting is used to account for business combina-tions by the Group.The consideration transferred for the acquisition of a subsidiary or business comprises the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value of any contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary.If the business combination is achieved in stages, the acquisition date carry-ing value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisi-tion date, and any gains or losses arisingfrom such re-measurement are recog-nised in profit or loss. Acquisition-related costs are expensed as incurred.Identifiable assets acquired and liabili-ties and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date.On an acquisition-by-acquisition basis, the Group recognises any non-con-trolling interest in the acquiree at the date of acquisition either at fair value orat the non-controlling interest\u2019s pro-portionate share of the acquiree\u2019s net identifiable assets.The excess of (i) the consideration transferred, the amount of any non-con-trolling interest in the acquiree, and the acquisition-date fair value of any previ-ous equity interest in the acquiree over the (ii) fair value of the net identifiable assets acquired, is recorded as goodwill.The excess of (i) fair value of the net identifiable assets acquired over the (ii) consideration transferred; the amount of any non-controlling interest in the acquiree; and the acquisition-date fair value of any previous equity interest in the acquiree; is recorded in profit or lossduring the period when it occurs.The Group has an option to apply a \u201ccon-centration test\u201d that permits a simplified assessment of whether an acquired set of activities and assets is not a business.The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.In case the Group acquires an asset or a group of assets (including any liabili-ties assumed) that does not constitute a business, then the transaction is outsidethe scope of IFRS 3 because it cannot meet the definition of a business combi-nation. Such transactions are accountedfor as asset acquisitions in which the cost of acquisition is generally allocat-ed between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. Transactions for assets acquisition do not give rise to goodwill ora gain on a bargain purchase.(b) Associated companies and joint venturesAssociated companies are entities over which the Group has significant influence, but not control or joint control. Significant influence is presumed to exist when the Group holds 20% or more of the voting rightsof another entity.Joint ventures are entities over which the Group has joint control as a result of con-tractual arrangements and rights to the net assets of the entities.Investments in associated companies and joint ventures are accounted for in the consolidated financial statements using the equity method of accounting (net of accumu lated impairment losses).The acquisition method of accounting is usedto account for new and incremental acqui-sitions in associated companies and joint ventures.Investments in associated companies and joint ventures are initially recognised at cost. The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Goodwill on associated companies and joint ventures represents the excess of the cost of acquisition of the associated companies and joint ventures over the Group\u2019s share of the fair value of the identifiable net assets of the associated companies or joint ventures and is included in the carrying amount of the investments. Any excess of the Group\u2019s share of the net fair value of the investee\u2019s identifiable assetsand liabilities over the cost of the investment is recognised in profit or loss during the period when it occurs.In applying the equity method of accounting, the Group\u2019s share of its associated com-panies\u2019 and joint ventures\u2019 post-acquisition profits or losses is recognised in profit or loss and its share of post-acquisition other comprehensive income is recognised in other comprehensive income. These post-ac-quisition movements and distributions re-ceived from associated companies and joint ventures are adjusted against the carrying amount of the investments. When the Group\u2019sshare of losses in an associated company or joint venture equals or exceeds its interest in the associated company or joint venture including any other unsecured non-current receivables, the Group does not recognise further losses, unless it has incurred obliga-tions or has made payments on behalf of the associated company or joint venture.Unrealised gains on transactions between the Group and its associated companies and joint ventures are eliminated to the extent of the Group\u2019s interest in the associated com-panies and joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary, adjust-ments are made to the financial statements of associated companies and joint ventures to ensure consistency of accounting policies with those of the Group.Investments in associated companies and joint ventures are derecognised when the Group loses significant influence or joint control. Any retained interest in the equity is remeasured at its fair value. The difference between the carrying amount of the retained investment at the date when significant influ-ence or joint control is lost and its fair value is recognised in profit or loss.Gains and losses arising from partial dispos-als or dilutions in investments in associated companies and joint ventures in which signif-icant influence or joint control is retained arerecognised in profit or loss.2.6 Property, plant and equipment(a) Measurement (1) Property, plant and equipment are ini-tially recognised at cost and subsequently carried at cost less accumulated deprecia-tion and accumulated impairment losses.(2) The cost of an item of property, plant and equipment initially recognised includes expenditure that is directly attributable to the acquisition of the item. Dismantlement, removal or restoration costs are included as part of the cost of property, plant and equipment if the obligation for dismantle-ment, removal or restoration is incurred as aconsequence of acquiring the asset. (3) The acquisition cost capitalised to a vessel under construction is the sum of the instalments paid plus other directly attribut-able costs incurred during the construction period including borrowing costs. Vessels under construction are not depreciated and reclassified as vessels upon delivery from the yard.(4) If significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate components of property, plant and equip-ment.(b) Depreciation (1) Depreciation is calculated using a straight-line method to allocate the deprecia-ble amounts of property, plant and equip-ment, after taking into account the residual (d) DisposalOn disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying amount isrecognised in profit or loss.values over their estimated useful lives. Theresidual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at least annually. The effects of any revision are recognised in profit or loss when the changes arise. The estimateduseful lives are as follows: Vessels - Tankers 25 years - Scrubbers 5 years - Dry docking 2.5 to 5 yearsA proportion of the price paid for new vessels is capitalised as dry docking. These costs are depreciated over the period to thenext scheduled dry docking, which is gener-ally 30 to 60 months. At the commencementof new dry docking, the remaining carrying amount of the previous dry docking will be written off to profit or loss.(2) Significant components of individual as-sets are assessed and if a component has auseful life that is different from the remain-der of that asset, that component is depre-ciated separately. The remaining carrying amount of the old component as a result ofa replacement will be written off to profit or loss.(c) Subsequent expenditureSubsequent expenditure relating to property,plant and equipment, including scrubbers and dry docking that has already been rec-ognised, is added to the carrying amount of the asset only when it is probable that futureeconomic benefits associated with the item will flow to the Group and the cost of the itemcan be measured reliably. All other repair and maintenance expense is recognised inprofit or loss when incurred.2.7 Intangible assetsThe amortisation period and amortisation method of intangible assets other than good-will are reviewed at least at each balance sheet date. The effects of any revision are recognised in profit or loss when the chang-es arise.IT infrastructure and customer contractsIT infrastructure and customer contracts acquired through business combinations areinitially recognised at fair value. These intan-gibles are subsequently carried at amortisedcost less accumulated impairment losses using the straight-line method over their individual estimated useful lives of 5 years.2.8 Financial assets(a) Recognition and initial measurementTrade receivables are initially recognised when they are originated. Other financial assets are recognised when the Group be-comes a party to the contractual provisionsof the instrument. Financial assets are initially recognised at fair value plus transaction costs except for financial assets at fair value through profit or loss (FVTPL), which are recognised at fair value. Transaction costs for financial assets at FVTPL are recognised immediately as expenses.(b) Classification The Group classifies its financial assets at amortised cost and at FVTPL. The classifica-tion depends on the business model in which a financial asset is managed and its contrac-tual cash flows characteristics. Managementdetermines the classification of its financial assets at initial recognition. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. The Group holds the following classes of financial assets:(1) Financial assets at amortised costA financial asset is classified as meas-ured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal andinterest on the principal amount outstanding.(2) FVTPL financial assetsAll financial assets not classified as measured at amortised cost as de-scribed above are measured at FVTPL.(d) Subsequent measurementFinancial assets at FVTPL are subsequentlycarried at fair value. Financial assets at amortised cost are subsequently carried at amortised cost using the effective interest method.Changes in the fair values of financial assetsat FVTPL including the effects of currency translation are recognised in profit or loss.They are presented as current assets, except for those expected to be realised later than 12 months after the balance sheet date which are presented as non-current assets. They are presentedas \u201ctrade and other receivables\u201c (Note 12), \u201cloans receivable from joint ven-ture\u201d, \u201cloans receivable from pool par-ticipants\u201d (Note 13) and \u201ccash and cash equivalents\u201d (Note 15) in the consolidat-ed balance sheet.(3) Equity investments at FVOCIOn initial recognition of an equity invest-ment that is not held-for-trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made onan investment-by-investment basis.The Group has presented its equity in-vestments as non-current assets on the balance sheet which will be reclassified to current assets in the event man-agement intends to dispose the assets within 12 months after the balance sheetdate.(c) Business model assessmentThe Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level be-cause this best reflects the way the businessis managed and information is provided to management. The information considered includes:\u2022 the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the finan-cial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets;\u2022 the stated policies and objectives for the portfolio and the operation of those poli-cies in practice;\u2022 how the performance of the portfolio is evaluated and reported to the Group\u2019s management;\u2022 the risks that affect the performance of the business model (and the financial as-sets held within that business model) and how those risks are managed;\u2022 how managers of the business are com-pensated \u2013 e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity.Transfers of financial assets to third par-ties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Group\u2019s continuing recognition of the assets.(f) Offsetting financial instrumentsFinancial assets and liabilities are offset, and the net amount reported in the consolidated balance sheet, when there is a legally enforce-able right to offset the recognised amounts and there is an intention to settle on a net ba-sis, or to realise the asset and settle the liabilitysimultaneously.(g) ImpairmentFor financial assets measured at amortised cost and contract assets, the Group assessesat each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired and recognises an allowance for expected credit loss (ECL) at an amount equal to the lifetime expected credit loss if there has been a significant increase in credit risk since initial (e) Derecognition of financial assetsFinancial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cashflows in a transaction in which substantially all of the risks and rewards of ownership of the fi-nancial asset are transferred or in which theGroup neither retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.recognition. If the credit risk has not in-creased significantly since initial recognition, the Group recognises an allowance for ECL at an amount equal to 12-month ECL. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.12-month ECLs are the portion of ECLs that results from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.For trade receivables and contract assets, theGroup applied the simplified approach permit- ted by IFRS 9, which requires the loss allow-ance to be measured at an amount equal to lifetime ECLs.The Group applies the general approach to provide for ECLs on all other financial instru-ments. Under the general approach, the loss allowance is measured at an amount equal to 12-month ECLs at initial recognition.At each reporting date, the Group assesses whether the credit risk of a financial instru-ment has increased significantly since initial recognition. When credit risk has increased significantly since initial recognition, loss allowance is measured at an amount equal to lifetime ECLs. Measurement of ECLsECLs are probability-weighted estimates of credit losses. Credit losses are measured at the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effectiveinterest rate of the financial asset.Credit-impaired financial assetsAt each reporting date, the Group assesses whether financial assets carried at amor-tised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.Evidence that a financial asset is credit-im-paired includes the following observable data:\u2022 significant financial difficulty of the debt-or;\u2022 a breach of contract such as a default or being more than 90 days past due;\u2022 the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 it is probable that the debtor will enter bankruptcy or other financial reorganisa-tion; or\u2022 the disappearance of an active market for a security because of financial difficulties.Presentation of allowance for ECLs in the balance sheetLoss allowances for financial assets meas-ured at amortised cost and contract as-sets are deducted from the gross carrying amount of these assets.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and quali-tative information and analysis, based on the Group\u2019s historical experience, informed credit assessment and other forward-look-ing information.The Group assumes that the credit risk on a financial asset has increased significantly if the debtor is under significant financial dif-ficulties, or when there is default or signifi-cant delay in payments. The Group considersa financial asset to be in default when the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held). When the asset becomes uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previ-ously written off are recognised against the same line item in profit or loss.The allowance for impairment loss ac-count is reduced through profit or loss in a subsequent period when the amount of ECL decreases and the related decrease can be objectively measured. The carrying amount of the asset previously impaired is increasedto the extent that the new carrying amount does not exceed the amortised cost had no impairment been recognised in prior periods.2.9 Financial liabilitiesFinancial liabilities are classified and meas-ured at amortised cost. Directly attributable transaction costs are recognised in profit orloss as incurred.The Group derecognises a financial liability when its contractual obligations are dis-charged, cancelled, or expired. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially dif-ferent, in which case a new financial liability based on the modified terms is recognised atfair value.On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.2.10 Impairment of non-financial assetsProperty, plant and equipment are tested for impairment whenever there is objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fairvalue less costs to sell and value-in-use) is determined on an individual asset basis un-less the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, the recov-erable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carryingamount, the carrying amount of the asset (orCGU) is reduced to its recoverable amount.The impairment is then allocated to each single vessel on a pro-rata basis, based on the carrying amount of each vessel in the CGU with the limit of the higher of fair value less cost of disposal and value in use. The difference between the carrying amount and recoverable amount is recognised as animpairment loss in profit or loss. An impairment loss for an asset (or CGU) other than goodwill is reversed if, and only if, there has been a change in the estimate of the asset\u2019s (or CGU\u2019s) recoverable amountsince the last impairment loss was recog-nised. The carrying amount of the asset (or CGU) is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumu-lated amortisation and depreciation) had no impairment loss been recognised for the asset (or CGU) in prior years. A reversal of impairment loss for an asset (or CGU) other than goodwill is recognised in profit or loss.2.11 BorrowingsBorrowings are recognised initially at fair value, net of transaction costs incurred. Bor-rowings are subsequently stated at amortisedcost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are presented as current liabilities unless the Group has an uncondi-tional right to defer settlement for at least 12 months after the balance sheet date, in which case they are presented as non-current liabilities.The Group derecognises a borrowing when its contractual obligations are discharged, cancelled, or expired. The Group also derec-ognises a borrowing when its terms are modi-fied and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value.On derecognition of a borrowing, the differ-ence between the carrying amount extin-guished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.2.12 Borrowing costsBorrowing costs are recognised in profit or loss using the effective interest method except for those costs that are directly at-tributable to the construction of vessels. Thisincludes those costs on borrowings acquiredspecifically for the construction of vessels, as well as those in relation to general bor-rowings used to finance the construction of vessels.Borrowing costs are capitalised in the cost of the vessel under construction. Borrowing costs on general borrowings are capitalisedby applying a capitalisation rate to the con-struction expenditure that are financed by general borrowings.2.13 Trade and other payablesTrade payables are obligations to pay for goods or services that have been acquired from suppliers in the ordinary course of business. Trade and other payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.Trade and other payables are initially recog-nised at fair value and subsequently carried at amortised cost using the effective interestmethod, and are derecognised when the Group\u2019s obligation has been discharged or cancelled or expired. 2.14 Derivative financial instruments and hedging activities A derivative financial instrument is initially recognised at its fair value on the date the contract is entered into and is subsequently carried at its fair value. The fair value of de-rivative financial instruments represents the amount estimated by banks or brokers that the Group will receive or pay to terminate thederivatives at the balance sheet date.For derivative financial instruments that are not designated or do not qualify for hedge accounting, any fair value gains or losses are recognised in profit or loss as a finance item. In particular, gains and losses on currency derivatives are presented in profit or loss as \u2018foreign currency exchange gain/(loss) \u2013 net\u2019, whilst gains and losses on other derivatives are presented in profit or loss as \u2019derivative gain/(loss) \u2013 net\u2019, unless the gainsand losses are material. The Group designates certain financial instruments in qualifying hedging relation-ships and documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on a periodic ba-sis, of whether the derivatives designated as hedging instruments are highly effective in offsetting changes in fair value or cash flowsof the hedged items prospectively. For the purpose of evaluating whether the hedging relationship is expected to be highly effective (i.e. prospective effectivenessassessment), the Group assumes that the benchmark interest rate is not affected as a result of IBOR reform.The Group enters into hedge relationships where the critical terms of the hedging in-strument match exactly with the terms of thehedged item and no hedge ineffectiveness is deemed to exist. In circumstances when the terms of the hedged item do not match exactly the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness of hedging relationship.Cash flow hedges \u2013 interest rate derivativesThe Group has entered into interest rate swaps that are cash flow hedges for the Group\u2019s exposure to interest rate risk on its borrowings. These contracts entitle the Group to receive interest at floating rates on notional principal amounts and oblige the Group to pay interest at fixed rates on the same notional principal amounts, thus allowing the Group to raise borrowings at floating rates and swap them into fixed rates. For the purpose of hedge account-ing, management designated a portion of the nominal value of loans to be hedged by the total notional value of the interest rate swaps. There is no imbalance that would create ineffectiveness and cause the relationship to be inconsistent with the purpose of hedge accounting.The Group has also entered into several interest rate caps that entitle the Group to receive interest payments when the floating interest rate goes above the strike rate. Since 2020, these interest rate caps were discontinued as hedging instruments and any fair value changes are recorded in profit or loss.The fair value changes on the effective por-tion of interest rate derivatives designated as cash flow hedges are recognised in other comprehensive income, accumulat-ed in the hedging reserve and reclassified to profit or loss when the hedged interest expense on the borrowings is recognised inprofit or loss. The fair value changes on theineffective portion of these interest rate derivatives are recognised immediately in profit or loss.For a cash flow hedge of a forecast trans-action, the Group assumes that the bench-mark interest rate will not be altered as a result of interbank offered rates (IBOR) reform for the purpose of asserting that the forecast transaction is highly probable and presents an exposure to variations in cash flows that could ultimately affect profit or loss. The Group will no longer apply the amend-ments to its highly probable assessment of the hedged item when the uncertainty aris-ing from interest rate benchmark reform with respect to the timing and amount of the interest rate benchmark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued.To determine whether the designated fore-cast transaction is no longer expected to occur, the Group assumes that the interest rate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform.Hedges directly affected by interest rate benchmark reformPhase 1 amendments: Prior to interest rate benchmark reform \u2013 when there is uncer-tainty arising from interest rate benchmark reformFor the purpose of evaluating whether the hedging relationship is expected to be high-ly effective (i.e. prospective effectiveness assessment), the Group assumes that the benchmark interest rate is not affected as a result of interest rate benchmark reform.For a cash flow hedge of a forecast trans-action, the Group assumes that the bench-mark interest rate will not be altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast transaction is highly probable andpresents an exposure to variations in cash flows that could ultimately affect profit or loss. In determining whether a previously des-ignated forecast transaction in a discon-tinued cash flow hedge is still expected to occur, the Group assumes that the interestrate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform.The Group will cease to apply the specific policy for assessing the economic rela-tionship between the hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the uncertain-ty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the con-tractual cash flows of the respective item or instrument; or (ii) when the hedging relationship is discontinued.Phase 2 amendments: Replacement of benchmark interest rates \u2013 when there is no longer uncertainty arising from interestrate benchmark reformThe basis for determining the contractual cash flows of the hedged item or the hedging instrument may be modified as required by the IBOR reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: \u2022 the change is necessary as a direct consequence of the reform; and\u2022 the new basis for determining the contractual cash flows is economically equivalent to the previous basis \u2013 i.e. the basis immediately before the changeFor these modifications, the Group amends the hedge documentation of that hedging relationship to reflect the change(s) requiredby interest rate benchmark reform when there is no longer uncertainty about the cash flows of the hedged item or the hedginginstrument.For this purpose, the hedge designation is amended only to make one or more of the following changes:\u2022 designating an alternative benchmark rate as the hedged risk\u2022 updating the description of hedged item, including the description of the desig- nated portion of the cash flows or fair value being hedged; or\u2022 updating the description of the hedging instrumentThe Group amends the description of the hedging instrument only if the following con-ditions are met:\u2022 it makes a change required by interest rate benchmark reform by changing the basis for determining the contractual cash flows of the hedging instrument or using another approach that is econom- ically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and\u2022 the original hedging instrument is not derecognisedThese amendments in the formal hedge documentation do not constitute the discon-tinuation of the hedging relationship or the designation of a new hedging relationship.If other changes are made in addition to those changes required by interest rate benchmark reform described above, then theGroup first considers whether those addi-tional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in discontinuation of the hedge accounting rela-tionship, then the Group amends the formal hedge documentation for changes required by interest rate benchmark reform as men-tioned above.When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Group deems that the hedging reserve recognised in other comprehensive income for that hedging relationship is based on the alter-native benchmark rate on which the hedged future cash flows will be based.2.15 Freight forward agreementsThe Group has entered into freight forward agreements to manage its exposure to freight rates. Further details of derivative fi-nancial instruments are disclosed in Note 20.Derivatives are initially recognised at fair value at the date the derivative contract is entered into and are subsequently remeas-ured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in profit or loss immediate-ly unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recog-nised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both legal right and inten-tion to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instruments is more than 12 months and it is not expectedto be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities.The Group does not apply hedge account-ing and therefore all changes in fair values of forward freight agreements used for economic hedges are recognised in profit or loss.2.16 Fair value estimation of financial assets and liabilities The fair values of financial instruments trad-ed in active markets (such as exchange-trad-ed and over-the-counter securities and derivatives) are based on quoted market prices at the balance sheet date. The quoted market prices used for financial assets are the current bid prices and the quoted marketprices for financial liabilities are the current asking prices.The fair values of financial instruments that are not traded in an active market are determined by using valuation techniques such as discounted cash flow analyses. The Group uses a variety of methods and makes assumptions that are based on market con-ditions existing at each balance sheet date. Where appropriate, quoted market prices or dealer quotes for similar instruments are used.The fair value of interest rate derivatives is calculated as the present value of the estimated future cash flows, discounted at actively quoted interest rates. The fair value of forward foreign exchange contracts is determined using forward exchange market rates at the balance sheet date.The carrying amounts of current financial assets and liabilities, measured at amortisedcost, approximate their fair values, due to the short term nature of the balances. The fair values of financial liabilities carried at amortised cost are estimated by discounting the future contractual cash flows at current market interest rates, determined as those that are available to the Group at balance sheet date for similar financial instruments.2.17 Leases(a) When a group company is the lesseeAt inception of a contract, the Group as-sesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to con-trol the use of an identified asset, the Group uses the definition of a lease in IFRS 16.For leases of vessels, the Group allocates theconsideration in the contract to each lease and non-lease component on the basis of its relative stand-alone prices. However, for leases of property and other equipment, the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component.The Group recognises a right-of-use asset and a lease liability at the lease commence-ment date. The right-of-use asset is initially measured at cost, which comprises the initialamount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset, less any lease incentives received.The right-of-use asset is subsequently carried at cost less accumulated depreci-ation and accumulated impairment losses. Depreciation is calculated using a straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects thatthe Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated over the useful life of the under-lying asset, which is determined on the same basis as those of property and equipment.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the applicable incremental bor-rowing rate. Generally, the Group uses the incremental borrowing rates as the discount rates. The Group determines the incrementalborrowing rates by obtaining interest rates from various external financing sources.Lease payments included in the measure-ment of the lease liability comprise the following:\u2022 fixed payments, including in-substance fixed payments\u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date\u2022 amounts expected to be payable under a residual value guarantee\u2022 exercise price under a purchase option that the Group is reasonably certain to exercise\u2022 lease payments in an optional renewal pe riod if the Group is reasonably certain to exercise an extension option; and\u2022 payment of penalties for early termination of a lease unless the Group is reasonably certain that it will not terminate earlyThe lease liability is subsequently measured at amortised cost using the effective interestmethod. It is remeasured when:\u2022 there is a change in future lease pay- ments arising from a change in an index or rate\u2022 there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee; or\u2022 there is a change in the Group\u2019s assess- ment of whether it will exercise a pur- chase, extension or termination optionWhen the lease liability is remeasured in thisway, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recognised in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.The Group presents right-of-use assets as a part of total property, plant and equipment and lease liabilities in \u2018borrowings\u2019 in the consolidated balance sheet.Short-term and low value leasesThe Group has elected not to recognise right-of-use assets and lease liabilities for leases with lease terms that are less than 12months and other low-value assets. Lease payments associated with these leases are recognised as an expense in profit or loss ona straight-line basis over the lease term.(b) When a group company is the lessorThe Group determines at lease inception whether each lease is a finance lease or an operating lease.Finance leasesLeases of assets in which the Group trans-fers (leases out) substantially all risks and rewards incidental to ownership of the leased asset to the lessees are classified as finance leases. The leased asset is derec-ognised and the present value of the lease receivable (net of initial direct costs for nego-tiating and arranging the lease) is recognisedon the consolidated balance sheet as finance lease receivables. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance income. Lease income, included as part of revenue, is recognised over the lease term using the net investment method, which reflects a constant periodic rate of return.The Group applies the derecognition and impairment requirements in IFRS 9 to the netinvestment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease.Operating leasesLeases of assets in which the Group retains substantially all risks and rewards incidental to ownership are classified as operating leas-es. Assets leased out under operating leases are included in property, plant and equipment. Rental income (net of any incentives given to lessee) is recognised on a straight-line basis over the lease term.Intermediate leasesWhen the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is short-term lease to which the Group applies the exemption described above, the sub-lease is then classified as an operating lease.(c) Sale and leasebackA sale and leaseback transaction is where the Group transfers an asset to another en-tity (the buyer-lessor) and leases that asset back from the buyer-lessor.Where the buyer-lessor obtains control of the transferred asset, the Group meas-ures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right-of-use retained by the Group.Where the buyer-lessor does not obtain control of the transferred asset, the Group continues to recognise the transferred assetand recognises a financial liability equal to the transfer proceeds.2.18 InventoriesInventories comprise mainly fuel and lubri-cating oils which are used for operation of vessels. The cost of inventories includes purchase costs, as well as any other costs incurred in bringing inventory on board the vessel. Inven-tories are accounted for on a first-in, first-outbasis, and stated at lower of cost and net realisable value. Consumption of inventories is recognised as an expense in profit or loss when the usage occurs.2.19 Income taxesThe tax expense for the period comprises current and deferred taxes. Tax is recog-nised as income or expense in profit or loss, except to the extent that it relates to items recognised in other comprehensive income in which case the tax is also recognised in other comprehensive income.The current income tax charge is calculated on the basis of the tax laws enacted or sub-stantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Positions tak-en in tax returns are evaluated periodically, with respect to situations in which applicabletax regulations are subject to interpretation, and provisions are established where ap-propriate, on the basis of amounts expected to be paid to the tax authorities. In relation to accounting for tax uncertainties, where it is more likely than not that the final tax outcome would be favourable to the Group, no tax provision is recognised until payment to the tax authorities is required, and upon which a tax asset, measured at the expected recoverable amount, is recognised.Deferred income tax is provided in full, usingthe liability method, on temporary differenc-es arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. How-ever, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combina-tion that at the time of the transaction affectsneither accounting nor taxable profit or loss,it is not accounted for. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is recognised on tem-porary differences arising on income earnedfrom investments in subsidiaries, except where the timing of the reversal of the tem-porary difference can be controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeablefuture.Deferred income tax assets and liabilities are offset when there is a legally enforcea-ble right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or dif-ferent taxable entities where there is an in-tention to settle the balances on a net basis.2.20 Employee benefitsEmployee benefits are recognised as anexpense, unless the cost qualifies to be clas-sified as an asset.(a) Defined contribution plansDefined contribution plans are post-em-ployment benefit plans under which the Group pays fixed contributions into sepa-rate entities on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid.(b) Employee leave entitlementEmployee entitlements to annual leave are recognised when they accrue to employees. An accrual is made for the estimated liabilityfor annual leave as a result of services ren-dered by employees up to the balance sheet date.(c) Share-based paymentDuring the financial years ended 31 Decem-ber 2021 and 2022, the Group introduced Long Term Incentive Plan (LTIP) 2021 and LTIP 2022 respectively. Under this scheme, the grant-date fair value of equity-settled share-based payment arrangements grantedto employees is generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards.The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recog-nised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date.2.21 Foreign currency translation(a) Functional and presentation currency Items included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The consolidatedfinancial statements are presented in UnitedStates Dollars, which is the Company\u2019s functional currency. All financial informationpresented in US dollars has been rounded to the nearest thousand, unless otherwise stated.(b) Transactions and balancesTransactions in a currency other than the functional currency (\u201cforeign currency\u201d) are translated into the functional currency usingthe exchange rates prevailing at the date of the transactions. Foreign currency exchangegains and losses resulting from the settle-ment of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date, are recognised in profit or loss. 2.22 Cash and cash equivalentsFor the purpose of presentation in the con-solidated statement of cash flows, cash andcash equivalents include cash on hand and deposits held at call with financial institu-tions, which are subject to an insignificant risk of change in value. 2.23 Share capital Common shares are classified as equity.Incremental costs directly attributable to theissuance of new equity instruments are tak-en to equity as a deduction, net of tax, from the proceeds.2.24 DividendsInterim dividends are recognised in the fi-nancial year in which they are declared pay-able and final dividends are recognised whenthe dividends are approved for payment by the directors and shareholders respectively.2.25 ProvisionsProvisions are recognised when the Group has a present legal or constructive obligationwhereby as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and a reliable estimate of the settlement amount can be made. When the Group expects a pro-vision to be reimbursed, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. Provisions are not recognised for future operating losses.For leased-in assets, the Group recognis-es a provision for the estimated costs of reinstatement arising from the use of these assets. This provision is estimated based on the best estimate of the expenditure requiredto settle the obligation, taking into considera-tion time value.2.26 Financial guarantee contractsFinancial guarantee contracts are account-ed for as insurance contracts and treated as contingent liabilities until such time as they become probable that the Group will be required to make a payment under the guarantee. A provision is recognised basedon the Group\u2019s estimate of the ultimate costof settling all claims incurred but unpaid at the balance sheet date. The provision is assessed by reviewing individual claims and tested for adequacy by comparing the amount recognised and the amount that would be required to settle the guarantee contract.2.27 Assets held for saleNon-current assets are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of car-rying amount and fair value less costs to sell.The assets are not depreciated or amortised while they are classified as held for sale. Any impairment loss on initial classification and subsequent measurement is recognised as an expense in profit or loss. Any subsequent increase in fair value less costs to sell (not exceeding the accumulated impairment loss that has been previously recognised) is rec-ognised in profit or loss.2.28 Segment reportingOperating segments are reported in a man-ner consistent with the internal reporting provided to management who are responsi-ble for allocating resources and assessing performance of the operating segments.2.29 Earnings per shareThe Group presents basic and diluted earn-ings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted-average number of ordinary shares outstanding during the year, adjustedfor own shares held. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholdersand the weighted-average number of ordi-nary shares outstanding, adjusted for own shares held, and the effects of all dilutive potential ordinary shares, which comprise share options granted to employees.",
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"value": "2.1 Basis of preparationThe consolidated financial statements have been prepared in accordance with Interna-tional Financial Reporting Standards (IFRS), and have been prepared under the historicalcost convention, except as disclosed in the accounting policies below.",
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"value": "The consolidated financial statements have been prepared in accordance with Interna-tional Financial Reporting Standards (IFRS), and have been prepared under the historicalcost convention, except as disclosed in the accounting policies below.",
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"pp-value-21-2": {
"value": "2.2 Changes in accounting policiesNew standard and amendments to published standards, effective in 2022 and subsequent yearsThe Group has applied the following IFRSs,amendments to and interpretations of IFRS for the first time for the annual period begin-ning on 1 January 2022:Amendments:- Amendments to IFRS 3: Reference to the Conceptual Framework- Amendments to IAS 16: Property, Plant and Equipment \u2013 Proceeds before Intended Use- Amendments to IAS 37: Onerous Contracts \u2013 Cost of Fulfilling a Contract- Annual Improvements to IFRS 2018-2020 The application of these amendments to standards and interpretations does not have a material effect on the financial statements.The Group has adopted Amendments to IAS 37: Onerous Contracts \u2013 Cost of Fulfilling a Contract from 1 January 2022. This resultedin a change in accounting policy for perform-ing an onerous contracts assessment. Pre-viously, the Group included only incremental costs to fulfil a contract when determining whether that contract was onerous. The revised policy is to include both incremental costs and an allocation of other direct costs.The amendments apply prospectively to contracts existing at the date when the amendments are first applied. The Group hasanalysed all contracts existing at 1 January 2022 and determined that none of them would be identified as onerous applying the revised accounting policy \u2013 i.e. there is no impact on the opening equity balances as at 1 January 2022 as a result of the change.A number of new standards, interpretations, and amendments to standards will become effective for annual periods beginning after 1January 2023, and early adoption is permit-ted. In preparing these financial statements, the Group has not early adopted any new or amended standards or interpretations, except for Amendments to IAS 1: Classifica-tion of Liabilities as Current or Non-current, which were issued in January 2020 and de-ferred to no earlier than 1 January 2024. In previous years, the Group had early adopted Amendments to IAS 1 from 1 January 2020.The adoption of these new standard, in-terpretations and amendments in future periods is not expected to give rise to a material impact on the consolidated financialstatements.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-21-3": {
"value": "2.2 Changes in accounting policiesNew standard and amendments to published standards, effective in 2022 and subsequent yearsThe Group has applied the following IFRSs,amendments to and interpretations of IFRS for the first time for the annual period begin-ning on 1 January 2022:Amendments:- Amendments to IFRS 3: Reference to the Conceptual Framework- Amendments to IAS 16: Property, Plant and Equipment \u2013 Proceeds before Intended Use- Amendments to IAS 37: Onerous Contracts \u2013 Cost of Fulfilling a Contract- Annual Improvements to IFRS 2018-2020 The application of these amendments to standards and interpretations does not have a material effect on the financial statements.The Group has adopted Amendments to IAS 37: Onerous Contracts \u2013 Cost of Fulfilling a Contract from 1 January 2022. This resultedin a change in accounting policy for perform-ing an onerous contracts assessment. Pre-viously, the Group included only incremental costs to fulfil a contract when determining whether that contract was onerous. The revised policy is to include both incremental costs and an allocation of other direct costs.The amendments apply prospectively to contracts existing at the date when the amendments are first applied. The Group hasanalysed all contracts existing at 1 January 2022 and determined that none of them would be identified as onerous applying the revised accounting policy \u2013 i.e. there is no impact on the opening equity balances as at 1 January 2022 as a result of the change.A number of new standards, interpretations, and amendments to standards will become effective for annual periods beginning after 1January 2023, and early adoption is permit-ted. In preparing these financial statements, the Group has not early adopted any new or amended standards or interpretations, except for Amendments to IAS 1: Classifica-tion of Liabilities as Current or Non-current, which were issued in January 2020 and de-ferred to no earlier than 1 January 2024. In previous years, the Group had early adopted Amendments to IAS 1 from 1 January 2020.The adoption of these new standard, in-terpretations and amendments in future periods is not expected to give rise to a material impact on the consolidated financialstatements.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-24-2": {
"value": "2.3 Critical accounting estimates and assumptionsThe preparation of consolidated financial statements in conformity with IFRS requires management to exercise its judgement in theprocess of applying the Group\u2019s accounting policies. It also requires the use of certain critical accounting estimates and assump-tions discussed below.Certain amounts included in or affecting the consolidated financial statements and relat-ed disclosures are estimated, requiring the Group to make assumptions with respect to values or conditions which cannot be known with certainty at the time the consolidated financial statements are prepared. A critical accounting estimate or assumption is one which is both important to the portrayal of the Group\u2019s financial condition and results and requires management\u2019s most difficult, subjective or complex judgements, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Management evaluates such es-timates on an ongoing basis, using historical results and experience, consideration of relevant trends, consultation with experts and other methods considered reasonable inthe particular circumstances.The following is a summary of estimates and assumptions which have a material effect onthe financial statements.(a) Useful life and residual value of assetsThe Group reviews the useful lives and residual values of its vessels at least at eachfinancial year-end and any adjustments are made on a prospective basis. Residual valueis estimated as the lightweight tonnage of each vessel multiplied by the expected scrapvalue per ton. If estimates of the residual values are revised, the amounts of depre-ciation charges in the future periods will be changed.There was no significant change to the estimated residual values of any vessel for the financial years ended 31 December 2022and 31 December 2021.The useful lives of the vessels are assessed periodically based on the condition of the vessels, market conditions and other regula-tory requirements. If the estimates of useful lives for the vessels are revised or there is a change in useful lives, the amounts of depre-ciation charges recorded in future periods will be changed. (b) Impairment/Reversal of impairment of non-financial assetsProperty, plant and equipment and right-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired or a reversal of previously recognised impairment charge may be required. The recoverable amount of an asset, and where applicable, a cash-generating unit (\u201cCGU\u201d), is determined based on the higher of fair value less costs to sell and value-in-use calcula-tions prepared on the basis of management\u2019sassumptions and estimates.All impairment calculations demand a high degree of estimation, which include assess-ments of the expected cash flows arising from such assets under various modes of deployment, and the selection of discount rates. Changes to these estimates may significantly impact the impairment charges recognised, and future changes may lead to reversals of any previously recognised im-pairment charges. The Group views that the forecast of future freight rates, representingthe main driver of recoverable amounts of the Group\u2019s vessels to be inherently difficult to estimate. This is further complicated by the volatility in oil prices caused by geopol-itics and macroeconomic forces, together with the cyclical nature of freight rates pre-vailing in the tankers market.See Note 9 for further disclosures on estimation of the recoverable amounts of vessels.(c) Revenue recognitionAll freight voyage charter revenues and voy-age expenses are recognised on a percent-age of completion basis. Load-to-discharge basis is used in determining the percentage of completion for all spot voyages and voy-ages servicing contracts of affreightment. Under the load-to-discharge method, freight voyage charter revenue is recognised evenlyover the period from the point of loading of the current voyage to the point of discharge of the current voyage. Management uses its judgement in esti-mating the total number of days of a voyage based on historical trends, the operating capability of the vessel (speed and fuel consumption), and the distance of the trade route. Actual results, however, may differ from estimates. Demurrage revenue is recognised as reve-nue from voyage charters in profit or loss, based on past experience of demurrages recovered over total estimated claims issuedto customers historically.(d) Extension and purchase options in measurement of lease liabilitiesThe contracts of certain leased-in vessels contain purchase and/or extension options exercisable by the Group. The Group assess-es at lease commencement date, or re-as-sesses when there are significant changes in circumstances within its control, whether it is reasonably certain to exercise the op-tion(s). Such assessment requires manage-ment judgement and affects the measure-ment of right-of-use assets and related leaseliabilities. ",
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"pp-value-6-2": {
"value": "Notes to the Consolidated Financial StatementsThese notes form an integral part of and should be read in conjunction with the accompanying consolidated financial statements.1. General information1.1 General information(the \u201cCompany\u201d) is listed onthe Oslo Stock Exchange and incorporatedand domiciled inThe address of itsregistered office isThe principal activity of the Group relates tothe provision of global maritime services in the product and chemical tankers market.Hafnia LimitedBermudaWashington Mall Phase2, 4th Floor, Suite 400, 22 Church Street, HM1189, Hamilton HM EX, Bermuda.BermudaWashingtonMall Phase 2, 4th Floor, Suite 400, 22 ChurchStreet, HM 1189, Hamilton HM EX, Bermuda.investment holding",
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"pp-value-26-3": {
"value": "(a) Useful life and residual value of assetsThe Group reviews the useful lives and residual values of its vessels at least at eachfinancial year-end and any adjustments are made on a prospective basis. Residual valueis estimated as the lightweight tonnage of each vessel multiplied by the expected scrapvalue per ton. If estimates of the residual values are revised, the amounts of depre-ciation charges in the future periods will be changed.There was no significant change to the estimated residual values of any vessel for the financial years ended 31 December 2022and 31 December 2021.The useful lives of the vessels are assessed periodically based on the condition of the vessels, market conditions and other regula-tory requirements. If the estimates of useful lives for the vessels are revised or there is a change in useful lives, the amounts of depre-ciation charges recorded in future periods will be changed. (b) Impairment/Reversal of impairment of non-financial assetsProperty, plant and equipment and right-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired or a reversal of previously recognised impairment charge may be required. The recoverable amount of an asset, and where applicable, a cash-generating unit (\u201cCGU\u201d), is determined based on the higher of fair value less costs to sell and value-in-use calcula-tions prepared on the basis of management\u2019sassumptions and estimates.All impairment calculations demand a high degree of estimation, which include assess-ments of the expected cash flows arising from such assets under various modes of deployment, and the selection of discount rates. Changes to these estimates may significantly impact the impairment charges recognised, and future changes may lead to reversals of any previously recognised im-pairment charges. The Group views that the forecast of future freight rates, representingthe main driver of recoverable amounts of the Group\u2019s vessels to be inherently difficult to estimate. This is further complicated by the volatility in oil prices caused by geopol-itics and macroeconomic forces, together with the cyclical nature of freight rates pre-vailing in the tankers market.See Note 9 for further disclosures on estimation of the recoverable amounts of vessels.(c) Revenue recognitionAll freight voyage charter revenues and voy-age expenses are recognised on a percent-age of completion basis. Load-to-discharge basis is used in determining the percentage of completion for all spot voyages and voy-ages servicing contracts of affreightment. Under the load-to-discharge method, freight voyage charter revenue is recognised evenlyover the period from the point of loading of the current voyage to the point of discharge of the current voyage. Management uses its judgement in esti-mating the total number of days of a voyage based on historical trends, the operating capability of the vessel (speed and fuel consumption), and the distance of the trade route. Actual results, however, may differ from estimates. Demurrage revenue is recognised as reve-nue from voyage charters in profit or loss, based on past experience of demurrages recovered over total estimated claims issuedto customers historically.(d) Extension and purchase options in measurement of lease liabilitiesThe contracts of certain leased-in vessels contain purchase and/or extension options exercisable by the Group. The Group assess-es at lease commencement date, or re-as-sesses when there are significant changes in circumstances within its control, whether it is reasonably certain to exercise the op-tion(s). Such assessment requires manage-ment judgement and affects the measure-ment of right-of-use assets and related leaseliabilities. ",
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},
"pp-value-30-3": {
"value": "2.4 Revenue and income recognitionRevenue comprises the fair value of con-sideration received or receivable for the rendering of services in the ordinary course of the Group\u2019s activities, net of rebates, discounts and off-hire charges, and after eliminating sales within the Group.(a) Rendering of servicesRevenue from rendering of services in the ordinary course of business is recognised when the Group satisfies a performance obligation (\u201cPO\u201d) by transferring control of a promised good or service to the customer. The amount of revenue recognised is the amount of the transaction price allocated to the satisfied PO.Revenue from time charters, accounted for as operating leases, is recognised rateably over the rental periods of such charters, as services are performed. Revenue from freight voyage charters is rec-ognised rateably over the estimated length of the voyage within the respective reportingperiod, in the event the voyage commenc-es in one reporting period and ends in the subsequent reporting period. The Group determines the percentage of completion of freight voyage charter using the load-to-dis-charge method. Under the load-to-dischargemethod, freight voyage charter revenue is recognised rateably over the period from thepoint of loading of the current voyage to the point of discharge of the current voyage.Revenue from chemical tankers freight voyage charter is recognised under the load-to-discharge method on individual contract basis.Losses arising from time or voyage charters are provided for in full as soon as they are anticipated.The Group has vessels which participate in commercial pools in which other vessel owners with similar, high-quality, modern and well-maintained vessels also participate.These pools employ experienced commer-cial charterers and operators who have established relationships with customers and brokers, while technical management is arranged by each vessel owner. The man-agers of the pools negotiate charters with customers primarily in the spot market. The earnings allocated to vessels are aggregat-ed and divided on the basis of a weighted scale, or pool point system, which reflects comparative voyage results on hypothetical benchmark routes. The pool point system considers various factors such as size, fuel consumption, class notation and other capa-bilities. Pool revenues are recognised when the vessel has participated in a pool duringthe period and the amount of pool revenue for the period can be estimated reliably.(b) Management feesRevenue from the provision of managementsupport services is recognised over time based on the period of services provided.(c) Interest incomeInterest income is recognised on an accrualbasis using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-33-4": {
"value": "(b) Management feesRevenue from the provision of managementsupport services is recognised over time based on the period of services provided.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-4": {
"value": "(c) Interest incomeInterest income is recognised on an accrualbasis using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-5": {
"value": "(c) Interest incomeInterest income is recognised on an accrualbasis using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-35-2": {
"value": "2.5 Group accounting(a) Subsidiaries(1) ConsolidationSubsidiaries are entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Sub-sidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated fromthe date that control ceases.In preparing the consolidated financial statements, transactions, balances and unrealised gains on transactions between group companies are eliminat-ed. Unrealised losses are also eliminat-ed but are considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been aligned where necessary to ensureconsistency with the policies adopted by (3) DisposalsWhen a change in the Group\u2019s ownership interest in a subsidiary results in a loss of control over the subsidiary, the assets and liabilities of the subsidiary including any goodwill are derecognised. Amounts previously recognised in other compre-hensive income in respect of that entity are also reclassified to profit or loss or transferred directly to retained earnings ifrequired by a specific standard.Any retained interest in the entity is re-measured at fair value. The differ-ence between the carrying amount of the retained interest at the date when control is lost and its fair value is recognised in profit or loss.the Group.(2) Acquisitions The acquisition method of accounting is used to account for business combina-tions by the Group.The consideration transferred for the acquisition of a subsidiary or business comprises the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value of any contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary.If the business combination is achieved in stages, the acquisition date carry-ing value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisi-tion date, and any gains or losses arisingfrom such re-measurement are recog-nised in profit or loss. Acquisition-related costs are expensed as incurred.Identifiable assets acquired and liabili-ties and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date.On an acquisition-by-acquisition basis, the Group recognises any non-con-trolling interest in the acquiree at the date of acquisition either at fair value orat the non-controlling interest\u2019s pro-portionate share of the acquiree\u2019s net identifiable assets.The excess of (i) the consideration transferred, the amount of any non-con-trolling interest in the acquiree, and the acquisition-date fair value of any previ-ous equity interest in the acquiree over the (ii) fair value of the net identifiable assets acquired, is recorded as goodwill.The excess of (i) fair value of the net identifiable assets acquired over the (ii) consideration transferred; the amount of any non-controlling interest in the acquiree; and the acquisition-date fair value of any previous equity interest in the acquiree; is recorded in profit or lossduring the period when it occurs.The Group has an option to apply a \u201ccon-centration test\u201d that permits a simplified assessment of whether an acquired set of activities and assets is not a business.The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.In case the Group acquires an asset or a group of assets (including any liabili-ties assumed) that does not constitute a business, then the transaction is outsidethe scope of IFRS 3 because it cannot meet the definition of a business combi-nation. Such transactions are accountedfor as asset acquisitions in which the cost of acquisition is generally allocat-ed between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. Transactions for assets acquisition do not give rise to goodwill ora gain on a bargain purchase.(b) Associated companies and joint venturesAssociated companies are entities over which the Group has significant influence, but not control or joint control. Significant influence is presumed to exist when the Group holds 20% or more of the voting rightsof another entity.Joint ventures are entities over which the Group has joint control as a result of con-tractual arrangements and rights to the net assets of the entities.Investments in associated companies and joint ventures are accounted for in the consolidated financial statements using the equity method of accounting (net of accumu lated impairment losses).The acquisition method of accounting is usedto account for new and incremental acqui-sitions in associated companies and joint ventures.Investments in associated companies and joint ventures are initially recognised at cost. The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Goodwill on associated companies and joint ventures represents the excess of the cost of acquisition of the associated companies and joint ventures over the Group\u2019s share of the fair value of the identifiable net assets of the associated companies or joint ventures and is included in the carrying amount of the investments. Any excess of the Group\u2019s share of the net fair value of the investee\u2019s identifiable assetsand liabilities over the cost of the investment is recognised in profit or loss during the period when it occurs.In applying the equity method of accounting, the Group\u2019s share of its associated com-panies\u2019 and joint ventures\u2019 post-acquisition profits or losses is recognised in profit or loss and its share of post-acquisition other comprehensive income is recognised in other comprehensive income. These post-ac-quisition movements and distributions re-ceived from associated companies and joint ventures are adjusted against the carrying amount of the investments. When the Group\u2019sshare of losses in an associated company or joint venture equals or exceeds its interest in the associated company or joint venture including any other unsecured non-current receivables, the Group does not recognise further losses, unless it has incurred obliga-tions or has made payments on behalf of the associated company or joint venture.Unrealised gains on transactions between the Group and its associated companies and joint ventures are eliminated to the extent of the Group\u2019s interest in the associated com-panies and joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary, adjust-ments are made to the financial statements of associated companies and joint ventures to ensure consistency of accounting policies with those of the Group.Investments in associated companies and joint ventures are derecognised when the Group loses significant influence or joint control. Any retained interest in the equity is remeasured at its fair value. The difference between the carrying amount of the retained investment at the date when significant influ-ence or joint control is lost and its fair value is recognised in profit or loss.Gains and losses arising from partial dispos-als or dilutions in investments in associated companies and joint ventures in which signif-icant influence or joint control is retained arerecognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-4": {
"value": "(a) Subsidiaries(1) ConsolidationSubsidiaries are entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Sub-sidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated fromthe date that control ceases.In preparing the consolidated financial statements, transactions, balances and unrealised gains on transactions between group companies are eliminat-ed. Unrealised losses are also eliminat-ed but are considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been aligned where necessary to ensureconsistency with the policies adopted by (3) DisposalsWhen a change in the Group\u2019s ownership interest in a subsidiary results in a loss of control over the subsidiary, the assets and liabilities of the subsidiary including any goodwill are derecognised. Amounts previously recognised in other compre-hensive income in respect of that entity are also reclassified to profit or loss or transferred directly to retained earnings ifrequired by a specific standard.Any retained interest in the entity is re-measured at fair value. The differ-ence between the carrying amount of the retained interest at the date when control is lost and its fair value is recognised in profit or loss.the Group.(2) Acquisitions The acquisition method of accounting is used to account for business combina-tions by the Group.The consideration transferred for the acquisition of a subsidiary or business comprises the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value of any contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary.If the business combination is achieved in stages, the acquisition date carry-ing value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisi-tion date, and any gains or losses arisingfrom such re-measurement are recog-nised in profit or loss. Acquisition-related costs are expensed as incurred.Identifiable assets acquired and liabili-ties and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date.On an acquisition-by-acquisition basis, the Group recognises any non-con-trolling interest in the acquiree at the date of acquisition either at fair value orat the non-controlling interest\u2019s pro-portionate share of the acquiree\u2019s net identifiable assets.The excess of (i) the consideration transferred, the amount of any non-con-trolling interest in the acquiree, and the acquisition-date fair value of any previ-ous equity interest in the acquiree over the (ii) fair value of the net identifiable assets acquired, is recorded as goodwill.The excess of (i) fair value of the net identifiable assets acquired over the (ii) consideration transferred; the amount of any non-controlling interest in the acquiree; and the acquisition-date fair value of any previous equity interest in the acquiree; is recorded in profit or lossduring the period when it occurs.The Group has an option to apply a \u201ccon-centration test\u201d that permits a simplified assessment of whether an acquired set of activities and assets is not a business.The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.In case the Group acquires an asset or a group of assets (including any liabili-ties assumed) that does not constitute a business, then the transaction is outsidethe scope of IFRS 3 because it cannot meet the definition of a business combi-nation. Such transactions are accountedfor as asset acquisitions in which the cost of acquisition is generally allocat-ed between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. Transactions for assets acquisition do not give rise to goodwill ora gain on a bargain purchase.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-5": {
"value": "(2) Acquisitions The acquisition method of accounting is used to account for business combina-tions by the Group.The consideration transferred for the acquisition of a subsidiary or business comprises the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value of any contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary.If the business combination is achieved in stages, the acquisition date carry-ing value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisi-tion date, and any gains or losses arisingfrom such re-measurement are recog-nised in profit or loss. Acquisition-related costs are expensed as incurred.Identifiable assets acquired and liabili-ties and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date.On an acquisition-by-acquisition basis, the Group recognises any non-con-trolling interest in the acquiree at the date of acquisition either at fair value orat the non-controlling interest\u2019s pro-portionate share of the acquiree\u2019s net identifiable assets.The excess of (i) the consideration transferred, the amount of any non-con-trolling interest in the acquiree, and the acquisition-date fair value of any previ-ous equity interest in the acquiree over the (ii) fair value of the net identifiable assets acquired, is recorded as goodwill.The excess of (i) fair value of the net identifiable assets acquired over the (ii) consideration transferred; the amount of any non-controlling interest in the acquiree; and the acquisition-date fair value of any previous equity interest in the acquiree; is recorded in profit or lossduring the period when it occurs.The Group has an option to apply a \u201ccon-centration test\u201d that permits a simplified assessment of whether an acquired set of activities and assets is not a business.The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.In case the Group acquires an asset or a group of assets (including any liabili-ties assumed) that does not constitute a business, then the transaction is outsidethe scope of IFRS 3 because it cannot meet the definition of a business combi-nation. Such transactions are accountedfor as asset acquisitions in which the cost of acquisition is generally allocat-ed between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. Transactions for assets acquisition do not give rise to goodwill ora gain on a bargain purchase.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-6": {
"value": "(2) Acquisitions The acquisition method of accounting is used to account for business combina-tions by the Group.The consideration transferred for the acquisition of a subsidiary or business comprises the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value of any contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary.If the business combination is achieved in stages, the acquisition date carry-ing value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisi-tion date, and any gains or losses arisingfrom such re-measurement are recog-nised in profit or loss. Acquisition-related costs are expensed as incurred.Identifiable assets acquired and liabili-ties and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date.On an acquisition-by-acquisition basis, the Group recognises any non-con-trolling interest in the acquiree at the date of acquisition either at fair value orat the non-controlling interest\u2019s pro-portionate share of the acquiree\u2019s net identifiable assets.The excess of (i) the consideration transferred, the amount of any non-con-trolling interest in the acquiree, and the acquisition-date fair value of any previ-ous equity interest in the acquiree over the (ii) fair value of the net identifiable assets acquired, is recorded as goodwill.The excess of (i) fair value of the net identifiable assets acquired over the (ii) consideration transferred; the amount of any non-controlling interest in the acquiree; and the acquisition-date fair value of any previous equity interest in the acquiree; is recorded in profit or lossduring the period when it occurs.The Group has an option to apply a \u201ccon-centration test\u201d that permits a simplified assessment of whether an acquired set of activities and assets is not a business.The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.In case the Group acquires an asset or a group of assets (including any liabili-ties assumed) that does not constitute a business, then the transaction is outsidethe scope of IFRS 3 because it cannot meet the definition of a business combi-nation. Such transactions are accountedfor as asset acquisitions in which the cost of acquisition is generally allocat-ed between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. Transactions for assets acquisition do not give rise to goodwill ora gain on a bargain purchase.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-7": {
"value": "On an acquisition-by-acquisition basis, the Group recognises any non-con-trolling interest in the acquiree at the date of acquisition either at fair value orat the non-controlling interest\u2019s pro-portionate share of the acquiree\u2019s net identifiable assets.The excess of (i) the consideration transferred, the amount of any non-con-trolling interest in the acquiree, and the acquisition-date fair value of any previ-ous equity interest in the acquiree over the (ii) fair value of the net identifiable assets acquired, is recorded as goodwill.The excess of (i) fair value of the net identifiable assets acquired over the (ii) consideration transferred; the amount of any non-controlling interest in the acquiree; and the acquisition-date fair value of any previous equity interest in the acquiree; is recorded in profit or lossduring the period when it occurs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-4": {
"value": "(b) Associated companies and joint venturesAssociated companies are entities over which the Group has significant influence, but not control or joint control. Significant influence is presumed to exist when the Group holds 20% or more of the voting rightsof another entity.Joint ventures are entities over which the Group has joint control as a result of con-tractual arrangements and rights to the net assets of the entities.Investments in associated companies and joint ventures are accounted for in the consolidated financial statements using the equity method of accounting (net of accumu lated impairment losses).The acquisition method of accounting is usedto account for new and incremental acqui-sitions in associated companies and joint ventures.Investments in associated companies and joint ventures are initially recognised at cost. The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Goodwill on associated companies and joint ventures represents the excess of the cost of acquisition of the associated companies and joint ventures over the Group\u2019s share of the fair value of the identifiable net assets of the associated companies or joint ventures and is included in the carrying amount of the investments. Any excess of the Group\u2019s share of the net fair value of the investee\u2019s identifiable assetsand liabilities over the cost of the investment is recognised in profit or loss during the period when it occurs.In applying the equity method of accounting, the Group\u2019s share of its associated com-panies\u2019 and joint ventures\u2019 post-acquisition profits or losses is recognised in profit or loss and its share of post-acquisition other comprehensive income is recognised in other comprehensive income. These post-ac-quisition movements and distributions re-ceived from associated companies and joint ventures are adjusted against the carrying amount of the investments. When the Group\u2019sshare of losses in an associated company or joint venture equals or exceeds its interest in the associated company or joint venture including any other unsecured non-current receivables, the Group does not recognise further losses, unless it has incurred obliga-tions or has made payments on behalf of the associated company or joint venture.Unrealised gains on transactions between the Group and its associated companies and joint ventures are eliminated to the extent of the Group\u2019s interest in the associated com-panies and joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary, adjust-ments are made to the financial statements of associated companies and joint ventures to ensure consistency of accounting policies with those of the Group.Investments in associated companies and joint ventures are derecognised when the Group loses significant influence or joint control. Any retained interest in the equity is remeasured at its fair value. The difference between the carrying amount of the retained investment at the date when significant influ-ence or joint control is lost and its fair value is recognised in profit or loss.Gains and losses arising from partial dispos-als or dilutions in investments in associated companies and joint ventures in which signif-icant influence or joint control is retained arerecognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-5": {
"value": "(b) Associated companies and joint venturesAssociated companies are entities over which the Group has significant influence, but not control or joint control. Significant influence is presumed to exist when the Group holds 20% or more of the voting rightsof another entity.Joint ventures are entities over which the Group has joint control as a result of con-tractual arrangements and rights to the net assets of the entities.Investments in associated companies and joint ventures are accounted for in the consolidated financial statements using the equity method of accounting (net of accumu lated impairment losses).The acquisition method of accounting is usedto account for new and incremental acqui-sitions in associated companies and joint ventures.Investments in associated companies and joint ventures are initially recognised at cost. The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Goodwill on associated companies and joint ventures represents the excess of the cost of acquisition of the associated companies and joint ventures over the Group\u2019s share of the fair value of the identifiable net assets of the associated companies or joint ventures and is included in the carrying amount of the investments. Any excess of the Group\u2019s share of the net fair value of the investee\u2019s identifiable assetsand liabilities over the cost of the investment is recognised in profit or loss during the period when it occurs.In applying the equity method of accounting, the Group\u2019s share of its associated com-panies\u2019 and joint ventures\u2019 post-acquisition profits or losses is recognised in profit or loss and its share of post-acquisition other comprehensive income is recognised in other comprehensive income. These post-ac-quisition movements and distributions re-ceived from associated companies and joint ventures are adjusted against the carrying amount of the investments. When the Group\u2019sshare of losses in an associated company or joint venture equals or exceeds its interest in the associated company or joint venture including any other unsecured non-current receivables, the Group does not recognise further losses, unless it has incurred obliga-tions or has made payments on behalf of the associated company or joint venture.Unrealised gains on transactions between the Group and its associated companies and joint ventures are eliminated to the extent of the Group\u2019s interest in the associated com-panies and joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary, adjust-ments are made to the financial statements of associated companies and joint ventures to ensure consistency of accounting policies with those of the Group.Investments in associated companies and joint ventures are derecognised when the Group loses significant influence or joint control. Any retained interest in the equity is remeasured at its fair value. The difference between the carrying amount of the retained investment at the date when significant influ-ence or joint control is lost and its fair value is recognised in profit or loss.Gains and losses arising from partial dispos-als or dilutions in investments in associated companies and joint ventures in which signif-icant influence or joint control is retained arerecognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-6": {
"value": "(b) Associated companies and joint venturesAssociated companies are entities over which the Group has significant influence, but not control or joint control. Significant influence is presumed to exist when the Group holds 20% or more of the voting rightsof another entity.Joint ventures are entities over which the Group has joint control as a result of con-tractual arrangements and rights to the net assets of the entities.Investments in associated companies and joint ventures are accounted for in the consolidated financial statements using the equity method of accounting (net of accumu lated impairment losses).The acquisition method of accounting is usedto account for new and incremental acqui-sitions in associated companies and joint ventures.Investments in associated companies and joint ventures are initially recognised at cost. The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Goodwill on associated companies and joint ventures represents the excess of the cost of acquisition of the associated companies and joint ventures over the Group\u2019s share of the fair value of the identifiable net assets of the associated companies or joint ventures and is included in the carrying amount of the investments. Any excess of the Group\u2019s share of the net fair value of the investee\u2019s identifiable assetsand liabilities over the cost of the investment is recognised in profit or loss during the period when it occurs.In applying the equity method of accounting, the Group\u2019s share of its associated com-panies\u2019 and joint ventures\u2019 post-acquisition profits or losses is recognised in profit or loss and its share of post-acquisition other comprehensive income is recognised in other comprehensive income. These post-ac-quisition movements and distributions re-ceived from associated companies and joint ventures are adjusted against the carrying amount of the investments. When the Group\u2019sshare of losses in an associated company or joint venture equals or exceeds its interest in the associated company or joint venture including any other unsecured non-current receivables, the Group does not recognise further losses, unless it has incurred obliga-tions or has made payments on behalf of the associated company or joint venture.Unrealised gains on transactions between the Group and its associated companies and joint ventures are eliminated to the extent of the Group\u2019s interest in the associated com-panies and joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary, adjust-ments are made to the financial statements of associated companies and joint ventures to ensure consistency of accounting policies with those of the Group.Investments in associated companies and joint ventures are derecognised when the Group loses significant influence or joint control. Any retained interest in the equity is remeasured at its fair value. The difference between the carrying amount of the retained investment at the date when significant influ-ence or joint control is lost and its fair value is recognised in profit or loss.Gains and losses arising from partial dispos-als or dilutions in investments in associated companies and joint ventures in which signif-icant influence or joint control is retained arerecognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-3": {
"value": "2.6 Property, plant and equipment(a) Measurement (1) Property, plant and equipment are ini-tially recognised at cost and subsequently carried at cost less accumulated deprecia-tion and accumulated impairment losses.(2) The cost of an item of property, plant and equipment initially recognised includes expenditure that is directly attributable to the acquisition of the item. Dismantlement, removal or restoration costs are included as part of the cost of property, plant and equipment if the obligation for dismantle-ment, removal or restoration is incurred as aconsequence of acquiring the asset. (3) The acquisition cost capitalised to a vessel under construction is the sum of the instalments paid plus other directly attribut-able costs incurred during the construction period including borrowing costs. Vessels under construction are not depreciated and reclassified as vessels upon delivery from the yard.(4) If significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate components of property, plant and equip-ment.(b) Depreciation (1) Depreciation is calculated using a straight-line method to allocate the deprecia-ble amounts of property, plant and equip-ment, after taking into account the residual (d) DisposalOn disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying amount isrecognised in profit or loss.values over their estimated useful lives. Theresidual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at least annually. The effects of any revision are recognised in profit or loss when the changes arise. The estimateduseful lives are as follows: Vessels - Tankers 25 years - Scrubbers 5 years - Dry docking 2.5 to 5 yearsA proportion of the price paid for new vessels is capitalised as dry docking. These costs are depreciated over the period to thenext scheduled dry docking, which is gener-ally 30 to 60 months. At the commencementof new dry docking, the remaining carrying amount of the previous dry docking will be written off to profit or loss.(2) Significant components of individual as-sets are assessed and if a component has auseful life that is different from the remain-der of that asset, that component is depre-ciated separately. The remaining carrying amount of the old component as a result ofa replacement will be written off to profit or loss.(c) Subsequent expenditureSubsequent expenditure relating to property,plant and equipment, including scrubbers and dry docking that has already been rec-ognised, is added to the carrying amount of the asset only when it is probable that futureeconomic benefits associated with the item will flow to the Group and the cost of the itemcan be measured reliably. All other repair and maintenance expense is recognised inprofit or loss when incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-49-4": {
"value": "(b) Depreciation (1) Depreciation is calculated using a straight-line method to allocate the deprecia-ble amounts of property, plant and equip-ment, after taking into account the residual values over their estimated useful lives. Theresidual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at least annually. The effects of any revision are recognised in profit or loss when the changes arise. The estimateduseful lives are as follows: Vessels - Tankers 25 years - Scrubbers 5 years - Dry docking 2.5 to 5 yearsA proportion of the price paid for new vessels is capitalised as dry docking. These costs are depreciated over the period to thenext scheduled dry docking, which is gener-ally 30 to 60 months. At the commencementof new dry docking, the remaining carrying amount of the previous dry docking will be written off to profit or loss.(2) Significant components of individual as-sets are assessed and if a component has auseful life that is different from the remain-der of that asset, that component is depre-ciated separately. The remaining carrying amount of the old component as a result ofa replacement will be written off to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-49-5": {
"value": "(b) Depreciation (1) Depreciation is calculated using a straight-line method to allocate the deprecia-ble amounts of property, plant and equip-ment, after taking into account the residual values over their estimated useful lives. Theresidual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at least annually. The effects of any revision are recognised in profit or loss when the changes arise. The estimateduseful lives are as follows: Vessels - Tankers 25 years - Scrubbers 5 years - Dry docking 2.5 to 5 yearsA proportion of the price paid for new vessels is capitalised as dry docking. These costs are depreciated over the period to thenext scheduled dry docking, which is gener-ally 30 to 60 months. At the commencementof new dry docking, the remaining carrying amount of the previous dry docking will be written off to profit or loss.(2) Significant components of individual as-sets are assessed and if a component has auseful life that is different from the remain-der of that asset, that component is depre-ciated separately. The remaining carrying amount of the old component as a result ofa replacement will be written off to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-4": {
"value": "(c) Subsequent expenditureSubsequent expenditure relating to property,plant and equipment, including scrubbers and dry docking that has already been rec-ognised, is added to the carrying amount of the asset only when it is probable that futureeconomic benefits associated with the item will flow to the Group and the cost of the itemcan be measured reliably. All other repair and maintenance expense is recognised inprofit or loss when incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-54-3": {
"value": "2.7 Intangible assetsThe amortisation period and amortisation method of intangible assets other than good-will are reviewed at least at each balance sheet date. The effects of any revision are recognised in profit or loss when the chang-es arise.IT infrastructure and customer contractsIT infrastructure and customer contracts acquired through business combinations areinitially recognised at fair value. These intan-gibles are subsequently carried at amortisedcost less accumulated impairment losses using the straight-line method over their individual estimated useful lives of 5 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-3": {
"value": "2.8 Financial assets(a) Recognition and initial measurementTrade receivables are initially recognised when they are originated. Other financial assets are recognised when the Group be-comes a party to the contractual provisionsof the instrument. Financial assets are initially recognised at fair value plus transaction costs except for financial assets at fair value through profit or loss (FVTPL), which are recognised at fair value. Transaction costs for financial assets at FVTPL are recognised immediately as expenses.(b) Classification The Group classifies its financial assets at amortised cost and at FVTPL. The classifica-tion depends on the business model in which a financial asset is managed and its contrac-tual cash flows characteristics. Managementdetermines the classification of its financial assets at initial recognition. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. The Group holds the following classes of financial assets:(1) Financial assets at amortised costA financial asset is classified as meas-ured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal andinterest on the principal amount outstanding.(2) FVTPL financial assetsAll financial assets not classified as measured at amortised cost as de-scribed above are measured at FVTPL.(d) Subsequent measurementFinancial assets at FVTPL are subsequentlycarried at fair value. Financial assets at amortised cost are subsequently carried at amortised cost using the effective interest method.Changes in the fair values of financial assetsat FVTPL including the effects of currency translation are recognised in profit or loss.They are presented as current assets, except for those expected to be realised later than 12 months after the balance sheet date which are presented as non-current assets. They are presentedas \u201ctrade and other receivables\u201c (Note 12), \u201cloans receivable from joint ven-ture\u201d, \u201cloans receivable from pool par-ticipants\u201d (Note 13) and \u201ccash and cash equivalents\u201d (Note 15) in the consolidat-ed balance sheet.(3) Equity investments at FVOCIOn initial recognition of an equity invest-ment that is not held-for-trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made onan investment-by-investment basis.The Group has presented its equity in-vestments as non-current assets on the balance sheet which will be reclassified to current assets in the event man-agement intends to dispose the assets within 12 months after the balance sheetdate.(c) Business model assessmentThe Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level be-cause this best reflects the way the businessis managed and information is provided to management. The information considered includes:\u2022 the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the finan-cial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets;\u2022 the stated policies and objectives for the portfolio and the operation of those poli-cies in practice;\u2022 how the performance of the portfolio is evaluated and reported to the Group\u2019s management;\u2022 the risks that affect the performance of the business model (and the financial as-sets held within that business model) and how those risks are managed;\u2022 how managers of the business are com-pensated \u2013 e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity.Transfers of financial assets to third par-ties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Group\u2019s continuing recognition of the assets.(f) Offsetting financial instrumentsFinancial assets and liabilities are offset, and the net amount reported in the consolidated balance sheet, when there is a legally enforce-able right to offset the recognised amounts and there is an intention to settle on a net ba-sis, or to realise the asset and settle the liabilitysimultaneously.(g) ImpairmentFor financial assets measured at amortised cost and contract assets, the Group assessesat each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired and recognises an allowance for expected credit loss (ECL) at an amount equal to the lifetime expected credit loss if there has been a significant increase in credit risk since initial (e) Derecognition of financial assetsFinancial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cashflows in a transaction in which substantially all of the risks and rewards of ownership of the fi-nancial asset are transferred or in which theGroup neither retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.recognition. If the credit risk has not in-creased significantly since initial recognition, the Group recognises an allowance for ECL at an amount equal to 12-month ECL. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.12-month ECLs are the portion of ECLs that results from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.For trade receivables and contract assets, theGroup applied the simplified approach permit- ted by IFRS 9, which requires the loss allow-ance to be measured at an amount equal to lifetime ECLs.The Group applies the general approach to provide for ECLs on all other financial instru-ments. Under the general approach, the loss allowance is measured at an amount equal to 12-month ECLs at initial recognition.At each reporting date, the Group assesses whether the credit risk of a financial instru-ment has increased significantly since initial recognition. When credit risk has increased significantly since initial recognition, loss allowance is measured at an amount equal to lifetime ECLs. Measurement of ECLsECLs are probability-weighted estimates of credit losses. Credit losses are measured at the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effectiveinterest rate of the financial asset.Credit-impaired financial assetsAt each reporting date, the Group assesses whether financial assets carried at amor-tised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.Evidence that a financial asset is credit-im-paired includes the following observable data:\u2022 significant financial difficulty of the debt-or;\u2022 a breach of contract such as a default or being more than 90 days past due;\u2022 the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 it is probable that the debtor will enter bankruptcy or other financial reorganisa-tion; or\u2022 the disappearance of an active market for a security because of financial difficulties.Presentation of allowance for ECLs in the balance sheetLoss allowances for financial assets meas-ured at amortised cost and contract as-sets are deducted from the gross carrying amount of these assets.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and quali-tative information and analysis, based on the Group\u2019s historical experience, informed credit assessment and other forward-look-ing information.The Group assumes that the credit risk on a financial asset has increased significantly if the debtor is under significant financial dif-ficulties, or when there is default or signifi-cant delay in payments. The Group considersa financial asset to be in default when the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held). When the asset becomes uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previ-ously written off are recognised against the same line item in profit or loss.The allowance for impairment loss ac-count is reduced through profit or loss in a subsequent period when the amount of ECL decreases and the related decrease can be objectively measured. The carrying amount of the asset previously impaired is increasedto the extent that the new carrying amount does not exceed the amortised cost had no impairment been recognised in prior periods.2.9 Financial liabilitiesFinancial liabilities are classified and meas-ured at amortised cost. Directly attributable transaction costs are recognised in profit orloss as incurred.The Group derecognises a financial liability when its contractual obligations are dis-charged, cancelled, or expired. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially dif-ferent, in which case a new financial liability based on the modified terms is recognised atfair value.On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-4": {
"value": "2.8 Financial assets(a) Recognition and initial measurementTrade receivables are initially recognised when they are originated. Other financial assets are recognised when the Group be-comes a party to the contractual provisionsof the instrument. Financial assets are initially recognised at fair value plus transaction costs except for financial assets at fair value through profit or loss (FVTPL), which are recognised at fair value. Transaction costs for financial assets at FVTPL are recognised immediately as expenses.(b) Classification The Group classifies its financial assets at amortised cost and at FVTPL. The classifica-tion depends on the business model in which a financial asset is managed and its contrac-tual cash flows characteristics. Managementdetermines the classification of its financial assets at initial recognition. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. The Group holds the following classes of financial assets:(1) Financial assets at amortised costA financial asset is classified as meas-ured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal andinterest on the principal amount outstanding.(2) FVTPL financial assetsAll financial assets not classified as measured at amortised cost as de-scribed above are measured at FVTPL.(d) Subsequent measurementFinancial assets at FVTPL are subsequentlycarried at fair value. Financial assets at amortised cost are subsequently carried at amortised cost using the effective interest method.Changes in the fair values of financial assetsat FVTPL including the effects of currency translation are recognised in profit or loss.They are presented as current assets, except for those expected to be realised later than 12 months after the balance sheet date which are presented as non-current assets. They are presentedas \u201ctrade and other receivables\u201c (Note 12), \u201cloans receivable from joint ven-ture\u201d, \u201cloans receivable from pool par-ticipants\u201d (Note 13) and \u201ccash and cash equivalents\u201d (Note 15) in the consolidat-ed balance sheet.(3) Equity investments at FVOCIOn initial recognition of an equity invest-ment that is not held-for-trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made onan investment-by-investment basis.The Group has presented its equity in-vestments as non-current assets on the balance sheet which will be reclassified to current assets in the event man-agement intends to dispose the assets within 12 months after the balance sheetdate.(c) Business model assessmentThe Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level be-cause this best reflects the way the businessis managed and information is provided to management. The information considered includes:\u2022 the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the finan-cial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets;\u2022 the stated policies and objectives for the portfolio and the operation of those poli-cies in practice;\u2022 how the performance of the portfolio is evaluated and reported to the Group\u2019s management;\u2022 the risks that affect the performance of the business model (and the financial as-sets held within that business model) and how those risks are managed;\u2022 how managers of the business are com-pensated \u2013 e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity.Transfers of financial assets to third par-ties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Group\u2019s continuing recognition of the assets.(f) Offsetting financial instrumentsFinancial assets and liabilities are offset, and the net amount reported in the consolidated balance sheet, when there is a legally enforce-able right to offset the recognised amounts and there is an intention to settle on a net ba-sis, or to realise the asset and settle the liabilitysimultaneously.(g) ImpairmentFor financial assets measured at amortised cost and contract assets, the Group assessesat each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired and recognises an allowance for expected credit loss (ECL) at an amount equal to the lifetime expected credit loss if there has been a significant increase in credit risk since initial (e) Derecognition of financial assetsFinancial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cashflows in a transaction in which substantially all of the risks and rewards of ownership of the fi-nancial asset are transferred or in which theGroup neither retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.recognition. If the credit risk has not in-creased significantly since initial recognition, the Group recognises an allowance for ECL at an amount equal to 12-month ECL. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.12-month ECLs are the portion of ECLs that results from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.For trade receivables and contract assets, theGroup applied the simplified approach permit- ted by IFRS 9, which requires the loss allow-ance to be measured at an amount equal to lifetime ECLs.The Group applies the general approach to provide for ECLs on all other financial instru-ments. Under the general approach, the loss allowance is measured at an amount equal to 12-month ECLs at initial recognition.At each reporting date, the Group assesses whether the credit risk of a financial instru-ment has increased significantly since initial recognition. When credit risk has increased significantly since initial recognition, loss allowance is measured at an amount equal to lifetime ECLs. Measurement of ECLsECLs are probability-weighted estimates of credit losses. Credit losses are measured at the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effectiveinterest rate of the financial asset.Credit-impaired financial assetsAt each reporting date, the Group assesses whether financial assets carried at amor-tised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.Evidence that a financial asset is credit-im-paired includes the following observable data:\u2022 significant financial difficulty of the debt-or;\u2022 a breach of contract such as a default or being more than 90 days past due;\u2022 the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 it is probable that the debtor will enter bankruptcy or other financial reorganisa-tion; or\u2022 the disappearance of an active market for a security because of financial difficulties.Presentation of allowance for ECLs in the balance sheetLoss allowances for financial assets meas-ured at amortised cost and contract as-sets are deducted from the gross carrying amount of these assets.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and quali-tative information and analysis, based on the Group\u2019s historical experience, informed credit assessment and other forward-look-ing information.The Group assumes that the credit risk on a financial asset has increased significantly if the debtor is under significant financial dif-ficulties, or when there is default or signifi-cant delay in payments. The Group considersa financial asset to be in default when the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held). When the asset becomes uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previ-ously written off are recognised against the same line item in profit or loss.The allowance for impairment loss ac-count is reduced through profit or loss in a subsequent period when the amount of ECL decreases and the related decrease can be objectively measured. The carrying amount of the asset previously impaired is increasedto the extent that the new carrying amount does not exceed the amortised cost had no impairment been recognised in prior periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-5": {
"value": "(a) Recognition and initial measurementTrade receivables are initially recognised when they are originated. Other financial assets are recognised when the Group be-comes a party to the contractual provisionsof the instrument. Financial assets are initially recognised at fair value plus transaction costs except for financial assets at fair value through profit or loss (FVTPL), which are recognised at fair value. Transaction costs for financial assets at FVTPL are recognised immediately as expenses.(b) Classification The Group classifies its financial assets at amortised cost and at FVTPL. The classifica-tion depends on the business model in which a financial asset is managed and its contrac-tual cash flows characteristics. Managementdetermines the classification of its financial assets at initial recognition. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. The Group holds the following classes of financial assets:(2) FVTPL financial assetsAll financial assets not classified as measured at amortised cost as de-scribed above are measured at FVTPL.(d) Subsequent measurementFinancial assets at FVTPL are subsequentlycarried at fair value. Financial assets at amortised cost are subsequently carried at amortised cost using the effective interest method.Changes in the fair values of financial assetsat FVTPL including the effects of currency translation are recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-58-5": {
"value": "(1) Financial assets at amortised costA financial asset is classified as meas-ured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal andinterest on the principal amount outstanding.They are presented as current assets, except for those expected to be realised later than 12 months after the balance sheet date which are presented as non-current assets. They are presentedas \u201ctrade and other receivables\u201c (Note 12), \u201cloans receivable from joint ven-ture\u201d, \u201cloans receivable from pool par-ticipants\u201d (Note 13) and \u201ccash and cash equivalents\u201d (Note 15) in the consolidat-ed balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-68-5": {
"value": "(e) Derecognition of financial assetsFinancial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cashflows in a transaction in which substantially all of the risks and rewards of ownership of the fi-nancial asset are transferred or in which theGroup neither retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-66-5": {
"value": "(f) Offsetting financial instrumentsFinancial assets and liabilities are offset, and the net amount reported in the consolidated balance sheet, when there is a legally enforce-able right to offset the recognised amounts and there is an intention to settle on a net ba-sis, or to realise the asset and settle the liabilitysimultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-67-5": {
"value": "(g) ImpairmentFor financial assets measured at amortised cost and contract assets, the Group assessesat each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired and recognises an allowance for expected credit loss (ECL) at an amount equal to the lifetime expected credit loss if there has been a significant increase in credit risk since initial recognition. If the credit risk has not in-creased significantly since initial recognition, the Group recognises an allowance for ECL at an amount equal to 12-month ECL. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.12-month ECLs are the portion of ECLs that results from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.For trade receivables and contract assets, theGroup applied the simplified approach permit- ted by IFRS 9, which requires the loss allow-ance to be measured at an amount equal to lifetime ECLs.The Group applies the general approach to provide for ECLs on all other financial instru-ments. Under the general approach, the loss allowance is measured at an amount equal to 12-month ECLs at initial recognition.At each reporting date, the Group assesses whether the credit risk of a financial instru-ment has increased significantly since initial recognition. When credit risk has increased significantly since initial recognition, loss allowance is measured at an amount equal to lifetime ECLs. Measurement of ECLsECLs are probability-weighted estimates of credit losses. Credit losses are measured at the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effectiveinterest rate of the financial asset.Credit-impaired financial assetsAt each reporting date, the Group assesses whether financial assets carried at amor-tised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.Evidence that a financial asset is credit-im-paired includes the following observable data:\u2022 significant financial difficulty of the debt-or;\u2022 a breach of contract such as a default or being more than 90 days past due;\u2022 the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 it is probable that the debtor will enter bankruptcy or other financial reorganisa-tion; or\u2022 the disappearance of an active market for a security because of financial difficulties.Presentation of allowance for ECLs in the balance sheetLoss allowances for financial assets meas-ured at amortised cost and contract as-sets are deducted from the gross carrying amount of these assets.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and quali-tative information and analysis, based on the Group\u2019s historical experience, informed credit assessment and other forward-look-ing information.The Group assumes that the credit risk on a financial asset has increased significantly if the debtor is under significant financial dif-ficulties, or when there is default or signifi-cant delay in payments. The Group considersa financial asset to be in default when the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held). When the asset becomes uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previ-ously written off are recognised against the same line item in profit or loss.The allowance for impairment loss ac-count is reduced through profit or loss in a subsequent period when the amount of ECL decreases and the related decrease can be objectively measured. The carrying amount of the asset previously impaired is increasedto the extent that the new carrying amount does not exceed the amortised cost had no impairment been recognised in prior periods.2.10 Impairment of non-financial assetsProperty, plant and equipment are tested for impairment whenever there is objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fairvalue less costs to sell and value-in-use) is determined on an individual asset basis un-less the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, the recov-erable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carryingamount, the carrying amount of the asset (orCGU) is reduced to its recoverable amount.The impairment is then allocated to each single vessel on a pro-rata basis, based on the carrying amount of each vessel in the CGU with the limit of the higher of fair value less cost of disposal and value in use. The difference between the carrying amount and recoverable amount is recognised as animpairment loss in profit or loss. An impairment loss for an asset (or CGU) other than goodwill is reversed if, and only if, there has been a change in the estimate of the asset\u2019s (or CGU\u2019s) recoverable amountsince the last impairment loss was recog-nised. The carrying amount of the asset (or CGU) is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumu-lated amortisation and depreciation) had no impairment loss been recognised for the asset (or CGU) in prior years. A reversal of impairment loss for an asset (or CGU) other than goodwill is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-67-6": {
"value": "(g) ImpairmentFor financial assets measured at amortised cost and contract assets, the Group assessesat each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired and recognises an allowance for expected credit loss (ECL) at an amount equal to the lifetime expected credit loss if there has been a significant increase in credit risk since initial recognition. If the credit risk has not in-creased significantly since initial recognition, the Group recognises an allowance for ECL at an amount equal to 12-month ECL. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.12-month ECLs are the portion of ECLs that results from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.For trade receivables and contract assets, theGroup applied the simplified approach permit- ted by IFRS 9, which requires the loss allow-ance to be measured at an amount equal to lifetime ECLs.The Group applies the general approach to provide for ECLs on all other financial instru-ments. Under the general approach, the loss allowance is measured at an amount equal to 12-month ECLs at initial recognition.At each reporting date, the Group assesses whether the credit risk of a financial instru-ment has increased significantly since initial recognition. When credit risk has increased significantly since initial recognition, loss allowance is measured at an amount equal to lifetime ECLs. Measurement of ECLsECLs are probability-weighted estimates of credit losses. Credit losses are measured at the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effectiveinterest rate of the financial asset.Credit-impaired financial assetsAt each reporting date, the Group assesses whether financial assets carried at amor-tised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.Evidence that a financial asset is credit-im-paired includes the following observable data:\u2022 significant financial difficulty of the debt-or;\u2022 a breach of contract such as a default or being more than 90 days past due;\u2022 the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 it is probable that the debtor will enter bankruptcy or other financial reorganisa-tion; or\u2022 the disappearance of an active market for a security because of financial difficulties.Presentation of allowance for ECLs in the balance sheetLoss allowances for financial assets meas-ured at amortised cost and contract as-sets are deducted from the gross carrying amount of these assets.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and quali-tative information and analysis, based on the Group\u2019s historical experience, informed credit assessment and other forward-look-ing information.The Group assumes that the credit risk on a financial asset has increased significantly if the debtor is under significant financial dif-ficulties, or when there is default or signifi-cant delay in payments. The Group considersa financial asset to be in default when the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held). When the asset becomes uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previ-ously written off are recognised against the same line item in profit or loss.The allowance for impairment loss ac-count is reduced through profit or loss in a subsequent period when the amount of ECL decreases and the related decrease can be objectively measured. The carrying amount of the asset previously impaired is increasedto the extent that the new carrying amount does not exceed the amortised cost had no impairment been recognised in prior periods.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-73-4": {
"value": "2.9 Financial liabilitiesFinancial liabilities are classified and meas-ured at amortised cost. Directly attributable transaction costs are recognised in profit orloss as incurred.The Group derecognises a financial liability when its contractual obligations are dis-charged, cancelled, or expired. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially dif-ferent, in which case a new financial liability based on the modified terms is recognised atfair value.On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-74-4": {
"value": "2.10 Impairment of non-financial assetsProperty, plant and equipment are tested for impairment whenever there is objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fairvalue less costs to sell and value-in-use) is determined on an individual asset basis un-less the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, the recov-erable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carryingamount, the carrying amount of the asset (orCGU) is reduced to its recoverable amount.The impairment is then allocated to each single vessel on a pro-rata basis, based on the carrying amount of each vessel in the CGU with the limit of the higher of fair value less cost of disposal and value in use. The difference between the carrying amount and recoverable amount is recognised as animpairment loss in profit or loss. An impairment loss for an asset (or CGU) other than goodwill is reversed if, and only if, there has been a change in the estimate of the asset\u2019s (or CGU\u2019s) recoverable amountsince the last impairment loss was recog-nised. The carrying amount of the asset (or CGU) is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumu-lated amortisation and depreciation) had no impairment loss been recognised for the asset (or CGU) in prior years. A reversal of impairment loss for an asset (or CGU) other than goodwill is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-76-3": {
"value": "2.11 BorrowingsBorrowings are recognised initially at fair value, net of transaction costs incurred. Bor-rowings are subsequently stated at amortisedcost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are presented as current liabilities unless the Group has an uncondi-tional right to defer settlement for at least 12 months after the balance sheet date, in which case they are presented as non-current liabilities.The Group derecognises a borrowing when its contractual obligations are discharged, cancelled, or expired. The Group also derec-ognises a borrowing when its terms are modi-fied and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value.On derecognition of a borrowing, the differ-ence between the carrying amount extin-guished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-78-3": {
"value": "2.12 Borrowing costsBorrowing costs are recognised in profit or loss using the effective interest method except for those costs that are directly at-tributable to the construction of vessels. Thisincludes those costs on borrowings acquiredspecifically for the construction of vessels, as well as those in relation to general bor-rowings used to finance the construction of vessels.Borrowing costs are capitalised in the cost of the vessel under construction. Borrowing costs on general borrowings are capitalisedby applying a capitalisation rate to the con-struction expenditure that are financed by general borrowings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-80-3": {
"value": "2.13 Trade and other payablesTrade payables are obligations to pay for goods or services that have been acquired from suppliers in the ordinary course of business. Trade and other payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.Trade and other payables are initially recog-nised at fair value and subsequently carried at amortised cost using the effective interestmethod, and are derecognised when the Group\u2019s obligation has been discharged or cancelled or expired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-81-3": {
"value": "2.14 Derivative financial instruments and hedging activities A derivative financial instrument is initially recognised at its fair value on the date the contract is entered into and is subsequently carried at its fair value. The fair value of de-rivative financial instruments represents the amount estimated by banks or brokers that the Group will receive or pay to terminate thederivatives at the balance sheet date.For derivative financial instruments that are not designated or do not qualify for hedge accounting, any fair value gains or losses are recognised in profit or loss as a finance item. In particular, gains and losses on currency derivatives are presented in profit or loss as \u2018foreign currency exchange gain/(loss) \u2013 net\u2019, whilst gains and losses on other derivatives are presented in profit or loss as \u2019derivative gain/(loss) \u2013 net\u2019, unless the gainsand losses are material. The Group designates certain financial instruments in qualifying hedging relation-ships and documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on a periodic ba-sis, of whether the derivatives designated as hedging instruments are highly effective in offsetting changes in fair value or cash flowsof the hedged items prospectively. For the purpose of evaluating whether the hedging relationship is expected to be highly effective (i.e. prospective effectivenessassessment), the Group assumes that the benchmark interest rate is not affected as a result of IBOR reform.The Group enters into hedge relationships where the critical terms of the hedging in-strument match exactly with the terms of thehedged item and no hedge ineffectiveness is deemed to exist. In circumstances when the terms of the hedged item do not match exactly the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness of hedging relationship.Cash flow hedges \u2013 interest rate derivativesThe Group has entered into interest rate swaps that are cash flow hedges for the Group\u2019s exposure to interest rate risk on its borrowings. These contracts entitle the Group to receive interest at floating rates on notional principal amounts and oblige the Group to pay interest at fixed rates on the same notional principal amounts, thus allowing the Group to raise borrowings at floating rates and swap them into fixed rates. For the purpose of hedge account-ing, management designated a portion of the nominal value of loans to be hedged by the total notional value of the interest rate swaps. There is no imbalance that would create ineffectiveness and cause the relationship to be inconsistent with the purpose of hedge accounting.The Group has also entered into several interest rate caps that entitle the Group to receive interest payments when the floating interest rate goes above the strike rate. Since 2020, these interest rate caps were discontinued as hedging instruments and any fair value changes are recorded in profit or loss.The fair value changes on the effective por-tion of interest rate derivatives designated as cash flow hedges are recognised in other comprehensive income, accumulat-ed in the hedging reserve and reclassified to profit or loss when the hedged interest expense on the borrowings is recognised inprofit or loss. The fair value changes on theineffective portion of these interest rate derivatives are recognised immediately in profit or loss.For a cash flow hedge of a forecast trans-action, the Group assumes that the bench-mark interest rate will not be altered as a result of interbank offered rates (IBOR) reform for the purpose of asserting that the forecast transaction is highly probable and presents an exposure to variations in cash flows that could ultimately affect profit or loss. The Group will no longer apply the amend-ments to its highly probable assessment of the hedged item when the uncertainty aris-ing from interest rate benchmark reform with respect to the timing and amount of the interest rate benchmark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued.To determine whether the designated fore-cast transaction is no longer expected to occur, the Group assumes that the interest rate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform.Hedges directly affected by interest rate benchmark reformPhase 1 amendments: Prior to interest rate benchmark reform \u2013 when there is uncer-tainty arising from interest rate benchmark reformFor the purpose of evaluating whether the hedging relationship is expected to be high-ly effective (i.e. prospective effectiveness assessment), the Group assumes that the benchmark interest rate is not affected as a result of interest rate benchmark reform.For a cash flow hedge of a forecast trans-action, the Group assumes that the bench-mark interest rate will not be altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast transaction is highly probable andpresents an exposure to variations in cash flows that could ultimately affect profit or loss. In determining whether a previously des-ignated forecast transaction in a discon-tinued cash flow hedge is still expected to occur, the Group assumes that the interestrate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform.The Group will cease to apply the specific policy for assessing the economic rela-tionship between the hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the uncertain-ty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the con-tractual cash flows of the respective item or instrument; or (ii) when the hedging relationship is discontinued.Phase 2 amendments: Replacement of benchmark interest rates \u2013 when there is no longer uncertainty arising from interestrate benchmark reformThe basis for determining the contractual cash flows of the hedged item or the hedging instrument may be modified as required by the IBOR reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: \u2022 the change is necessary as a direct consequence of the reform; and\u2022 the new basis for determining the contractual cash flows is economically equivalent to the previous basis \u2013 i.e. the basis immediately before the changeFor these modifications, the Group amends the hedge documentation of that hedging relationship to reflect the change(s) requiredby interest rate benchmark reform when there is no longer uncertainty about the cash flows of the hedged item or the hedginginstrument.For this purpose, the hedge designation is amended only to make one or more of the following changes:\u2022 designating an alternative benchmark rate as the hedged risk\u2022 updating the description of hedged item, including the description of the desig- nated portion of the cash flows or fair value being hedged; or\u2022 updating the description of the hedging instrumentThe Group amends the description of the hedging instrument only if the following con-ditions are met:\u2022 it makes a change required by interest rate benchmark reform by changing the basis for determining the contractual cash flows of the hedging instrument or using another approach that is econom- ically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and\u2022 the original hedging instrument is not derecognisedThese amendments in the formal hedge documentation do not constitute the discon-tinuation of the hedging relationship or the designation of a new hedging relationship.If other changes are made in addition to those changes required by interest rate benchmark reform described above, then theGroup first considers whether those addi-tional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in discontinuation of the hedge accounting rela-tionship, then the Group amends the formal hedge documentation for changes required by interest rate benchmark reform as men-tioned above.When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Group deems that the hedging reserve recognised in other comprehensive income for that hedging relationship is based on the alter-native benchmark rate on which the hedged future cash flows will be based.2.15 Freight forward agreementsThe Group has entered into freight forward agreements to manage its exposure to freight rates. Further details of derivative fi-nancial instruments are disclosed in Note 20.Derivatives are initially recognised at fair value at the date the derivative contract is entered into and are subsequently remeas-ured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in profit or loss immediate-ly unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recog-nised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both legal right and inten-tion to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instruments is more than 12 months and it is not expectedto be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities.The Group does not apply hedge account-ing and therefore all changes in fair values of forward freight agreements used for economic hedges are recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-81-4": {
"value": "2.14 Derivative financial instruments and hedging activities A derivative financial instrument is initially recognised at its fair value on the date the contract is entered into and is subsequently carried at its fair value. The fair value of de-rivative financial instruments represents the amount estimated by banks or brokers that the Group will receive or pay to terminate thederivatives at the balance sheet date.For derivative financial instruments that are not designated or do not qualify for hedge accounting, any fair value gains or losses are recognised in profit or loss as a finance item. In particular, gains and losses on currency derivatives are presented in profit or loss as \u2018foreign currency exchange gain/(loss) \u2013 net\u2019, whilst gains and losses on other derivatives are presented in profit or loss as \u2019derivative gain/(loss) \u2013 net\u2019, unless the gainsand losses are material. The Group designates certain financial instruments in qualifying hedging relation-ships and documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on a periodic ba-sis, of whether the derivatives designated as hedging instruments are highly effective in offsetting changes in fair value or cash flowsof the hedged items prospectively. For the purpose of evaluating whether the hedging relationship is expected to be highly effective (i.e. prospective effectivenessassessment), the Group assumes that the benchmark interest rate is not affected as a result of IBOR reform.The Group enters into hedge relationships where the critical terms of the hedging in-strument match exactly with the terms of thehedged item and no hedge ineffectiveness is deemed to exist. In circumstances when the terms of the hedged item do not match exactly the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness of hedging relationship.2.15 Freight forward agreementsThe Group has entered into freight forward agreements to manage its exposure to freight rates. Further details of derivative fi-nancial instruments are disclosed in Note 20.Derivatives are initially recognised at fair value at the date the derivative contract is entered into and are subsequently remeas-ured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in profit or loss immediate-ly unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recog-nised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both legal right and inten-tion to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instruments is more than 12 months and it is not expectedto be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities.The Group does not apply hedge account-ing and therefore all changes in fair values of forward freight agreements used for economic hedges are recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-83-4": {
"value": "Cash flow hedges \u2013 interest rate derivativesThe Group has entered into interest rate swaps that are cash flow hedges for the Group\u2019s exposure to interest rate risk on its borrowings. These contracts entitle the Group to receive interest at floating rates on notional principal amounts and oblige the Group to pay interest at fixed rates on the same notional principal amounts, thus allowing the Group to raise borrowings at floating rates and swap them into fixed rates. For the purpose of hedge account-ing, management designated a portion of the nominal value of loans to be hedged by the total notional value of the interest rate swaps. There is no imbalance that would create ineffectiveness and cause the relationship to be inconsistent with the purpose of hedge accounting.The Group has also entered into several interest rate caps that entitle the Group to receive interest payments when the floating interest rate goes above the strike rate. Since 2020, these interest rate caps were discontinued as hedging instruments and any fair value changes are recorded in profit or loss.The fair value changes on the effective por-tion of interest rate derivatives designated as cash flow hedges are recognised in other comprehensive income, accumulat-ed in the hedging reserve and reclassified to profit or loss when the hedged interest expense on the borrowings is recognised inprofit or loss. The fair value changes on theineffective portion of these interest rate derivatives are recognised immediately in profit or loss.For a cash flow hedge of a forecast trans-action, the Group assumes that the bench-mark interest rate will not be altered as a result of interbank offered rates (IBOR) reform for the purpose of asserting that the forecast transaction is highly probable and presents an exposure to variations in cash flows that could ultimately affect profit or loss. The Group will no longer apply the amend-ments to its highly probable assessment of the hedged item when the uncertainty aris-ing from interest rate benchmark reform with respect to the timing and amount of the interest rate benchmark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued.To determine whether the designated fore-cast transaction is no longer expected to occur, the Group assumes that the interest rate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform.Hedges directly affected by interest rate benchmark reformPhase 1 amendments: Prior to interest rate benchmark reform \u2013 when there is uncer-tainty arising from interest rate benchmark reformFor the purpose of evaluating whether the hedging relationship is expected to be high-ly effective (i.e. prospective effectiveness assessment), the Group assumes that the benchmark interest rate is not affected as a result of interest rate benchmark reform.For a cash flow hedge of a forecast trans-action, the Group assumes that the bench-mark interest rate will not be altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast transaction is highly probable andpresents an exposure to variations in cash flows that could ultimately affect profit or loss. In determining whether a previously des-ignated forecast transaction in a discon-tinued cash flow hedge is still expected to occur, the Group assumes that the interestrate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform.The Group will cease to apply the specific policy for assessing the economic rela-tionship between the hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the uncertain-ty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the con-tractual cash flows of the respective item or instrument; or (ii) when the hedging relationship is discontinued.Phase 2 amendments: Replacement of benchmark interest rates \u2013 when there is no longer uncertainty arising from interestrate benchmark reformThe basis for determining the contractual cash flows of the hedged item or the hedging instrument may be modified as required by the IBOR reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: \u2022 the change is necessary as a direct consequence of the reform; and\u2022 the new basis for determining the contractual cash flows is economically equivalent to the previous basis \u2013 i.e. the basis immediately before the changeFor these modifications, the Group amends the hedge documentation of that hedging relationship to reflect the change(s) requiredby interest rate benchmark reform when there is no longer uncertainty about the cash flows of the hedged item or the hedginginstrument.For this purpose, the hedge designation is amended only to make one or more of the following changes:\u2022 designating an alternative benchmark rate as the hedged risk\u2022 updating the description of hedged item, including the description of the desig- nated portion of the cash flows or fair value being hedged; or\u2022 updating the description of the hedging instrumentThe Group amends the description of the hedging instrument only if the following con-ditions are met:\u2022 it makes a change required by interest rate benchmark reform by changing the basis for determining the contractual cash flows of the hedging instrument or using another approach that is econom- ically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and\u2022 the original hedging instrument is not derecognisedThese amendments in the formal hedge documentation do not constitute the discon-tinuation of the hedging relationship or the designation of a new hedging relationship.If other changes are made in addition to those changes required by interest rate benchmark reform described above, then theGroup first considers whether those addi-tional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in discontinuation of the hedge accounting rela-tionship, then the Group amends the formal hedge documentation for changes required by interest rate benchmark reform as men-tioned above.When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Group deems that the hedging reserve recognised in other comprehensive income for that hedging relationship is based on the alter-native benchmark rate on which the hedged future cash flows will be based.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-89-3": {
"value": "2.16 Fair value estimation of financial assets and liabilities The fair values of financial instruments trad-ed in active markets (such as exchange-trad-ed and over-the-counter securities and derivatives) are based on quoted market prices at the balance sheet date. The quoted market prices used for financial assets are the current bid prices and the quoted marketprices for financial liabilities are the current asking prices.The fair values of financial instruments that are not traded in an active market are determined by using valuation techniques such as discounted cash flow analyses. The Group uses a variety of methods and makes assumptions that are based on market con-ditions existing at each balance sheet date. Where appropriate, quoted market prices or dealer quotes for similar instruments are used.The fair value of interest rate derivatives is calculated as the present value of the estimated future cash flows, discounted at actively quoted interest rates. The fair value of forward foreign exchange contracts is determined using forward exchange market rates at the balance sheet date.The carrying amounts of current financial assets and liabilities, measured at amortisedcost, approximate their fair values, due to the short term nature of the balances. The fair values of financial liabilities carried at amortised cost are estimated by discounting the future contractual cash flows at current market interest rates, determined as those that are available to the Group at balance sheet date for similar financial instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-91-3": {
"value": "2.17 Leases(a) When a group company is the lesseeAt inception of a contract, the Group as-sesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to con-trol the use of an identified asset, the Group uses the definition of a lease in IFRS 16.For leases of vessels, the Group allocates theconsideration in the contract to each lease and non-lease component on the basis of its relative stand-alone prices. However, for leases of property and other equipment, the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component.The Group recognises a right-of-use asset and a lease liability at the lease commence-ment date. The right-of-use asset is initially measured at cost, which comprises the initialamount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset, less any lease incentives received.The right-of-use asset is subsequently carried at cost less accumulated depreci-ation and accumulated impairment losses. Depreciation is calculated using a straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects thatthe Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated over the useful life of the under-lying asset, which is determined on the same basis as those of property and equipment.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the applicable incremental bor-rowing rate. Generally, the Group uses the incremental borrowing rates as the discount rates. The Group determines the incrementalborrowing rates by obtaining interest rates from various external financing sources.Lease payments included in the measure-ment of the lease liability comprise the following:\u2022 fixed payments, including in-substance fixed payments\u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date\u2022 amounts expected to be payable under a residual value guarantee\u2022 exercise price under a purchase option that the Group is reasonably certain to exercise\u2022 lease payments in an optional renewal pe riod if the Group is reasonably certain to exercise an extension option; and\u2022 payment of penalties for early termination of a lease unless the Group is reasonably certain that it will not terminate earlyThe lease liability is subsequently measured at amortised cost using the effective interestmethod. It is remeasured when:\u2022 there is a change in future lease pay- ments arising from a change in an index or rate\u2022 there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee; or\u2022 there is a change in the Group\u2019s assess- ment of whether it will exercise a pur- chase, extension or termination optionWhen the lease liability is remeasured in thisway, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recognised in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.The Group presents right-of-use assets as a part of total property, plant and equipment and lease liabilities in \u2018borrowings\u2019 in the consolidated balance sheet.Short-term and low value leasesThe Group has elected not to recognise right-of-use assets and lease liabilities for leases with lease terms that are less than 12months and other low-value assets. Lease payments associated with these leases are recognised as an expense in profit or loss ona straight-line basis over the lease term.(b) When a group company is the lessorThe Group determines at lease inception whether each lease is a finance lease or an operating lease.Finance leasesLeases of assets in which the Group trans-fers (leases out) substantially all risks and rewards incidental to ownership of the leased asset to the lessees are classified as finance leases. The leased asset is derec-ognised and the present value of the lease receivable (net of initial direct costs for nego-tiating and arranging the lease) is recognisedon the consolidated balance sheet as finance lease receivables. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance income. Lease income, included as part of revenue, is recognised over the lease term using the net investment method, which reflects a constant periodic rate of return.The Group applies the derecognition and impairment requirements in IFRS 9 to the netinvestment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease.Operating leasesLeases of assets in which the Group retains substantially all risks and rewards incidental to ownership are classified as operating leas-es. Assets leased out under operating leases are included in property, plant and equipment. Rental income (net of any incentives given to lessee) is recognised on a straight-line basis over the lease term.Intermediate leasesWhen the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is short-term lease to which the Group applies the exemption described above, the sub-lease is then classified as an operating lease.(c) Sale and leasebackA sale and leaseback transaction is where the Group transfers an asset to another en-tity (the buyer-lessor) and leases that asset back from the buyer-lessor.Where the buyer-lessor obtains control of the transferred asset, the Group meas-ures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right-of-use retained by the Group.Where the buyer-lessor does not obtain control of the transferred asset, the Group continues to recognise the transferred assetand recognises a financial liability equal to the transfer proceeds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-96-3": {
"value": "2.18 InventoriesInventories comprise mainly fuel and lubri-cating oils which are used for operation of vessels. The cost of inventories includes purchase costs, as well as any other costs incurred in bringing inventory on board the vessel. Inven-tories are accounted for on a first-in, first-outbasis, and stated at lower of cost and net realisable value. Consumption of inventories is recognised as an expense in profit or loss when the usage occurs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-98-3": {
"value": "2.19 Income taxesThe tax expense for the period comprises current and deferred taxes. Tax is recog-nised as income or expense in profit or loss, except to the extent that it relates to items recognised in other comprehensive income in which case the tax is also recognised in other comprehensive income.The current income tax charge is calculated on the basis of the tax laws enacted or sub-stantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Positions tak-en in tax returns are evaluated periodically, with respect to situations in which applicabletax regulations are subject to interpretation, and provisions are established where ap-propriate, on the basis of amounts expected to be paid to the tax authorities. In relation to accounting for tax uncertainties, where it is more likely than not that the final tax outcome would be favourable to the Group, no tax provision is recognised until payment to the tax authorities is required, and upon which a tax asset, measured at the expected recoverable amount, is recognised.Deferred income tax is provided in full, usingthe liability method, on temporary differenc-es arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. How-ever, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combina-tion that at the time of the transaction affectsneither accounting nor taxable profit or loss,it is not accounted for. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is recognised on tem-porary differences arising on income earnedfrom investments in subsidiaries, except where the timing of the reversal of the tem-porary difference can be controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeablefuture.Deferred income tax assets and liabilities are offset when there is a legally enforcea-ble right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or dif-ferent taxable entities where there is an in-tention to settle the balances on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-4": {
"value": "Deferred income tax is provided in full, usingthe liability method, on temporary differenc-es arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. How-ever, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combina-tion that at the time of the transaction affectsneither accounting nor taxable profit or loss,it is not accounted for. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is recognised on tem-porary differences arising on income earnedfrom investments in subsidiaries, except where the timing of the reversal of the tem-porary difference can be controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeablefuture.Deferred income tax assets and liabilities are offset when there is a legally enforcea-ble right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or dif-ferent taxable entities where there is an in-tention to settle the balances on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-101-3": {
"value": "2.20 Employee benefitsEmployee benefits are recognised as anexpense, unless the cost qualifies to be clas-sified as an asset.(a) Defined contribution plansDefined contribution plans are post-em-ployment benefit plans under which the Group pays fixed contributions into sepa-rate entities on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid.(b) Employee leave entitlementEmployee entitlements to annual leave are recognised when they accrue to employees. An accrual is made for the estimated liabilityfor annual leave as a result of services ren-dered by employees up to the balance sheet date.(c) Share-based paymentDuring the financial years ended 31 Decem-ber 2021 and 2022, the Group introduced Long Term Incentive Plan (LTIP) 2021 and LTIP 2022 respectively. Under this scheme, the grant-date fair value of equity-settled share-based payment arrangements grantedto employees is generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards.The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recog-nised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-4": {
"value": "(c) Share-based paymentDuring the financial years ended 31 Decem-ber 2021 and 2022, the Group introduced Long Term Incentive Plan (LTIP) 2021 and LTIP 2022 respectively. Under this scheme, the grant-date fair value of equity-settled share-based payment arrangements grantedto employees is generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards.The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recog-nised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-105-3": {
"value": "2.21 Foreign currency translation(a) Functional and presentation currency Items included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The consolidatedfinancial statements are presented in UnitedStates Dollars, which is the Company\u2019s functional currency. All financial informationpresented in US dollars has been rounded to the nearest thousand, unless otherwise stated.(b) Transactions and balancesTransactions in a currency other than the functional currency (\u201cforeign currency\u201d) are translated into the functional currency usingthe exchange rates prevailing at the date of the transactions. Foreign currency exchangegains and losses resulting from the settle-ment of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date, are recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-106-4": {
"value": "(a) Functional and presentation currency Items included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The consolidatedfinancial statements are presented in UnitedStates Dollars, which is the Company\u2019s functional currency. All financial informationpresented in US dollars has been rounded to the nearest thousand, unless otherwise stated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-3": {
"value": "2.22 Cash and cash equivalentsFor the purpose of presentation in the con-solidated statement of cash flows, cash andcash equivalents include cash on hand and deposits held at call with financial institu-tions, which are subject to an insignificant risk of change in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-4": {
"value": "2.22 Cash and cash equivalentsFor the purpose of presentation in the con-solidated statement of cash flows, cash andcash equivalents include cash on hand and deposits held at call with financial institu-tions, which are subject to an insignificant risk of change in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-3": {
"value": "2.23 Share capital Common shares are classified as equity.Incremental costs directly attributable to theissuance of new equity instruments are tak-en to equity as a deduction, net of tax, from the proceeds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-111-3": {
"value": "2.24 DividendsInterim dividends are recognised in the fi-nancial year in which they are declared pay-able and final dividends are recognised whenthe dividends are approved for payment by the directors and shareholders respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-112-3": {
"value": "2.25 ProvisionsProvisions are recognised when the Group has a present legal or constructive obligationwhereby as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and a reliable estimate of the settlement amount can be made. When the Group expects a pro-vision to be reimbursed, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. Provisions are not recognised for future operating losses.For leased-in assets, the Group recognis-es a provision for the estimated costs of reinstatement arising from the use of these assets. This provision is estimated based on the best estimate of the expenditure requiredto settle the obligation, taking into considera-tion time value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-3": {
"value": "2.26 Financial guarantee contractsFinancial guarantee contracts are account-ed for as insurance contracts and treated as contingent liabilities until such time as they become probable that the Group will be required to make a payment under the guarantee. A provision is recognised basedon the Group\u2019s estimate of the ultimate costof settling all claims incurred but unpaid at the balance sheet date. The provision is assessed by reviewing individual claims and tested for adequacy by comparing the amount recognised and the amount that would be required to settle the guarantee contract.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-115-3": {
"value": "2.27 Assets held for saleNon-current assets are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of car-rying amount and fair value less costs to sell.The assets are not depreciated or amortised while they are classified as held for sale. Any impairment loss on initial classification and subsequent measurement is recognised as an expense in profit or loss. Any subsequent increase in fair value less costs to sell (not exceeding the accumulated impairment loss that has been previously recognised) is rec-ognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-116-3": {
"value": "2.28 Segment reportingOperating segments are reported in a man-ner consistent with the internal reporting provided to management who are responsi-ble for allocating resources and assessing performance of the operating segments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-117-3": {
"value": "2.29 Earnings per shareThe Group presents basic and diluted earn-ings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted-average number of ordinary shares outstanding during the year, adjustedfor own shares held. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholdersand the weighted-average number of ordi-nary shares outstanding, adjusted for own shares held, and the effects of all dilutive potential ordinary shares, which comprise share options granted to employees.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-118-2": {
"value": "3. Acquisition of Subsidiaries On 27 January 2022, the Group completed the acquisition of 100% of eq-uity interest in Chemical Tankers Inc and its subsidiaries (\u201cCTI\u201d), including CTI\u2019s fleet of 32 vessels, in exchange for the Company\u2019s equity instru-ments (\u201cAcquisition of CTI\u201d). The acquisition was accounted for as an assetacquisition that did not constitute a business and which was satisfied by way of issuance of new shares of the Company together with the Compa-ny\u2019s existing treasury shares. In exchange for all outstanding shares in CTI, CTI\u2019s shareholders re-ceived a total of 99,199,394 common shares in the Company, consisting of 92,112,691 newly issued shares and 7,086,703 of treasury shares. Since the consideration for the acquisition was satisfied by way of issuance of the Company\u2019s equity instruments, the accounting of the fair value of the consideration settled follows the guidance of IFRS 2 Share-based Pay-ment. At the acquisition date, ordinary shares and the existing treasury shares of the Company were issued to CTI\u2019s shareholders, and the fair value of issued shares was deemed to be the fair value of the CTI\u2019s net assets acquired. As a matter of practical expediency, management accounted for the acquisition by utilising the carrying amounts of CTI\u2019s assets and liabilities as at 31 January 2022, adjusted for fair value adjustments. The financial effect of the acquisition from 27 January 2022 to 31 January 2022 was deemed immaterial to the financial position of the Group.The fair value of CTI\u2019s net assets acquired was assessed at USD 221.1 million. Equity settlement of the transaction resulted in an increase in share capital of USD 0.9 million and share premium of USD 207.4 million, while reducing balance of treasury shares by USD 12.8 million. The effectsof CTI acquisition resulted in increases in the Group\u2019s assets, liabilities and equity by USD 943.0 million, USD 721.9 million and USD 221.1 million respectively.(a) Assets acquired and liabilities assumedA summary of the acquired assets and liabilities of CTI is presented below.CTI balances acquiredat fair values2022USD \u2019000Property, plant and equipment 893,009Restricted cash 6,050Cash and cash equivalents 4,195Inventories 3,168Trade and other receivables 36,584Trade and other payables (19,435)Borrowings (702,423)Total net assets acquired 221,148(b) Consideration transferredThe following table summarises the acquisition date fair value of eachclass of consideration transferred.USD \u2019000Common shares issued 208,316Treasury shares transferred 12,832Less: Cost of issuing new common shares (936)Net consideration transferred in the form of issued common shares and treasury shares 220,212(c) Measurement of fair valuesThe fair value of acquired vessels was estimated based on independentthird-party valuation reports close to the acquisition date, which made reference to comparable transaction prices of similar vessels.The carrying values of acquired borrowings approximate their fair values as the bank borrowings bear floating interest rates and were re-priceableat three-month intervals.Other acquired items represent working capital items whose carrying values approximate fair values due to short period of maturity.31. Climate-Related Risks ConsiderationThe Group identified climate-related risks related to the global transi-tion towards low-carbon or carbon-neutral solutions, marine environ-mental factors and industry-led decarbonisation policies. The Group assesses transition risks in strategic planning, fleet development and capital expenditure plans for next-generation and existing fleet transitionplanning. Physical risks from climate events influence the Group\u2019s voyageplanning and operation strategies. Maritime activities affect the marine environment and the Group identifies better management of ballast water contamination, accidental oil spills and underwater noise pollutions to be key strategies. International Maritime Organisation (IMO) targets to halve international shipping GHG emissions by 2050 may also impact the Group\u2019s strategy and its financial performance.In assessing the impact of climate-related risks on the Group\u2019s finan-cial statements, the Group considers if there are near to medium term financial impacts arising from the aforementioned risks. Presently the Group incurs certain operating or capital expenditures to mitigate such climate-related risks and policies. In 2020 and 2021, Hafnia, via the Vista joint venture, ordered four Aframax LR2 vessels equipped with high-pres-sure LNG propulsion technology, due for delivery in 2023. Adopting Liq-uefied Natural Gas (LNG) as a fuel was one of the first steps in addressing our ambition for a greener future. Switching to LNG as a fuel provides significant benefits, such as improving overall air quality and reducing GHG emissions.Notwithstanding, there remains the risk that evolving demands for stronger protection over the environment, evolving laws and regulations and evolving decarbonisation policies may have a significant impact to the Group\u2019s useful lives and residual values and valuation of vessels, and also the financial performance in the future. The Group continues to monitor and assess the potential impact of such developments on its operation andfinancial performance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-125-2": {
"value": "4. Revenue 20222021USD \u2019000USD \u2019000Revenue from time charter 136,498 64,891Revenue from voyage charter 1,696,046 746,326Total revenue 1,832,544 811,217The Group\u2019s revenue is generated from the following main business seg-ments: LR2 Product Tankers, LR1 Product Tankers, MR Product Tankers, Handy Product Tankers, Chemical-Handy Product Tankers, Chemical-MR Product Tankers and Chemical-Stainless Product Tankers. During the year, the Group exited the Chemical-Stainless segment after disposing of its Chemical-Stainless vessels that were previously acquired through theacquisition of CTI. The table below presents disaggregation of revenue bybusiness segments. LR2 LR1 MR HandyChemical-HandyChemical-MRChemical-StainlessTotalUSD \u2019000USD \u2019000USD \u2019000USD '000USD \u2019000USD \u2019000USD \u2019000USD \u20190002022Revenue 100,447 699,821 632,258 90,612 192,097 87,700 29,609 1,832,5442021Revenue 54,540 236,461 413,116 107,100 - - - 811,217Time charter hire income is recog-nised on a straight-line basis over the term of the time charter period. Voy-age charter revenue is recognised on a load-to-discharge basis, evenly overthe period from the point of loading of the current voyage to the point of discharge of the current voyage.As a practical expedient, contract costs to obtain the contract, including voyage costs to arrive to the point of loading (\u2018ballast leg\u2019 costs) are expensed in profit or loss as incurred since the amortisation period of the asset is less than one year.Payments for trade receivables generally are due immediately or within 7 days from the invoice date. Information about trade receivables from contracts with customers and contract assets is presented in Note 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-125-3": {
"value": "4. Revenue 20222021USD \u2019000USD \u2019000Revenue from time charter 136,498 64,891Revenue from voyage charter 1,696,046 746,326Total revenue 1,832,544 811,217The Group\u2019s revenue is generated from the following main business seg-ments: LR2 Product Tankers, LR1 Product Tankers, MR Product Tankers, Handy Product Tankers, Chemical-Handy Product Tankers, Chemical-MR Product Tankers and Chemical-Stainless Product Tankers. During the year, the Group exited the Chemical-Stainless segment after disposing of its Chemical-Stainless vessels that were previously acquired through theacquisition of CTI. The table below presents disaggregation of revenue bybusiness segments. LR2 LR1 MR HandyChemical-HandyChemical-MRChemical-StainlessTotalUSD \u2019000USD \u2019000USD \u2019000USD '000USD \u2019000USD \u2019000USD \u2019000USD \u20190002022Revenue 100,447 699,821 632,258 90,612 192,097 87,700 29,609 1,832,5442021Revenue 54,540 236,461 413,116 107,100 - - - 811,217Time charter hire income is recog-nised on a straight-line basis over the term of the time charter period. Voy-age charter revenue is recognised on a load-to-discharge basis, evenly overthe period from the point of loading of the current voyage to the point of discharge of the current voyage.As a practical expedient, contract costs to obtain the contract, including voyage costs to arrive to the point of loading (\u2018ballast leg\u2019 costs) are expensed in profit or loss as incurred since the amortisation period of the asset is less than one year.Payments for trade receivables generally are due immediately or within 7 days from the invoice date. Information about trade receivables from contracts with customers and contract assets is presented in Note 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-129-2": {
"value": "5. Expenses by Nature20222021USD \u2019000USD \u2019000Fuel oil consumed (Note 11) 347,483 253,479Port costs 103,367 124,082Brokers\u2019 commission expenses 27,080 23,440Other voyage expenses 7,918 7,281Voyage expenses 485,848 408,282Employee benefits (Note 6) 167,098 125,175Maintenance and repair expenses 70,584 48,117Insurance expenses 11,832 8,416Other vessel operating expenses 14,389 10,751Vessel operating expenses 263,903 192,459Support service fee 19,181 3,866Employee benefits (Note 6) 37,766 28,790Other operating expenses 2,577 10,323Other expenses 59,524 42,979",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-129-3": {
"value": "5. Expenses by Nature20222021USD \u2019000USD \u2019000Fuel oil consumed (Note 11) 347,483 253,479Port costs 103,367 124,082Brokers\u2019 commission expenses 27,080 23,440Other voyage expenses 7,918 7,281Voyage expenses 485,848 408,282Employee benefits (Note 6) 167,098 125,175Maintenance and repair expenses 70,584 48,117Insurance expenses 11,832 8,416Other vessel operating expenses 14,389 10,751Vessel operating expenses 263,903 192,459Support service fee 19,181 3,866Employee benefits (Note 6) 37,766 28,790Other operating expenses 2,577 10,323Other expenses 59,524 42,979",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-129-4": {
"value": "5. Expenses by Nature20222021USD \u2019000USD \u2019000Fuel oil consumed (Note 11) 347,483 253,479Port costs 103,367 124,082Brokers\u2019 commission expenses 27,080 23,440Other voyage expenses 7,918 7,281Voyage expenses 485,848 408,282Employee benefits (Note 6) 167,098 125,175Maintenance and repair expenses 70,584 48,117Insurance expenses 11,832 8,416Other vessel operating expenses 14,389 10,751Vessel operating expenses 263,903 192,459Support service fee 19,181 3,866Employee benefits (Note 6) 37,766 28,790Other operating expenses 2,577 10,323Other expenses 59,524 42,979",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-129-5": {
"value": "5. Expenses by Nature20222021USD \u2019000USD \u2019000Fuel oil consumed (Note 11) 347,483 253,479Port costs 103,367 124,082Brokers\u2019 commission expenses 27,080 23,440Other voyage expenses 7,918 7,281Voyage expenses 485,848 408,282Employee benefits (Note 6) 167,098 125,175Maintenance and repair expenses 70,584 48,117Insurance expenses 11,832 8,416Other vessel operating expenses 14,389 10,751Vessel operating expenses 263,903 192,459Support service fee 19,181 3,866Employee benefits (Note 6) 37,766 28,790Other operating expenses 2,577 10,323Other expenses 59,524 42,979",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-129-6": {
"value": "5. Expenses by Nature20222021USD \u2019000USD \u2019000Fuel oil consumed (Note 11) 347,483 253,479Port costs 103,367 124,082Brokers\u2019 commission expenses 27,080 23,440Other voyage expenses 7,918 7,281Voyage expenses 485,848 408,282Employee benefits (Note 6) 167,098 125,175Maintenance and repair expenses 70,584 48,117Insurance expenses 11,832 8,416Other vessel operating expenses 14,389 10,751Vessel operating expenses 263,903 192,459Support service fee 19,181 3,866Employee benefits (Note 6) 37,766 28,790Other operating expenses 2,577 10,323Other expenses 59,524 42,979",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-131-2": {
"value": "6. Employee Benefits20222021USD \u2019000USD \u2019000Wages and salaries (Note 5) 204,864 153,965",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-132-2": {
"value": "7. Income TaxesBased on the tax laws in the jurisdictions in which the Group and its sub-sidiaries operate, shipping profits are exempted from income tax.Non-shipping profits are taxed at the prevailing tax rate of each tax juris-diction where the profit is earned.Certain of the Group\u2019s vessels are subject to the tonnage tax regime in Denmark, whose effect is not significant.20222021Income tax expenseUSD \u2019000USD \u2019000Tax expense attributable to profit is made up of:Current income tax 5,785 2,229Changes in estimates related to prior years 893 2,1616,678 4,390There is no income, withholding, capital gain or capital transfer taxes payable in Bermuda. The income tax expense reconciliation of the Group isas follows:20222021Reconciliation of effective tax rateUSD \u2019000USD \u2019000Profit/(loss) before income tax 758,267 (51,103)Tax calculated at a tax rate of 0% (2021: 0%) - -Effect of:- Tax on non-shipping income 5,785 2,229- Changes in estimates related to prior years 893 2,161Income tax expense 6,678 4,390The Group\u2019s shipping profits are essentially exempted from income tax, asgranted by various ship registrars across the world. Tax losses incurred in the generation of exempted shipping profits are therefore not deducti-ble against future taxable income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-138-2": {
"value": "8. Earnings per ShareBasic earnings per share is calculated by dividing the net profit attributa-ble to equity holders of the Company by the weighted average number of common shares outstanding during the financial year.20222021USD \u2019000USD \u2019000Net profit/(loss) attributable to equity holders of the Company (USD \u2019000) 751,589 (55,493)(a) Basic earnings/(loss) per shareIssued common shares at 1 January 370,244,325 370,244,325Effect of share options exercised satisfied from treasury shares 66,374 -Effect of shares issued for acquisition of CTI 83,736,555 -Effect of new shares issued 25,551,838 -Effect of treasury shares purchased (1,708,209) (7,117,103)Weighted-average number of ordinary shares at 31 December 477,890,883 363,127,222Basic earnings/(loss) per share (USD per share) 1.57 (0.15)(b) Diluted earnings/(loss) per shareWeighted-average number of ordinary shares (basic) 477,890,883 363,127,222Effect of share options on issue 11,185,991 -Weighted-average number of ordinary shares at 31 December 489,076,874 363,127,222Diluted earnings/(loss) per share (USD per share) 1.54 (0.15)Diluted earnings per share is determined by adjusting profit or loss attributable to ordinary shareholders and the weighted average numberof ordinary shares outstanding, adjusted for own shares held, and the effects of all dilutive potential ordinary shares, which comprise share options granted to employees.As at 31 December 2021, the diluted weighted-average earnings per share was equivalent to the basic earnings per share, as 10,294,731 share options had been excluded from the calculations as their effects would have been anti-dilutive.The average market value of the Company\u2019s shares for purposes of cal-culating the dilutive effect of share options was based on quoted market prices for the period during which the options were outstanding.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-144-2": {
"value": "9. Property, Plant and EquipmentDry docking and Right-of-use VesselsscrubbersassetsOthersTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000CostAt 1 January 2022 2,874,159 116,673 188,983 380 3,180,195Acquisition of CTI\u2019s property, plant and equipment (Note 3(a)) 876,246 16,754 - 9 893,009Additions 406,828 39,320 1,895 980 449,023Disposal of vessels (400,805) (20,870) - - (421,675)Disposal of CTI\u2019s vessel owning subsidiaries (Note 9(b)) (57,770) (1,256) - - (59,026)Write off on completion of dry docking cycle - (12,620) - - (12,620)At 31 December 2022 3,698,658 138,001 190,878 1,369 4,028,906Accumulated depreciation and impairment chargesAt 1 January 2022 964,625 53,259 77,454 114 1,095,452Depreciation charge 133,116 29,228 45,520 125 207,989Disposal of vessels (126,945) (11,032) - - (137,977)Disposal of CTI\u2019s vessel owning subsidiaries (Note 9(b)) (457) (44) - - (501)Write off on completion of dry docking cycle - (12,620) - - (12,620)At 31 December 2022 970,339 58,791 122,974 239 1,152,343Net book value 31 December 2022 2,728,319 79,210 67,904 1,130 2,876,563Dry docking and Right-of-use VesselsscrubbersassetsOthersTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000CostAt 1 January 2021 2,950,354 110,007 152,757 103 3,213,221Additions 8,981 17,405 36,226 277 62,889Disposal of vessel (85,176) (3,467) - - (88,643)Write off on completion of dry docking cycle - (7,272) - - (7,272)At 31 December 2021 2,874,159 116,673 188,983 380 3,180,195Accumulated depreciation and impairment chargesAt 1 January 2021 921,216 40,106 45,381 78 1,006,781Depreciation charge 94,758 23,593 32,073 36 150,460Disposal of vessel (51,349) (3,168) - - (54,517)Write off on completion of dry docking cycle - (7,272) - - (7,272)At 31 December 2021 964,625 53,259 77,454 114 1,095,452Net book valueAt 31 December 2021 1,909,534 63,414 111,529 266 2,084,743(c) The Group organises the commercial management of the fleet of vessels into five individual commercial pools: LR, MR, Handy, Chemical-Handy and Chemical-MR. Each indiviual commercial pool constitutes a separate cash- generating unit (\u201cCGU\u201d). For vessels outside com- mercial pools and deployed on a time-charter basis, each of these vessels constitutes a separate CGU. Any time-chartered in vessels which are recognised as ROU assets by the Group and subsequently deployed in the commercial pools are included as part of the pool CGUs. As at 31 December 2022, the Group assessed whether these CGUs had indicators of impair-ment by reference to internal and external factors according to its stated policy set out in Note 2.3(b).The Group obtained valuation reports from independent ship brokers to assess whether fair value of vessels as per valuation reports exceed their carrying values at the reporting date. As thefair market values of the Group\u2019s vessels exceed their respective carrying amounts, and togeth-er with other macroeconomic and geopolitical factors that favoured the product and chemical tanker businesses at the reporting date, the Group concluded that there were no indicators of impairment for the vessels held-owned and leased that were deployed in their respective CGUs.In FY2021, the Group concluded there were impairment indicators, and proceeded to test the recoverable amounts of vessels deployed in theirrespective CGUs. The recoverable amounts of each pool CGU and individual vessel CGU were assessed by management based on value in use computations. In determining the value of use, expected cash flows of each CGU were discount-ed to their present values. This required signifi-cant management judgement over assumptions used relating to forecasted spot freight rates, forecasted operating costs and discount rates applied. As a result of the assessment, the recov-erable amounts of the pool CGUs and individual vessel CGUs were found to be in excess of the carrying amounts of vessels and ROU assets de-ployed in these CGUs. Accordingly, no impairmentloss was recognised in 2021.(a) During the year, the Group acquired 12 LR1 vessels from Scorpio Tankers Inc (\u201cScorpio\u201d) for cash consideration. Acquisition of the vessels was subsequently financed via a sale-and- leaseback facility arrangement entered with an external financial institution (see Note 19).(b) During the year, the Group disposed six Handy vessels, four LR1 vessels and eight of CTI\u2019s Chemical-Stainless vessels to external parties. Two of the Chemical-Stainless vessels, Hafnia Spark and Hafnia Stellar, were deemed be sold even though physical title over the vessels has not been transferred, as control over the vessels has been transferred to the buyers. These vessels were financed by sale-and-leaseback arrangements that did not meet the criteria for sale as prescribed by IFRS 15 Revenue with cus- tomers (see Note 19). Another two Chemical-Stainless vessels, Hafnia Sirius and Hafnia Sky, were disposed via the disposal of the vessel owning subsidiaries in October 2022. These subsidiaries were acquired on 27 January 2022 through the CTI acquisition. The effects of the disposal on the financial po- sition of the Group as at 31 December 2022 are as follow:USD \u2019000Property, plant and equipment (58,525)Trade and other receivables (1,869)Borrowings46,604Net assets (13,790)Net consideration received, satisfied in cash 15,882Net cash inflows 15,882Gain on disposal of subsidiaries 2,092(d) The Group has mortgaged vessels with a total carrying amount of USD 2,807.5 million (2021: USD 1,972.9 million) as security over the Group\u2019s bank borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-144-3": {
"value": "9. Property, Plant and EquipmentDry docking and Right-of-use VesselsscrubbersassetsOthersTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000CostAt 1 January 2022 2,874,159 116,673 188,983 380 3,180,195Acquisition of CTI\u2019s property, plant and equipment (Note 3(a)) 876,246 16,754 - 9 893,009Additions 406,828 39,320 1,895 980 449,023Disposal of vessels (400,805) (20,870) - - (421,675)Disposal of CTI\u2019s vessel owning subsidiaries (Note 9(b)) (57,770) (1,256) - - (59,026)Write off on completion of dry docking cycle - (12,620) - - (12,620)At 31 December 2022 3,698,658 138,001 190,878 1,369 4,028,906Accumulated depreciation and impairment chargesAt 1 January 2022 964,625 53,259 77,454 114 1,095,452Depreciation charge 133,116 29,228 45,520 125 207,989Disposal of vessels (126,945) (11,032) - - (137,977)Disposal of CTI\u2019s vessel owning subsidiaries (Note 9(b)) (457) (44) - - (501)Write off on completion of dry docking cycle - (12,620) - - (12,620)At 31 December 2022 970,339 58,791 122,974 239 1,152,343Net book value 31 December 2022 2,728,319 79,210 67,904 1,130 2,876,563Dry docking and Right-of-use VesselsscrubbersassetsOthersTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000CostAt 1 January 2021 2,950,354 110,007 152,757 103 3,213,221Additions 8,981 17,405 36,226 277 62,889Disposal of vessel (85,176) (3,467) - - (88,643)Write off on completion of dry docking cycle - (7,272) - - (7,272)At 31 December 2021 2,874,159 116,673 188,983 380 3,180,195Accumulated depreciation and impairment chargesAt 1 January 2021 921,216 40,106 45,381 78 1,006,781Depreciation charge 94,758 23,593 32,073 36 150,460Disposal of vessel (51,349) (3,168) - - (54,517)Write off on completion of dry docking cycle - (7,272) - - (7,272)At 31 December 2021 964,625 53,259 77,454 114 1,095,452Net book valueAt 31 December 2021 1,909,534 63,414 111,529 266 2,084,743(c) The Group organises the commercial management of the fleet of vessels into five individual commercial pools: LR, MR, Handy, Chemical-Handy and Chemical-MR. Each indiviual commercial pool constitutes a separate cash- generating unit (\u201cCGU\u201d). For vessels outside com- mercial pools and deployed on a time-charter basis, each of these vessels constitutes a separate CGU. Any time-chartered in vessels which are recognised as ROU assets by the Group and subsequently deployed in the commercial pools are included as part of the pool CGUs. As at 31 December 2022, the Group assessed whether these CGUs had indicators of impair-ment by reference to internal and external factors according to its stated policy set out in Note 2.3(b).The Group obtained valuation reports from independent ship brokers to assess whether fair value of vessels as per valuation reports exceed their carrying values at the reporting date. As thefair market values of the Group\u2019s vessels exceed their respective carrying amounts, and togeth-er with other macroeconomic and geopolitical factors that favoured the product and chemical tanker businesses at the reporting date, the Group concluded that there were no indicators of impairment for the vessels held-owned and leased that were deployed in their respective CGUs.In FY2021, the Group concluded there were impairment indicators, and proceeded to test the recoverable amounts of vessels deployed in theirrespective CGUs. The recoverable amounts of each pool CGU and individual vessel CGU were assessed by management based on value in use computations. In determining the value of use, expected cash flows of each CGU were discount-ed to their present values. This required signifi-cant management judgement over assumptions used relating to forecasted spot freight rates, forecasted operating costs and discount rates applied. As a result of the assessment, the recov-erable amounts of the pool CGUs and individual vessel CGUs were found to be in excess of the carrying amounts of vessels and ROU assets de-ployed in these CGUs. Accordingly, no impairmentloss was recognised in 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-144-4": {
"value": "9. Property, Plant and EquipmentDry docking and Right-of-use VesselsscrubbersassetsOthersTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000CostAt 1 January 2022 2,874,159 116,673 188,983 380 3,180,195Acquisition of CTI\u2019s property, plant and equipment (Note 3(a)) 876,246 16,754 - 9 893,009Additions 406,828 39,320 1,895 980 449,023Disposal of vessels (400,805) (20,870) - - (421,675)Disposal of CTI\u2019s vessel owning subsidiaries (Note 9(b)) (57,770) (1,256) - - (59,026)Write off on completion of dry docking cycle - (12,620) - - (12,620)At 31 December 2022 3,698,658 138,001 190,878 1,369 4,028,906Accumulated depreciation and impairment chargesAt 1 January 2022 964,625 53,259 77,454 114 1,095,452Depreciation charge 133,116 29,228 45,520 125 207,989Disposal of vessels (126,945) (11,032) - - (137,977)Disposal of CTI\u2019s vessel owning subsidiaries (Note 9(b)) (457) (44) - - (501)Write off on completion of dry docking cycle - (12,620) - - (12,620)At 31 December 2022 970,339 58,791 122,974 239 1,152,343Net book value 31 December 2022 2,728,319 79,210 67,904 1,130 2,876,563Dry docking and Right-of-use VesselsscrubbersassetsOthersTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000CostAt 1 January 2021 2,950,354 110,007 152,757 103 3,213,221Additions 8,981 17,405 36,226 277 62,889Disposal of vessel (85,176) (3,467) - - (88,643)Write off on completion of dry docking cycle - (7,272) - - (7,272)At 31 December 2021 2,874,159 116,673 188,983 380 3,180,195Accumulated depreciation and impairment chargesAt 1 January 2021 921,216 40,106 45,381 78 1,006,781Depreciation charge 94,758 23,593 32,073 36 150,460Disposal of vessel (51,349) (3,168) - - (54,517)Write off on completion of dry docking cycle - (7,272) - - (7,272)At 31 December 2021 964,625 53,259 77,454 114 1,095,452Net book valueAt 31 December 2021 1,909,534 63,414 111,529 266 2,084,743",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-154-2": {
"value": "10. Intangible AssetsIntangible assets are the fair values of IT infrastructure and customer contracts acquired in the course of acquisition of businesses from HafniaManagement A/S and subsidiaries. CustomerIT infra- contractsstructureTotalUSD \u2019000USD \u2019000USD \u2019000CostAt 1 January 2021 3,728 2,070 5,798- 367 367AdditionsAt 31 December 2021 3,728 2,437 6,165Additions - 248 248At 31 December 2022 3,728 2,685 6,413Accumulated amortisation chargeAt 1 January 2021 (1,159) (215) (1,374)Amortisation charge (752) (467) (1,219)At 31 December 2021 (1,911) (682) (2,593)Amortisation charge (752) (478) (1,230)At 31 December 2022 (2,663) (1,160) (3,823)Net book value31 December 2021 1,817 1,755 3,57231 December 2022 1,065 1,525 2,590",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-157-2": {
"value": "11. Inventories20222021USD \u2019000USD \u2019000Fuel oil 1,471 1,166Lubricating oils 8,623 5,49510,094 6,661The cost of inventories recognised as expenses and included in \u201cvoyageexpenses\u201d amounted to USD 347.5 million (2021: USD 253.5 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-3": {
"value": "12. Trade and other Receivables20222021NoteUSD \u2019000USD \u2019000Trade receivables- non-related parties 419,064 118,467Less: Allowance made for trade receivables- non-related parties 25(b) - -Trade receivables \u2013 net 419,064 118,467Prepayments 21,602 9,287Pool working capital 75,362 42,300Other receivables- non-related parties 100,320 31,069616,348 201,123The carrying amounts of trade and other receivables, principally denom-inated in United States Dollars, approximate their fair values due to the short period to maturity. Included within trade and other receivables as at 31 December 2022 are contract assets of USD 99.5 million (2021: USD 27.5 million). These contract assets relate to the Group\u2019s rights to consideration for propor-tional performance from voyage charters in progress at the balance sheetdate. These contract assets are transferred to trade receivables when the rights to such consideration become unconditional, typically when the Group has satisfied its performance obligations upon completion of the voyage. As voyage charters in progress have an expected duration of less than one year, the Group applies the practical expedient available under IFRS 15 and does not disclose information about remaining performance obligations as at balance sheet date. There were no impairment losses recognised on contract assets (2021: USD Nil). During the year, two of the Chemical-Stainless vessels, Hafnia Spark and Hafnia Stellar, were deemed be sold even though physical title over the vessels have not been transferred, as control over the vessels have been transferred to the buyers. Included within other receivables are USD 49.9 million of receivables from the buyers to be used to repay the associated lease liabilities outstanding for Hafnia Spark and Hafnia Stellar up to and until legal completion of the sale of these vessels (see Note 9 and Note 19).13. Loans Receivable from Joint Venture and Pool ParticipantsThe Group and CSSC (Hong Kong) Shipping Company Limited (\u201cCSSC Shipping\u201d) are joint venture partners in Vista Shipping Pte. Ltd. (formerly known as Vista Shipping Limited), which builds and operates LR1 and LR2product tanker vessels. As part of financing for the newbuilds under the joint venture, each joint venture partner provides to the joint venture a shareholder\u2019s loan to finance 50% of the initial payment instalments for the product tanker vessels.In 2021, two orders for LR2 vessels were made through the joint venture.As part of financing for the LR2 newbuilds under the joint venture, each joint venture partner contributed a shareholder\u2019s loan to finance the pre-delivery instalments for the four LR2 newbuilds.In 2022, the joint venture partners provided additional financing of USD 23.0 million.The loans receivable from the joint venture are unsecured, bear interest at three-month USD LIBOR plus 3% margin per annum and have no fixed terms of repayment. As the Group does not expect the joint venture to set-tle the loans within the next 12 months, the loans receivable are classifiedas \u201cnon-current\u201d receivables. In substance, the Group considers these loan receivables as an extension of the Group\u2019s investments in joint ven-ture. The carrying amounts of the loan receivables approximate their fair values since the interest rates are re-priceable at three-month intervals.In July 2021, the Group provided a working capital loan to the commercialpools. The loan receivables attributable to the Group\u2019s own vessels oper-ating in the pools have been eliminated against the Group\u2019s vessels\u2019 share of the loan. The resulting loan receivables presented on the balance sheetare due from the Group\u2019s pool participants.In 2022, the Group provided additional financing to commercial pools of USD 15.0 million.The loan receivables from the pool participants are unsecured, bear interest at three-month USD LIBOR plus 4.8% margin per annum and are repayable within the next 12 months. The loan receivables are classified as \u201ccurrent\u201d receivables. The carrying amounts of the loan receivables approximate their fair values since the interest rates are re-priceable at three-month intervals.20222021USD \u2019000USD \u2019000Loans receivable from pool participants 45,998 34,865Loans receivable from joint venture 74,213 60,229",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-4": {
"value": "12. Trade and other Receivables20222021NoteUSD \u2019000USD \u2019000Trade receivables- non-related parties 419,064 118,467Less: Allowance made for trade receivables- non-related parties 25(b) - -Trade receivables \u2013 net 419,064 118,467Prepayments 21,602 9,287Pool working capital 75,362 42,300Other receivables- non-related parties 100,320 31,069616,348 201,123The carrying amounts of trade and other receivables, principally denom-inated in United States Dollars, approximate their fair values due to the short period to maturity. Included within trade and other receivables as at 31 December 2022 are contract assets of USD 99.5 million (2021: USD 27.5 million). These contract assets relate to the Group\u2019s rights to consideration for propor-tional performance from voyage charters in progress at the balance sheetdate. These contract assets are transferred to trade receivables when the rights to such consideration become unconditional, typically when the Group has satisfied its performance obligations upon completion of the voyage. As voyage charters in progress have an expected duration of less than one year, the Group applies the practical expedient available under IFRS 15 and does not disclose information about remaining performance obligations as at balance sheet date. There were no impairment losses recognised on contract assets (2021: USD Nil). During the year, two of the Chemical-Stainless vessels, Hafnia Spark and Hafnia Stellar, were deemed be sold even though physical title over the vessels have not been transferred, as control over the vessels have been transferred to the buyers. Included within other receivables are USD 49.9 million of receivables from the buyers to be used to repay the associated lease liabilities outstanding for Hafnia Spark and Hafnia Stellar up to and until legal completion of the sale of these vessels (see Note 9 and Note 19).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-164-4": {
"value": "13. Loans Receivable from Joint Venture and Pool ParticipantsThe Group and CSSC (Hong Kong) Shipping Company Limited (\u201cCSSC Shipping\u201d) are joint venture partners in Vista Shipping Pte. Ltd. (formerly known as Vista Shipping Limited), which builds and operates LR1 and LR2product tanker vessels. As part of financing for the newbuilds under the joint venture, each joint venture partner provides to the joint venture a shareholder\u2019s loan to finance 50% of the initial payment instalments for the product tanker vessels.In 2021, two orders for LR2 vessels were made through the joint venture.As part of financing for the LR2 newbuilds under the joint venture, each joint venture partner contributed a shareholder\u2019s loan to finance the pre-delivery instalments for the four LR2 newbuilds.In 2022, the joint venture partners provided additional financing of USD 23.0 million.The loans receivable from the joint venture are unsecured, bear interest at three-month USD LIBOR plus 3% margin per annum and have no fixed terms of repayment. As the Group does not expect the joint venture to set-tle the loans within the next 12 months, the loans receivable are classifiedas \u201cnon-current\u201d receivables. In substance, the Group considers these loan receivables as an extension of the Group\u2019s investments in joint ven-ture. The carrying amounts of the loan receivables approximate their fair values since the interest rates are re-priceable at three-month intervals.In July 2021, the Group provided a working capital loan to the commercialpools. The loan receivables attributable to the Group\u2019s own vessels oper-ating in the pools have been eliminated against the Group\u2019s vessels\u2019 share of the loan. The resulting loan receivables presented on the balance sheetare due from the Group\u2019s pool participants.In 2022, the Group provided additional financing to commercial pools of USD 15.0 million.The loan receivables from the pool participants are unsecured, bear interest at three-month USD LIBOR plus 4.8% margin per annum and are repayable within the next 12 months. The loan receivables are classified as \u201ccurrent\u201d receivables. The carrying amounts of the loan receivables approximate their fair values since the interest rates are re-priceable at three-month intervals.20222021USD \u2019000USD \u2019000Loans receivable from pool participants 45,998 34,865Loans receivable from joint venture 74,213 60,229",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-168-2": {
"value": "14. Associated Companies and Joint Ventures20222021USD \u2019000USD \u2019000Interest in associates - 1,863Interest in joint ventures 39,359 13,35539,359 15,218(a) Interest in associatesThe Group, through its wholly owned subsidiary Hafnia Tankers ApS, had a 40% interest in Hafnia Management A/S and its subsidiaries (\u201cHafnia Management\u201d). Hafnia Management A/S was incorporated in Denmark.In December 2022, Hafnia Management was dissolved following a volun-tary liquidation and the cash proceed was distributed back to the Group and deducted against investment cost The deficit of USD 36,555 was recorded in current year\u2019s profit or loss.The following table summarises the profit for the year and other financialinformation according to Hafnia Management\u2019s own financial statements.The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in Hafnia Management.20222021Hafnia ManagementUSD \u2019000USD \u2019000Percentage ownership interest 40% 40%Current assets 4,562 4,361Current liabilities - (172)Net assets (100%) 4,562 4,189Net assets (40%) 1,825 1,676Other adjustments - 187Cash distribution on liquidation (1,825) -Group\u2019s share of net assets (40%) - 1,863Other income - 162Expenses (92) -(Loss)/profit and total comprehensive income (100%) (92) 162(Loss)/profit and total comprehensive income (40%) (37) 65Group\u2019s share of total comprehensive income (40%) (37) 65(b) Interest in joint ventures(1) Vista Shipping Pte. Ltd. and its subsidiaries (\u201cVista Shipping\u201d) is a joint venture in which the Group has joint control and 50% ownership inter- est. Vista Shipping is domiciled in Singapore and structured as a sepa rate vehicle in shipowning, with the Group having residual interest in its net assets. Accordingly, the Group has classified its interest in Vista Shipping as a joint venture. In accordance with the agreement under which Vista Shipping was established, the Group and the other investor in the joint venture have agreed to provide shareholders\u2019 loans in pro- portion to their interests to finance the newbuild programme as dscribed in Note 13. The following table summarises the financial information of Vista Ship- ping as included in its own consolidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in Vista Shipping. 20222021USD \u2019000USD \u2019000Percentage ownership interest 50% 50%Non-current assets 275,964 255,580Current assets 57,618 15,665Non-current liabilities (268,921) (192,430)Current liabilities (13,667) (73,251)Net assets (100%) 50,994 5,564Group\u2019s share of net assets (50%) 25,497 2,782Revenue 78,275 25,601Other income 617 190Expenses (34,690) (30,152)Profit/(loss) and total comprehensive income/(loss) (100%) 44,202 (4,361)Profit/(loss) and total comprehensive in-come/(loss) (50%) 22,101 (2,181)Prior year share of profit/(loss) not rec-ognised 614 (12)Group\u2019s share of total comprehensive income/(loss) (50%) 22,715 (2,193)(2) In July 2021, the Group and Andromeda Shipholdings Ltd (\u201cAndromeda Shipholdings\u201d) entered into a joint venture, H&A Shipping Ltd (\u201cH&A Shipping\u201d) in which the Group has joint control and 50% ownership interest. H&A Shipping is domiciled in the Republic of the Marshall Is- lands and structured as a separate vehicle in shipowning, with the Group having residual interest in its net assets. Accordingly, the Group has classified its interest in H&A Shipping Ltd as a joint venture. In accordance with the agreement under which H&A Shipping was estab- lished, the Group and the other investor in the joint venture have agreed to provide equity in proportion to their interests to finance the newbuild programme.The following table summarises the financial information of H&A Shippingas included in its own consolidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in H&A Shipping. 20222021USD \u2019000USD \u2019000Percentage ownership interest 50% 50%Non-current assets 66,091 41,885Current assets 4,136 1,261Non-current liabilities (54,981) (32,234)Current liabilities (4,573) (2,417)Net assets (100%) 10,673 8,495Group\u2019s share of net assets (50%) 5,337 4,247Shareholder\u2019s loans 7,667 5,853Alignment of accounting policies 858 473Carrying amount of interest in joint venture 13,862 10,573Revenue 11,109 2,414Other income 266 5Expenses (9,198) (1,969)Profit and total comprehensive income (100%) 2,177 450Profit and total comprehensive income (50%) 1,089 225Alignment of accounting policies 385 135Group\u2019s share of total comprehensive income (50%) 1,474 360",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-168-3": {
"value": "14. Associated Companies and Joint Ventures20222021USD \u2019000USD \u2019000Interest in associates - 1,863Interest in joint ventures 39,359 13,35539,359 15,218(a) Interest in associatesThe Group, through its wholly owned subsidiary Hafnia Tankers ApS, had a 40% interest in Hafnia Management A/S and its subsidiaries (\u201cHafnia Management\u201d). Hafnia Management A/S was incorporated in Denmark.In December 2022, Hafnia Management was dissolved following a volun-tary liquidation and the cash proceed was distributed back to the Group and deducted against investment cost The deficit of USD 36,555 was recorded in current year\u2019s profit or loss.The following table summarises the profit for the year and other financialinformation according to Hafnia Management\u2019s own financial statements.The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in Hafnia Management.20222021Hafnia ManagementUSD \u2019000USD \u2019000Percentage ownership interest 40% 40%Current assets 4,562 4,361Current liabilities - (172)Net assets (100%) 4,562 4,189Net assets (40%) 1,825 1,676Other adjustments - 187Cash distribution on liquidation (1,825) -Group\u2019s share of net assets (40%) - 1,863Other income - 162Expenses (92) -(Loss)/profit and total comprehensive income (100%) (92) 162(Loss)/profit and total comprehensive income (40%) (37) 65Group\u2019s share of total comprehensive income (40%) (37) 65",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-168-4": {
"value": "14. Associated Companies and Joint Ventures20222021USD \u2019000USD \u2019000Interest in associates - 1,863Interest in joint ventures 39,359 13,35539,359 15,218(b) Interest in joint ventures(1) Vista Shipping Pte. Ltd. and its subsidiaries (\u201cVista Shipping\u201d) is a joint venture in which the Group has joint control and 50% ownership inter- est. Vista Shipping is domiciled in Singapore and structured as a sepa rate vehicle in shipowning, with the Group having residual interest in its net assets. Accordingly, the Group has classified its interest in Vista Shipping as a joint venture. In accordance with the agreement under which Vista Shipping was established, the Group and the other investor in the joint venture have agreed to provide shareholders\u2019 loans in pro- portion to their interests to finance the newbuild programme as dscribed in Note 13. The following table summarises the financial information of Vista Ship- ping as included in its own consolidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in Vista Shipping. 20222021USD \u2019000USD \u2019000Percentage ownership interest 50% 50%Non-current assets 275,964 255,580Current assets 57,618 15,665Non-current liabilities (268,921) (192,430)Current liabilities (13,667) (73,251)Net assets (100%) 50,994 5,564Group\u2019s share of net assets (50%) 25,497 2,782Revenue 78,275 25,601Other income 617 190Expenses (34,690) (30,152)Profit/(loss) and total comprehensive income/(loss) (100%) 44,202 (4,361)Profit/(loss) and total comprehensive in-come/(loss) (50%) 22,101 (2,181)Prior year share of profit/(loss) not rec-ognised 614 (12)Group\u2019s share of total comprehensive income/(loss) (50%) 22,715 (2,193)(2) In July 2021, the Group and Andromeda Shipholdings Ltd (\u201cAndromeda Shipholdings\u201d) entered into a joint venture, H&A Shipping Ltd (\u201cH&A Shipping\u201d) in which the Group has joint control and 50% ownership interest. H&A Shipping is domiciled in the Republic of the Marshall Is- lands and structured as a separate vehicle in shipowning, with the Group having residual interest in its net assets. Accordingly, the Group has classified its interest in H&A Shipping Ltd as a joint venture. In accordance with the agreement under which H&A Shipping was estab- lished, the Group and the other investor in the joint venture have agreed to provide equity in proportion to their interests to finance the newbuild programme.The following table summarises the financial information of H&A Shippingas included in its own consolidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in H&A Shipping. 20222021USD \u2019000USD \u2019000Percentage ownership interest 50% 50%Non-current assets 66,091 41,885Current assets 4,136 1,261Non-current liabilities (54,981) (32,234)Current liabilities (4,573) (2,417)Net assets (100%) 10,673 8,495Group\u2019s share of net assets (50%) 5,337 4,247Shareholder\u2019s loans 7,667 5,853Alignment of accounting policies 858 473Carrying amount of interest in joint venture 13,862 10,573Revenue 11,109 2,414Other income 266 5Expenses (9,198) (1,969)Profit and total comprehensive income (100%) 2,177 450Profit and total comprehensive income (50%) 1,089 225Alignment of accounting policies 385 135Group\u2019s share of total comprehensive income (50%) 1,474 360",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-179-3": {
"value": "15. Cash and Cash Equivalents including Restricted Cash20222021USD \u2019000USD \u2019000Cash at bank and on hand 174,440 100,075Restricted cash 4,780 -179,220 100,075Less: Restricted cash (4,780) -Cash and cash equivalents in the statements of cash flows 174,440 100,075The restricted cash represents amounts placed in debt service reserve accounts. This restricted cash is not available to finance the Group\u2019s dayto day operations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-179-4": {
"value": "15. Cash and Cash Equivalents including Restricted Cash20222021USD \u2019000USD \u2019000Cash at bank and on hand 174,440 100,075Restricted cash 4,780 -179,220 100,075Less: Restricted cash (4,780) -Cash and cash equivalents in the statements of cash flows 174,440 100,075The restricted cash represents amounts placed in debt service reserve accounts. This restricted cash is not available to finance the Group\u2019s dayto day operations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-182-2": {
"value": "16. Share Capital and Contributed SurplusShareShareNumber ofcapitalpremiumTotalsharesUSD \u2019000USD \u2019000USD \u2019000At 1 January 2022 370,244,325 3,703 704,834 708,537Shares issued for acquisition of CTI 92,112,691 921 206,459 207,380New shares issued 37,600,000 376 97,170 97,546Purchase of treasury shares cum issuance of shares 3,431,577 35 15,533 15,568At 31 December 2022 503,388,593 5,035 1,023,996 1,029,031At 1 January 2021 and 31 December 2021 370,244,325 3,703 704,834 708,537(a) Authorised share capitalThe total authorised number of shares is 750,000,000 (2021: 600,000,000) common shares at par value of USD 0.01 per share.In August 2022, the total authorised number of shares was increased by150,000,000 shares with a par value of USD 0.01 per share.(c) Share premiumThe difference between the consideration for common shares issued andtheir par value is recognised as share premium. USD 1.2 million of fees and expenses incurred for the issuance of new common shares were deducted against share premium in 2022.BW Group Limited(b) Issued and fully paid share capitalOn 27 January 2022, the Company issued 92,112,691 new common shares in the Company, as part of the purchase consideration for the acquisition of CTI. Refer to Note 3.On 9 May 2022, the Company issued 37,600,000 new common shares at a private placement at subscription price of NOK 25 per share, raising netproceeds of USD 97.5 million.On 26 August 2022, the Company entered into a share lending agreementwith (\u201cBW Group\u201d), whereby BW Group lent 3,431,577shares of the Company. The borrowed shares were redelivered by way of the Company issuing new shares to BW Group at a subscription priceof USD 0.01 per share. Following this transaction, the Company had 3,431,577 newly issued shares and 3,431,577 treasury shares. This allows the Company to promptly deliver existing shares held in treasuryto employees who exercise their vested options under the share optionsgranted to management personnel in 2019 for Tranche 1, Tranche 2, Tranche 3 and Tranche 4.All issued common shares are fully paid. The newly issued shares rankpari passu with the existing shares.(e) Treasury sharesThe reserve for the Company\u2019s treasury shares comprises the cost of theCompany\u2019s shares held by the Group. As at 31 December 2022, the Groupheld 2,793,797 of the Company\u2019s shares (2021: 7,086,703).(d) Contributed surplusContributed surplus relates to the amount transferred from share capitalaccount when the par value of each common share was reduced from USD 5 to USD 0.01 per share in 2015. Contributed surplus is distributable,subject to the fulfilment of the conditions as stipulated under the Bermu-dian Law. (f) Capital reserveThe deficit refers to the reversal of the cost of the treasury shares ac-quired, recorded in the treasury shares account against the option price on those shares upon exercise of employee share options during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-182-3": {
"value": "16. Share Capital and Contributed SurplusShareShareNumber ofcapitalpremiumTotalsharesUSD \u2019000USD \u2019000USD \u2019000At 1 January 2022 370,244,325 3,703 704,834 708,537Shares issued for acquisition of CTI 92,112,691 921 206,459 207,380New shares issued 37,600,000 376 97,170 97,546Purchase of treasury shares cum issuance of shares 3,431,577 35 15,533 15,568At 31 December 2022 503,388,593 5,035 1,023,996 1,029,031At 1 January 2021 and 31 December 2021 370,244,325 3,703 704,834 708,537BW Group Limited(b) Issued and fully paid share capitalOn 27 January 2022, the Company issued 92,112,691 new common shares in the Company, as part of the purchase consideration for the acquisition of CTI. Refer to Note 3.On 9 May 2022, the Company issued 37,600,000 new common shares at a private placement at subscription price of NOK 25 per share, raising netproceeds of USD 97.5 million.On 26 August 2022, the Company entered into a share lending agreementwith (\u201cBW Group\u201d), whereby BW Group lent 3,431,577shares of the Company. The borrowed shares were redelivered by way of the Company issuing new shares to BW Group at a subscription priceof USD 0.01 per share. Following this transaction, the Company had 3,431,577 newly issued shares and 3,431,577 treasury shares. This allows the Company to promptly deliver existing shares held in treasuryto employees who exercise their vested options under the share optionsgranted to management personnel in 2019 for Tranche 1, Tranche 2, Tranche 3 and Tranche 4.All issued common shares are fully paid. The newly issued shares rankpari passu with the existing shares.(e) Treasury sharesThe reserve for the Company\u2019s treasury shares comprises the cost of theCompany\u2019s shares held by the Group. As at 31 December 2022, the Groupheld 2,793,797 of the Company\u2019s shares (2021: 7,086,703).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-182-4": {
"value": "16. Share Capital and Contributed SurplusShareShareNumber ofcapitalpremiumTotalsharesUSD \u2019000USD \u2019000USD \u2019000At 1 January 2022 370,244,325 3,703 704,834 708,537Shares issued for acquisition of CTI 92,112,691 921 206,459 207,380New shares issued 37,600,000 376 97,170 97,546Purchase of treasury shares cum issuance of shares 3,431,577 35 15,533 15,568At 31 December 2022 503,388,593 5,035 1,023,996 1,029,031At 1 January 2021 and 31 December 2021 370,244,325 3,703 704,834 708,537(e) Treasury sharesThe reserve for the Company\u2019s treasury shares comprises the cost of theCompany\u2019s shares held by the Group. As at 31 December 2022, the Groupheld 2,793,797 of the Company\u2019s shares (2021: 7,086,703).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f30037": {
"value": "BW Group Limited",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-197-2": {
"value": "17. Other Reserves(a) Composition:20222021USD \u2019000USD \u2019000Share-based payment reserve 5,873 4,837Hedging reserve 68,458 348Capital reserve (710) -Translation reserve 29 (35)73,650 5,150(b) Movements of the reserves20222021Hedging reserveUSD \u2019000USD \u2019000At beginning of the financial year 348 (15,973)Fair value gains on cash flow hedges 73,516 9,693Reclassification to profit or loss (5,406) 6,628At end of the financial year 68,458 348More information about derivatives used as hedges is disclosed in Note20.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-203-2": {
"value": "18. Share-Based Payment Arrangements(a) Description of share-based payment arrangements(i) Share option programme (equity-settled)The Group operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as considerationfor equity instruments (share options) in the Company. On 16 January 2019, 1 March 2019, 1 June 2019, 1 August 2019 (collectively known as \u201cLTIP 2019\u201d), 25 February 2020, 8 March 2021 and 15 March 2022, the Group granted share options to key management and senior employees. All options are to be settled by physical delivery of shares. The terms and conditions of the share options granted are as follows.Number of instruments in Vesting Expiry ofGrant datethousandsconditionsoptions3 years\u2019 service Option grant to key condition from management personnel on 16 January 2019grant date of 16 January(\u201cTranche 1\u201d) 1,834Tranche 120253 years\u2019 service Option Grant to key condition from management personnel on 1 March 2019grant date of 16 January(\u201cTranche 2\u201d) 207Tranche 120253 years\u2019 service Option Grant to key condition from management personnel on 1 June 2019grant date of 16 January(\u201cTranche 3\u201d) 1,183Tranche 120253 years\u2019 service Option grant to key condition from management personnel on 1 August 2019grant date of 16 January(\u201cTranche 4\u201d) 207Tranche 12025Option Grant to key 3 years\u2019 service management personnel condition from 25 Februaryon 25 February 2020(\u201cLTIP 2020\u201d) 3,432grant date2026Option Grant to key management personnel 3 years\u2019 service on 8 March 2021condition from 8 March(\u201cLTIP 2021\u201d) 3,432grant date2027Option Grant to key 3 years\u2019 service management personnel condition from 15 Marchon 15 March 2022(\u201cLTIP 2022\u201d) 1,849grant date 2028The share options become void if the employee rescinds job position before the vesting date.The fair value of services received in return for share options granted is based on fair value of the share options granted, measured using the Black-Scholes model.(ii) Restricted share units (equity-settled)On 15 March 2022, the Group granted a total of 462,357 restricted shareunits (\u201cRSU 2022\u201d) to key management and senior employees. All re-stricted share units are to be settled by physical delivery of shares to the employees when they vest on 15 March 2025.(b) Measurement of grant date fair values(i) Measurement of grant date fair values of share optionsThe following inputs were used in the measurement of the fair values at respective grant dates of the share options.Share option programmeTranche 1 Tranche 2 Tranche 3 Tranche 4 LTIP 2020 LTIP 2021 LTIP 202216 January 1 March1 June 1 August 25 February 8 March 15 MarchGrant date2019 201920192019202020212022Share price (NOK) 24.03 24.17 24.47 24.67 20.57 16.55 20.01Exercise price (NOK) 27.81 27.81 27.81 27.81 23.81 19.16 23.16Time to maturity (years) 4.5 4.4 4.1 4.0 4.5 4.5 4.5Risk free rate 2.54% 2.54% 1.93% 1.78% 1.24% 1.02% 2.24%Volatility 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%Dividends - - - - - - -Annual tenure risk 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50%Share options granted 1,833,958 207,278 1,183,063 207,278 3,431,577 3,431,577 1,849,428Fair value at grant date (USD) 1,610,382 182,009 976,425 169,317 2,249,146 2,036,068 1,263,630Volatility has been estimated as a benchmark volatility by considering the historical average share price volatility of a comparable peer group of companies.(ii) Measurement of grant date fair values of restricted share unitsThe following inputs were used in the measurement of the fair values atthe grant dates of the restricted share units.Restricted share units RSU 2022Grant date 15 March 2022Grant date fair value (NOK) 20.01Grant date fair value (USD) 2.21Annual tenure risk 7.50%Restricted share units granted 462,357Fair value at grant date (USD) 808,875(c) Reconciliation of outstanding share options Movements in the number of unissued common sharesunder option are as follows:At theAt the Granted Exercised end ofbeginning of during during the yearthe yearthe yearthe year2022LTIP 2019 3,431,577 - (637,780) 2,793,797LTIP 2020 3,431,577 - - 3,431,577LTIP 2021 3,431,577 - - 3,431,577LTIP 2022 - 1,849,428 - 1,849,428Total 10,294,731 1,849,428 (637,780) 11,506,3792021LTIP 2019 3,431,577 - - 3,431,577LTIP 2020 3,431,577 - - 3,431,577LTIP 2021 - 3,431,577 - 3,431,577Total 6,863,154 3,431,577 - 10,294,731",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-224-4": {
"value": "Interest ratesThe weighted average effective interest rates per annum of total borrow-ings at the balance sheet date are as follows:2022 2021Bank borrowings 6.0% 1.8%Finance lease liabilities 7.4% 5.2%The exposure of borrowings to interest rate risk is disclosed in Note 25.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-230-3": {
"value": "20. Derivative Financial Instruments20222021USD \u2019000USD \u2019000Assets Liabilities Assets LiabilitiesCash flow hedges - Interest rate swaps 69,136 - 654 327Non-hedging instruments- Interest rate caps 726 - 21 -- Forward freight agreements 308 93 60 -- Forward foreign exchange contracts 438 - 192 -70,608 93 927 327Analysed as:Non-current 69,184 - 675 306Current 1,424 93 252 2170,608 93 927 327Cash flow hedgesInterest rate derivativesThe Group has entered into interest rate swap contracts that qualify for hedge accounting. The Group pays interest at fixed rates varying from 0.46% to 2.15% (2021: 0.46% to 2.15%) per annum and receives interest at a floating rate based on three-month USD LIBOR. The notional principal amount of these outstanding interest rate swaps as at 31 December 2022 amounted to USD 949.0 million (2021: USD 716.0 million) and the amounts mature in more than one year from the balance sheet date. Of theseUSD 899.0 million matures within 2-5 years, and USD 50.0 million maturesafter 5 years.Non-hedging instrumentsInterest rate derivativesAs at 31 December 2022, the Group has existing interest rate caps with a strike of 3.00% against the three-month USD LIBOR. The interest rate caps have a notional amount of USD 225.0 million (2021: USD 300.0 mil-lion) with the last cap expiring in 2023. The changes in fair values of the interest rate caps are recognised in profit or loss.Forward foreign exchange contractsThe Group has entered into forward foreign exchange contracts to swap United States Dollars for Singapore Dollars with an external financial institution. The notional principal amounts of the outstanding forward for-eign exchange contracts as at 31 December 2022 and 31 December 2021comprise the following:20222021USD \u2019000USD \u2019000NotionalNotionalamounts in USD amounts in USDCurrencylocal currencyequivalentlocal currencyequivalentSingaporeDollars 22,580 16,404 25,605 18,792As at 31 December 2022, these forward foreign exchange contracts will mature within nine (2021: 12) months from the balance sheet date. No hedge accounting is adopted and the fair value changes of these forward exchange contracts are recorded in profit or loss.Freight forward agreementsThe Group has entered into a number of forward freight agreements in order to hedge its spot voyage exposure for its vessels trading in the pools. As at 31 December 2022, the Group has outstanding positions with a notional amount of USD 7.3 million (2021: USD 2.4 million), which will mature in the next one year. No hedge accounting is adopted and the fair value changes of these freight forward agreements are recorded in profitor loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-230-4": {
"value": "20. Derivative Financial Instruments20222021USD \u2019000USD \u2019000Assets Liabilities Assets LiabilitiesCash flow hedges - Interest rate swaps 69,136 - 654 327Non-hedging instruments- Interest rate caps 726 - 21 -- Forward freight agreements 308 93 60 -- Forward foreign exchange contracts 438 - 192 -70,608 93 927 327Analysed as:Non-current 69,184 - 675 306Current 1,424 93 252 2170,608 93 927 327Non-hedging instrumentsInterest rate derivativesAs at 31 December 2022, the Group has existing interest rate caps with a strike of 3.00% against the three-month USD LIBOR. The interest rate caps have a notional amount of USD 225.0 million (2021: USD 300.0 mil-lion) with the last cap expiring in 2023. The changes in fair values of the interest rate caps are recognised in profit or loss.Forward foreign exchange contractsThe Group has entered into forward foreign exchange contracts to swap United States Dollars for Singapore Dollars with an external financial institution. The notional principal amounts of the outstanding forward for-eign exchange contracts as at 31 December 2022 and 31 December 2021comprise the following:20222021USD \u2019000USD \u2019000NotionalNotionalamounts in USD amounts in USDCurrencylocal currencyequivalentlocal currencyequivalentSingaporeDollars 22,580 16,404 25,605 18,792As at 31 December 2022, these forward foreign exchange contracts will mature within nine (2021: 12) months from the balance sheet date. No hedge accounting is adopted and the fair value changes of these forward exchange contracts are recorded in profit or loss.Freight forward agreementsThe Group has entered into a number of forward freight agreements in order to hedge its spot voyage exposure for its vessels trading in the pools. As at 31 December 2022, the Group has outstanding positions with a notional amount of USD 7.3 million (2021: USD 2.4 million), which will mature in the next one year. No hedge accounting is adopted and the fair value changes of these freight forward agreements are recorded in profitor loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-230-5": {
"value": "20. Derivative Financial Instruments20222021USD \u2019000USD \u2019000Assets Liabilities Assets LiabilitiesCash flow hedges - Interest rate swaps 69,136 - 654 327Non-hedging instruments- Interest rate caps 726 - 21 -- Forward freight agreements 308 93 60 -- Forward foreign exchange contracts 438 - 192 -70,608 93 927 327Analysed as:Non-current 69,184 - 675 306Current 1,424 93 252 2170,608 93 927 327Non-hedging instrumentsInterest rate derivativesAs at 31 December 2022, the Group has existing interest rate caps with a strike of 3.00% against the three-month USD LIBOR. The interest rate caps have a notional amount of USD 225.0 million (2021: USD 300.0 mil-lion) with the last cap expiring in 2023. The changes in fair values of the interest rate caps are recognised in profit or loss.Forward foreign exchange contractsThe Group has entered into forward foreign exchange contracts to swap United States Dollars for Singapore Dollars with an external financial institution. The notional principal amounts of the outstanding forward for-eign exchange contracts as at 31 December 2022 and 31 December 2021comprise the following:20222021USD \u2019000USD \u2019000NotionalNotionalamounts in USD amounts in USDCurrencylocal currencyequivalentlocal currencyequivalentSingaporeDollars 22,580 16,404 25,605 18,792As at 31 December 2022, these forward foreign exchange contracts will mature within nine (2021: 12) months from the balance sheet date. No hedge accounting is adopted and the fair value changes of these forward exchange contracts are recorded in profit or loss.Freight forward agreementsThe Group has entered into a number of forward freight agreements in order to hedge its spot voyage exposure for its vessels trading in the pools. As at 31 December 2022, the Group has outstanding positions with a notional amount of USD 7.3 million (2021: USD 2.4 million), which will mature in the next one year. No hedge accounting is adopted and the fair value changes of these freight forward agreements are recorded in profitor loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-236-3": {
"value": "21. Trade and other Payables20222021USD \u2019000USD \u2019000Trade payables - non-related parties 45,124 29,498Accrued operating expenses 72,344 30,431Other payables- related corporations 6,675 5,569- non-related parties 5,590 (108)129,733 65,390Analysed as:Non-current - -Current 129,733 65,390129,733 65,390The carrying amounts of trade and other payables, principally denominat-ed in United States Dollars, approximate their fair values due to the short period to maturity. The other payables due to related corporations are unsecured, inter-est-free and are repayable on demand.Information about the Group\u2019s exposure to currency and liquidity risks is included in Note 25.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-236-4": {
"value": "21. Trade and other Payables20222021USD \u2019000USD \u2019000Trade payables - non-related parties 45,124 29,498Accrued operating expenses 72,344 30,431Other payables- related corporations 6,675 5,569- non-related parties 5,590 (108)129,733 65,390Analysed as:Non-current - -Current 129,733 65,390129,733 65,390",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-239-2": {
"value": "22. Leases \u2013 as LesseeLeases as lessee under IFRS 16The Group leases vessels, office spaces, and other equipment from exter-nal parties under non-cancellable operating lease agreements. The leaseshave varying terms including options to extend and options to purchase.Starting from 1 January 2019, the leased-in vessels are recognised as right-of-use assets and lease liabilities on the balance sheet under IFRS 16, except for leases of low value items relating to IT equipment and otherassets with lease terms of less than 12 months.Information about leases for which the Group is a lessee is presented below.(1) Right-of-use assetsRight-of-use assets related to leased-in vessels are presented as part of total property, plant and equipment (Note 9).USD \u2019000CostAt 1 January 2021 152,757Additions 36,226At 31 December 2021 188,983Additions 1,895At 31 December 2022 190,878Accumulated depreciationAt 1 January 2021 45,381Depreciation charge 32,073At 31 December 2021 77,454Depreciation charge 45,520At 31 December 2022 122,974Net book valueAt 31 December 2021 111,529At 31 December 2022 67,904(2) Amounts recognised in profit or loss20222021USD \u2019000USD \u2019000Interest expense on lease liabilities 3,768 4,549Expenses relating to short-term leas-es for vessels, included in charter hire expenses 1,040 1,890Expenses relating to short-term leases for offices, included in rental expenses 1,613 1,522(3) Amounts recognised in statement of cash flows20222021USD \u2019000USD \u2019000Total cash outflow for leases 48,643 33,161(4) Extension optionsSome leases contain extension options exercisable by the Group up to one year before the end of the non-cancellable contract period. Where practi-cable, the Group seeks to include extension options in new leases to provideoperational flexibility. The extension options held are exercisable only by theGroup and not by the lessors. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control.The Group has estimated that the potential future lease payments, should it exercise the extension options, would result in an increase in lease liability of USD 139.6 million (2021: USD 133.8 million).(5) Operating lease commitments under IFRS 16The Group leases vessels and office space from non-related parties. These leases have varying terms including options to extend and options to purchase.Future minimum lease payments under non-cancellable operating leases committed at the reporting date have been recognised as lease liabilities under IFRS 16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-256-2": {
"value": "25. Financial Risk Management Financial risk factorsThe Group\u2019s activities expose it to a varie-ty of financial risks: market risk (including price risk, currency risk and interest rate risk); credit risk; liquidity risk and capital risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance.Financial risk management is handled by the Group as part of its operations. The manage-ment team identifies, evaluates and managesfinancial risks in close co-operation with all operating units. The Board provides written principles for overall risk management, as well as written policies covering specific ar-eas, such as foreign exchange risk, interest rate risk, credit risk and use of derivative and non-derivative financial instruments.(a) Market riskMarket risk is the risk that changes in mar-ket prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its hold-ings of financial instruments. The objective of market risk management is to manage andcontrol market risk exposures within accept-able parameters, while optimising the return.The Group buys and sells derivatives, and also incurs financial liabilities, in order to manage market risks. All such transactions are carried out within the guidelines set by the Group. Generally, the Group seeks to apply hedge accounting in order to manage volatility in profit or loss.A fundamental reform of major interest rate benchmarks is being undertaken globally to replace or reform IBOR with alternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). The Group has significant expo-sure to IBORs on its financial instruments that will be replaced or reformed as part of this market-wide initiative. The Group anticipates that IBOR reform will have sig-nificant operational, risk management and accounting impacts. The Group evaluated the extent to which its cash flow hedging relationships are subject to uncertainty driven by IBOR reform as at the reporting date. The Group\u2019s hedged items and hedging instruments continue to be indexed to IBOR benchmark rates. IBOR benchmark rates are quoted each day and IBOR cash flows are exchanged with its counterparties as usual. However, the Group\u2019s cash flow hedg-ing relationships currently extend beyond the anticipated cessation dates for US DollarLIBOR (June 2023). The Group expects that US dollar LIBOR will be replaced by US SOFR.Any uncertainty may impact the hedging relationship, for example its effectiveness assessment and highly probable forecast transaction assessment. The Group holds derivatives for risk man-agement purposes. These derivatives have floated legs that are indexed to US dollar LIBOR. The Group\u2019s derivative instruments are governed by contracts based on the International Swaps and Derivatives Asso-ciation (ISDA)\u2019s master agreements. While ISDA has provided fallback provisions for the cessation of IBOR, the Group plans to ne-gotiate the modifications of the derivatives inconjunction with the hedged instruments to minimise hedge ineffectiveness. No deriva-tive instruments have been modified as at 31December 2022.The Group monitors the progress of tran-sition from IBORs to new benchmark rates by reviewing the total amount of contracts that have yet to transition to an alternative benchmark rate and the amount of such contracts that include an appropriate fall-back clause. The Group considers a contractto have yet to transition to an alternative benchmark rate if the interest rate under the contract is indexed to a benchmark rate that is still subject to IBOR reform, even if there is a fallback clause that deals with the cessation of the existing IBOR (referred to as \u2018unreformed contract\u2019). As at 1 January 2022 and at 31 December 2022, the Group does not yet have any contracts with appro-priate fallback clauses.The Group applies the amendments to IFRS 9, IAS 39 and IFRS 7 Interest rate bench-mark reform issued in September 2019 to these hedging relationships directly affectedby IBOR reform, so as to continue hedge accounting.The Group is in the process of establishing policies for amending the interbank offered rates on its existing floating-rate loan port-folio indexed to IBORs that will be replaced as part of IBOR reform. The Group expects to participate in bilateral negotiations with the counterparties to begin amending the contractual terms of its existing floating-rate financial instruments. However, the exact tim-ing will vary depending on the extent to which standardised language can be applied and the extent of bilateral negotiations between the Group and its counterparties. The Group expects that these contractual changes will be amended in a uniform way.Price riskThe shipping market can be subject to significant fluctuations. The Group\u2019s vesselsare employed under a variety of chartering arrangements including time charters and voyage charters. In 2022, approximately 8% (2021: 8%) of the Group\u2019s shipping revenue was derived fromvessels under fixed income charters (com-prising time charters).The Group is exposed to the risk of varia-tions in fuel oil costs, which are affected by the global political and economic environ-ment. Historically, fuel expenses have been the most significant expense. Under a time charter, the charterer is responsible for fuelcosts, therefore, fixed income charters also reduce exposure to fuel price fluctuations. In 2022, fuel oil costs comprised 46% (2021:42%) of the Group\u2019s operating expenses (ex-cluding depreciation). If price of fuel oil has increased/decreased by USD 1 (2021: USD 1) per metric ton with all other variables in-cluding tax rate being held constant, the net results will be lower/higher by USD 421,170(2021: USD 468,023) as a result of higher/lower fuel oil consumption expense. In addition to securing cash flows through time charter contracts, the Group has entered into forward freight agreements to limit the risk involved in trading in the spot market. Details of the Group\u2019s outstanding forward freight agreements are disclosed inNote 20.Currency riskThe functional currency of most of the entities in the Group is United States Dollars (\u201cUSD\u201d). The Group\u2019s operating revenue, and the majority of its interest-bearing debt and contractual obligations for vessels under construction are denominated in USD. The Group\u2019s vessels are also valued in USD whentrading in the second-hand market.The Group is exposed to foreign currency exchange risks for administrative expens-es incurred by offices or agents globally, predominantly in Monaco, Denmark and Singapore. Further, the Group is required to pay port charges in currencies other than USD. However, foreign currency exposure in port charges is minimal as any increase is usually compensated by a corresponding increase in freight, particularly in the tanker sector through industry-wide increases in Worldscale flat rates.At the balance sheet date, the Group has cash and cash equivalents denominated in DKK and EUR.Details of the Group\u2019s outstanding forward exchange contracts are disclosed in Note 20.At 31 December 2022 and 31 December 2021, the Group has assessed that it has insignificant exposure to foreign currency risks. Interest rate riskThe Group adopts a policy of ensuring that between 50% and 75% of its interest rate risk exposure is at a fixed-rate or limited to a certain threshold. This is achieved partly by entering into fixed-rate instruments and partly by borrowing at a floating rate and using interest rate swaps as hedges of the variability in cash flows attributable to inter-est rate risk. The Group applies a hedge ratioof 1:1.The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and the notional or par amounts.The Group assesses whether the derivative designated in each hedging relationship is expected to be effective in offsetting changesin cash flows of the hedged item using the hypothetical derivative method.In these hedge relationships, the main sourc-es of ineffectiveness are:(1) the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the swaps, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in interest rates; and(2) differences in repricing dates between the swaps and the borrowings.The Group has interest-bearing financial liabilities in the form of borrowings from ex-ternal financial institutions at variable rates.The Group manages its cashflow inter-est rate risks by swapping a portion of its floating rate interest payments to fixed rate payments using interest rate swaps.Cash flow sensitivity analysis for variable rate instrumentsIf the interest rates has increased/decreased by 50 basis points, with all other variables including tax rate being held constant, the net results will be lower/higher by approximately USD 6.7 million (2021: USD 1.9 million) as a result of higher/lower interest expense on the portion of the borrowings that is not covered by the interest rate swap instruments. Total equity would have been higher/lower by USD 14.4 million (2021: USD 10.5 million) mainly as a result of fair value gain/loss from the inter-est rate swaps assuming these swaps remain effective.Cash flow and fair value interest rate risks Cash flow interest rate risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fairvalue interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. The Group entered into interest rate agreements to limit exposure to interest rate fluctuations. The details of these exposures are disclosed in Note 20. As at 31 December 2022, the notional principal amount of these interest rate swaps represents approximately 55% (2021: 63%) of the Group\u2019s borrowings on floating interest rates.As at the reporting date, the interest rate profile of interest-bearing finan-cial instruments, as reported to the management, was as follows: Nominal amount20222021USD \u2019000USD \u2019000Variable rate instrumentsFinancial assets 112,493 94,933Financial liabilities 1,716,589 1,140,007Effect of interest rate swaps (949,047) (715,958)880,035 518,982(b) Credit risk The Group\u2018s credit risk is primarily attributable to trade and other receiv-ables, cash and cash equivalents and loan receivables from joint venture and pool participants. The maximum exposure is represented by the car-rying value of each financial asset on the balance sheet.Financial assets that are neither past due or impairedThe Group performs periodic credit evaluations of its charterers. The Group has implemented policies to ensure cash funds are deposited and derivatives are entered into with banks and internationally recognised financial institutions with a good credit rating and the vessels are fixed to charterers with an appropriate credit rating who can provide sufficient guarantees.There is no class of financial assets that is past due and/or impaired.Trade receivables and contract assetsThe Group applies the simplified lifetime approach and uses a provision matrix to determine the ECLs of trade receivables and contract assets. It is based on the Group\u2019s historical observed default rates and is adjusted by a current and forward-looking estimate based on current economic conditions.Credit risk is concentrated on several charterers. The Group adopts the policy of dealing only with customers with appropriate credit history. Derivative counterparties and cash transactions are limited to high credit quality financial institutions. The Group has policies that limit the amount of credit exposure to any financial institution.The allowance for impairment made arose mainly from the provision of charter services to a customer which had met with significant financial difficulties during the financial year ended 31 December 2018. This allow-ance was subsequently written off in the financial year ended 2021 when the receivables were deemed irrecoverable by management. The Group has determined that the ECL provision estimated based on an allowance matrix of 0.3% to 1% for trade receivables aged \u201cPast due up to three months\u201d and \u201cPast due for more than six months\u201d, respectively, as at31 December 2022 and 31 December 2021 was found to be insignificant. Accordingly, no ECL allowance was recorded by the Group.The age analysis of trade receivables and contract assets is as follows:2022 2021USD \u2019000USD \u2019000Current (not past due) 335,186 57,761Past due 0 to 3 months 50,598 48,082Past due for more than 3 months 33,280 12,624Less: Allowance for impairment - -419,064 118,467The movement in the allowance for impairment in respect of tradereceivables and contract assets is as follows:20222021USD \u2019000USD \u2019000Allowance for impairment as at 1 January 2022 and 1 January 2021 - 1,594Write-off of allowance for impairment - (1,594)Allowance for impairment as at 31 December 2022 and 31 December 2021 - -Loans receivable from joint venture and pool participants/other receiva-bles due from non-related partiesThe Group has used a general 12-month approach in assessing the credit risk associated with other receivables and loans issued to the joint ven-ture and to pool participants. The loans extended to the joint venture form an extension of the Group\u2019s investment in product tankers via co-ownership with another strategic investor. As the vessels owned by the joint venture generate positive cash flows and the outlook remains positive, management considers the credit risk of loans issued to the joint venture as low. As a result of the qualita-tive assessment performed, no ECL provision has been recognised.The loans extended to the pool participants form part of the Group\u2019s commercial pool operation, which is operated in partnership with externalpool participants. As the vessels contributed by the Group and its pool participants to be managed and traded by the commercial pools generate positive cash flows and the outlook remains positve, management consid-ers the credit risk of loans issued to the external pool participants as low. As a result of the qualitative assessment performed, no ECL provision has been recognised.(c) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash andthe availability of funding through an adequate amount of committed cred-it facilities to meet operating and capital expenditure needs. To address the inherent unpredictability of short-term liquidity requirements, the Group maintains sufficient cash for its daily operations in short-term cashdeposits with banks, has access to the unutilised portions of revolving credit facilities and enters into trade receivables factoring agreement (with limited recourse to the Company) with financial institutions. The maturity profile of the Group\u2019s financial liabilities based on contractu-al undiscounted cash flows is as follows:Less than 1 Between 1Between 2 Overyearand 2 years and 5 years5 yearsUSD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Trade and other payables 129,733 - - -Interest payments 84,031 70,127 139,534 77,722Borrowings 105,811 105,811 498,862 21,947Finance lease liabilities and other lease liabilities 217,654 97,635 288,012 455,326537,229 273,573 926,408 554,995Less than 1 Between 1Between 2 Overyearand 2 years and 5 years5 yearsUSD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2021Trade and other payables 65,390 - - -Derivative financial instruments 5,429 2,391 923 -Interest payments 27,521 21,420 38,919 4,494Borrowings 198,961 129,745 719,654 91,646Finance lease liabilities and other lease liabilities 51,023 51,328 83,244 16,693348,324 204,884 842,740 112,833(d) Capital riskThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability tocontinue as a going concern and to maintain an optimal capital structure so as to maxim-ise shareholders\u2019 value. In order to maintain or achieve an optimal capital structure, the Group may adjust the amount of dividends paid, return capital to shareholders, obtain new borrowings or sell assets to reduce borrowings.The Group is in compliance with all externallyimposed capital requirements.(e) Accounting classifications and fair valuesThe following tables present assets and lia-bilities measured at fair value and classified by level of the following fair value measure-ment hierarchy:(1) quoted prices (unadjusted) in active mar-kets for identical assets or liabilities (Level 1);(2) inputs other than quoted prices included within Level 1 that are observable for theasset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and(3) inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).Carrying amount Fair valueFair valuehedginginstruments/Financial Mandatorilyassets at at FVTPL - othersamortised costTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Financial assets measured at fair valueForward foreign exchange contracts 20 438 - 438 - 438 - 438Forward freight agreements 20 308 - 308 - 308 - 308Interest rate swaps used for hedging 20 69,136 - 69,136 - 69,136 - 69,136Interest rate caps 20 726 - 726 - 726 - 72670,608 - 70,608Financial assets not measured at fair valueLoans receivable from joint venture 13 - 74,213 74,213 Loans receivable from pool participants 13 - 45,998 45,998 1Trade and other receivables12 - 594,746 594,746 Restricted cash - 4,780 4,780 Cash and cash equivalents 15 - 174,440 174,440 - 894,177 894,177 1 Excluding prepaymentsCarrying amount Fair valueFair value-Other hedgingfinancial instrumentsliabilitiesTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Financial liabilities measured at fair valueForward freight agreements 20 (93) - (93) - (93) - (93)Financial liabilities not measured at fair valueBank borrowings 19 - (726,376) (726,376) - (726,376) - (726,376)Finance lease liabilities 19 - (969,004) (969,004) - (969,004) - (969,004)Loan from non-related parties 19 - (5,429) (5,429) - (5,429) - (5,429)Trade payables 21 - (129,733) (129,733)- (1,830,542) (1,830,542)Carrying amount Fair valueFair valuehedgingFinancial instruments/assets at Mandatorily at amortised FVTPL - otherscostTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2021Financial assets measured at fair valueForward foreign exchange contracts 20 192 - 192 - 192 - 192Forward freight agreements 20 60 - 60 - 60 - 60Interest rate swaps used for hedging 20 654 - 654 - 654 - 654Interest rate caps 20 21 - 21 - 21 - 21927 - 927Financial assets not measured at fair valueLoans receivable from joint venture 13 - 60,229 60,229Loans receivable from pool participants 13 - 34,865 34,8651Trade and other receivables12 - 191,836 191,836Cash and cash equivalents 15 - 100,075 100,075- 387,005 387,0051 Excluding prepaymentsCarrying amount Fair valueFair value-Other hedgingfinancial instrumentsliabilitiesTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2021Financial liabilities measured at fair valueInterest rate swaps used for hedging 20 (327) - (327) - (327) - (327)Financial liabilities not measured at fair valueBank borrowings 19 - (1,112,912) (1,112,912) - (1,112,912) - (1,112,912)Finance lease liabilities 19 - (77.692) (77,692) - (77,692) - (77,692)Loan from a related corporation 19 - (18,750) (18,750) - (18,750) - (18,750)Loan from non-related parties 19 - (4,391) (4,391) - (4,391) - (4,391)Trade payables 21 - (65,390) (65,390)- (1,279,135) (1,279,135)The Group has no Level 1 and Level 3 financial assets or liabilities as at 31 December2022 and 2021.The fair value of financial instruments that are not traded in an active market isdetermined by using valuation techniques. The Group uses a variety of methods andmakes assumptions that are based on market conditions existing at each balancesheet date. The fair value of interest rate swaps is calculated as the present value ofthe estimated future cash flows based on observable yield curves. These valuationtechniques maximise the use of observable market data where it is available andrely as little as possible on entity specific estimates. These financial instrumentsare included in Level 2, as all significant inputs required to fair value an instrumentare observable.(f) Offsetting financial assets and financial liabilitiesThe Group\u2019s financial assets and liabilities are not subjected to enforcea-ble master netting arrangements or similar arrangements. Financial de-rivatives, financial assets and financial liabilities are presented separatelyon the consolidated balance sheet, without netting off of balances.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-248-2": {
"value": "23. CommitmentsOperating lease commitments \u2013 where the Group is a lessorThe Group leases vessels to non-related par-ties under non-cancellable operating lease agreements. The Group classifies these leas-es as operating leases as the Group retains substantially all risks and rewards incidentalto ownership of the leased assets.In 2022, the Group recognised revenue from time charters of USD 136.5 million (2021: USD 64.9 million) as part of revenue (Note 4).The undiscounted lease payments under operating leases to be received after 31 December are analysed as follows:20222021USD \u2019000USD \u2019000Less than one year 65,878 39,597One to two years 11,712 11,680Two to three years 11,680 11,712Three to four years 8,960 11,680Four to five years - 8,00098,230 82,669Capital commitments The Group has equity interests in joint ventures and is obliged to provide its shareof working capital for the joint ventures\u2019 newbuild programme through either equitycontributions or shareholder\u2019s loans. The future minimum capital contributions to be made at the reporting date but not yetrecognised are as follows: 20222021USD \u2019000USD \u2019000Less than one year 83,450 25,057One to two years - 87,20083,450 112,257",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
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"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-253-2": {
"value": "24. Financial Guaran- tee ContractsThe Company\u2019s policy is to provide financial guarantees only to the wholly owned subsidi-aries or joint ventures. At 31 December 2022,the Company has issued financial guarantees to certain banks in respect of credit facilities granted to subsidiaries (see Note 19). These bank borrowings amount to USD 726.4 million(2021: USD 1,112.9 million) at the balance sheet date.The Company and CSSC Shipping have issued a joint financial guarantee to certain banks in respect of credit facilities granted to joint venture, Vista Shipping. Bank borrowings provided to the joint venture amounts to USD 130.8 million (2021: USD 141.6 million) at the balance sheet date. Corporate guaran-tees given will become due and payable on demand if an event of default occurs.The Company and a joint venture partner, An-dromeda Shipholdings have issued a joint fi-nancial guarantee to certain banks in respect of credit facilities granted to H&A Shipping. Bank borrowings provided to the joint ventureamounts to USD 42.3 million (2021: USD 21.5 million) at the balance sheet date. Corporate guarantees given will become due and paya-ble on demand if an event of default occurs.In addition, the Company issued a financial guarantee to a bank in respect of the USD 50.0 million (2021: USD 50.0 million) receiva-bles purchase agreement facility granted to the commercial pools. Any liability arising is limited to the recourse lenders have against the Company after considering the recourse waterfall mechanism in place in the facility agreement, where the Company is the final avenue of recourse. The Company has ap-praised such liability to be remote.",
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"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-258-3": {
"value": "(a) Market riskMarket risk is the risk that changes in mar-ket prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its hold-ings of financial instruments. The objective of market risk management is to manage andcontrol market risk exposures within accept-able parameters, while optimising the return.The Group buys and sells derivatives, and also incurs financial liabilities, in order to manage market risks. All such transactions are carried out within the guidelines set by the Group. Generally, the Group seeks to apply hedge accounting in order to manage volatility in profit or loss.A fundamental reform of major interest rate benchmarks is being undertaken globally to replace or reform IBOR with alternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). The Group has significant expo-sure to IBORs on its financial instruments that will be replaced or reformed as part of this market-wide initiative. The Group anticipates that IBOR reform will have sig-nificant operational, risk management and accounting impacts. The Group evaluated the extent to which its cash flow hedging relationships are subject to uncertainty driven by IBOR reform as at the reporting date. The Group\u2019s hedged items and hedging instruments continue to be indexed to IBOR benchmark rates. IBOR benchmark rates are quoted each day and IBOR cash flows are exchanged with its counterparties as usual. However, the Group\u2019s cash flow hedg-ing relationships currently extend beyond the anticipated cessation dates for US DollarLIBOR (June 2023). The Group expects that US dollar LIBOR will be replaced by US SOFR.Any uncertainty may impact the hedging relationship, for example its effectiveness assessment and highly probable forecast transaction assessment. The Group holds derivatives for risk man-agement purposes. These derivatives have floated legs that are indexed to US dollar LIBOR. The Group\u2019s derivative instruments are governed by contracts based on the International Swaps and Derivatives Asso-ciation (ISDA)\u2019s master agreements. While ISDA has provided fallback provisions for the cessation of IBOR, the Group plans to ne-gotiate the modifications of the derivatives inconjunction with the hedged instruments to minimise hedge ineffectiveness. No deriva-tive instruments have been modified as at 31December 2022.The Group monitors the progress of tran-sition from IBORs to new benchmark rates by reviewing the total amount of contracts that have yet to transition to an alternative benchmark rate and the amount of such contracts that include an appropriate fall-back clause. The Group considers a contractto have yet to transition to an alternative benchmark rate if the interest rate under the contract is indexed to a benchmark rate that is still subject to IBOR reform, even if there is a fallback clause that deals with the cessation of the existing IBOR (referred to as \u2018unreformed contract\u2019). As at 1 January 2022 and at 31 December 2022, the Group does not yet have any contracts with appro-priate fallback clauses.The Group applies the amendments to IFRS 9, IAS 39 and IFRS 7 Interest rate bench-mark reform issued in September 2019 to these hedging relationships directly affectedby IBOR reform, so as to continue hedge accounting.The Group is in the process of establishing policies for amending the interbank offered rates on its existing floating-rate loan port-folio indexed to IBORs that will be replaced as part of IBOR reform. The Group expects to participate in bilateral negotiations with the counterparties to begin amending the contractual terms of its existing floating-rate financial instruments. However, the exact tim-ing will vary depending on the extent to which standardised language can be applied and the extent of bilateral negotiations between the Group and its counterparties. The Group expects that these contractual changes will be amended in a uniform way.Price riskThe shipping market can be subject to significant fluctuations. The Group\u2019s vesselsare employed under a variety of chartering arrangements including time charters and voyage charters. In 2022, approximately 8% (2021: 8%) of the Group\u2019s shipping revenue was derived fromvessels under fixed income charters (com-prising time charters).The Group is exposed to the risk of varia-tions in fuel oil costs, which are affected by the global political and economic environ-ment. Historically, fuel expenses have been the most significant expense. Under a time charter, the charterer is responsible for fuelcosts, therefore, fixed income charters also reduce exposure to fuel price fluctuations. In 2022, fuel oil costs comprised 46% (2021:42%) of the Group\u2019s operating expenses (ex-cluding depreciation). If price of fuel oil has increased/decreased by USD 1 (2021: USD 1) per metric ton with all other variables in-cluding tax rate being held constant, the net results will be lower/higher by USD 421,170(2021: USD 468,023) as a result of higher/lower fuel oil consumption expense. In addition to securing cash flows through time charter contracts, the Group has entered into forward freight agreements to limit the risk involved in trading in the spot market. Details of the Group\u2019s outstanding forward freight agreements are disclosed inNote 20.Currency riskThe functional currency of most of the entities in the Group is United States Dollars (\u201cUSD\u201d). The Group\u2019s operating revenue, and the majority of its interest-bearing debt and contractual obligations for vessels under construction are denominated in USD. The Group\u2019s vessels are also valued in USD whentrading in the second-hand market.The Group is exposed to foreign currency exchange risks for administrative expens-es incurred by offices or agents globally, predominantly in Monaco, Denmark and Singapore. Further, the Group is required to pay port charges in currencies other than USD. However, foreign currency exposure in port charges is minimal as any increase is usually compensated by a corresponding increase in freight, particularly in the tanker sector through industry-wide increases in Worldscale flat rates.At the balance sheet date, the Group has cash and cash equivalents denominated in DKK and EUR.Details of the Group\u2019s outstanding forward exchange contracts are disclosed in Note 20.At 31 December 2022 and 31 December 2021, the Group has assessed that it has insignificant exposure to foreign currency risks. Interest rate riskThe Group adopts a policy of ensuring that between 50% and 75% of its interest rate risk exposure is at a fixed-rate or limited to a certain threshold. This is achieved partly by entering into fixed-rate instruments and partly by borrowing at a floating rate and using interest rate swaps as hedges of the variability in cash flows attributable to inter-est rate risk. The Group applies a hedge ratioof 1:1.The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and the notional or par amounts.The Group assesses whether the derivative designated in each hedging relationship is expected to be effective in offsetting changesin cash flows of the hedged item using the hypothetical derivative method.In these hedge relationships, the main sourc-es of ineffectiveness are:(1) the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the swaps, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in interest rates; and(2) differences in repricing dates between the swaps and the borrowings.The Group has interest-bearing financial liabilities in the form of borrowings from ex-ternal financial institutions at variable rates.The Group manages its cashflow inter-est rate risks by swapping a portion of its floating rate interest payments to fixed rate payments using interest rate swaps.Cash flow sensitivity analysis for variable rate instrumentsIf the interest rates has increased/decreased by 50 basis points, with all other variables including tax rate being held constant, the net results will be lower/higher by approximately USD 6.7 million (2021: USD 1.9 million) as a result of higher/lower interest expense on the portion of the borrowings that is not covered by the interest rate swap instruments. Total equity would have been higher/lower by USD 14.4 million (2021: USD 10.5 million) mainly as a result of fair value gain/loss from the inter-est rate swaps assuming these swaps remain effective.Cash flow and fair value interest rate risks Cash flow interest rate risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fairvalue interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. The Group entered into interest rate agreements to limit exposure to interest rate fluctuations. The details of these exposures are disclosed in Note 20. As at 31 December 2022, the notional principal amount of these interest rate swaps represents approximately 55% (2021: 63%) of the Group\u2019s borrowings on floating interest rates.As at the reporting date, the interest rate profile of interest-bearing finan-cial instruments, as reported to the management, was as follows: Nominal amount20222021USD \u2019000USD \u2019000Variable rate instrumentsFinancial assets 112,493 94,933Financial liabilities 1,716,589 1,140,007Effect of interest rate swaps (949,047) (715,958)880,035 518,982",
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"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-263-4": {
"value": "Currency riskThe functional currency of most of the entities in the Group is United States Dollars (\u201cUSD\u201d). The Group\u2019s operating revenue, and the majority of its interest-bearing debt and contractual obligations for vessels under construction are denominated in USD. The Group\u2019s vessels are also valued in USD whentrading in the second-hand market.The Group is exposed to foreign currency exchange risks for administrative expens-es incurred by offices or agents globally, predominantly in Monaco, Denmark and Singapore. Further, the Group is required to pay port charges in currencies other than USD. However, foreign currency exposure in port charges is minimal as any increase is usually compensated by a corresponding increase in freight, particularly in the tanker sector through industry-wide increases in Worldscale flat rates.At the balance sheet date, the Group has cash and cash equivalents denominated in DKK and EUR.Details of the Group\u2019s outstanding forward exchange contracts are disclosed in Note 20.At 31 December 2022 and 31 December 2021, the Group has assessed that it has insignificant exposure to foreign currency risks. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-269-3": {
"value": "(b) Credit risk The Group\u2018s credit risk is primarily attributable to trade and other receiv-ables, cash and cash equivalents and loan receivables from joint venture and pool participants. The maximum exposure is represented by the car-rying value of each financial asset on the balance sheet.Financial assets that are neither past due or impairedThe Group performs periodic credit evaluations of its charterers. The Group has implemented policies to ensure cash funds are deposited and derivatives are entered into with banks and internationally recognised financial institutions with a good credit rating and the vessels are fixed to charterers with an appropriate credit rating who can provide sufficient guarantees.There is no class of financial assets that is past due and/or impaired.Trade receivables and contract assetsThe Group applies the simplified lifetime approach and uses a provision matrix to determine the ECLs of trade receivables and contract assets. It is based on the Group\u2019s historical observed default rates and is adjusted by a current and forward-looking estimate based on current economic conditions.Credit risk is concentrated on several charterers. The Group adopts the policy of dealing only with customers with appropriate credit history. Derivative counterparties and cash transactions are limited to high credit quality financial institutions. The Group has policies that limit the amount of credit exposure to any financial institution.The allowance for impairment made arose mainly from the provision of charter services to a customer which had met with significant financial difficulties during the financial year ended 31 December 2018. This allow-ance was subsequently written off in the financial year ended 2021 when the receivables were deemed irrecoverable by management. The Group has determined that the ECL provision estimated based on an allowance matrix of 0.3% to 1% for trade receivables aged \u201cPast due up to three months\u201d and \u201cPast due for more than six months\u201d, respectively, as at31 December 2022 and 31 December 2021 was found to be insignificant. Accordingly, no ECL allowance was recorded by the Group.The age analysis of trade receivables and contract assets is as follows:2022 2021USD \u2019000USD \u2019000Current (not past due) 335,186 57,761Past due 0 to 3 months 50,598 48,082Past due for more than 3 months 33,280 12,624Less: Allowance for impairment - -419,064 118,467The movement in the allowance for impairment in respect of tradereceivables and contract assets is as follows:20222021USD \u2019000USD \u2019000Allowance for impairment as at 1 January 2022 and 1 January 2021 - 1,594Write-off of allowance for impairment - (1,594)Allowance for impairment as at 31 December 2022 and 31 December 2021 - -Loans receivable from joint venture and pool participants/other receiva-bles due from non-related partiesThe Group has used a general 12-month approach in assessing the credit risk associated with other receivables and loans issued to the joint ven-ture and to pool participants. The loans extended to the joint venture form an extension of the Group\u2019s investment in product tankers via co-ownership with another strategic investor. As the vessels owned by the joint venture generate positive cash flows and the outlook remains positive, management considers the credit risk of loans issued to the joint venture as low. As a result of the qualita-tive assessment performed, no ECL provision has been recognised.The loans extended to the pool participants form part of the Group\u2019s commercial pool operation, which is operated in partnership with externalpool participants. As the vessels contributed by the Group and its pool participants to be managed and traded by the commercial pools generate positive cash flows and the outlook remains positve, management consid-ers the credit risk of loans issued to the external pool participants as low. As a result of the qualitative assessment performed, no ECL provision has been recognised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-271-4": {
"value": "Trade receivables and contract assetsThe Group applies the simplified lifetime approach and uses a provision matrix to determine the ECLs of trade receivables and contract assets. It is based on the Group\u2019s historical observed default rates and is adjusted by a current and forward-looking estimate based on current economic conditions.Credit risk is concentrated on several charterers. The Group adopts the policy of dealing only with customers with appropriate credit history. Derivative counterparties and cash transactions are limited to high credit quality financial institutions. The Group has policies that limit the amount of credit exposure to any financial institution.The allowance for impairment made arose mainly from the provision of charter services to a customer which had met with significant financial difficulties during the financial year ended 31 December 2018. This allow-ance was subsequently written off in the financial year ended 2021 when the receivables were deemed irrecoverable by management. The Group has determined that the ECL provision estimated based on an allowance matrix of 0.3% to 1% for trade receivables aged \u201cPast due up to three months\u201d and \u201cPast due for more than six months\u201d, respectively, as at31 December 2022 and 31 December 2021 was found to be insignificant. Accordingly, no ECL allowance was recorded by the Group.The age analysis of trade receivables and contract assets is as follows:2022 2021USD \u2019000USD \u2019000Current (not past due) 335,186 57,761Past due 0 to 3 months 50,598 48,082Past due for more than 3 months 33,280 12,624Less: Allowance for impairment - -419,064 118,467The movement in the allowance for impairment in respect of tradereceivables and contract assets is as follows:20222021USD \u2019000USD \u2019000Allowance for impairment as at 1 January 2022 and 1 January 2021 - 1,594Write-off of allowance for impairment - (1,594)Allowance for impairment as at 31 December 2022 and 31 December 2021 - -Loans receivable from joint venture and pool participants/other receiva-bles due from non-related partiesThe Group has used a general 12-month approach in assessing the credit risk associated with other receivables and loans issued to the joint ven-ture and to pool participants. The loans extended to the joint venture form an extension of the Group\u2019s investment in product tankers via co-ownership with another strategic investor. As the vessels owned by the joint venture generate positive cash flows and the outlook remains positive, management considers the credit risk of loans issued to the joint venture as low. As a result of the qualita-tive assessment performed, no ECL provision has been recognised.The loans extended to the pool participants form part of the Group\u2019s commercial pool operation, which is operated in partnership with externalpool participants. As the vessels contributed by the Group and its pool participants to be managed and traded by the commercial pools generate positive cash flows and the outlook remains positve, management consid-ers the credit risk of loans issued to the external pool participants as low. As a result of the qualitative assessment performed, no ECL provision has been recognised.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-276-3": {
"value": "(c) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash andthe availability of funding through an adequate amount of committed cred-it facilities to meet operating and capital expenditure needs. To address the inherent unpredictability of short-term liquidity requirements, the Group maintains sufficient cash for its daily operations in short-term cashdeposits with banks, has access to the unutilised portions of revolving credit facilities and enters into trade receivables factoring agreement (with limited recourse to the Company) with financial institutions. The maturity profile of the Group\u2019s financial liabilities based on contractu-al undiscounted cash flows is as follows:Less than 1 Between 1Between 2 Overyearand 2 years and 5 years5 yearsUSD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Trade and other payables 129,733 - - -Interest payments 84,031 70,127 139,534 77,722Borrowings 105,811 105,811 498,862 21,947Finance lease liabilities and other lease liabilities 217,654 97,635 288,012 455,326537,229 273,573 926,408 554,995Less than 1 Between 1Between 2 Overyearand 2 years and 5 years5 yearsUSD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2021Trade and other payables 65,390 - - -Derivative financial instruments 5,429 2,391 923 -Interest payments 27,521 21,420 38,919 4,494Borrowings 198,961 129,745 719,654 91,646Finance lease liabilities and other lease liabilities 51,023 51,328 83,244 16,693348,324 204,884 842,740 112,833",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-279-3": {
"value": "(d) Capital riskThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability tocontinue as a going concern and to maintain an optimal capital structure so as to maxim-ise shareholders\u2019 value. In order to maintain or achieve an optimal capital structure, the Group may adjust the amount of dividends paid, return capital to shareholders, obtain new borrowings or sell assets to reduce borrowings.The Group is in compliance with all externallyimposed capital requirements.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-280-3": {
"value": "(e) Accounting classifications and fair valuesThe following tables present assets and lia-bilities measured at fair value and classified by level of the following fair value measure-ment hierarchy:(1) quoted prices (unadjusted) in active mar-kets for identical assets or liabilities (Level 1);(2) inputs other than quoted prices included within Level 1 that are observable for theasset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and(3) inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).Carrying amount Fair valueFair valuehedginginstruments/Financial Mandatorilyassets at at FVTPL - othersamortised costTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Financial assets measured at fair valueForward foreign exchange contracts 20 438 - 438 - 438 - 438Forward freight agreements 20 308 - 308 - 308 - 308Interest rate swaps used for hedging 20 69,136 - 69,136 - 69,136 - 69,136Interest rate caps 20 726 - 726 - 726 - 72670,608 - 70,608Financial assets not measured at fair valueLoans receivable from joint venture 13 - 74,213 74,213 Loans receivable from pool participants 13 - 45,998 45,998 1Trade and other receivables12 - 594,746 594,746 Restricted cash - 4,780 4,780 Cash and cash equivalents 15 - 174,440 174,440 - 894,177 894,177 1 Excluding prepaymentsCarrying amount Fair valueFair value-Other hedgingfinancial instrumentsliabilitiesTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Financial liabilities measured at fair valueForward freight agreements 20 (93) - (93) - (93) - (93)Financial liabilities not measured at fair valueBank borrowings 19 - (726,376) (726,376) - (726,376) - (726,376)Finance lease liabilities 19 - (969,004) (969,004) - (969,004) - (969,004)Loan from non-related parties 19 - (5,429) (5,429) - (5,429) - (5,429)Trade payables 21 - (129,733) (129,733)- (1,830,542) (1,830,542)Carrying amount Fair valueFair valuehedgingFinancial instruments/assets at Mandatorily at amortised FVTPL - otherscostTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2021Financial assets measured at fair valueForward foreign exchange contracts 20 192 - 192 - 192 - 192Forward freight agreements 20 60 - 60 - 60 - 60Interest rate swaps used for hedging 20 654 - 654 - 654 - 654Interest rate caps 20 21 - 21 - 21 - 21927 - 927Financial assets not measured at fair valueLoans receivable from joint venture 13 - 60,229 60,229Loans receivable from pool participants 13 - 34,865 34,8651Trade and other receivables12 - 191,836 191,836Cash and cash equivalents 15 - 100,075 100,075- 387,005 387,0051 Excluding prepaymentsCarrying amount Fair valueFair value-Other hedgingfinancial instrumentsliabilitiesTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2021Financial liabilities measured at fair valueInterest rate swaps used for hedging 20 (327) - (327) - (327) - (327)Financial liabilities not measured at fair valueBank borrowings 19 - (1,112,912) (1,112,912) - (1,112,912) - (1,112,912)Finance lease liabilities 19 - (77.692) (77,692) - (77,692) - (77,692)Loan from a related corporation 19 - (18,750) (18,750) - (18,750) - (18,750)Loan from non-related parties 19 - (4,391) (4,391) - (4,391) - (4,391)Trade payables 21 - (65,390) (65,390)- (1,279,135) (1,279,135)The Group has no Level 1 and Level 3 financial assets or liabilities as at 31 December2022 and 2021.The fair value of financial instruments that are not traded in an active market isdetermined by using valuation techniques. The Group uses a variety of methods andmakes assumptions that are based on market conditions existing at each balancesheet date. The fair value of interest rate swaps is calculated as the present value ofthe estimated future cash flows based on observable yield curves. These valuationtechniques maximise the use of observable market data where it is available andrely as little as possible on entity specific estimates. These financial instrumentsare included in Level 2, as all significant inputs required to fair value an instrumentare observable.",
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"pp-value-280-4": {
"value": "(e) Accounting classifications and fair valuesThe following tables present assets and lia-bilities measured at fair value and classified by level of the following fair value measure-ment hierarchy:(1) quoted prices (unadjusted) in active mar-kets for identical assets or liabilities (Level 1);(2) inputs other than quoted prices included within Level 1 that are observable for theasset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and(3) inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).Carrying amount Fair valueFair valuehedginginstruments/Financial Mandatorilyassets at at FVTPL - othersamortised costTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Financial assets measured at fair valueForward foreign exchange contracts 20 438 - 438 - 438 - 438Forward freight agreements 20 308 - 308 - 308 - 308Interest rate swaps used for hedging 20 69,136 - 69,136 - 69,136 - 69,136Interest rate caps 20 726 - 726 - 726 - 72670,608 - 70,608Financial assets not measured at fair valueLoans receivable from joint venture 13 - 74,213 74,213 Loans receivable from pool participants 13 - 45,998 45,998 1Trade and other receivables12 - 594,746 594,746 Restricted cash - 4,780 4,780 Cash and cash equivalents 15 - 174,440 174,440 - 894,177 894,177 1 Excluding prepaymentsCarrying amount Fair valueFair value-Other hedgingfinancial instrumentsliabilitiesTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Financial liabilities measured at fair valueForward freight agreements 20 (93) - (93) - (93) - (93)Financial liabilities not measured at fair valueBank borrowings 19 - (726,376) (726,376) - (726,376) - (726,376)Finance lease liabilities 19 - (969,004) (969,004) - (969,004) - (969,004)Loan from non-related parties 19 - (5,429) (5,429) - (5,429) - (5,429)Trade payables 21 - (129,733) (129,733)- (1,830,542) (1,830,542)Carrying amount Fair valueFair valuehedgingFinancial instruments/assets at Mandatorily at amortised FVTPL - otherscostTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2021Financial assets measured at fair valueForward foreign exchange contracts 20 192 - 192 - 192 - 192Forward freight agreements 20 60 - 60 - 60 - 60Interest rate swaps used for hedging 20 654 - 654 - 654 - 654Interest rate caps 20 21 - 21 - 21 - 21927 - 927Financial assets not measured at fair valueLoans receivable from joint venture 13 - 60,229 60,229Loans receivable from pool participants 13 - 34,865 34,8651Trade and other receivables12 - 191,836 191,836Cash and cash equivalents 15 - 100,075 100,075- 387,005 387,0051 Excluding prepaymentsCarrying amount Fair valueFair value-Other hedgingfinancial instrumentsliabilitiesTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2021Financial liabilities measured at fair valueInterest rate swaps used for hedging 20 (327) - (327) - (327) - (327)Financial liabilities not measured at fair valueBank borrowings 19 - (1,112,912) (1,112,912) - (1,112,912) - (1,112,912)Finance lease liabilities 19 - (77.692) (77,692) - (77,692) - (77,692)Loan from a related corporation 19 - (18,750) (18,750) - (18,750) - (18,750)Loan from non-related parties 19 - (4,391) (4,391) - (4,391) - (4,391)Trade payables 21 - (65,390) (65,390)- (1,279,135) (1,279,135)The Group has no Level 1 and Level 3 financial assets or liabilities as at 31 December2022 and 2021.The fair value of financial instruments that are not traded in an active market isdetermined by using valuation techniques. The Group uses a variety of methods andmakes assumptions that are based on market conditions existing at each balancesheet date. The fair value of interest rate swaps is calculated as the present value ofthe estimated future cash flows based on observable yield curves. These valuationtechniques maximise the use of observable market data where it is available andrely as little as possible on entity specific estimates. These financial instrumentsare included in Level 2, as all significant inputs required to fair value an instrumentare observable.",
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"pp-value-289-2": {
"value": "26. Holding CorporationsIn May 2022, following series of equity shares placement to other share-holders, BW Group lost control over Hafnia Limited but remains the singlelargest shareholder of the Group. Since the loss of control, the Company does not have ultimate and immediate holding corporations. Previously, the Company\u2019s ultimate and immediate holding corporation wasincorporated in Bermuda, which is wholly owned by Sohmenfamily interests.BW GroupLimited27. Related Party TransactionsIn addition to the related party information disclosed elsewhere in the consolidated financial statements, the following transactions took place between the Group and related parties during the financial year on com-mercial terms agreed by the parties:20222021USD \u2019000USD \u2019000Sale and purchase of servicesSupport service fees paid/payable to a related corporation 5,791 4,877Interest paid/payable to a related corporation 703 261Rental paid/payable to a related corporation 699 853Related corporations refer to corporations controlled by Sohmen familyinterests.Key management remuneration for the financial year ended 31 December2022 amounted to USD 6,361,317 (2021: USD 5,916,266).Remuneration structure for CEOCEO, Mikael Skov20222021USDUSDFixedSalary (annual) including pension864,167 850,000Customary benefits- -VariableCash bonus (paid in the year)566,670 680,000Retention bonus- 1,700,000With reference to Note 18 Share-based payment arrangements, for LTIP 2022, the CEO has received 731,688 options (2021: 1,357,632) and 182,922 RSUs (2021: Nil). The CEO does not receive a pension as part of the remuneration package. This is considered to be included in the fixed salary. Non-monetary benefits can include standard employment benefitssuch as newspaper, telephone, laptop and internet access. ",
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"pp-value-294-3": {
"value": "BW GroupLimited",
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"pp-value-299-3": {
"value": "Key management remuneration for the financial year ended 31 December2022 amounted to USD 6,361,317 (2021: USD 5,916,266).Remuneration structure for CEOCEO, Mikael Skov20222021USDUSDFixedSalary (annual) including pension864,167 850,000Customary benefits- -VariableCash bonus (paid in the year)566,670 680,000Retention bonus- 1,700,000With reference to Note 18 Share-based payment arrangements, for LTIP 2022, the CEO has received 731,688 options (2021: 1,357,632) and 182,922 RSUs (2021: Nil). The CEO does not receive a pension as part of the remuneration package. This is considered to be included in the fixed salary. Non-monetary benefits can include standard employment benefitssuch as newspaper, telephone, laptop and internet access. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-303-2": {
"value": "28. Segment InformationOperating segments are determined based on the reports submitted to management to make strategic decisions.The management considers the business to be organised into seven mainoperating segments:(a) Long Range II (\u2018LR2\u2019)(b) Long Range I (\u2018LR1\u2019)(c) Medium Range (\u2018MR\u2019)(d) Handy size (\u2018Handy\u2019)(e) Chemical Handy size (\u2018Chemical-Handy\u2019)(f) Chemical Medium Range (\u2018Chemical-MR\u2019)(g) Chemical Stainless (\u2018Chemical-Stainless\u2019)The operating segments are organised and managed according to the sizeof the product tanker vessels.The LR2 segment consists of vessels between 85,000 DWT and 124,999 DWT in size and provides transportation of clean petroleum oil products.The LR1 segment consists of vessels between 55,000 DWT and 84,999 DWT in size and provides transportation of clean and dirty petroleum products.The MR and Chemical-MR segment consists of vessels between 40,000 DWT and 54,999 DWT in size and provides transportation of clean and dirty oil products, vegetable oil and easy chemicals.The Handy and Chemical-Handy segment consists of vessels between 25,000 DWT and 39,999 DWT in size and provides transportation of clean and dirty oil products, vegetable oil and easy chemicals.The Group exited the Chemical-Stainless segment after disposing of its Chemical-Stainless vessels that were previously acquired through the acquisition of CTI.Management assesses the performance of the operating segments based on operating profit before depreciation, impairment and gain on disposal of vessels (\u201cOperating EBITDA\u201d). This measurement basis excludes the effects of impairment charges and gain on disposal of vessels that are not expected to recur regularly in every financial period. Interest income and finance expenses, which result from the Group\u2019s capital and liquidity position that is centrally managed for the benefit of various activities, are not allocated to segments.Chemical-Chemical-Chemical-LR2 LR1 MR HandyHandyMRStainlessTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u20190002022Revenue 100,447 699,821 632,258 90,612 192,097 87,700 29,609 1,832,544Voyage expenses (27,013) (278,570) (89,667) (16,623) (44,648) (28,089) (1,238) (485,848)TCE Income 73,434 421,251 542,591 73,989 147,449 59,611 28,371 1,346,696Other operating income 516 9,815 11,831 4,485 872 1,419 516 29,454Vessel operating expenses (15,022) (70,719) (97,077) (19,959) (38,058) (13,406) (9,661) (263,902)Technical management expenses (1,296) (6,230) (8,343) (1,966) (3,776) (1,167) (849) (23,627)Charter hire expenses - (13,605) (19,549) - - - - (33,154)Operating EBITDA 57,632 340,512 429,453 56,549 106,487 46,457 18,377 1,055,467Depreciation charge (13,769) (58,012) (91,457) (10,833) (22,694) (9,140) (1,959) (207,864)847,603Unallocated (89,336)Profit before income tax 758,267Segment assets 285,073 939,721 1,289,297 158,400 518,458 213,410 - 3,404,359Segment assets include:Additions/adjustments to:- vessels/vessels under construction 46 250,050 5,738 (70,046) 177,355 461,356 - 824,499- dry docking 9 9,923 1,686 (6,232) 6,542 9,400 - 21,328- right-of-use assets - 1,895 - - - - - 1,895Segment liabillities 5,259 13,811 22,253 2,061 6,150 11,142 - 60,676LR2 LR1 MR HandyTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u20190002021Revenue 54,540 236,461 413,116 107,100 811,217Voyage expenses (3,331) (133,281) (213,309) (58,361) (408,282)TCE Income 51,209 103,180 199,807 48,739 402,935Other operating income 91 10,205 3,854 1,390 15,540Vessel operating expenses (13,705) (54,305) (95,937) (28,512) (192,459)Technical management expenses (1,141) (4,461) (7,838) (2,574) (16,014)Charter hire expenses - (9,200) (13,703) - (22,903)Operating EBITDA 36,454 45,419 86,183 19,043 187,099Depreciation charge (13,762) (39,579) (82,143) (14,940) (150,424)36,675Unallocated (87,778)Loss before income tax (51,103)Segment assets 274,433 506,599 1,247,910 227,700 2,256,642Segment assets include:Additions/adjustments to:- vessels/vessels under construction (12) (69,604) 4,719 (11,298) (76,195)- dry docking (180) (1,616) 7,874 588 6,666- right-of-use assets - 16,698 19,528 - 36,226Segment liabillities 1,820 18,968 32,855 6,743 60,386Reportable segments\u2019 assets The amounts provided to management with respect to total assets are measured in a manner consistent with that of the consoli-dated financial statements. For the purposesof monitoring segment performance and allocating resources between segments, management monitors vessels, vessels under construction, dry docking, inventories,and trade and other receivables that can be directly attributable to each segment.20222021USD \u2019000USD \u2019000Segment assets 3,404,359 2,256,642Unallocated items:Cash and cash equivalents 174,440 100,075Restricted cash 4,780 -Trade and other receivables 217,764 130,750Derivative financial instruments 70,608 926Property, plant and equipment 1,130 266Intangible assets 2,590 3,572Associated companies and joint venture 43,183 18,719Total assets 3,918,854 2,510,950Reportable segments\u2019 liabilitiesThe amounts provided to management with respect to total liabilities are measured in a manner consistent with that of the consolidated financial statements. These liabilities are allocated based on the operations of the segments. Certain trade and other payables are allocated to the reporta-ble segments. All other liabilities are reported as unallocated items.20222021USD \u2019000USD \u2019000Segment liabilities 60,676 60,386Unallocated items:Borrowings 1,775,287 1,331,204Current income tax liabilities 4,737 2,018Trade and other payables 69,057 5,003Derivative financial instruments 93 327Total liabilities 1,909,850 1,398,938Geographical segments\u2019 revenueThe Group\u2019s vessels operate on an international platform with individual vessels calling at various ports across the globe. The Group does not consider the domicile of its customers as a relevant decision-making guideline and hence does not consider it meaningful to allocate vessels and revenue to specific geographical locations.Major customersRevenues from the top five major customers of the Group across all op-erating segments represents approximately USD 432.1 million (2021: USD158.9 million) of the Group\u2019s total revenues. ",
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"s7_notes__5__6-1": {
"value": "The directors have declared a final dividend of USD 0.3157 per share or USD 159.0 million for the financial year ended 31 December 2022. The total interim dividends paid in FY2022 amounted to USD 0.4869 per share or USD 243.7 million.Under the Bermuda Companies Act, dividends cannot be paid if there are reasonable grounds for believing that (a) the Company is, or would after the payment be, unable to pay its liabilities as they become due; or (b) the realisable value of the Company\u2019s assets would thereby be less than its liabilities.The Company has acted in accordance with the provisions of the BermudaCompanies Act when declaring dividends.29. Dividends Paid20222021USD \u2019000USD \u2019000Interim dividend paid in respect of Q1 2022 of USD 0.0210 per share 10,499 -Interim dividend paid in respect of Q2 2022 of USD 0.1862 per share 93,100 -Interim dividend paid in respect of Q3 2022 of USD 0.2801 per share 140,149 -243,748 -",
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"s7_notes__5__5-1": {
"value": "The directors have declared a final dividend of USD 0.3157 per share or USD 159.0 million for the financial year ended 31 December 2022. The total interim dividends paid in FY2022 amounted to USD 0.4869 per share or USD 243.7 million.Under the Bermuda Companies Act, dividends cannot be paid if there are reasonable grounds for believing that (a) the Company is, or would after the payment be, unable to pay its liabilities as they become due; or (b) the realisable value of the Company\u2019s assets would thereby be less than its liabilities.The Company has acted in accordance with the provisions of the BermudaCompanies Act when declaring dividends.Reconciliation of Liabilities arising from Financing ActivitiesNon-cash changes - USD \u2019000Additional Financialleases Fair value1 January cashcapitalised changes on31 December2022flows (i)during the Acquisition of Disposal of Interest cash flow2022USD \u2019000USD \u2019000yearsubsidiariessubsidiariesexpense hedgesUSD \u2019000Bank borrowings 1,112,912 (421,349) - - - 34,813 - 726,376Loan from a related corporation 18,750 (19,453) - - - 703 - -Loan from non-related parties 4,391 (582) - - - 1,620 - 5,429Finance and other lease liabilities 195,150 128,789 1,895 702,423 (46,604) 61,829 - 1,043,482Derivative financial instruments (327) 4,707 - - - (5,406) (68,110) (69,136)Non-cash changes - USD \u2019000Additional Financialleases Fair value 1 January cashcapitalised Capitalised changes on31 December2021flows (i)during the Interestfinancing fees cash flow Other finance 2021USD \u2019000USD \u2019000yearexpensewritten offhedgesexpenseUSD \u2019000Bank borrowings 1,110,527 (24,389) - 22,278 4,496 - - 1,112,912Loan from a related corporation - 18,489 - 261 - - - 18,750 Loan from non-related parties 4,781 (423) - 33 - - - 4,391Finance and other lease liabilities 191,986 (42,863) 36,226 9,801 - - - 195,150Derivative financial instruments 15,991 (6,633) - 6,631 - (16,321) 5 (327)(i) The cash flows make up the net amount of proceeds from borrowings, repayments of borrowings, interest expense and financing fees paid as reported in the statement of cash flows.Notes to the Consolidated Financial StatementsThese notes form an integral part of and should be read in conjunction with the accompanying consolidated financial statements.1. General information1.1 General information(the \u201cCompany\u201d) is listed onthe Oslo Stock Exchange and incorporatedand domiciled inThe address of itsregistered office isThe principal activity of the Group relates tothe provision of global maritime services in the product and chemical tankers market.Hafnia LimitedBermudaWashington Mall Phase2, 4th Floor, Suite 400, 22 Church Street, HM1189, Hamilton HM EX, Bermuda.2. Significant Accounting Policies2.1 Basis of preparationThe consolidated financial statements have been prepared in accordance with Interna-tional Financial Reporting Standards (IFRS), and have been prepared under the historicalcost convention, except as disclosed in the accounting policies below.2.2 Changes in accounting policiesNew standard and amendments to published standards, effective in 2022 and subsequent yearsThe Group has applied the following IFRSs,amendments to and interpretations of IFRS for the first time for the annual period begin-ning on 1 January 2022:Amendments:- Amendments to IFRS 3: Reference to the Conceptual Framework- Amendments to IAS 16: Property, Plant and Equipment \u2013 Proceeds before Intended Use- Amendments to IAS 37: Onerous Contracts \u2013 Cost of Fulfilling a Contract- Annual Improvements to IFRS 2018-2020 The application of these amendments to standards and interpretations does not have a material effect on the financial statements.The Group has adopted Amendments to IAS 37: Onerous Contracts \u2013 Cost of Fulfilling a Contract from 1 January 2022. This resultedin a change in accounting policy for perform-ing an onerous contracts assessment. Pre-viously, the Group included only incremental costs to fulfil a contract when determining whether that contract was onerous. The revised policy is to include both incremental costs and an allocation of other direct costs.The amendments apply prospectively to contracts existing at the date when the amendments are first applied. The Group hasanalysed all contracts existing at 1 January 2022 and determined that none of them would be identified as onerous applying the revised accounting policy \u2013 i.e. there is no impact on the opening equity balances as at 1 January 2022 as a result of the change.A number of new standards, interpretations, and amendments to standards will become effective for annual periods beginning after 1January 2023, and early adoption is permit-ted. In preparing these financial statements, the Group has not early adopted any new or amended standards or interpretations, except for Amendments to IAS 1: Classifica-tion of Liabilities as Current or Non-current, which were issued in January 2020 and de-ferred to no earlier than 1 January 2024. In previous years, the Group had early adopted Amendments to IAS 1 from 1 January 2020.The adoption of these new standard, in-terpretations and amendments in future periods is not expected to give rise to a material impact on the consolidated financialstatements.2.3 Critical accounting estimates and assumptionsThe preparation of consolidated financial statements in conformity with IFRS requires management to exercise its judgement in theprocess of applying the Group\u2019s accounting policies. It also requires the use of certain critical accounting estimates and assump-tions discussed below.Certain amounts included in or affecting the consolidated financial statements and relat-ed disclosures are estimated, requiring the Group to make assumptions with respect to values or conditions which cannot be known with certainty at the time the consolidated financial statements are prepared. A critical accounting estimate or assumption is one which is both important to the portrayal of the Group\u2019s financial condition and results and requires management\u2019s most difficult, subjective or complex judgements, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Management evaluates such es-timates on an ongoing basis, using historical results and experience, consideration of relevant trends, consultation with experts and other methods considered reasonable inthe particular circumstances.The following is a summary of estimates and assumptions which have a material effect onthe financial statements.(a) Useful life and residual value of assetsThe Group reviews the useful lives and residual values of its vessels at least at eachfinancial year-end and any adjustments are made on a prospective basis. Residual valueis estimated as the lightweight tonnage of each vessel multiplied by the expected scrapvalue per ton. If estimates of the residual values are revised, the amounts of depre-ciation charges in the future periods will be changed.There was no significant change to the estimated residual values of any vessel for the financial years ended 31 December 2022and 31 December 2021.The useful lives of the vessels are assessed periodically based on the condition of the vessels, market conditions and other regula-tory requirements. If the estimates of useful lives for the vessels are revised or there is a change in useful lives, the amounts of depre-ciation charges recorded in future periods will be changed. (b) Impairment/Reversal of impairment of non-financial assetsProperty, plant and equipment and right-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired or a reversal of previously recognised impairment charge may be required. The recoverable amount of an asset, and where applicable, a cash-generating unit (\u201cCGU\u201d), is determined based on the higher of fair value less costs to sell and value-in-use calcula-tions prepared on the basis of management\u2019sassumptions and estimates.All impairment calculations demand a high degree of estimation, which include assess-ments of the expected cash flows arising from such assets under various modes of deployment, and the selection of discount rates. Changes to these estimates may significantly impact the impairment charges recognised, and future changes may lead to reversals of any previously recognised im-pairment charges. The Group views that the forecast of future freight rates, representingthe main driver of recoverable amounts of the Group\u2019s vessels to be inherently difficult to estimate. This is further complicated by the volatility in oil prices caused by geopol-itics and macroeconomic forces, together with the cyclical nature of freight rates pre-vailing in the tankers market.See Note 9 for further disclosures on estimation of the recoverable amounts of vessels.(c) Revenue recognitionAll freight voyage charter revenues and voy-age expenses are recognised on a percent-age of completion basis. Load-to-discharge basis is used in determining the percentage of completion for all spot voyages and voy-ages servicing contracts of affreightment. Under the load-to-discharge method, freight voyage charter revenue is recognised evenlyover the period from the point of loading of the current voyage to the point of discharge of the current voyage. Management uses its judgement in esti-mating the total number of days of a voyage based on historical trends, the operating capability of the vessel (speed and fuel consumption), and the distance of the trade route. Actual results, however, may differ from estimates. Demurrage revenue is recognised as reve-nue from voyage charters in profit or loss, based on past experience of demurrages recovered over total estimated claims issuedto customers historically.(d) Extension and purchase options in measurement of lease liabilitiesThe contracts of certain leased-in vessels contain purchase and/or extension options exercisable by the Group. The Group assess-es at lease commencement date, or re-as-sesses when there are significant changes in circumstances within its control, whether it is reasonably certain to exercise the op-tion(s). Such assessment requires manage-ment judgement and affects the measure-ment of right-of-use assets and related leaseliabilities. 2.4 Revenue and income recognitionRevenue comprises the fair value of con-sideration received or receivable for the rendering of services in the ordinary course of the Group\u2019s activities, net of rebates, discounts and off-hire charges, and after eliminating sales within the Group.(a) Rendering of servicesRevenue from rendering of services in the ordinary course of business is recognised when the Group satisfies a performance obligation (\u201cPO\u201d) by transferring control of a promised good or service to the customer. The amount of revenue recognised is the amount of the transaction price allocated to the satisfied PO.Revenue from time charters, accounted for as operating leases, is recognised rateably over the rental periods of such charters, as services are performed. Revenue from freight voyage charters is rec-ognised rateably over the estimated length of the voyage within the respective reportingperiod, in the event the voyage commenc-es in one reporting period and ends in the subsequent reporting period. The Group determines the percentage of completion of freight voyage charter using the load-to-dis-charge method. Under the load-to-dischargemethod, freight voyage charter revenue is recognised rateably over the period from thepoint of loading of the current voyage to the point of discharge of the current voyage.Revenue from chemical tankers freight voyage charter is recognised under the load-to-discharge method on individual contract basis.Losses arising from time or voyage charters are provided for in full as soon as they are anticipated.The Group has vessels which participate in commercial pools in which other vessel owners with similar, high-quality, modern and well-maintained vessels also participate.These pools employ experienced commer-cial charterers and operators who have established relationships with customers and brokers, while technical management is arranged by each vessel owner. The man-agers of the pools negotiate charters with customers primarily in the spot market. The earnings allocated to vessels are aggregat-ed and divided on the basis of a weighted scale, or pool point system, which reflects comparative voyage results on hypothetical benchmark routes. The pool point system considers various factors such as size, fuel consumption, class notation and other capa-bilities. Pool revenues are recognised when the vessel has participated in a pool duringthe period and the amount of pool revenue for the period can be estimated reliably.(b) Management feesRevenue from the provision of managementsupport services is recognised over time based on the period of services provided.(c) Interest incomeInterest income is recognised on an accrualbasis using the effective interest method.2.5 Group accounting(a) Subsidiaries(1) ConsolidationSubsidiaries are entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Sub-sidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated fromthe date that control ceases.In preparing the consolidated financial statements, transactions, balances and unrealised gains on transactions between group companies are eliminat-ed. Unrealised losses are also eliminat-ed but are considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been aligned where necessary to ensureconsistency with the policies adopted by (3) DisposalsWhen a change in the Group\u2019s ownership interest in a subsidiary results in a loss of control over the subsidiary, the assets and liabilities of the subsidiary including any goodwill are derecognised. Amounts previously recognised in other compre-hensive income in respect of that entity are also reclassified to profit or loss or transferred directly to retained earnings ifrequired by a specific standard.Any retained interest in the entity is re-measured at fair value. The differ-ence between the carrying amount of the retained interest at the date when control is lost and its fair value is recognised in profit or loss.the Group.(2) Acquisitions The acquisition method of accounting is used to account for business combina-tions by the Group.The consideration transferred for the acquisition of a subsidiary or business comprises the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value of any contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary.If the business combination is achieved in stages, the acquisition date carry-ing value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisi-tion date, and any gains or losses arisingfrom such re-measurement are recog-nised in profit or loss. Acquisition-related costs are expensed as incurred.Identifiable assets acquired and liabili-ties and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date.On an acquisition-by-acquisition basis, the Group recognises any non-con-trolling interest in the acquiree at the date of acquisition either at fair value orat the non-controlling interest\u2019s pro-portionate share of the acquiree\u2019s net identifiable assets.The excess of (i) the consideration transferred, the amount of any non-con-trolling interest in the acquiree, and the acquisition-date fair value of any previ-ous equity interest in the acquiree over the (ii) fair value of the net identifiable assets acquired, is recorded as goodwill.The excess of (i) fair value of the net identifiable assets acquired over the (ii) consideration transferred; the amount of any non-controlling interest in the acquiree; and the acquisition-date fair value of any previous equity interest in the acquiree; is recorded in profit or lossduring the period when it occurs.The Group has an option to apply a \u201ccon-centration test\u201d that permits a simplified assessment of whether an acquired set of activities and assets is not a business.The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.In case the Group acquires an asset or a group of assets (including any liabili-ties assumed) that does not constitute a business, then the transaction is outsidethe scope of IFRS 3 because it cannot meet the definition of a business combi-nation. Such transactions are accountedfor as asset acquisitions in which the cost of acquisition is generally allocat-ed between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. Transactions for assets acquisition do not give rise to goodwill ora gain on a bargain purchase.(b) Associated companies and joint venturesAssociated companies are entities over which the Group has significant influence, but not control or joint control. Significant influence is presumed to exist when the Group holds 20% or more of the voting rightsof another entity.Joint ventures are entities over which the Group has joint control as a result of con-tractual arrangements and rights to the net assets of the entities.Investments in associated companies and joint ventures are accounted for in the consolidated financial statements using the equity method of accounting (net of accumu lated impairment losses).The acquisition method of accounting is usedto account for new and incremental acqui-sitions in associated companies and joint ventures.Investments in associated companies and joint ventures are initially recognised at cost. The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Goodwill on associated companies and joint ventures represents the excess of the cost of acquisition of the associated companies and joint ventures over the Group\u2019s share of the fair value of the identifiable net assets of the associated companies or joint ventures and is included in the carrying amount of the investments. Any excess of the Group\u2019s share of the net fair value of the investee\u2019s identifiable assetsand liabilities over the cost of the investment is recognised in profit or loss during the period when it occurs.In applying the equity method of accounting, the Group\u2019s share of its associated com-panies\u2019 and joint ventures\u2019 post-acquisition profits or losses is recognised in profit or loss and its share of post-acquisition other comprehensive income is recognised in other comprehensive income. These post-ac-quisition movements and distributions re-ceived from associated companies and joint ventures are adjusted against the carrying amount of the investments. When the Group\u2019sshare of losses in an associated company or joint venture equals or exceeds its interest in the associated company or joint venture including any other unsecured non-current receivables, the Group does not recognise further losses, unless it has incurred obliga-tions or has made payments on behalf of the associated company or joint venture.Unrealised gains on transactions between the Group and its associated companies and joint ventures are eliminated to the extent of the Group\u2019s interest in the associated com-panies and joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary, adjust-ments are made to the financial statements of associated companies and joint ventures to ensure consistency of accounting policies with those of the Group.Investments in associated companies and joint ventures are derecognised when the Group loses significant influence or joint control. Any retained interest in the equity is remeasured at its fair value. The difference between the carrying amount of the retained investment at the date when significant influ-ence or joint control is lost and its fair value is recognised in profit or loss.Gains and losses arising from partial dispos-als or dilutions in investments in associated companies and joint ventures in which signif-icant influence or joint control is retained arerecognised in profit or loss.2.6 Property, plant and equipment(a) Measurement (1) Property, plant and equipment are ini-tially recognised at cost and subsequently carried at cost less accumulated deprecia-tion and accumulated impairment losses.(2) The cost of an item of property, plant and equipment initially recognised includes expenditure that is directly attributable to the acquisition of the item. Dismantlement, removal or restoration costs are included as part of the cost of property, plant and equipment if the obligation for dismantle-ment, removal or restoration is incurred as aconsequence of acquiring the asset. (3) The acquisition cost capitalised to a vessel under construction is the sum of the instalments paid plus other directly attribut-able costs incurred during the construction period including borrowing costs. Vessels under construction are not depreciated and reclassified as vessels upon delivery from the yard.(4) If significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate components of property, plant and equip-ment.(b) Depreciation (1) Depreciation is calculated using a straight-line method to allocate the deprecia-ble amounts of property, plant and equip-ment, after taking into account the residual (d) DisposalOn disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying amount isrecognised in profit or loss.values over their estimated useful lives. Theresidual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at least annually. The effects of any revision are recognised in profit or loss when the changes arise. The estimateduseful lives are as follows: Vessels - Tankers 25 years - Scrubbers 5 years - Dry docking 2.5 to 5 yearsA proportion of the price paid for new vessels is capitalised as dry docking. These costs are depreciated over the period to thenext scheduled dry docking, which is gener-ally 30 to 60 months. At the commencementof new dry docking, the remaining carrying amount of the previous dry docking will be written off to profit or loss.(2) Significant components of individual as-sets are assessed and if a component has auseful life that is different from the remain-der of that asset, that component is depre-ciated separately. The remaining carrying amount of the old component as a result ofa replacement will be written off to profit or loss.(c) Subsequent expenditureSubsequent expenditure relating to property,plant and equipment, including scrubbers and dry docking that has already been rec-ognised, is added to the carrying amount of the asset only when it is probable that futureeconomic benefits associated with the item will flow to the Group and the cost of the itemcan be measured reliably. All other repair and maintenance expense is recognised inprofit or loss when incurred.2.7 Intangible assetsThe amortisation period and amortisation method of intangible assets other than good-will are reviewed at least at each balance sheet date. The effects of any revision are recognised in profit or loss when the chang-es arise.IT infrastructure and customer contractsIT infrastructure and customer contracts acquired through business combinations areinitially recognised at fair value. These intan-gibles are subsequently carried at amortisedcost less accumulated impairment losses using the straight-line method over their individual estimated useful lives of 5 years.2.8 Financial assets(a) Recognition and initial measurementTrade receivables are initially recognised when they are originated. Other financial assets are recognised when the Group be-comes a party to the contractual provisionsof the instrument. Financial assets are initially recognised at fair value plus transaction costs except for financial assets at fair value through profit or loss (FVTPL), which are recognised at fair value. Transaction costs for financial assets at FVTPL are recognised immediately as expenses.(b) Classification The Group classifies its financial assets at amortised cost and at FVTPL. The classifica-tion depends on the business model in which a financial asset is managed and its contrac-tual cash flows characteristics. Managementdetermines the classification of its financial assets at initial recognition. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. The Group holds the following classes of financial assets:(1) Financial assets at amortised costA financial asset is classified as meas-ured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: \u2022 it is held within a business model whose objective is to hold assets to collect contractual cash flows; and\u2022 its contractual terms give rise on specified dates to cash flows that are solely payments of principal andinterest on the principal amount outstanding.(2) FVTPL financial assetsAll financial assets not classified as measured at amortised cost as de-scribed above are measured at FVTPL.(d) Subsequent measurementFinancial assets at FVTPL are subsequentlycarried at fair value. Financial assets at amortised cost are subsequently carried at amortised cost using the effective interest method.Changes in the fair values of financial assetsat FVTPL including the effects of currency translation are recognised in profit or loss.They are presented as current assets, except for those expected to be realised later than 12 months after the balance sheet date which are presented as non-current assets. They are presentedas \u201ctrade and other receivables\u201c (Note 12), \u201cloans receivable from joint ven-ture\u201d, \u201cloans receivable from pool par-ticipants\u201d (Note 13) and \u201ccash and cash equivalents\u201d (Note 15) in the consolidat-ed balance sheet.(3) Equity investments at FVOCIOn initial recognition of an equity invest-ment that is not held-for-trading, the Group may irrevocably elect to present subsequent changes in the investment\u2019s fair value in OCI. This election is made onan investment-by-investment basis.The Group has presented its equity in-vestments as non-current assets on the balance sheet which will be reclassified to current assets in the event man-agement intends to dispose the assets within 12 months after the balance sheetdate.(c) Business model assessmentThe Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level be-cause this best reflects the way the businessis managed and information is provided to management. The information considered includes:\u2022 the stated policies and objectives for the portfolio and the operation of those policies in practice. These include whether management\u2019s strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the finan-cial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets;\u2022 the stated policies and objectives for the portfolio and the operation of those poli-cies in practice;\u2022 how the performance of the portfolio is evaluated and reported to the Group\u2019s management;\u2022 the risks that affect the performance of the business model (and the financial as-sets held within that business model) and how those risks are managed;\u2022 how managers of the business are com-pensated \u2013 e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and\u2022 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity.Transfers of financial assets to third par-ties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the Group\u2019s continuing recognition of the assets.(f) Offsetting financial instrumentsFinancial assets and liabilities are offset, and the net amount reported in the consolidated balance sheet, when there is a legally enforce-able right to offset the recognised amounts and there is an intention to settle on a net ba-sis, or to realise the asset and settle the liabilitysimultaneously.(g) ImpairmentFor financial assets measured at amortised cost and contract assets, the Group assessesat each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired and recognises an allowance for expected credit loss (ECL) at an amount equal to the lifetime expected credit loss if there has been a significant increase in credit risk since initial (e) Derecognition of financial assetsFinancial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cashflows in a transaction in which substantially all of the risks and rewards of ownership of the fi-nancial asset are transferred or in which theGroup neither retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.recognition. If the credit risk has not in-creased significantly since initial recognition, the Group recognises an allowance for ECL at an amount equal to 12-month ECL. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of a financial instrument.12-month ECLs are the portion of ECLs that results from default events that are possible within the 12 months after the reporting date (or a shorter period if the expected life of the instrument is less than 12 months).The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk.For trade receivables and contract assets, theGroup applied the simplified approach permit- ted by IFRS 9, which requires the loss allow-ance to be measured at an amount equal to lifetime ECLs.The Group applies the general approach to provide for ECLs on all other financial instru-ments. Under the general approach, the loss allowance is measured at an amount equal to 12-month ECLs at initial recognition.At each reporting date, the Group assesses whether the credit risk of a financial instru-ment has increased significantly since initial recognition. When credit risk has increased significantly since initial recognition, loss allowance is measured at an amount equal to lifetime ECLs. Measurement of ECLsECLs are probability-weighted estimates of credit losses. Credit losses are measured at the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). ECLs are discounted at the effectiveinterest rate of the financial asset.Credit-impaired financial assetsAt each reporting date, the Group assesses whether financial assets carried at amor-tised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.Evidence that a financial asset is credit-im-paired includes the following observable data:\u2022 significant financial difficulty of the debt-or;\u2022 a breach of contract such as a default or being more than 90 days past due;\u2022 the restructuring of a loan or advance by the Group on terms that the Group would not consider otherwise;\u2022 it is probable that the debtor will enter bankruptcy or other financial reorganisa-tion; or\u2022 the disappearance of an active market for a security because of financial difficulties.Presentation of allowance for ECLs in the balance sheetLoss allowances for financial assets meas-ured at amortised cost and contract as-sets are deducted from the gross carrying amount of these assets.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and quali-tative information and analysis, based on the Group\u2019s historical experience, informed credit assessment and other forward-look-ing information.The Group assumes that the credit risk on a financial asset has increased significantly if the debtor is under significant financial dif-ficulties, or when there is default or signifi-cant delay in payments. The Group considersa financial asset to be in default when the debtor is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held). When the asset becomes uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previ-ously written off are recognised against the same line item in profit or loss.The allowance for impairment loss ac-count is reduced through profit or loss in a subsequent period when the amount of ECL decreases and the related decrease can be objectively measured. The carrying amount of the asset previously impaired is increasedto the extent that the new carrying amount does not exceed the amortised cost had no impairment been recognised in prior periods.2.9 Financial liabilitiesFinancial liabilities are classified and meas-ured at amortised cost. Directly attributable transaction costs are recognised in profit orloss as incurred.The Group derecognises a financial liability when its contractual obligations are dis-charged, cancelled, or expired. The Group also derecognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially dif-ferent, in which case a new financial liability based on the modified terms is recognised atfair value.On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.2.10 Impairment of non-financial assetsProperty, plant and equipment are tested for impairment whenever there is objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fairvalue less costs to sell and value-in-use) is determined on an individual asset basis un-less the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, the recov-erable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carryingamount, the carrying amount of the asset (orCGU) is reduced to its recoverable amount.The impairment is then allocated to each single vessel on a pro-rata basis, based on the carrying amount of each vessel in the CGU with the limit of the higher of fair value less cost of disposal and value in use. The difference between the carrying amount and recoverable amount is recognised as animpairment loss in profit or loss. An impairment loss for an asset (or CGU) other than goodwill is reversed if, and only if, there has been a change in the estimate of the asset\u2019s (or CGU\u2019s) recoverable amountsince the last impairment loss was recog-nised. The carrying amount of the asset (or CGU) is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumu-lated amortisation and depreciation) had no impairment loss been recognised for the asset (or CGU) in prior years. A reversal of impairment loss for an asset (or CGU) other than goodwill is recognised in profit or loss.2.11 BorrowingsBorrowings are recognised initially at fair value, net of transaction costs incurred. Bor-rowings are subsequently stated at amortisedcost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are presented as current liabilities unless the Group has an uncondi-tional right to defer settlement for at least 12 months after the balance sheet date, in which case they are presented as non-current liabilities.The Group derecognises a borrowing when its contractual obligations are discharged, cancelled, or expired. The Group also derec-ognises a borrowing when its terms are modi-fied and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value.On derecognition of a borrowing, the differ-ence between the carrying amount extin-guished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss.2.12 Borrowing costsBorrowing costs are recognised in profit or loss using the effective interest method except for those costs that are directly at-tributable to the construction of vessels. Thisincludes those costs on borrowings acquiredspecifically for the construction of vessels, as well as those in relation to general bor-rowings used to finance the construction of vessels.Borrowing costs are capitalised in the cost of the vessel under construction. Borrowing costs on general borrowings are capitalisedby applying a capitalisation rate to the con-struction expenditure that are financed by general borrowings.2.13 Trade and other payablesTrade payables are obligations to pay for goods or services that have been acquired from suppliers in the ordinary course of business. Trade and other payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.Trade and other payables are initially recog-nised at fair value and subsequently carried at amortised cost using the effective interestmethod, and are derecognised when the Group\u2019s obligation has been discharged or cancelled or expired. 2.14 Derivative financial instruments and hedging activities A derivative financial instrument is initially recognised at its fair value on the date the contract is entered into and is subsequently carried at its fair value. The fair value of de-rivative financial instruments represents the amount estimated by banks or brokers that the Group will receive or pay to terminate thederivatives at the balance sheet date.For derivative financial instruments that are not designated or do not qualify for hedge accounting, any fair value gains or losses are recognised in profit or loss as a finance item. In particular, gains and losses on currency derivatives are presented in profit or loss as \u2018foreign currency exchange gain/(loss) \u2013 net\u2019, whilst gains and losses on other derivatives are presented in profit or loss as \u2019derivative gain/(loss) \u2013 net\u2019, unless the gainsand losses are material. The Group designates certain financial instruments in qualifying hedging relation-ships and documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on a periodic ba-sis, of whether the derivatives designated as hedging instruments are highly effective in offsetting changes in fair value or cash flowsof the hedged items prospectively. For the purpose of evaluating whether the hedging relationship is expected to be highly effective (i.e. prospective effectivenessassessment), the Group assumes that the benchmark interest rate is not affected as a result of IBOR reform.The Group enters into hedge relationships where the critical terms of the hedging in-strument match exactly with the terms of thehedged item and no hedge ineffectiveness is deemed to exist. In circumstances when the terms of the hedged item do not match exactly the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness of hedging relationship.Cash flow hedges \u2013 interest rate derivativesThe Group has entered into interest rate swaps that are cash flow hedges for the Group\u2019s exposure to interest rate risk on its borrowings. These contracts entitle the Group to receive interest at floating rates on notional principal amounts and oblige the Group to pay interest at fixed rates on the same notional principal amounts, thus allowing the Group to raise borrowings at floating rates and swap them into fixed rates. For the purpose of hedge account-ing, management designated a portion of the nominal value of loans to be hedged by the total notional value of the interest rate swaps. There is no imbalance that would create ineffectiveness and cause the relationship to be inconsistent with the purpose of hedge accounting.The Group has also entered into several interest rate caps that entitle the Group to receive interest payments when the floating interest rate goes above the strike rate. Since 2020, these interest rate caps were discontinued as hedging instruments and any fair value changes are recorded in profit or loss.The fair value changes on the effective por-tion of interest rate derivatives designated as cash flow hedges are recognised in other comprehensive income, accumulat-ed in the hedging reserve and reclassified to profit or loss when the hedged interest expense on the borrowings is recognised inprofit or loss. The fair value changes on theineffective portion of these interest rate derivatives are recognised immediately in profit or loss.For a cash flow hedge of a forecast trans-action, the Group assumes that the bench-mark interest rate will not be altered as a result of interbank offered rates (IBOR) reform for the purpose of asserting that the forecast transaction is highly probable and presents an exposure to variations in cash flows that could ultimately affect profit or loss. The Group will no longer apply the amend-ments to its highly probable assessment of the hedged item when the uncertainty aris-ing from interest rate benchmark reform with respect to the timing and amount of the interest rate benchmark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued.To determine whether the designated fore-cast transaction is no longer expected to occur, the Group assumes that the interest rate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform.Hedges directly affected by interest rate benchmark reformPhase 1 amendments: Prior to interest rate benchmark reform \u2013 when there is uncer-tainty arising from interest rate benchmark reformFor the purpose of evaluating whether the hedging relationship is expected to be high-ly effective (i.e. prospective effectiveness assessment), the Group assumes that the benchmark interest rate is not affected as a result of interest rate benchmark reform.For a cash flow hedge of a forecast trans-action, the Group assumes that the bench-mark interest rate will not be altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast transaction is highly probable andpresents an exposure to variations in cash flows that could ultimately affect profit or loss. In determining whether a previously des-ignated forecast transaction in a discon-tinued cash flow hedge is still expected to occur, the Group assumes that the interestrate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform.The Group will cease to apply the specific policy for assessing the economic rela-tionship between the hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the uncertain-ty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the con-tractual cash flows of the respective item or instrument; or (ii) when the hedging relationship is discontinued.Phase 2 amendments: Replacement of benchmark interest rates \u2013 when there is no longer uncertainty arising from interestrate benchmark reformThe basis for determining the contractual cash flows of the hedged item or the hedging instrument may be modified as required by the IBOR reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: \u2022 the change is necessary as a direct consequence of the reform; and\u2022 the new basis for determining the contractual cash flows is economically equivalent to the previous basis \u2013 i.e. the basis immediately before the changeFor these modifications, the Group amends the hedge documentation of that hedging relationship to reflect the change(s) requiredby interest rate benchmark reform when there is no longer uncertainty about the cash flows of the hedged item or the hedginginstrument.For this purpose, the hedge designation is amended only to make one or more of the following changes:\u2022 designating an alternative benchmark rate as the hedged risk\u2022 updating the description of hedged item, including the description of the desig- nated portion of the cash flows or fair value being hedged; or\u2022 updating the description of the hedging instrumentThe Group amends the description of the hedging instrument only if the following con-ditions are met:\u2022 it makes a change required by interest rate benchmark reform by changing the basis for determining the contractual cash flows of the hedging instrument or using another approach that is econom- ically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and\u2022 the original hedging instrument is not derecognisedThese amendments in the formal hedge documentation do not constitute the discon-tinuation of the hedging relationship or the designation of a new hedging relationship.If other changes are made in addition to those changes required by interest rate benchmark reform described above, then theGroup first considers whether those addi-tional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in discontinuation of the hedge accounting rela-tionship, then the Group amends the formal hedge documentation for changes required by interest rate benchmark reform as men-tioned above.When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Group deems that the hedging reserve recognised in other comprehensive income for that hedging relationship is based on the alter-native benchmark rate on which the hedged future cash flows will be based.2.15 Freight forward agreementsThe Group has entered into freight forward agreements to manage its exposure to freight rates. Further details of derivative fi-nancial instruments are disclosed in Note 20.Derivatives are initially recognised at fair value at the date the derivative contract is entered into and are subsequently remeas-ured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in profit or loss immediate-ly unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recog-nised as a financial liability. Derivatives are not offset in the financial statements unless the Group has both legal right and inten-tion to offset. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instruments is more than 12 months and it is not expectedto be realised or settled within 12 months. Other derivatives are presented as current assets or current liabilities.The Group does not apply hedge account-ing and therefore all changes in fair values of forward freight agreements used for economic hedges are recognised in profit or loss.2.16 Fair value estimation of financial assets and liabilities The fair values of financial instruments trad-ed in active markets (such as exchange-trad-ed and over-the-counter securities and derivatives) are based on quoted market prices at the balance sheet date. The quoted market prices used for financial assets are the current bid prices and the quoted marketprices for financial liabilities are the current asking prices.The fair values of financial instruments that are not traded in an active market are determined by using valuation techniques such as discounted cash flow analyses. The Group uses a variety of methods and makes assumptions that are based on market con-ditions existing at each balance sheet date. Where appropriate, quoted market prices or dealer quotes for similar instruments are used.The fair value of interest rate derivatives is calculated as the present value of the estimated future cash flows, discounted at actively quoted interest rates. The fair value of forward foreign exchange contracts is determined using forward exchange market rates at the balance sheet date.The carrying amounts of current financial assets and liabilities, measured at amortisedcost, approximate their fair values, due to the short term nature of the balances. The fair values of financial liabilities carried at amortised cost are estimated by discounting the future contractual cash flows at current market interest rates, determined as those that are available to the Group at balance sheet date for similar financial instruments.2.17 Leases(a) When a group company is the lesseeAt inception of a contract, the Group as-sesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to con-trol the use of an identified asset, the Group uses the definition of a lease in IFRS 16.For leases of vessels, the Group allocates theconsideration in the contract to each lease and non-lease component on the basis of its relative stand-alone prices. However, for leases of property and other equipment, the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component.The Group recognises a right-of-use asset and a lease liability at the lease commence-ment date. The right-of-use asset is initially measured at cost, which comprises the initialamount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset, less any lease incentives received.The right-of-use asset is subsequently carried at cost less accumulated depreci-ation and accumulated impairment losses. Depreciation is calculated using a straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects thatthe Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated over the useful life of the under-lying asset, which is determined on the same basis as those of property and equipment.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the applicable incremental bor-rowing rate. Generally, the Group uses the incremental borrowing rates as the discount rates. The Group determines the incrementalborrowing rates by obtaining interest rates from various external financing sources.Lease payments included in the measure-ment of the lease liability comprise the following:\u2022 fixed payments, including in-substance fixed payments\u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date\u2022 amounts expected to be payable under a residual value guarantee\u2022 exercise price under a purchase option that the Group is reasonably certain to exercise\u2022 lease payments in an optional renewal pe riod if the Group is reasonably certain to exercise an extension option; and\u2022 payment of penalties for early termination of a lease unless the Group is reasonably certain that it will not terminate earlyThe lease liability is subsequently measured at amortised cost using the effective interestmethod. It is remeasured when:\u2022 there is a change in future lease pay- ments arising from a change in an index or rate\u2022 there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee; or\u2022 there is a change in the Group\u2019s assess- ment of whether it will exercise a pur- chase, extension or termination optionWhen the lease liability is remeasured in thisway, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recognised in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.The Group presents right-of-use assets as a part of total property, plant and equipment and lease liabilities in \u2018borrowings\u2019 in the consolidated balance sheet.Short-term and low value leasesThe Group has elected not to recognise right-of-use assets and lease liabilities for leases with lease terms that are less than 12months and other low-value assets. Lease payments associated with these leases are recognised as an expense in profit or loss ona straight-line basis over the lease term.(b) When a group company is the lessorThe Group determines at lease inception whether each lease is a finance lease or an operating lease.Finance leasesLeases of assets in which the Group trans-fers (leases out) substantially all risks and rewards incidental to ownership of the leased asset to the lessees are classified as finance leases. The leased asset is derec-ognised and the present value of the lease receivable (net of initial direct costs for nego-tiating and arranging the lease) is recognisedon the consolidated balance sheet as finance lease receivables. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance income. Lease income, included as part of revenue, is recognised over the lease term using the net investment method, which reflects a constant periodic rate of return.The Group applies the derecognition and impairment requirements in IFRS 9 to the netinvestment in the lease. The Group further regularly reviews estimated unguaranteed residual values used in calculating the gross investment in the lease.Operating leasesLeases of assets in which the Group retains substantially all risks and rewards incidental to ownership are classified as operating leas-es. Assets leased out under operating leases are included in property, plant and equipment. Rental income (net of any incentives given to lessee) is recognised on a straight-line basis over the lease term.Intermediate leasesWhen the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is short-term lease to which the Group applies the exemption described above, the sub-lease is then classified as an operating lease.(c) Sale and leasebackA sale and leaseback transaction is where the Group transfers an asset to another en-tity (the buyer-lessor) and leases that asset back from the buyer-lessor.Where the buyer-lessor obtains control of the transferred asset, the Group meas-ures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right-of-use retained by the Group.Where the buyer-lessor does not obtain control of the transferred asset, the Group continues to recognise the transferred assetand recognises a financial liability equal to the transfer proceeds.2.18 InventoriesInventories comprise mainly fuel and lubri-cating oils which are used for operation of vessels. The cost of inventories includes purchase costs, as well as any other costs incurred in bringing inventory on board the vessel. Inven-tories are accounted for on a first-in, first-outbasis, and stated at lower of cost and net realisable value. Consumption of inventories is recognised as an expense in profit or loss when the usage occurs.2.19 Income taxesThe tax expense for the period comprises current and deferred taxes. Tax is recog-nised as income or expense in profit or loss, except to the extent that it relates to items recognised in other comprehensive income in which case the tax is also recognised in other comprehensive income.The current income tax charge is calculated on the basis of the tax laws enacted or sub-stantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Positions tak-en in tax returns are evaluated periodically, with respect to situations in which applicabletax regulations are subject to interpretation, and provisions are established where ap-propriate, on the basis of amounts expected to be paid to the tax authorities. In relation to accounting for tax uncertainties, where it is more likely than not that the final tax outcome would be favourable to the Group, no tax provision is recognised until payment to the tax authorities is required, and upon which a tax asset, measured at the expected recoverable amount, is recognised.Deferred income tax is provided in full, usingthe liability method, on temporary differenc-es arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. How-ever, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combina-tion that at the time of the transaction affectsneither accounting nor taxable profit or loss,it is not accounted for. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax is recognised on tem-porary differences arising on income earnedfrom investments in subsidiaries, except where the timing of the reversal of the tem-porary difference can be controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeablefuture.Deferred income tax assets and liabilities are offset when there is a legally enforcea-ble right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or dif-ferent taxable entities where there is an in-tention to settle the balances on a net basis.2.20 Employee benefitsEmployee benefits are recognised as anexpense, unless the cost qualifies to be clas-sified as an asset.(a) Defined contribution plansDefined contribution plans are post-em-ployment benefit plans under which the Group pays fixed contributions into sepa-rate entities on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid.(b) Employee leave entitlementEmployee entitlements to annual leave are recognised when they accrue to employees. An accrual is made for the estimated liabilityfor annual leave as a result of services ren-dered by employees up to the balance sheet date.(c) Share-based paymentDuring the financial years ended 31 Decem-ber 2021 and 2022, the Group introduced Long Term Incentive Plan (LTIP) 2021 and LTIP 2022 respectively. Under this scheme, the grant-date fair value of equity-settled share-based payment arrangements grantedto employees is generally recognised as an expense, with a corresponding increase in equity, over the vesting period of the awards.The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market performance conditions are expected to be met, such that the amount ultimately recog-nised is based on the number of awards that meet the related service and non-market performance conditions at the vesting date.2.21 Foreign currency translation(a) Functional and presentation currency Items included in the financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The consolidatedfinancial statements are presented in UnitedStates Dollars, which is the Company\u2019s functional currency. All financial informationpresented in US dollars has been rounded to the nearest thousand, unless otherwise stated.(b) Transactions and balancesTransactions in a currency other than the functional currency (\u201cforeign currency\u201d) are translated into the functional currency usingthe exchange rates prevailing at the date of the transactions. Foreign currency exchangegains and losses resulting from the settle-ment of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date, are recognised in profit or loss. 2.22 Cash and cash equivalentsFor the purpose of presentation in the con-solidated statement of cash flows, cash andcash equivalents include cash on hand and deposits held at call with financial institu-tions, which are subject to an insignificant risk of change in value. 2.23 Share capital Common shares are classified as equity.Incremental costs directly attributable to theissuance of new equity instruments are tak-en to equity as a deduction, net of tax, from the proceeds.2.24 DividendsInterim dividends are recognised in the fi-nancial year in which they are declared pay-able and final dividends are recognised whenthe dividends are approved for payment by the directors and shareholders respectively.2.25 ProvisionsProvisions are recognised when the Group has a present legal or constructive obligationwhereby as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and a reliable estimate of the settlement amount can be made. When the Group expects a pro-vision to be reimbursed, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. Provisions are not recognised for future operating losses.For leased-in assets, the Group recognis-es a provision for the estimated costs of reinstatement arising from the use of these assets. This provision is estimated based on the best estimate of the expenditure requiredto settle the obligation, taking into considera-tion time value.2.26 Financial guarantee contractsFinancial guarantee contracts are account-ed for as insurance contracts and treated as contingent liabilities until such time as they become probable that the Group will be required to make a payment under the guarantee. A provision is recognised basedon the Group\u2019s estimate of the ultimate costof settling all claims incurred but unpaid at the balance sheet date. The provision is assessed by reviewing individual claims and tested for adequacy by comparing the amount recognised and the amount that would be required to settle the guarantee contract.2.27 Assets held for saleNon-current assets are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of car-rying amount and fair value less costs to sell.The assets are not depreciated or amortised while they are classified as held for sale. Any impairment loss on initial classification and subsequent measurement is recognised as an expense in profit or loss. Any subsequent increase in fair value less costs to sell (not exceeding the accumulated impairment loss that has been previously recognised) is rec-ognised in profit or loss.2.28 Segment reportingOperating segments are reported in a man-ner consistent with the internal reporting provided to management who are responsi-ble for allocating resources and assessing performance of the operating segments.2.29 Earnings per shareThe Group presents basic and diluted earn-ings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted-average number of ordinary shares outstanding during the year, adjustedfor own shares held. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholdersand the weighted-average number of ordi-nary shares outstanding, adjusted for own shares held, and the effects of all dilutive potential ordinary shares, which comprise share options granted to employees.3. Acquisition of Subsidiaries On 27 January 2022, the Group completed the acquisition of 100% of eq-uity interest in Chemical Tankers Inc and its subsidiaries (\u201cCTI\u201d), including CTI\u2019s fleet of 32 vessels, in exchange for the Company\u2019s equity instru-ments (\u201cAcquisition of CTI\u201d). The acquisition was accounted for as an assetacquisition that did not constitute a business and which was satisfied by way of issuance of new shares of the Company together with the Compa-ny\u2019s existing treasury shares. In exchange for all outstanding shares in CTI, CTI\u2019s shareholders re-ceived a total of 99,199,394 common shares in the Company, consisting of 92,112,691 newly issued shares and 7,086,703 of treasury shares. Since the consideration for the acquisition was satisfied by way of issuance of the Company\u2019s equity instruments, the accounting of the fair value of the consideration settled follows the guidance of IFRS 2 Share-based Pay-ment. At the acquisition date, ordinary shares and the existing treasury shares of the Company were issued to CTI\u2019s shareholders, and the fair value of issued shares was deemed to be the fair value of the CTI\u2019s net assets acquired. As a matter of practical expediency, management accounted for the acquisition by utilising the carrying amounts of CTI\u2019s assets and liabilities as at 31 January 2022, adjusted for fair value adjustments. The financial effect of the acquisition from 27 January 2022 to 31 January 2022 was deemed immaterial to the financial position of the Group.The fair value of CTI\u2019s net assets acquired was assessed at USD 221.1 million. Equity settlement of the transaction resulted in an increase in share capital of USD 0.9 million and share premium of USD 207.4 million, while reducing balance of treasury shares by USD 12.8 million. The effectsof CTI acquisition resulted in increases in the Group\u2019s assets, liabilities and equity by USD 943.0 million, USD 721.9 million and USD 221.1 million respectively.(a) Assets acquired and liabilities assumedA summary of the acquired assets and liabilities of CTI is presented below.CTI balances acquiredat fair values2022USD \u2019000Property, plant and equipment 893,009Restricted cash 6,050Cash and cash equivalents 4,195Inventories 3,168Trade and other receivables 36,584Trade and other payables (19,435)Borrowings (702,423)Total net assets acquired 221,148(b) Consideration transferredThe following table summarises the acquisition date fair value of eachclass of consideration transferred.USD \u2019000Common shares issued 208,316Treasury shares transferred 12,832Less: Cost of issuing new common shares (936)Net consideration transferred in the form of issued common shares and treasury shares 220,212(c) Measurement of fair valuesThe fair value of acquired vessels was estimated based on independentthird-party valuation reports close to the acquisition date, which made reference to comparable transaction prices of similar vessels.The carrying values of acquired borrowings approximate their fair values as the bank borrowings bear floating interest rates and were re-priceableat three-month intervals.Other acquired items represent working capital items whose carrying values approximate fair values due to short period of maturity.4. Revenue 20222021USD \u2019000USD \u2019000Revenue from time charter 136,498 64,891Revenue from voyage charter 1,696,046 746,326Total revenue 1,832,544 811,217The Group\u2019s revenue is generated from the following main business seg-ments: LR2 Product Tankers, LR1 Product Tankers, MR Product Tankers, Handy Product Tankers, Chemical-Handy Product Tankers, Chemical-MR Product Tankers and Chemical-Stainless Product Tankers. During the year, the Group exited the Chemical-Stainless segment after disposing of its Chemical-Stainless vessels that were previously acquired through theacquisition of CTI. The table below presents disaggregation of revenue bybusiness segments. LR2 LR1 MR HandyChemical-HandyChemical-MRChemical-StainlessTotalUSD \u2019000USD \u2019000USD \u2019000USD '000USD \u2019000USD \u2019000USD \u2019000USD \u20190002022Revenue 100,447 699,821 632,258 90,612 192,097 87,700 29,609 1,832,5442021Revenue 54,540 236,461 413,116 107,100 - - - 811,217Time charter hire income is recog-nised on a straight-line basis over the term of the time charter period. Voy-age charter revenue is recognised on a load-to-discharge basis, evenly overthe period from the point of loading of the current voyage to the point of discharge of the current voyage.As a practical expedient, contract costs to obtain the contract, including voyage costs to arrive to the point of loading (\u2018ballast leg\u2019 costs) are expensed in profit or loss as incurred since the amortisation period of the asset is less than one year.Payments for trade receivables generally are due immediately or within 7 days from the invoice date. Information about trade receivables from contracts with customers and contract assets is presented in Note 12.5. Expenses by Nature20222021USD \u2019000USD \u2019000Fuel oil consumed (Note 11) 347,483 253,479Port costs 103,367 124,082Brokers\u2019 commission expenses 27,080 23,440Other voyage expenses 7,918 7,281Voyage expenses 485,848 408,282Employee benefits (Note 6) 167,098 125,175Maintenance and repair expenses 70,584 48,117Insurance expenses 11,832 8,416Other vessel operating expenses 14,389 10,751Vessel operating expenses 263,903 192,459Support service fee 19,181 3,866Employee benefits (Note 6) 37,766 28,790Other operating expenses 2,577 10,323Other expenses 59,524 42,9796. Employee Benefits20222021USD \u2019000USD \u2019000Wages and salaries (Note 5) 204,864 153,9657. Income TaxesBased on the tax laws in the jurisdictions in which the Group and its sub-sidiaries operate, shipping profits are exempted from income tax.Non-shipping profits are taxed at the prevailing tax rate of each tax juris-diction where the profit is earned.Certain of the Group\u2019s vessels are subject to the tonnage tax regime in Denmark, whose effect is not significant.20222021Income tax expenseUSD \u2019000USD \u2019000Tax expense attributable to profit is made up of:Current income tax 5,785 2,229Changes in estimates related to prior years 893 2,1616,678 4,390There is no income, withholding, capital gain or capital transfer taxes payable in Bermuda. The income tax expense reconciliation of the Group isas follows:20222021Reconciliation of effective tax rateUSD \u2019000USD \u2019000Profit/(loss) before income tax 758,267 (51,103)Tax calculated at a tax rate of 0% (2021: 0%) - -Effect of:- Tax on non-shipping income 5,785 2,229- Changes in estimates related to prior years 893 2,161Income tax expense 6,678 4,390The Group\u2019s shipping profits are essentially exempted from income tax, asgranted by various ship registrars across the world. Tax losses incurred in the generation of exempted shipping profits are therefore not deducti-ble against future taxable income.8. Earnings per ShareBasic earnings per share is calculated by dividing the net profit attributa-ble to equity holders of the Company by the weighted average number of common shares outstanding during the financial year.20222021USD \u2019000USD \u2019000Net profit/(loss) attributable to equity holders of the Company (USD \u2019000) 751,589 (55,493)(a) Basic earnings/(loss) per shareIssued common shares at 1 January 370,244,325 370,244,325Effect of share options exercised satisfied from treasury shares 66,374 -Effect of shares issued for acquisition of CTI 83,736,555 -Effect of new shares issued 25,551,838 -Effect of treasury shares purchased (1,708,209) (7,117,103)Weighted-average number of ordinary shares at 31 December 477,890,883 363,127,222Basic earnings/(loss) per share (USD per share) 1.57 (0.15)(b) Diluted earnings/(loss) per shareWeighted-average number of ordinary shares (basic) 477,890,883 363,127,222Effect of share options on issue 11,185,991 -Weighted-average number of ordinary shares at 31 December 489,076,874 363,127,222Diluted earnings/(loss) per share (USD per share) 1.54 (0.15)Diluted earnings per share is determined by adjusting profit or loss attributable to ordinary shareholders and the weighted average numberof ordinary shares outstanding, adjusted for own shares held, and the effects of all dilutive potential ordinary shares, which comprise share options granted to employees.As at 31 December 2021, the diluted weighted-average earnings per share was equivalent to the basic earnings per share, as 10,294,731 share options had been excluded from the calculations as their effects would have been anti-dilutive.The average market value of the Company\u2019s shares for purposes of cal-culating the dilutive effect of share options was based on quoted market prices for the period during which the options were outstanding.9. Property, Plant and EquipmentDry docking and Right-of-use VesselsscrubbersassetsOthersTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000CostAt 1 January 2022 2,874,159 116,673 188,983 380 3,180,195Acquisition of CTI\u2019s property, plant and equipment (Note 3(a)) 876,246 16,754 - 9 893,009Additions 406,828 39,320 1,895 980 449,023Disposal of vessels (400,805) (20,870) - - (421,675)Disposal of CTI\u2019s vessel owning subsidiaries (Note 9(b)) (57,770) (1,256) - - (59,026)Write off on completion of dry docking cycle - (12,620) - - (12,620)At 31 December 2022 3,698,658 138,001 190,878 1,369 4,028,906Accumulated depreciation and impairment chargesAt 1 January 2022 964,625 53,259 77,454 114 1,095,452Depreciation charge 133,116 29,228 45,520 125 207,989Disposal of vessels (126,945) (11,032) - - (137,977)Disposal of CTI\u2019s vessel owning subsidiaries (Note 9(b)) (457) (44) - - (501)Write off on completion of dry docking cycle - (12,620) - - (12,620)At 31 December 2022 970,339 58,791 122,974 239 1,152,343Net book value 31 December 2022 2,728,319 79,210 67,904 1,130 2,876,563Dry docking and Right-of-use VesselsscrubbersassetsOthersTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000CostAt 1 January 2021 2,950,354 110,007 152,757 103 3,213,221Additions 8,981 17,405 36,226 277 62,889Disposal of vessel (85,176) (3,467) - - (88,643)Write off on completion of dry docking cycle - (7,272) - - (7,272)At 31 December 2021 2,874,159 116,673 188,983 380 3,180,195Accumulated depreciation and impairment chargesAt 1 January 2021 921,216 40,106 45,381 78 1,006,781Depreciation charge 94,758 23,593 32,073 36 150,460Disposal of vessel (51,349) (3,168) - - (54,517)Write off on completion of dry docking cycle - (7,272) - - (7,272)At 31 December 2021 964,625 53,259 77,454 114 1,095,452Net book valueAt 31 December 2021 1,909,534 63,414 111,529 266 2,084,743(c) The Group organises the commercial management of the fleet of vessels into five individual commercial pools: LR, MR, Handy, Chemical-Handy and Chemical-MR. Each indiviual commercial pool constitutes a separate cash- generating unit (\u201cCGU\u201d). For vessels outside com- mercial pools and deployed on a time-charter basis, each of these vessels constitutes a separate CGU. Any time-chartered in vessels which are recognised as ROU assets by the Group and subsequently deployed in the commercial pools are included as part of the pool CGUs. As at 31 December 2022, the Group assessed whether these CGUs had indicators of impair-ment by reference to internal and external factors according to its stated policy set out in Note 2.3(b).The Group obtained valuation reports from independent ship brokers to assess whether fair value of vessels as per valuation reports exceed their carrying values at the reporting date. As thefair market values of the Group\u2019s vessels exceed their respective carrying amounts, and togeth-er with other macroeconomic and geopolitical factors that favoured the product and chemical tanker businesses at the reporting date, the Group concluded that there were no indicators of impairment for the vessels held-owned and leased that were deployed in their respective CGUs.In FY2021, the Group concluded there were impairment indicators, and proceeded to test the recoverable amounts of vessels deployed in theirrespective CGUs. The recoverable amounts of each pool CGU and individual vessel CGU were assessed by management based on value in use computations. In determining the value of use, expected cash flows of each CGU were discount-ed to their present values. This required signifi-cant management judgement over assumptions used relating to forecasted spot freight rates, forecasted operating costs and discount rates applied. As a result of the assessment, the recov-erable amounts of the pool CGUs and individual vessel CGUs were found to be in excess of the carrying amounts of vessels and ROU assets de-ployed in these CGUs. Accordingly, no impairmentloss was recognised in 2021.(a) During the year, the Group acquired 12 LR1 vessels from Scorpio Tankers Inc (\u201cScorpio\u201d) for cash consideration. Acquisition of the vessels was subsequently financed via a sale-and- leaseback facility arrangement entered with an external financial institution (see Note 19).(b) During the year, the Group disposed six Handy vessels, four LR1 vessels and eight of CTI\u2019s Chemical-Stainless vessels to external parties. Two of the Chemical-Stainless vessels, Hafnia Spark and Hafnia Stellar, were deemed be sold even though physical title over the vessels has not been transferred, as control over the vessels has been transferred to the buyers. These vessels were financed by sale-and-leaseback arrangements that did not meet the criteria for sale as prescribed by IFRS 15 Revenue with cus- tomers (see Note 19). Another two Chemical-Stainless vessels, Hafnia Sirius and Hafnia Sky, were disposed via the disposal of the vessel owning subsidiaries in October 2022. These subsidiaries were acquired on 27 January 2022 through the CTI acquisition. The effects of the disposal on the financial po- sition of the Group as at 31 December 2022 are as follow:USD \u2019000Property, plant and equipment (58,525)Trade and other receivables (1,869)Borrowings46,604Net assets (13,790)Net consideration received, satisfied in cash 15,882Net cash inflows 15,882Gain on disposal of subsidiaries 2,092(d) The Group has mortgaged vessels with a total carrying amount of USD 2,807.5 million (2021: USD 1,972.9 million) as security over the Group\u2019s bank borrowings.10. Intangible AssetsIntangible assets are the fair values of IT infrastructure and customer contracts acquired in the course of acquisition of businesses from HafniaManagement A/S and subsidiaries. CustomerIT infra- contractsstructureTotalUSD \u2019000USD \u2019000USD \u2019000CostAt 1 January 2021 3,728 2,070 5,798- 367 367AdditionsAt 31 December 2021 3,728 2,437 6,165Additions - 248 248At 31 December 2022 3,728 2,685 6,413Accumulated amortisation chargeAt 1 January 2021 (1,159) (215) (1,374)Amortisation charge (752) (467) (1,219)At 31 December 2021 (1,911) (682) (2,593)Amortisation charge (752) (478) (1,230)At 31 December 2022 (2,663) (1,160) (3,823)Net book value31 December 2021 1,817 1,755 3,57231 December 2022 1,065 1,525 2,59011. Inventories20222021USD \u2019000USD \u2019000Fuel oil 1,471 1,166Lubricating oils 8,623 5,49510,094 6,661The cost of inventories recognised as expenses and included in \u201cvoyageexpenses\u201d amounted to USD 347.5 million (2021: USD 253.5 million).12. Trade and other Receivables20222021NoteUSD \u2019000USD \u2019000Trade receivables- non-related parties 419,064 118,467Less: Allowance made for trade receivables- non-related parties 25(b) - -Trade receivables \u2013 net 419,064 118,467Prepayments 21,602 9,287Pool working capital 75,362 42,300Other receivables- non-related parties 100,320 31,069616,348 201,123The carrying amounts of trade and other receivables, principally denom-inated in United States Dollars, approximate their fair values due to the short period to maturity. Included within trade and other receivables as at 31 December 2022 are contract assets of USD 99.5 million (2021: USD 27.5 million). These contract assets relate to the Group\u2019s rights to consideration for propor-tional performance from voyage charters in progress at the balance sheetdate. These contract assets are transferred to trade receivables when the rights to such consideration become unconditional, typically when the Group has satisfied its performance obligations upon completion of the voyage. As voyage charters in progress have an expected duration of less than one year, the Group applies the practical expedient available under IFRS 15 and does not disclose information about remaining performance obligations as at balance sheet date. There were no impairment losses recognised on contract assets (2021: USD Nil). During the year, two of the Chemical-Stainless vessels, Hafnia Spark and Hafnia Stellar, were deemed be sold even though physical title over the vessels have not been transferred, as control over the vessels have been transferred to the buyers. Included within other receivables are USD 49.9 million of receivables from the buyers to be used to repay the associated lease liabilities outstanding for Hafnia Spark and Hafnia Stellar up to and until legal completion of the sale of these vessels (see Note 9 and Note 19).13. Loans Receivable from Joint Venture and Pool ParticipantsThe Group and CSSC (Hong Kong) Shipping Company Limited (\u201cCSSC Shipping\u201d) are joint venture partners in Vista Shipping Pte. Ltd. (formerly known as Vista Shipping Limited), which builds and operates LR1 and LR2product tanker vessels. As part of financing for the newbuilds under the joint venture, each joint venture partner provides to the joint venture a shareholder\u2019s loan to finance 50% of the initial payment instalments for the product tanker vessels.In 2021, two orders for LR2 vessels were made through the joint venture.As part of financing for the LR2 newbuilds under the joint venture, each joint venture partner contributed a shareholder\u2019s loan to finance the pre-delivery instalments for the four LR2 newbuilds.In 2022, the joint venture partners provided additional financing of USD 23.0 million.The loans receivable from the joint venture are unsecured, bear interest at three-month USD LIBOR plus 3% margin per annum and have no fixed terms of repayment. As the Group does not expect the joint venture to set-tle the loans within the next 12 months, the loans receivable are classifiedas \u201cnon-current\u201d receivables. In substance, the Group considers these loan receivables as an extension of the Group\u2019s investments in joint ven-ture. The carrying amounts of the loan receivables approximate their fair values since the interest rates are re-priceable at three-month intervals.In July 2021, the Group provided a working capital loan to the commercialpools. The loan receivables attributable to the Group\u2019s own vessels oper-ating in the pools have been eliminated against the Group\u2019s vessels\u2019 share of the loan. The resulting loan receivables presented on the balance sheetare due from the Group\u2019s pool participants.In 2022, the Group provided additional financing to commercial pools of USD 15.0 million.The loan receivables from the pool participants are unsecured, bear interest at three-month USD LIBOR plus 4.8% margin per annum and are repayable within the next 12 months. The loan receivables are classified as \u201ccurrent\u201d receivables. The carrying amounts of the loan receivables approximate their fair values since the interest rates are re-priceable at three-month intervals.20222021USD \u2019000USD \u2019000Loans receivable from pool participants 45,998 34,865Loans receivable from joint venture 74,213 60,22914. Associated Companies and Joint Ventures20222021USD \u2019000USD \u2019000Interest in associates - 1,863Interest in joint ventures 39,359 13,35539,359 15,218(a) Interest in associatesThe Group, through its wholly owned subsidiary Hafnia Tankers ApS, had a 40% interest in Hafnia Management A/S and its subsidiaries (\u201cHafnia Management\u201d). Hafnia Management A/S was incorporated in Denmark.In December 2022, Hafnia Management was dissolved following a volun-tary liquidation and the cash proceed was distributed back to the Group and deducted against investment cost The deficit of USD 36,555 was recorded in current year\u2019s profit or loss.The following table summarises the profit for the year and other financialinformation according to Hafnia Management\u2019s own financial statements.The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in Hafnia Management.20222021Hafnia ManagementUSD \u2019000USD \u2019000Percentage ownership interest 40% 40%Current assets 4,562 4,361Current liabilities - (172)Net assets (100%) 4,562 4,189Net assets (40%) 1,825 1,676Other adjustments - 187Cash distribution on liquidation (1,825) -Group\u2019s share of net assets (40%) - 1,863Other income - 162Expenses (92) -(Loss)/profit and total comprehensive income (100%) (92) 162(Loss)/profit and total comprehensive income (40%) (37) 65Group\u2019s share of total comprehensive income (40%) (37) 65(b) Interest in joint ventures(1) Vista Shipping Pte. Ltd. and its subsidiaries (\u201cVista Shipping\u201d) is a joint venture in which the Group has joint control and 50% ownership inter- est. Vista Shipping is domiciled in Singapore and structured as a sepa rate vehicle in shipowning, with the Group having residual interest in its net assets. Accordingly, the Group has classified its interest in Vista Shipping as a joint venture. In accordance with the agreement under which Vista Shipping was established, the Group and the other investor in the joint venture have agreed to provide shareholders\u2019 loans in pro- portion to their interests to finance the newbuild programme as dscribed in Note 13. The following table summarises the financial information of Vista Ship- ping as included in its own consolidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in Vista Shipping. 20222021USD \u2019000USD \u2019000Percentage ownership interest 50% 50%Non-current assets 275,964 255,580Current assets 57,618 15,665Non-current liabilities (268,921) (192,430)Current liabilities (13,667) (73,251)Net assets (100%) 50,994 5,564Group\u2019s share of net assets (50%) 25,497 2,782Revenue 78,275 25,601Other income 617 190Expenses (34,690) (30,152)Profit/(loss) and total comprehensive income/(loss) (100%) 44,202 (4,361)Profit/(loss) and total comprehensive in-come/(loss) (50%) 22,101 (2,181)Prior year share of profit/(loss) not rec-ognised 614 (12)Group\u2019s share of total comprehensive income/(loss) (50%) 22,715 (2,193)(2) In July 2021, the Group and Andromeda Shipholdings Ltd (\u201cAndromeda Shipholdings\u201d) entered into a joint venture, H&A Shipping Ltd (\u201cH&A Shipping\u201d) in which the Group has joint control and 50% ownership interest. H&A Shipping is domiciled in the Republic of the Marshall Is- lands and structured as a separate vehicle in shipowning, with the Group having residual interest in its net assets. Accordingly, the Group has classified its interest in H&A Shipping Ltd as a joint venture. In accordance with the agreement under which H&A Shipping was estab- lished, the Group and the other investor in the joint venture have agreed to provide equity in proportion to their interests to finance the newbuild programme.The following table summarises the financial information of H&A Shippingas included in its own consolidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in H&A Shipping. 20222021USD \u2019000USD \u2019000Percentage ownership interest 50% 50%Non-current assets 66,091 41,885Current assets 4,136 1,261Non-current liabilities (54,981) (32,234)Current liabilities (4,573) (2,417)Net assets (100%) 10,673 8,495Group\u2019s share of net assets (50%) 5,337 4,247Shareholder\u2019s loans 7,667 5,853Alignment of accounting policies 858 473Carrying amount of interest in joint venture 13,862 10,573Revenue 11,109 2,414Other income 266 5Expenses (9,198) (1,969)Profit and total comprehensive income (100%) 2,177 450Profit and total comprehensive income (50%) 1,089 225Alignment of accounting policies 385 135Group\u2019s share of total comprehensive income (50%) 1,474 36015. Cash and Cash Equivalents including Restricted Cash20222021USD \u2019000USD \u2019000Cash at bank and on hand 174,440 100,075Restricted cash 4,780 -179,220 100,075Less: Restricted cash (4,780) -Cash and cash equivalents in the statements of cash flows 174,440 100,075The restricted cash represents amounts placed in debt service reserve accounts. This restricted cash is not available to finance the Group\u2019s dayto day operations.16. Share Capital and Contributed SurplusShareShareNumber ofcapitalpremiumTotalsharesUSD \u2019000USD \u2019000USD \u2019000At 1 January 2022 370,244,325 3,703 704,834 708,537Shares issued for acquisition of CTI 92,112,691 921 206,459 207,380New shares issued 37,600,000 376 97,170 97,546Purchase of treasury shares cum issuance of shares 3,431,577 35 15,533 15,568At 31 December 2022 503,388,593 5,035 1,023,996 1,029,031At 1 January 2021 and 31 December 2021 370,244,325 3,703 704,834 708,537(a) Authorised share capitalThe total authorised number of shares is 750,000,000 (2021: 600,000,000) common shares at par value of USD 0.01 per share.In August 2022, the total authorised number of shares was increased by150,000,000 shares with a par value of USD 0.01 per share.(c) Share premiumThe difference between the consideration for common shares issued andtheir par value is recognised as share premium. USD 1.2 million of fees and expenses incurred for the issuance of new common shares were deducted against share premium in 2022.BW Group Limited(b) Issued and fully paid share capitalOn 27 January 2022, the Company issued 92,112,691 new common shares in the Company, as part of the purchase consideration for the acquisition of CTI. Refer to Note 3.On 9 May 2022, the Company issued 37,600,000 new common shares at a private placement at subscription price of NOK 25 per share, raising netproceeds of USD 97.5 million.On 26 August 2022, the Company entered into a share lending agreementwith (\u201cBW Group\u201d), whereby BW Group lent 3,431,577shares of the Company. The borrowed shares were redelivered by way of the Company issuing new shares to BW Group at a subscription priceof USD 0.01 per share. Following this transaction, the Company had 3,431,577 newly issued shares and 3,431,577 treasury shares. This allows the Company to promptly deliver existing shares held in treasuryto employees who exercise their vested options under the share optionsgranted to management personnel in 2019 for Tranche 1, Tranche 2, Tranche 3 and Tranche 4.All issued common shares are fully paid. The newly issued shares rankpari passu with the existing shares.(e) Treasury sharesThe reserve for the Company\u2019s treasury shares comprises the cost of theCompany\u2019s shares held by the Group. As at 31 December 2022, the Groupheld 2,793,797 of the Company\u2019s shares (2021: 7,086,703).(d) Contributed surplusContributed surplus relates to the amount transferred from share capitalaccount when the par value of each common share was reduced from USD 5 to USD 0.01 per share in 2015. Contributed surplus is distributable,subject to the fulfilment of the conditions as stipulated under the Bermu-dian Law. (f) Capital reserveThe deficit refers to the reversal of the cost of the treasury shares ac-quired, recorded in the treasury shares account against the option price on those shares upon exercise of employee share options during the year.17. Other Reserves(a) Composition:20222021USD \u2019000USD \u2019000Share-based payment reserve 5,873 4,837Hedging reserve 68,458 348Capital reserve (710) -Translation reserve 29 (35)73,650 5,150(b) Movements of the reserves20222021Hedging reserveUSD \u2019000USD \u2019000At beginning of the financial year 348 (15,973)Fair value gains on cash flow hedges 73,516 9,693Reclassification to profit or loss (5,406) 6,628At end of the financial year 68,458 348More information about derivatives used as hedges is disclosed in Note20.18. Share-Based Payment Arrangements(a) Description of share-based payment arrangements(i) Share option programme (equity-settled)The Group operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as considerationfor equity instruments (share options) in the Company. On 16 January 2019, 1 March 2019, 1 June 2019, 1 August 2019 (collectively known as \u201cLTIP 2019\u201d), 25 February 2020, 8 March 2021 and 15 March 2022, the Group granted share options to key management and senior employees. All options are to be settled by physical delivery of shares. The terms and conditions of the share options granted are as follows.Number of instruments in Vesting Expiry ofGrant datethousandsconditionsoptions3 years\u2019 service Option grant to key condition from management personnel on 16 January 2019grant date of 16 January(\u201cTranche 1\u201d) 1,834Tranche 120253 years\u2019 service Option Grant to key condition from management personnel on 1 March 2019grant date of 16 January(\u201cTranche 2\u201d) 207Tranche 120253 years\u2019 service Option Grant to key condition from management personnel on 1 June 2019grant date of 16 January(\u201cTranche 3\u201d) 1,183Tranche 120253 years\u2019 service Option grant to key condition from management personnel on 1 August 2019grant date of 16 January(\u201cTranche 4\u201d) 207Tranche 12025Option Grant to key 3 years\u2019 service management personnel condition from 25 Februaryon 25 February 2020(\u201cLTIP 2020\u201d) 3,432grant date2026Option Grant to key management personnel 3 years\u2019 service on 8 March 2021condition from 8 March(\u201cLTIP 2021\u201d) 3,432grant date2027Option Grant to key 3 years\u2019 service management personnel condition from 15 Marchon 15 March 2022(\u201cLTIP 2022\u201d) 1,849grant date 2028The share options become void if the employee rescinds job position before the vesting date.The fair value of services received in return for share options granted is based on fair value of the share options granted, measured using the Black-Scholes model.(ii) Restricted share units (equity-settled)On 15 March 2022, the Group granted a total of 462,357 restricted shareunits (\u201cRSU 2022\u201d) to key management and senior employees. All re-stricted share units are to be settled by physical delivery of shares to the employees when they vest on 15 March 2025.(b) Measurement of grant date fair values(i) Measurement of grant date fair values of share optionsThe following inputs were used in the measurement of the fair values at respective grant dates of the share options.Share option programmeTranche 1 Tranche 2 Tranche 3 Tranche 4 LTIP 2020 LTIP 2021 LTIP 202216 January 1 March1 June 1 August 25 February 8 March 15 MarchGrant date2019 201920192019202020212022Share price (NOK) 24.03 24.17 24.47 24.67 20.57 16.55 20.01Exercise price (NOK) 27.81 27.81 27.81 27.81 23.81 19.16 23.16Time to maturity (years) 4.5 4.4 4.1 4.0 4.5 4.5 4.5Risk free rate 2.54% 2.54% 1.93% 1.78% 1.24% 1.02% 2.24%Volatility 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%Dividends - - - - - - -Annual tenure risk 7.50% 7.50% 7.50% 7.50% 7.50% 7.50% 7.50%Share options granted 1,833,958 207,278 1,183,063 207,278 3,431,577 3,431,577 1,849,428Fair value at grant date (USD) 1,610,382 182,009 976,425 169,317 2,249,146 2,036,068 1,263,630Volatility has been estimated as a benchmark volatility by considering the historical average share price volatility of a comparable peer group of companies.(ii) Measurement of grant date fair values of restricted share unitsThe following inputs were used in the measurement of the fair values atthe grant dates of the restricted share units.Restricted share units RSU 2022Grant date 15 March 2022Grant date fair value (NOK) 20.01Grant date fair value (USD) 2.21Annual tenure risk 7.50%Restricted share units granted 462,357Fair value at grant date (USD) 808,875(c) Reconciliation of outstanding share options Movements in the number of unissued common sharesunder option are as follows:At theAt the Granted Exercised end ofbeginning of during during the yearthe yearthe yearthe year2022LTIP 2019 3,431,577 - (637,780) 2,793,797LTIP 2020 3,431,577 - - 3,431,577LTIP 2021 3,431,577 - - 3,431,577LTIP 2022 - 1,849,428 - 1,849,428Total 10,294,731 1,849,428 (637,780) 11,506,3792021LTIP 2019 3,431,577 - - 3,431,577LTIP 2020 3,431,577 - - 3,431,577LTIP 2021 - 3,431,577 - 3,431,577Total 6,863,154 3,431,577 - 10,294,73119. Borrowings20222021USD \u2019000USD \u2019000CurrentLoan from a related corporation - 18,750Loan from non-related parties 673 390Bank borrowings 103,807 178,211Finance lease liabilities 170,731 6,715Other lease liabilities 44,905 44,308320,116 248,374Non-currentLoan from non-related parties 4,756 4,001Bank borrowings 622,569 934,701Finance lease liabilities 798,273 70,977Other lease liabilities 29,573 73,1501,455,171 1,082,829Total borrowings 1,775,287 1,331,203Bank borrowingsAs at 31 December 2022, bank borrowings consist of seven credit facilities from external financial institutions and a related corporation, amounting to USD 473 million, USD 374 million, USD 216 million, USD 106 million, USD 100 million, USD 84 million and USD 39 million respectively (2021: USD 473 million, USD 374 million, USD 216 million, USD 106 million,USD 100 million, USD 84 million and USD 39 million respectively).These facilities are secured by the Group\u2019s fleet of vessels except the USD100 million (2021: USD 100 million) facility, which is unsecured. The table below summarises key information of the bank borrowings:Carrying amount MaturityFacility amountUSD \u2018000dateUSD 473 million facility 195,859- USD 413 million term loan 2026- USD 60 million revolving credit facility 2026USD 374 million facility 188,214- USD 274 million term loan 2028- USD 100 million revolving credit facility 2028USD 216 million facility 158,945 2027USD 106 million facility 99,518 2025USD 100 million facility* - - USD 50 million revolving credit facility 2023USD 84 million facility 61,787 - USD 68 million term loan 2026 - USD 16 million revolving credit facility 2026USD 39 million facility 22,053- USD 30 million term loan 2025- USD 9 million revolving credit facility 2025*The USD 50 million term loan under this facility has been fully repaid as at 31 December 2022On 21 December 2022, the USD 50 million revolving credit facility under the USD 100 million facility was extended until June 2023On 18 March 2022, the Group closed the USD 70 million upsizing of its exist-ing USD 216 million facilityOn 22 March 2021, the Group refinanced the USD 676 million and USD 128 million facilities. These two facilities were extinguished and replaced with the new USD 374 million facilityOn 1 July 2021, the Group entered into a USD 100 million unsecured facility.On 17 December 2021, the Group refinanced the USD 266 million facility. This facility was extinguished and replaced with the USD 84 million and USD106 million facilities.Finance lease liabilitiesAs at 31 December 2022, the finance lease liabilities consist of various facilities provided by external leasing houses under sale-and-leaseback contracts. Under these contracts, the vessels were legally sold to external leasing houses and leased back by Hafnia. As the sale of vessels under these sale and leaseback arrangements did not meet the criteria for sale as prescribed by IFRS15 Revenue with customers, the vessels were not derecognised from the Group\u2019s balance sheet. These transactions were treated as financing arrangements since lease inception, with the proceedsreceived from the external leasing houses reflected as finance lease liabil-ities.On 28 February 2022, the Group entered into a USD 414 million sale-and-leaseback facility agreement with ICBC Leasing (\u201cUSD 414 million SLB facility\u201d) to finance the purchase of 12 LR1 vessels from Scorpio.On 27 January 2022, the Group completed the acquisition of CTI\u2019s fleet of vessels which were entirely financed by sale and leaseback financing ar-rangements from eight external leasing houses (the \u201cCTI vessels facilities\u201d). Refer to Note 3.During the year, the Group disposed of eight Chemical-Stainless vessels which were financed by such sale-and-leaseback arrangements. The bor-rowings relating to two of these Chemical-Stainless vessels, Hafnia Spark and Hafnia Stellar, have not been derecognised from the Group\u2019s balance sheet as the legal obligations towards the leasing houses still exist. The borrowings amounted to USD 49.3 million as at 31 December 2022.Another four LR1 vessels (Hafnia Arctic, Hafnia Asia, Hafnia Africa and Hafnia Australia) are also on such sale and leaseback financing arrange-ments (the \u201cHafnia Tankers finance leases\u201d) and the Group has assumed therelated borrowings since the merger with Hafnia Tankers during 2019.Carrying amountMaturityFacility amountUS$ \u2018000dateUSD 414 million SLB facility 383,533 2032CTI vessels facilities 512,334 2023\u20132033Hafnia Tankers finance leases 73,137 2025\u20132030Interest ratesThe weighted average effective interest rates per annum of total borrow-ings at the balance sheet date are as follows:2022 2021Bank borrowings 6.0% 1.8%Finance lease liabilities 7.4% 5.2%The exposure of borrowings to interest rate risk is disclosed in Note 25.Maturity of borrowingsThe non-current borrowings have the following maturity:20222021USD \u2019000USD \u2019000Later than one year and not later than five years 974,953 988,298Later than five years 480,218 94,5311,455,171 1,082,829Carrying amounts and fair valuesThe carrying values of bank borrowings and finance lease liabilities approximate their fair values as they bear floating interest rates and are re-priceable at one to three month intervals.The loan from a related corporation bears floating interest at a nominal rate of USD three-month LIBOR plus margin of 2.80%. The carrying value approximates the fair values as the interest rate is re-priceable at three-month intervals.Financial and non-financial covenantsThe Group has bank borrowings and finance lease liabilities that contain financial and non-financial covenants. Any breach of covenants will resultin bank borrowings and lease liabilities becoming payable on demand. TheGroup was in compliance with financial and non-financial covenants as at 31 December 2022 and 31 December 2021.20. Derivative Financial Instruments20222021USD \u2019000USD \u2019000Assets Liabilities Assets LiabilitiesCash flow hedges - Interest rate swaps 69,136 - 654 327Non-hedging instruments- Interest rate caps 726 - 21 -- Forward freight agreements 308 93 60 -- Forward foreign exchange contracts 438 - 192 -70,608 93 927 327Analysed as:Non-current 69,184 - 675 306Current 1,424 93 252 2170,608 93 927 327Cash flow hedgesInterest rate derivativesThe Group has entered into interest rate swap contracts that qualify for hedge accounting. The Group pays interest at fixed rates varying from 0.46% to 2.15% (2021: 0.46% to 2.15%) per annum and receives interest at a floating rate based on three-month USD LIBOR. The notional principal amount of these outstanding interest rate swaps as at 31 December 2022 amounted to USD 949.0 million (2021: USD 716.0 million) and the amounts mature in more than one year from the balance sheet date. Of theseUSD 899.0 million matures within 2-5 years, and USD 50.0 million maturesafter 5 years.Non-hedging instrumentsInterest rate derivativesAs at 31 December 2022, the Group has existing interest rate caps with a strike of 3.00% against the three-month USD LIBOR. The interest rate caps have a notional amount of USD 225.0 million (2021: USD 300.0 mil-lion) with the last cap expiring in 2023. The changes in fair values of the interest rate caps are recognised in profit or loss.Forward foreign exchange contractsThe Group has entered into forward foreign exchange contracts to swap United States Dollars for Singapore Dollars with an external financial institution. The notional principal amounts of the outstanding forward for-eign exchange contracts as at 31 December 2022 and 31 December 2021comprise the following:20222021USD \u2019000USD \u2019000NotionalNotionalamounts in USD amounts in USDCurrencylocal currencyequivalentlocal currencyequivalentSingaporeDollars 22,580 16,404 25,605 18,792As at 31 December 2022, these forward foreign exchange contracts will mature within nine (2021: 12) months from the balance sheet date. No hedge accounting is adopted and the fair value changes of these forward exchange contracts are recorded in profit or loss.Freight forward agreementsThe Group has entered into a number of forward freight agreements in order to hedge its spot voyage exposure for its vessels trading in the pools. As at 31 December 2022, the Group has outstanding positions with a notional amount of USD 7.3 million (2021: USD 2.4 million), which will mature in the next one year. No hedge accounting is adopted and the fair value changes of these freight forward agreements are recorded in profitor loss.21. Trade and other Payables20222021USD \u2019000USD \u2019000Trade payables - non-related parties 45,124 29,498Accrued operating expenses 72,344 30,431Other payables- related corporations 6,675 5,569- non-related parties 5,590 (108)129,733 65,390Analysed as:Non-current - -Current 129,733 65,390129,733 65,390The carrying amounts of trade and other payables, principally denominat-ed in United States Dollars, approximate their fair values due to the short period to maturity. The other payables due to related corporations are unsecured, inter-est-free and are repayable on demand.Information about the Group\u2019s exposure to currency and liquidity risks is included in Note 25.22. Leases \u2013 as LesseeLeases as lessee under IFRS 16The Group leases vessels, office spaces, and other equipment from exter-nal parties under non-cancellable operating lease agreements. The leaseshave varying terms including options to extend and options to purchase.Starting from 1 January 2019, the leased-in vessels are recognised as right-of-use assets and lease liabilities on the balance sheet under IFRS 16, except for leases of low value items relating to IT equipment and otherassets with lease terms of less than 12 months.Information about leases for which the Group is a lessee is presented below.(1) Right-of-use assetsRight-of-use assets related to leased-in vessels are presented as part of total property, plant and equipment (Note 9).USD \u2019000CostAt 1 January 2021 152,757Additions 36,226At 31 December 2021 188,983Additions 1,895At 31 December 2022 190,878Accumulated depreciationAt 1 January 2021 45,381Depreciation charge 32,073At 31 December 2021 77,454Depreciation charge 45,520At 31 December 2022 122,974Net book valueAt 31 December 2021 111,529At 31 December 2022 67,904(2) Amounts recognised in profit or loss20222021USD \u2019000USD \u2019000Interest expense on lease liabilities 3,768 4,549Expenses relating to short-term leas-es for vessels, included in charter hire expenses 1,040 1,890Expenses relating to short-term leases for offices, included in rental expenses 1,613 1,522(3) Amounts recognised in statement of cash flows20222021USD \u2019000USD \u2019000Total cash outflow for leases 48,643 33,161(4) Extension optionsSome leases contain extension options exercisable by the Group up to one year before the end of the non-cancellable contract period. Where practi-cable, the Group seeks to include extension options in new leases to provideoperational flexibility. The extension options held are exercisable only by theGroup and not by the lessors. The Group assesses at lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options if there is a significant event or significant changes in circumstances within its control.The Group has estimated that the potential future lease payments, should it exercise the extension options, would result in an increase in lease liability of USD 139.6 million (2021: USD 133.8 million).(5) Operating lease commitments under IFRS 16The Group leases vessels and office space from non-related parties. These leases have varying terms including options to extend and options to purchase.Future minimum lease payments under non-cancellable operating leases committed at the reporting date have been recognised as lease liabilities under IFRS 16.23. CommitmentsOperating lease commitments \u2013 where the Group is a lessorThe Group leases vessels to non-related par-ties under non-cancellable operating lease agreements. The Group classifies these leas-es as operating leases as the Group retains substantially all risks and rewards incidentalto ownership of the leased assets.In 2022, the Group recognised revenue from time charters of USD 136.5 million (2021: USD 64.9 million) as part of revenue (Note 4).The undiscounted lease payments under operating leases to be received after 31 December are analysed as follows:20222021USD \u2019000USD \u2019000Less than one year 65,878 39,597One to two years 11,712 11,680Two to three years 11,680 11,712Three to four years 8,960 11,680Four to five years - 8,00098,230 82,669Capital commitments The Group has equity interests in joint ventures and is obliged to provide its shareof working capital for the joint ventures\u2019 newbuild programme through either equitycontributions or shareholder\u2019s loans. The future minimum capital contributions to be made at the reporting date but not yetrecognised are as follows: 20222021USD \u2019000USD \u2019000Less than one year 83,450 25,057One to two years - 87,20083,450 112,25724. Financial Guaran- tee ContractsThe Company\u2019s policy is to provide financial guarantees only to the wholly owned subsidi-aries or joint ventures. At 31 December 2022,the Company has issued financial guarantees to certain banks in respect of credit facilities granted to subsidiaries (see Note 19). These bank borrowings amount to USD 726.4 million(2021: USD 1,112.9 million) at the balance sheet date.The Company and CSSC Shipping have issued a joint financial guarantee to certain banks in respect of credit facilities granted to joint venture, Vista Shipping. Bank borrowings provided to the joint venture amounts to USD 130.8 million (2021: USD 141.6 million) at the balance sheet date. Corporate guaran-tees given will become due and payable on demand if an event of default occurs.The Company and a joint venture partner, An-dromeda Shipholdings have issued a joint fi-nancial guarantee to certain banks in respect of credit facilities granted to H&A Shipping. Bank borrowings provided to the joint ventureamounts to USD 42.3 million (2021: USD 21.5 million) at the balance sheet date. Corporate guarantees given will become due and paya-ble on demand if an event of default occurs.In addition, the Company issued a financial guarantee to a bank in respect of the USD 50.0 million (2021: USD 50.0 million) receiva-bles purchase agreement facility granted to the commercial pools. Any liability arising is limited to the recourse lenders have against the Company after considering the recourse waterfall mechanism in place in the facility agreement, where the Company is the final avenue of recourse. The Company has ap-praised such liability to be remote.25. Financial Risk Management Financial risk factorsThe Group\u2019s activities expose it to a varie-ty of financial risks: market risk (including price risk, currency risk and interest rate risk); credit risk; liquidity risk and capital risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance.Financial risk management is handled by the Group as part of its operations. The manage-ment team identifies, evaluates and managesfinancial risks in close co-operation with all operating units. The Board provides written principles for overall risk management, as well as written policies covering specific ar-eas, such as foreign exchange risk, interest rate risk, credit risk and use of derivative and non-derivative financial instruments.(a) Market riskMarket risk is the risk that changes in mar-ket prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its hold-ings of financial instruments. The objective of market risk management is to manage andcontrol market risk exposures within accept-able parameters, while optimising the return.The Group buys and sells derivatives, and also incurs financial liabilities, in order to manage market risks. All such transactions are carried out within the guidelines set by the Group. Generally, the Group seeks to apply hedge accounting in order to manage volatility in profit or loss.A fundamental reform of major interest rate benchmarks is being undertaken globally to replace or reform IBOR with alternative nearly risk-free rates (referred to as \u2018IBOR reform\u2019). The Group has significant expo-sure to IBORs on its financial instruments that will be replaced or reformed as part of this market-wide initiative. The Group anticipates that IBOR reform will have sig-nificant operational, risk management and accounting impacts. The Group evaluated the extent to which its cash flow hedging relationships are subject to uncertainty driven by IBOR reform as at the reporting date. The Group\u2019s hedged items and hedging instruments continue to be indexed to IBOR benchmark rates. IBOR benchmark rates are quoted each day and IBOR cash flows are exchanged with its counterparties as usual. However, the Group\u2019s cash flow hedg-ing relationships currently extend beyond the anticipated cessation dates for US DollarLIBOR (June 2023). The Group expects that US dollar LIBOR will be replaced by US SOFR.Any uncertainty may impact the hedging relationship, for example its effectiveness assessment and highly probable forecast transaction assessment. The Group holds derivatives for risk man-agement purposes. These derivatives have floated legs that are indexed to US dollar LIBOR. The Group\u2019s derivative instruments are governed by contracts based on the International Swaps and Derivatives Asso-ciation (ISDA)\u2019s master agreements. While ISDA has provided fallback provisions for the cessation of IBOR, the Group plans to ne-gotiate the modifications of the derivatives inconjunction with the hedged instruments to minimise hedge ineffectiveness. No deriva-tive instruments have been modified as at 31December 2022.The Group monitors the progress of tran-sition from IBORs to new benchmark rates by reviewing the total amount of contracts that have yet to transition to an alternative benchmark rate and the amount of such contracts that include an appropriate fall-back clause. The Group considers a contractto have yet to transition to an alternative benchmark rate if the interest rate under the contract is indexed to a benchmark rate that is still subject to IBOR reform, even if there is a fallback clause that deals with the cessation of the existing IBOR (referred to as \u2018unreformed contract\u2019). As at 1 January 2022 and at 31 December 2022, the Group does not yet have any contracts with appro-priate fallback clauses.The Group applies the amendments to IFRS 9, IAS 39 and IFRS 7 Interest rate bench-mark reform issued in September 2019 to these hedging relationships directly affectedby IBOR reform, so as to continue hedge accounting.The Group is in the process of establishing policies for amending the interbank offered rates on its existing floating-rate loan port-folio indexed to IBORs that will be replaced as part of IBOR reform. The Group expects to participate in bilateral negotiations with the counterparties to begin amending the contractual terms of its existing floating-rate financial instruments. However, the exact tim-ing will vary depending on the extent to which standardised language can be applied and the extent of bilateral negotiations between the Group and its counterparties. The Group expects that these contractual changes will be amended in a uniform way.Price riskThe shipping market can be subject to significant fluctuations. The Group\u2019s vesselsare employed under a variety of chartering arrangements including time charters and voyage charters. In 2022, approximately 8% (2021: 8%) of the Group\u2019s shipping revenue was derived fromvessels under fixed income charters (com-prising time charters).The Group is exposed to the risk of varia-tions in fuel oil costs, which are affected by the global political and economic environ-ment. Historically, fuel expenses have been the most significant expense. Under a time charter, the charterer is responsible for fuelcosts, therefore, fixed income charters also reduce exposure to fuel price fluctuations. In 2022, fuel oil costs comprised 46% (2021:42%) of the Group\u2019s operating expenses (ex-cluding depreciation). If price of fuel oil has increased/decreased by USD 1 (2021: USD 1) per metric ton with all other variables in-cluding tax rate being held constant, the net results will be lower/higher by USD 421,170(2021: USD 468,023) as a result of higher/lower fuel oil consumption expense. In addition to securing cash flows through time charter contracts, the Group has entered into forward freight agreements to limit the risk involved in trading in the spot market. Details of the Group\u2019s outstanding forward freight agreements are disclosed inNote 20.Currency riskThe functional currency of most of the entities in the Group is United States Dollars (\u201cUSD\u201d). The Group\u2019s operating revenue, and the majority of its interest-bearing debt and contractual obligations for vessels under construction are denominated in USD. The Group\u2019s vessels are also valued in USD whentrading in the second-hand market.The Group is exposed to foreign currency exchange risks for administrative expens-es incurred by offices or agents globally, predominantly in Monaco, Denmark and Singapore. Further, the Group is required to pay port charges in currencies other than USD. However, foreign currency exposure in port charges is minimal as any increase is usually compensated by a corresponding increase in freight, particularly in the tanker sector through industry-wide increases in Worldscale flat rates.At the balance sheet date, the Group has cash and cash equivalents denominated in DKK and EUR.Details of the Group\u2019s outstanding forward exchange contracts are disclosed in Note 20.At 31 December 2022 and 31 December 2021, the Group has assessed that it has insignificant exposure to foreign currency risks. Interest rate riskThe Group adopts a policy of ensuring that between 50% and 75% of its interest rate risk exposure is at a fixed-rate or limited to a certain threshold. This is achieved partly by entering into fixed-rate instruments and partly by borrowing at a floating rate and using interest rate swaps as hedges of the variability in cash flows attributable to inter-est rate risk. The Group applies a hedge ratioof 1:1.The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dates and maturities and the notional or par amounts.The Group assesses whether the derivative designated in each hedging relationship is expected to be effective in offsetting changesin cash flows of the hedged item using the hypothetical derivative method.In these hedge relationships, the main sourc-es of ineffectiveness are:(1) the effect of the counterparty and the Group\u2019s own credit risk on the fair value of the swaps, which is not reflected in the change in the fair value of the hedged cash flows attributable to the change in interest rates; and(2) differences in repricing dates between the swaps and the borrowings.The Group has interest-bearing financial liabilities in the form of borrowings from ex-ternal financial institutions at variable rates.The Group manages its cashflow inter-est rate risks by swapping a portion of its floating rate interest payments to fixed rate payments using interest rate swaps.Cash flow sensitivity analysis for variable rate instrumentsIf the interest rates has increased/decreased by 50 basis points, with all other variables including tax rate being held constant, the net results will be lower/higher by approximately USD 6.7 million (2021: USD 1.9 million) as a result of higher/lower interest expense on the portion of the borrowings that is not covered by the interest rate swap instruments. Total equity would have been higher/lower by USD 14.4 million (2021: USD 10.5 million) mainly as a result of fair value gain/loss from the inter-est rate swaps assuming these swaps remain effective.Cash flow and fair value interest rate risks Cash flow interest rate risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fairvalue interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. The Group entered into interest rate agreements to limit exposure to interest rate fluctuations. The details of these exposures are disclosed in Note 20. As at 31 December 2022, the notional principal amount of these interest rate swaps represents approximately 55% (2021: 63%) of the Group\u2019s borrowings on floating interest rates.As at the reporting date, the interest rate profile of interest-bearing finan-cial instruments, as reported to the management, was as follows: Nominal amount20222021USD \u2019000USD \u2019000Variable rate instrumentsFinancial assets 112,493 94,933Financial liabilities 1,716,589 1,140,007Effect of interest rate swaps (949,047) (715,958)880,035 518,982(b) Credit risk The Group\u2018s credit risk is primarily attributable to trade and other receiv-ables, cash and cash equivalents and loan receivables from joint venture and pool participants. The maximum exposure is represented by the car-rying value of each financial asset on the balance sheet.Financial assets that are neither past due or impairedThe Group performs periodic credit evaluations of its charterers. The Group has implemented policies to ensure cash funds are deposited and derivatives are entered into with banks and internationally recognised financial institutions with a good credit rating and the vessels are fixed to charterers with an appropriate credit rating who can provide sufficient guarantees.There is no class of financial assets that is past due and/or impaired.Trade receivables and contract assetsThe Group applies the simplified lifetime approach and uses a provision matrix to determine the ECLs of trade receivables and contract assets. It is based on the Group\u2019s historical observed default rates and is adjusted by a current and forward-looking estimate based on current economic conditions.Credit risk is concentrated on several charterers. The Group adopts the policy of dealing only with customers with appropriate credit history. Derivative counterparties and cash transactions are limited to high credit quality financial institutions. The Group has policies that limit the amount of credit exposure to any financial institution.The allowance for impairment made arose mainly from the provision of charter services to a customer which had met with significant financial difficulties during the financial year ended 31 December 2018. This allow-ance was subsequently written off in the financial year ended 2021 when the receivables were deemed irrecoverable by management. The Group has determined that the ECL provision estimated based on an allowance matrix of 0.3% to 1% for trade receivables aged \u201cPast due up to three months\u201d and \u201cPast due for more than six months\u201d, respectively, as at31 December 2022 and 31 December 2021 was found to be insignificant. Accordingly, no ECL allowance was recorded by the Group.The age analysis of trade receivables and contract assets is as follows:2022 2021USD \u2019000USD \u2019000Current (not past due) 335,186 57,761Past due 0 to 3 months 50,598 48,082Past due for more than 3 months 33,280 12,624Less: Allowance for impairment - -419,064 118,467The movement in the allowance for impairment in respect of tradereceivables and contract assets is as follows:20222021USD \u2019000USD \u2019000Allowance for impairment as at 1 January 2022 and 1 January 2021 - 1,594Write-off of allowance for impairment - (1,594)Allowance for impairment as at 31 December 2022 and 31 December 2021 - -Loans receivable from joint venture and pool participants/other receiva-bles due from non-related partiesThe Group has used a general 12-month approach in assessing the credit risk associated with other receivables and loans issued to the joint ven-ture and to pool participants. The loans extended to the joint venture form an extension of the Group\u2019s investment in product tankers via co-ownership with another strategic investor. As the vessels owned by the joint venture generate positive cash flows and the outlook remains positive, management considers the credit risk of loans issued to the joint venture as low. As a result of the qualita-tive assessment performed, no ECL provision has been recognised.The loans extended to the pool participants form part of the Group\u2019s commercial pool operation, which is operated in partnership with externalpool participants. As the vessels contributed by the Group and its pool participants to be managed and traded by the commercial pools generate positive cash flows and the outlook remains positve, management consid-ers the credit risk of loans issued to the external pool participants as low. As a result of the qualitative assessment performed, no ECL provision has been recognised.(c) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash andthe availability of funding through an adequate amount of committed cred-it facilities to meet operating and capital expenditure needs. To address the inherent unpredictability of short-term liquidity requirements, the Group maintains sufficient cash for its daily operations in short-term cashdeposits with banks, has access to the unutilised portions of revolving credit facilities and enters into trade receivables factoring agreement (with limited recourse to the Company) with financial institutions. The maturity profile of the Group\u2019s financial liabilities based on contractu-al undiscounted cash flows is as follows:Less than 1 Between 1Between 2 Overyearand 2 years and 5 years5 yearsUSD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Trade and other payables 129,733 - - -Interest payments 84,031 70,127 139,534 77,722Borrowings 105,811 105,811 498,862 21,947Finance lease liabilities and other lease liabilities 217,654 97,635 288,012 455,326537,229 273,573 926,408 554,995Less than 1 Between 1Between 2 Overyearand 2 years and 5 years5 yearsUSD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2021Trade and other payables 65,390 - - -Derivative financial instruments 5,429 2,391 923 -Interest payments 27,521 21,420 38,919 4,494Borrowings 198,961 129,745 719,654 91,646Finance lease liabilities and other lease liabilities 51,023 51,328 83,244 16,693348,324 204,884 842,740 112,833(d) Capital riskThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability tocontinue as a going concern and to maintain an optimal capital structure so as to maxim-ise shareholders\u2019 value. In order to maintain or achieve an optimal capital structure, the Group may adjust the amount of dividends paid, return capital to shareholders, obtain new borrowings or sell assets to reduce borrowings.The Group is in compliance with all externallyimposed capital requirements.(e) Accounting classifications and fair valuesThe following tables present assets and lia-bilities measured at fair value and classified by level of the following fair value measure-ment hierarchy:(1) quoted prices (unadjusted) in active mar-kets for identical assets or liabilities (Level 1);(2) inputs other than quoted prices included within Level 1 that are observable for theasset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and(3) inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).Carrying amount Fair valueFair valuehedginginstruments/Financial Mandatorilyassets at at FVTPL - othersamortised costTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Financial assets measured at fair valueForward foreign exchange contracts 20 438 - 438 - 438 - 438Forward freight agreements 20 308 - 308 - 308 - 308Interest rate swaps used for hedging 20 69,136 - 69,136 - 69,136 - 69,136Interest rate caps 20 726 - 726 - 726 - 72670,608 - 70,608Financial assets not measured at fair valueLoans receivable from joint venture 13 - 74,213 74,213 Loans receivable from pool participants 13 - 45,998 45,998 1Trade and other receivables12 - 594,746 594,746 Restricted cash - 4,780 4,780 Cash and cash equivalents 15 - 174,440 174,440 - 894,177 894,177 1 Excluding prepaymentsCarrying amount Fair valueFair value-Other hedgingfinancial instrumentsliabilitiesTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Financial liabilities measured at fair valueForward freight agreements 20 (93) - (93) - (93) - (93)Financial liabilities not measured at fair valueBank borrowings 19 - (726,376) (726,376) - (726,376) - (726,376)Finance lease liabilities 19 - (969,004) (969,004) - (969,004) - (969,004)Loan from non-related parties 19 - (5,429) (5,429) - (5,429) - (5,429)Trade payables 21 - (129,733) (129,733)- (1,830,542) (1,830,542)Carrying amount Fair valueFair valuehedgingFinancial instruments/assets at Mandatorily at amortised FVTPL - otherscostTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2021Financial assets measured at fair valueForward foreign exchange contracts 20 192 - 192 - 192 - 192Forward freight agreements 20 60 - 60 - 60 - 60Interest rate swaps used for hedging 20 654 - 654 - 654 - 654Interest rate caps 20 21 - 21 - 21 - 21927 - 927Financial assets not measured at fair valueLoans receivable from joint venture 13 - 60,229 60,229Loans receivable from pool participants 13 - 34,865 34,8651Trade and other receivables12 - 191,836 191,836Cash and cash equivalents 15 - 100,075 100,075- 387,005 387,0051 Excluding prepaymentsCarrying amount Fair valueFair value-Other hedgingfinancial instrumentsliabilitiesTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2021Financial liabilities measured at fair valueInterest rate swaps used for hedging 20 (327) - (327) - (327) - (327)Financial liabilities not measured at fair valueBank borrowings 19 - (1,112,912) (1,112,912) - (1,112,912) - (1,112,912)Finance lease liabilities 19 - (77.692) (77,692) - (77,692) - (77,692)Loan from a related corporation 19 - (18,750) (18,750) - (18,750) - (18,750)Loan from non-related parties 19 - (4,391) (4,391) - (4,391) - (4,391)Trade payables 21 - (65,390) (65,390)- (1,279,135) (1,279,135)The Group has no Level 1 and Level 3 financial assets or liabilities as at 31 December2022 and 2021.The fair value of financial instruments that are not traded in an active market isdetermined by using valuation techniques. The Group uses a variety of methods andmakes assumptions that are based on market conditions existing at each balancesheet date. The fair value of interest rate swaps is calculated as the present value ofthe estimated future cash flows based on observable yield curves. These valuationtechniques maximise the use of observable market data where it is available andrely as little as possible on entity specific estimates. These financial instrumentsare included in Level 2, as all significant inputs required to fair value an instrumentare observable.(f) Offsetting financial assets and financial liabilitiesThe Group\u2019s financial assets and liabilities are not subjected to enforcea-ble master netting arrangements or similar arrangements. Financial de-rivatives, financial assets and financial liabilities are presented separatelyon the consolidated balance sheet, without netting off of balances.26. Holding CorporationsIn May 2022, following series of equity shares placement to other share-holders, BW Group lost control over Hafnia Limited but remains the singlelargest shareholder of the Group. Since the loss of control, the Company does not have ultimate and immediate holding corporations. Previously, the Company\u2019s ultimate and immediate holding corporation wasincorporated in Bermuda, which is wholly owned by Sohmenfamily interests.BW GroupLimited27. Related Party TransactionsIn addition to the related party information disclosed elsewhere in the consolidated financial statements, the following transactions took place between the Group and related parties during the financial year on com-mercial terms agreed by the parties:20222021USD \u2019000USD \u2019000Sale and purchase of servicesSupport service fees paid/payable to a related corporation 5,791 4,877Interest paid/payable to a related corporation 703 261Rental paid/payable to a related corporation 699 853Related corporations refer to corporations controlled by Sohmen familyinterests.Key management remuneration for the financial year ended 31 December2022 amounted to USD 6,361,317 (2021: USD 5,916,266).Remuneration structure for CEOCEO, Mikael Skov20222021USDUSDFixedSalary (annual) including pension864,167 850,000Customary benefits- -VariableCash bonus (paid in the year)566,670 680,000Retention bonus- 1,700,000With reference to Note 18 Share-based payment arrangements, for LTIP 2022, the CEO has received 731,688 options (2021: 1,357,632) and 182,922 RSUs (2021: Nil). The CEO does not receive a pension as part of the remuneration package. This is considered to be included in the fixed salary. Non-monetary benefits can include standard employment benefitssuch as newspaper, telephone, laptop and internet access. 28. Segment InformationOperating segments are determined based on the reports submitted to management to make strategic decisions.The management considers the business to be organised into seven mainoperating segments:(a) Long Range II (\u2018LR2\u2019)(b) Long Range I (\u2018LR1\u2019)(c) Medium Range (\u2018MR\u2019)(d) Handy size (\u2018Handy\u2019)(e) Chemical Handy size (\u2018Chemical-Handy\u2019)(f) Chemical Medium Range (\u2018Chemical-MR\u2019)(g) Chemical Stainless (\u2018Chemical-Stainless\u2019)The operating segments are organised and managed according to the sizeof the product tanker vessels.The LR2 segment consists of vessels between 85,000 DWT and 124,999 DWT in size and provides transportation of clean petroleum oil products.The LR1 segment consists of vessels between 55,000 DWT and 84,999 DWT in size and provides transportation of clean and dirty petroleum products.The MR and Chemical-MR segment consists of vessels between 40,000 DWT and 54,999 DWT in size and provides transportation of clean and dirty oil products, vegetable oil and easy chemicals.The Handy and Chemical-Handy segment consists of vessels between 25,000 DWT and 39,999 DWT in size and provides transportation of clean and dirty oil products, vegetable oil and easy chemicals.The Group exited the Chemical-Stainless segment after disposing of its Chemical-Stainless vessels that were previously acquired through the acquisition of CTI.Management assesses the performance of the operating segments based on operating profit before depreciation, impairment and gain on disposal of vessels (\u201cOperating EBITDA\u201d). This measurement basis excludes the effects of impairment charges and gain on disposal of vessels that are not expected to recur regularly in every financial period. Interest income and finance expenses, which result from the Group\u2019s capital and liquidity position that is centrally managed for the benefit of various activities, are not allocated to segments.Chemical-Chemical-Chemical-LR2 LR1 MR HandyHandyMRStainlessTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u20190002022Revenue 100,447 699,821 632,258 90,612 192,097 87,700 29,609 1,832,544Voyage expenses (27,013) (278,570) (89,667) (16,623) (44,648) (28,089) (1,238) (485,848)TCE Income 73,434 421,251 542,591 73,989 147,449 59,611 28,371 1,346,696Other operating income 516 9,815 11,831 4,485 872 1,419 516 29,454Vessel operating expenses (15,022) (70,719) (97,077) (19,959) (38,058) (13,406) (9,661) (263,902)Technical management expenses (1,296) (6,230) (8,343) (1,966) (3,776) (1,167) (849) (23,627)Charter hire expenses - (13,605) (19,549) - - - - (33,154)Operating EBITDA 57,632 340,512 429,453 56,549 106,487 46,457 18,377 1,055,467Depreciation charge (13,769) (58,012) (91,457) (10,833) (22,694) (9,140) (1,959) (207,864)847,603Unallocated (89,336)Profit before income tax 758,267Segment assets 285,073 939,721 1,289,297 158,400 518,458 213,410 - 3,404,359Segment assets include:Additions/adjustments to:- vessels/vessels under construction 46 250,050 5,738 (70,046) 177,355 461,356 - 824,499- dry docking 9 9,923 1,686 (6,232) 6,542 9,400 - 21,328- right-of-use assets - 1,895 - - - - - 1,895Segment liabillities 5,259 13,811 22,253 2,061 6,150 11,142 - 60,676LR2 LR1 MR HandyTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u20190002021Revenue 54,540 236,461 413,116 107,100 811,217Voyage expenses (3,331) (133,281) (213,309) (58,361) (408,282)TCE Income 51,209 103,180 199,807 48,739 402,935Other operating income 91 10,205 3,854 1,390 15,540Vessel operating expenses (13,705) (54,305) (95,937) (28,512) (192,459)Technical management expenses (1,141) (4,461) (7,838) (2,574) (16,014)Charter hire expenses - (9,200) (13,703) - (22,903)Operating EBITDA 36,454 45,419 86,183 19,043 187,099Depreciation charge (13,762) (39,579) (82,143) (14,940) (150,424)36,675Unallocated (87,778)Loss before income tax (51,103)Segment assets 274,433 506,599 1,247,910 227,700 2,256,642Segment assets include:Additions/adjustments to:- vessels/vessels under construction (12) (69,604) 4,719 (11,298) (76,195)- dry docking (180) (1,616) 7,874 588 6,666- right-of-use assets - 16,698 19,528 - 36,226Segment liabillities 1,820 18,968 32,855 6,743 60,386Reportable segments\u2019 assets The amounts provided to management with respect to total assets are measured in a manner consistent with that of the consoli-dated financial statements. For the purposesof monitoring segment performance and allocating resources between segments, management monitors vessels, vessels under construction, dry docking, inventories,and trade and other receivables that can be directly attributable to each segment.20222021USD \u2019000USD \u2019000Segment assets 3,404,359 2,256,642Unallocated items:Cash and cash equivalents 174,440 100,075Restricted cash 4,780 -Trade and other receivables 217,764 130,750Derivative financial instruments 70,608 926Property, plant and equipment 1,130 266Intangible assets 2,590 3,572Associated companies and joint venture 43,183 18,719Total assets 3,918,854 2,510,950Reportable segments\u2019 liabilitiesThe amounts provided to management with respect to total liabilities are measured in a manner consistent with that of the consolidated financial statements. These liabilities are allocated based on the operations of the segments. Certain trade and other payables are allocated to the reporta-ble segments. All other liabilities are reported as unallocated items.20222021USD \u2019000USD \u2019000Segment liabilities 60,676 60,386Unallocated items:Borrowings 1,775,287 1,331,204Current income tax liabilities 4,737 2,018Trade and other payables 69,057 5,003Derivative financial instruments 93 327Total liabilities 1,909,850 1,398,938Geographical segments\u2019 revenueThe Group\u2019s vessels operate on an international platform with individual vessels calling at various ports across the globe. The Group does not consider the domicile of its customers as a relevant decision-making guideline and hence does not consider it meaningful to allocate vessels and revenue to specific geographical locations.Major customersRevenues from the top five major customers of the Group across all op-erating segments represents approximately USD 432.1 million (2021: USD158.9 million) of the Group\u2019s total revenues. 29. Dividends Paid20222021USD \u2019000USD \u2019000Interim dividend paid in respect of Q1 2022 of USD 0.0210 per share 10,499 -Interim dividend paid in respect of Q2 2022 of USD 0.1862 per share 93,100 -Interim dividend paid in respect of Q3 2022 of USD 0.2801 per share 140,149 -243,748 -30. Events Occurring after Balance Sheet DateOn 25 January 2023, Oaktree Capital Management (OCM) sold 25,200,000shares of the Company (approximately 5.01% of the Company\u2019s outstand-ing shares) at NOK 50.0 per share through a private placement. Following completion of the placement, OCM holds 25,038,624 shares in the Company (equal to approximately 4.97% of the Company\u2019s outstanding shares).On 3 February 2023, Hafnia sold LR1 vessel Hafnia Arctic to an external buy-er for net sales proceeds of USD 32.8 million.On 8 February 2023, Hafnia sold LR1 vessel Hafnia Kronborg to an external buyer for net sales proceeds of USD 20.5 million.On 9 February 2023, Hafnia sold LR1 vessel Hafnia Columbia to an external buyer for net sales proceeds of USD 20.5 million.On 28 February 2023, the options under LTIP 2020 had vested. In order to for the Company to be able to promptly deliver existing shares to employees exercising their vested options under LTIP 2020, the Company has entered into a share lending agreement with BW Group whereby BW Group will lend 3,431,577 shares of the Company to be held in treasury. On 1 March 2023, the Company settled these borrowed shares by way of issuing 3,431,577 newordinary shares to BW Group. Following the issuance of the new ordinary shares, there are 506,820,170 issued shares in the Company, each with a nominal value of USD 0.01, all of which have been validly and legally issued and fully paid.In March 2023, the Group re-financed four Chemical-Handy vessels via sale and leaseback financing arrangements with CMB Financial Leasing. These transactions were accounted for as an extinguishment of existing finance lease liabilities and the recognition of new finance lease liabilities based on the new borrowing terms.31. Climate-Related Risks ConsiderationThe Group identified climate-related risks related to the global transi-tion towards low-carbon or carbon-neutral solutions, marine environ-mental factors and industry-led decarbonisation policies. The Group assesses transition risks in strategic planning, fleet development and capital expenditure plans for next-generation and existing fleet transitionplanning. Physical risks from climate events influence the Group\u2019s voyageplanning and operation strategies. Maritime activities affect the marine environment and the Group identifies better management of ballast water contamination, accidental oil spills and underwater noise pollutions to be key strategies. International Maritime Organisation (IMO) targets to halve international shipping GHG emissions by 2050 may also impact the Group\u2019s strategy and its financial performance.In assessing the impact of climate-related risks on the Group\u2019s finan-cial statements, the Group considers if there are near to medium term financial impacts arising from the aforementioned risks. Presently the Group incurs certain operating or capital expenditures to mitigate such climate-related risks and policies. In 2020 and 2021, Hafnia, via the Vista joint venture, ordered four Aframax LR2 vessels equipped with high-pres-sure LNG propulsion technology, due for delivery in 2023. Adopting Liq-uefied Natural Gas (LNG) as a fuel was one of the first steps in addressing our ambition for a greener future. Switching to LNG as a fuel provides significant benefits, such as improving overall air quality and reducing GHG emissions.Notwithstanding, there remains the risk that evolving demands for stronger protection over the environment, evolving laws and regulations and evolving decarbonisation policies may have a significant impact to the Group\u2019s useful lives and residual values and valuation of vessels, and also the financial performance in the future. The Group continues to monitor and assess the potential impact of such developments on its operation andfinancial performance.32. Authorisation of Financial Statements These financial statements were authorised for issue by the Board ofDirectors of Hafnia Limited on 30 March 2023.33. Listing of Companies in the GroupPlace of Equity holdingEquity holdingName of companies Principal activitiesincorporation2022(%)2021(%)BW Aldrich Pte. Ltd. Shipowning Singapore 100 100BW Clearwater Pte. Ltd. Shipowning Singapore 100 100BW Causeway Pte. Ltd. Dormant Singapore 100 100BW Fleet Management Pte. Ltd. Ship-management Singapore 100 100BW Stanley Pte. Ltd. Shipowning Singapore 100 100Hafnia Pools Pte. Ltd. Chartering Singapore 100 100Komplementaranpartsselskabet Straits Tankers Investment Denmark 100 100K/S Straits Tankers Investment Denmark 100 100Straits Tankers Pte. Ltd. d Dormant Singapore - 100BW Silvermine Pte. Ltd. Dormant Singapore 100 100BW Pacific Management Pte. Ltd. Agency office Singapore 100 100Hafnia Pte. Ltd. Management company Singapore 100 100Hafnia Tankers Marshall Islands LLC Investment Marshall Islands 100 100Hafnia Tankers Singapore Holding Pte Ltd Investment Singapore 100 100Hafnia Tankers Singapore Sub-Holding Pte Ltd Shipowning Singapore 100 100Hafnia Tankers ApS Corporate support Denmark 100 100Hafnia Tankers Shipholding Beta Pte. Ltd. Dormant Singapore 100 100Hafnia Tankers Shipholding Alpha Pte Ltd Shipowning Singapore 100 100Hafnia One Pte. Ltd. Shipowning Singapore 100 100Hafnia Tankers Singapore Pte Ltd Investment Singapore 100 100Hafnia Tankers Shipholding Singapore Pte. Ltd. Shipowning Singapore 100 100Hafnia Tankers Shipholding 2 Singapore Pte. Ltd. Shipowning Singapore 100 100Place of Equity holdingEquity holdingName of companies Principal activitiesincorporation2022(%)2021(%)Hafnia Tankers Chartering Singapore Pte. Ltd. Chartering Singapore 100 100Hafnia Tankers International Chartering Inc. Chartering Marshall Islands 100 100Hafnia Tankers Services Singapore Pte. Ltd. Ship-management Singapore 100 100Hafnia Management A/S f Ship-management Denmark - 40Hafnia Bunkers ApS f Ship-management Denmark - 40Hafnia Handy Pool Management ApS f Ship-management Denmark - 40Hafnia MR Pool Management ApS f Ship-management Denmark - 40Hafnia SARL Corporate Support Monaco 100 100Hafnia Holding Limited a Investment Bermuda 100 100Hafnia Holding II Limited a Investment Bermuda 100 100Hafnia Middle East DMCC b Ship-management UAE 100 -Hafnia Chemical Tankers Pte. Ltd. b Shipowning Singapore 100 -Vista Shipping Pte. Ltd. Investment Singapore 50 50Vista Shipholding I Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding II Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding III Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding IV Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding V Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding VI Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding VII Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding VIII Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding IX Pte. Ltd. a Shipowning Singapore 50 50Vista Shipholding X Pte. Ltd. a Shipowning Singapore 50 50Vista Shipping HK Limited Investment Hong Kong 50 50Vista Shipping US, LLC Investment United States 50 50H&A Shipping Ltd c Investment Marshall Islands 50 50Place of Equity holdingEquity holdingName of companies Principal activitiesincorporation2022(%)2021(%)Yellow Star Shipping Ltd c Shipowning Liberia 50 50Green Stars Shipping Ltd c Shipowning Liberia 50 50Chemical Tankers Inc e Investment Marshall Islands 100 -Chemical Tankers ApS e Corporate Support Denmark 100 -Chemical Tankers SubHoldCo Inc e Investment Marshall Islands 100 -Chemical Tankers (A-Ships) Inc e Investment Marshall Islands 100 -Chemical Tankers 1 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 2 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 3 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 4 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 5 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 6 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 7 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 8 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 9 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 10 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 11 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 12 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 13 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 14 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 15 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 16 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 17 Inc e Shipowning Marshall Islands 100 -Place of Equity holdingEquity holdingName of companies Principal activitiesincorporation2022(%)2021(%)Chemical Tankers 18 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 19 Inc e Dormant Marshall Islands 100 -Chemical Tankers 20 Inc e Dormant Marshall Islands 100 -Chemical Tankers 21 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 22 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 23 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 24 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 25 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 26 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 27 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 28 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 29 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 30 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 31 Inc e Dormant Marshall Islands 100 -Chemical Tankers 32 Inc e Dormant Marshall Islands 100 -Chemical Tankers 35 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 36 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 37 Inc e Dormant Marshall Islands 100 -(a) This company was registered in 2021(b) This company was registered in 2022(c) This company was incorporated as the result of the Group entering into a joint venture with Andromeda Shipping in 2021(d) This company was struck off on 27 January 2022(e) The acquisition of CTI was completed on 27 January 2022(f) This company has been dissolved after voluntary liquidation on 9 December 2022BermudaWashingtonMall Phase 2, 4th Floor, Suite 400, 22 ChurchStreet, HM 1189, Hamilton HM EX, Bermuda.investment holding",
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"value": "30. Events Occurring after Balance Sheet DateOn 25 January 2023, Oaktree Capital Management (OCM) sold 25,200,000shares of the Company (approximately 5.01% of the Company\u2019s outstand-ing shares) at NOK 50.0 per share through a private placement. Following completion of the placement, OCM holds 25,038,624 shares in the Company (equal to approximately 4.97% of the Company\u2019s outstanding shares).On 3 February 2023, Hafnia sold LR1 vessel Hafnia Arctic to an external buy-er for net sales proceeds of USD 32.8 million.On 8 February 2023, Hafnia sold LR1 vessel Hafnia Kronborg to an external buyer for net sales proceeds of USD 20.5 million.On 9 February 2023, Hafnia sold LR1 vessel Hafnia Columbia to an external buyer for net sales proceeds of USD 20.5 million.On 28 February 2023, the options under LTIP 2020 had vested. In order to for the Company to be able to promptly deliver existing shares to employees exercising their vested options under LTIP 2020, the Company has entered into a share lending agreement with BW Group whereby BW Group will lend 3,431,577 shares of the Company to be held in treasury. On 1 March 2023, the Company settled these borrowed shares by way of issuing 3,431,577 newordinary shares to BW Group. Following the issuance of the new ordinary shares, there are 506,820,170 issued shares in the Company, each with a nominal value of USD 0.01, all of which have been validly and legally issued and fully paid.In March 2023, the Group re-financed four Chemical-Handy vessels via sale and leaseback financing arrangements with CMB Financial Leasing. These transactions were accounted for as an extinguishment of existing finance lease liabilities and the recognition of new finance lease liabilities based on the new borrowing terms.",
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"value": "33. Listing of Companies in the GroupPlace of Equity holdingEquity holdingName of companies Principal activitiesincorporation2022(%)2021(%)BW Aldrich Pte. Ltd. Shipowning Singapore 100 100BW Clearwater Pte. Ltd. Shipowning Singapore 100 100BW Causeway Pte. Ltd. Dormant Singapore 100 100BW Fleet Management Pte. Ltd. Ship-management Singapore 100 100BW Stanley Pte. Ltd. Shipowning Singapore 100 100Hafnia Pools Pte. Ltd. Chartering Singapore 100 100Komplementaranpartsselskabet Straits Tankers Investment Denmark 100 100K/S Straits Tankers Investment Denmark 100 100Straits Tankers Pte. Ltd. d Dormant Singapore - 100BW Silvermine Pte. Ltd. Dormant Singapore 100 100BW Pacific Management Pte. Ltd. Agency office Singapore 100 100Hafnia Pte. Ltd. Management company Singapore 100 100Hafnia Tankers Marshall Islands LLC Investment Marshall Islands 100 100Hafnia Tankers Singapore Holding Pte Ltd Investment Singapore 100 100Hafnia Tankers Singapore Sub-Holding Pte Ltd Shipowning Singapore 100 100Hafnia Tankers ApS Corporate support Denmark 100 100Hafnia Tankers Shipholding Beta Pte. Ltd. Dormant Singapore 100 100Hafnia Tankers Shipholding Alpha Pte Ltd Shipowning Singapore 100 100Hafnia One Pte. Ltd. Shipowning Singapore 100 100Hafnia Tankers Singapore Pte Ltd Investment Singapore 100 100Hafnia Tankers Shipholding Singapore Pte. Ltd. Shipowning Singapore 100 100Hafnia Tankers Shipholding 2 Singapore Pte. Ltd. Shipowning Singapore 100 100Place of Equity holdingEquity holdingName of companies Principal activitiesincorporation2022(%)2021(%)Hafnia Tankers Chartering Singapore Pte. Ltd. Chartering Singapore 100 100Hafnia Tankers International Chartering Inc. Chartering Marshall Islands 100 100Hafnia Tankers Services Singapore Pte. Ltd. Ship-management Singapore 100 100Hafnia Management A/S f Ship-management Denmark - 40Hafnia Bunkers ApS f Ship-management Denmark - 40Hafnia Handy Pool Management ApS f Ship-management Denmark - 40Hafnia MR Pool Management ApS f Ship-management Denmark - 40Hafnia SARL Corporate Support Monaco 100 100Hafnia Holding Limited a Investment Bermuda 100 100Hafnia Holding II Limited a Investment Bermuda 100 100Hafnia Middle East DMCC b Ship-management UAE 100 -Hafnia Chemical Tankers Pte. Ltd. b Shipowning Singapore 100 -Vista Shipping Pte. Ltd. Investment Singapore 50 50Vista Shipholding I Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding II Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding III Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding IV Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding V Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding VI Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding VII Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding VIII Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding IX Pte. Ltd. a Shipowning Singapore 50 50Vista Shipholding X Pte. Ltd. a Shipowning Singapore 50 50Vista Shipping HK Limited Investment Hong Kong 50 50Vista Shipping US, LLC Investment United States 50 50H&A Shipping Ltd c Investment Marshall Islands 50 50Place of Equity holdingEquity holdingName of companies Principal activitiesincorporation2022(%)2021(%)Yellow Star Shipping Ltd c Shipowning Liberia 50 50Green Stars Shipping Ltd c Shipowning Liberia 50 50Chemical Tankers Inc e Investment Marshall Islands 100 -Chemical Tankers ApS e Corporate Support Denmark 100 -Chemical Tankers SubHoldCo Inc e Investment Marshall Islands 100 -Chemical Tankers (A-Ships) Inc e Investment Marshall Islands 100 -Chemical Tankers 1 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 2 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 3 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 4 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 5 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 6 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 7 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 8 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 9 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 10 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 11 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 12 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 13 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 14 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 15 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 16 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 17 Inc e Shipowning Marshall Islands 100 -Place of Equity holdingEquity holdingName of companies Principal activitiesincorporation2022(%)2021(%)Chemical Tankers 18 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 19 Inc e Dormant Marshall Islands 100 -Chemical Tankers 20 Inc e Dormant Marshall Islands 100 -Chemical Tankers 21 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 22 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 23 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 24 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 25 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 26 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 27 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 28 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 29 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 30 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 31 Inc e Dormant Marshall Islands 100 -Chemical Tankers 32 Inc e Dormant Marshall Islands 100 -Chemical Tankers 35 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 36 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 37 Inc e Dormant Marshall Islands 100 -(a) This company was registered in 2021(b) This company was registered in 2022(c) This company was incorporated as the result of the Group entering into a joint venture with Andromeda Shipping in 2021(d) This company was struck off on 27 January 2022(e) The acquisition of CTI was completed on 27 January 2022(f) This company has been dissolved after voluntary liquidation on 9 December 2022",
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"value": "33. Listing of Companies in the GroupPlace of Equity holdingEquity holdingName of companies Principal activitiesincorporation2022(%)2021(%)BW Aldrich Pte. Ltd. Shipowning Singapore 100 100BW Clearwater Pte. Ltd. Shipowning Singapore 100 100BW Causeway Pte. Ltd. Dormant Singapore 100 100BW Fleet Management Pte. Ltd. Ship-management Singapore 100 100BW Stanley Pte. Ltd. Shipowning Singapore 100 100Hafnia Pools Pte. Ltd. Chartering Singapore 100 100Komplementaranpartsselskabet Straits Tankers Investment Denmark 100 100K/S Straits Tankers Investment Denmark 100 100Straits Tankers Pte. Ltd. d Dormant Singapore - 100BW Silvermine Pte. Ltd. Dormant Singapore 100 100BW Pacific Management Pte. Ltd. Agency office Singapore 100 100Hafnia Pte. Ltd. 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Ship-management Singapore 100 100Hafnia Management A/S f Ship-management Denmark - 40Hafnia Bunkers ApS f Ship-management Denmark - 40Hafnia Handy Pool Management ApS f Ship-management Denmark - 40Hafnia MR Pool Management ApS f Ship-management Denmark - 40Hafnia SARL Corporate Support Monaco 100 100Hafnia Holding Limited a Investment Bermuda 100 100Hafnia Holding II Limited a Investment Bermuda 100 100Hafnia Middle East DMCC b Ship-management UAE 100 -Hafnia Chemical Tankers Pte. Ltd. b Shipowning Singapore 100 -Vista Shipping Pte. Ltd. Investment Singapore 50 50Vista Shipholding I Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding II Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding III Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding IV Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding V Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding VI Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding VII Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding VIII Pte. Ltd. Shipowning Singapore 50 50Vista Shipholding IX Pte. Ltd. a Shipowning Singapore 50 50Vista Shipholding X Pte. Ltd. a Shipowning Singapore 50 50Vista Shipping HK Limited Investment Hong Kong 50 50Vista Shipping US, LLC Investment United States 50 50H&A Shipping Ltd c Investment Marshall Islands 50 50Place of Equity holdingEquity holdingName of companies Principal activitiesincorporation2022(%)2021(%)Yellow Star Shipping Ltd c Shipowning Liberia 50 50Green Stars Shipping Ltd c Shipowning Liberia 50 50Chemical Tankers Inc e Investment Marshall Islands 100 -Chemical Tankers ApS e Corporate Support Denmark 100 -Chemical Tankers SubHoldCo Inc e Investment Marshall Islands 100 -Chemical Tankers (A-Ships) Inc e Investment Marshall Islands 100 -Chemical Tankers 1 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 2 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 3 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 4 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 5 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 6 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 7 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 8 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 9 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 10 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 11 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 12 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 13 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 14 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 15 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 16 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 17 Inc e Shipowning Marshall Islands 100 -Place of Equity holdingEquity holdingName of companies Principal activitiesincorporation2022(%)2021(%)Chemical Tankers 18 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 19 Inc e Dormant Marshall Islands 100 -Chemical Tankers 20 Inc e Dormant Marshall Islands 100 -Chemical Tankers 21 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 22 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 23 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 24 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 25 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 26 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 27 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 28 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 29 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 30 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 31 Inc e Dormant Marshall Islands 100 -Chemical Tankers 32 Inc e Dormant Marshall Islands 100 -Chemical Tankers 35 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 36 Inc e Shipowning Marshall Islands 100 -Chemical Tankers 37 Inc e Dormant Marshall Islands 100 -(a) This company was registered in 2021(b) This company was registered in 2022(c) This company was incorporated as the result of the Group entering into a joint venture with Andromeda Shipping in 2021(d) This company was struck off on 27 January 2022(e) The acquisition of CTI was completed on 27 January 2022(f) This company has been dissolved after voluntary liquidation on 9 December 2022",
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