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"s6_notes__6__5": {
"value": "1. General InformationHafnia Limited (the \u201cCompany\u201d) is listed on the Oslo Stock Exchange and incorporat-ed and domiciled in Bermuda. The address of its registered office is Washington Mall Phase 2, 4th Floor, Suite 400, 22 Church Street, HM 1189, Hamilton HM EX, Bermuda.The principal activity of the Company (to-gether with its subsidiaries, the \u201cGroup\u201d) relates to the provision of global maritime services in the product tankers market.These financial statements were author-ised for issue by the Board of Directors of Hafnia Limited on 27 March 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__8": {
"value": "Hafnia Limited",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__7": {
"value": "Hafnia Limited",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__6": {
"value": "Hafnia Limited",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__9": {
"value": "Limited",
"dimensions": {
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"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__11": {
"value": "Bermuda",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__10": {
"value": "Bermuda",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__12": {
"value": "Washington Mall Phase 2, 4th Floor, Suite 400, 22 Church Street, HM 1189, Hamilton HM EX, Bermuda.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__14": {
"value": "The principal activity of the Company (to-gether with its subsidiaries, the \u201cGroup\u201d) relates to the provision of global maritime services in the product tankers market.These financial statements were author-ised for issue by the Board of Directors of Hafnia Limited on 27 March 2024.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__13": {
"value": "global",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__16": {
"value": "2. Material Accounting Policies2.1 Basis of PreparationThe consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (\u201cIFRS Accounting Standards\u201d or \u201cIFRS\u201d), and have been prepared under the historical cost convention, except as disclosed in the accounting policies below.2.2 Changes in Material Accounting PoliciesNew standard and amendments to pub-lished standards, effective in 2023 and subsequent financial yearsThe Group has applied the following IFRSs, amendments to and interpretations of IFRS for the first time for the annual period beginning on 1 January 2023: Amendments:\u2022 Amendments to IAS 8 Accounting Policies, Changes in AccountingEstimates and Errors: Definition ofAccounting Policies \u2022 Amendments to IAS 12 Income Taxes: a. Deferred Tax related to Assets andLiabilities arising from a Single Trans- action b. International Tax Reform \u2013 Pillar TwoModel Rules \u2022 Amendments to IAS 1 Presentation ofFinancial Statements: Classification ofLiabilities as Current or Non-current \u2022 Adoption of IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 Comparative Information\u2022 Amendments to IAS 1 and IFRS PracticeStatement 2: Disclosure of AccountingPoliciesGlobal Minimum Top-up TaxManagement has assessed that the amendments to IAS 12 Income Taxes (b) International Tax Reform \u2013 Pillar Two Mod-el Rules are applicable to the Group as it is a large multinational enterprise that has consolidated revenues of more than USD 750 million in at least two out of the last four years. Further details related to Pillar Two Income Tax are disclosed in Note 7.Except for the amendments listed as above, the application of these amend-ments to standards and interpretations did not have a material effect on the finan-cial statements. A number of new standards, interpre-tations, and amendments to standards will become effective for annual periods beginning on or after 1 January 2024, and early adoption is permitted. In preparing these consolidated financial statements, the Group has not early adopted any new or amended standards or interpretations. The Group intends to adopt these new and amended standards and interpretations, when they become effective. At the date of authorization of the financial state-ments, the Group continues to assess and evaluate the impact to its financials on the initial adoption of these new accounting standards and interpretations and its related applicable period.Material Accounting Policy InformationThe Group adopted IAS 1 and IFRS Prac-tice Statement 2: Disclosure of Accounting Policies for the for the first time in 2023. Although the amendments did not result in any changes to the accounting policies, they impacted the accounting policy infor-mation disclosed in the financial state-ments.Management has reviewed the account-ing policies and made updates to the information disclosed in Note 2 Material accounting policies in certain instances, in line with the amendments.2.3 Critical accounting judgements and estimatesThe preparation of consolidated financial statements in conformity with IFRS re-quires management to exercise its judge-ment in the process of applying the Group\u2019s accounting policies. It also requires the use of certain critical accounting esti-mates and assumptions discussed below.Certain amounts included in or affecting the consolidated financial statements and related 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 impor-tant to the portrayal of the Group\u2019s finan-cial 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 uncer-tain. Management evaluates such esti-mates on an ongoing basis, using historical results and experience, consideration of relevant trends, consultation with experts and other methods considered reasonable in the particular circumstances.(a) Critical Judgements in Applying the Group\u2019s Accounting Policies The following are the critical judgements, apart from those involving estimations (Note 2.3(b)), that management has made in the process of applying the Group\u2019s accounting policies and which have the most significant effect on the amounts recognised in the financial statements. Accounting for Pool Arrangements The Group is involved in three types of commercial pool arrangements: 1) pool arrangements that are managed by the Group under the \u201cagent-to-owner\u201d model, 2) pool arrangements that are managed by the Group under the \u201cdisponent-owner\u201d model (\u201cDisponent-Owner Pools\u201d) and 3) pool arrangements operated by third par-ties in which the Group\u2019s owned vessels are placed. For pool arrangements that are managed by the Group, Hafnia operates as a pool manager for seven commercial pools: \u2022 Long Range II (\u201cLR2\u201d) Pool \u2022 Long Range I (\u201cLR1\u201d) Pool \u2022 Medium range (\u201cMR\u201d) Pool \u2022 Handy size (\u201cHandy\u201d) Pool \u2022 Chemical handy size (\u201cChemical-Handy\u201d) Pool \u2022 Chemical medium range (\u201cChemical-MR\u201d) Pool \u2022 Specialized Pool The pools are managed by Hafnia through its pool management companies that are wholly owned subsidiaries, as the pool manager. There are separate pool agreements entered into between the pool manager and the relevant pool par-ticipants. The pool manager negotiates charters with customers primarily in the spot market, however it may also arrange short duration time charters. The objective of the commercial pool set up is to facilitate the commercial opera-tion, employment, and marketing of the pool\u2019s vessels. This is achieved via the opti-mal utilisation of the pool vessels due to improved scheduling to reduce ballast legs and bulk purchase of goods and services for voyage expenses, thus creating econo-mies of scale, improved flexibility, efficien-cy and price competitiveness. Shipowners contribute their vessels to the pool and the pool is managed by the pool manager under the authority of the Pool Board. For pool arrangements under the \u201cagent-to-owner\u201d model, management has performed a key assessment to determine who is the principal and agent in these pool arrangements. Indicators that the Group, as the pool manager, is an agent in a pool arrangement are: \u2022 Based on the Pool Agreements under the \u201cagent-to-owner\u201d model, the decisions over the relevant activities of the pool that are determined to signifi- cantly affect the pool\u2019s returns are made by the respective Pool Boards, which are represented by pool participants;\u2022 Although the pool manager makes decisions over the day-to-day opera- tions of the pool, the pool manager only acts within the pre-defined mandates and authority limits set by the Pool Board, for which the Pool Board\u2019s approving rights are substantive;\u2022 The decisions of the pool manager are not for the relevant activities of the pool and the pool manager has limited discretion over pricing as the prices are highly dependent on the market published price for charter contracts;\u2022 The pool manager is only given authority to decide on the prices with the objective of efficient pool management; and \u2022 The Pool Board\u2019s decisions have practical ability to prevent the pool manager from directing the pool\u2019s relevant activities and exercising power on its own behalf. The Group has evaluated that it has limited control as the pool manager and is hence an agent in the respective commer-cial pool arrangements. In such arrange-ments, the Group as the pool manager does not consolidate the pools. Instead, the Group only recognises the pool man-agement fees as other operating income. On the balance sheet, the Group recog-nises the pool\u2019s assets and liabilities over which the Group, as pool manager, has legal rights and obligations respectively. This includes all cash balances of the pool as the pool bank accounts are opened in the name of the pool manager; and trade payables (other than those relating to fuel oil) for which contracts are entered into in the name of the pool manager.As the shipowner that places its own vessels in the pools, the Group recognises the gross revenue and voyage expenses earned pertaining to its vessels placed in the pools; and adjustments due to pool allocations recognised separately as \u201cpool allocation\u201d. These adjustments relate to revenue from voyage charters less voyage expenses comprising primarily brokers\u2019 commission, fuel oil and port charges. On the balance sheet, the Group recognises the assets and liabilities over which the Group, as shipowners, has legal rights and obligations respectively. This includes the trade receivables from end charterers for which the contracts are entered into in its own name as shipowners; and fuel oil as inventory and its corresponding payables, as the pool manager purchases fuel oil as an agent on behalf of shipowners based on the contractual terms of the pool agree-ments under the \u201cagent-to-owner\u201d model and the shipowner having the primary responsibility for the fuel oil obligations.During the financial year ended 31 December 2023, the Group changed the Handy Pool, MR Pool, LR1 Pool and LR2 Pool from the \u201cagent-to-owner\u201d model to the \u201cdisponent-owner\u201d model, with the agreement of all pool participants in the respective pool arrangements, as man-agement and the pool participants believe that it would lead to an improvement in op-erating efficiency and access to working capital facilities.For pool arrangements under the \u201cdispo-nent-owner\u201d model (\u201cDisponent-Owner Pools\u201d), the key changes in the Pool Agree-ments from the \u201cagent-to-owner\u201d model are:\u2022 Establishing a time-charter arrangement for the vessels in the Disponent-Owner Pools between the pool participants and the pool manager;\u2022 The pool manager, as the \u201cdispo- nent-owner\u201d of the vessels, has the right to obtain substantially all of the economic benefits from the use of the vessels in the Disponent-Owner Pools, as the pool manager is the contractual and legal entity who charters in vessels from the pool participants and subse- quently charters out the vessels to the external charterers under its own name as the \u201cdisponent-owner\u201d;\u2022 The pool manager, as the \u201cdispo- nent-owner\u201d of the vessels, also has the right to direct the use of the vessels in the Disponent-Owner Pools, including having the right to direct how and for what purpose the vessels will be used;The Group has evaluated that the time-charter arrangement constitutes a lease under IFRS 16 \u2013 Leases to the pool manager of the Disponent-Owner Pools. Management has assessed that the rights conferred from the pool agreements un-der the \u201cdisponent-owner\u201d model provided the pool manager with the control of a directing the pool\u2019s relevant activities and exercising power on its own behalf;\u2022 The Group, as a pool participant in these pool arrangements, does not hold a majority of either the Pool Board of these pool arrangements or composition of the respective pools. The Group has evaluated that it does not have control over the pools in the pool arrangements operated by third parties as a pool participant, and is hence not the principal of these pool arrangements. The Group recognises revenue from these pool arrangements as income based on its portion of the pool income reported by the relevant pool, which represents the net voyage revenue of the vessel after adjusting for pool earnings points, pool management fees and deducting voyage expenses. The accounting policies relating to reve-nue recognition from the vessels placed in these pool arrangements that are man-aged by both the Group and third parties are further described in Note 2.4(a).Identification of Cash-Generating UnitsThe Group organizes the commercial management of the fleet of vessels into seven individual commercial pools: LR1, LR2, MR, Handy, Chemical-MR, Chem-ical-Handy and Specialized. For the financial year ended 31 December 2023 and 2022, there are no Hafnia Vessels or TC Vessels in the Specialized Pool. The Group has assessed that each individual commercial pool constitutes a separate cash-generating unit (\u201cCGU\u201d). This is due right to a service to be performed using the vessels in the Disponent-Owner Pools for which it has control over, for the end charterers. Hence, management has as-sessed that this allows the pool manager to recognise the revenue as a principal in line with IFRS 15 - Revenue from Con-tracts with Customers. In such arrangements, the Group as the pool manager recognises the gross revenue and voyage expenses earned pertaining to the vessels placed by the Group in the Disponent-Owner Pools as \u201cRevenue (Hafnia Vessels and TC Vessels)\u201d and \u201cVoyage expenses (Hafnia Vessels and TC Vessels)\u201d respectively, and adjust-ments due to pool allocations recognised separately as \u201cpool allocation\u201d; the gross revenue and voyage expenses earned pertaining to the external vessels placed by pool participants other than the Group as \u201cRevenue (External Vessels in Dispo-nent-Owner Pools)\u201d and \u201cVoyage expenses (External Vessels in Disponent-Owner Pools)\u201d respectively; and expenses relat-ing to pool distributions to external pool participants other than the Group sepa-rately as \u201cPool distributions for External Vessels in Disponent-Owner Pools\u201d. On the balance sheet, the Group recog-nises the pool\u2019s assets and liabilities over which the Group, as pool manager, has legal rights and obligations respectively. This includes all cash balances of the pool as the pool bank accounts are opened in the name of the pool manager; all trade receivables from end charterers for which contracts are entered into in the name of the pool manager as the \u201cdispo-nent-owner\u201d; the trade payables for which contracts are entered into in the name of the pool manager; and fuel oil as inventory and its corresponding payables, as the pool manager purchases fuel oil as the \u201cdisponent owner\u201d of the vessels based on the contractual terms of the Pool Agreements under the \u201cdisponent-owner\u201d model.For pool arrangements operated by third parties in which the Group\u2019s owned vessels are placed, management has per-formed an assessment to determine if the Group as a pool participant has control over the pools in such arrangements. Indicators that the Group, as a pool par-ticipant, does not have control in the pool arrangements are:\u2022 Based on the pool agreements for these pool arrangements operated by the third-party pool managers, the decisions over the relevant activi- ties of the pool that are determined to significantly affect the pool\u2019s returns are made by the commercial pool man- agers. The pool managers of the respective pool arrangements hold the power to make all significant economic decisions that affect the pools;\u2022 The Pool Board\u2019s power is limited to approval of total costs for each vessel in the respective pools, and approval of any additional working capital financing arrangements required from pool participants;\u2022 The Pool Boards for these pool arrangements do not have the ability to prevent the pool manager from to 1) the vessels in each individual pool generating cashflows that are largely in-terdependent with each other, as the pool arrangements create operational depend-encies between vessels in each segment as the pool manager is able to deploy all the vessels to gain efficiencies for the en-tire fleet of vessels in the pool; 2) the deci-sions of the pool manager are made solely for the benefit of the entire commercial pool and not for individual vessels; and 3) each individual pool is managed on a portfolio basis to optimise performance and for internal and external management reporting. Time-chartered in vessels which are rec-ognised as ROU assets by the Group and subsequently deployed in the commercial pools are included as part of the respec-tive commercial pool CGUs based on the above assessment. For vessels outside the commercial pools and deployed on a time-charter basis, each of these vessels constitutes a separate CGU. (b) Critical Accounting Estimates The key assumptions concerning the future and other critical accounting esti-mates at the end of the reporting period that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. Impairment/ Reversals of impairment of non-financial assets Property, 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-gen-erating unit (\u201cCGU\u201d), is determined based on the higher of fair value less costs to sell and value-in-use calculations prepared on the basis of management\u2019s assumptions and estimates. All impairment calculations demand a high degree of estimation, which include assessments of the expected cash flows arising from such assets under various modes of deployment, and the selec-tion of discount rates. Changes to these estimates may significantly impact the impairment charges recognised, and fu-ture changes may lead to reversals of any previously recognised impairment charg-es. The Group views that the forecast of future freight rates, representing the 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 geopolitics and macroeconomic forces, together with the cyclical nature of freight rates prevailing in the tankers market.Vessel life and residual value The Group depreciates the vessels on a straight-line basis after deduction of residual values over the ship\u2019s estimated useful life of 25 years, from the date the ship was originally delivered from the shipyard. Dry docking costs are generally depreciated over 2.5 to 5 years depend-ing on the age and serviceability of the vessels. Residual value is estimated as the lightweight tonnage of each vessel multiplied by the scrap value. The residual values of the vessels are reassessed by management at the end of each reporting period based on the prevailing and histori-cal steel prices. The useful life and residual value are critical accounting estimates as they directly impact the amount of depreciation expense to be presented in the financial statements. Due to the size of the Group\u2019s fleet of owned vessels, the impact could be material depending on the estimates adopted by Management.2.4 Revenue and Income Recognition Revenue comprises the fair value of consideration received or receivable for the rendering of services in the ordinary course of the Group\u2019s activities, net of re-bates, discounts and off-hire charges, and after eliminating sales within the Group.(a) Revenue The Group\u2019s source of revenue is vessel revenue, comprising of time charter hire, voyage charter hire and demurrage rev-enue. Revenue is recognized when or as performance obligations are satisfied by transferring services to the customer, i.e. over time, provided that the stage of com-pletion can be measured reliably. Revenue is measured as the consideration that the Group expects to be entitled to. Vessel revenue (including time charter hire, voy-age charter hire and demurrage revenue) are recognised in the Consolidated State-ment of Comprehensive Income accord-ing to the entered charter parties from the date of load to the date of delivery of the cargo (discharge). The recognition is determined using the load-to-discharge method based on the percentage of the estimated duration of the voyage com-pleted at the reporting date because the customer receives the benefit during the voyage as it is provided.Time charter hire - The Group earns time charter revenue as a lessor by placing its vessels on time charter arrangements with end charterers. Revenue generated from time charter hire is accounted for as revenue earned under operating leases and is therefore within the scope of IFRS 16 \u2013 Leases, as issued by the Internation-al Accounting Standards Board. IFRS 16 amended the definition of what constitutes a lease to be a contract that conveys the right to control the use of an identified asset if the lessee has both (i) the right to obtain substantially all of the economic benefits from the use of the identified asset, and (ii) the right to direct the use of the identified asset throughout the period of use. We have determined that our exist-ing time charter arrangements meet the definition of leases under IFRS 16, with the Group as lessor, on the basis that the charterer manages the vessels in order to enter into transportation contracts with their customers, and thereby enjoys the economic benefits derived from such ar-rangements. Furthermore, the charterer can direct the use of a vessel (subject to certain limitations in the charter arrange-ment) throughout the period of use.Moreover, under IFRS 16, we are also required to identify the lease and non-lease components of revenue and account for each component in accordance with the applicable accounting standard. In the time charter arrangements, we have determined that the lease component is the vessel, and the non-lease component is the technical management services provided to operate the vessel. These components are accounted for as follows:\u2022 All fixed lease revenue earned under these time charter arrangements is recognized on a straight-line basis over the term of the lease.\u2022 The non-lease component is accounted for as services revenue under IFRS 15 - Revenue from Contracts with Custom- ers. This revenue is recognized \u201cover time\u201d as the customer (i.e. the char- terer) is simultaneously receiving and consuming the benefits of the service. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us.Voyage charter hire - The Group earns voyage charter revenue primarily by commercially managing vessels in commercial pool arrangements and by trading them in the spot market. Revenue generated from voyage charter hires and pools is within the scope of IFRS 15 - Revenue from Contracts with Customers, as issued by the International Account-ing Standards Board. IFRS 15 replaced the pre-existing accounting standards for revenue recognition and is based on principles that govern the recognition of assessed that it does not have control over the pools in such arrangements as a pool participant, as described in Note 2.3(a). The Group recognises revenue from these pool arrangements as income based on its portion of the pool income reported by the relevant pool, which represents the net voyage revenue of the vessel after adjust-ing for pool earnings points, pool manage-ment fees and deducting voyage expenses. Demurrage revenue \u2013 Voyage charter contracts contain conditions regarding the amount of time available for loading and discharging of the vessel. If these conditions are breached, the Group is compensated for the additional time in-curred in the form of demurrage revenue. Demurrage revenue is recognised in accordance with the terms and conditions of the charter parties. Upon completion of the voyage, the Group assesses the time spent in port, and a demurrage claim based on the relevant contractual condi-tions is submitted to the charterers. The claim will often be met by counterclaims due to differences in the interpretation of the agreement compared to the actual circumstances of the additional time used. Based on previous experience, 95% of the demurrage claim submitted is recog-nised as demurrage revenue upon initial recognition. Demurrage is not treated as a separate performance obligation as the promise under the voyage charter con-tract to the charterer remains the same and there are no distinct goods and ser-vices provided along with the demurrage charges. The additional time required to execute the charterer\u2019s orders does not revenue at an amount an entity expects to be entitled when products or services are transferred to customers.As mentioned above in Note 2.3(a), the Group is involved in three types of commercial pool arrangements: 1) pool arrangements that are managed by the Group under the \u201cagent-to-owner\u201d model, 2) pool arrangements that are managed by the Group under the \u201cdisponent-owner\u201d model (\u201cDisponent-Owner Pools\u201d) and 3) pool arrangements operated by third par-ties in which the Group\u2019s owned vessels are placed.For 1) pool arrangements that are man-aged by the Group under the \u201cagent-to-owner\u201d model, management has assessed that it has limited rights as the pool manager as described in Note 2.3(a), and is hence an agent in the respective com-mercial pool arrangements. The Group as the pool manager recognises the pool management fees as other operating income over time based on the period of services provided; while as a shipowner, recognises the gross revenue and voyage expenses earned pertaining to its vessels placed in the pools, and the adjustments due to pool allocations (based on pool points and other trading criteria such as ice trading) separately as pool allocation. For the 2) Disponent-Owner Pools that are managed by the Group, management has assessed that the time-charter arrangement for the vessels in these pool arrangements between the pool partici-pants and the pool manager constitutes a lease under IFRS 16. Correspondingly, management has assessed that the rights conferred from the pool agreements un-der the \u201cdisponent-owner\u201d model provided the pool manager with the control of a right to a service to be performed using the vessels in the Disponent-Owner Pools for the end charterers and hence allowing the pool manager to recognise the rev-enue as a principal in line with IFRS 15 - Revenue from Contracts with Customers.The Group as the pool manager recognis-es the gross revenue and voyage expens-es earned pertaining to the vessels placed by the Group in the Disponent-Owner Pools as \u201cRevenue (Hafnia Vessels and TC Vessels)\u201d and \u201cVoyage expenses (Hafnia Vessels and TC Vessels)\u201d respectively, and adjustments due to pool allocations rec-ognised separately as \u201cpool allocation\u201d; the gross revenue and voyage expenses earned pertaining to the external vessels placed by pool participants other than the Group as \u201cRevenue (External Vessels in Disponent-Owner Pools)\u201d and \u201cVoyage expenses (External Vessels in Dispo-nent-Owner Pools)\u201d respectively; and expenses relating to pool distributions to external pool participants other than the Group separately as \u201cPool distributions for External Vessels in Disponent-Owner Pools\u201d; and continues to recognise the pool management fees as other operating income over time based on the period of services provided.For 3) pool arrangements operated by third parties in which the Group\u2019s owned vessels are placed, management has provide a distinct service but it is part of the single performance obligation of making the vessel available to execute the charterer\u2019s orders. Therefore, demur-rage revenue will be allocated entirely to the single performance obligation in the voyage charter contract and recog-nition will follow the revenue recognition pattern for voyage charter revenue on load-to-discharge basis.The Group receives the demurrage payment upon reaching final agreement on the amount, which could be up to approximately 100 days after the original demurrage claim was submitted. Any adjustments to the final agreement are recognized as demurrage revenue.Revenue from chemical tankers freight voyage charter is recognised under the load to discharge method on individual contract basis.(b) Non-Pool related Management FeesOther income from the provision of man-agement support services is recognised over time based on the period of services provided.(c) Interest IncomeInterest income is recognised on an accrual basis using the effective interest method.2.5 Group Accounting(a) Subsidiaries(1) ConsolidationSubsidiaries are entities over which the Group has control. The Group controls an entity when the Group is exposed to, or hasrights to, variable returns from its involve-ment with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidat-ed from the date on which control is trans-ferred to the Group. They are deconsolidat-ed from the date that control ceases.In preparing the consolidated financial statements, transactions, balances and unrealised gains on transactions between group companies are eliminated. Unre-alised losses are also eliminated but are considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been aligned where necessary to ensure consistency with the policies adopted by the Group.(2) AcquisitionsThe 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 carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-meas-ured to fair value at the acquisition date, and any gains or losses arising from such re-measurement are recognised in profit or loss. Acquisition-related costs are expensed as incurred.Identifiable assets acquired and liabilities 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-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest\u2019s proportionate 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 previous 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 iden-tifiable assets acquired over the (ii) con-sideration 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 loss during 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 liabilities assumed) that does not constitute a busi-ness, then the transaction is outside the scope of IFRS 3 because it cannot meet the definition of a business combination. Such transactions are accounted for as asset acquisitions in which the cost of acquisition is generally allocated between the individual identifiable assets and liabilities in the Group based on their rel-ative fair values at the date of acquisition. Transactions for assets acquisition do not give rise to goodwill or a gain on a bargain purchase.(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 de-recognised. Amounts pre-viously recognised in other comprehensive income in respect of that entity are also reclassified to profit or loss or transferred directly to retained earnings if required by a specific standard.Any retained interest in the entity is re-measured at fair value. The difference between the carrying amount of the re-tained interest at the date when control is lost and its fair value is recognised in profit or loss.(b) Associated Companies and Joint Ventures Associated 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 rights of 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 accumulated impairment losses). The acquisition method of accounting is used to account for new and incremental acquisitions in associated companies and joint ventures. Investments in associated companies and joint ventures are initially recognised at cost. The cost of an acquisition is meas-ured at the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of ex-change, 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 associ-ated 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 assets and 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 account-ing, the Group\u2019s share of its associated companies\u2019 and joint ventures\u2019 post-ac-quisition profits or losses is recognised in profit or loss and its share of post-ac-quisition other comprehensive income is recognised in other comprehensive income. These post-acquisition movementsand distributions received from associatedcompanies and joint ventures are adjusted against the carrying amount of the invest-ments. When the Group\u2019s share of losses in an associated company or joint venture equals or exceeds its interest in the asso-ciated company or joint venture including any other unsecured non-current receiva-bles, the Group does not recognise further losses, unless it has incurred obligations or has made payments on behalf of the associated company or joint venture.Unrealised gains on transactions between the Group and its associated compa-nies and joint ventures are eliminated to the extent of the Group\u2019s interest in the associated companies and joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary, adjustments 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 influence or joint control is lost and its fair value is recognised in profit or loss. Gains and losses arising from partial disposals or dilutions in investments in associated companies and joint ventures in which significant influence or joint control is retained are recognised in profit or loss.2.6 Property, Plant and Equipment(a) Measurement(1) Property, plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated depreci-ation 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 a consequence of acquiring the asset. (3) The acquisition cost capitalised to a vessel under construction is the sum of the instalments paid plus other directly attributable costs incurred during the construction period including borrowing costs. Vessels under construction are not depreciated and reclassified as vessels until 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 depreciable amounts of property, plant and equipment, after taking into account the residual values over their estimated useful lives. The residual values, estimat-ed 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 estimated useful lives are as follows: Vessels \u2022 Tankers 25 years \u2022 Scrubbers 5 years \u2022 Dry docking 2.5 to 5 years Others \u2022 Other PPE 5 years A proportion of the price paid for new vessels is capitalised as dry docking. These costs are depreciated over the period to the next scheduled dry docking, which is generally 2.5 to 5 years. At the commencement of new dry docking, the remaining carrying amount of the previ-ous dry docking will be written off to profit or loss.(2) Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. The remaining carrying amount of the old component as a result of a replacement will be written off to profit or loss.(c) Subsequent Expenditure Subsequent expenditure relating to property, plant and equipment, includ-ing scrubbers and dry docking that has already been recognised, is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repair and maintenance expense is recognised in profit or loss when incurred.(d) Disposal On disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying amount is recognised in profit or loss.2.7 Intangible Assets The amortisation period and amortisation method of intangible assets other than goodwill are reviewed at least at each balance sheet date. The effects of any revision are recognised in profit or loss when the changes arise. IT infrastructure and customer contracts IT infrastructure and customer contracts acquired through business combinations are initially recognised at fair value. These intangibles are subsequently car-ried at amortised cost less accumulated impairment losses using the straight-line method over their individual estimated useful lives of 5 years. 2.8 Non-Derivative Financial Assets(a) Recognition and Initial Measurement Trade receivables are initially recognised when they are originated. Other financial assets are recognised when the Group becomes a party to the contractual provi-sions of 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 recog-nised at fair value. Transaction costs for financial assets at FVTPL are recognised immediately as expenses.(b) Classification The Group classifies its non-derivative financial assets at amortised cost, at fair value through other comprehensive income (\u201cFVOCI\u201d) and at FVTPL. The clas-sification depends on the business model in which a financial asset is managed and its contractual cash flows characteristics. Management determines the classification of its non-derivative financial assets at initial recognition. Non-derivative financialassets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected non-derivative financial assets are reclas-sified on the first day of the first reporting period following the change in the busi-ness model. The Group holds the following classes of financial assets: (1) Non-Derivative Financial Assets at Amor-tised cost A non-derivative financial asset is clas-sified as measured 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 spec-ified dates to cash flows that are solely payments of principal and interest 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 presented as \u201ctrade and other receivables\u201c (Note 16), \u201cloans receivable from joint venture\u201d(Note 13) and \u201ccash at bank and on hand, cash retained in the commercial pools and restricted cash\u201d (Note 17) in the consoli-dated balance sheet.(2) Equity Investments at FVOCI On 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 other comprehensive income. This election is made on an invest-ment-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 management intends to dispose the assets within 12 months after the balance sheet date. All the equity investments have been irrev-ocably elected to be classified as FVOCI and are presented as other investments. Further details are described in Note 11. (3) Non-Derivative Financial Assets at FVTPL All non-derivative financial assets not classified as at amortised cost and OCI. (c) Business Model Assessment The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is 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, main- taining a particular interest rate profile, matching the duration of the financial 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 policies 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 assets held within that business model) and how those risks are managed; \u2022 how managers of the business are compensated \u2013 e.g. whether compen- sation 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 parties in transactions that do not qualify for de-recognition are not considered sales for this purpose, consistent with the Group\u2019s continuing recognition of the assets.(d) Subsequent Measurement Financial assets at FVTPL and FVOCI are subsequently carried at fair value. Finan-cial assets at amortised cost are subse-quently carried at amortised cost using the effective interest method. Changes in the fair values of financial as-sets at FVTPL including the effects of cur-rency translation are recognised in profit or loss while changes in the fair values of financial assets at FVOCI are recognised in other comprehensive income.(e) Derecognition of Financial Assets Financial assets are de-recognised when the contractual rights to the cash flows from the financial asset expire, or it trans-fers the rights to receive the contractual cash-flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.(f) Offsetting Financial Instruments Financial assets and liabilities are offset, and the net amount reported in the consol-idated balance sheet, when there is a legal-ly enforceable right to offset the recog-nised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.(g) Impairment For financial assets measured at amor-tised cost and contract assets, the Group assesses at 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 recog-nition. If the credit risk has not increased 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 con-tractual period over which the Group is exposed to credit risk.For trade receivables and contract assets, the Group applied the simplified approach permitted by IFRS 9, which re-quires the loss allowance to be measured at an amount equal to lifetime ECLs.The Group applies the general approach to provide for ECLs on all other financial instruments. Under the general ap-proach, the loss allowance is measured at an amount equal to 12-month ECLs at initial recognition.At each reporting date, the Group assess-es whether the credit risk of a financial instrument 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 esti-mates 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 effective interest rate of the financial asset.Credit-Impaired Financial AssetsAt each reporting date, the Group as-sesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimen-tal impact on the estimated future cash flows of the financial asset have occurred.Evidence that a financial asset is cred-it-impaired includes the following observ-able data:\u2022 significant financial difficulty of the debtor;\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 reorgani- sation; 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 measured at amortised cost and contract assets are deducted from the gross car-rying amount of these assets.When determining whether the credit risk of a financial asset has increased signif-icantly since initial recognition and when estimating ECLs, the Group considers rea-sonable and supportable information that is relevant and available without undue cost or effort. This includes both quan-titative and qualitative information and analysis, based on the Group\u2019s historical experience, informed credit assessment and other forward-looking information. The Group assumes that the credit risk on a financial asset has increased signifi-cantly if the debtor is under significant financial difficulties, or when there is de-fault or significant delay in payments. The Group considers a 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 ac-count. Subsequent recoveries of amounts previously 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 de-crease can be objectively measured. The carrying amount of the asset previously impaired is increased to the extent that the new carrying amount does not exceed the amortised cost had no impairment been recognised in prior periods.2.9 Non-Derivative Liabilities Non-derivative financial liabilities are classified and measured at amortised cost. Directly attributable transaction costs are recognised in profit or loss as incurred. The Group de-recognises a financial liability when its contractual obligations are discharged, cancelled, or expired. The Group also de-recognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modi-fied terms is recognised at fair value. On de-recognition of a financial liabili-ty, the difference between the carrying amount extinguished and the considera-tion paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. Interest Rate Benchmark Reform When the basis for determining the con-tractual cash flows of a financial asset or financial liability measured at amortised cost changed as a result of interest rate benchmark reform, the Group updated the effective interest rate of the financial asset or financial liability to reflect the change that is required by the reform. No immediate gain or loss was recognised. 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 - i.e. the basis immediately before the change. When changes were made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash flows required by in-terest rate benchmark reform, the Group first updated the effective interest rate of the financial asset or financial liability to reflect the change that was required by interest rate benchmark reform. After that, the Group applied the policies on ac-counting for modifications to the addition-al changes. 2.10 Impairment of Non-Financial Assets Property, plant and equipment are tested for impairment whenever there is ob-jective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less costs to sell and value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, the recoverable 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 carrying amount, the carrying amount of the asset (or CGU) 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 differ-ence between the carrying amount and recoverable amount is recognised as an impairment 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 amount since the last impairment loss was recognised. The carrying amount of the asset (or CGU) is increased to its re-vised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated 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. The Group conducts an impairment review of its non-financial assets annually.2.11 Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. 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 unconditional 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 de-recognises a borrowing when its contractual obligations are dis-charged, cancelled, or expired. The Group also de-recognises a borrowing when its terms are modified 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 de-recognition of a borrowing, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets trans-ferred or liabilities assumed) is recog-nised in profit or loss.2.12 Borrowing Costs Borrowing costs are recognised in profit or loss using the effective interest methodexcept for those costs that are directly at-tributable to the construction of vessels. This includes those costs on borrowings acquired specifically for the construction of vessels, as well as those in relation to general borrowings 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 capitalised by applying a capitalisa-tion rate to the construction expenditure that are financed by general borrowings.2.13 Trade and other Payables Trade payables are obligations to pay for goods or services that have been acquired from suppliers in the ordinary course of business. Trade and other pay-ables 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 recognised at fair value and subsequently carried at amortised cost using the ef-fective interest method, and are de-rec-ognised 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 initial-ly recognised at its fair value on the date the contract is entered into and is subse-quently carried at its fair value. The fair value of derivative financial instruments represents the amount estimated by management with input from the Group\u2019s banks or brokers that the Group will re-ceive or pay to terminate the derivatives 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 loss-es on currency derivatives are presented in profit or loss as \u2018foreign currency ex-change 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 gains and losses are mate-rial. 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 assess-ment, both at hedge inception and on a periodic basis, of whether the derivatives designated as hedging instruments are highly effective in offsetting changes in fair value or cash flows of the hedged items prospectively. In the financial year ended 31 December 2021, the Group has adopted the amend-ments to IFRS 9, IFRS 7 and IFRS 16 Interest Rate Benchmark Reform \u2013 Phase 2 effective 1 January 2021. In accord-ance with the transition provisions, the amendments were applied retrospectively to hedging relationships and financial instruments. Comparative amounts have not been restated, and there was no im-pact on the prior period opening reserves amounts on adoption.The Phase 2 amendments address issues arising during interest rate benchmark reform (\u201cIBOR reform\u201d), including speci-fying when hedge designations and doc-umentation should be updated, and when amounts accumulated in cash flow hedge reserve should be recognised in profit or loss. Note 12 provides further information about the reliefs applied by the Group and the hedging relationships for which the Group has applied the reliefs. No changes were required to any of the amounts rec-ognised in the current or prior period as a result of these amendments, except for hedge ineffectiveness which is disclosed in Note 12.In the current financial year ended 31 December 2023, the Group has continued to apply the following hedge accounting reliefs provided by the \u201cPhase 2\u201d amend-ments to existing cash flow hedges that have transited to alternative benchmark rates required by IBOR reform:\u2022 Hedge designation: When the \u201cPhase 1\u201d amendments ceased to apply, the Group will amend its hedge designa- tion to reflect changes which are required by IBOR reform. These amendments to the hedge documenta- tion do not require the Group to discontinue its hedge relationships.\u2022 Amounts accumulated in the cash flow hedge reserve: When the interest rate benchmark on which the hedged future cash flows were based is changed as required by IBOR reform, the accumulated amount outstanding in the cash flow hedge reserve is deemed to be based on the alternative benchmark rate. The Group enters into hedge relationships where the critical terms of the hedging in-strument match exactly with the terms of the hedged item and no hedge ineffective-ness 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 Deriva-tives The 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 accounting, management designat-ed a portion of the nominal value of loans to be hedged by the total notional value of the interest rate swaps. There is no im-balance that would create ineffectiveness and cause the relationship to be inconsist-ent with the purpose of hedge accounting.The fair value changes on the effective portion of interest rate derivatives desig-nated as cash flow hedges are recognised in other comprehensive income, accumu-lated in the hedging reserve and reclas-sified to profit or loss when the hedged interest expense on the borrowings is recognised in profit or loss. The fair value changes on the ineffective portion of these interest rate derivatives are recognised immediately in profit or loss.For a cash flow hedge of a forecast transaction, the Group assumes that the benchmark 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 expo-sure 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 arising from interest rate benchmark reform with respect to the timing and amount of the interest rate bench-mark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued. To determine whether the designated forecast transaction is no longer expect-ed to occur, the Group assumes that the interest rate benchmark cash flows des-ignated as a hedge will not be altered as a result of interest rate benchmark reform. Hedges directly affected by interest rate benchmark reform When the basis for determining the con-tractual cash flows of the hedged item or hedging instrument changes as a result of IBOR reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Group amends the hedge documentation of that hedging relation-ship to reflect the change(s) required by IBOR reform. 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 the hedged item, including the description of the designated of portion of the cash flows or fair value being hedged; or \u2022 Updating the description of the hedg- ing instrument. The Group also amends the description of the hedging instrument if the following conditions are met: \u2022 It makes a change required by IBOR reform by using an approach other than changing the basis for deter- mining the contractual cash flows of the hedging instrument; \u2022 The chosen approach is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrum- ent; and \u2022 The original hedging instrument is not recognised. The Group amends the formal hedge doc-umentation by end of the reporting period during which a change required by IBOR reform is made to the hedged risk, hedged item or hedging instrument. These amend-ments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designa-tion of a new hedging relationship. If changes are made in addition to those changes required by IBOR reform described above, then the Group first con-siders whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in the discontinua-tion of the hedge accounting relationship, then the Group amends the formal hedge documentation for changes required by IBOR reform as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by IBOR reform, for the purpose of determin-ing whether the hedged future cash flows are expected to occur, the Group deems that the hedging reserve recognised in OCI for that hedging relationship is based on alternative benchmark rate on which the hedged future cash flows will be based. 2.15 Freight forward Agreements, Inter-est Rate Caps and Foreign Exchange Contracts The Group has entered into freight forward agreements (\u201cFFA\u201d), interest rate caps and foreign exchange contracts to manage its exposure to freight rates cash flow interest rate risk and foreign exchange risk respec-tively. The Group does not apply hedge account-ing for the derivatives mentioned above. and therefore all changes in fair values of forward freight agreements, interest rate caps and foreign exchange contracts used for economic hedges are recognised in profit or loss under TCE income and other finance expense or income respectively. Further details of the Group\u2019s other deriv-ative financial instruments are disclosed in Note 12.2.16 Fair Value Estimation of Financial Assets and Liabilities The fair values of financial instruments traded in active markets (such as ex-change-traded 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 market prices 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 market approach. The Group uses a variety of methods and makes assump-tions that are based on market conditions existing at each balance sheet date. Where appropriate, quoted market prices or deal-er quotes for similar instruments are used. The fair value of forward freight derivatives are determined using quoted market prices for similar contracts on an exchange. 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 val-ue of forward foreign exchange contracts is determined using forward exchange market rates at the balance sheet date. The carrying amounts of current finan-cial assets and liabilities, measured at amortised cost, approximate their fair values, due to the short term nature of the balances. The carrying amounts of the non-current loans receivable approximate their fair values since the interest rates are re-priceable at three-month intervals. The fair values of financial liabilities carried at amortised cost are estimated by discount-ing 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 control the use of an identified as-set, the Group uses the definition of a lease in IFRS 16.For leases of vessels, the Group allocates the consideration in the contract to each non-lease component on the basis of its stand-alone price. The lease component is then allocated based on the residu-al amount of the lease consideration. However, for leases of property and other equipment, the Group has elected not to separate non-lease components and ac-count for the lease and non-lease compo-nents 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 initial amount 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 under-lying 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 under-lying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated over the useful life of the underlying 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 can-not be readily determined, the applicable incremental borrowing rate. Generally, the Group uses the incremental borrowing rates as the discount rates. The Group de-termines the incremental borrowing 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 period if the Group is reasonably certain to exercise an extension option; and\u2022 payment of penalties for early termina- tion of a lease unless the Group is reasonably certain that it will not terminate early.The lease liability is subsequently meas-ured at amortised cost using the effective interest method. It is remeasured when:\u2022 there is a change in future lease payments 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 assessment of whether it will exercise a purchase, extension or termination option.When the lease liability is remeasured in this way, 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 equip-ment 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 12 months and other low-value assets. Lease payments associated with these leases are recognised as an expense in profit or loss on a straight-line basis over the lease term.(b) When a Group Company is the Lessor The Group determines at lease inception whether each lease is a finance lease or an operating lease. Finance Leases Leases 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 de-recognised and the present value of the lease receivable (net of initial direct costs for negotiating and arranging the lease) is recognised on 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 net investment in the lease. The Group fur-ther regularly reviews estimated unguar-anteed residual values used in calculating the gross investment in the lease. Operating Leases Leases of assets in which the Group re-tains substantially all risks and rewards incidental to ownership are classified as operating leases. 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 Leases When 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 Leaseback A sale and leaseback transaction is where the Group transfers an asset to another entity (the buyer-lessor) and leases that asset back from the buyer-lessor. Where the buyer-lessor obtains control of the transferred asset, the Group measuresthe 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 asset and recognises a financial liability equal to the transfer proceeds. The finan-cial liability is recognised initially at fair value, net of transaction costs incurred. The financial liability is subsequently stated at amortised cost. Any difference between the proceeds (net of transac-tion costs) and the redemption value is recognised in profit or loss over the period of the financial liability using the effective interest method.2.18 Inventories Inventories 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. Inventories are accounted for on a first-in, first-out basis, 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 Taxes The tax expense for the period comprises current and deferred taxes. Tax is rec-ognised 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 recog-nised in other comprehensive income. The current income tax charge is calculat-ed on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Positions taken in tax returns are evaluat-ed periodically, with respect to situations in which applicable tax regulations are subject to interpretation, and provisions are established where appropriate, on the basis of amounts expected to be paid to the tax authorities. In relation to account-ing 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 expect-ed recoverable amount, is recognised.Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carry-ing amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither 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 temporary differences arising on income earned from investments in subsidiaries, except where the timing of the reversal of the temporary difference can be controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred income tax assets and liabilities are offset when there is a legally enforce-able 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 different taxable entities where there is an intention to settle the balances on a net basis.2.20 Employee Benefits Employee benefits are recognised as an expense, unless the cost qualifies to be classified as asset.(a) Defined Contribution Plans Defined contribution plans are post-em-ployment benefit plans under which the Group pays fixed contributions into separate entities on a mandatory, con-tractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid.(b) Employee Leave Entitlement Employee entitlements to annual leave are recognised when they accrue to employ-ees. An accrual is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date.(c) Share-Based Payment During the financial years ended 31 Decem-ber 2022 and 2023, the Group introduced Long Term Incentive Plan (LTIP) 2022 and LTIP 2023 respectively. Under this scheme, the grant-date fair value of equity-set-tled share-based payment arrangements granted to employees is generally recog-nised 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 recognised is based on the num-ber 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 econom-ic environment in which the entity operates (the \u201cfunctional currency\u201d). The consoli-dated financial statements are presented in United States Dollars, which is the Com-pany\u2019s functional currency. All financial information presented in US dollars has been rounded to the nearest thousand, unless otherwise stated.(b) Transactions and Balances Transactions in a currency other than the functional currency (\u201cforeign currency\u201d) are translated into the functional currency using the exchange rates prevailing at the date of the transactions. Foreign currency exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign cur-rencies at the closing rates at the balance sheet date, are recognised in profit or loss. 2.22 Cash and Cash Equivalents, Cash Retained in the Commercial Pools, and Restricted Cash For the purpose of presentation in the con-solidated statement of cash flows, cash and cash 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, cash retained in the commercial pools and restricted cash. The restricted cash represents amounts placed in debt service reserve accounts for sale and leaseback financing.2.23 Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of new equity instruments are taken to equity as a deduction, net of tax, from the proceeds.2.24 Dividends Interim dividends are recognised in the fi-nancial year in which they are declared pay-able and final dividends are recognised when the dividends are approved for payment by the directors and shareholders respectively.2.25 Provisions Provisions are recognised when the Group has a present legal or constructive obligation whereby 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 provision to be reimbursed, the reimbursement is recog-nised 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 recognises a provision for the estimated costs of re-instatement arising from the use of these assets. This provision is estimated based on the best estimate of the expenditure required to settle the obligation, taking into consideration time value.2.26 Financial Guarantee Contracts Financial guarantee contracts are ac-counted 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 recog-nised based on the Group\u2019s estimate of the ultimate cost of settling all claims incurred but unpaid at the balance sheet date. The provision is assessed by reviewing indi-vidual 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 Sale Non-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 stat-ed at the lower of carrying 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 subse-quent 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 recognised in profit or loss.2.28 Segment Reporting Operating segments are reported in a manner consistent with reporting provided to the Group\u2019s Chief Executive Officer (\u2018\u2019CEO\u2019\u2019), who is the Group\u2019s chief operating decision maker (\u201cCODM\u201d). The CODM is responsible for allocating resources and assessing performance of the operating seg-ments; namely LR1, LR2, MR (including IMO II MR), Handy (including IMO II Handy) and Chemical - Stainless.2.29 Earnings per Share The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary sharehold-ers of the Company by the weighted-average number of ordinary shares outstanding during the financial year, adjusted for own shares held. Diluted earnings per share is determined by adjust-ing the profit or loss attributable to ordinary shareholders and the weighted-average number of ordinary shares outstanding, adjusted for own shares held and the effects of all dilutive potential ordinary shares, which comprise share options and restricted share units granted to employees.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__18": {
"value": "2.1 Basis of PreparationThe consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (\u201cIFRS Accounting Standards\u201d or \u201cIFRS\u201d), and have been prepared under the historical cost convention, except as disclosed in the accounting policies below.",
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"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__17": {
"value": "2.1 Basis of PreparationThe consolidated financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (\u201cIFRS Accounting Standards\u201d or \u201cIFRS\u201d), and have been prepared under the historical cost convention, except as disclosed in the accounting policies below.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__20-1": {
"value": "2.2 Changes in Material Accounting PoliciesNew standard and amendments to pub-lished standards, effective in 2023 and subsequent financial yearsThe Group has applied the following IFRSs, amendments to and interpretations of IFRS for the first time for the annual period beginning on 1 January 2023: Amendments:\u2022 Amendments to IAS 8 Accounting Policies, Changes in AccountingEstimates and Errors: Definition ofAccounting Policies \u2022 Amendments to IAS 12 Income Taxes: a. Deferred Tax related to Assets andLiabilities arising from a Single Trans- action b. International Tax Reform \u2013 Pillar TwoModel Rules \u2022 Amendments to IAS 1 Presentation ofFinancial Statements: Classification ofLiabilities as Current or Non-current \u2022 Adoption of IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 Comparative Information\u2022 Amendments to IAS 1 and IFRS PracticeStatement 2: Disclosure of AccountingPoliciesGlobal Minimum Top-up TaxManagement has assessed that the amendments to IAS 12 Income Taxes (b) International Tax Reform \u2013 Pillar Two Mod-el Rules are applicable to the Group as it is a large multinational enterprise that has consolidated revenues of more than USD 750 million in at least two out of the last four years. Further details related to Pillar Two Income Tax are disclosed in Note 7.Except for the amendments listed as above, the application of these amend-ments to standards and interpretations did not have a material effect on the finan-cial statements. A number of new standards, interpre-tations, and amendments to standards will become effective for annual periods beginning on or after 1 January 2024, and early adoption is permitted. In preparing these consolidated financial statements, the Group has not early adopted any new or amended standards or interpretations. The Group intends to adopt these new and amended standards and interpretations, when they become effective. At the date of authorization of the financial state-ments, the Group continues to assess and evaluate the impact to its financials on the initial adoption of these new accounting standards and interpretations and its related applicable period.Material Accounting Policy InformationThe Group adopted IAS 1 and IFRS Prac-tice Statement 2: Disclosure of Accounting Policies for the for the first time in 2023. Although the amendments did not result in any changes to the accounting policies, they impacted the accounting policy infor-mation disclosed in the financial state-ments.Management has reviewed the account-ing policies and made updates to the information disclosed in Note 2 Material accounting policies in certain instances, in line with the amendments.31. Restatement of Financial StatementsThe Group re-evaluated the accounting over certain terms within pool agreements, contracts, factoring agreements and other pool business and restated the financial years ended 31 Dec- ember 2022 and 20231. As a result of taking a strict IFRS application, applied for the financial years ended 31 December 2022 and 2021, these financial statements have been restated to correct an error in the previously reported items: revenue, voyage expenses, loans receivable from pool participants, trade and other receivables, cash retained in the commercial pools, inventories and trade and other payables. As a result, the Group amended certain note disclosures in the financial statements.These corrections do not affect Hafnia\u2019s TCE income, net profit, cash belonging to Hafnia, or equity for these years. The application of IFRS 15 and the Group\u2019s related accounting policies as they relate to the pooling arrangements require significant judgement. In the financial year ended 31 December 2023, there is a further change to accounting for pool arrangements, as Hafnia moved from the \u201cagent-to-owner\u201d model to the \u201cdisponent-owner\u201d model for certain pools.The details of these adjustments and its related impact to the financial statements are as follows:Consolidated Statement of Comprehensive IncomeAs previouslyPrior yearreportedadjustmentsAs restatedUSD \u2019000USD \u2019000USD \u2019000For the financial year ended 31 December 2022Revenue (Hafnia Vessels and TC Vessels) 1,832,544 94,007 1,926,551Voyage expenses (Hafnia Vessels and TC Vessels) (485,848) (94,007) (579,855)As previouslyPrior yearreportedadjustmentsAs restatedUSD \u2019000USD \u2019000USD \u2019000For the financial year ended 31 December 2021Revenue (Hafnia Vessels and TC Vessels) 811,217 (110,812) 700,405Voyage expenses (Hafnia Vessels and TC Vessels) (408,282) 110,812 (297,470)Consolidated Statement of Financial Position As previously Prior yearreportedadjustmentsAs restatedUSD \u2019000USD \u2019000USD \u2019000As at 31 December 2022Loans receivable from pool participants 45,998 (45,998) -Trade and other receivables 616,348 (113,239) 503,109Cash retained in the commercial pools - 105,885 105,885 Inventories 10,094 79,837 89,931Others 3,246,414 - 3,246,414Total assets 3,918,854 26,485 3,945,339 Trade and other payables 129,733 26,485 156,218Others 1,780,117 - 1,780,117Total liabilities 1,909,850 26,485 1,936,335As previously Prior yearreportedadjustmentsAs restatedUSD \u2019000USD \u2019000USD \u2019000As at 31 December 2021Loans receivable from pool participants 34,865 (34,865) -Trade and other receivables 201,123 (53,231) 147,892 Cash retained in the commercial pools - 53,626 53,626 Inventories 6,661 64,011 70,672Others 2,268,301 - 2,268,301Total assets 2,510,950 29,541 2,540,491 Trade and other payables 65,390 29,541 94,931 Others 1,333,548 - 1,333,548Total liabilities 1,398,938 29,541 1,428,479 Consolidated Statement of Cash FlowsAs previously Prior yearreportedadjustmentsAs restatedUSD \u2019000USD \u2019000USD \u2019000For the financial year ended 31 December 2022Cash flows from operating activitiesChanges in working capital:- inventories (265) (15,826) (16,091)- trade and other receivables (319,944) 60,325 (259,619)- trade and other payables 45,935 (3,061) 42,874Net cash used in operating activities (274,274) 41,438 (232,836)Cash flows from investing activitiesLoan to pool participants (10,812) 10,812 -Net cash used in financing activities (10,812) 10,812 -As previously Prior yearreportedadjustmentsAs restatedUSD \u2019000USD \u2019000USD \u2019000For the financial year ended 31 December 2021Cash flows from operating activitiesChanges in working capital:- inventories (1,433) (33,538) (34,971)- trade and other receivables (37,462) 16,541 (20,921)- trade and other payables (5,128) 5,591 463Net cash used in operating activities (44,023) (11,406) (55,429)Cash flows from investing activitiesLoan to pool participants (34,704) 34,704 -Net cash used in financing activities (34,704) 34,704 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__19": {
"value": "2.2 Changes in Material Accounting PoliciesNew standard and amendments to pub-lished standards, effective in 2023 and subsequent financial yearsThe Group has applied the following IFRSs, amendments to and interpretations of IFRS for the first time for the annual period beginning on 1 January 2023: Amendments:\u2022 Amendments to IAS 8 Accounting Policies, Changes in AccountingEstimates and Errors: Definition ofAccounting Policies \u2022 Amendments to IAS 12 Income Taxes: a. Deferred Tax related to Assets andLiabilities arising from a Single Trans- action b. International Tax Reform \u2013 Pillar TwoModel Rules \u2022 Amendments to IAS 1 Presentation ofFinancial Statements: Classification ofLiabilities as Current or Non-current \u2022 Adoption of IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 Comparative Information\u2022 Amendments to IAS 1 and IFRS PracticeStatement 2: Disclosure of AccountingPoliciesGlobal Minimum Top-up TaxManagement has assessed that the amendments to IAS 12 Income Taxes (b) International Tax Reform \u2013 Pillar Two Mod-el Rules are applicable to the Group as it is a large multinational enterprise that has consolidated revenues of more than USD 750 million in at least two out of the last four years. Further details related to Pillar Two Income Tax are disclosed in Note 7.Except for the amendments listed as above, the application of these amend-ments to standards and interpretations did not have a material effect on the finan-cial statements. A number of new standards, interpre-tations, and amendments to standards will become effective for annual periods beginning on or after 1 January 2024, and early adoption is permitted. In preparing these consolidated financial statements, the Group has not early adopted any new or amended standards or interpretations. The Group intends to adopt these new and amended standards and interpretations, when they become effective. At the date of authorization of the financial state-ments, the Group continues to assess and evaluate the impact to its financials on the initial adoption of these new accounting standards and interpretations and its related applicable period.Material Accounting Policy InformationThe Group adopted IAS 1 and IFRS Prac-tice Statement 2: Disclosure of Accounting Policies for the for the first time in 2023. Although the amendments did not result in any changes to the accounting policies, they impacted the accounting policy infor-mation disclosed in the financial state-ments.Management has reviewed the account-ing policies and made updates to the information disclosed in Note 2 Material accounting policies in certain instances, in line with the amendments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__22": {
"value": "2.3 Critical accounting judgements and estimatesThe preparation of consolidated financial statements in conformity with IFRS re-quires management to exercise its judge-ment in the process of applying the Group\u2019s accounting policies. It also requires the use of certain critical accounting esti-mates and assumptions discussed below.Certain amounts included in or affecting the consolidated financial statements and related 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 impor-tant to the portrayal of the Group\u2019s finan-cial 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 uncer-tain. Management evaluates such esti-mates on an ongoing basis, using historical results and experience, consideration of relevant trends, consultation with experts and other methods considered reasonable in the particular circumstances.(a) Critical Judgements in Applying the Group\u2019s Accounting Policies The following are the critical judgements, apart from those involving estimations (Note 2.3(b)), that management has made in the process of applying the Group\u2019s accounting policies and which have the most significant effect on the amounts recognised in the financial statements. Accounting for Pool Arrangements The Group is involved in three types of commercial pool arrangements: 1) pool arrangements that are managed by the Group under the \u201cagent-to-owner\u201d model, 2) pool arrangements that are managed by the Group under the \u201cdisponent-owner\u201d model (\u201cDisponent-Owner Pools\u201d) and 3) pool arrangements operated by third par-ties in which the Group\u2019s owned vessels are placed. For pool arrangements that are managed by the Group, Hafnia operates as a pool manager for seven commercial pools: \u2022 Long Range II (\u201cLR2\u201d) Pool \u2022 Long Range I (\u201cLR1\u201d) Pool \u2022 Medium range (\u201cMR\u201d) Pool \u2022 Handy size (\u201cHandy\u201d) Pool \u2022 Chemical handy size (\u201cChemical-Handy\u201d) Pool \u2022 Chemical medium range (\u201cChemical-MR\u201d) Pool \u2022 Specialized Pool The pools are managed by Hafnia through its pool management companies that are wholly owned subsidiaries, as the pool manager. There are separate pool agreements entered into between the pool manager and the relevant pool par-ticipants. The pool manager negotiates charters with customers primarily in the spot market, however it may also arrange short duration time charters. The objective of the commercial pool set up is to facilitate the commercial opera-tion, employment, and marketing of the pool\u2019s vessels. This is achieved via the opti-mal utilisation of the pool vessels due to improved scheduling to reduce ballast legs and bulk purchase of goods and services for voyage expenses, thus creating econo-mies of scale, improved flexibility, efficien-cy and price competitiveness. Shipowners contribute their vessels to the pool and the pool is managed by the pool manager under the authority of the Pool Board. For pool arrangements under the \u201cagent-to-owner\u201d model, management has performed a key assessment to determine who is the principal and agent in these pool arrangements. Indicators that the Group, as the pool manager, is an agent in a pool arrangement are: \u2022 Based on the Pool Agreements under the \u201cagent-to-owner\u201d model, the decisions over the relevant activities of the pool that are determined to signifi- cantly affect the pool\u2019s returns are made by the respective Pool Boards, which are represented by pool participants;\u2022 Although the pool manager makes decisions over the day-to-day opera- tions of the pool, the pool manager only acts within the pre-defined mandates and authority limits set by the Pool Board, for which the Pool Board\u2019s approving rights are substantive;\u2022 The decisions of the pool manager are not for the relevant activities of the pool and the pool manager has limited discretion over pricing as the prices are highly dependent on the market published price for charter contracts;\u2022 The pool manager is only given authority to decide on the prices with the objective of efficient pool management; and \u2022 The Pool Board\u2019s decisions have practical ability to prevent the pool manager from directing the pool\u2019s relevant activities and exercising power on its own behalf. The Group has evaluated that it has limited control as the pool manager and is hence an agent in the respective commer-cial pool arrangements. In such arrange-ments, the Group as the pool manager does not consolidate the pools. Instead, the Group only recognises the pool man-agement fees as other operating income. On the balance sheet, the Group recog-nises the pool\u2019s assets and liabilities over which the Group, as pool manager, has legal rights and obligations respectively. This includes all cash balances of the pool as the pool bank accounts are opened in the name of the pool manager; and trade payables (other than those relating to fuel oil) for which contracts are entered into in the name of the pool manager.As the shipowner that places its own vessels in the pools, the Group recognises the gross revenue and voyage expenses earned pertaining to its vessels placed in the pools; and adjustments due to pool allocations recognised separately as \u201cpool allocation\u201d. These adjustments relate to revenue from voyage charters less voyage expenses comprising primarily brokers\u2019 commission, fuel oil and port charges. On the balance sheet, the Group recognises the assets and liabilities over which the Group, as shipowners, has legal rights and obligations respectively. This includes the trade receivables from end charterers for which the contracts are entered into in its own name as shipowners; and fuel oil as inventory and its corresponding payables, as the pool manager purchases fuel oil as an agent on behalf of shipowners based on the contractual terms of the pool agree-ments under the \u201cagent-to-owner\u201d model and the shipowner having the primary responsibility for the fuel oil obligations.During the financial year ended 31 December 2023, the Group changed the Handy Pool, MR Pool, LR1 Pool and LR2 Pool from the \u201cagent-to-owner\u201d model to the \u201cdisponent-owner\u201d model, with the agreement of all pool participants in the respective pool arrangements, as man-agement and the pool participants believe that it would lead to an improvement in op-erating efficiency and access to working capital facilities.For pool arrangements under the \u201cdispo-nent-owner\u201d model (\u201cDisponent-Owner Pools\u201d), the key changes in the Pool Agree-ments from the \u201cagent-to-owner\u201d model are:\u2022 Establishing a time-charter arrangement for the vessels in the Disponent-Owner Pools between the pool participants and the pool manager;\u2022 The pool manager, as the \u201cdispo- nent-owner\u201d of the vessels, has the right to obtain substantially all of the economic benefits from the use of the vessels in the Disponent-Owner Pools, as the pool manager is the contractual and legal entity who charters in vessels from the pool participants and subse- quently charters out the vessels to the external charterers under its own name as the \u201cdisponent-owner\u201d;\u2022 The pool manager, as the \u201cdispo- nent-owner\u201d of the vessels, also has the right to direct the use of the vessels in the Disponent-Owner Pools, including having the right to direct how and for what purpose the vessels will be used;The Group has evaluated that the time-charter arrangement constitutes a lease under IFRS 16 \u2013 Leases to the pool manager of the Disponent-Owner Pools. Management has assessed that the rights conferred from the pool agreements un-der the \u201cdisponent-owner\u201d model provided the pool manager with the control of a directing the pool\u2019s relevant activities and exercising power on its own behalf;\u2022 The Group, as a pool participant in these pool arrangements, does not hold a majority of either the Pool Board of these pool arrangements or composition of the respective pools. The Group has evaluated that it does not have control over the pools in the pool arrangements operated by third parties as a pool participant, and is hence not the principal of these pool arrangements. The Group recognises revenue from these pool arrangements as income based on its portion of the pool income reported by the relevant pool, which represents the net voyage revenue of the vessel after adjusting for pool earnings points, pool management fees and deducting voyage expenses. The accounting policies relating to reve-nue recognition from the vessels placed in these pool arrangements that are man-aged by both the Group and third parties are further described in Note 2.4(a).Identification of Cash-Generating UnitsThe Group organizes the commercial management of the fleet of vessels into seven individual commercial pools: LR1, LR2, MR, Handy, Chemical-MR, Chem-ical-Handy and Specialized. For the financial year ended 31 December 2023 and 2022, there are no Hafnia Vessels or TC Vessels in the Specialized Pool. The Group has assessed that each individual commercial pool constitutes a separate cash-generating unit (\u201cCGU\u201d). This is due right to a service to be performed using the vessels in the Disponent-Owner Pools for which it has control over, for the end charterers. Hence, management has as-sessed that this allows the pool manager to recognise the revenue as a principal in line with IFRS 15 - Revenue from Con-tracts with Customers. In such arrangements, the Group as the pool manager recognises the gross revenue and voyage expenses earned pertaining to the vessels placed by the Group in the Disponent-Owner Pools as \u201cRevenue (Hafnia Vessels and TC Vessels)\u201d and \u201cVoyage expenses (Hafnia Vessels and TC Vessels)\u201d respectively, and adjust-ments due to pool allocations recognised separately as \u201cpool allocation\u201d; the gross revenue and voyage expenses earned pertaining to the external vessels placed by pool participants other than the Group as \u201cRevenue (External Vessels in Dispo-nent-Owner Pools)\u201d and \u201cVoyage expenses (External Vessels in Disponent-Owner Pools)\u201d respectively; and expenses relat-ing to pool distributions to external pool participants other than the Group sepa-rately as \u201cPool distributions for External Vessels in Disponent-Owner Pools\u201d. On the balance sheet, the Group recog-nises the pool\u2019s assets and liabilities over which the Group, as pool manager, has legal rights and obligations respectively. This includes all cash balances of the pool as the pool bank accounts are opened in the name of the pool manager; all trade receivables from end charterers for which contracts are entered into in the name of the pool manager as the \u201cdispo-nent-owner\u201d; the trade payables for which contracts are entered into in the name of the pool manager; and fuel oil as inventory and its corresponding payables, as the pool manager purchases fuel oil as the \u201cdisponent owner\u201d of the vessels based on the contractual terms of the Pool Agreements under the \u201cdisponent-owner\u201d model.For pool arrangements operated by third parties in which the Group\u2019s owned vessels are placed, management has per-formed an assessment to determine if the Group as a pool participant has control over the pools in such arrangements. Indicators that the Group, as a pool par-ticipant, does not have control in the pool arrangements are:\u2022 Based on the pool agreements for these pool arrangements operated by the third-party pool managers, the decisions over the relevant activi- ties of the pool that are determined to significantly affect the pool\u2019s returns are made by the commercial pool man- agers. The pool managers of the respective pool arrangements hold the power to make all significant economic decisions that affect the pools;\u2022 The Pool Board\u2019s power is limited to approval of total costs for each vessel in the respective pools, and approval of any additional working capital financing arrangements required from pool participants;\u2022 The Pool Boards for these pool arrangements do not have the ability to prevent the pool manager from to 1) the vessels in each individual pool generating cashflows that are largely in-terdependent with each other, as the pool arrangements create operational depend-encies between vessels in each segment as the pool manager is able to deploy all the vessels to gain efficiencies for the en-tire fleet of vessels in the pool; 2) the deci-sions of the pool manager are made solely for the benefit of the entire commercial pool and not for individual vessels; and 3) each individual pool is managed on a portfolio basis to optimise performance and for internal and external management reporting. Time-chartered in vessels which are rec-ognised as ROU assets by the Group and subsequently deployed in the commercial pools are included as part of the respec-tive commercial pool CGUs based on the above assessment. For vessels outside the commercial pools and deployed on a time-charter basis, each of these vessels constitutes a separate CGU. (b) Critical Accounting Estimates The key assumptions concerning the future and other critical accounting esti-mates at the end of the reporting period that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. Impairment/ Reversals of impairment of non-financial assets Property, 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-gen-erating unit (\u201cCGU\u201d), is determined based on the higher of fair value less costs to sell and value-in-use calculations prepared on the basis of management\u2019s assumptions and estimates. All impairment calculations demand a high degree of estimation, which include assessments of the expected cash flows arising from such assets under various modes of deployment, and the selec-tion of discount rates. Changes to these estimates may significantly impact the impairment charges recognised, and fu-ture changes may lead to reversals of any previously recognised impairment charg-es. The Group views that the forecast of future freight rates, representing the 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 geopolitics and macroeconomic forces, together with the cyclical nature of freight rates prevailing in the tankers market.Vessel life and residual value The Group depreciates the vessels on a straight-line basis after deduction of residual values over the ship\u2019s estimated useful life of 25 years, from the date the ship was originally delivered from the shipyard. Dry docking costs are generally depreciated over 2.5 to 5 years depend-ing on the age and serviceability of the vessels. Residual value is estimated as the lightweight tonnage of each vessel multiplied by the scrap value. The residual values of the vessels are reassessed by management at the end of each reporting period based on the prevailing and histori-cal steel prices. The useful life and residual value are critical accounting estimates as they directly impact the amount of depreciation expense to be presented in the financial statements. Due to the size of the Group\u2019s fleet of owned vessels, the impact could be material depending on the estimates adopted by Management.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__21": {
"value": "2.3 Critical accounting judgements and estimatesThe preparation of consolidated financial statements in conformity with IFRS re-quires management to exercise its judge-ment in the process of applying the Group\u2019s accounting policies. It also requires the use of certain critical accounting esti-mates and assumptions discussed below.Certain amounts included in or affecting the consolidated financial statements and related 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 impor-tant to the portrayal of the Group\u2019s finan-cial 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 uncer-tain. Management evaluates such esti-mates on an ongoing basis, using historical results and experience, consideration of relevant trends, consultation with experts and other methods considered reasonable in the particular circumstances.(a) Critical Judgements in Applying the Group\u2019s Accounting Policies The following are the critical judgements, apart from those involving estimations (Note 2.3(b)), that management has made in the process of applying the Group\u2019s accounting policies and which have the most significant effect on the amounts recognised in the financial statements. Accounting for Pool Arrangements The Group is involved in three types of commercial pool arrangements: 1) pool arrangements that are managed by the Group under the \u201cagent-to-owner\u201d model, 2) pool arrangements that are managed by the Group under the \u201cdisponent-owner\u201d model (\u201cDisponent-Owner Pools\u201d) and 3) pool arrangements operated by third par-ties in which the Group\u2019s owned vessels are placed. For pool arrangements that are managed by the Group, Hafnia operates as a pool manager for seven commercial pools: \u2022 Long Range II (\u201cLR2\u201d) Pool \u2022 Long Range I (\u201cLR1\u201d) Pool \u2022 Medium range (\u201cMR\u201d) Pool \u2022 Handy size (\u201cHandy\u201d) Pool \u2022 Chemical handy size (\u201cChemical-Handy\u201d) Pool \u2022 Chemical medium range (\u201cChemical-MR\u201d) Pool \u2022 Specialized Pool The pools are managed by Hafnia through its pool management companies that are wholly owned subsidiaries, as the pool manager. There are separate pool agreements entered into between the pool manager and the relevant pool par-ticipants. The pool manager negotiates charters with customers primarily in the spot market, however it may also arrange short duration time charters. The objective of the commercial pool set up is to facilitate the commercial opera-tion, employment, and marketing of the pool\u2019s vessels. This is achieved via the opti-mal utilisation of the pool vessels due to improved scheduling to reduce ballast legs and bulk purchase of goods and services for voyage expenses, thus creating econo-mies of scale, improved flexibility, efficien-cy and price competitiveness. Shipowners contribute their vessels to the pool and the pool is managed by the pool manager under the authority of the Pool Board. For pool arrangements under the \u201cagent-to-owner\u201d model, management has performed a key assessment to determine who is the principal and agent in these pool arrangements. Indicators that the Group, as the pool manager, is an agent in a pool arrangement are: \u2022 Based on the Pool Agreements under the \u201cagent-to-owner\u201d model, the decisions over the relevant activities of the pool that are determined to signifi- cantly affect the pool\u2019s returns are made by the respective Pool Boards, which are represented by pool participants;\u2022 Although the pool manager makes decisions over the day-to-day opera- tions of the pool, the pool manager only acts within the pre-defined mandates and authority limits set by the Pool Board, for which the Pool Board\u2019s approving rights are substantive;\u2022 The decisions of the pool manager are not for the relevant activities of the pool and the pool manager has limited discretion over pricing as the prices are highly dependent on the market published price for charter contracts;\u2022 The pool manager is only given authority to decide on the prices with the objective of efficient pool management; and \u2022 The Pool Board\u2019s decisions have practical ability to prevent the pool manager from directing the pool\u2019s relevant activities and exercising power on its own behalf. The Group has evaluated that it has limited control as the pool manager and is hence an agent in the respective commer-cial pool arrangements. In such arrange-ments, the Group as the pool manager does not consolidate the pools. Instead, the Group only recognises the pool man-agement fees as other operating income. On the balance sheet, the Group recog-nises the pool\u2019s assets and liabilities over which the Group, as pool manager, has legal rights and obligations respectively. This includes all cash balances of the pool as the pool bank accounts are opened in the name of the pool manager; and trade payables (other than those relating to fuel oil) for which contracts are entered into in the name of the pool manager.As the shipowner that places its own vessels in the pools, the Group recognises the gross revenue and voyage expenses earned pertaining to its vessels placed in the pools; and adjustments due to pool allocations recognised separately as \u201cpool allocation\u201d. These adjustments relate to revenue from voyage charters less voyage expenses comprising primarily brokers\u2019 commission, fuel oil and port charges. On the balance sheet, the Group recognises the assets and liabilities over which the Group, as shipowners, has legal rights and obligations respectively. This includes the trade receivables from end charterers for which the contracts are entered into in its own name as shipowners; and fuel oil as inventory and its corresponding payables, as the pool manager purchases fuel oil as an agent on behalf of shipowners based on the contractual terms of the pool agree-ments under the \u201cagent-to-owner\u201d model and the shipowner having the primary responsibility for the fuel oil obligations.During the financial year ended 31 December 2023, the Group changed the Handy Pool, MR Pool, LR1 Pool and LR2 Pool from the \u201cagent-to-owner\u201d model to the \u201cdisponent-owner\u201d model, with the agreement of all pool participants in the respective pool arrangements, as man-agement and the pool participants believe that it would lead to an improvement in op-erating efficiency and access to working capital facilities.For pool arrangements under the \u201cdispo-nent-owner\u201d model (\u201cDisponent-Owner Pools\u201d), the key changes in the Pool Agree-ments from the \u201cagent-to-owner\u201d model are:\u2022 Establishing a time-charter arrangement for the vessels in the Disponent-Owner Pools between the pool participants and the pool manager;\u2022 The pool manager, as the \u201cdispo- nent-owner\u201d of the vessels, has the right to obtain substantially all of the economic benefits from the use of the vessels in the Disponent-Owner Pools, as the pool manager is the contractual and legal entity who charters in vessels from the pool participants and subse- quently charters out the vessels to the external charterers under its own name as the \u201cdisponent-owner\u201d;\u2022 The pool manager, as the \u201cdispo- nent-owner\u201d of the vessels, also has the right to direct the use of the vessels in the Disponent-Owner Pools, including having the right to direct how and for what purpose the vessels will be used;The Group has evaluated that the time-charter arrangement constitutes a lease under IFRS 16 \u2013 Leases to the pool manager of the Disponent-Owner Pools. Management has assessed that the rights conferred from the pool agreements un-der the \u201cdisponent-owner\u201d model provided the pool manager with the control of a directing the pool\u2019s relevant activities and exercising power on its own behalf;\u2022 The Group, as a pool participant in these pool arrangements, does not hold a majority of either the Pool Board of these pool arrangements or composition of the respective pools. The Group has evaluated that it does not have control over the pools in the pool arrangements operated by third parties as a pool participant, and is hence not the principal of these pool arrangements. The Group recognises revenue from these pool arrangements as income based on its portion of the pool income reported by the relevant pool, which represents the net voyage revenue of the vessel after adjusting for pool earnings points, pool management fees and deducting voyage expenses. The accounting policies relating to reve-nue recognition from the vessels placed in these pool arrangements that are man-aged by both the Group and third parties are further described in Note 2.4(a).Identification of Cash-Generating UnitsThe Group organizes the commercial management of the fleet of vessels into seven individual commercial pools: LR1, LR2, MR, Handy, Chemical-MR, Chem-ical-Handy and Specialized. For the financial year ended 31 December 2023 and 2022, there are no Hafnia Vessels or TC Vessels in the Specialized Pool. The Group has assessed that each individual commercial pool constitutes a separate cash-generating unit (\u201cCGU\u201d). This is due right to a service to be performed using the vessels in the Disponent-Owner Pools for which it has control over, for the end charterers. Hence, management has as-sessed that this allows the pool manager to recognise the revenue as a principal in line with IFRS 15 - Revenue from Con-tracts with Customers. In such arrangements, the Group as the pool manager recognises the gross revenue and voyage expenses earned pertaining to the vessels placed by the Group in the Disponent-Owner Pools as \u201cRevenue (Hafnia Vessels and TC Vessels)\u201d and \u201cVoyage expenses (Hafnia Vessels and TC Vessels)\u201d respectively, and adjust-ments due to pool allocations recognised separately as \u201cpool allocation\u201d; the gross revenue and voyage expenses earned pertaining to the external vessels placed by pool participants other than the Group as \u201cRevenue (External Vessels in Dispo-nent-Owner Pools)\u201d and \u201cVoyage expenses (External Vessels in Disponent-Owner Pools)\u201d respectively; and expenses relat-ing to pool distributions to external pool participants other than the Group sepa-rately as \u201cPool distributions for External Vessels in Disponent-Owner Pools\u201d. On the balance sheet, the Group recog-nises the pool\u2019s assets and liabilities over which the Group, as pool manager, has legal rights and obligations respectively. This includes all cash balances of the pool as the pool bank accounts are opened in the name of the pool manager; all trade receivables from end charterers for which contracts are entered into in the name of the pool manager as the \u201cdispo-nent-owner\u201d; the trade payables for which contracts are entered into in the name of the pool manager; and fuel oil as inventory and its corresponding payables, as the pool manager purchases fuel oil as the \u201cdisponent owner\u201d of the vessels based on the contractual terms of the Pool Agreements under the \u201cdisponent-owner\u201d model.For pool arrangements operated by third parties in which the Group\u2019s owned vessels are placed, management has per-formed an assessment to determine if the Group as a pool participant has control over the pools in such arrangements. Indicators that the Group, as a pool par-ticipant, does not have control in the pool arrangements are:\u2022 Based on the pool agreements for these pool arrangements operated by the third-party pool managers, the decisions over the relevant activi- ties of the pool that are determined to significantly affect the pool\u2019s returns are made by the commercial pool man- agers. The pool managers of the respective pool arrangements hold the power to make all significant economic decisions that affect the pools;\u2022 The Pool Board\u2019s power is limited to approval of total costs for each vessel in the respective pools, and approval of any additional working capital financing arrangements required from pool participants;\u2022 The Pool Boards for these pool arrangements do not have the ability to prevent the pool manager from to 1) the vessels in each individual pool generating cashflows that are largely in-terdependent with each other, as the pool arrangements create operational depend-encies between vessels in each segment as the pool manager is able to deploy all the vessels to gain efficiencies for the en-tire fleet of vessels in the pool; 2) the deci-sions of the pool manager are made solely for the benefit of the entire commercial pool and not for individual vessels; and 3) each individual pool is managed on a portfolio basis to optimise performance and for internal and external management reporting. Time-chartered in vessels which are rec-ognised as ROU assets by the Group and subsequently deployed in the commercial pools are included as part of the respec-tive commercial pool CGUs based on the above assessment. For vessels outside the commercial pools and deployed on a time-charter basis, each of these vessels constitutes a separate CGU. (b) Critical Accounting Estimates The key assumptions concerning the future and other critical accounting esti-mates at the end of the reporting period that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below. Impairment/ Reversals of impairment of non-financial assets Property, 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-gen-erating unit (\u201cCGU\u201d), is determined based on the higher of fair value less costs to sell and value-in-use calculations prepared on the basis of management\u2019s assumptions and estimates. All impairment calculations demand a high degree of estimation, which include assessments of the expected cash flows arising from such assets under various modes of deployment, and the selec-tion of discount rates. Changes to these estimates may significantly impact the impairment charges recognised, and fu-ture changes may lead to reversals of any previously recognised impairment charg-es. The Group views that the forecast of future freight rates, representing the 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 geopolitics and macroeconomic forces, together with the cyclical nature of freight rates prevailing in the tankers market.Vessel life and residual value The Group depreciates the vessels on a straight-line basis after deduction of residual values over the ship\u2019s estimated useful life of 25 years, from the date the ship was originally delivered from the shipyard. Dry docking costs are generally depreciated over 2.5 to 5 years depend-ing on the age and serviceability of the vessels. Residual value is estimated as the lightweight tonnage of each vessel multiplied by the scrap value. The residual values of the vessels are reassessed by management at the end of each reporting period based on the prevailing and histori-cal steel prices. The useful life and residual value are critical accounting estimates as they directly impact the amount of depreciation expense to be presented in the financial statements. Due to the size of the Group\u2019s fleet of owned vessels, the impact could be material depending on the estimates adopted by Management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__23": {
"value": "2.4 Revenue and Income Recognition Revenue comprises the fair value of consideration received or receivable for the rendering of services in the ordinary course of the Group\u2019s activities, net of re-bates, discounts and off-hire charges, and after eliminating sales within the Group.(a) Revenue The Group\u2019s source of revenue is vessel revenue, comprising of time charter hire, voyage charter hire and demurrage rev-enue. Revenue is recognized when or as performance obligations are satisfied by transferring services to the customer, i.e. over time, provided that the stage of com-pletion can be measured reliably. Revenue is measured as the consideration that the Group expects to be entitled to. Vessel revenue (including time charter hire, voy-age charter hire and demurrage revenue) are recognised in the Consolidated State-ment of Comprehensive Income accord-ing to the entered charter parties from the date of load to the date of delivery of the cargo (discharge). The recognition is determined using the load-to-discharge method based on the percentage of the estimated duration of the voyage com-pleted at the reporting date because the customer receives the benefit during the voyage as it is provided.Time charter hire - The Group earns time charter revenue as a lessor by placing its vessels on time charter arrangements with end charterers. Revenue generated from time charter hire is accounted for as revenue earned under operating leases and is therefore within the scope of IFRS 16 \u2013 Leases, as issued by the Internation-al Accounting Standards Board. IFRS 16 amended the definition of what constitutes a lease to be a contract that conveys the right to control the use of an identified asset if the lessee has both (i) the right to obtain substantially all of the economic benefits from the use of the identified asset, and (ii) the right to direct the use of the identified asset throughout the period of use. We have determined that our exist-ing time charter arrangements meet the definition of leases under IFRS 16, with the Group as lessor, on the basis that the charterer manages the vessels in order to enter into transportation contracts with their customers, and thereby enjoys the economic benefits derived from such ar-rangements. Furthermore, the charterer can direct the use of a vessel (subject to certain limitations in the charter arrange-ment) throughout the period of use.Moreover, under IFRS 16, we are also required to identify the lease and non-lease components of revenue and account for each component in accordance with the applicable accounting standard. In the time charter arrangements, we have determined that the lease component is the vessel, and the non-lease component is the technical management services provided to operate the vessel. These components are accounted for as follows:\u2022 All fixed lease revenue earned under these time charter arrangements is recognized on a straight-line basis over the term of the lease.\u2022 The non-lease component is accounted for as services revenue under IFRS 15 - Revenue from Contracts with Custom- ers. This revenue is recognized \u201cover time\u201d as the customer (i.e. the char- terer) is simultaneously receiving and consuming the benefits of the service. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us.Voyage charter hire - The Group earns voyage charter revenue primarily by commercially managing vessels in commercial pool arrangements and by trading them in the spot market. Revenue generated from voyage charter hires and pools is within the scope of IFRS 15 - Revenue from Contracts with Customers, as issued by the International Account-ing Standards Board. IFRS 15 replaced the pre-existing accounting standards for revenue recognition and is based on principles that govern the recognition of assessed that it does not have control over the pools in such arrangements as a pool participant, as described in Note 2.3(a). The Group recognises revenue from these pool arrangements as income based on its portion of the pool income reported by the relevant pool, which represents the net voyage revenue of the vessel after adjust-ing for pool earnings points, pool manage-ment fees and deducting voyage expenses. Demurrage revenue \u2013 Voyage charter contracts contain conditions regarding the amount of time available for loading and discharging of the vessel. If these conditions are breached, the Group is compensated for the additional time in-curred in the form of demurrage revenue. Demurrage revenue is recognised in accordance with the terms and conditions of the charter parties. Upon completion of the voyage, the Group assesses the time spent in port, and a demurrage claim based on the relevant contractual condi-tions is submitted to the charterers. The claim will often be met by counterclaims due to differences in the interpretation of the agreement compared to the actual circumstances of the additional time used. Based on previous experience, 95% of the demurrage claim submitted is recog-nised as demurrage revenue upon initial recognition. Demurrage is not treated as a separate performance obligation as the promise under the voyage charter con-tract to the charterer remains the same and there are no distinct goods and ser-vices provided along with the demurrage charges. The additional time required to execute the charterer\u2019s orders does not revenue at an amount an entity expects to be entitled when products or services are transferred to customers.As mentioned above in Note 2.3(a), the Group is involved in three types of commercial pool arrangements: 1) pool arrangements that are managed by the Group under the \u201cagent-to-owner\u201d model, 2) pool arrangements that are managed by the Group under the \u201cdisponent-owner\u201d model (\u201cDisponent-Owner Pools\u201d) and 3) pool arrangements operated by third par-ties in which the Group\u2019s owned vessels are placed.For 1) pool arrangements that are man-aged by the Group under the \u201cagent-to-owner\u201d model, management has assessed that it has limited rights as the pool manager as described in Note 2.3(a), and is hence an agent in the respective com-mercial pool arrangements. The Group as the pool manager recognises the pool management fees as other operating income over time based on the period of services provided; while as a shipowner, recognises the gross revenue and voyage expenses earned pertaining to its vessels placed in the pools, and the adjustments due to pool allocations (based on pool points and other trading criteria such as ice trading) separately as pool allocation. For the 2) Disponent-Owner Pools that are managed by the Group, management has assessed that the time-charter arrangement for the vessels in these pool arrangements between the pool partici-pants and the pool manager constitutes a lease under IFRS 16. Correspondingly, management has assessed that the rights conferred from the pool agreements un-der the \u201cdisponent-owner\u201d model provided the pool manager with the control of a right to a service to be performed using the vessels in the Disponent-Owner Pools for the end charterers and hence allowing the pool manager to recognise the rev-enue as a principal in line with IFRS 15 - Revenue from Contracts with Customers.The Group as the pool manager recognis-es the gross revenue and voyage expens-es earned pertaining to the vessels placed by the Group in the Disponent-Owner Pools as \u201cRevenue (Hafnia Vessels and TC Vessels)\u201d and \u201cVoyage expenses (Hafnia Vessels and TC Vessels)\u201d respectively, and adjustments due to pool allocations rec-ognised separately as \u201cpool allocation\u201d; the gross revenue and voyage expenses earned pertaining to the external vessels placed by pool participants other than the Group as \u201cRevenue (External Vessels in Disponent-Owner Pools)\u201d and \u201cVoyage expenses (External Vessels in Dispo-nent-Owner Pools)\u201d respectively; and expenses relating to pool distributions to external pool participants other than the Group separately as \u201cPool distributions for External Vessels in Disponent-Owner Pools\u201d; and continues to recognise the pool management fees as other operating income over time based on the period of services provided.For 3) pool arrangements operated by third parties in which the Group\u2019s owned vessels are placed, management has provide a distinct service but it is part of the single performance obligation of making the vessel available to execute the charterer\u2019s orders. Therefore, demur-rage revenue will be allocated entirely to the single performance obligation in the voyage charter contract and recog-nition will follow the revenue recognition pattern for voyage charter revenue on load-to-discharge basis.The Group receives the demurrage payment upon reaching final agreement on the amount, which could be up to approximately 100 days after the original demurrage claim was submitted. Any adjustments to the final agreement are recognized as demurrage revenue.Revenue from chemical tankers freight voyage charter is recognised under the load to discharge method on individual contract basis.(b) Non-Pool related Management FeesOther income from the provision of man-agement support services is recognised over time based on the period of services provided.(c) Interest IncomeInterest income is recognised on an accrual basis using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__24": {
"value": "(b) Non-Pool related Management FeesOther income from the provision of man-agement support services is recognised over time based on the period of services provided.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__26": {
"value": "(c) Interest IncomeInterest income is recognised on an accrual basis using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__25": {
"value": "(c) Interest IncomeInterest income is recognised on an accrual basis using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__27": {
"value": "2.5 Group Accounting(a) Subsidiaries(1) ConsolidationSubsidiaries are entities over which the Group has control. The Group controls an entity when the Group is exposed to, or hasrights to, variable returns from its involve-ment with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidat-ed from the date on which control is trans-ferred to the Group. They are deconsolidat-ed from the date that control ceases.In preparing the consolidated financial statements, transactions, balances and unrealised gains on transactions between group companies are eliminated. Unre-alised losses are also eliminated but are considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been aligned where necessary to ensure consistency with the policies adopted by the Group.(2) AcquisitionsThe 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 carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-meas-ured to fair value at the acquisition date, and any gains or losses arising from such re-measurement are recognised in profit or loss. Acquisition-related costs are expensed as incurred.Identifiable assets acquired and liabilities 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-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest\u2019s proportionate 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 previous 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 iden-tifiable assets acquired over the (ii) con-sideration 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 loss during 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 liabilities assumed) that does not constitute a busi-ness, then the transaction is outside the scope of IFRS 3 because it cannot meet the definition of a business combination. Such transactions are accounted for as asset acquisitions in which the cost of acquisition is generally allocated between the individual identifiable assets and liabilities in the Group based on their rel-ative fair values at the date of acquisition. Transactions for assets acquisition do not give rise to goodwill or a gain on a bargain purchase.(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 de-recognised. Amounts pre-viously recognised in other comprehensive income in respect of that entity are also reclassified to profit or loss or transferred directly to retained earnings if required by a specific standard.Any retained interest in the entity is re-measured at fair value. The difference between the carrying amount of the re-tained interest at the date when control is lost and its fair value is recognised in profit or loss.(b) Associated Companies and Joint Ventures Associated 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 rights of 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 accumulated impairment losses). The acquisition method of accounting is used to account for new and incremental acquisitions in associated companies and joint ventures. Investments in associated companies and joint ventures are initially recognised at cost. The cost of an acquisition is meas-ured at the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of ex-change, 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 associ-ated 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 assets and 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 account-ing, the Group\u2019s share of its associated companies\u2019 and joint ventures\u2019 post-ac-quisition profits or losses is recognised in profit or loss and its share of post-ac-quisition other comprehensive income is recognised in other comprehensive income. These post-acquisition movementsand distributions received from associatedcompanies and joint ventures are adjusted against the carrying amount of the invest-ments. When the Group\u2019s share of losses in an associated company or joint venture equals or exceeds its interest in the asso-ciated company or joint venture including any other unsecured non-current receiva-bles, the Group does not recognise further losses, unless it has incurred obligations or has made payments on behalf of the associated company or joint venture.Unrealised gains on transactions between the Group and its associated compa-nies and joint ventures are eliminated to the extent of the Group\u2019s interest in the associated companies and joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary, adjustments 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 influence or joint control is lost and its fair value is recognised in profit or loss. Gains and losses arising from partial disposals or dilutions in investments in associated companies and joint ventures in which significant influence or joint control is retained are recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__28": {
"value": "(a) Subsidiaries(1) ConsolidationSubsidiaries are entities over which the Group has control. The Group controls an entity when the Group is exposed to, or hasrights to, variable returns from its involve-ment with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidat-ed from the date on which control is trans-ferred to the Group. They are deconsolidat-ed from the date that control ceases.In preparing the consolidated financial statements, transactions, balances and unrealised gains on transactions between group companies are eliminated. Unre-alised losses are also eliminated but are considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been aligned where necessary to ensure consistency with the policies adopted by the Group.(2) AcquisitionsThe 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 carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-meas-ured to fair value at the acquisition date, and any gains or losses arising from such re-measurement are recognised in profit or loss. Acquisition-related costs are expensed as incurred.Identifiable assets acquired and liabilities 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-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest\u2019s proportionate 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 previous 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 iden-tifiable assets acquired over the (ii) con-sideration 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 loss during 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 liabilities assumed) that does not constitute a busi-ness, then the transaction is outside the scope of IFRS 3 because it cannot meet the definition of a business combination. Such transactions are accounted for as asset acquisitions in which the cost of acquisition is generally allocated between the individual identifiable assets and liabilities in the Group based on their rel-ative fair values at the date of acquisition. Transactions for assets acquisition do not give rise to goodwill or a gain on a bargain purchase.(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 de-recognised. Amounts pre-viously recognised in other comprehensive income in respect of that entity are also reclassified to profit or loss or transferred directly to retained earnings if required by a specific standard.Any retained interest in the entity is re-measured at fair value. The difference between the carrying amount of the re-tained interest at the date when control is lost and its fair value is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__31": {
"value": "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 carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-meas-ured to fair value at the acquisition date, and any gains or losses arising from such re-measurement are recognised in profit or loss. Acquisition-related costs are expensed as incurred.Identifiable assets acquired and liabilities 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-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest\u2019s proportionate 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 previous 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 iden-tifiable assets acquired over the (ii) con-sideration 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 loss during 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 liabilities assumed) that does not constitute a busi-ness, then the transaction is outside the scope of IFRS 3 because it cannot meet the definition of a business combination. Such transactions are accounted for as asset acquisitions in which the cost of acquisition is generally allocated between the individual identifiable assets and liabilities in the Group based on their rel-ative fair values at the date of acquisition. Transactions for assets acquisition do not give rise to goodwill or a gain on a bargain purchase.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__30": {
"value": "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 carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-meas-ured to fair value at the acquisition date, and any gains or losses arising from such re-measurement are recognised in profit or loss. Acquisition-related costs are expensed as incurred.Identifiable assets acquired and liabilities 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-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest\u2019s proportionate 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 previous 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 iden-tifiable assets acquired over the (ii) con-sideration 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 loss during 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 liabilities assumed) that does not constitute a busi-ness, then the transaction is outside the scope of IFRS 3 because it cannot meet the definition of a business combination. Such transactions are accounted for as asset acquisitions in which the cost of acquisition is generally allocated between the individual identifiable assets and liabilities in the Group based on their rel-ative fair values at the date of acquisition. Transactions for assets acquisition do not give rise to goodwill or a gain on a bargain purchase.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__29": {
"value": "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 carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-meas-ured to fair value at the acquisition date, and any gains or losses arising from such re-measurement are recognised in profit or loss. Acquisition-related costs are expensed as incurred.Identifiable assets acquired and liabilities 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-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest\u2019s proportionate 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 previous 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 iden-tifiable assets acquired over the (ii) con-sideration 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 loss during 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 liabilities assumed) that does not constitute a busi-ness, then the transaction is outside the scope of IFRS 3 because it cannot meet the definition of a business combination. Such transactions are accounted for as asset acquisitions in which the cost of acquisition is generally allocated between the individual identifiable assets and liabilities in the Group based on their rel-ative fair values at the date of acquisition. Transactions for assets acquisition do not give rise to goodwill or a gain on a bargain purchase.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__34": {
"value": "(b) Associated Companies and Joint Ventures Associated 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 rights of 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 accumulated impairment losses). The acquisition method of accounting is used to account for new and incremental acquisitions in associated companies and joint ventures. Investments in associated companies and joint ventures are initially recognised at cost. The cost of an acquisition is meas-ured at the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of ex-change, 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 associ-ated 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 assets and 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 account-ing, the Group\u2019s share of its associated companies\u2019 and joint ventures\u2019 post-ac-quisition profits or losses is recognised in profit or loss and its share of post-ac-quisition other comprehensive income is recognised in other comprehensive income. These post-acquisition movementsand distributions received from associatedcompanies and joint ventures are adjusted against the carrying amount of the invest-ments. When the Group\u2019s share of losses in an associated company or joint venture equals or exceeds its interest in the asso-ciated company or joint venture including any other unsecured non-current receiva-bles, the Group does not recognise further losses, unless it has incurred obligations or has made payments on behalf of the associated company or joint venture.Unrealised gains on transactions between the Group and its associated compa-nies and joint ventures are eliminated to the extent of the Group\u2019s interest in the associated companies and joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary, adjustments 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 influence or joint control is lost and its fair value is recognised in profit or loss. Gains and losses arising from partial disposals or dilutions in investments in associated companies and joint ventures in which significant influence or joint control is retained are recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__33": {
"value": "(b) Associated Companies and Joint Ventures Associated 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 rights of 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 accumulated impairment losses). The acquisition method of accounting is used to account for new and incremental acquisitions in associated companies and joint ventures. Investments in associated companies and joint ventures are initially recognised at cost. The cost of an acquisition is meas-ured at the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of ex-change, 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 associ-ated 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 assets and 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 account-ing, the Group\u2019s share of its associated companies\u2019 and joint ventures\u2019 post-ac-quisition profits or losses is recognised in profit or loss and its share of post-ac-quisition other comprehensive income is recognised in other comprehensive income. These post-acquisition movementsand distributions received from associatedcompanies and joint ventures are adjusted against the carrying amount of the invest-ments. When the Group\u2019s share of losses in an associated company or joint venture equals or exceeds its interest in the asso-ciated company or joint venture including any other unsecured non-current receiva-bles, the Group does not recognise further losses, unless it has incurred obligations or has made payments on behalf of the associated company or joint venture.Unrealised gains on transactions between the Group and its associated compa-nies and joint ventures are eliminated to the extent of the Group\u2019s interest in the associated companies and joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary, adjustments 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 influence or joint control is lost and its fair value is recognised in profit or loss. Gains and losses arising from partial disposals or dilutions in investments in associated companies and joint ventures in which significant influence or joint control is retained are recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__32": {
"value": "(b) Associated Companies and Joint Ventures Associated 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 rights of 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 accumulated impairment losses). The acquisition method of accounting is used to account for new and incremental acquisitions in associated companies and joint ventures. Investments in associated companies and joint ventures are initially recognised at cost. The cost of an acquisition is meas-ured at the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of ex-change, 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 associ-ated 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 assets and 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 account-ing, the Group\u2019s share of its associated companies\u2019 and joint ventures\u2019 post-ac-quisition profits or losses is recognised in profit or loss and its share of post-ac-quisition other comprehensive income is recognised in other comprehensive income. These post-acquisition movementsand distributions received from associatedcompanies and joint ventures are adjusted against the carrying amount of the invest-ments. When the Group\u2019s share of losses in an associated company or joint venture equals or exceeds its interest in the asso-ciated company or joint venture including any other unsecured non-current receiva-bles, the Group does not recognise further losses, unless it has incurred obligations or has made payments on behalf of the associated company or joint venture.Unrealised gains on transactions between the Group and its associated compa-nies and joint ventures are eliminated to the extent of the Group\u2019s interest in the associated companies and joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Where necessary, adjustments 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 influence or joint control is lost and its fair value is recognised in profit or loss. Gains and losses arising from partial disposals or dilutions in investments in associated companies and joint ventures in which significant influence or joint control is retained are recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__35": {
"value": "2.6 Property, Plant and Equipment(a) Measurement(1) Property, plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated depreci-ation 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 a consequence of acquiring the asset. (3) The acquisition cost capitalised to a vessel under construction is the sum of the instalments paid plus other directly attributable costs incurred during the construction period including borrowing costs. Vessels under construction are not depreciated and reclassified as vessels until 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 depreciable amounts of property, plant and equipment, after taking into account the residual values over their estimated useful lives. The residual values, estimat-ed 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 estimated useful lives are as follows: Vessels \u2022 Tankers 25 years \u2022 Scrubbers 5 years \u2022 Dry docking 2.5 to 5 years Others \u2022 Other PPE 5 years A proportion of the price paid for new vessels is capitalised as dry docking. These costs are depreciated over the period to the next scheduled dry docking, which is generally 2.5 to 5 years. At the commencement of new dry docking, the remaining carrying amount of the previ-ous dry docking will be written off to profit or loss.(2) Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. The remaining carrying amount of the old component as a result of a replacement will be written off to profit or loss.(c) Subsequent Expenditure Subsequent expenditure relating to property, plant and equipment, includ-ing scrubbers and dry docking that has already been recognised, is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repair and maintenance expense is recognised in profit or loss when incurred.(d) Disposal On disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying amount is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__37": {
"value": "(b) Depreciation (1) Depreciation is calculated using a straight-line method to allocate the depreciable amounts of property, plant and equipment, after taking into account the residual values over their estimated useful lives. The residual values, estimat-ed 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 estimated useful lives are as follows: Vessels \u2022 Tankers 25 years \u2022 Scrubbers 5 years \u2022 Dry docking 2.5 to 5 years Others \u2022 Other PPE 5 years A proportion of the price paid for new vessels is capitalised as dry docking. These costs are depreciated over the period to the next scheduled dry docking, which is generally 2.5 to 5 years. At the commencement of new dry docking, the remaining carrying amount of the previ-ous dry docking will be written off to profit or loss.(2) Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. The remaining carrying amount of the old component as a result of a replacement will be written off to profit or loss.(c) Subsequent Expenditure Subsequent expenditure relating to property, plant and equipment, includ-ing scrubbers and dry docking that has already been recognised, is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repair and maintenance expense is recognised in profit or loss when incurred.(d) Disposal On disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying amount is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__36": {
"value": "(b) Depreciation (1) Depreciation is calculated using a straight-line method to allocate the depreciable amounts of property, plant and equipment, after taking into account the residual values over their estimated useful lives. The residual values, estimat-ed 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 estimated useful lives are as follows: Vessels \u2022 Tankers 25 years \u2022 Scrubbers 5 years \u2022 Dry docking 2.5 to 5 years Others \u2022 Other PPE 5 years A proportion of the price paid for new vessels is capitalised as dry docking. These costs are depreciated over the period to the next scheduled dry docking, which is generally 2.5 to 5 years. At the commencement of new dry docking, the remaining carrying amount of the previ-ous dry docking will be written off to profit or loss.(2) Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. The remaining carrying amount of the old component as a result of a replacement will be written off to profit or loss.(c) Subsequent Expenditure Subsequent expenditure relating to property, plant and equipment, includ-ing scrubbers and dry docking that has already been recognised, is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repair and maintenance expense is recognised in profit or loss when incurred.(d) Disposal On disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying amount is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__38": {
"value": "(c) Subsequent Expenditure Subsequent expenditure relating to property, plant and equipment, includ-ing scrubbers and dry docking that has already been recognised, is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repair and maintenance expense is recognised in profit or loss when incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__39": {
"value": "(d) Disposal On disposal of an item of property, plant and equipment, the difference between the net disposal proceeds and its carrying amount is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__40": {
"value": "2.7 Intangible Assets The amortisation period and amortisation method of intangible assets other than goodwill are reviewed at least at each balance sheet date. The effects of any revision are recognised in profit or loss when the changes arise. IT infrastructure and customer contracts IT infrastructure and customer contracts acquired through business combinations are initially recognised at fair value. These intangibles are subsequently car-ried at amortised cost 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__42-1": {
"value": "2.8 Non-Derivative Financial Assets(a) Recognition and Initial Measurement Trade receivables are initially recognised when they are originated. Other financial assets are recognised when the Group becomes a party to the contractual provi-sions of 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 recog-nised at fair value. Transaction costs for financial assets at FVTPL are recognised immediately as expenses.(b) Classification The Group classifies its non-derivative financial assets at amortised cost, at fair value through other comprehensive income (\u201cFVOCI\u201d) and at FVTPL. The clas-sification depends on the business model in which a financial asset is managed and its contractual cash flows characteristics. Management determines the classification of its non-derivative financial assets at initial recognition. Non-derivative financialassets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected non-derivative financial assets are reclas-sified on the first day of the first reporting period following the change in the busi-ness model. The Group holds the following classes of financial assets: (1) Non-Derivative Financial Assets at Amor-tised cost A non-derivative financial asset is clas-sified as measured 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 spec-ified dates to cash flows that are solely payments of principal and interest 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 presented as \u201ctrade and other receivables\u201c (Note 16), \u201cloans receivable from joint venture\u201d(Note 13) and \u201ccash at bank and on hand, cash retained in the commercial pools and restricted cash\u201d (Note 17) in the consoli-dated balance sheet.(2) Equity Investments at FVOCI On 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 other comprehensive income. This election is made on an invest-ment-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 management intends to dispose the assets within 12 months after the balance sheet date. All the equity investments have been irrev-ocably elected to be classified as FVOCI and are presented as other investments. Further details are described in Note 11. (3) Non-Derivative Financial Assets at FVTPL All non-derivative financial assets not classified as at amortised cost and OCI. (c) Business Model Assessment The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is 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, main- taining a particular interest rate profile, matching the duration of the financial 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 policies 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 assets held within that business model) and how those risks are managed; \u2022 how managers of the business are compensated \u2013 e.g. whether compen- sation 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 parties in transactions that do not qualify for de-recognition are not considered sales for this purpose, consistent with the Group\u2019s continuing recognition of the assets.(d) Subsequent Measurement Financial assets at FVTPL and FVOCI are subsequently carried at fair value. Finan-cial assets at amortised cost are subse-quently carried at amortised cost using the effective interest method. Changes in the fair values of financial as-sets at FVTPL including the effects of cur-rency translation are recognised in profit or loss while changes in the fair values of financial assets at FVOCI are recognised in other comprehensive income.(e) Derecognition of Financial Assets Financial assets are de-recognised when the contractual rights to the cash flows from the financial asset expire, or it trans-fers the rights to receive the contractual cash-flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.(f) Offsetting Financial Instruments Financial assets and liabilities are offset, and the net amount reported in the consol-idated balance sheet, when there is a legal-ly enforceable right to offset the recog-nised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.(g) Impairment For financial assets measured at amor-tised cost and contract assets, the Group assesses at 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 recog-nition. If the credit risk has not increased 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 con-tractual period over which the Group is exposed to credit risk.For trade receivables and contract assets, the Group applied the simplified approach permitted by IFRS 9, which re-quires the loss allowance to be measured at an amount equal to lifetime ECLs.The Group applies the general approach to provide for ECLs on all other financial instruments. Under the general ap-proach, the loss allowance is measured at an amount equal to 12-month ECLs at initial recognition.At each reporting date, the Group assess-es whether the credit risk of a financial instrument 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 esti-mates 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 effective interest rate of the financial asset.Credit-Impaired Financial AssetsAt each reporting date, the Group as-sesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimen-tal impact on the estimated future cash flows of the financial asset have occurred.Evidence that a financial asset is cred-it-impaired includes the following observ-able data:\u2022 significant financial difficulty of the debtor;\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 reorgani- sation; 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 measured at amortised cost and contract assets are deducted from the gross car-rying amount of these assets.When determining whether the credit risk of a financial asset has increased signif-icantly since initial recognition and when estimating ECLs, the Group considers rea-sonable and supportable information that is relevant and available without undue cost or effort. This includes both quan-titative and qualitative information and analysis, based on the Group\u2019s historical experience, informed credit assessment and other forward-looking information. The Group assumes that the credit risk on a financial asset has increased signifi-cantly if the debtor is under significant financial difficulties, or when there is de-fault or significant delay in payments. The Group considers a 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 ac-count. Subsequent recoveries of amounts previously 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 de-crease can be objectively measured. The carrying amount of the asset previously impaired is increased to the extent that the new carrying amount does not exceed the amortised cost had no impairment been recognised in prior periods.2.9 Non-Derivative Liabilities Non-derivative financial liabilities are classified and measured at amortised cost. Directly attributable transaction costs are recognised in profit or loss as incurred. The Group de-recognises a financial liability when its contractual obligations are discharged, cancelled, or expired. The Group also de-recognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modi-fied terms is recognised at fair value. On de-recognition of a financial liabili-ty, the difference between the carrying amount extinguished and the considera-tion paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. Interest Rate Benchmark Reform When the basis for determining the con-tractual cash flows of a financial asset or financial liability measured at amortised cost changed as a result of interest rate benchmark reform, the Group updated the effective interest rate of the financial asset or financial liability to reflect the change that is required by the reform. No immediate gain or loss was recognised. 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 - i.e. the basis immediately before the change. When changes were made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash flows required by in-terest rate benchmark reform, the Group first updated the effective interest rate of the financial asset or financial liability to reflect the change that was required by interest rate benchmark reform. After that, the Group applied the policies on ac-counting for modifications to the addition-al changes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__41": {
"value": "2.8 Non-Derivative Financial Assets(a) Recognition and Initial Measurement Trade receivables are initially recognised when they are originated. Other financial assets are recognised when the Group becomes a party to the contractual provi-sions of 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 recog-nised at fair value. Transaction costs for financial assets at FVTPL are recognised immediately as expenses.(b) Classification The Group classifies its non-derivative financial assets at amortised cost, at fair value through other comprehensive income (\u201cFVOCI\u201d) and at FVTPL. The clas-sification depends on the business model in which a financial asset is managed and its contractual cash flows characteristics. Management determines the classification of its non-derivative financial assets at initial recognition. Non-derivative financialassets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected non-derivative financial assets are reclas-sified on the first day of the first reporting period following the change in the busi-ness model. The Group holds the following classes of financial assets: (1) Non-Derivative Financial Assets at Amor-tised cost A non-derivative financial asset is clas-sified as measured 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 spec-ified dates to cash flows that are solely payments of principal and interest 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 presented as \u201ctrade and other receivables\u201c (Note 16), \u201cloans receivable from joint venture\u201d(Note 13) and \u201ccash at bank and on hand, cash retained in the commercial pools and restricted cash\u201d (Note 17) in the consoli-dated balance sheet.(2) Equity Investments at FVOCI On 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 other comprehensive income. This election is made on an invest-ment-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 management intends to dispose the assets within 12 months after the balance sheet date. All the equity investments have been irrev-ocably elected to be classified as FVOCI and are presented as other investments. Further details are described in Note 11. (3) Non-Derivative Financial Assets at FVTPL All non-derivative financial assets not classified as at amortised cost and OCI. (c) Business Model Assessment The Group makes an assessment of the objective of the business model in which a financial asset is held at a portfolio level because this best reflects the way the business is 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, main- taining a particular interest rate profile, matching the duration of the financial 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 policies 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 assets held within that business model) and how those risks are managed; \u2022 how managers of the business are compensated \u2013 e.g. whether compen- sation 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 parties in transactions that do not qualify for de-recognition are not considered sales for this purpose, consistent with the Group\u2019s continuing recognition of the assets.(d) Subsequent Measurement Financial assets at FVTPL and FVOCI are subsequently carried at fair value. Finan-cial assets at amortised cost are subse-quently carried at amortised cost using the effective interest method. Changes in the fair values of financial as-sets at FVTPL including the effects of cur-rency translation are recognised in profit or loss while changes in the fair values of financial assets at FVOCI are recognised in other comprehensive income.(e) Derecognition of Financial Assets Financial assets are de-recognised when the contractual rights to the cash flows from the financial asset expire, or it trans-fers the rights to receive the contractual cash-flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.(f) Offsetting Financial Instruments Financial assets and liabilities are offset, and the net amount reported in the consol-idated balance sheet, when there is a legal-ly enforceable right to offset the recog-nised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.(g) Impairment For financial assets measured at amor-tised cost and contract assets, the Group assesses at 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 recog-nition. If the credit risk has not increased 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 con-tractual period over which the Group is exposed to credit risk.For trade receivables and contract assets, the Group applied the simplified approach permitted by IFRS 9, which re-quires the loss allowance to be measured at an amount equal to lifetime ECLs.The Group applies the general approach to provide for ECLs on all other financial instruments. Under the general ap-proach, the loss allowance is measured at an amount equal to 12-month ECLs at initial recognition.At each reporting date, the Group assess-es whether the credit risk of a financial instrument 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 esti-mates 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 effective interest rate of the financial asset.Credit-Impaired Financial AssetsAt each reporting date, the Group as-sesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimen-tal impact on the estimated future cash flows of the financial asset have occurred.Evidence that a financial asset is cred-it-impaired includes the following observ-able data:\u2022 significant financial difficulty of the debtor;\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 reorgani- sation; 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 measured at amortised cost and contract assets are deducted from the gross car-rying amount of these assets.When determining whether the credit risk of a financial asset has increased signif-icantly since initial recognition and when estimating ECLs, the Group considers rea-sonable and supportable information that is relevant and available without undue cost or effort. This includes both quan-titative and qualitative information and analysis, based on the Group\u2019s historical experience, informed credit assessment and other forward-looking information. The Group assumes that the credit risk on a financial asset has increased signifi-cantly if the debtor is under significant financial difficulties, or when there is de-fault or significant delay in payments. The Group considers a 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 ac-count. Subsequent recoveries of amounts previously 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 de-crease can be objectively measured. The carrying amount of the asset previously impaired is increased to 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__43-1": {
"value": "(a) Recognition and Initial Measurement Trade receivables are initially recognised when they are originated. Other financial assets are recognised when the Group becomes a party to the contractual provi-sions of 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 recog-nised at fair value. Transaction costs for financial assets at FVTPL are recognised immediately as expenses.(e) Accounting Classifications and Fair Values The following tables present assets and liabilities measured at fair value and classified by level of the following fair value measurement hierarchy:(1) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);(2) inputs other than quoted prices included within Level 1 that are observable for the asset 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 value hedgingFinancial FVOCI - instruments/assets equity Mandatorily at amortised instru-at FVTPL - otherscostments TotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2023Financial assets measured at fair valueForward foreign exchange contracts 12 449 - - 449 - 449 - 449Forward freight agreements 12 1,512 - - 1,512 - 1,512 - 1,512Interest rate swaps used for hedging 12 45,964 - - 45,964 - 45,964 - 45,964Interest rate caps 12 - - - - - - - -Other investments 11 - - 23,953 23,953 - - 23,953 23,95347,925 - 23,953 71,878Financial assets not measured at fair valueLoans receivable from joint venture 13 - 69,626 - 69,6261Trade and other receivables16 - 568,436 - 568,436Restricted cash - 13,381 - 13,381Cash at bank and on hand 17 - 141,621 - 141,621Cash retained in the commercial pools 17 - 80,900 - 80,900- 873,964 - 873,9641 Excluding prepaymentsCarrying Amount Fair ValueFair value-hedging instrumentsOther financial liabilitiesTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2023Financial liabilities measured at fair valueForward freight agreements 12 (276) - (276) - (276) - (276)Financial liabilities not measured at fair valueBank borrowings 21 - (572,511) (572,511)Sale and leaseback liability (accounted for as financing transaction) and other lease liabilities 21 - (679,479) (679,479)Trade payables 22 - (385,478) (385,478)- (1,637,468) (1,637,468)Carrying Amount Fair ValueFair value hedginginstruments/Financial Mandatorily at assets at FVOCI-equity FVTPL - othersamortised costinstrumentTotalLevel 1Level 2Level 3Total(Restated) NoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Financial assets measured at fair valueForward foreign exchange contracts 12 438 - - 438 - 438 - 438Forward freight agreements 12 308 - - 308 - 308 - 308Interest rate swaps used for hedging 12 69,136 - - 69,136 - 69,136 - 69,136Interest rate caps 12 726 - - 726 - 726 - 726Other investments 11 - - 3,825 3,825 - - 3,825 3,82570,608 - 3,825 74,433Financial assets not measured at fair valueLoans receivable from joint ventures 13 - 74,213 - 74,213 1Trade and other receivables16 - 481,507 - 481,507Restricted cash 17 - 4,780 - 4,780 Cash at bank and on hand 17 - 174,440 - 174,440Cash retained in the commercial pools 17 - 105,885 - 105,885- 840,825 - 840,8251 Excluding prepaymentsCarrying Amount Fair ValueFair value hedgingOther financialinstrumentsliabilitiesTotalLevel 1Level 2Level 3Total(Restated) NoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Financial liabilities measured at fair valueForward freight agreements 12 (93) - (93) - (93) - (93)Financial liabilities not measured at fair valueBank borrowings21 - (726,376) (726,376)Sale and leaseback liability (accounted for as financing transaction) and other lease liabilities 21 - (969,004) (969,004)Loan from non-related parties 21 - (5,429) (5,429)Trade payables 22 - (156,218) (156,218)- (1,857,027) (1,857,027)(f) Measurement of Fair ValuesValuation Techniques and Inputs used in Level 3 Fair Value MeasurementsThe Group\u2019s investment in unquoted equity instruments measured at FVOCI using Level 3 fair value measurements were valued using market approach based on the Group\u2019s best estimate, which is determined by using information including but not limited to the pricing of recent rounds of financing of the investees and information generated from arm\u2019s-length market transactions involving identical or comparable assets or liabilities. The estimated fair value of the investments would either increase or decrease based on the latest available data that is reasonably available to the Group at each reporting date.No sensitivity analysis is presented as the information used by the Group to determine the fair values of its investments are based on latest rounds of financing that have concluded and actual market transactions. Level 3 Fair ValuesThe following table shows a reconciliation from the opening balances to the closing balances of the Group\u2019s investment in unquoted equity instruments measured at FVOCI using Level 3 fair value measurements: The Group has no Level 1 financial assets or liabilities as at 31 December 2023 and 31 December 2022.The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on ob-servable yield curves. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. These financial instruments are included in Level 2, as all significant inputs required to fair value an instrument are observable. Other techniques, such as estimated discounted cash flows, are used to deter-mine fair value for the remaining financial instruments. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. The assessment of the fair value of investments in unquoted equity instru-ments is performed on a quarterly basis based on the latest available data that is reasonably available to the Group. 20232022USD \u2019000USD \u2019000Opening balance3,825 3,501Acquisition of equity investments at FVOCI10,408 324Equity investments at FVOCI \u2013 net change in fair value (unrealised) 9,720 -Closing balance23,953 3,825There were no transfers between Levels 2 and 3 during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__44-1": {
"value": "(b) Classification The Group classifies its non-derivative financial assets at amortised cost, at fair value through other comprehensive income (\u201cFVOCI\u201d) and at FVTPL. The clas-sification depends on the business model in which a financial asset is managed and its contractual cash flows characteristics. Management determines the classification of its non-derivative financial assets at initial recognition. Non-derivative financialassets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets, in which case all affected non-derivative financial assets are reclas-sified on the first day of the first reporting period following the change in the busi-ness model. The Group holds the following classes of financial assets: (1) Non-Derivative Financial Assets at Amor-tised cost A non-derivative financial asset is clas-sified as measured 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 spec-ified dates to cash flows that are solely payments of principal and interest 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 presented as \u201ctrade and other receivables\u201c (Note 16), \u201cloans receivable from joint venture\u201d(Note 13) and \u201ccash at bank and on hand, cash retained in the commercial pools and restricted cash\u201d (Note 17) in the consoli-dated balance sheet.(2) Equity Investments at FVOCI On 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 other comprehensive income. This election is made on an invest-ment-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 management intends to dispose the assets within 12 months after the balance sheet date. All the equity investments have been irrev-ocably elected to be classified as FVOCI and are presented as other investments. Further details are described in Note 11. (3) Non-Derivative Financial Assets at FVTPL All non-derivative financial assets not classified as at amortised cost and OCI.(d) Subsequent Measurement Financial assets at FVTPL and FVOCI are subsequently carried at fair value. Finan-cial assets at amortised cost are subse-quently carried at amortised cost using the effective interest method. Changes in the fair values of financial as-sets at FVTPL including the effects of cur-rency translation are recognised in profit or loss while changes in the fair values of financial assets at FVOCI are recognised in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__45": {
"value": "(1) Non-Derivative Financial Assets at Amor-tised cost A non-derivative financial asset is clas-sified as measured 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 spec-ified dates to cash flows that are solely payments of principal and interest 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 presented as \u201ctrade and other receivables\u201c (Note 16), \u201cloans receivable from joint venture\u201d(Note 13) and \u201ccash at bank and on hand, cash retained in the commercial pools and restricted cash\u201d (Note 17) in the consoli-dated balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__47": {
"value": "(e) Derecognition of Financial Assets Financial assets are de-recognised when the contractual rights to the cash flows from the financial asset expire, or it trans-fers the rights to receive the contractual cash-flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__48": {
"value": "(f) Offsetting Financial Instruments Financial assets and liabilities are offset, and the net amount reported in the consol-idated balance sheet, when there is a legal-ly enforceable right to offset the recog-nised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__49": {
"value": "(g) Impairment For financial assets measured at amor-tised cost and contract assets, the Group assesses at 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 recog-nition. If the credit risk has not increased 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 con-tractual period over which the Group is exposed to credit risk.For trade receivables and contract assets, the Group applied the simplified approach permitted by IFRS 9, which re-quires the loss allowance to be measured at an amount equal to lifetime ECLs.The Group applies the general approach to provide for ECLs on all other financial instruments. Under the general ap-proach, the loss allowance is measured at an amount equal to 12-month ECLs at initial recognition.At each reporting date, the Group assess-es whether the credit risk of a financial instrument 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 esti-mates 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 effective interest rate of the financial asset.Credit-Impaired Financial AssetsAt each reporting date, the Group as-sesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimen-tal impact on the estimated future cash flows of the financial asset have occurred.Evidence that a financial asset is cred-it-impaired includes the following observ-able data:\u2022 significant financial difficulty of the debtor;\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 reorgani- sation; 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 measured at amortised cost and contract assets are deducted from the gross car-rying amount of these assets.When determining whether the credit risk of a financial asset has increased signif-icantly since initial recognition and when estimating ECLs, the Group considers rea-sonable and supportable information that is relevant and available without undue cost or effort. This includes both quan-titative and qualitative information and analysis, based on the Group\u2019s historical experience, informed credit assessment and other forward-looking information. The Group assumes that the credit risk on a financial asset has increased signifi-cantly if the debtor is under significant financial difficulties, or when there is de-fault or significant delay in payments. The Group considers a 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 ac-count. Subsequent recoveries of amounts previously 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 de-crease can be objectively measured. The carrying amount of the asset previously impaired is increased to 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__51": {
"value": "2.9 Non-Derivative Liabilities Non-derivative financial liabilities are classified and measured at amortised cost. Directly attributable transaction costs are recognised in profit or loss as incurred. The Group de-recognises a financial liability when its contractual obligations are discharged, cancelled, or expired. The Group also de-recognises a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modi-fied terms is recognised at fair value. On de-recognition of a financial liabili-ty, the difference between the carrying amount extinguished and the considera-tion paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. Interest Rate Benchmark Reform When the basis for determining the con-tractual cash flows of a financial asset or financial liability measured at amortised cost changed as a result of interest rate benchmark reform, the Group updated the effective interest rate of the financial asset or financial liability to reflect the change that is required by the reform. No immediate gain or loss was recognised. 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 - i.e. the basis immediately before the change. When changes were made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash flows required by in-terest rate benchmark reform, the Group first updated the effective interest rate of the financial asset or financial liability to reflect the change that was required by interest rate benchmark reform. After that, the Group applied the policies on ac-counting for modifications to the addition-al changes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__53": {
"value": "2.10 Impairment of Non-Financial Assets Property, plant and equipment are tested for impairment whenever there is ob-jective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less costs to sell and value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, the recoverable 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 carrying amount, the carrying amount of the asset (or CGU) 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 differ-ence between the carrying amount and recoverable amount is recognised as an impairment 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 amount since the last impairment loss was recognised. The carrying amount of the asset (or CGU) is increased to its re-vised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated 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. The Group conducts an impairment review of its non-financial assets annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__52": {
"value": "2.10 Impairment of Non-Financial Assets Property, plant and equipment are tested for impairment whenever there is ob-jective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less costs to sell and value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. If this is the case, the recoverable 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 carrying amount, the carrying amount of the asset (or CGU) 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 differ-ence between the carrying amount and recoverable amount is recognised as an impairment 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 amount since the last impairment loss was recognised. The carrying amount of the asset (or CGU) is increased to its re-vised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated 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. The Group conducts an impairment review of its non-financial assets annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__54-1": {
"value": "2.11 Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. 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 unconditional 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 de-recognises a borrowing when its contractual obligations are dis-charged, cancelled, or expired. The Group also de-recognises a borrowing when its terms are modified 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 de-recognition of a borrowing, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets trans-ferred or liabilities assumed) is recog-nised in profit or loss.2.12 Borrowing Costs Borrowing costs are recognised in profit or loss using the effective interest methodexcept for those costs that are directly at-tributable to the construction of vessels. This includes those costs on borrowings acquired specifically for the construction of vessels, as well as those in relation to general borrowings 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 capitalised by applying a capitalisa-tion rate to the construction expenditure that are financed by general borrowings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__56": {
"value": "2.12 Borrowing Costs Borrowing costs are recognised in profit or loss using the effective interest methodexcept for those costs that are directly at-tributable to the construction of vessels. This includes those costs on borrowings acquired specifically for the construction of vessels, as well as those in relation to general borrowings 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 capitalised by applying a capitalisa-tion rate to the construction expenditure that are financed by general borrowings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__57": {
"value": "2.13 Trade and other Payables Trade payables are obligations to pay for goods or services that have been acquired from suppliers in the ordinary course of business. Trade and other pay-ables 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 recognised at fair value and subsequently carried at amortised cost using the ef-fective interest method, and are de-rec-ognised when the Group\u2019s obligation has been discharged or cancelled or expired.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__60": {
"value": "2.14 Derivative Financial Instruments and Hedging Activities A derivative financial instrument is initial-ly recognised at its fair value on the date the contract is entered into and is subse-quently carried at its fair value. The fair value of derivative financial instruments represents the amount estimated by management with input from the Group\u2019s banks or brokers that the Group will re-ceive or pay to terminate the derivatives 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 loss-es on currency derivatives are presented in profit or loss as \u2018foreign currency ex-change 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 gains and losses are mate-rial. 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 assess-ment, both at hedge inception and on a periodic basis, of whether the derivatives designated as hedging instruments are highly effective in offsetting changes in fair value or cash flows of the hedged items prospectively. In the financial year ended 31 December 2021, the Group has adopted the amend-ments to IFRS 9, IFRS 7 and IFRS 16 Interest Rate Benchmark Reform \u2013 Phase 2 effective 1 January 2021. In accord-ance with the transition provisions, the amendments were applied retrospectively to hedging relationships and financial instruments. Comparative amounts have not been restated, and there was no im-pact on the prior period opening reserves amounts on adoption.The Phase 2 amendments address issues arising during interest rate benchmark reform (\u201cIBOR reform\u201d), including speci-fying when hedge designations and doc-umentation should be updated, and when amounts accumulated in cash flow hedge reserve should be recognised in profit or loss. Note 12 provides further information about the reliefs applied by the Group and the hedging relationships for which the Group has applied the reliefs. No changes were required to any of the amounts rec-ognised in the current or prior period as a result of these amendments, except for hedge ineffectiveness which is disclosed in Note 12.In the current financial year ended 31 December 2023, the Group has continued to apply the following hedge accounting reliefs provided by the \u201cPhase 2\u201d amend-ments to existing cash flow hedges that have transited to alternative benchmark rates required by IBOR reform:\u2022 Hedge designation: When the \u201cPhase 1\u201d amendments ceased to apply, the Group will amend its hedge designa- tion to reflect changes which are required by IBOR reform. These amendments to the hedge documenta- tion do not require the Group to discontinue its hedge relationships.\u2022 Amounts accumulated in the cash flow hedge reserve: When the interest rate benchmark on which the hedged future cash flows were based is changed as required by IBOR reform, the accumulated amount outstanding in the cash flow hedge reserve is deemed to be based on the alternative benchmark rate. The Group enters into hedge relationships where the critical terms of the hedging in-strument match exactly with the terms of the hedged item and no hedge ineffective-ness 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 Deriva-tives The 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 accounting, management designat-ed a portion of the nominal value of loans to be hedged by the total notional value of the interest rate swaps. There is no im-balance that would create ineffectiveness and cause the relationship to be inconsist-ent with the purpose of hedge accounting.The fair value changes on the effective portion of interest rate derivatives desig-nated as cash flow hedges are recognised in other comprehensive income, accumu-lated in the hedging reserve and reclas-sified to profit or loss when the hedged interest expense on the borrowings is recognised in profit or loss. The fair value changes on the ineffective portion of these interest rate derivatives are recognised immediately in profit or loss.For a cash flow hedge of a forecast transaction, the Group assumes that the benchmark 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 expo-sure 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 arising from interest rate benchmark reform with respect to the timing and amount of the interest rate bench-mark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued. To determine whether the designated forecast transaction is no longer expect-ed to occur, the Group assumes that the interest rate benchmark cash flows des-ignated as a hedge will not be altered as a result of interest rate benchmark reform. Hedges directly affected by interest rate benchmark reform When the basis for determining the con-tractual cash flows of the hedged item or hedging instrument changes as a result of IBOR reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Group amends the hedge documentation of that hedging relation-ship to reflect the change(s) required by IBOR reform. 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 the hedged item, including the description of the designated of portion of the cash flows or fair value being hedged; or \u2022 Updating the description of the hedg- ing instrument. The Group also amends the description of the hedging instrument if the following conditions are met: \u2022 It makes a change required by IBOR reform by using an approach other than changing the basis for deter- mining the contractual cash flows of the hedging instrument; \u2022 The chosen approach is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrum- ent; and \u2022 The original hedging instrument is not recognised. The Group amends the formal hedge doc-umentation by end of the reporting period during which a change required by IBOR reform is made to the hedged risk, hedged item or hedging instrument. These amend-ments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designa-tion of a new hedging relationship. If changes are made in addition to those changes required by IBOR reform described above, then the Group first con-siders whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in the discontinua-tion of the hedge accounting relationship, then the Group amends the formal hedge documentation for changes required by IBOR reform as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by IBOR reform, for the purpose of determin-ing whether the hedged future cash flows are expected to occur, the Group deems that the hedging reserve recognised in OCI for that hedging relationship is based on alternative benchmark rate on which the hedged future cash flows will be based.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__59-1": {
"value": "2.14 Derivative Financial Instruments and Hedging Activities A derivative financial instrument is initial-ly recognised at its fair value on the date the contract is entered into and is subse-quently carried at its fair value. The fair value of derivative financial instruments represents the amount estimated by management with input from the Group\u2019s banks or brokers that the Group will re-ceive or pay to terminate the derivatives 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 loss-es on currency derivatives are presented in profit or loss as \u2018foreign currency ex-change 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 gains and losses are mate-rial. 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 assess-ment, both at hedge inception and on a periodic basis, of whether the derivatives designated as hedging instruments are highly effective in offsetting changes in fair value or cash flows of the hedged items prospectively. In the financial year ended 31 December 2021, the Group has adopted the amend-ments to IFRS 9, IFRS 7 and IFRS 16 Interest Rate Benchmark Reform \u2013 Phase 2 effective 1 January 2021. In accord-ance with the transition provisions, the amendments were applied retrospectively to hedging relationships and financial instruments. Comparative amounts have not been restated, and there was no im-pact on the prior period opening reserves amounts on adoption.The Phase 2 amendments address issues arising during interest rate benchmark reform (\u201cIBOR reform\u201d), including speci-fying when hedge designations and doc-umentation should be updated, and when amounts accumulated in cash flow hedge reserve should be recognised in profit or loss. Note 12 provides further information about the reliefs applied by the Group and the hedging relationships for which the Group has applied the reliefs. No changes were required to any of the amounts rec-ognised in the current or prior period as a result of these amendments, except for hedge ineffectiveness which is disclosed in Note 12.In the current financial year ended 31 December 2023, the Group has continued to apply the following hedge accounting reliefs provided by the \u201cPhase 2\u201d amend-ments to existing cash flow hedges that have transited to alternative benchmark rates required by IBOR reform:\u2022 Hedge designation: When the \u201cPhase 1\u201d amendments ceased to apply, the Group will amend its hedge designa- tion to reflect changes which are required by IBOR reform. These amendments to the hedge documenta- tion do not require the Group to discontinue its hedge relationships.\u2022 Amounts accumulated in the cash flow hedge reserve: When the interest rate benchmark on which the hedged future cash flows were based is changed as required by IBOR reform, the accumulated amount outstanding in the cash flow hedge reserve is deemed to be based on the alternative benchmark rate. The Group enters into hedge relationships where the critical terms of the hedging in-strument match exactly with the terms of the hedged item and no hedge ineffective-ness 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 Deriva-tives The 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 accounting, management designat-ed a portion of the nominal value of loans to be hedged by the total notional value of the interest rate swaps. There is no im-balance that would create ineffectiveness and cause the relationship to be inconsist-ent with the purpose of hedge accounting.The fair value changes on the effective portion of interest rate derivatives desig-nated as cash flow hedges are recognised in other comprehensive income, accumu-lated in the hedging reserve and reclas-sified to profit or loss when the hedged interest expense on the borrowings is recognised in profit or loss. The fair value changes on the ineffective portion of these interest rate derivatives are recognised immediately in profit or loss.For a cash flow hedge of a forecast transaction, the Group assumes that the benchmark 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 expo-sure 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 arising from interest rate benchmark reform with respect to the timing and amount of the interest rate bench-mark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued. To determine whether the designated forecast transaction is no longer expect-ed to occur, the Group assumes that the interest rate benchmark cash flows des-ignated as a hedge will not be altered as a result of interest rate benchmark reform. Hedges directly affected by interest rate benchmark reform When the basis for determining the con-tractual cash flows of the hedged item or hedging instrument changes as a result of IBOR reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Group amends the hedge documentation of that hedging relation-ship to reflect the change(s) required by IBOR reform. 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 the hedged item, including the description of the designated of portion of the cash flows or fair value being hedged; or \u2022 Updating the description of the hedg- ing instrument. The Group also amends the description of the hedging instrument if the following conditions are met: \u2022 It makes a change required by IBOR reform by using an approach other than changing the basis for deter- mining the contractual cash flows of the hedging instrument; \u2022 The chosen approach is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrum- ent; and \u2022 The original hedging instrument is not recognised. The Group amends the formal hedge doc-umentation by end of the reporting period during which a change required by IBOR reform is made to the hedged risk, hedged item or hedging instrument. These amend-ments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designa-tion of a new hedging relationship. If changes are made in addition to those changes required by IBOR reform described above, then the Group first con-siders whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in the discontinua-tion of the hedge accounting relationship, then the Group amends the formal hedge documentation for changes required by IBOR reform as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by IBOR reform, for the purpose of determin-ing whether the hedged future cash flows are expected to occur, the Group deems that the hedging reserve recognised in OCI for that hedging relationship is based on alternative benchmark rate on which the hedged future cash flows will be based.2.15 Freight forward Agreements, Inter-est Rate Caps and Foreign Exchange Contracts The Group has entered into freight forward agreements (\u201cFFA\u201d), interest rate caps and foreign exchange contracts to manage its exposure to freight rates cash flow interest rate risk and foreign exchange risk respec-tively. The Group does not apply hedge account-ing for the derivatives mentioned above. and therefore all changes in fair values of forward freight agreements, interest rate caps and foreign exchange contracts used for economic hedges are recognised in profit or loss under TCE income and other finance expense or income respectively. Further details of the Group\u2019s other deriv-ative financial instruments are disclosed in Note 12.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__58": {
"value": "2.14 Derivative Financial Instruments and Hedging Activities A derivative financial instrument is initial-ly recognised at its fair value on the date the contract is entered into and is subse-quently carried at its fair value. The fair value of derivative financial instruments represents the amount estimated by management with input from the Group\u2019s banks or brokers that the Group will re-ceive or pay to terminate the derivatives 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 loss-es on currency derivatives are presented in profit or loss as \u2018foreign currency ex-change 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 gains and losses are mate-rial. 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 assess-ment, both at hedge inception and on a periodic basis, of whether the derivatives designated as hedging instruments are highly effective in offsetting changes in fair value or cash flows of the hedged items prospectively. In the financial year ended 31 December 2021, the Group has adopted the amend-ments to IFRS 9, IFRS 7 and IFRS 16 Interest Rate Benchmark Reform \u2013 Phase 2 effective 1 January 2021. In accord-ance with the transition provisions, the amendments were applied retrospectively to hedging relationships and financial instruments. Comparative amounts have not been restated, and there was no im-pact on the prior period opening reserves amounts on adoption.The Phase 2 amendments address issues arising during interest rate benchmark reform (\u201cIBOR reform\u201d), including speci-fying when hedge designations and doc-umentation should be updated, and when amounts accumulated in cash flow hedge reserve should be recognised in profit or loss. Note 12 provides further information about the reliefs applied by the Group and the hedging relationships for which the Group has applied the reliefs. No changes were required to any of the amounts rec-ognised in the current or prior period as a result of these amendments, except for hedge ineffectiveness which is disclosed in Note 12.In the current financial year ended 31 December 2023, the Group has continued to apply the following hedge accounting reliefs provided by the \u201cPhase 2\u201d amend-ments to existing cash flow hedges that have transited to alternative benchmark rates required by IBOR reform:\u2022 Hedge designation: When the \u201cPhase 1\u201d amendments ceased to apply, the Group will amend its hedge designa- tion to reflect changes which are required by IBOR reform. These amendments to the hedge documenta- tion do not require the Group to discontinue its hedge relationships.\u2022 Amounts accumulated in the cash flow hedge reserve: When the interest rate benchmark on which the hedged future cash flows were based is changed as required by IBOR reform, the accumulated amount outstanding in the cash flow hedge reserve is deemed to be based on the alternative benchmark rate. The Group enters into hedge relationships where the critical terms of the hedging in-strument match exactly with the terms of the hedged item and no hedge ineffective-ness 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 Deriva-tives The 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 accounting, management designat-ed a portion of the nominal value of loans to be hedged by the total notional value of the interest rate swaps. There is no im-balance that would create ineffectiveness and cause the relationship to be inconsist-ent with the purpose of hedge accounting.The fair value changes on the effective portion of interest rate derivatives desig-nated as cash flow hedges are recognised in other comprehensive income, accumu-lated in the hedging reserve and reclas-sified to profit or loss when the hedged interest expense on the borrowings is recognised in profit or loss. The fair value changes on the ineffective portion of these interest rate derivatives are recognised immediately in profit or loss.For a cash flow hedge of a forecast transaction, the Group assumes that the benchmark 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 expo-sure 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 arising from interest rate benchmark reform with respect to the timing and amount of the interest rate bench-mark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued. To determine whether the designated forecast transaction is no longer expect-ed to occur, the Group assumes that the interest rate benchmark cash flows des-ignated as a hedge will not be altered as a result of interest rate benchmark reform. Hedges directly affected by interest rate benchmark reform When the basis for determining the con-tractual cash flows of the hedged item or hedging instrument changes as a result of IBOR reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Group amends the hedge documentation of that hedging relation-ship to reflect the change(s) required by IBOR reform. 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 the hedged item, including the description of the designated of portion of the cash flows or fair value being hedged; or \u2022 Updating the description of the hedg- ing instrument. The Group also amends the description of the hedging instrument if the following conditions are met: \u2022 It makes a change required by IBOR reform by using an approach other than changing the basis for deter- mining the contractual cash flows of the hedging instrument; \u2022 The chosen approach is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrum- ent; and \u2022 The original hedging instrument is not recognised. The Group amends the formal hedge doc-umentation by end of the reporting period during which a change required by IBOR reform is made to the hedged risk, hedged item or hedging instrument. These amend-ments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designa-tion of a new hedging relationship. If changes are made in addition to those changes required by IBOR reform described above, then the Group first con-siders whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in the discontinua-tion of the hedge accounting relationship, then the Group amends the formal hedge documentation for changes required by IBOR reform as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by IBOR reform, for the purpose of determin-ing whether the hedged future cash flows are expected to occur, the Group deems that the hedging reserve recognised in OCI for that hedging relationship is based on alternative benchmark rate on which the hedged future cash flows will be based.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__62": {
"value": "2.16 Fair Value Estimation of Financial Assets and Liabilities The fair values of financial instruments traded in active markets (such as ex-change-traded 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 market prices 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 market approach. The Group uses a variety of methods and makes assump-tions that are based on market conditions existing at each balance sheet date. Where appropriate, quoted market prices or deal-er quotes for similar instruments are used. The fair value of forward freight derivatives are determined using quoted market prices for similar contracts on an exchange. 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 val-ue of forward foreign exchange contracts is determined using forward exchange market rates at the balance sheet date. The carrying amounts of current finan-cial assets and liabilities, measured at amortised cost, approximate their fair values, due to the short term nature of the balances. The carrying amounts of the non-current loans receivable approximate their fair values since the interest rates are re-priceable at three-month intervals. The fair values of financial liabilities carried at amortised cost are estimated by discount-ing 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__63": {
"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 control the use of an identified as-set, the Group uses the definition of a lease in IFRS 16.For leases of vessels, the Group allocates the consideration in the contract to each non-lease component on the basis of its stand-alone price. The lease component is then allocated based on the residu-al amount of the lease consideration. However, for leases of property and other equipment, the Group has elected not to separate non-lease components and ac-count for the lease and non-lease compo-nents 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 initial amount 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 under-lying 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 under-lying asset to the Group by the end of the lease term or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated over the useful life of the underlying 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 can-not be readily determined, the applicable incremental borrowing rate. Generally, the Group uses the incremental borrowing rates as the discount rates. The Group de-termines the incremental borrowing 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 period if the Group is reasonably certain to exercise an extension option; and\u2022 payment of penalties for early termina- tion of a lease unless the Group is reasonably certain that it will not terminate early.The lease liability is subsequently meas-ured at amortised cost using the effective interest method. It is remeasured when:\u2022 there is a change in future lease payments 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 assessment of whether it will exercise a purchase, extension or termination option.When the lease liability is remeasured in this way, 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 equip-ment 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 12 months and other low-value assets. Lease payments associated with these leases are recognised as an expense in profit or loss on a straight-line basis over the lease term.(b) When a Group Company is the Lessor The Group determines at lease inception whether each lease is a finance lease or an operating lease. Finance Leases Leases 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 de-recognised and the present value of the lease receivable (net of initial direct costs for negotiating and arranging the lease) is recognised on 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 net investment in the lease. The Group fur-ther regularly reviews estimated unguar-anteed residual values used in calculating the gross investment in the lease. Operating Leases Leases of assets in which the Group re-tains substantially all risks and rewards incidental to ownership are classified as operating leases. 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 Leases When 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 Leaseback A sale and leaseback transaction is where the Group transfers an asset to another entity (the buyer-lessor) and leases that asset back from the buyer-lessor. Where the buyer-lessor obtains control of the transferred asset, the Group measuresthe 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 asset and recognises a financial liability equal to the transfer proceeds. The finan-cial liability is recognised initially at fair value, net of transaction costs incurred. The financial liability is subsequently stated at amortised cost. Any difference between the proceeds (net of transac-tion costs) and the redemption value is recognised in profit or loss over the period of the financial liability using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__64": {
"value": "2.18 Inventories Inventories 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. Inventories are accounted for on a first-in, first-out basis, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__65": {
"value": "2.19 Income Taxes The tax expense for the period comprises current and deferred taxes. Tax is rec-ognised 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 recog-nised in other comprehensive income. The current income tax charge is calculat-ed on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Positions taken in tax returns are evaluat-ed periodically, with respect to situations in which applicable tax regulations are subject to interpretation, and provisions are established where appropriate, on the basis of amounts expected to be paid to the tax authorities. In relation to account-ing 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 expect-ed recoverable amount, is recognised.Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carry-ing amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither 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 temporary differences arising on income earned from investments in subsidiaries, except where the timing of the reversal of the temporary difference can be controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred income tax assets and liabilities are offset when there is a legally enforce-able 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 different taxable entities where there is an intention to settle the balances on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__66": {
"value": "Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carry-ing amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither 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 temporary differences arising on income earned from investments in subsidiaries, except where the timing of the reversal of the temporary difference can be controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred income tax assets and liabilities are offset when there is a legally enforce-able 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 different taxable entities where there is an intention to settle the balances on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__67": {
"value": "2.20 Employee Benefits Employee benefits are recognised as an expense, unless the cost qualifies to be classified as asset.(a) Defined Contribution Plans Defined contribution plans are post-em-ployment benefit plans under which the Group pays fixed contributions into separate entities on a mandatory, con-tractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid.(b) Employee Leave Entitlement Employee entitlements to annual leave are recognised when they accrue to employ-ees. An accrual is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date.(c) Share-Based Payment During the financial years ended 31 Decem-ber 2022 and 2023, the Group introduced Long Term Incentive Plan (LTIP) 2022 and LTIP 2023 respectively. Under this scheme, the grant-date fair value of equity-set-tled share-based payment arrangements granted to employees is generally recog-nised 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 recognised is based on the num-ber 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__68": {
"value": "(c) Share-Based Payment During the financial years ended 31 Decem-ber 2022 and 2023, the Group introduced Long Term Incentive Plan (LTIP) 2022 and LTIP 2023 respectively. Under this scheme, the grant-date fair value of equity-set-tled share-based payment arrangements granted to employees is generally recog-nised 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 recognised is based on the num-ber 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__70": {
"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 econom-ic environment in which the entity operates (the \u201cfunctional currency\u201d). The consoli-dated financial statements are presented in United States Dollars, which is the Com-pany\u2019s functional currency. All financial information presented in US dollars has been rounded to the nearest thousand, unless otherwise stated.(b) Transactions and Balances Transactions in a currency other than the functional currency (\u201cforeign currency\u201d) are translated into the functional currency using the exchange rates prevailing at the date of the transactions. Foreign currency exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign cur-rencies at the closing rates at the balance sheet date, are recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__69": {
"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 econom-ic environment in which the entity operates (the \u201cfunctional currency\u201d). The consoli-dated financial statements are presented in United States Dollars, which is the Com-pany\u2019s functional currency. All financial information presented in US dollars has been rounded to the nearest thousand, unless otherwise stated.(b) Transactions and Balances Transactions in a currency other than the functional currency (\u201cforeign currency\u201d) are translated into the functional currency using the exchange rates prevailing at the date of the transactions. Foreign currency exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign cur-rencies 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__73": {
"value": "2.22 Cash and Cash Equivalents, Cash Retained in the Commercial Pools, and Restricted Cash For the purpose of presentation in the con-solidated statement of cash flows, cash and cash 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, cash retained in the commercial pools and restricted cash. The restricted cash represents amounts placed in debt service reserve accounts for sale and leaseback financing.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__72": {
"value": "2.22 Cash and Cash Equivalents, Cash Retained in the Commercial Pools, and Restricted Cash For the purpose of presentation in the con-solidated statement of cash flows, cash and cash 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, cash retained in the commercial pools and restricted cash. The restricted cash represents amounts placed in debt service reserve accounts for sale and leaseback financing.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__71": {
"value": "2.22 Cash and Cash Equivalents, Cash Retained in the Commercial Pools, and Restricted Cash For the purpose of presentation in the con-solidated statement of cash flows, cash and cash 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, cash retained in the commercial pools and restricted cash. The restricted cash represents amounts placed in debt service reserve accounts for sale and leaseback financing.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__74": {
"value": "2.23 Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of new equity instruments are taken to equity as a deduction, net of tax, from the proceeds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__75": {
"value": "2.24 Dividends Interim dividends are recognised in the fi-nancial year in which they are declared pay-able and final dividends are recognised when the dividends are approved for payment by the directors and shareholders respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__76": {
"value": "2.25 Provisions Provisions are recognised when the Group has a present legal or constructive obligation whereby 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 provision to be reimbursed, the reimbursement is recog-nised 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 recognises a provision for the estimated costs of re-instatement arising from the use of these assets. This provision is estimated based on the best estimate of the expenditure required to settle the obligation, taking into consideration time value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__77": {
"value": "2.26 Financial Guarantee Contracts Financial guarantee contracts are ac-counted 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 recog-nised based on the Group\u2019s estimate of the ultimate cost of settling all claims incurred but unpaid at the balance sheet date. The provision is assessed by reviewing indi-vidual 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__78": {
"value": "2.27 Assets held for Sale Non-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 stat-ed at the lower of carrying 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 subse-quent 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 recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__79": {
"value": "2.28 Segment Reporting Operating segments are reported in a manner consistent with reporting provided to the Group\u2019s Chief Executive Officer (\u2018\u2019CEO\u2019\u2019), who is the Group\u2019s chief operating decision maker (\u201cCODM\u201d). The CODM is responsible for allocating resources and assessing performance of the operating seg-ments; namely LR1, LR2, MR (including IMO II MR), Handy (including IMO II Handy) and Chemical - Stainless.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__80": {
"value": "2.29 Earnings per Share The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary sharehold-ers of the Company by the weighted-average number of ordinary shares outstanding during the financial year, adjusted for own shares held. Diluted earnings per share is determined by adjust-ing the profit or loss attributable to ordinary shareholders and the weighted-average number of ordinary shares outstanding, adjusted for own shares held and the effects of all dilutive potential ordinary shares, which comprise share options and restricted share units granted to employees.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__82": {
"value": "3. Acquisition of Assets On 27 January 2022, the Group completed the acquisition of 32 vessels from Chemical Tankers Inc. and its subsidiaries (\u201cCTI\u201d), in exchange for the Company\u2019s equity instruments (\u201cAcquisition of CTI fleet\u201d). The acquisition was accounted for as an asset acquisition that did not constitute a business and which was satisfied by way of issuance of new shares of the Company together with the Company\u2019s existing treasury shares. In exchange for all outstanding shares in CTI, CTI\u2019s shareholders received 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 Payment. 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. 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 effects of 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 Assumed A summary of the acquired assets and liabilities of CTI is presented below.CTI balances acquired at fair values 2022USD \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 Transferred The following table summarises the acquisition date fair value of each class 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 Values The fair value of acquired vessels was estimated based on an independent third-party valu-ation report 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 borrow-ings bear floating interest rates and were re-priceable at three-month intervals. Other acquired items represent working capital items whose carrying values approximate fair values due to short period of maturity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__85": {
"value": "4. Revenue20222023USD \u2019000USD \u2019000(Restated)Hafnia Vessels and TC VesselsRevenue from time charter 134,436 73,824Revenue from voyage charter 1,781,036 1,852,7271,915,472 1,926,551External Vessels in Disponent-Owner PoolsRevenue from voyage charter 756,234 -Total revenue 2,671,706 1,926,551 IFRS 16 Lease Revenue The following table summarizes the lease and non-lease components of revenue from time charters during the financial years ended 31 December 2023 and 2022. These figures are not readily quantifiable as the Group\u2019s contracts under time charter arrangements do not sepa-rate these components. Nevertheless, the Group has estimated these amounts by reference to an approximation of the fair market value of vessel operating expenses for the non-lease component.20232022USD \u2019000USD \u2019000Lease component of revenue from time charter 94,078 48,322Non-lease component of revenue from time charter 40,358 25,502Total revenue 134,436 73,824 IFRS 15 Revenue from Contracts with Customers For vessels employed in the commercial pool arrangements and traded in the spot market, we recognize revenue \u2018over time\u2019 as the customer (i.e. the charterer) is simultaneously receiving and consuming the benefits of the vessel. Under IFRS 15, the performance obligation has been identified as the transportation of cargo from one point to another. Therefore, in a spot market voyage charter under IFRS 15, revenue is recognized on a pro-rata basis commencing on the date that the cargo is loaded and concluding on the date of discharge. The Group also consid-ers short-term time charters (with initial terms of less than one year) as spot market voyage charters. These voyages are accounted for under IFRS 16 \u2013 Leases (given the contractual nature of the agreements) but are disclosed as spot market voyages in the table above given their short term nature, and greater exposure to spot market volatility. Payments for trade receivables generally are due immediately or within 7 days from the in-voice date. Information about trade receivables from contracts with customers and contract assets is presented in Note 16",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__84": {
"value": "4. Revenue20222023USD \u2019000USD \u2019000(Restated)Hafnia Vessels and TC VesselsRevenue from time charter 134,436 73,824Revenue from voyage charter 1,781,036 1,852,7271,915,472 1,926,551External Vessels in Disponent-Owner PoolsRevenue from voyage charter 756,234 -Total revenue 2,671,706 1,926,551 IFRS 16 Lease Revenue The following table summarizes the lease and non-lease components of revenue from time charters during the financial years ended 31 December 2023 and 2022. These figures are not readily quantifiable as the Group\u2019s contracts under time charter arrangements do not sepa-rate these components. Nevertheless, the Group has estimated these amounts by reference to an approximation of the fair market value of vessel operating expenses for the non-lease component.20232022USD \u2019000USD \u2019000Lease component of revenue from time charter 94,078 48,322Non-lease component of revenue from time charter 40,358 25,502Total revenue 134,436 73,824 IFRS 15 Revenue from Contracts with Customers For vessels employed in the commercial pool arrangements and traded in the spot market, we recognize revenue \u2018over time\u2019 as the customer (i.e. the charterer) is simultaneously receiving and consuming the benefits of the vessel. Under IFRS 15, the performance obligation has been identified as the transportation of cargo from one point to another. Therefore, in a spot market voyage charter under IFRS 15, revenue is recognized on a pro-rata basis commencing on the date that the cargo is loaded and concluding on the date of discharge. The Group also consid-ers short-term time charters (with initial terms of less than one year) as spot market voyage charters. These voyages are accounted for under IFRS 16 \u2013 Leases (given the contractual nature of the agreements) but are disclosed as spot market voyages in the table above given their short term nature, and greater exposure to spot market volatility. Payments for trade receivables generally are due immediately or within 7 days from the in-voice date. Information about trade receivables from contracts with customers and contract assets is presented in Note 16",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__91": {
"value": "5. Expenses by Nature2022 2023 USD \u2019000USD \u2019000(Restated)Hafnia Vessels and TC VesselsFuel oil consumed 349,081 388,497Port costs 158,967 122,331Brokers\u2019 commission expenses 26,451 27,080Other voyage expenses 2,633 10,096Pool allocation11,733 31,851Voyage expenses548,865 579,855External Vessels in Disponent-Owner PoolsFuel oil consumed 161,820 -Port costs 62,691 -Brokers\u2019 commission expenses 48,500 -Other voyage expenses 14,532 -Pool allocation(7,794) -Voyage expenses279,749 -External crew cost 81,860 88,357Employee benefits (Note 6) 81,602 78,741Maintenance and repair expenses 76,994 70,584Insurance expenses 12,234 11,832Other vessel operating expenses16,179 14,389Vessel operating expenses268,869 263,903Corporate support service fee 5,090 4,191Employee benefits (Note 6) 42,816 37,766Other operating expenses21,665 17,567Other expenses69,571 59,524",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__90": {
"value": "5. Expenses by Nature2022 2023 USD \u2019000USD \u2019000(Restated)Hafnia Vessels and TC VesselsFuel oil consumed 349,081 388,497Port costs 158,967 122,331Brokers\u2019 commission expenses 26,451 27,080Other voyage expenses 2,633 10,096Pool allocation11,733 31,851Voyage expenses548,865 579,855External Vessels in Disponent-Owner PoolsFuel oil consumed 161,820 -Port costs 62,691 -Brokers\u2019 commission expenses 48,500 -Other voyage expenses 14,532 -Pool allocation(7,794) -Voyage expenses279,749 -External crew cost 81,860 88,357Employee benefits (Note 6) 81,602 78,741Maintenance and repair expenses 76,994 70,584Insurance expenses 12,234 11,832Other vessel operating expenses16,179 14,389Vessel operating expenses268,869 263,903Corporate support service fee 5,090 4,191Employee benefits (Note 6) 42,816 37,766Other operating expenses21,665 17,567Other expenses69,571 59,524",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__89": {
"value": "5. Expenses by Nature2022 2023 USD \u2019000USD \u2019000(Restated)Hafnia Vessels and TC VesselsFuel oil consumed 349,081 388,497Port costs 158,967 122,331Brokers\u2019 commission expenses 26,451 27,080Other voyage expenses 2,633 10,096Pool allocation11,733 31,851Voyage expenses548,865 579,855External Vessels in Disponent-Owner PoolsFuel oil consumed 161,820 -Port costs 62,691 -Brokers\u2019 commission expenses 48,500 -Other voyage expenses 14,532 -Pool allocation(7,794) -Voyage expenses279,749 -External crew cost 81,860 88,357Employee benefits (Note 6) 81,602 78,741Maintenance and repair expenses 76,994 70,584Insurance expenses 12,234 11,832Other vessel operating expenses16,179 14,389Vessel operating expenses268,869 263,903Corporate support service fee 5,090 4,191Employee benefits (Note 6) 42,816 37,766Other operating expenses21,665 17,567Other expenses69,571 59,524",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__88": {
"value": "5. Expenses by Nature2022 2023 USD \u2019000USD \u2019000(Restated)Hafnia Vessels and TC VesselsFuel oil consumed 349,081 388,497Port costs 158,967 122,331Brokers\u2019 commission expenses 26,451 27,080Other voyage expenses 2,633 10,096Pool allocation11,733 31,851Voyage expenses548,865 579,855External Vessels in Disponent-Owner PoolsFuel oil consumed 161,820 -Port costs 62,691 -Brokers\u2019 commission expenses 48,500 -Other voyage expenses 14,532 -Pool allocation(7,794) -Voyage expenses279,749 -External crew cost 81,860 88,357Employee benefits (Note 6) 81,602 78,741Maintenance and repair expenses 76,994 70,584Insurance expenses 12,234 11,832Other vessel operating expenses16,179 14,389Vessel operating expenses268,869 263,903Corporate support service fee 5,090 4,191Employee benefits (Note 6) 42,816 37,766Other operating expenses21,665 17,567Other expenses69,571 59,524",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__87": {
"value": "5. Expenses by Nature2022 2023 USD \u2019000USD \u2019000(Restated)Hafnia Vessels and TC VesselsFuel oil consumed 349,081 388,497Port costs 158,967 122,331Brokers\u2019 commission expenses 26,451 27,080Other voyage expenses 2,633 10,096Pool allocation11,733 31,851Voyage expenses548,865 579,855External Vessels in Disponent-Owner PoolsFuel oil consumed 161,820 -Port costs 62,691 -Brokers\u2019 commission expenses 48,500 -Other voyage expenses 14,532 -Pool allocation(7,794) -Voyage expenses279,749 -External crew cost 81,860 88,357Employee benefits (Note 6) 81,602 78,741Maintenance and repair expenses 76,994 70,584Insurance expenses 12,234 11,832Other vessel operating expenses16,179 14,389Vessel operating expenses268,869 263,903Corporate support service fee 5,090 4,191Employee benefits (Note 6) 42,816 37,766Other operating expenses21,665 17,567Other expenses69,571 59,524",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__93": {
"value": "6. Employee Benefits20232022USD \u2019000USD \u2019000Seafaring crew 81,602 78,741Shore-based staff 42,816 37,766124,418 116,507",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__95": {
"value": "7. Income Taxes Based on the tax laws in the jurisdictions in which the Group and its subsidiaries operate, ship-ping profits are exempted from income tax. Non-shipping profits are taxed at the prevailing tax rate of each tax jurisdiction 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.20232022Income Tax ExpenseUSD \u2019000USD \u2019000Tax expense attributable to profit is made up of:Current income tax 6,540 5,785Changes in estimates related to prior years (289) 8936,251 6,678 There is currently no income, withholding, capital gain or capital transfer taxes payable in Bermuda. Bermuda is looking to implement a corporate income tax system starting from 1 Jan-uary 2025 for entities which are part of multinational enterprises which would fall within the purview of OECD\u2019s Pillar 2 rules under the BEPS 2.0 initiative. The rules of the proposed cor-porate income tax system are envisaged to mirror closely the tax outcomes of Pillar 2 rules. The Group\u2019s entities in Bermuda do not and are not expected to have income which would be taxable under the proposed Bermuda corporate income system or Pillar 2 rules. The income tax expense reconciliation of the Group is as follows:20232022Reconciliation of Effective Tax RateUSD \u2019000USD \u2019000Profit before income tax799,526 758,267Tax calculated at a tax rate of 0% (2022: 0%)Effect of:- Tax on non-shipping income 6,540 5,785- Changes in estimates related to prior years(289) 893Income tax expense6,251 6,678 The majority of the Group\u2019s international shipping income accrues in Singapore, where the Group exercises strategic and commercial control over its international shipping activities. As such, the majority of the Group\u2019s tax bases is subject to Singapore tax legislation. The Group enjoys the Maritime Sector Incentive \u2013 Singapore Registry of Ships (\u201cMSI-SRS\u201d), and also has been awarded the Maritime Sector Incentive \u2013 Approved International Shipping Enterprise Award (\u201cMSI-AIS\u201d) by the Maritime and Port Authority of Singapore. The MSI-SRS incentive is an ongoing applicable incentive while the MSI-AIS is effective till 30 April 2028, and subsequent-ly; renewable subject to the Group satisfying conditions such as minimum business spending in Singapore. The Group has satisfied such conditions to date and will continue to do so. Under the MSI-AIS Award, profits arising from international shipping activities are tax exempt in Singapore. Corporate income tax is levied on the Group\u2019s non-international shipping activities which mainly comprises of pool management activities conducted in Singapore and Denmark. The Group operates in several countries which have enacted new legislations to implement the global minimum top-up tax (Pillar 2 of BEPS 2.0). However, since the newly enacted tax legisla-tions in these countries are only effective from 1 January 2024, there is no current tax impact for the year ended 31 December 2023. The Group has applied the temporary mandatory relief from deferred tax accounting for the impact of global minimum top-up tax and will account for it as a current tax when it is incurred. The Group\u2019s main sources of revenue are from international shipping. Under Pillar 2, interna-tional shipping income is specifically exempted from minimum top-up taxes. As such, the Group does not expect the implementation of global minimum top-up tax to have a significant impact on the Group\u2019s tax exposure. The Group generates non-shipping income mainly from its pool and bunker management ac-tivities. However, the Group is incurring effective tax rate of more than 15% in the jurisdictions with such activities (e.g. Denmark). Hence, the Group does not expect to have material Pillar 2 exposures going forward but will continue to monitor the potential impact of top-up taxes as the legislations and tax rules worldwide for Pillar 2 develops.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__97": {
"value": "8. Earnings per Share Basic earnings per share is calculated by dividing the net profit attributable to equity holders of the Company by the weighted average number of common shares outstanding during the financial year.20232022USD \u2019000USD \u2019000Net profit attributable to equity holders of the Company 793,275 751,589(a) Basic Earnings per ShareIssued common shares at 1 January 503,388,593 370,244,325Effect of share options exercised satisfied from treasury shares 5,308,923 66,374Effect of shares issued for acquisition of CTI - 83,736,555Effect of new shares issued 2,876,884 25,551,838Effect of treasury shares purchased(6,430,681) (1,708,209)Weighted-average number of ordinary shares at 31 December505,143,719 477,890,883Basic earnings per share (USD per share) 1.57 1.57(b) Diluted Earnings per ShareWeighted-average number of ordinary shares (basic) 505,143,719 477,890,883Effect of share options on issue3,544,217 11,185,991Weighted-average number of ordinary shares at 31 December 508,687,936 489,076,874Diluted earnings per share (USD per share) 1.56 1.54 Diluted earnings per share is determined by adjusting profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, and the effects of all dilutive potential ordinary shares, which comprise share options and restricted share units granted to employees. The average market value of the Company\u2019s shares for purposes of calculating 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__101": {
"value": "9. Property, Plant & EquipmentDry Docking Right-of-use Vesselsand ScrubbersAssetsOthersTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000CostAt 1 January 2023 3,698,658 138,001 187,730 1,369 4,025,758Additions (Note 9(a)) 158,435 25,831 11,852 126 196,244Disposal of vessels (Note 9(a)) (283,828) (12,517) - - (296,345)Write off on completion of dry docking cycle - (7,940) - - (7,940)At 31 December 2023 3,573,265 143,375 199,582 1,495 3,917,717Accumulated Depreciation and Impairment ChargesAt 1 January 2023 970,339 58,791 119,826 239 1,149,195Depreciation charge 135,469 28,771 45,195 292 209,727Disposal of vessels (Note 9(a)) (206,481) (4,406) - - (210,887)Write off on completion of dry docking cycle - (7,940) - - (7,940)At 31 December 2023 899,327 75,216 165,021 531 1,140,095Net book value 31 December 2023 2,673,938 68,159 34,561 964 2,777,622Property, Plant & Equipment (continued)Dry Docking Right-of-Use Vesselsand ScrubbersAssetsOthersTotalUSD \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 (Note 9(a)) 406,828 39,320 2,023 980 449,151Disposal of vessels (Note 9(a)) (400,805) (20,870) - - (421,675)Disposal of CTI\u2019s vessel owning subsidiaries (Note 9(a)) (57,770) (1,256) - - (59,026)Write off on completion of dry docking cycle - (12,620) - - (12,620)Write-off - - (3,276) - (3,276)At 31 December 2022 3,698,658 138,001 187,730 1,369 4,025,758Accumulated 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 (Note 9(a)) (126,945) (11,032) - - (137,977)Disposal of CTI\u2019s vessel owning subsidiaries (Note 9(a)) (457) (44) - - (501)Write off on completion of dry docking cycle - (12,620) - - (12,620)Write-off - - (3,148) - (3,148)At 31 December 2022970,339 58,791 119,826 239 1,149,195Net Book Value31 December 20222,728,319 79,210 67,904 1,130 2,876,563(a) The sale and purchase of vessels in the Group over the financial years ended 2023 and 2022 is as follows: For the Financial Year ended 2022: Acquisition: i. The Group acquired 12 LR1 vessels from Scorpio Tankers Inc. (\u201cScorpio\u201d) for cash consid- eration. Acquisition of the vessels was subsequently financed via a sale-and-leaseback facility arrangement entered with an external financial institution (see Note 21). Disposal: i. The Group disposed six Handy vessels, four LR1 vessels and eight of CTI\u2019s Chemical-Stain less vessels to external parties as a part of its asset renewal strategy.ii. Out of the eight Chemical-Stainless vessels, 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 was transferred to the buyers. These vessels were financed by sale-and-leaseback arrangements. As a result of this transac- tion, the Group recorded an aggregate net gain of USD 3.8 million. During the financial year ended 2023, the Group transferred the physical title over the vessels to the buyer.iii. In October 2022, two Chemical-Stainless vessels, Hafnia Sirius and Hafnia Sky, which were acquired in the same year, were disposed via the disposal of the vessel owning subsidiaries. The effects of the disposal on the financial position 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 inflows15,882Gain on disposal of subsidiaries2,092 For the Financial Year ended 2023: Acquisition:i. The Group acquired two IMO II Handy, one IMO II MR and one LR1 vessel from external parties. The newly acquired IMO II Handy vessels were financed under the USD 303 million revolving credit facility, for which there were no draw-downs in the financial year ended 31 December 2023. The remaining vessels are unencumbered. Disposal: i. The Group disposed of six LR1 vessels as part of its asset renewal strategy. (b) The Group organises the commercial management of its fleet of vessels into seven individual commercial pools: LR1, LR2, MR, Handy, Chemical-Handy, Chemical-MR and Specialized. Each individual commercial pool constitutes a separate cash-generating unit (\u201cCGU\u201d). For vessels outside commercial pools and deployed on a time-charter basis, each of these vessels consti-tutes 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 2023 and 2022, the Group assessed whether these CGUs had indicators of impairment by reference to internal and external factors according to its stated policy set out in Note 2.3(b). In 2023 and 2022, 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 the fair market values of the Group\u2019s vessels exceed their respective carrying amounts, and together with other macroeconomic and geopolitical factors that fa-voured 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.(c) The Group has mortgaged vessels with a total carrying amount of USD 2,491.8 million (2022: USD 2,807.5 million) as security over the Group\u2019s borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__100": {
"value": "9. Property, Plant & EquipmentDry Docking Right-of-use Vesselsand ScrubbersAssetsOthersTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000CostAt 1 January 2023 3,698,658 138,001 187,730 1,369 4,025,758Additions (Note 9(a)) 158,435 25,831 11,852 126 196,244Disposal of vessels (Note 9(a)) (283,828) (12,517) - - (296,345)Write off on completion of dry docking cycle - (7,940) - - (7,940)At 31 December 2023 3,573,265 143,375 199,582 1,495 3,917,717Accumulated Depreciation and Impairment ChargesAt 1 January 2023 970,339 58,791 119,826 239 1,149,195Depreciation charge 135,469 28,771 45,195 292 209,727Disposal of vessels (Note 9(a)) (206,481) (4,406) - - (210,887)Write off on completion of dry docking cycle - (7,940) - - (7,940)At 31 December 2023 899,327 75,216 165,021 531 1,140,095Net book value 31 December 2023 2,673,938 68,159 34,561 964 2,777,622Property, Plant & Equipment (continued)Dry Docking Right-of-Use Vesselsand ScrubbersAssetsOthersTotalUSD \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 (Note 9(a)) 406,828 39,320 2,023 980 449,151Disposal of vessels (Note 9(a)) (400,805) (20,870) - - (421,675)Disposal of CTI\u2019s vessel owning subsidiaries (Note 9(a)) (57,770) (1,256) - - (59,026)Write off on completion of dry docking cycle - (12,620) - - (12,620)Write-off - - (3,276) - (3,276)At 31 December 2022 3,698,658 138,001 187,730 1,369 4,025,758Accumulated 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 (Note 9(a)) (126,945) (11,032) - - (137,977)Disposal of CTI\u2019s vessel owning subsidiaries (Note 9(a)) (457) (44) - - (501)Write off on completion of dry docking cycle - (12,620) - - (12,620)Write-off - - (3,148) - (3,148)At 31 December 2022970,339 58,791 119,826 239 1,149,195Net Book Value31 December 20222,728,319 79,210 67,904 1,130 2,876,563(a) The sale and purchase of vessels in the Group over the financial years ended 2023 and 2022 is as follows: For the Financial Year ended 2022: Acquisition: i. The Group acquired 12 LR1 vessels from Scorpio Tankers Inc. (\u201cScorpio\u201d) for cash consid- eration. Acquisition of the vessels was subsequently financed via a sale-and-leaseback facility arrangement entered with an external financial institution (see Note 21). Disposal: i. The Group disposed six Handy vessels, four LR1 vessels and eight of CTI\u2019s Chemical-Stain less vessels to external parties as a part of its asset renewal strategy.ii. Out of the eight Chemical-Stainless vessels, 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 was transferred to the buyers. These vessels were financed by sale-and-leaseback arrangements. As a result of this transac- tion, the Group recorded an aggregate net gain of USD 3.8 million. During the financial year ended 2023, the Group transferred the physical title over the vessels to the buyer.iii. In October 2022, two Chemical-Stainless vessels, Hafnia Sirius and Hafnia Sky, which were acquired in the same year, were disposed via the disposal of the vessel owning subsidiaries. The effects of the disposal on the financial position 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 inflows15,882Gain on disposal of subsidiaries2,092 For the Financial Year ended 2023: Acquisition:i. The Group acquired two IMO II Handy, one IMO II MR and one LR1 vessel from external parties. The newly acquired IMO II Handy vessels were financed under the USD 303 million revolving credit facility, for which there were no draw-downs in the financial year ended 31 December 2023. The remaining vessels are unencumbered. Disposal: i. The Group disposed of six LR1 vessels as part of its asset renewal strategy. (b) The Group organises the commercial management of its fleet of vessels into seven individual commercial pools: LR1, LR2, MR, Handy, Chemical-Handy, Chemical-MR and Specialized. Each individual commercial pool constitutes a separate cash-generating unit (\u201cCGU\u201d). For vessels outside commercial pools and deployed on a time-charter basis, each of these vessels consti-tutes 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 2023 and 2022, the Group assessed whether these CGUs had indicators of impairment by reference to internal and external factors according to its stated policy set out in Note 2.3(b). In 2023 and 2022, 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 the fair market values of the Group\u2019s vessels exceed their respective carrying amounts, and together with other macroeconomic and geopolitical factors that fa-voured 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.(c) The Group has mortgaged vessels with a total carrying amount of USD 2,491.8 million (2022: USD 2,807.5 million) as security over the Group\u2019s borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
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"s6_notes__6__99": {
"value": "9. Property, Plant & EquipmentDry Docking Right-of-use Vesselsand ScrubbersAssetsOthersTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000CostAt 1 January 2023 3,698,658 138,001 187,730 1,369 4,025,758Additions (Note 9(a)) 158,435 25,831 11,852 126 196,244Disposal of vessels (Note 9(a)) (283,828) (12,517) - - (296,345)Write off on completion of dry docking cycle - (7,940) - - (7,940)At 31 December 2023 3,573,265 143,375 199,582 1,495 3,917,717Accumulated Depreciation and Impairment ChargesAt 1 January 2023 970,339 58,791 119,826 239 1,149,195Depreciation charge 135,469 28,771 45,195 292 209,727Disposal of vessels (Note 9(a)) (206,481) (4,406) - - (210,887)Write off on completion of dry docking cycle - (7,940) - - (7,940)At 31 December 2023 899,327 75,216 165,021 531 1,140,095Net book value 31 December 2023 2,673,938 68,159 34,561 964 2,777,622Property, Plant & Equipment (continued)Dry Docking Right-of-Use Vesselsand ScrubbersAssetsOthersTotalUSD \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 (Note 9(a)) 406,828 39,320 2,023 980 449,151Disposal of vessels (Note 9(a)) (400,805) (20,870) - - (421,675)Disposal of CTI\u2019s vessel owning subsidiaries (Note 9(a)) (57,770) (1,256) - - (59,026)Write off on completion of dry docking cycle - (12,620) - - (12,620)Write-off - - (3,276) - (3,276)At 31 December 2022 3,698,658 138,001 187,730 1,369 4,025,758Accumulated 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 (Note 9(a)) (126,945) (11,032) - - (137,977)Disposal of CTI\u2019s vessel owning subsidiaries (Note 9(a)) (457) (44) - - (501)Write off on completion of dry docking cycle - (12,620) - - (12,620)Write-off - - (3,148) - (3,148)At 31 December 2022970,339 58,791 119,826 239 1,149,195Net Book Value31 December 20222,728,319 79,210 67,904 1,130 2,876,563(a) The sale and purchase of vessels in the Group over the financial years ended 2023 and 2022 is as follows: For the Financial Year ended 2022: Acquisition: i. The Group acquired 12 LR1 vessels from Scorpio Tankers Inc. (\u201cScorpio\u201d) for cash consid- eration. Acquisition of the vessels was subsequently financed via a sale-and-leaseback facility arrangement entered with an external financial institution (see Note 21). Disposal: i. The Group disposed six Handy vessels, four LR1 vessels and eight of CTI\u2019s Chemical-Stain less vessels to external parties as a part of its asset renewal strategy.ii. Out of the eight Chemical-Stainless vessels, 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 was transferred to the buyers. These vessels were financed by sale-and-leaseback arrangements. As a result of this transac- tion, the Group recorded an aggregate net gain of USD 3.8 million. During the financial year ended 2023, the Group transferred the physical title over the vessels to the buyer.iii. In October 2022, two Chemical-Stainless vessels, Hafnia Sirius and Hafnia Sky, which were acquired in the same year, were disposed via the disposal of the vessel owning subsidiaries. The effects of the disposal on the financial position 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 inflows15,882Gain on disposal of subsidiaries2,092 For the Financial Year ended 2023: Acquisition:i. The Group acquired two IMO II Handy, one IMO II MR and one LR1 vessel from external parties. The newly acquired IMO II Handy vessels were financed under the USD 303 million revolving credit facility, for which there were no draw-downs in the financial year ended 31 December 2023. The remaining vessels are unencumbered. Disposal: i. The Group disposed of six LR1 vessels as part of its asset renewal strategy. (b) The Group organises the commercial management of its fleet of vessels into seven individual commercial pools: LR1, LR2, MR, Handy, Chemical-Handy, Chemical-MR and Specialized. Each individual commercial pool constitutes a separate cash-generating unit (\u201cCGU\u201d). For vessels outside commercial pools and deployed on a time-charter basis, each of these vessels consti-tutes 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 2023 and 2022, the Group assessed whether these CGUs had indicators of impairment by reference to internal and external factors according to its stated policy set out in Note 2.3(b). In 2023 and 2022, 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 the fair market values of the Group\u2019s vessels exceed their respective carrying amounts, and together with other macroeconomic and geopolitical factors that fa-voured 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.(c) The Group has mortgaged vessels with a total carrying amount of USD 2,491.8 million (2022: USD 2,807.5 million) as security over the Group\u2019s borrowings.",
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"s6_notes__6__103": {
"value": "10. Intangible Assets CustomerIT infra-contractsstructureTotalUSD \u2019000USD \u2019000USD \u2019000CostAt 1 January 2022 3,728 2,437 6,165Additions - 248 248At 31 December 2022 3,728 2,685 6,413Reclassification of balances 165 (165) -At 31 December 2023 3,893 2,520 6,413Accumulated amortisation chargeAt 1 January 2022 1,911 682 2,593Amortisation charge 752 478 1,230At 31 December 2022 2,663 1,160 3,823Amortisation charge 868 432 1,300At 31 December 2023 3,531 1,592 5,123Net book value31 December 2022 1,065 1,525 2,59031 December 2023 362 928 1,290",
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"s6_notes__6__105-1": {
"value": "11. Other Investments The Group\u2019s investments in equity instruments are long term and strategic in nature and are not held for the purpose of trading. The Group has elected to designate these other invest-ments at FVOCI. The fair value of the Group\u2019s investments in equity instruments are as follow:20232022USD \u2019000USD \u2019000Investment in Alpha Ori Technology Holdings Pte. Ltd. (\u201cAlpha Ori\u201d) 3,428 3,269Investment in Diginex Solutions (HK) Limited (\u201cDiginex\u201d) 525 501Investment in Clean Hydrogen Works, LA-1, LLC (\u201cCHW-LA1\u201d) 20,000 5523,953 3,825 These other investments are equity instruments without readily determinable fair values and over which the Group has neither significant influence nor control through investments in com-mon stock or in-substance common stock. In 2023, the Group acquired additional minority ordinary shares of CHW-LA1 with total con-sideration of USD 10 million. The Group\u2019s ownership interest in CHW-LA1 continued to be less than 20% of the investee\u2019s total equity. Therefore, it continues to be precluded from applying the equity method of accounting. A fair value gain of USD 9.9 million was also recognised in the other comprehensive income (Note 26 (f)) due to the observable price change, in relation to the ordinary shares of CHW-LA1 held by the Group prior to this additional investment during the financial year 2023. In 2023, the Group injected additional working capital in Diginex, in the form of a convertible loan note of USD 0.25 million. The Group\u2019s ownership interest in Diginex continued to be less than 20% of the investee\u2019s total equity. Therefore, it continues to be precluded from applying the equity method of accounting. A fair value loss of USD 0.22 million was also recognised in the other comprehensive income (Note 26(f)) due to observable price change, in relation to the Group\u2019s investment in the ordinary shares of Diginex. No other fair value changes were noted and no strategic investments were disposed of in 2023.14. Associated Companies and Joint Ventures 20232022USD \u2019000USD \u2019000Interest in Joint Ventures 60,172 39,359(a) Interest in Associates The 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 voluntary liquidation and cash proceeds of USD 1.8 million were distributed back to the Group and deducted against investment cost. The deficit of USD 36,555 was recorded in profit or loss. The following table summarises the profit for the financial year and other financial informa-tion 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. 2022Hafnia Management A/SUSD \u2019000Percentage ownership interest 40%Current assets -Current liabilities -Net assets (100%) -Net assets (40%) -Other adjustments -Group\u2019s share of net assets (40%) -Other income -Expenses (92)Loss and total comprehensive loss (100%) (92)Loss and total comprehensive loss (40%) (37)Group\u2019s share of total comprehensive loss (40%) (37)(b) Interest in Joint Ventures(1) Vista Shipping Pte. Ltd. (formerly known as Vista Shipping Limited) (\u201cVista Shipping\u201d) is a joint ven-ture in which the Group has joint control and 50% ownership interest. Vista Shipping is domiciled in Singapore 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 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 proportion to their interests to finance the newbuild programme as described in Note 13. During the financial year ended 2023, Hafnia took delivery of three LR2 vessels through its Vista joint venture. The following table summarises the financial information of Vista Shipping as included in its own consolidated financial statements. The table also reconciles the summarized financial informa-tion to the carrying amount of the Group\u2019s interest in Vista Shipping. 20232022USD \u2019000USD \u2019000Percentage ownership interest 50% 50%Non-current assets 397,965 275,964Current assets 54,092 57,618Non-current liabilities (336,598) (268,921)Current liabilities (28,564) (13,667)Net assets (100%) 86,895 50,994Group\u2019s share of net assets (50%) 43,448 25,497Revenue 91,191 78,275 Other income 1,963 617 Expenses (56,914) (34,690)Profit and total comprehensive income (100%) 36,240 44,202 Profit and total comprehensive income (50%) 18,120 22,101 Prior year share of (loss)/profit not recognised (170) 614 Group\u2019s share of total comprehensive income (50%) 17,950 22,715(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 Islands 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 ven-ture. In accordance with the agreement under which H&A Shipping was established, 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 Shipping as included in its own consolidated financial statements. The table also reconciles the summarised financial informa-tion to the carrying amount of the Group\u2019s interest in H&A Shipping. 20232022USD \u2019000USD \u2019000Percentage ownership interest 50% 50%Non-current assets 62,990 66,091 Current assets 5,308 4,136 Non-current liabilities (52,038) (54,981)Current liabilities (4,548) (4,573)Net assets (100%) 11,712 10,673 Group\u2019s share of net assets (50%) 5,856 5,337 Shareholder\u2019s loans 7,6687,667 Alignment of accounting policies 1,006 858 Carrying amount of interest in joint venture 14,530 13,862 Revenue 11,438 11,109 Other income 1,458 266 Expenses (10,857) (9,198)Profit and total comprehensive income (100%) 2,039 2,177 Profit and total comprehensive income (50%) 1,019 1,089 Alignment of accounting policies 147 385 Group\u2019s share of total comprehensive income (50%) 1,166 1,474 (3) In June 2023, the Group and SOCATRA entered into a joint venture, Ecomar, in which the Group has joint control and 50% ownership interest. Ecomar is incorporated in France 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 Ecomar as a joint venture. In accordance with the agreement under which Ecomar was established, the Group and the other investor in the joint venture have agreed to provide shareholders\u2019 loans in proportion to their interests to finance the newbuild programme. The following table summarises the financial information of Ecomar as included in its own con-solidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in Ecomar.20232022USD \u2019000USD \u2019000Percentage ownership interest 50% -Non-current assets 31,873 -Non-current liabilities (31,849) -Net assets (100%) 24 -Group\u2019s share of net assets (50%) 12 -Carrying amount of interest in joint venture 12 -Other income 1 -Expenses (87) -Loss and total comprehensive loss (100%) (86) -Loss and total comprehensive loss (50%) (43) -Group\u2019s share of total comprehensive loss (50%) (43) -(4) In March 2023, the Group and Simbolo Holdings Limited entered into a share purchase agree-ment where the Group purchased 50% of Class A shares (with voting rights) in Quintessential AI Limited (\u201cQ-AI\u201d). As a result of the transaction, the Group has joint control (with Simbolo Holdings having the remainder of Class A shares) of Q-AI; with a 25.5% ownership interest. Q-AI is incorporated in London and operates in the software development industry. According-ly, the Group has classified its interest in Q-AI as a joint venture. As of 31 December 2023, Q-AI has not commenced operations and the cost of investment as of 31 December 2023 was USD 2.2 million.",
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},
"s6_notes__6__111": {
"value": "12. Derivative Financial Instruments20232022USD \u2019000USD \u2019000Assets Liabilities Assets LiabilitiesCash flow hedges- Interest rate swaps 45,964 - 69,136 -Non-hedging instruments- Interest rate caps - - 726 -- Forward freight agreements 1,512 276 308 93- Forward foreign exchange contracts 449 - 438 -47,925 276 70,608 93Analysed as:Non-current 35,023 - 69,184 -Current 12,902 276 1,424 9347,925 276 70,608 93 Cash Flow Hedges Interest Rate Derivatives The 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 3.10% (2022: 0.46% to 2.15%) per an-num and receives interest at a floating rate based on compounded SOFR with a credit adjust-ment spread; after gradually transitioning throughout the financial year ended 31 December 2023 from the three-month USD LIBOR as a result of the IBOR reform. The notional principal amount of these outstanding interest rate swaps as at 31 December 2023 amounted to USD 1,005.6 million (2022: USD 949.0 million). Of these, USD 347.9 million matures within one year, USD 432.6 million matures within two to five years, and USD 225.1 million matures after five years. The notional amount of the hedging instruments directly im-pacted by IBOR reform as at 31 December 2023 amounted to USD 1,005.6 million. Non-Hedging Instruments Interest Rate Derivatives As at 31 December 2023, the Group has no existing interest rate caps as they have expired and were not part of any IBOR transition. At 31 December 2022, the Group had existing interest rate caps with a strike of 3.00% against the three-month USD LIBOR. As of 31 December 2022, the interest rate caps have a notional amount of USD 225.0 million with the last cap having expired in 2023. The changes in fair values of the interest rate caps are recognised in profit or loss. Forward Foreign Exchange Contracts The 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 foreign exchange contracts as at 31 December 2023 and 2022 comprise the following:20232022USD \u2019000USD \u2019000NotionalNotionalamounts amounts in local USDin local USDCurrencycurrencyequivalentcurrencyequivalentSingapore Dollars 31,268 23,381 22,58016,404 As at 31 December 2023, these forward foreign exchange contracts will mature within 12 (2022: 9) 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 Agreements The 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 2023, the Group has outstanding positions with a notional amount of USD 69.7 million (2022: USD 7.3 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 profit or loss.",
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"s6_notes__6__110": {
"value": "12. Derivative Financial Instruments20232022USD \u2019000USD \u2019000Assets Liabilities Assets LiabilitiesCash flow hedges- Interest rate swaps 45,964 - 69,136 -Non-hedging instruments- Interest rate caps - - 726 -- Forward freight agreements 1,512 276 308 93- Forward foreign exchange contracts 449 - 438 -47,925 276 70,608 93Analysed as:Non-current 35,023 - 69,184 -Current 12,902 276 1,424 9347,925 276 70,608 93 Cash Flow Hedges Interest Rate Derivatives The 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 3.10% (2022: 0.46% to 2.15%) per an-num and receives interest at a floating rate based on compounded SOFR with a credit adjust-ment spread; after gradually transitioning throughout the financial year ended 31 December 2023 from the three-month USD LIBOR as a result of the IBOR reform. The notional principal amount of these outstanding interest rate swaps as at 31 December 2023 amounted to USD 1,005.6 million (2022: USD 949.0 million). Of these, USD 347.9 million matures within one year, USD 432.6 million matures within two to five years, and USD 225.1 million matures after five years. The notional amount of the hedging instruments directly im-pacted by IBOR reform as at 31 December 2023 amounted to USD 1,005.6 million. Non-Hedging Instruments Interest Rate Derivatives As at 31 December 2023, the Group has no existing interest rate caps as they have expired and were not part of any IBOR transition. At 31 December 2022, the Group had existing interest rate caps with a strike of 3.00% against the three-month USD LIBOR. As of 31 December 2022, the interest rate caps have a notional amount of USD 225.0 million with the last cap having expired in 2023. The changes in fair values of the interest rate caps are recognised in profit or loss. Forward Foreign Exchange Contracts The 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 foreign exchange contracts as at 31 December 2023 and 2022 comprise the following:20232022USD \u2019000USD \u2019000NotionalNotionalamounts amounts in local USDin local USDCurrencycurrencyequivalentcurrencyequivalentSingapore Dollars 31,268 23,381 22,58016,404 As at 31 December 2023, these forward foreign exchange contracts will mature within 12 (2022: 9) 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 Agreements The 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 2023, the Group has outstanding positions with a notional amount of USD 69.7 million (2022: USD 7.3 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 profit or loss.",
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"s6_notes__6__109-1": {
"value": "12. Derivative Financial Instruments20232022USD \u2019000USD \u2019000Assets Liabilities Assets LiabilitiesCash flow hedges- Interest rate swaps 45,964 - 69,136 -Non-hedging instruments- Interest rate caps - - 726 -- Forward freight agreements 1,512 276 308 93- Forward foreign exchange contracts 449 - 438 -47,925 276 70,608 93Analysed as:Non-current 35,023 - 69,184 -Current 12,902 276 1,424 9347,925 276 70,608 93 Cash Flow Hedges Interest Rate Derivatives The 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 3.10% (2022: 0.46% to 2.15%) per an-num and receives interest at a floating rate based on compounded SOFR with a credit adjust-ment spread; after gradually transitioning throughout the financial year ended 31 December 2023 from the three-month USD LIBOR as a result of the IBOR reform. The notional principal amount of these outstanding interest rate swaps as at 31 December 2023 amounted to USD 1,005.6 million (2022: USD 949.0 million). Of these, USD 347.9 million matures within one year, USD 432.6 million matures within two to five years, and USD 225.1 million matures after five years. The notional amount of the hedging instruments directly im-pacted by IBOR reform as at 31 December 2023 amounted to USD 1,005.6 million. Non-Hedging Instruments Interest Rate Derivatives As at 31 December 2023, the Group has no existing interest rate caps as they have expired and were not part of any IBOR transition. At 31 December 2022, the Group had existing interest rate caps with a strike of 3.00% against the three-month USD LIBOR. As of 31 December 2022, the interest rate caps have a notional amount of USD 225.0 million with the last cap having expired in 2023. The changes in fair values of the interest rate caps are recognised in profit or loss. Forward Foreign Exchange Contracts The 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 foreign exchange contracts as at 31 December 2023 and 2022 comprise the following:20232022USD \u2019000USD \u2019000NotionalNotionalamounts amounts in local USDin local USDCurrencycurrencyequivalentcurrencyequivalentSingapore Dollars 31,268 23,381 22,58016,404 As at 31 December 2023, these forward foreign exchange contracts will mature within 12 (2022: 9) 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 Agreements The 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 2023, the Group has outstanding positions with a notional amount of USD 69.7 million (2022: USD 7.3 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 profit or loss.(e) Accounting Classifications and Fair Values The following tables present assets and liabilities measured at fair value and classified by level of the following fair value measurement hierarchy:(1) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);(2) inputs other than quoted prices included within Level 1 that are observable for the asset 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 value hedgingFinancial FVOCI - instruments/assets equity Mandatorily at amortised instru-at FVTPL - otherscostments TotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2023Financial assets measured at fair valueForward foreign exchange contracts 12 449 - - 449 - 449 - 449Forward freight agreements 12 1,512 - - 1,512 - 1,512 - 1,512Interest rate swaps used for hedging 12 45,964 - - 45,964 - 45,964 - 45,964Interest rate caps 12 - - - - - - - -Other investments 11 - - 23,953 23,953 - - 23,953 23,95347,925 - 23,953 71,878Financial assets not measured at fair valueLoans receivable from joint venture 13 - 69,626 - 69,6261Trade and other receivables16 - 568,436 - 568,436Restricted cash - 13,381 - 13,381Cash at bank and on hand 17 - 141,621 - 141,621Cash retained in the commercial pools 17 - 80,900 - 80,900- 873,964 - 873,9641 Excluding prepaymentsCarrying Amount Fair ValueFair value-hedging instrumentsOther financial liabilitiesTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2023Financial liabilities measured at fair valueForward freight agreements 12 (276) - (276) - (276) - (276)Financial liabilities not measured at fair valueBank borrowings 21 - (572,511) (572,511)Sale and leaseback liability (accounted for as financing transaction) and other lease liabilities 21 - (679,479) (679,479)Trade payables 22 - (385,478) (385,478)- (1,637,468) (1,637,468)Carrying Amount Fair ValueFair value hedginginstruments/Financial Mandatorily at assets at FVOCI-equity FVTPL - othersamortised costinstrumentTotalLevel 1Level 2Level 3Total(Restated) NoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Financial assets measured at fair valueForward foreign exchange contracts 12 438 - - 438 - 438 - 438Forward freight agreements 12 308 - - 308 - 308 - 308Interest rate swaps used for hedging 12 69,136 - - 69,136 - 69,136 - 69,136Interest rate caps 12 726 - - 726 - 726 - 726Other investments 11 - - 3,825 3,825 - - 3,825 3,82570,608 - 3,825 74,433Financial assets not measured at fair valueLoans receivable from joint ventures 13 - 74,213 - 74,213 1Trade and other receivables16 - 481,507 - 481,507Restricted cash 17 - 4,780 - 4,780 Cash at bank and on hand 17 - 174,440 - 174,440Cash retained in the commercial pools 17 - 105,885 - 105,885- 840,825 - 840,8251 Excluding prepaymentsCarrying Amount Fair ValueFair value hedgingOther financialinstrumentsliabilitiesTotalLevel 1Level 2Level 3Total(Restated) NoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Financial liabilities measured at fair valueForward freight agreements 12 (93) - (93) - (93) - (93)Financial liabilities not measured at fair valueBank borrowings21 - (726,376) (726,376)Sale and leaseback liability (accounted for as financing transaction) and other lease liabilities 21 - (969,004) (969,004)Loan from non-related parties 21 - (5,429) (5,429)Trade payables 22 - (156,218) (156,218)- (1,857,027) (1,857,027)",
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},
"s6_notes__6__108-1": {
"value": "12. Derivative Financial Instruments20232022USD \u2019000USD \u2019000Assets Liabilities Assets LiabilitiesCash flow hedges- Interest rate swaps 45,964 - 69,136 -Non-hedging instruments- Interest rate caps - - 726 -- Forward freight agreements 1,512 276 308 93- Forward foreign exchange contracts 449 - 438 -47,925 276 70,608 93Analysed as:Non-current 35,023 - 69,184 -Current 12,902 276 1,424 9347,925 276 70,608 93 Cash Flow Hedges Interest Rate Derivatives The 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 3.10% (2022: 0.46% to 2.15%) per an-num and receives interest at a floating rate based on compounded SOFR with a credit adjust-ment spread; after gradually transitioning throughout the financial year ended 31 December 2023 from the three-month USD LIBOR as a result of the IBOR reform. The notional principal amount of these outstanding interest rate swaps as at 31 December 2023 amounted to USD 1,005.6 million (2022: USD 949.0 million). Of these, USD 347.9 million matures within one year, USD 432.6 million matures within two to five years, and USD 225.1 million matures after five years. The notional amount of the hedging instruments directly im-pacted by IBOR reform as at 31 December 2023 amounted to USD 1,005.6 million. Non-Hedging Instruments Interest Rate Derivatives As at 31 December 2023, the Group has no existing interest rate caps as they have expired and were not part of any IBOR transition. At 31 December 2022, the Group had existing interest rate caps with a strike of 3.00% against the three-month USD LIBOR. As of 31 December 2022, the interest rate caps have a notional amount of USD 225.0 million with the last cap having expired in 2023. The changes in fair values of the interest rate caps are recognised in profit or loss. Forward Foreign Exchange Contracts The 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 foreign exchange contracts as at 31 December 2023 and 2022 comprise the following:20232022USD \u2019000USD \u2019000NotionalNotionalamounts amounts in local USDin local USDCurrencycurrencyequivalentcurrencyequivalentSingapore Dollars 31,268 23,381 22,58016,404 As at 31 December 2023, these forward foreign exchange contracts will mature within 12 (2022: 9) 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 Agreements The 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 2023, the Group has outstanding positions with a notional amount of USD 69.7 million (2022: USD 7.3 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 profit or loss.13. Loans Receivable from Joint Ventures The 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 LR2 product tanker vessels. In the financial year ended 31 December 2023, the Group entered into an agreement with SOC-ATRA, to be joint venture partners in Ecomar Shipholding S.A.S (\u201cEcomar\u201d). As part of financing for the newbuilds under the respective joint ventures, 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 (with two additional options which were subsequently declared) for LR2 vessels were made through the Vista 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 2023, four orders for IMO II MR vessels were made through the Ecomar joint venture. As part of financing for the MR newbuilds under the joint venture, each joint venture partner contributed a shareholder\u2019s loan to finance the pre-delivery instalments for the four IMO II MR newbuilds. In 2023, the Group provided financing of USD 15.5 million (2022: USD 23.0 million) to the joint ventures. The loans receivable from the joint ventures are unsecured, bear interest based on daily SOFR with a credit adjustment spread (previously USD three-month LIBOR plus 3% margin before IBOR transition) and have no fixed terms of repayment. As the Group does not expect the joint venture to settle the loans within the next 12 months, the loans receivable are classified as \u201cnon-current\u201d receivables. In substance, the Group considers these loans receivable as an extension of the Group\u2019s investments in joint ventures. The carrying amounts of the loans re-ceivable approximate their fair values since the interest rates are repriceable at three-month intervals.20232022USD \u2019000USD \u2019000Loans receivable from joint venture 69,626 74,21316. Trade and other Receivables20222023USD \u2019000USD \u2019000(Restated)Trade receivables- non-related parties 389,384 221,777Contract assets- non-related parties 118,460 83,718Less: Allowance made for trade receivables and contract assets- non-related parties 26(b) - -Trade receivables \u2013 net 507,844 305,495Prepayments 21,274 21,602Other receivables- non-related parties 60,592 176,012589,710 503,109 The carrying amounts of trade and other receivables, principally denominated in United States Dollars, approximate their fair values due to the short period to maturity. Included within trade and other receivables as at the financial years ended 2023 and 2022 are contract assets. These contract assets relate to the Group\u2019s rights to consideration for proportional performance from voyage charters in progress at the balance sheet date. 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 (2022: USD Nil). During the financial year ended 2022, two of the Chemical-Stainless vessels, Hafnia Spark and Hafnia Stellar, were deemed to 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 21). During the financial year ended 2023, the receivables and associated lease liabilities were de-recognised upon transfer of the physical title over the vessels to the buyer.21. Borrowings20232022USD \u2019000USD \u2019000CurrentLoans from non-related parties - 673Bank borrowings 174,004 103,807Sales and leaseback-liabilities (accounted for as financing transaction) 57,305 170,731Other lease liabilities 36,019 44,905267,328 320,116Non-currentLoans from non-related parties - 4,756Bank borrowings 398,507 622,569Sales and leaseback-liabilities (accounted for as financing transaction) 622,174 798,273Other lease liabilities 4,342 29,5731,025,023 1,455,171Total borrowings 1,292,351 1,775,287 Bank Borrowings As at 31 December 2023, bank borrowings consist of ten credit facilities from external fi-nancial institutions, amounting to USD 473 million, USD 374 million, USD 216 million, USD 106 million, USD 84 million, USD 39 million, USD 40 million, USD 303 million and two borrowing base facilities respectively (2022: USD 473 million, USD 374 million, USD 216 million, USD 106 million, USD 100 million, USD 84 million and USD 39 million). The table below summarises key informa-tion of the bank borrowings:Outstanding amount Maturity Facility amountUSD \u2018000dateUSD 473 million facility 116,089- USD 413 million term loan 2026- USD 60 million revolving credit facility 2026USD 374 million facility -- USD 100 million revolving credit facility 2028USD 216 million facility 143,850 2027USD106 million facility 90,777 2025USD 84 million facility 56,095- USD 68 million term loan 2026- USD 16 million revolving credit facility 2026USD 39 million facility 18,801- USD 30 million term loan 2025- USD 9 million revolving credit facility 2025Up to USD 175 million borrowing base facility 53,000Up to USD 175 million borrowing base facility (with an ac-cordion option of up to USD 75 million) 60,000 2024USD 40 million facility 38,754 2029USD 303 million facility -- USD 303 million revolving credit facility 2029 The Group\u2019s revolving credit facilities will be available for utilisation if there is no event of de-fault or default which is continuing or would result from the proposed utilisation or under the existing utilisations; and relevant conditions are met. The Group pays commitment fees to have these revolving credit facilities which are between 35-40% of the facilities\u2019 margin. On 14 November 2023, the Group cancelled its USD 70 million revolving credit facility, which was part of the upsized USD 216 million facility. On 30 August 2023, the Group entered into a USD 303 million revolving credit facility. On 18 July 2023, the Group entered into a USD 40 million senior secured term loan facility.On 21 December 2022, the USD 50 million revolving credit facility under the USD 100 million facility was extended until June 2023.On 18 March 2022, the Group closed the USD 70 million upsizing of its existing USD 216 million facility.Sales and Leaseback-Liabilities (accounted for as Financing Transaction)As at 31 December 2023, the sales and leaseback-liabilities (accounted for as financing trans-action) consist of various facilities provided by external leasing houses under sale-and-lease-back contracts. Under these contracts, the vessels were legally sold to external leasing houses and leased back by Hafnia. The sale of vessels under these sales and leaseback arrangements did not meet the criteria for sale as prescribed by IFRS 15 Revenue with customers as the Group has assessed that there was no transfer of control of the vessels. The Group still has the present right to direct the use of the vessels and to obtain the remaining economic benefits from the vessels. The Group also has the option/obligation to repurchase the vessels from the leasing houses. As a result of the assessment performed, the vessels were not derecognised from the Group\u2019s balance sheet. These transactions were treated as financing arrangements since lease inception, with the proceeds received from the external leasing houses reflected as sales and leaseback-liabilities, which were accounted for as financing transactions.During the financial year ended 2023, as a part of the Group\u2019s ongoing refinancing exercise to refinance the debt that was acquired as a part of the CTI acquisition into lower-priced financ-ing facilities, the Group refinanced five IMO II Chemical Handy vessels via sale and leaseback financing with CMB Financial leasing. These transactions were accounted for as an extinguish-ment of existing sales and leaseback-liabilities (accounted for as financing transaction) and the recognition of new sales and leaseback-liabilities (accounted for as financing transaction) based on the new borrowing terms. The Group also exercised the purchase options on nine of its existing sales and leaseback financings with AVIC International Leasing, SPDB Financial Leasing, ICBC Financial Leasing and Ocean Yield Limited. These transactions were accounted for as an extinguishment of existing sales and leaseback-liabilities (accounted for as financing transaction).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 arrangements from eight external leasing houses (the \u201cCTI vessels facilities\u201d). Refer to Note 3. During the financial year ended 2022, the Group disposed of eight Chemical-Stainless vessels which were financed by such sale-and-leaseback arrangements. The borrowings relating to two of these Chemical-Stainless vessels, Hafnia Spark and Hafnia Stellar, have not been de-recognised 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. The borrowings were subsequently de-recognised in 2023 when physical title was transferred from the Group to the buyers.Outstanding amountMaturity Facility AmountUSD \u2018000dateUSD 414 million SLB facility 354,160 2032CTI vessels facilities 276,861 2023 \u2013 2031Hafnia Tankers finance leases 48,456 2025 \u2013 2030 Interest Rates The weighted average effective interest rates per annum of total borrowings at the balance sheet date are as follows:2023 2022Bank borrowings 6.7% 4.2%Sales and leaseback-liabilities (accounted for as financing transaction) 7.4% 6.1% The exposure of borrowings to interest rate risk is disclosed in Note 26.Maturity of BorrowingsThe non-current borrowings have the following maturity:20232022USD \u2019000USD \u2019000Later than one year and not later than five years 649,710 974,953Later than five years 375,313 480,2181,025,023 1,455,171Carrying Amounts and Fair ValuesThe carrying values of the bank borrowings and sales and leaseback-liabilities (accounted for as financing transaction) 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 bore floating interest at a nominal rate of USD three-month LIBOR plus margin of 2.80%. The carrying value approximates the fair values as interest rate is re-priceable at three-month intervals. The loan from a related corporation was fully repaid in 2022.Financial and non-Financial CovenantsThe Group has bank borrowings and sales and leaseback-liabilities (accounted for as financing transaction) that contain financial and non-financial covenants. Any breach of covenants will result in bank borrowings and sales and leaseback-liabilities becoming payable on demand. The Group was in compliance with financial and non-financial covenants as of 31 December 2023 and 31 December 2022.22. Trade and other Payables20222023USD \u2019000USD \u2018000(Restated)Trade payables - non-related parties 219,962 41,508Accrued operating expenses 114,801 101,759Other payables- related corporations 29,774 6,675- non-related parties 20,941 6,276385,478 156,218Analysed as:Current 385,478 156,218385,478 156,218 The carrying amounts of trade and other payables, principally denominated in United States Dollars, approximate their fair values due to the short period to maturity. The other payables due to related corporations are unsecured, interest-free and are repayable on demand. Information about the Group\u2019s exposure to currency and liquidity risks is included in Note 26.",
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"s6_notes__6__107": {
"value": "12. Derivative Financial Instruments20232022USD \u2019000USD \u2019000Assets Liabilities Assets LiabilitiesCash flow hedges- Interest rate swaps 45,964 - 69,136 -Non-hedging instruments- Interest rate caps - - 726 -- Forward freight agreements 1,512 276 308 93- Forward foreign exchange contracts 449 - 438 -47,925 276 70,608 93Analysed as:Non-current 35,023 - 69,184 -Current 12,902 276 1,424 9347,925 276 70,608 93 Cash Flow Hedges Interest Rate Derivatives The 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 3.10% (2022: 0.46% to 2.15%) per an-num and receives interest at a floating rate based on compounded SOFR with a credit adjust-ment spread; after gradually transitioning throughout the financial year ended 31 December 2023 from the three-month USD LIBOR as a result of the IBOR reform. The notional principal amount of these outstanding interest rate swaps as at 31 December 2023 amounted to USD 1,005.6 million (2022: USD 949.0 million). Of these, USD 347.9 million matures within one year, USD 432.6 million matures within two to five years, and USD 225.1 million matures after five years. The notional amount of the hedging instruments directly im-pacted by IBOR reform as at 31 December 2023 amounted to USD 1,005.6 million. Non-Hedging Instruments Interest Rate Derivatives As at 31 December 2023, the Group has no existing interest rate caps as they have expired and were not part of any IBOR transition. At 31 December 2022, the Group had existing interest rate caps with a strike of 3.00% against the three-month USD LIBOR. As of 31 December 2022, the interest rate caps have a notional amount of USD 225.0 million with the last cap having expired in 2023. The changes in fair values of the interest rate caps are recognised in profit or loss. Forward Foreign Exchange Contracts The 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 foreign exchange contracts as at 31 December 2023 and 2022 comprise the following:20232022USD \u2019000USD \u2019000NotionalNotionalamounts amounts in local USDin local USDCurrencycurrencyequivalentcurrencyequivalentSingapore Dollars 31,268 23,381 22,58016,404 As at 31 December 2023, these forward foreign exchange contracts will mature within 12 (2022: 9) 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 Agreements The 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 2023, the Group has outstanding positions with a notional amount of USD 69.7 million (2022: USD 7.3 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 profit or loss.",
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"s6_notes__6__116-1": {
"value": "13. Loans Receivable from Joint Ventures The 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 LR2 product tanker vessels. In the financial year ended 31 December 2023, the Group entered into an agreement with SOC-ATRA, to be joint venture partners in Ecomar Shipholding S.A.S (\u201cEcomar\u201d). As part of financing for the newbuilds under the respective joint ventures, 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 (with two additional options which were subsequently declared) for LR2 vessels were made through the Vista 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 2023, four orders for IMO II MR vessels were made through the Ecomar joint venture. As part of financing for the MR newbuilds under the joint venture, each joint venture partner contributed a shareholder\u2019s loan to finance the pre-delivery instalments for the four IMO II MR newbuilds. In 2023, the Group provided financing of USD 15.5 million (2022: USD 23.0 million) to the joint ventures. The loans receivable from the joint ventures are unsecured, bear interest based on daily SOFR with a credit adjustment spread (previously USD three-month LIBOR plus 3% margin before IBOR transition) and have no fixed terms of repayment. As the Group does not expect the joint venture to settle the loans within the next 12 months, the loans receivable are classified as \u201cnon-current\u201d receivables. In substance, the Group considers these loans receivable as an extension of the Group\u2019s investments in joint ventures. The carrying amounts of the loans re-ceivable approximate their fair values since the interest rates are repriceable at three-month intervals.20232022USD \u2019000USD \u2019000Loans receivable from joint venture 69,626 74,21316. Trade and other Receivables20222023USD \u2019000USD \u2019000(Restated)Trade receivables- non-related parties 389,384 221,777Contract assets- non-related parties 118,460 83,718Less: Allowance made for trade receivables and contract assets- non-related parties 26(b) - -Trade receivables \u2013 net 507,844 305,495Prepayments 21,274 21,602Other receivables- non-related parties 60,592 176,012589,710 503,109 The carrying amounts of trade and other receivables, principally denominated in United States Dollars, approximate their fair values due to the short period to maturity. Included within trade and other receivables as at the financial years ended 2023 and 2022 are contract assets. These contract assets relate to the Group\u2019s rights to consideration for proportional performance from voyage charters in progress at the balance sheet date. 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 (2022: USD Nil). During the financial year ended 2022, two of the Chemical-Stainless vessels, Hafnia Spark and Hafnia Stellar, were deemed to 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 21). During the financial year ended 2023, the receivables and associated lease liabilities were de-recognised upon transfer of the physical title over the vessels to the buyer.",
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"s6_notes__6__114": {
"value": "13. Loans Receivable from Joint Ventures The 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 LR2 product tanker vessels. In the financial year ended 31 December 2023, the Group entered into an agreement with SOC-ATRA, to be joint venture partners in Ecomar Shipholding S.A.S (\u201cEcomar\u201d). As part of financing for the newbuilds under the respective joint ventures, 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 (with two additional options which were subsequently declared) for LR2 vessels were made through the Vista 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 2023, four orders for IMO II MR vessels were made through the Ecomar joint venture. As part of financing for the MR newbuilds under the joint venture, each joint venture partner contributed a shareholder\u2019s loan to finance the pre-delivery instalments for the four IMO II MR newbuilds. In 2023, the Group provided financing of USD 15.5 million (2022: USD 23.0 million) to the joint ventures. The loans receivable from the joint ventures are unsecured, bear interest based on daily SOFR with a credit adjustment spread (previously USD three-month LIBOR plus 3% margin before IBOR transition) and have no fixed terms of repayment. As the Group does not expect the joint venture to settle the loans within the next 12 months, the loans receivable are classified as \u201cnon-current\u201d receivables. In substance, the Group considers these loans receivable as an extension of the Group\u2019s investments in joint ventures. The carrying amounts of the loans re-ceivable approximate their fair values since the interest rates are repriceable at three-month intervals.20232022USD \u2019000USD \u2019000Loans receivable from joint venture 69,626 74,213",
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"s6_notes__6__113-1": {
"value": "13. Loans Receivable from Joint Ventures The 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 LR2 product tanker vessels. In the financial year ended 31 December 2023, the Group entered into an agreement with SOC-ATRA, to be joint venture partners in Ecomar Shipholding S.A.S (\u201cEcomar\u201d). As part of financing for the newbuilds under the respective joint ventures, 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 (with two additional options which were subsequently declared) for LR2 vessels were made through the Vista 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 2023, four orders for IMO II MR vessels were made through the Ecomar joint venture. As part of financing for the MR newbuilds under the joint venture, each joint venture partner contributed a shareholder\u2019s loan to finance the pre-delivery instalments for the four IMO II MR newbuilds. In 2023, the Group provided financing of USD 15.5 million (2022: USD 23.0 million) to the joint ventures. The loans receivable from the joint ventures are unsecured, bear interest based on daily SOFR with a credit adjustment spread (previously USD three-month LIBOR plus 3% margin before IBOR transition) and have no fixed terms of repayment. As the Group does not expect the joint venture to settle the loans within the next 12 months, the loans receivable are classified as \u201cnon-current\u201d receivables. In substance, the Group considers these loans receivable as an extension of the Group\u2019s investments in joint ventures. The carrying amounts of the loans re-ceivable approximate their fair values since the interest rates are repriceable at three-month intervals.20232022USD \u2019000USD \u2019000Loans receivable from joint venture 69,626 74,21314. Associated Companies and Joint Ventures 20232022USD \u2019000USD \u2019000Interest in Joint Ventures 60,172 39,359(a) Interest in Associates The 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 voluntary liquidation and cash proceeds of USD 1.8 million were distributed back to the Group and deducted against investment cost. The deficit of USD 36,555 was recorded in profit or loss. The following table summarises the profit for the financial year and other financial informa-tion 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. 2022Hafnia Management A/SUSD \u2019000Percentage ownership interest 40%Current assets -Current liabilities -Net assets (100%) -Net assets (40%) -Other adjustments -Group\u2019s share of net assets (40%) -Other income -Expenses (92)Loss and total comprehensive loss (100%) (92)Loss and total comprehensive loss (40%) (37)Group\u2019s share of total comprehensive loss (40%) (37)(b) Interest in Joint Ventures(1) Vista Shipping Pte. Ltd. (formerly known as Vista Shipping Limited) (\u201cVista Shipping\u201d) is a joint ven-ture in which the Group has joint control and 50% ownership interest. Vista Shipping is domiciled in Singapore 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 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 proportion to their interests to finance the newbuild programme as described in Note 13. During the financial year ended 2023, Hafnia took delivery of three LR2 vessels through its Vista joint venture. The following table summarises the financial information of Vista Shipping as included in its own consolidated financial statements. The table also reconciles the summarized financial informa-tion to the carrying amount of the Group\u2019s interest in Vista Shipping. 20232022USD \u2019000USD \u2019000Percentage ownership interest 50% 50%Non-current assets 397,965 275,964Current assets 54,092 57,618Non-current liabilities (336,598) (268,921)Current liabilities (28,564) (13,667)Net assets (100%) 86,895 50,994Group\u2019s share of net assets (50%) 43,448 25,497Revenue 91,191 78,275 Other income 1,963 617 Expenses (56,914) (34,690)Profit and total comprehensive income (100%) 36,240 44,202 Profit and total comprehensive income (50%) 18,120 22,101 Prior year share of (loss)/profit not recognised (170) 614 Group\u2019s share of total comprehensive income (50%) 17,950 22,715(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 Islands 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 ven-ture. In accordance with the agreement under which H&A Shipping was established, 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 Shipping as included in its own consolidated financial statements. The table also reconciles the summarised financial informa-tion to the carrying amount of the Group\u2019s interest in H&A Shipping. 20232022USD \u2019000USD \u2019000Percentage ownership interest 50% 50%Non-current assets 62,990 66,091 Current assets 5,308 4,136 Non-current liabilities (52,038) (54,981)Current liabilities (4,548) (4,573)Net assets (100%) 11,712 10,673 Group\u2019s share of net assets (50%) 5,856 5,337 Shareholder\u2019s loans 7,6687,667 Alignment of accounting policies 1,006 858 Carrying amount of interest in joint venture 14,530 13,862 Revenue 11,438 11,109 Other income 1,458 266 Expenses (10,857) (9,198)Profit and total comprehensive income (100%) 2,039 2,177 Profit and total comprehensive income (50%) 1,019 1,089 Alignment of accounting policies 147 385 Group\u2019s share of total comprehensive income (50%) 1,166 1,474 (3) In June 2023, the Group and SOCATRA entered into a joint venture, Ecomar, in which the Group has joint control and 50% ownership interest. Ecomar is incorporated in France 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 Ecomar as a joint venture. In accordance with the agreement under which Ecomar was established, the Group and the other investor in the joint venture have agreed to provide shareholders\u2019 loans in proportion to their interests to finance the newbuild programme. The following table summarises the financial information of Ecomar as included in its own con-solidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in Ecomar.20232022USD \u2019000USD \u2019000Percentage ownership interest 50% -Non-current assets 31,873 -Non-current liabilities (31,849) -Net assets (100%) 24 -Group\u2019s share of net assets (50%) 12 -Carrying amount of interest in joint venture 12 -Other income 1 -Expenses (87) -Loss and total comprehensive loss (100%) (86) -Loss and total comprehensive loss (50%) (43) -Group\u2019s share of total comprehensive loss (50%) (43) -(4) In March 2023, the Group and Simbolo Holdings Limited entered into a share purchase agree-ment where the Group purchased 50% of Class A shares (with voting rights) in Quintessential AI Limited (\u201cQ-AI\u201d). As a result of the transaction, the Group has joint control (with Simbolo Holdings having the remainder of Class A shares) of Q-AI; with a 25.5% ownership interest. Q-AI is incorporated in London and operates in the software development industry. According-ly, the Group has classified its interest in Q-AI as a joint venture. As of 31 December 2023, Q-AI has not commenced operations and the cost of investment as of 31 December 2023 was USD 2.2 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__119": {
"value": "14. Associated Companies and Joint Ventures 20232022USD \u2019000USD \u2019000Interest in Joint Ventures 60,172 39,359(a) Interest in Associates The 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 voluntary liquidation and cash proceeds of USD 1.8 million were distributed back to the Group and deducted against investment cost. The deficit of USD 36,555 was recorded in profit or loss. The following table summarises the profit for the financial year and other financial informa-tion 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. 2022Hafnia Management A/SUSD \u2019000Percentage ownership interest 40%Current assets -Current liabilities -Net assets (100%) -Net assets (40%) -Other adjustments -Group\u2019s share of net assets (40%) -Other income -Expenses (92)Loss and total comprehensive loss (100%) (92)Loss and total comprehensive loss (40%) (37)Group\u2019s share of total comprehensive loss (40%) (37)(b) Interest in Joint Ventures(1) Vista Shipping Pte. Ltd. (formerly known as Vista Shipping Limited) (\u201cVista Shipping\u201d) is a joint ven-ture in which the Group has joint control and 50% ownership interest. Vista Shipping is domiciled in Singapore 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 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 proportion to their interests to finance the newbuild programme as described in Note 13. During the financial year ended 2023, Hafnia took delivery of three LR2 vessels through its Vista joint venture. The following table summarises the financial information of Vista Shipping as included in its own consolidated financial statements. The table also reconciles the summarized financial informa-tion to the carrying amount of the Group\u2019s interest in Vista Shipping. 20232022USD \u2019000USD \u2019000Percentage ownership interest 50% 50%Non-current assets 397,965 275,964Current assets 54,092 57,618Non-current liabilities (336,598) (268,921)Current liabilities (28,564) (13,667)Net assets (100%) 86,895 50,994Group\u2019s share of net assets (50%) 43,448 25,497Revenue 91,191 78,275 Other income 1,963 617 Expenses (56,914) (34,690)Profit and total comprehensive income (100%) 36,240 44,202 Profit and total comprehensive income (50%) 18,120 22,101 Prior year share of (loss)/profit not recognised (170) 614 Group\u2019s share of total comprehensive income (50%) 17,950 22,715(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 Islands 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 ven-ture. In accordance with the agreement under which H&A Shipping was established, 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 Shipping as included in its own consolidated financial statements. The table also reconciles the summarised financial informa-tion to the carrying amount of the Group\u2019s interest in H&A Shipping. 20232022USD \u2019000USD \u2019000Percentage ownership interest 50% 50%Non-current assets 62,990 66,091 Current assets 5,308 4,136 Non-current liabilities (52,038) (54,981)Current liabilities (4,548) (4,573)Net assets (100%) 11,712 10,673 Group\u2019s share of net assets (50%) 5,856 5,337 Shareholder\u2019s loans 7,6687,667 Alignment of accounting policies 1,006 858 Carrying amount of interest in joint venture 14,530 13,862 Revenue 11,438 11,109 Other income 1,458 266 Expenses (10,857) (9,198)Profit and total comprehensive income (100%) 2,039 2,177 Profit and total comprehensive income (50%) 1,019 1,089 Alignment of accounting policies 147 385 Group\u2019s share of total comprehensive income (50%) 1,166 1,474 (3) In June 2023, the Group and SOCATRA entered into a joint venture, Ecomar, in which the Group has joint control and 50% ownership interest. Ecomar is incorporated in France 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 Ecomar as a joint venture. In accordance with the agreement under which Ecomar was established, the Group and the other investor in the joint venture have agreed to provide shareholders\u2019 loans in proportion to their interests to finance the newbuild programme. The following table summarises the financial information of Ecomar as included in its own con-solidated financial statements. The table also reconciles the summarised financial information to the carrying amount of the Group\u2019s interest in Ecomar.20232022USD \u2019000USD \u2019000Percentage ownership interest 50% -Non-current assets 31,873 -Non-current liabilities (31,849) -Net assets (100%) 24 -Group\u2019s share of net assets (50%) 12 -Carrying amount of interest in joint venture 12 -Other income 1 -Expenses (87) -Loss and total comprehensive loss (100%) (86) -Loss and total comprehensive loss (50%) (43) -Group\u2019s share of total comprehensive loss (50%) (43) -(4) In March 2023, the Group and Simbolo Holdings Limited entered into a share purchase agree-ment where the Group purchased 50% of Class A shares (with voting rights) in Quintessential AI Limited (\u201cQ-AI\u201d). As a result of the transaction, the Group has joint control (with Simbolo Holdings having the remainder of Class A shares) of Q-AI; with a 25.5% ownership interest. Q-AI is incorporated in London and operates in the software development industry. According-ly, the Group has classified its interest in Q-AI as a joint venture. As of 31 December 2023, Q-AI has not commenced operations and the cost of investment as of 31 December 2023 was USD 2.2 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__122": {
"value": "15. Inventories20222023USD \u2019000USD \u2019000(Restated)Fuel oil 99,714 81,308Lubricating oils 7,990 8,623 107,704 89,931 The cost of inventories recognised as expenses included in \u201cvoyage expenses (Hafnia Vessels and TC Vessels)\u201d amounted to USD 349.1 million (2022: USD 388.5 million); and included in \u201cvoyage expenses (External Vessels in Disponent-Owner Pools)\u201d amounted to USD 161.8 million (2022: USD Nil). There was no write down of inventory to net realisable values as at the respec-tive financial years ending 2022 and 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__125": {
"value": "16. Trade and other Receivables20222023USD \u2019000USD \u2019000(Restated)Trade receivables- non-related parties 389,384 221,777Contract assets- non-related parties 118,460 83,718Less: Allowance made for trade receivables and contract assets- non-related parties 26(b) - -Trade receivables \u2013 net 507,844 305,495Prepayments 21,274 21,602Other receivables- non-related parties 60,592 176,012589,710 503,109 The carrying amounts of trade and other receivables, principally denominated in United States Dollars, approximate their fair values due to the short period to maturity. Included within trade and other receivables as at the financial years ended 2023 and 2022 are contract assets. These contract assets relate to the Group\u2019s rights to consideration for proportional performance from voyage charters in progress at the balance sheet date. 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 (2022: USD Nil). During the financial year ended 2022, two of the Chemical-Stainless vessels, Hafnia Spark and Hafnia Stellar, were deemed to 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 21). During the financial year ended 2023, the receivables and associated lease liabilities were de-recognised upon transfer of the physical title over the vessels to the buyer.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__129": {
"value": "17. Cash and Cash Equivalents including Restricted Cash20222023USD \u2019000USD \u2019000(Restated)Cash at bank and on hand 141,621 174,440Cash retained in the commercial pools 80,900 105,885Restricted cash 13,381 4,780235,902 285,105Less: Restricted cash (13,381) (4,780)Cash and cash equivalents 222,521 280,325 Cash at bank and on hand includes fixed deposits placed in various financial institutions with varying periods to maturity. The restricted cash represents amounts placed in debt service reserve accounts for sale and leaseback financing. For the financial year ended 2023, the restricted cash includes cash from FFA collateral accounts. This restricted cash is not available to finance the Group\u2019s day to day operations. The cash retained in the commercial pools represents cash in the pool bank accounts that are opened in the name of the Group\u2019s pool management company and can only be used for the operation of vessels within the commercial pools.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__128": {
"value": "17. Cash and Cash Equivalents including Restricted Cash20222023USD \u2019000USD \u2019000(Restated)Cash at bank and on hand 141,621 174,440Cash retained in the commercial pools 80,900 105,885Restricted cash 13,381 4,780235,902 285,105Less: Restricted cash (13,381) (4,780)Cash and cash equivalents 222,521 280,325 Cash at bank and on hand includes fixed deposits placed in various financial institutions with varying periods to maturity. The restricted cash represents amounts placed in debt service reserve accounts for sale and leaseback financing. For the financial year ended 2023, the restricted cash includes cash from FFA collateral accounts. This restricted cash is not available to finance the Group\u2019s day to day operations. The cash retained in the commercial pools represents cash in the pool bank accounts that are opened in the name of the Group\u2019s pool management company and can only be used for the operation of vessels within the commercial pools.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__133": {
"value": "18. Share Capital and Contributed SurplusShareShareNumber ofcapitalpremiumTotalsharesUSD \u2019000USD \u2019000USD \u2019000At 1 January 2023 503,388,593 5,035 1,023,996 1,029,031Issuance of shares 3,431,577 34 20,853 20,887At 31 December 2023 506,820,170 5,069 1,044,849 1,049,918ShareShareNumber ofcapitalpremiumTotalsharesUSD \u2019000USD \u2019000USD \u2019000At 1 January 2022 370,244,325 3,703 704,834 708,537Shares issued for acquisition of CTI assets 92,112,691 921 206,459 207,380New shares issued 37,600,000 376 97,170 97,546Purchase of treasury shares and issuance of shares 3,431,577 35 15,533 15,568At 31 December 2022 503,388,593 5,035 1,023,996 1,029,031(a) Authorised Share Capital The total authorised number of shares is 750,000,000 (2022: 750,000,000) common shares at par value of USD 0.01 per share. In August 2022, the total authorised number of shares was increased by 150,000,000 shares with a par value of USD 0.01 per share.(b) Issued and Fully Paid Share Capital On 28 February 2023, the Company entered into a share lending agreement with BW Group Limited (\u201cBW Group\u201d), whereby BW Group lent 3,431,577 shares of the Company. The borrowed shares were redelivered by way of the Company issuing new shares to BW Group at a sub-scription price of USD 0.01 per share. Following this transaction, the Company had 3,431,577 newly issued shares and 3,431,577 treasury shares. On 1 March 2023, the Company settled these borrowed shares by way of issuing 3,431,577 new ordinary 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. On 20 December 2023, the Company entered into another share lending agreement with BW Group, whereby BW Group lent 3,431,577 shares of the Company. Following this transaction, the Company had 3,431,577 treasury shares. The borrowed shares were redelivered by way of the Company issuing new shares to BW Group at a subscription price of USD 0.01 per share. The share issuance was only completed on 2 January 2024. On 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 assets. 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 25.0 per share, raising net proceeds of USD 97.5 million. On 26 August 2022, the Company entered into a share lending agreement with BW Group Limited, whereby BW Group lent 3,431,577 shares of the Company. The borrowed shares were redelivered by way of the Company issuing new shares to BW Group at a subscription price of USD 0.01 per share. Following this transaction, the Company had 3,431,577 newly issued shares and 3,431,577 treasury shares. This allowed the Company to promptly deliver exist-ing shares held in treasury to employees who exercise their vested options under the share options granted 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 rank pari passu with the existing shares.(c) Share Premium The difference between the consideration for common shares issued and their 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.(d) Contributed Surplus Contributed surplus relates to the amount transferred from share capital account when the par value of each common share was reduced from USD 5 to USD 0.01 per share in 2015. Con-tributed surplus is distributable, subject to the fulfilment of the conditions as stipulated under the Bermudian Law.(e) Treasury Shares The reserve for the Company\u2019s treasury shares comprises the cost of the Company\u2019s shares held by the Group. As at 31 December 2023, the Group held 2,626,651 of the Company\u2019s shares (2022: 2,793,797).(f) Capital Reserve The deficit refers to the reversal of the cost of the treasury shares acquired, recorded in the treasury shares account against the option price on those shares upon exercise of employees share options during the financial year.(g) Translation Reserve The foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group\u2019s presentation currency.(h) Fair Value Reserve The fair value reserve comprises the cumulative net change in the fair value of equity invest-ments which were accounted as FVOCI.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__132": {
"value": "18. Share Capital and Contributed SurplusShareShareNumber ofcapitalpremiumTotalsharesUSD \u2019000USD \u2019000USD \u2019000At 1 January 2023 503,388,593 5,035 1,023,996 1,029,031Issuance of shares 3,431,577 34 20,853 20,887At 31 December 2023 506,820,170 5,069 1,044,849 1,049,918ShareShareNumber ofcapitalpremiumTotalsharesUSD \u2019000USD \u2019000USD \u2019000At 1 January 2022 370,244,325 3,703 704,834 708,537Shares issued for acquisition of CTI assets 92,112,691 921 206,459 207,380New shares issued 37,600,000 376 97,170 97,546Purchase of treasury shares and issuance of shares 3,431,577 35 15,533 15,568At 31 December 2022 503,388,593 5,035 1,023,996 1,029,031(a) Authorised Share Capital The total authorised number of shares is 750,000,000 (2022: 750,000,000) common shares at par value of USD 0.01 per share. In August 2022, the total authorised number of shares was increased by 150,000,000 shares with a par value of USD 0.01 per share.(b) Issued and Fully Paid Share Capital On 28 February 2023, the Company entered into a share lending agreement with BW Group Limited (\u201cBW Group\u201d), whereby BW Group lent 3,431,577 shares of the Company. The borrowed shares were redelivered by way of the Company issuing new shares to BW Group at a sub-scription price of USD 0.01 per share. Following this transaction, the Company had 3,431,577 newly issued shares and 3,431,577 treasury shares. On 1 March 2023, the Company settled these borrowed shares by way of issuing 3,431,577 new ordinary 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. On 20 December 2023, the Company entered into another share lending agreement with BW Group, whereby BW Group lent 3,431,577 shares of the Company. Following this transaction, the Company had 3,431,577 treasury shares. The borrowed shares were redelivered by way of the Company issuing new shares to BW Group at a subscription price of USD 0.01 per share. The share issuance was only completed on 2 January 2024. On 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 assets. 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 25.0 per share, raising net proceeds of USD 97.5 million. On 26 August 2022, the Company entered into a share lending agreement with BW Group Limited, whereby BW Group lent 3,431,577 shares of the Company. The borrowed shares were redelivered by way of the Company issuing new shares to BW Group at a subscription price of USD 0.01 per share. Following this transaction, the Company had 3,431,577 newly issued shares and 3,431,577 treasury shares. This allowed the Company to promptly deliver exist-ing shares held in treasury to employees who exercise their vested options under the share options granted 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 rank pari passu with the existing shares.(c) Share Premium The difference between the consideration for common shares issued and their 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.(d) Contributed Surplus Contributed surplus relates to the amount transferred from share capital account when the par value of each common share was reduced from USD 5 to USD 0.01 per share in 2015. Con-tributed surplus is distributable, subject to the fulfilment of the conditions as stipulated under the Bermudian Law.(e) Treasury Shares The reserve for the Company\u2019s treasury shares comprises the cost of the Company\u2019s shares held by the Group. As at 31 December 2023, the Group held 2,626,651 of the Company\u2019s shares (2022: 2,793,797).(f) Capital Reserve The deficit refers to the reversal of the cost of the treasury shares acquired, recorded in the treasury shares account against the option price on those shares upon exercise of employees share options during the financial year.(g) Translation Reserve The foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group\u2019s presentation currency.(h) Fair Value Reserve The fair value reserve comprises the cumulative net change in the fair value of equity invest-ments which were accounted as FVOCI.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__131": {
"value": "18. Share Capital and Contributed SurplusShareShareNumber ofcapitalpremiumTotalsharesUSD \u2019000USD \u2019000USD \u2019000At 1 January 2023 503,388,593 5,035 1,023,996 1,029,031Issuance of shares 3,431,577 34 20,853 20,887At 31 December 2023 506,820,170 5,069 1,044,849 1,049,918ShareShareNumber ofcapitalpremiumTotalsharesUSD \u2019000USD \u2019000USD \u2019000At 1 January 2022 370,244,325 3,703 704,834 708,537Shares issued for acquisition of CTI assets 92,112,691 921 206,459 207,380New shares issued 37,600,000 376 97,170 97,546Purchase of treasury shares and issuance of shares 3,431,577 35 15,533 15,568At 31 December 2022 503,388,593 5,035 1,023,996 1,029,031(a) Authorised Share Capital The total authorised number of shares is 750,000,000 (2022: 750,000,000) common shares at par value of USD 0.01 per share. In August 2022, the total authorised number of shares was increased by 150,000,000 shares with a par value of USD 0.01 per share.(b) Issued and Fully Paid Share Capital On 28 February 2023, the Company entered into a share lending agreement with BW Group Limited (\u201cBW Group\u201d), whereby BW Group lent 3,431,577 shares of the Company. The borrowed shares were redelivered by way of the Company issuing new shares to BW Group at a sub-scription price of USD 0.01 per share. Following this transaction, the Company had 3,431,577 newly issued shares and 3,431,577 treasury shares. On 1 March 2023, the Company settled these borrowed shares by way of issuing 3,431,577 new ordinary 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. On 20 December 2023, the Company entered into another share lending agreement with BW Group, whereby BW Group lent 3,431,577 shares of the Company. Following this transaction, the Company had 3,431,577 treasury shares. The borrowed shares were redelivered by way of the Company issuing new shares to BW Group at a subscription price of USD 0.01 per share. The share issuance was only completed on 2 January 2024. On 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 assets. 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 25.0 per share, raising net proceeds of USD 97.5 million. On 26 August 2022, the Company entered into a share lending agreement with BW Group Limited, whereby BW Group lent 3,431,577 shares of the Company. The borrowed shares were redelivered by way of the Company issuing new shares to BW Group at a subscription price of USD 0.01 per share. Following this transaction, the Company had 3,431,577 newly issued shares and 3,431,577 treasury shares. This allowed the Company to promptly deliver exist-ing shares held in treasury to employees who exercise their vested options under the share options granted 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 rank pari passu with the existing shares.(c) Share Premium The difference between the consideration for common shares issued and their 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.(d) Contributed Surplus Contributed surplus relates to the amount transferred from share capital account when the par value of each common share was reduced from USD 5 to USD 0.01 per share in 2015. Con-tributed surplus is distributable, subject to the fulfilment of the conditions as stipulated under the Bermudian Law.(e) Treasury Shares The reserve for the Company\u2019s treasury shares comprises the cost of the Company\u2019s shares held by the Group. As at 31 December 2023, the Group held 2,626,651 of the Company\u2019s shares (2022: 2,793,797).(f) Capital Reserve The deficit refers to the reversal of the cost of the treasury shares acquired, recorded in the treasury shares account against the option price on those shares upon exercise of employees share options during the financial year.(g) Translation Reserve The foreign currency translation reserve represents exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from that of the Group\u2019s presentation currency.(h) Fair Value Reserve The fair value reserve comprises the cumulative net change in the fair value of equity invest-ments which were accounted as FVOCI.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__135": {
"value": "19. Other Reserves(a) Composition20232022USD \u2019000USD \u2019000Share-based payment reserve 3,788 5,873Hedging reserve 39,312 68,458Capital reserve (25,137) (710)Translation reserve (63) 29Fair value reserve 9,720 -27,620 73,650(b) Movements of the reserves20232022Hedging reserveUSD \u2019000USD \u2019000At beginning of the financial year 68,458 348Fair value gains on cash flow hedges 13,378 73,516Reclassification to profit or loss (42,524) (5,406)At end of the financial year 39,312 68,458 More information about derivatives used as hedges is disclosed in Note 12. Capital reserve The movement of the capital reserve is attributed to the exercise of share options awarded to employees under the Group\u2019s equity-settled, share-based compensation plan (Note 20).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__137": {
"value": "20. 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 consideration for 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, 15 March 2022 and 28 February 2023, 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 of Grant datethousandsconditionsoptionsOption grant to key management 3 years\u2019 service personnel on 16 January 2019condition from grant 16 January (\u201cTranche 1\u201d) 1,834date of Tranche 12025 Option Grant to key management 3 years\u2019 service personnel on 1 March 2019condition from grant 16 January(\u201cTranche 2\u201d) 207date of Tranche 12025 Option Grant to key management 3 years\u2019 service personnel on 1 June 2019condition from grant 16 January (\u201cTranche 3\u201d) 1,183date of Tranche 12025 Option grant to key management 3 years\u2019 service personnel on 1 August 2019condition from grant 16 January (\u201cTranche 4\u201d) 207date of Tranche 12025 Option Grant to key management 3 years\u2019 service personnel on 25 February 2020condition from 25 February (\u201cLTIP 2020\u201d) 3,432grant date2026 Option Grant to key management 3 years\u2019 service personnel on 8 March 2021condition from 8 March (\u201cLTIP 2021\u201d) 3,432grant date2027Option Grant to key management 3 years\u2019 service personnel on 15 March 2022condition from 15 March(\u201cLTIP 2022\u201d) 1,849grant date 2028Option Grant to key management 3 years\u2019 service personnel on 28 February 2023 condition from 28 February (\u201cLTIP 2023\u201d) 1,849grant date2029The 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 share units (\u201cRSU 2022\u201d) to key management and senior employees. All restricted 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 Options The 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 2022 LTIP 2023Grant date 16 January 2019 1 March 2019 1 June 2019 1 August 2019 25 February 2020 8 March 2021 15 March 2022 28 February 2023Share price (NOK) 24.03 24.17 24.47 24.67 20.57 16.55 20.01 64.46Exercise price (NOK) 27.81 27.81 27.81 27.81 23.81 19.16 23.16 74.62Time to maturity (years) 4.5 4.4 4.1 4.0 4.5 4.5 4.5 4.5Risk free rate 2.54% 2.54% 1.93% 1.78% 1.24% 1.02% 2.24% 3.53%Volatility 50.00% 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% 7.50%Share options granted 1,833,958 207,278 1,183,063 207,278 3,431,577 3,431,577 1,849,428 1,849,428Fair value at grant date (USD) 1,610,382 182,009 976,425 169,317 2,249,146 2,036,068 1,263,630 3,716,961 Volatility 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 Units The following inputs were used in the measurement of the fair values at the 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 shares under option are as follows:At the Granted Exercised At the end beginning of the during the during the of the financial yearfinancial yearfinancial yearfinancial year2023LTIP 2019 2,586,519 - (2,231,185) 355,334LTIP 2020 3,431,577 - (3,234,205) 197,372LTIP 2021 3,431,577 - (1,357,632) 2,073,945LTIP 2022 1,849,428 - - 1,849,428LTIP 2023 - 1,849,428 - 1,849,428Total 11,299,101 1,849,428 (6,823,022) 6,325,5072022LTIP 2019 3,431,577 - (845,058) 2,586,519LTIP 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 (845,058) 11,299,101The Company\u2019s remuneration committee has decided to grant accelerated vesting for the Company\u2019s CEO. The CEO\u2019s options under the LTIP 2021 vested on 20 December 2023 and were subsequently exercised by the CEO.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__139": {
"value": "21. Borrowings20232022USD \u2019000USD \u2019000CurrentLoans from non-related parties - 673Bank borrowings 174,004 103,807Sales and leaseback-liabilities (accounted for as financing transaction) 57,305 170,731Other lease liabilities 36,019 44,905267,328 320,116Non-currentLoans from non-related parties - 4,756Bank borrowings 398,507 622,569Sales and leaseback-liabilities (accounted for as financing transaction) 622,174 798,273Other lease liabilities 4,342 29,5731,025,023 1,455,171Total borrowings 1,292,351 1,775,287 Bank Borrowings As at 31 December 2023, bank borrowings consist of ten credit facilities from external fi-nancial institutions, amounting to USD 473 million, USD 374 million, USD 216 million, USD 106 million, USD 84 million, USD 39 million, USD 40 million, USD 303 million and two borrowing base facilities respectively (2022: USD 473 million, USD 374 million, USD 216 million, USD 106 million, USD 100 million, USD 84 million and USD 39 million). The table below summarises key informa-tion of the bank borrowings:Outstanding amount Maturity Facility amountUSD \u2018000dateUSD 473 million facility 116,089- USD 413 million term loan 2026- USD 60 million revolving credit facility 2026USD 374 million facility -- USD 100 million revolving credit facility 2028USD 216 million facility 143,850 2027USD106 million facility 90,777 2025USD 84 million facility 56,095- USD 68 million term loan 2026- USD 16 million revolving credit facility 2026USD 39 million facility 18,801- USD 30 million term loan 2025- USD 9 million revolving credit facility 2025Up to USD 175 million borrowing base facility 53,000Up to USD 175 million borrowing base facility (with an ac-cordion option of up to USD 75 million) 60,000 2024USD 40 million facility 38,754 2029USD 303 million facility -- USD 303 million revolving credit facility 2029 The Group\u2019s revolving credit facilities will be available for utilisation if there is no event of de-fault or default which is continuing or would result from the proposed utilisation or under the existing utilisations; and relevant conditions are met. The Group pays commitment fees to have these revolving credit facilities which are between 35-40% of the facilities\u2019 margin. On 14 November 2023, the Group cancelled its USD 70 million revolving credit facility, which was part of the upsized USD 216 million facility. On 30 August 2023, the Group entered into a USD 303 million revolving credit facility. On 18 July 2023, the Group entered into a USD 40 million senior secured term loan facility.On 21 December 2022, the USD 50 million revolving credit facility under the USD 100 million facility was extended until June 2023.On 18 March 2022, the Group closed the USD 70 million upsizing of its existing USD 216 million facility.Sales and Leaseback-Liabilities (accounted for as Financing Transaction)As at 31 December 2023, the sales and leaseback-liabilities (accounted for as financing trans-action) consist of various facilities provided by external leasing houses under sale-and-lease-back contracts. Under these contracts, the vessels were legally sold to external leasing houses and leased back by Hafnia. The sale of vessels under these sales and leaseback arrangements did not meet the criteria for sale as prescribed by IFRS 15 Revenue with customers as the Group has assessed that there was no transfer of control of the vessels. The Group still has the present right to direct the use of the vessels and to obtain the remaining economic benefits from the vessels. The Group also has the option/obligation to repurchase the vessels from the leasing houses. As a result of the assessment performed, the vessels were not derecognised from the Group\u2019s balance sheet. These transactions were treated as financing arrangements since lease inception, with the proceeds received from the external leasing houses reflected as sales and leaseback-liabilities, which were accounted for as financing transactions.During the financial year ended 2023, as a part of the Group\u2019s ongoing refinancing exercise to refinance the debt that was acquired as a part of the CTI acquisition into lower-priced financ-ing facilities, the Group refinanced five IMO II Chemical Handy vessels via sale and leaseback financing with CMB Financial leasing. These transactions were accounted for as an extinguish-ment of existing sales and leaseback-liabilities (accounted for as financing transaction) and the recognition of new sales and leaseback-liabilities (accounted for as financing transaction) based on the new borrowing terms. The Group also exercised the purchase options on nine of its existing sales and leaseback financings with AVIC International Leasing, SPDB Financial Leasing, ICBC Financial Leasing and Ocean Yield Limited. These transactions were accounted for as an extinguishment of existing sales and leaseback-liabilities (accounted for as financing transaction).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 arrangements from eight external leasing houses (the \u201cCTI vessels facilities\u201d). Refer to Note 3. During the financial year ended 2022, the Group disposed of eight Chemical-Stainless vessels which were financed by such sale-and-leaseback arrangements. The borrowings relating to two of these Chemical-Stainless vessels, Hafnia Spark and Hafnia Stellar, have not been de-recognised 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. The borrowings were subsequently de-recognised in 2023 when physical title was transferred from the Group to the buyers.Outstanding amountMaturity Facility AmountUSD \u2018000dateUSD 414 million SLB facility 354,160 2032CTI vessels facilities 276,861 2023 \u2013 2031Hafnia Tankers finance leases 48,456 2025 \u2013 2030 Interest Rates The weighted average effective interest rates per annum of total borrowings at the balance sheet date are as follows:2023 2022Bank borrowings 6.7% 4.2%Sales and leaseback-liabilities (accounted for as financing transaction) 7.4% 6.1% The exposure of borrowings to interest rate risk is disclosed in Note 26.Maturity of BorrowingsThe non-current borrowings have the following maturity:20232022USD \u2019000USD \u2019000Later than one year and not later than five years 649,710 974,953Later than five years 375,313 480,2181,025,023 1,455,171Carrying Amounts and Fair ValuesThe carrying values of the bank borrowings and sales and leaseback-liabilities (accounted for as financing transaction) 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 bore floating interest at a nominal rate of USD three-month LIBOR plus margin of 2.80%. The carrying value approximates the fair values as interest rate is re-priceable at three-month intervals. The loan from a related corporation was fully repaid in 2022.Financial and non-Financial CovenantsThe Group has bank borrowings and sales and leaseback-liabilities (accounted for as financing transaction) that contain financial and non-financial covenants. Any breach of covenants will result in bank borrowings and sales and leaseback-liabilities becoming payable on demand. The Group was in compliance with financial and non-financial covenants as of 31 December 2023 and 31 December 2022.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__144": {
"value": "22. Trade and other Payables20222023USD \u2019000USD \u2018000(Restated)Trade payables - non-related parties 219,962 41,508Accrued operating expenses 114,801 101,759Other payables- related corporations 29,774 6,675- non-related parties 20,941 6,276385,478 156,218Analysed as:Current 385,478 156,218385,478 156,218 The carrying amounts of trade and other payables, principally denominated in United States Dollars, approximate their fair values due to the short period to maturity. The other payables due to related corporations are unsecured, interest-free and are repayable on demand. Information about the Group\u2019s exposure to currency and liquidity risks is included in Note 26.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__142": {
"value": "22. Trade and other Payables20222023USD \u2019000USD \u2018000(Restated)Trade payables - non-related parties 219,962 41,508Accrued operating expenses 114,801 101,759Other payables- related corporations 29,774 6,675- non-related parties 20,941 6,276385,478 156,218Analysed as:Current 385,478 156,218385,478 156,218 The carrying amounts of trade and other payables, principally denominated in United States Dollars, approximate their fair values due to the short period to maturity. The other payables due to related corporations are unsecured, interest-free and are repayable on demand. Information about the Group\u2019s exposure to currency and liquidity risks is included in Note 26.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__146": {
"value": "23. Leases \u2013 as Lessee Leases as Lessee under IFRS 16 The Group leases vessels, office spaces, and other equipment from external parties under non-cancellable operating lease agreements. The leases have 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 other assets 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 Assets - VesselsUSD \u2019000CostAt 1 January 2022 188,983Additions 2,023Write-off (3,276)At 31 December 2022 187,730Additions 11,852At 31 December 2023 199,582Accumulated DepreciationAt 1 January 2022 77,454Depreciation charge 45,520Write-off (3,148)At 31 December 2022 119,826Depreciation charge 45,195At 31 December 2023 165,021Net book valueAt 31 December 2022 67,904At 31 December 2023 34,561(2) Amounts recognised in Profit or Loss20232022USD \u2019000USD \u2019000Interest expense on lease liabilities 2,178 3,768Expenses relating to short-term leases for vessels, included in charter hire expenses 5,594 1,040Expenses relating to short-term leases for offices, included in rental expenses 1,988 1,613(3) Amounts recognised in Statement of Cash Flows20232022USD \u2019000USD \u2019000Total cash outflow for leases 45,969 48,643(4) Extension Options Some leases contain extension options exercisable by the Group up to one year before the end of the non-cancellable contract period. Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. The extension options held are exercisable only by the Group 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. In the financial year ended 2023, the Group exercised options on certain leases to extend their charter period for a duration of one year and recognised additional lease liabilities with a corresponding increase in ROU assets. 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 120.5 million (2022: USD 139.6 million).(5) Operating Lease Commitments under IFRS 16 The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__148": {
"value": "24. CommitmentsOperating lease commitments - where the Group is a lessor.The Group leases vessels to non-related parties under non-cancellable operating lease agreements. The Group classifies these leases as operating leases as the Group retains substantially all risks and rewards incidental to ownership of the leased assets.In 2023, the Group recognised estimated lease revenue of USD 94.1 million (2022: USD 48.3 million) and non-lease revenue of USD 40.4 million (2022: USD 25.5 million) as part of time charter revenue (Note 4).The undiscounted lease payments under operating leases to be received after 31 December are analysed as follows:20232022USD \u2019000USD \u2019000Less than one year 87,459 65,878One to two years 25,830 11,712Two to five years 8,960 20,640122,249 98,230Newbuild CommitmentsThe Group has equity interests in joint ventures and is obliged to provide its share of working capital for the joint ventures\u2019 newbuild programme through either equity contributions or shareholder\u2019s loans. The commitments may not be utilised by the joint ventures. The future minimum capital contributions to be made at the reporting date but not yet recognised are as follows: 20232022USD \u2019000USD \u2019000Less than one year 28,394 83,450One to two years 58,079 -Two to five years 19,360 -105,833 83,450",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__150": {
"value": "25. Financial Guarantee Contracts The Group\u2019s policy is to provide financial guarantees only to the wholly owned subsidiaries or joint ventures. At 31 December 2023, the Group has issued financial guarantees to certain banks in respect of credit facilities granted to subsidiaries (see Note 21). These bank borrowings amount to USD 572.5 million (2022: USD 726.4 million) at the balance sheet date.The Group and CSSC Shipping have issued a joint financial guarantee to certain banks in respect of credit facilities granted to the joint venture, Vista Shipping. Bank borrowings provided to the joint venture amounts to USD 246.8 million (2022: USD 130.8 million) at the balance sheet date. Corporate guarantees given will become due and payable on demand if an event of default occurs.The Group and Andromeda Shipholdings have issued a joint financial guarantee to certain banks in respect of credit facilities granted to joint venture, H&A Shipping. Bank borrowings provided to the joint venture amounts to USD 39.4 million (2022: USD 42.3 million) at the balance sheet date. Corporate guarantees given will become due and payable on demand if an event of default occurs.In 2022, the Group issued a limited financial guarantee to a bank in respect of the receivables purchase agreement facility granted to the commercial pools. Any liability arising is limited to the recourse lenders have against the Group after considering the recourse waterfall mechanism in place in the facility agreement, where the Group is the final avenue of recourse. The facility was discontinued during the financial year ended 2023.The Group has appraised such liabilities to be remote.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__152": {
"value": "26. Financial Risk Management Financial Risk Factors The Group\u2019s activities expose it to a variety of \ue6cfnancial 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 \ue6cfnancial markets and seeks to minimise potential adverse effects on the Group\u2019s \ue6cfnancial performance.Financial risk management is handled by the Group as part of its operations. The management team identifies, evaluates and manages financial 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 areas, such as foreign exchange risk, interest rate risk, credit risk and use of derivative and non-derivative financial instruments.(a) Market Risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.The Group enters into 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. Price RiskThe shipping market can be subject to significant fluctuations. The Group\u2019s vessels are employed under a variety of chartering arrangements including time charters and voyage charters. In 2023, approximately 5% (2022: 4%) of the Group\u2019s shipping revenue was derived from vessels under fixed income charters (comprising time charters).The Group is exposed to the risk of variations in fuel oil costs, which are affected by the global polit-ical and economic environment. Historically, fuel expenses have been the most significant expense. Under a time charter, the charterer is responsible for fuel costs, therefore, fixed income charters also reduce exposure to fuel price fluctuations. In 2023, fuel oil costs comprised 47% (2022: 46%) of the Group\u2019s operating expenses. If price of fuel oil has increased/decreased by USD 1 (2022: USD 1) per metric ton with all other variables including tax rate being held constant, the net results will be lower/higher by USD 801,249 (2022: USD 470,881) 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 for-ward freight agreements to limit the risk involved in trading in the spot market. Details of the Group\u2019s outstanding forward freight agreements are disclosed in Note 12. 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 when trading in the second-hand market.The Group is exposed to foreign currency exchange risks for administrative expenses incurred by offices or agents globally, predominantly in Monaco, Denmark, United Arab Emirates 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 cor-responding 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 Singapore dollars (\u201cSGD\u201d), Danish Kroner (\u201cDKK\u201d), Euro (\u201cEUR\u201d), United Arab Emirates Dirham (\u201cAED\u201d) and Norwegian Kroner (\u201cNOK\u201d). At 31 December 2023 and 2022, the Group has assessed that it has insignificant exposure to for-eign currency risks. However, the Group has entered into foreign exchange contracts to hedge its general and administrative costs to avoid short term volatility.Details of the Group\u2019s outstanding forward exchange contracts are disclosed in Note 12. Interest Rate RiskThe Group adopts a policy of ensuring that between 40% 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 interest rate risk. For the secured interest rate swaps of the Group, management applies a hedge ratio of 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 has interest-bearing financial liabilities in the form of borrowings from external financial institutions at variable rates.The Group manages its cash-flow interest rate risks by swapping a portion of its floating rate in-terest 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 1.8 million (2022: USD 1.5 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. If 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 5.8 million (2022: USD 4.9 million) as a result of higher/lower interest expense on borrowings; had no hedging been in place.Total equity would have been higher/lower by USD 13.7 million (2022: USD 14.4 million) mainly as a result of fair value gain/loss from interest 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. Fair value 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 12. As at 31 December 2023, the notional principal amount of these interest rate swaps represents approximately 80% (2022: 55%) of the Group\u2019s bor-rowings on floating interest rates.As at the reporting date, the interest rate profile of interest-bearing financial instruments, as reported to the management, was as follows:Nominal amount20222023USD \u2019000USD \u2019000(Restated)Variable Rate InstrumentsFinancial assets 69,626 74,213 Financial liabilities 1,251,990 1,716,589Effect of interest rate swaps (1,005,586) (949,047)316,030 841,755 The Group is exposed mainly to the Secured Overnight Financing Rate (\u201cSOFR\u201d). The Group completed the three-month USD LIBOR transition to SOFR during the year.Hedging Relationships for which \u2018Phase 2\u2019 Amendments ApplyIn the current year, the Group has applied the following hedge accounting reliefs provided by the Phase 2 amendments for its hedging relationships that have already transitioned from LIBOR to SOFR.Hedge Designation \u2013 When the Phase 1 amendments cease to apply, the Group has amended its hedge designation to reflect the following changes which are required by IBOR reform:\u2022 Designating SOFR as a hedged risk;\u2022 The contractual benchmark rate of the hedged USD borrowing has been amended from LIBOR to SOFR plus a credit adjustment spread; and\u2022 The variable rate of the hedging interest rate swap has been amended from LIBOR to SOFR with a credit adjustment spread added to the fixed rate. These amendments to the hedge documentation do not require the Group to discontinue its hedge relationships. Amounts accumulated in the Cash Flow Hedge Reserve \u2013 When the Group amended its hedge designation for changes to its borrowings that is required by IBOR reform, the accumulated amount outstanding in the cash \ue6d0ow hedge reserves was deemed to be based on SOFR. The amount is reclassi\ue6cfed to pro\ue6cft or loss in the same periods during which the hedged SOFR cash \ue6d0ows affect pro\ue6cft or loss. Hedge Effectiveness Hedge effectiveness is determined at the inception of the hedging relationship, and through peri-odic prospective effective assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the crit-ical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Hedge ineffectiveness have oc-curred due to changes in the critical terms of either the interest rate swaps or the borrowings. The Group assesses whether the derivative designated in each hedging relationship is expected to be effective in offsetting changes in cash \ue6d0ows of the hedged item using the hypothetical deriv-ative method. In these hedge relationships, the main sources 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 re\ue6d0ected in the change in the fair value of the hedged cash \ue6d0ows attributable to the change in interest rates; (2) differences in repricing dates between the swaps and the borrowings; and(3) transitioning the hedged item and the hedging instrument to alternative benchmark rates at dif-ferent times, which may result in temporary mismatch in benchmark interest rates or permanent difference in adjustment spreads; Ineffectiveness of USD 6.56 million has been recognised in relation to the interest rate swaps in other gains or losses in pro\ue6cft or loss for 2023 (2022: nil). (b) Credit Risk The Group\u2018s credit risk is primarily attributable to trade and other receivables, cash and cash equivalents and loans receivable from joint ventures. The maximum exposure is represented by the carrying value of each \ue6cfnancial asset on the balance sheet. Financial assets that are neither past due or impaired. The 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 in-ternationally recognised \ue6cfnancial institutions with a good credit rating and the vessels are char-tered out to charterers with an appropriate credit rating who can provide suf\ue6cfcient guarantees. There is no class of \ue6cfnancial assets that is past due and/or impaired. Trade Receivables and Contract Assets The Group applies the simpli\ue6cfed 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 de-fault rates and is adjusted by a current and forward-looking estimate based on current econom-ic 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 transac-tions are limited to high credit quality \ue6cfnancial institutions. The Group has policies that limit the amount of credit exposure to any \ue6cfnancial institution. The allowance for impairment made arose mainly from the provision of charter services to a customer which had met with signi\ue6cfcant \ue6cfnancial dif\ue6cfculties during the \ue6cfnancial year ended 31 December 2018. This allowance was subsequently written off in the \ue6cfnancial 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 at 31 December 2023 and 2022 were insigni\ue6cfcant. Accordingly, no ECL allowance was recorded by the Group. The age analysis of trade receivables and contract assets is as follows:20222023USD \u2019000USD \u2018000(Restated)Current (not past due) 312,744 215,442Past due 0 to 3 months 86,920 55,277Past due for more than 3 months 108,178 34,776Less: Allowance for impairment - -507,842 305,495The movement in the allowance for impairment in respect of trade receivables and contract assets is as follows:20222023USD \u2019000USD \u2019000(Restated)Allowance for impairment as at 1 January - -Write-off of allowance for impairment - -Allowance for impairment as at 31 December - -Loans receivable from Joint Ventures and other receivables 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 ventures.The loans extended to the joint ventures 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 ven-tures generate positive cash flows and the outlook remains positive, management considers the credit risk of loans issued to the joint ventures 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 and the availability of funding through an adequate amount of committed credit facilities to meet operating and capital expenditure needs. To address the inherent unpredictability of short-term liquidity require-ments, the Group maintains sufficient cash for its daily operations in short-term cash deposits with banks, has access to the non-utilised portions of revolving credit facilities. In the financial year ended 2022, the Group entered into a trade receivables factoring agreement (with limited recourse to the Group) with financial institutions. This factoring agreement was not utilised in the financial year ended 2023.The maturity profile of the Group\u2019s financial liabilities based on contractual non-discounted cash flows is as follows:Less than 1 Between 1Between 2 Overyearand 2 years and 5 years5 yearsUSD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2023Trade and other payables 385,478 - - -Derivative financial instruments 276 - - -Interest payments 60,437 50,567 78,168 31,528Borrowings 175,900 148,090 228,992 24,386Sale and leaseback liability (accounted for as financing transaction) and other lease liabilities 94,071 79,666 198,617 354,043 716,162 278,323 505,777 409,957Less than 1 Between 1Between 2 Overyearand 2 years and 5 years5 years(Restated)USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Trade and other payables 156,218 - - -Derivative financial instruments 93 - - -Interest payments 84,031 70,127 139,534 77,722 Borrowings 105,811 105,811 498,862 21,947 Sale and leaseback liability (accounted for as financing transaction) and other lease liabilities 217,654 97,635 288,012 455,326 563,807 273,573 926,408 554,995(d) Capital Risk The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise 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 externally imposed capital requirements.(e) Accounting Classifications and Fair Values The following tables present assets and liabilities measured at fair value and classified by level of the following fair value measurement hierarchy:(1) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);(2) inputs other than quoted prices included within Level 1 that are observable for the asset 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 value hedgingFinancial FVOCI - instruments/assets equity Mandatorily at amortised instru-at FVTPL - otherscostments TotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2023Financial assets measured at fair valueForward foreign exchange contracts 12 449 - - 449 - 449 - 449Forward freight agreements 12 1,512 - - 1,512 - 1,512 - 1,512Interest rate swaps used for hedging 12 45,964 - - 45,964 - 45,964 - 45,964Interest rate caps 12 - - - - - - - -Other investments 11 - - 23,953 23,953 - - 23,953 23,95347,925 - 23,953 71,878Financial assets not measured at fair valueLoans receivable from joint venture 13 - 69,626 - 69,6261Trade and other receivables16 - 568,436 - 568,436Restricted cash - 13,381 - 13,381Cash at bank and on hand 17 - 141,621 - 141,621Cash retained in the commercial pools 17 - 80,900 - 80,900- 873,964 - 873,9641 Excluding prepaymentsCarrying Amount Fair ValueFair value-hedging instrumentsOther financial liabilitiesTotalLevel 1Level 2Level 3TotalNoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2023Financial liabilities measured at fair valueForward freight agreements 12 (276) - (276) - (276) - (276)Financial liabilities not measured at fair valueBank borrowings 21 - (572,511) (572,511)Sale and leaseback liability (accounted for as financing transaction) and other lease liabilities 21 - (679,479) (679,479)Trade payables 22 - (385,478) (385,478)- (1,637,468) (1,637,468)Carrying Amount Fair ValueFair value hedginginstruments/Financial Mandatorily at assets at FVOCI-equity FVTPL - othersamortised costinstrumentTotalLevel 1Level 2Level 3Total(Restated) NoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Financial assets measured at fair valueForward foreign exchange contracts 12 438 - - 438 - 438 - 438Forward freight agreements 12 308 - - 308 - 308 - 308Interest rate swaps used for hedging 12 69,136 - - 69,136 - 69,136 - 69,136Interest rate caps 12 726 - - 726 - 726 - 726Other investments 11 - - 3,825 3,825 - - 3,825 3,82570,608 - 3,825 74,433Financial assets not measured at fair valueLoans receivable from joint ventures 13 - 74,213 - 74,213 1Trade and other receivables16 - 481,507 - 481,507Restricted cash 17 - 4,780 - 4,780 Cash at bank and on hand 17 - 174,440 - 174,440Cash retained in the commercial pools 17 - 105,885 - 105,885- 840,825 - 840,8251 Excluding prepaymentsCarrying Amount Fair ValueFair value hedgingOther financialinstrumentsliabilitiesTotalLevel 1Level 2Level 3Total(Restated) NoteUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Financial liabilities measured at fair valueForward freight agreements 12 (93) - (93) - (93) - (93)Financial liabilities not measured at fair valueBank borrowings21 - (726,376) (726,376)Sale and leaseback liability (accounted for as financing transaction) and other lease liabilities 21 - (969,004) (969,004)Loan from non-related parties 21 - (5,429) (5,429)Trade payables 22 - (156,218) (156,218)- (1,857,027) (1,857,027)(f) Measurement of Fair ValuesValuation Techniques and Inputs used in Level 3 Fair Value MeasurementsThe Group\u2019s investment in unquoted equity instruments measured at FVOCI using Level 3 fair value measurements were valued using market approach based on the Group\u2019s best estimate, which is determined by using information including but not limited to the pricing of recent rounds of financing of the investees and information generated from arm\u2019s-length market transactions involving identical or comparable assets or liabilities. The estimated fair value of the investments would either increase or decrease based on the latest available data that is reasonably available to the Group at each reporting date.No sensitivity analysis is presented as the information used by the Group to determine the fair values of its investments are based on latest rounds of financing that have concluded and actual market transactions. Level 3 Fair ValuesThe following table shows a reconciliation from the opening balances to the closing balances of the Group\u2019s investment in unquoted equity instruments measured at FVOCI using Level 3 fair value measurements: The Group has no Level 1 financial assets or liabilities as at 31 December 2023 and 31 December 2022.The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on ob-servable yield curves. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. These financial instruments are included in Level 2, as all significant inputs required to fair value an instrument are observable. Other techniques, such as estimated discounted cash flows, are used to deter-mine fair value for the remaining financial instruments. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. The assessment of the fair value of investments in unquoted equity instru-ments is performed on a quarterly basis based on the latest available data that is reasonably available to the Group. 20232022USD \u2019000USD \u2019000Opening balance3,825 3,501Acquisition of equity investments at FVOCI10,408 324Equity investments at FVOCI \u2013 net change in fair value (unrealised) 9,720 -Closing balance23,953 3,825There were no transfers between Levels 2 and 3 during the year.(g) Offsetting Financial Assets and Financial LiabilitiesThe Group\u2019s financial assets and liabilities are not subjected to enforceable master netting arrange-ments or similar arrangements. Financial derivatives, financial assets and financial liabilities are presented separately on the consolidated balance sheet, without netting off of balances.",
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"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 when trading in the second-hand market.The Group is exposed to foreign currency exchange risks for administrative expenses incurred by offices or agents globally, predominantly in Monaco, Denmark, United Arab Emirates 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 cor-responding 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 Singapore dollars (\u201cSGD\u201d), Danish Kroner (\u201cDKK\u201d), Euro (\u201cEUR\u201d), United Arab Emirates Dirham (\u201cAED\u201d) and Norwegian Kroner (\u201cNOK\u201d). At 31 December 2023 and 2022, the Group has assessed that it has insignificant exposure to for-eign currency risks. However, the Group has entered into foreign exchange contracts to hedge its general and administrative costs to avoid short term volatility.Details of the Group\u2019s outstanding forward exchange contracts are disclosed in Note 12.",
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"value": "(a) Market Risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Group\u2019s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.The Group enters into 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. Price RiskThe shipping market can be subject to significant fluctuations. The Group\u2019s vessels are employed under a variety of chartering arrangements including time charters and voyage charters. In 2023, approximately 5% (2022: 4%) of the Group\u2019s shipping revenue was derived from vessels under fixed income charters (comprising time charters).The Group is exposed to the risk of variations in fuel oil costs, which are affected by the global polit-ical and economic environment. Historically, fuel expenses have been the most significant expense. Under a time charter, the charterer is responsible for fuel costs, therefore, fixed income charters also reduce exposure to fuel price fluctuations. In 2023, fuel oil costs comprised 47% (2022: 46%) of the Group\u2019s operating expenses. If price of fuel oil has increased/decreased by USD 1 (2022: USD 1) per metric ton with all other variables including tax rate being held constant, the net results will be lower/higher by USD 801,249 (2022: USD 470,881) 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 for-ward freight agreements to limit the risk involved in trading in the spot market. Details of the Group\u2019s outstanding forward freight agreements are disclosed in Note 12. 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 when trading in the second-hand market.The Group is exposed to foreign currency exchange risks for administrative expenses incurred by offices or agents globally, predominantly in Monaco, Denmark, United Arab Emirates 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 cor-responding 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 Singapore dollars (\u201cSGD\u201d), Danish Kroner (\u201cDKK\u201d), Euro (\u201cEUR\u201d), United Arab Emirates Dirham (\u201cAED\u201d) and Norwegian Kroner (\u201cNOK\u201d). At 31 December 2023 and 2022, the Group has assessed that it has insignificant exposure to for-eign currency risks. However, the Group has entered into foreign exchange contracts to hedge its general and administrative costs to avoid short term volatility.Details of the Group\u2019s outstanding forward exchange contracts are disclosed in Note 12. Interest Rate RiskThe Group adopts a policy of ensuring that between 40% 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 interest rate risk. For the secured interest rate swaps of the Group, management applies a hedge ratio of 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 has interest-bearing financial liabilities in the form of borrowings from external financial institutions at variable rates.The Group manages its cash-flow interest rate risks by swapping a portion of its floating rate in-terest 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 1.8 million (2022: USD 1.5 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. If 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 5.8 million (2022: USD 4.9 million) as a result of higher/lower interest expense on borrowings; had no hedging been in place.Total equity would have been higher/lower by USD 13.7 million (2022: USD 14.4 million) mainly as a result of fair value gain/loss from interest 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. Fair value 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 12. As at 31 December 2023, the notional principal amount of these interest rate swaps represents approximately 80% (2022: 55%) of the Group\u2019s bor-rowings on floating interest rates.As at the reporting date, the interest rate profile of interest-bearing financial instruments, as reported to the management, was as follows:Nominal amount20222023USD \u2019000USD \u2019000(Restated)Variable Rate InstrumentsFinancial assets 69,626 74,213 Financial liabilities 1,251,990 1,716,589Effect of interest rate swaps (1,005,586) (949,047)316,030 841,755 The Group is exposed mainly to the Secured Overnight Financing Rate (\u201cSOFR\u201d). The Group completed the three-month USD LIBOR transition to SOFR during the year.Hedging Relationships for which \u2018Phase 2\u2019 Amendments ApplyIn the current year, the Group has applied the following hedge accounting reliefs provided by the Phase 2 amendments for its hedging relationships that have already transitioned from LIBOR to SOFR.Hedge Designation \u2013 When the Phase 1 amendments cease to apply, the Group has amended its hedge designation to reflect the following changes which are required by IBOR reform:\u2022 Designating SOFR as a hedged risk;\u2022 The contractual benchmark rate of the hedged USD borrowing has been amended from LIBOR to SOFR plus a credit adjustment spread; and\u2022 The variable rate of the hedging interest rate swap has been amended from LIBOR to SOFR with a credit adjustment spread added to the fixed rate. These amendments to the hedge documentation do not require the Group to discontinue its hedge relationships. Amounts accumulated in the Cash Flow Hedge Reserve \u2013 When the Group amended its hedge designation for changes to its borrowings that is required by IBOR reform, the accumulated amount outstanding in the cash \ue6d0ow hedge reserves was deemed to be based on SOFR. The amount is reclassi\ue6cfed to pro\ue6cft or loss in the same periods during which the hedged SOFR cash \ue6d0ows affect pro\ue6cft or loss. Hedge Effectiveness Hedge effectiveness is determined at the inception of the hedging relationship, and through peri-odic prospective effective assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the crit-ical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical derivative method to assess effectiveness. Hedge ineffectiveness have oc-curred due to changes in the critical terms of either the interest rate swaps or the borrowings. The Group assesses whether the derivative designated in each hedging relationship is expected to be effective in offsetting changes in cash \ue6d0ows of the hedged item using the hypothetical deriv-ative method. In these hedge relationships, the main sources 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 re\ue6d0ected in the change in the fair value of the hedged cash \ue6d0ows attributable to the change in interest rates; (2) differences in repricing dates between the swaps and the borrowings; and(3) transitioning the hedged item and the hedging instrument to alternative benchmark rates at dif-ferent times, which may result in temporary mismatch in benchmark interest rates or permanent difference in adjustment spreads; Ineffectiveness of USD 6.56 million has been recognised in relation to the interest rate swaps in other gains or losses in pro\ue6cft or loss for 2023 (2022: nil).",
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"value": "(b) Credit Risk The Group\u2018s credit risk is primarily attributable to trade and other receivables, cash and cash equivalents and loans receivable from joint ventures. The maximum exposure is represented by the carrying value of each \ue6cfnancial asset on the balance sheet. Financial assets that are neither past due or impaired. The 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 in-ternationally recognised \ue6cfnancial institutions with a good credit rating and the vessels are char-tered out to charterers with an appropriate credit rating who can provide suf\ue6cfcient guarantees. There is no class of \ue6cfnancial assets that is past due and/or impaired. Trade Receivables and Contract Assets The Group applies the simpli\ue6cfed 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 de-fault rates and is adjusted by a current and forward-looking estimate based on current econom-ic 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 transac-tions are limited to high credit quality \ue6cfnancial institutions. The Group has policies that limit the amount of credit exposure to any \ue6cfnancial institution. The allowance for impairment made arose mainly from the provision of charter services to a customer which had met with signi\ue6cfcant \ue6cfnancial dif\ue6cfculties during the \ue6cfnancial year ended 31 December 2018. This allowance was subsequently written off in the \ue6cfnancial 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 at 31 December 2023 and 2022 were insigni\ue6cfcant. Accordingly, no ECL allowance was recorded by the Group. The age analysis of trade receivables and contract assets is as follows:20222023USD \u2019000USD \u2018000(Restated)Current (not past due) 312,744 215,442Past due 0 to 3 months 86,920 55,277Past due for more than 3 months 108,178 34,776Less: Allowance for impairment - -507,842 305,495The movement in the allowance for impairment in respect of trade receivables and contract assets is as follows:20222023USD \u2019000USD \u2019000(Restated)Allowance for impairment as at 1 January - -Write-off of allowance for impairment - -Allowance for impairment as at 31 December - -Loans receivable from Joint Ventures and other receivables 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 ventures.The loans extended to the joint ventures 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 ven-tures generate positive cash flows and the outlook remains positive, management considers the credit risk of loans issued to the joint ventures as low. As a result of the qualitative assessment performed, no ECL provision has been recognised.",
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"value": "Trade Receivables and Contract Assets The Group applies the simpli\ue6cfed 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 de-fault rates and is adjusted by a current and forward-looking estimate based on current econom-ic 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 transac-tions are limited to high credit quality \ue6cfnancial institutions. The Group has policies that limit the amount of credit exposure to any \ue6cfnancial institution. The allowance for impairment made arose mainly from the provision of charter services to a customer which had met with signi\ue6cfcant \ue6cfnancial dif\ue6cfculties during the \ue6cfnancial year ended 31 December 2018. This allowance was subsequently written off in the \ue6cfnancial 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 at 31 December 2023 and 2022 were insigni\ue6cfcant. Accordingly, no ECL allowance was recorded by the Group. The age analysis of trade receivables and contract assets is as follows:20222023USD \u2019000USD \u2018000(Restated)Current (not past due) 312,744 215,442Past due 0 to 3 months 86,920 55,277Past due for more than 3 months 108,178 34,776Less: Allowance for impairment - -507,842 305,495The movement in the allowance for impairment in respect of trade receivables and contract assets is as follows:20222023USD \u2019000USD \u2019000(Restated)Allowance for impairment as at 1 January - -Write-off of allowance for impairment - -Allowance for impairment as at 31 December - -",
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"value": "(c) Liquidity Risk Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities to meet operating and capital expenditure needs. To address the inherent unpredictability of short-term liquidity require-ments, the Group maintains sufficient cash for its daily operations in short-term cash deposits with banks, has access to the non-utilised portions of revolving credit facilities. In the financial year ended 2022, the Group entered into a trade receivables factoring agreement (with limited recourse to the Group) with financial institutions. This factoring agreement was not utilised in the financial year ended 2023.The maturity profile of the Group\u2019s financial liabilities based on contractual non-discounted cash flows is as follows:Less than 1 Between 1Between 2 Overyearand 2 years and 5 years5 yearsUSD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2023Trade and other payables 385,478 - - -Derivative financial instruments 276 - - -Interest payments 60,437 50,567 78,168 31,528Borrowings 175,900 148,090 228,992 24,386Sale and leaseback liability (accounted for as financing transaction) and other lease liabilities 94,071 79,666 198,617 354,043 716,162 278,323 505,777 409,957Less than 1 Between 1Between 2 Overyearand 2 years and 5 years5 years(Restated)USD \u2019000USD \u2019000USD \u2019000USD \u2019000At 31 December 2022Trade and other payables 156,218 - - -Derivative financial instruments 93 - - -Interest payments 84,031 70,127 139,534 77,722 Borrowings 105,811 105,811 498,862 21,947 Sale and leaseback liability (accounted for as financing transaction) and other lease liabilities 217,654 97,635 288,012 455,326 563,807 273,573 926,408 554,995",
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"entity": "scheme:5493001KCFT0SCGJ2647",
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},
"s6_notes__6__158": {
"value": "(d) Capital Risk The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise 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 externally imposed capital requirements.",
"dimensions": {
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"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__164": {
"value": "27. Holding CorporationsIn May 2022, following a series of equity shares placement to other shareholders, BW Group lost control over Hafnia Limited but remains the single largest 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 was BW Group Limited, incorporated in Bermuda, which is wholly owned by Sohmen family interests.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__163-1": {
"value": "27. Holding CorporationsIn May 2022, following a series of equity shares placement to other shareholders, BW Group lost control over Hafnia Limited but remains the single largest 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 was BW Group Limited, incorporated in Bermuda, which is wholly owned by Sohmen family interests.28. 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 commercial terms agreed by the parties:20232022USD \u2019000USD \u2019000Purchase of servicesSupport service fees paid/payable to a related corporation6,122 5,791Interest paid/payable to a related corporation- 703Rental paid/payable to a related corporation872 699Rendering of servicesManagement fees received/receivable from relatedcorporations 657 688Related corporations refer to corporations controlled by Sohmen family interests.Key management personnel is defined as the Company\u2019s CEO, Chief Financial Officer (\u201cCFO\u201d), certain members of the senior management team and board of directors.Key Management Personnel Compensation20232022USD \u2018000USD \u2018000FixedSalary (annual) including pension3,031 2,784Customary benefits289 287VariableCash bonus (paid in the financial year)6,374 1,365Retention bonus- -Share-based compensation2,822 1,760Director\u2019s fees 377 370With reference to Note 20, for LTIP 2023, the CEO has received 595,374 options (2022: 731,688) and no RSUs (2022: 182,922). The CFO has received 129,645 options (2022: 159,588) and no RSUs (2022: 39,897). The CEO and CFO do not receive pension as part of the remuneration package. This is considered to be included in the fixed salary. Non-monetary benefits can include standard employment benefits such as newspaper, telephone, laptop and internet access.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s6_notes__6__167": {
"value": "28. 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 commercial terms agreed by the parties:20232022USD \u2019000USD \u2019000Purchase of servicesSupport service fees paid/payable to a related corporation6,122 5,791Interest paid/payable to a related corporation- 703Rental paid/payable to a related corporation872 699Rendering of servicesManagement fees received/receivable from relatedcorporations 657 688Related corporations refer to corporations controlled by Sohmen family interests.Key management personnel is defined as the Company\u2019s CEO, Chief Financial Officer (\u201cCFO\u201d), certain members of the senior management team and board of directors.Key Management Personnel Compensation20232022USD \u2018000USD \u2018000FixedSalary (annual) including pension3,031 2,784Customary benefits289 287VariableCash bonus (paid in the financial year)6,374 1,365Retention bonus- -Share-based compensation2,822 1,760Director\u2019s fees 377 370With reference to Note 20, for LTIP 2023, the CEO has received 595,374 options (2022: 731,688) and no RSUs (2022: 182,922). The CFO has received 129,645 options (2022: 159,588) and no RSUs (2022: 39,897). The CEO and CFO do not receive pension as part of the remuneration package. This is considered to be included in the fixed salary. Non-monetary benefits can include standard employment benefits such as newspaper, telephone, laptop and internet access.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__169": {
"value": "29. Segment InformationOperating segments are determined based on the reports submitted to the CODM to make strategic decisions.The CODM previously considered the business to be organised into seven main operating seg-ments. However, the CODM reconsidered the business to be organised into six main operating segments during the financial year ending 31 December 2023, following the disposal of the Group\u2019s Chemical-Stainless vessels. As such, the segment information has been retrospective-ly revised to reflect these six main operating 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 Stainless (\u2018Chemical-Stainless\u2019)(f) Specialized (\u2018Specialized\u2019)The operating segments are organised and managed according to the size of 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 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; inclusive of IMO II vessels.The Handy segment consists of vessels between 25,000 DWT and 39,999 DWT in size and pro-vides transportation of clean and dirty oil products, vegetable oil and easy chemicals; inclusive of IMO II vessels.The Specialized segment consists of vessels between 5,000 DWT 19,999 DWT in size. The Group exited the Chemical-Stainless segment after disposing of its Chemical-Stainless ves-sels 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, and general and administrative expenses are not allocated to segments.During the financial year ended 31 December 2023, Hafnia changed the Handy Pool, MR Pool, LR1 Pool and LR2 Pool from the \u201cagent-to-owner\u201d model to the \u201cdisponent-owner\u201d model as management believes it would lead to an increase in efficiency operationally and in accessing working capital facilities. Under the \u2018\u2019disponent-owner\u2019\u2019 model, each pool participant enters into a time charter with the pool manager when entering their vessel into the pool; and the pool manager enters into contracts for the employment of the vessels in the pool arrangements in its own name. Correspondingly, in these disponent-owner pool arrangements, the Group as the pool manager recognises the gross revenue and voyage expenses earned pertaining to its vessels placed in the pools as \u201cRevenue (Hafnia Vessels and TC Vessels)\u201d and \u201cVoyage expenses (Hafnia Vessels and TC Vessels)\u201d respectively; gross revenue and voyage expenses earned pertaining to the external vessels in the Disponent-Owner Pools recognised separately as \u201cRevenue (External Vessels in Disponent-Owner Pools)\u201d and \u201cVoyage expenses (External Vessels in Disponent-Own-er Pools)\u201d respectively; and expenses relating to pool distributions to external pool participants in the Disponent-Owner Pools recognised separately as \u201cpool distributions for External Ves-sels in Disponent-Owner Pools\u201d; as reflected in the segment information for the financial year ended 31 December 2023.Chemical-LR2 LR1 MR HandyStainlessSpecializedTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u20190002023Revenue (Hafnia Vessels and TC Vessels) 111,164 536,309 901,038 364,814 (226) 2,373 1,915,4721Revenue (External Vessels in Disponent-Owner Pools)55,221 288,512 283,857 128,644 - - 756,234Voyage expenses (Hafnia Vessels and TC Vessels) (30,339) (151,725) (246,919) (118,772) (36) (1,074) (548,865)1Voyage expenses (External Vessels in Disponent-Owner Pools)(19,416) (108,241) (106,141) (45,951) - - (279,749)1Pool distributions for External Vessels in Disponent-Owner Pools (35,805) (180,271) (177,716) (82,693) - - (476,485)#TCE Income80,825 384,584 654,119 246,042 (262) 1,299 1,366,6072Other operating income 1,781 8,865 9,258 7,188 (705) 3,747 30,134Vessel operating expenses (15,267) (66,884) (125,393) (61,211) (109) (5) (268,869)Technical management expenses (1,656) (7,109) (11,711) (5,216) - - (25,692)Charter hire expenses - (9,234) (24,034) (1) - (1,302) (34,571)Operating EBITDA 65,683 310,222 502,239 186,802 (1,076) 3,739 1,067,609Depreciation charge (13,743) (58,099) (104,808) (32,784) - - (209,434)858,1752Unallocated (58,649)Profit before income tax 799,526 # \u201cTCE income\u201d denotes \u201ctime charter equivalent income\u201d which represents revenue from time charters and voyage charters less voyage expenses comprising primarily brokers\u2019 commission, fuel oil and port charges. TCE is a standard measure used in the shipping industry for reporting of income, providing improved comparability across different types of charters.1 \u201dExternal Vessels in Disponent-Owner Pools\u201d means vessels that are commercially managed by the Group in the Disponent-Owner Pool arrangements that are not Hafnia Vessels or TC Vessels. See Note 2.3(a) for details on the accounting for pool arrangements2 The unallocated amount consists of interest income and finance expenses, general and administrative expenses; and other operating income such as insurance claims which are not allocated to segments.Chemical-LR2 LR1 MRHandyStainlessTotalUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000(Restated)(Restated)(Restated)(Restated)(Restated)(Restated)2022Revenue (Hafnia Vessels and 1TC Vessels)97,960 638,141 861,681 299,160 29,609 1,926,551Voyage expenses (Hafnia 1Vessels and TC Vessels)(24,526) (216,890) (259,479) (77,722) (1,238) (579,855)#TCE Income73,434 421,251 602,202 221,438 28,371 1,346,6962Other operating income516 9,815 13,250 5,357 516 29,454Vessel operating expenses (15,022) (70,719) (110,483) (58,017) (9,662) (263,903)Technical management expenses (1,296) (6,230) (9,510) (5,742) (849) (23,627)Charter hire expenses - (13,605) (19,549) - - (33,154)Operating EBITDA 57,632 340,512 475,910 163,036 18,376 1,055,466Depreciation charge (13,769) (58,012) (100,597) (33,527) (1,959) (207,864)847,6022Unallocated(89,335)Profit before income tax 758,267# \u201cTCE income\u201d denotes \u201ctime charter equivalent income\u201d which represents rev-enue from time charters and voyage charters less voyage expenses comprising primarily brokers\u2019 commission, fuel oil and port charges. TCE is a standard measure used in the shipping industry for reporting of income, providing im-proved comparability across different types of charters.1 The comparative information is restated. See Note 31. 2 The unallocated amount consists of interest income and finance expenses, gen-eral and administrative expenses; and other operating income such as insurance claims which are not allocated to segments.Geographical 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 (by grouping of legal entities known to the Group to be under common control) of the Group across all operating segments represents approximately USD 870.0 million (2022: USD 772.5 million) of the Group\u2019s total revenues. In the financial year ended 31 December 2022, revenues from the top five major customers of the Group were presented by legal entities, and represented approximately USD 432.1 million.One of the Group\u2019s customers (by grouping of legal entities known to the Group to be under common control) represented 10% or more of the Group\u2019s revenues in each of the two years. Below is the segment information specific to that customer. LR2 LR1 MRHandyTotalPercentageUSD \u2019000USD \u2019000USD \u2019000USD \u2019000USD \u2019000%2023 18,712 181,099 108,107 2,479 310,397 11.6%2022 11,697 162,019 102,833 7,189 283,738 14.7%The Group plans to present information on the Group\u2019s major customers by grouping legal entities known to the Group to be under common control going forward.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__171": {
"value": "30. Dividends Paid20232022USD \u2019000USD \u2019000Final dividend paid in respect of Q4 2022 of USD 0.3157 (Q4 2021: USD Nil) per share 159,204 -Interim dividend paid in respect of Q1 2023 of USD 0.3044 (Q1 2022: USD 0.0210) per share 154,078 10,499 Interim dividend paid in respect of Q2 2023 of USD 0.2528 (Q2 2022: USD 0.1862) per share 127,980 93,100 Interim dividend paid in respect of Q3 2023 of USD 0.2032 (Q3 2022: USD 0.2801) per share 102,874 140,149 544,136 243,748 The directors declared a final dividend of USD 0.2431 (2022: USD 0.3157) per share or USD 123.5 million (2022: USD 159.2 million) for the financial year ended 31 December 2023. The total interim dividends paid in FY2023 amounted to USD 0.7595 (2022: USD 0.4869) per share or USD 384.9 million (2022: USD 243.7 million).Under the Bermuda Companies Act, dividends cannot be paid if there are reasonable grounds for believing that (a) the Group is, or would after the payment be, unable to pay its liabilities as they become due; or (b) the realisable value of the Group\u2019s assets would thereby be less than its liabilities.The Group has acted in accordance with the provisions of the Bermuda Companies Act when declaring dividends.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__172": {
"value": "0.2431",
"decimals": 4,
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"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:USD/xbrli:shares"
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"s6_notes__6__173": {
"value": "123500000",
"decimals": -5,
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"s6_notes__6__174": {
"value": "0.7595",
"decimals": 4,
"dimensions": {
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"s6_notes__6__177": {
"value": "31. Restatement of Financial StatementsThe Group re-evaluated the accounting over certain terms within pool agreements, contracts, factoring agreements and other pool business and restated the financial years ended 31 Dec- ember 2022 and 20231. As a result of taking a strict IFRS application, applied for the financial years ended 31 December 2022 and 2021, these financial statements have been restated to correct an error in the previously reported items: revenue, voyage expenses, loans receivable from pool participants, trade and other receivables, cash retained in the commercial pools, inventories and trade and other payables. As a result, the Group amended certain note disclosures in the financial statements.These corrections do not affect Hafnia\u2019s TCE income, net profit, cash belonging to Hafnia, or equity for these years. The application of IFRS 15 and the Group\u2019s related accounting policies as they relate to the pooling arrangements require significant judgement. In the financial year ended 31 December 2023, there is a further change to accounting for pool arrangements, as Hafnia moved from the \u201cagent-to-owner\u201d model to the \u201cdisponent-owner\u201d model for certain pools.The details of these adjustments and its related impact to the financial statements are as follows:Consolidated Statement of Comprehensive IncomeAs previouslyPrior yearreportedadjustmentsAs restatedUSD \u2019000USD \u2019000USD \u2019000For the financial year ended 31 December 2022Revenue (Hafnia Vessels and TC Vessels) 1,832,544 94,007 1,926,551Voyage expenses (Hafnia Vessels and TC Vessels) (485,848) (94,007) (579,855)As previouslyPrior yearreportedadjustmentsAs restatedUSD \u2019000USD \u2019000USD \u2019000For the financial year ended 31 December 2021Revenue (Hafnia Vessels and TC Vessels) 811,217 (110,812) 700,405Voyage expenses (Hafnia Vessels and TC Vessels) (408,282) 110,812 (297,470)Consolidated Statement of Financial Position As previously Prior yearreportedadjustmentsAs restatedUSD \u2019000USD \u2019000USD \u2019000As at 31 December 2022Loans receivable from pool participants 45,998 (45,998) -Trade and other receivables 616,348 (113,239) 503,109Cash retained in the commercial pools - 105,885 105,885 Inventories 10,094 79,837 89,931Others 3,246,414 - 3,246,414Total assets 3,918,854 26,485 3,945,339 Trade and other payables 129,733 26,485 156,218Others 1,780,117 - 1,780,117Total liabilities 1,909,850 26,485 1,936,335As previously Prior yearreportedadjustmentsAs restatedUSD \u2019000USD \u2019000USD \u2019000As at 31 December 2021Loans receivable from pool participants 34,865 (34,865) -Trade and other receivables 201,123 (53,231) 147,892 Cash retained in the commercial pools - 53,626 53,626 Inventories 6,661 64,011 70,672Others 2,268,301 - 2,268,301Total assets 2,510,950 29,541 2,540,491 Trade and other payables 65,390 29,541 94,931 Others 1,333,548 - 1,333,548Total liabilities 1,398,938 29,541 1,428,479 Consolidated Statement of Cash FlowsAs previously Prior yearreportedadjustmentsAs restatedUSD \u2019000USD \u2019000USD \u2019000For the financial year ended 31 December 2022Cash flows from operating activitiesChanges in working capital:- inventories (265) (15,826) (16,091)- trade and other receivables (319,944) 60,325 (259,619)- trade and other payables 45,935 (3,061) 42,874Net cash used in operating activities (274,274) 41,438 (232,836)Cash flows from investing activitiesLoan to pool participants (10,812) 10,812 -Net cash used in financing activities (10,812) 10,812 -As previously Prior yearreportedadjustmentsAs restatedUSD \u2019000USD \u2019000USD \u2019000For the financial year ended 31 December 2021Cash flows from operating activitiesChanges in working capital:- inventories (1,433) (33,538) (34,971)- trade and other receivables (37,462) 16,541 (20,921)- trade and other payables (5,128) 5,591 463Net cash used in operating activities (44,023) (11,406) (55,429)Cash flows from investing activitiesLoan to pool participants (34,704) 34,704 -Net cash used in financing activities (34,704) 34,704 -",
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"language": "en",
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"s6_notes__6__179": {
"value": "32. Events Occurring after Balance Sheet DateIn January 2024, the Group announced the set up of a new LR1 Panamax Pool with Mercuria as a pool partner. The Group expects to commence operations of the Panamax Pool in Q1 2024. On 2 January 2024, the Company settled borrowed shares from BW Group by way of issuing 3,431,577 new ordinary shares. Following the issuance of the new ordinary shares, there are 510,251,747 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.On 2 January 2024, the Group exercised the purchase options on two IMO II - MR vessels, Hafnia Viridian and Hafnia Violette under the sale and lease-back arrangements with Jiangsu financial leasing Co Limited. This transaction was accounted for as an extinguishment of existing sales and leaseback-liabilities (accounted for as financing transaction).On 2 February 2024, the Group exercised the purchase option on an IMO II - Handy vessel, Hafnia Alabaster under the sale and lease-back arrangement with CSSC (Hong Kong) Shipping Company Limited. This transaction was accounted for as an extinguishment of an existing sale and lease-back-liability (accounted for as financing transaction).On 21 February 2024, the Group exercised the purchase option on an IMO II - Handy vessel, Hafnia Aragonite under the sale and lease-back arrangement with CSSC (Hong Kong) Shipping Company Limited. This transaction was accounted for as an extinguishment of an existing sale and lease-back-liability (accounted for as financing transaction).On 28 February 2024, the Group through its Vista joint venture, took delivery of an LR2 vessel, Hafnia Lillesand.On 4 March 2024, the Group exercised the purchase option on an IMO II - Handy vessel, Hafnia Achroite under the sale and lease-back arrangement with CSSC (Hong Kong) Shipping Company Limited. This transaction was accounted for as an extinguishment of an existing sale and lease-back-liability (accounted for as financing transaction).",
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"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s6_notes__6__183": {
"value": "33. Listing of Companies in the Group Equity HoldingEquity HoldingName of Companies Principal Activities Place of Incorporation2023 (%)2022 (%)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 - -BW 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 100Hafnia Tankers Chartering Singapore Pte. Ltd. Chartering Singapore 100 100Place of Equity HoldingEquity HoldingName of Companies Principal ActivitiesIncorporation2023 (%)2022 (%)Hafnia 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 - -Hafnia Bunkers ApS f Ship-management Denmark - -Hafnia Handy Pool Management ApS f Ship-management Denmark - -Hafnia MR Pool Management ApS f Ship-management Denmark - -Hafnia 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 100Hafnia Chemical Tankers Pte. Ltd. b Shipowning Singapore 100 100Hafnia US, LLC Investment USA 100 -Hafnia Tankers Singapore Gamma Pte Ltd Dormant Singapore 100 -Hafnia Chem Shipholding Pte Ltd g 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 50Place of Equity HoldingEquity HoldingName of Companies Principal ActivitiesIncorporation2023 (%)2022 (%)Vista Shipping HK Limited Investment Hong Kong 50 50Vista Shipping US, LLC Investment United States 50 50H&A Shipping Ltd c Investment Marshall Islands 50 50Yellow Star Shipping Ltd c Shipowning Liberia 50 50Green Stars Shipping Ltd c Shipowning Liberia 50 50Chemical Tankers Inc e Investment Marshall Islands 100 100Chemical Tankers ApS j Corporate Support Denmark - 100Chemical Tankers SubHoldCo Inc e Investment Marshall Islands 100 100Chemical Tankers (A-Ships) Inc e Investment Marshall Islands 100 100Chemical Tankers 1 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 2 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 3 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 4 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 5 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 6 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 7 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 8 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 9 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 10 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 11 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 12 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 13 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 14 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 15 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 16 Inc e Shipowning Marshall Islands 100 100Place of Equity HoldingEquity HoldingName of Companies Principal ActivitiesIncorporation2023 (%)2022 (%)Chemical Tankers 17 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 18 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 19 Inc e Dormant Marshall Islands 100 100Chemical Tankers 20 Inc e Dormant Marshall Islands 100 100Chemical Tankers 21 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 22 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 23 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 24 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 25 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 26 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 27 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 28 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 29 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 30 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 31 Inc e Dormant Marshall Islands 100 100Chemical Tankers 32 Inc e Dormant Marshall Islands 100 100Chemical Tankers 35 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 36 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 37 Inc e Dormant Marshall Islands 100 100Chemical Tankers 38 Inc e Dormant Marshall Islands 100 100Chemical Tankers 39 Inc e Dormant Marshall Islands 100 100Quintessential AI Limited h Software development United Kingdom 26 -Ecomar Shipholding S.A.S i Shipowning France 50 -(a) This company was registered in 2021.(f) This company has been dissolved after voluntary liquidation on 9 December 2022.(b) This company was registered in 2022.(g) This company was registered in 2023.(c) This company was incorporated as the result of the Group entering into a joint venture with Andromeda Shipping in 2021.(h) This joint venture was formed on 17 March 2023. (d) This company was struck off on 27 January 2022.(i) This company was incorporated as the result of the Group entering into a joint venture with SOCATRA on 17 June 2023.(e) The acquisition of CTI was completed on 27 January 2022.(j) This company has been dissolved after voluntary liquidation on 20 June 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__182": {
"value": "33. Listing of Companies in the Group Equity HoldingEquity HoldingName of Companies Principal Activities Place of Incorporation2023 (%)2022 (%)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 - -BW 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 100Hafnia Tankers Chartering Singapore Pte. Ltd. Chartering Singapore 100 100Place of Equity HoldingEquity HoldingName of Companies Principal ActivitiesIncorporation2023 (%)2022 (%)Hafnia 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 - -Hafnia Bunkers ApS f Ship-management Denmark - -Hafnia Handy Pool Management ApS f Ship-management Denmark - -Hafnia MR Pool Management ApS f Ship-management Denmark - -Hafnia 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 100Hafnia Chemical Tankers Pte. Ltd. b Shipowning Singapore 100 100Hafnia US, LLC Investment USA 100 -Hafnia Tankers Singapore Gamma Pte Ltd Dormant Singapore 100 -Hafnia Chem Shipholding Pte Ltd g 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 50Place of Equity HoldingEquity HoldingName of Companies Principal ActivitiesIncorporation2023 (%)2022 (%)Vista Shipping HK Limited Investment Hong Kong 50 50Vista Shipping US, LLC Investment United States 50 50H&A Shipping Ltd c Investment Marshall Islands 50 50Yellow Star Shipping Ltd c Shipowning Liberia 50 50Green Stars Shipping Ltd c Shipowning Liberia 50 50Chemical Tankers Inc e Investment Marshall Islands 100 100Chemical Tankers ApS j Corporate Support Denmark - 100Chemical Tankers SubHoldCo Inc e Investment Marshall Islands 100 100Chemical Tankers (A-Ships) Inc e Investment Marshall Islands 100 100Chemical Tankers 1 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 2 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 3 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 4 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 5 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 6 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 7 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 8 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 9 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 10 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 11 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 12 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 13 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 14 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 15 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 16 Inc e Shipowning Marshall Islands 100 100Place of Equity HoldingEquity HoldingName of Companies Principal ActivitiesIncorporation2023 (%)2022 (%)Chemical Tankers 17 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 18 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 19 Inc e Dormant Marshall Islands 100 100Chemical Tankers 20 Inc e Dormant Marshall Islands 100 100Chemical Tankers 21 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 22 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 23 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 24 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 25 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 26 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 27 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 28 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 29 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 30 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 31 Inc e Dormant Marshall Islands 100 100Chemical Tankers 32 Inc e Dormant Marshall Islands 100 100Chemical Tankers 35 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 36 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 37 Inc e Dormant Marshall Islands 100 100Chemical Tankers 38 Inc e Dormant Marshall Islands 100 100Chemical Tankers 39 Inc e Dormant Marshall Islands 100 100Quintessential AI Limited h Software development United Kingdom 26 -Ecomar Shipholding S.A.S i Shipowning France 50 -(a) This company was registered in 2021.(f) This company has been dissolved after voluntary liquidation on 9 December 2022.(b) This company was registered in 2022.(g) This company was registered in 2023.(c) This company was incorporated as the result of the Group entering into a joint venture with Andromeda Shipping in 2021.(h) This joint venture was formed on 17 March 2023. (d) This company was struck off on 27 January 2022.(i) This company was incorporated as the result of the Group entering into a joint venture with SOCATRA on 17 June 2023.(e) The acquisition of CTI was completed on 27 January 2022.(j) This company has been dissolved after voluntary liquidation on 20 June 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__181": {
"value": "33. Listing of Companies in the Group Equity HoldingEquity HoldingName of Companies Principal Activities Place of Incorporation2023 (%)2022 (%)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 - -BW 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 100Hafnia Tankers Chartering Singapore Pte. Ltd. Chartering Singapore 100 100Place of Equity HoldingEquity HoldingName of Companies Principal ActivitiesIncorporation2023 (%)2022 (%)Hafnia 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 - -Hafnia Bunkers ApS f Ship-management Denmark - -Hafnia Handy Pool Management ApS f Ship-management Denmark - -Hafnia MR Pool Management ApS f Ship-management Denmark - -Hafnia 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 100Hafnia Chemical Tankers Pte. Ltd. b Shipowning Singapore 100 100Hafnia US, LLC Investment USA 100 -Hafnia Tankers Singapore Gamma Pte Ltd Dormant Singapore 100 -Hafnia Chem Shipholding Pte Ltd g 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 50Place of Equity HoldingEquity HoldingName of Companies Principal ActivitiesIncorporation2023 (%)2022 (%)Vista Shipping HK Limited Investment Hong Kong 50 50Vista Shipping US, LLC Investment United States 50 50H&A Shipping Ltd c Investment Marshall Islands 50 50Yellow Star Shipping Ltd c Shipowning Liberia 50 50Green Stars Shipping Ltd c Shipowning Liberia 50 50Chemical Tankers Inc e Investment Marshall Islands 100 100Chemical Tankers ApS j Corporate Support Denmark - 100Chemical Tankers SubHoldCo Inc e Investment Marshall Islands 100 100Chemical Tankers (A-Ships) Inc e Investment Marshall Islands 100 100Chemical Tankers 1 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 2 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 3 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 4 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 5 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 6 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 7 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 8 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 9 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 10 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 11 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 12 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 13 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 14 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 15 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 16 Inc e Shipowning Marshall Islands 100 100Place of Equity HoldingEquity HoldingName of Companies Principal ActivitiesIncorporation2023 (%)2022 (%)Chemical Tankers 17 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 18 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 19 Inc e Dormant Marshall Islands 100 100Chemical Tankers 20 Inc e Dormant Marshall Islands 100 100Chemical Tankers 21 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 22 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 23 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 24 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 25 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 26 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 27 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 28 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 29 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 30 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 31 Inc e Dormant Marshall Islands 100 100Chemical Tankers 32 Inc e Dormant Marshall Islands 100 100Chemical Tankers 35 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 36 Inc e Shipowning Marshall Islands 100 100Chemical Tankers 37 Inc e Dormant Marshall Islands 100 100Chemical Tankers 38 Inc e Dormant Marshall Islands 100 100Chemical Tankers 39 Inc e Dormant Marshall Islands 100 100Quintessential AI Limited h Software development United Kingdom 26 -Ecomar Shipholding S.A.S i Shipowning France 50 -(a) This company was registered in 2021.(f) This company has been dissolved after voluntary liquidation on 9 December 2022.(b) This company was registered in 2022.(g) This company was registered in 2023.(c) This company was incorporated as the result of the Group entering into a joint venture with Andromeda Shipping in 2021.(h) This joint venture was formed on 17 March 2023. (d) This company was struck off on 27 January 2022.(i) This company was incorporated as the result of the Group entering into a joint venture with SOCATRA on 17 June 2023.(e) The acquisition of CTI was completed on 27 January 2022.(j) This company has been dissolved after voluntary liquidation on 20 June 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:5493001KCFT0SCGJ2647",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}