CVR.no. 43 66 76 37
2025
Annual Report
Ultranav International ApS
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 ULTRANAV INTERNATIONAL AT A GLANCE | PAGE 2
TABLE OF CONTENTS
About ultranav .................................................................................................. 3
About Ultranav ................................................................................................................. 4
Main activities .................................................................................................................. 5
Group key figures and ratios ............................................................................................ 8
Financial performance and expectations ......................................................................... 9
Corporate governance ................................................................................................... 10
Signatures ........................................................................................................ 12
Statement by the Board of Directors and Executive Management ............................... 13
Independent Auditor’s Report ....................................................................................... 14
Consolidated financial statement .................................................................... 17
Consolidated income statement .................................................................................... 18
Consolidated balance sheet ........................................................................................... 19
Consolidated statement of cash flows ........................................................................... 20
Consolidated statement of changes in equity ................................................................ 21
Notes to the consolidated financial statements ............................................................ 22
Parent company financial statements .............................................................. 68
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 ULTRANAV INTERNATIONAL AT A GLANCE | PAGE 3
ABOUT ULTRANAV
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 ULTRANAV INTERNATIONAL AT A GLANCE | PAGE 4
ABOUT ULTRANAV
Ultranav International ApS Group (Ultranav) is a
privately owned group of shipping companies active
for over six decades and operating globally with
offices in 20 countries.
Through twelve business units Ultranav operates in
five market segments: Tankers, Dry Bulk, LPG &
Petchem Gases, Coastal Trades, and Towage &
Offshore. Ultranav operates a fleet of chemical
carriers, tankers for crude oil, clean petroleum
products, bulk carriers, gas carriers, feeder
container ships, multipurpose vessels, harbour
tugs, PSVs, AHTS vessels, pusher tugs, barges and
pilot boats.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 ULTRANAV INTERNATIONAL AT A GLANCE | PAGE 5
MAIN ACTIVITIES
Tankers
Chemical Tankers
Through Ultratank, the company operates a modern
fleet of around 15-20 stainless-steel chemical
carriers of 20,000 dwt. These vessels are employed
in various trades between North, Central and South
America carrying a vast range of products including
organic chemicals such as methanol and ethanol, as
well as inorganic chemicals such as sulphuric acid
and caustic soda, and other liquid cargoes in bulk
such as vegetable oils.
Product Tankers
Austral Product Tankers is part of the CPTA (Clean
Product Tankers Alliance) joint venture together
with International Seaways. CPTA is a world leading
MR product tanker JV operating a fleet of 15-20 IMO
2/3 type tankers mainly in the Americas. Trading
patterns and commercial footprint have a clear
focus on the Americas, establishing a niche trade
utilising US West Coast and US Gulf as main loading
areas.
Crude Oil Tankers
Southern Cross CT manages a modern fleet of
approximately 10 to 15 tankers in the Panamax and
Aframax segments. Our global trading operations
primarily focus on transporting crude oil and dirty
petroleum products within the Americas. The
commercial management of the fleet is done by the
joint ventures Panamax International and Aframax
International.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 ULTRANAV INTERNATIONAL AT A GLANCE | PAGE 6
MAIN ACTIVITIES
Dry Bulk
Ultrabulk carries a broad range of dry cargoes, with
core products including minerals, coal, fertilizers,
grains, salt and steel.
The fleet size of 160-200 vessels qualifies the
company as one of the world’s leading dry bulk
operators within the Handysize, Supramax and
Panamax segments. The trading platform supports
customer’s local and worldwide requirements.
Horizon Shipping is a specialised operator for
exports of high-value concentrates, including
copper, zinc, lead and manganese from the West
Coast of South America.
The company has historically provided maritime
solutions to companies, supporting their
development by growing together and building
long-term relationships.
LPG & Petchem Gases
Since our foundation, Ultranav has been involved
in the transport of liquefied petroleum gases (LPG)
by sea via our business unit Ultragas. In 2021,
Ultragas and Navigator Gas merged their fleets and
businesses, becoming a global leader in the
handysize liquified gas carrier segment of seaborne
transportation services of petrochemical gases,
such as ethylene and ethane, liquefied petroleum
gas and ammonia. The fleet of Navigator Gas
consists of 55 semi or fully refrigerated liquefied
gas carriers.
Navigator also owns a 50% share, through a joint
venture, in an ethylene export marine terminal at
Morgan’s Point, Texas.
Ultranav holds 32.49% of the shares in Navigator
Gas.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 ULTRANAV INTERNATIONAL AT A GLANCE | PAGE 7
MAIN ACTIVITIES
Coastal Trades
Antares Naviera operates a modern fleet of double
hull crude oil and clean product tankers in
Argentina, providing a flexible and reliable service
to the local oil companies, most of them
multinationals.
Antares Naviera operates a fleet of around 10
tankers sailing under the Argentine flag, with a total
capacity of 428,000 dwt.
Towage & offshore
Ultratug is a leading operator in the harbour
towage, salvage, and offshore industry in the main
countries of South America and Mexico.
With a modern and versatile fleet, Ultratug provide
berthing and unberthing assistance at over 40 ports
and maritime terminals in 7 countries in Latin
America.
Ultratug service extends to all types of vessels
requiring assistance: containerships, tankers,
bulkers, LNG, cruise ships, RoRo’s, and others.
Other investments
We invest in industry-relevant businesses and start-
ups that we believe can contribute positively to the
maritime industry and that develop products or
technologies to support one or more of our three
focus areas: Crew welfare, Safety, Environment &
Climate.
In line with this ambition, Otway Green Energy
(OGE) is advancing in supporting third‑party
windmill projects through port and logistics services
on Isla Riesco in Chile’s Magellan Region. The
windmill projects and their feasibility studies are
undertaken by external partners, who prepare
them for the ready‑to‑build phase and ensure
compliance with all technical and regulatory
requirements.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 FINANCIAL REVIEW | PAGE 8
GROUP KEY FIGURES AND RATIOS
INCOME STATEMENT (USD '000)
2025
2024
2023
[A]
2022
[A]
2021
Revenue
2,812,980
2,853,446
2,440,121
3,116,315
2,445,766
Gross profit (Net earnings from shipping activities)
510,828
552,233
508,695
552,989
335,258
Operating profit before depreciation, amortization and impairment loss (EBITDA)
355,054
451,726
434,686
478,273
274,529
Operating profit (EBIT)
124,876
199,094
293,579
302,261
75,938
Net financials
-1,655
3,463
16,925
-12,808
-29,319
Profit before tax
210,712
248,624
366,600
309,873
43,110
Net result of continuing operations
174,299
225,091
347,685
304,002
40,831
Net result of discontinuing operations
-
-
-
-
-10,792
Net result
174,299
225,091
347,685
304,002
30,039
STATEMENT OF FINANCIAL POSITION (USD '000)
Non-current assets
1,630,480
1,514,031
913,108
947,770
984,552
Current assets
1,096,046
1,074,917
1,367,652
1,005,072
595,304
Total assets
2,729,976
2,588,948
2,280,760
1,952,842
1,579,856
Equity, incl. non-controlling interests
1,794,924
1,627,058
1,394,191
1,054,253
769,674
Non-controlling interests
47,855
73,507
17,444
20,174
13,672
Non-current liabilities
351,440
300,820
402,333
404,460
355,092
Current liabilities
583,612
661,070
484,236
494,130
455,090
Net interest-bearing (liabilities)/assets, including leases
191,637
42,029
354,287
91,300
-179,408
Net interest-bearing (liabilities)/assets, excluding leases
466,611
311,915
682,423
402,539
130,713
Cash and cash equivalents, including restricted cash
346,027
350,718
548,200
410,313
169,289
CASH FLOW (USD '000)
From operating activities
326,248
347,879
408,911
462,372
263,860
From investing activities
19,933
-189,442
-41,635
-100,502
-246,578
- of which relates to investment in tangible assets
-139,367
-134,937
-153,784
-109,436
-90,558
From financing activities
-332,122
-369,153
-221,206
-136,555
-99,523
Total net cash flow
14,059
-210,716
146,070
225,315
-82,241
Change in restricted cash
18,750
-13,234
3,669
-11,145
-5,663
Total net cash flow, excluding changes in restricted cash
-4,691
-197,482
142,401
236,460
-76,578
FINANCIAL RATIOS
Gross profit margin (Net earnings from shipping activities margin)
18.2%
19.4%
20.8%
17.7%
13.7 %
EBITDA margin
12.6%
15.8%
17.8%
15.3%
11.2 %
Return on equity (ROE)
[B]
9.7%
13.8%
24.9%
28.8%
3.9 %
Equity ratio
[B]
65.7%
62.8%
61.1%
54.0%
48.7 %
Gross Profit = (Gross Profit / Revenue), EBITDA margin = (EBITDA / Revenue), ROE = (Net Profit / Equity incl. non-controlling interests), Equity ratio = (Equity incl. non-controlling interests / Total Assets).
[A] Key figures and ratios for the financial years 2022 and 2021 have been adjusted to reflect the business combination
of entities under common control which were completed in November 2022.
[b] The Return on equity and equity ratio for 2021 are based upon the equity at the end of 2021 as comparatives for the preceding year are not restated.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 FINANCIAL REVIEW | PAGE 9
FINANCIAL PERFORMANCE AND EXPECTATIONS
Results
Revenue amounted to USD 2,813 million (USD 2,853
million), a 1.4% decrease from last year’s revenue.
The decrease in revenue is primarily linked to lower
income from time-charter and towage services.
Gross profit decreased to USD 511 million (USD 552
million) corresponding to a gross margin of 18.2%
(19.4%).
EBITDA decreased to USD 355 million (USD 451
million), corresponding to an EBITDA margin of
12.6% (15.8%).
Depreciations amounted to USD -265 million (USD
-276 million). Gain from sale of vessels amounted to
USD 35 million (USD 23 million).
Financial items amounted to net expenses of
USD 2 million (USD 5 million income). Most financial
items relate to interest income and interest
expenses on lease liabilities and bank loans.
Income tax amounted to USD -36 million (USD -24
million).
Net result amounted to a profit of USD 174 million
(USD 225 million), which is within last year’s
expectations of USD 125 – 175 million.
Balance Sheet
Total assets increased to USD 2,730 million
(USD 2,589 million).
Total liabilities decreased to USD 935 million
(USD 962 million). The majority of liabilities
comprise lease liabilities which amounted to USD
275 million at the end of 2025 (USD 270 million), as
well as interest bearing loans of USD 198 million at
the end of 2025 (USD 252 million).
Total equity increased to USD 1,795 million
(USD 1,627 million), driven by profit for the year.
Return on equity was 9.7% (13.8%) and equity ratio
was 65.7% at the end of 2025 (62.8%).
Cash flow
The net cash flow for the year, excluding restricted
cash, showed an outflow of USD 5 million (USD 205
million outflow).
Cash flow from operating activities was an inflow of
USD 326 million (USD 348 million), driven by cash
flows generated from the shipping activities, while
cash flow from investing activities was an inflow of
USD 20 million (USD 189 million outflow).
Cash flow from financing activities was an outflow
of USD 332 million (USD 369 million outflow) and is
mainly related to repayment of liabilities.
Outlook 2026
Based on the Group’s current position, and the
expected market conditions, the Group expects net
result of the Group and the parent company in the
range of USD 200-260 million.
Financial risk management
A description of the financial risks, to which the
Group is exposed through its shipping activities, is
included in note 5.5 to the Consolidated Financial
Statements.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 OUR BUSINESS | PAGE 10
CORPORATE GOVERNANCE
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 OUR BUSINESS | PAGE 11
SIGNATURES
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 SIGNATURES | PAGE 13
EXECUTIVE MANAGEMENT
BOARD OF DIRECTORS
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 SIGNATURES | PAGE 14
INDEPENDENT AUDITOR’S REPORT
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 SIGNATURES | PAGE 15
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 SIGNATURES | PAGE 16
INDEPENDENT AUDITOR’S REPORT (CONTINUED)
CVR no. 33 77 12 31
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 SIGNATURES | PAGE 17
CONSOLIDATED FINANCIAL STATEMENT
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL STATEMENTS | PAGE 18
CONSOLIDATED INCOME STATEMENT
PROFIT OR LOSS
1 JANUARY – 31 DECEMBER
USD thousands
Note
2025
2024
Revenue
2.1
Vessel operating costs and voyage related expenses
2.2
-2,302,152
-2,301,213
Gross profit (Net earnings from shipping activities)
Other external expenses
6.2
-54,995
-42,931
Staff costs
2.3, 6.1
-100,779
-57,576
Operating profit before depreciation (EBITDA)
Depreciations and amortisations
3.3
-265,270
-276,091
Gain/(loss) from sale of vessels, net
Operating profit (EBIT)
Share of profit from investments accounted for using
equity method
3.4
Financial income
5.1
Financial expenses
5.1
-30,212
-40,632
Profit/loss before tax
Tax
2.4
-36,413
-22,551
Profit/loss for the period
Attributable to
Equity holders of the parent
Non-controlling interests
Profit/loss for the period
STATEMENT OF OTHER COMPREHENSIVE INCOME
1 JANUARY – 31 DECEMBER
USD thousands
Note
2025
2024
Profit/loss for the period
Items that will be reclassified subsequently to the Consolidated Profit or Loss when specific
conditions are met:
Cash flow hedges, gain/loss for the year (net)
5.7
-25,441
Securities
-526
Exchange rate adjustment arising from translation of
entities using a functional currency different from USD
-29
-1,397
Effects from business combinations
-9,674
Other changes
-2,311
Other comprehensive income, net of tax
-37,038
Total comprehensive income
Attributable to:
Equity holders of the parent
Non-controlling interests
Total comprehensive income
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL STATEMENTS | PAGE 19
CONSOLIDATED BALANCE SHEET
ASSETS
USD thousands
Note
2025
2024
Goodwill, Customers Relations & Contractual Rights
3.1
Vessels & right-of-use assets
3.2
Fixtures, fittings, and equipment
3.2
Intangible & tangible assets
Investments accounted for using equity method
3.4
Receivables from related companies
4.1
Derivative financial instruments
5.7
Deferred tax assets
2.4
Deposits
Other receivables
4.1
Other financial assets
5.2
Financial assets, non-current
Total non-current assets
Inventories
4.2
Trade and other receivables
4.1
Receivables from related companies
4.1
Loans to related companies
4.1
Prepayments
4.1
Derivative financial instruments
5.7
Other financial assets
5.2
Cash and cash equivalents, incl. restricted cash
4.3
Current assets
TOTAL ASSETS
EQUITY AND LIABILITIES
USD thousands
Note
2025
2024
Share capital
6.8
Retained earnings
Other reserves
-18,453
Total equity of majority interests
Non-controlling interest
Total Equity
Interest bearing loans and borrowings
5.3
Lease liabilities
5.4
Derivative financial instruments
5.7
Deferred tax
2.4
Trade and other payables
4.4
Total non-current liabilities
Trade and other payables
4.4
Payables to related companies
4.4
Interest bearing loans and borrowings
5.3
Lease liabilities
5.4
Derivative financial instruments
5.7
Income tax payable
Total current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL STATEMENTS | PAGE 20
CONSOLIDATED STATEMENT OF CASH FLOWS
Amount in USD thousands
Note
2025
2024
Operating profit (EBIT)
Tax paid
-29,870
-23,456
Adjustment of other non-cash operating items
6.4
Change in working capital
6.5
-12,017
-88,881
Net cash flows from operating activities
Dividends received
Investments in tangible assets
-139,367
-134,937
Sale of tangible assets
Investment in associates
-36,280
-37,437
Loans to related companies, net
Interest on loans to related parties
Interest received
Effect from business combinations
-79,907
Investment in securities
-38,040
-84,674
Change in restricted cash
4.3
-13,234
Other financial items
-6,280
Net cash flow from investing activities
-189,442
Free cash flow
Payouts to equity minority holders
-34,869
-7,500
Dividend payout
-5,350
Raising of loans from financial institutions
6.6
Repayment of loans to financial institutions
6.6
-119,917
-110,312
Interest payments on loans to financial institutions
-16,585
-27,973
Payments of other liabilities
-18,994
Repayment of lease liabilities
6.6
-186,639
-214,461
Interest payments on lease liabilities
-14,204
-15,757
Net cash flows from financing activities
-332,122
-369,153
Net change in cash and cash equivalents
-210,716
-211,016
Amount in USD thousands
Note
2025
2024
Cash and cash equivalents at 1 January
Net change in cash and cash equivalents
-210,716
Cash and cash equivalents at 31 December
Restricted cash
4.3
Cash and cash equivalents
Cash and cash equivalents, including restricted cash at 31 December
350,718
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL STATEMENTS | PAGE 21
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
USD thousands
Share
capital
Cash flow
hedge
reserve
Translation
reserves
Reserve for
security
investments
Retained
earnings
Total
Non-controlling
interests
Total
equity
Equity as 1 January 2025
-17,793
-1,397
Net result
Cash flow hedges
Exchange adjustments on net investments
-29
-29
-29
Other
-2,311
-1,512
-1,512
Other comprehensive income for the year
-29
-2,311
Total comprehensive income for the year
-29
Distributed dividend
-1,160
-1,160
-4,190
-5,350
Other transactions with shareholders
-28,388
-28,388
Transactions with shareholders
-1,160
-1,160
-32,578
-33,738
11,053
Equity as 31 December 2025
-1,426
Equity as 1 January 2024
Net result
Cash flow hedges
-25,741
-25,741
-25,741
Revaluation of cash deposit in foreign currencies
Exchange adjustments on net investments
-1,397
-1,397
-1,397
Effects from business combinations
-9,674
-9,674
-9,674
Other changes
-526
-526
-526
Other comprehensive income for the year
-25,441
-1,397
-526
-9,674
-37,038
-37,038
Total comprehensive income for the year
-25,441
-1,397
-526
Distributed dividend
-7,500
-7,500
Other transactions with shareholders
Transactions with shareholders
Equity as 31 December 2024
-17,793
-1,397
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 CONSOLIDATED FINANCIAL STATEMENTS | PAGE 22
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
SECTION 1: BASIS OF PREPARATION ................................................................ 23
1.1 Basis of reporting ..................................................................................................... 24
1.2 Significant accounting judgments and estimates ..................................................... 27
SECTION 2: PROFIT OR LOSS ............................................................................ 28
2.1 Revenues .................................................................................................................. 29
2.2 Vessel operating costs and voyage related expenses .............................................. 30
2.3 Staff costs ................................................................................................................. 30
2.4 Tax ............................................................................................................................ 31
SECTION 3: INVESTED CAPITAL ......................................................................... 33
3.1 Intangible assets ...................................................................................................... 34
3.2 Tangible assets & right-of-use assets ....................................................................... 35
3.3 Depreciations and amortisations ............................................................................. 40
3.4 Investments accounted for using the equity method .............................................. 41
3.4 Investments accounted for using the equity method (Cont.) .................................. 42
SECTION 4: WORKING CAPITAL ........................................................................ 43
4.1 Receivables and prepayments ................................................................................. 44
4.2 Inventories ............................................................................................................... 45
4.3 Restricted cash ......................................................................................................... 45
4.4 Trade and other payables ........................................................................................ 46
SECTION 5: CAPITAL STRUCTURE ...................................................................... 47
5.1 Financial items.......................................................................................................... 48
5.2 Other Financial Assets .............................................................................................. 48
5.3 Interest bearing loans and borrowings .................................................................... 49
5.4 Lease liabilities ......................................................................................................... 50
5.5 Risks arising from financial instruments ................................................................... 52
5.6 Financial instruments by category ........................................................................... 53
5.7 Derivative financial instruments .............................................................................. 55
SECTION 6: OTHER DISCLOSURES ..................................................................... 60
6.1 Remuneration of management ................................................................................ 61
6.2 Fee to the statutory auditors ................................................................................... 62
6.3 Contingent liabilities & Commitments ..................................................................... 63
6.4 Other non-operating cash items (cash-flow) ............................................................ 64
6.5 Change in working capital (cash-flow) ..................................................................... 64
6.6 Changes in liabilities (cash flow) ............................................................................... 65
6.7 Related party disclosures ......................................................................................... 66
6.8 Share capital ............................................................................................................. 66
6.9 Events after the balance sheet date ......................................................................... 66
6.10 Group structure ..................................................................................................... 67
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 23
SECTION 1: BASIS OF PREPARATION
1.1 Basis of reporting
1.2 Significant accounting judgements and estimates
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 24
1.1 BASIS OF REPORTING
§ GENERAL ACCOUNTING POLICIES
Ultranav International ApS is a company domiciled in Denmark.
The Consolidated Financial Statements of Ultranav International ApS for 2025 have been
prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional
requirements of the Danish Financial Statements Act.
Measurement basis
The Consolidated Financial Statements have been prepared on the historical cost basis
except certain financial assets and liabilities. These financial assets and liabilities have been
measured at fair value.
The Consolidated Financial Statements have been presented in USD thousands except when
otherwise indicated. The DKK/USD rate applied at 31 December 2025 was 635.27 (2024:
714.29) and the average DKK/USD applied for the year was 662.10 (2024: 689.06).
Apart from the general accounting policies, which are summarised in this note, the Group’s
accounting policies are described in each of the individual notes to the Consolidated Financial
Statements to which they relate.
The accounting policies, as described below and in the respective notes, have been used
consistently in respect of the financial year and the comparative figures. However, some
comparative figures in the notes to the consolidated financial statements have been adjusted
to enhance comparability. These adjustments have not impacted the overall financial
position.
New and amended accounting standards which are not yet effective
The new and amended standards and interpretations that are issued, but not yet effective,
up to the date of issuance of the consolidated financial statements are either insignificant or
irrelevant to the Group except for IFRS 18 which will impact presentation and disclosure in
the financial statements and will be effective from 2027. Ultranav has assessed the impact
of the new standard on the financial statements and the consequences are minor.
Basis of consolidation
The Consolidated Financial Statements comprise the Parent Company Ultranav International
ApS and subsidiaries in which Ultranav International ApS has control (the Group), i.e. the
power to govern the financial and operating policies so as to obtain benefits from its
activities. Control is obtained when the Company directly or indirectly holds more than 50%
of the voting rights in the subsidiary or which it, in some other way, controls including the
business combination from 2024, c.f. note 3.6 in last year’s financial statement.
Enterprises over which the Group exercises significant influence, but which it does not
control, are considered associates. Significant influence is generally obtained by direct or
indirect ownership or control of more than 20% of the voting rights but less than 50%.
When assessing whether Ultranav International ApS exercises control or significant influence,
potential voting rights which are exercisable at the balance sheet date are taken into account.
If future voting rights are exercised, any related non‑controlling interest will not be
recognized separately but will be fully consolidated.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 25
1.1 BASIS OF REPORTING (CONTINUED)
§ GENERAL ACCOUNTING POLICIES
Basis of consolidation (continued)
The Consolidated Financial Statements have been prepared as a consolidation of the Parent
Company's and the individual subsidiaries' financial statements prepared according to the
Group accounting policies.
On consolidation, intra-group income and expenses, shareholdings, intra-group balances and
dividends, and realised and unrealised gains on intra-group transactions are eliminated.
Unrealised gains on transactions with associates are eliminated in proportion to the Group's
ownership share of the enterprise. Unrealised losses are eliminated in the same way as
unrealised gains to the extent that impairment has not taken place.
The accounting items of subsidiaries are included in full in The Consolidated Financial
Statements.
Non-controlling interests
Non-controlling interests represent the portion of profit or loss and net assets not held by
Ultranav International ApS and are presented separately in the income statement and within
equity in the consolidated balance sheet, separately from the parent shareholders’ equity.
Initially the non-controlling interest is recognised based on their share of the fair value of the
assets and liabilities acquired.
Foreign currency translation
For each of the reporting entities in the Group, a functional currency is determined. The
functional currency is the currency used in the primary financial environment in which the
reporting entity operates. Transactions denominated in other currencies than the functional
currency are foreign currency transactions.
On initial recognition, foreign currency transactions are translated to the functional currency
at the exchange rates at the transaction date. Foreign exchange differences arising between
the transaction date and at the date of payment are recognised in the income statement as
financial income or financial expenses.
Receivables and payables and other monetary items denominated in foreign currencies are
translated to the functional currency at the exchange rates at the balance sheet date.
The difference between the exchange rates at the balance sheet date and at the date at
which the receivable or payable arose or was recognised in the latest annual report is
recognised in the income statement as financial income or financial expenses.
In The Consolidated Financial Statements, the income statements of entities with another
functional currency than USD are translated at the exchange rates at the transaction date
and the balance sheet items are translated at the exchange rates at the balance sheet date.
An average exchange rate for each month is used as the transaction date exchange rate to
the extent that this does not significantly distort the presentation of the underlying
transactions.
Foreign exchange differences arising on translation of the opening balance of equity of such
foreign operations at the exchange rates at the balance sheet date and on translation of the
income statements from the exchange rates at the transaction date to the exchange rates at
the balance sheet date are recognised in other comprehensive income and presented in
equity under a separate translation reserve.
Applying materiality
The financial statements are a result of processing large numbers of transactions and
aggregating those transactions into classes according to their nature or function. When
aggregated, the transactions are presented in classes of similar items in the financial
statements. If a line item is not individually material, it is aggregated with other items of a
similar nature in the financial statements or in the notes.
There are substantial disclosure requirements throughout IFRS. Management provides
specific disclosures required by IFRS unless the information is considered immaterial to the
economic decision-making of the users of these financial statements or not applicable.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 26
1.1 BASIS OF REPORTING (CONTINUED)
§ GENERAL ACCOUNTING POLICIES
Statement of Cash Flows
The Statement of Cash Flows shows the cash flows from operating, investing and financing
activities for the year, the year's changes in cash and cash equivalents as well as cash and
cash equivalents at the beginning and end of the year.
Cash flows from operating activities are calculated according to the indirect method as the
profit/loss before tax adjusted for non-cash operating items, changes in working capital,
interest payments, dividends and income taxes paid.
Cash flows from investing activities comprise payments in connection with acquisitions and
disposals of businesses and of intangible assets, property, plant, and equipment and other
non-current assets as well as acquisition and disposal of securities not classified as cash and
cash equivalents, along with interest income and with movements in restricted cash.
Cash flows from financing activities comprise changes in the share capital and related costs
as well as the raising of loans, repayment of interest-bearing debt and leases, interest
payments, acquisition and disposal of treasury shares and payment of dividends to
shareholders.
Cash and cash equivalents comprise cash and short-term marketable securities with a term
of three months or less at the acquisition date which are subject to an insignificant risk of
changes in value.
Cash flows in other currencies than the functional currency are translated using average
exchange rates unless these deviate significantly from the rate at the transaction date.
Statement of changes in equity
Dividends are recognised as a liability at the date when they are adopted at the annual
general meeting (declaration date). The proposed dividend payment for the year is disclosed
as a separate item under equity. Interim dividends are recognised as a liability at the date
when the decision to pay interim dividends is made.
The translation reserve comprises foreign exchange differences arising on translation of
financial statements of entities that have a functional currency different from USD. On full or
partial realisation of the net investment, the foreign exchange adjustments are recognised in
the income statement.
The hedging reserve comprises the cumulative net change in the fair value of hedging
transactions, and net of tax, that qualify for recognition as a cash flow hedge and where the
hedged transaction has not been realised.
Financial ratios
Financial ratios are calculated in accordance with the Recommendations and Ratios issued
by The Danish Finance Society, unless specifically stated.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 27
1.2 SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES
§ ACCOUNTING POLICIES
The preparation of the Group's Consolidated Financial Statements requires management to
make judgements, estimates and assumptions that affect the reported amounts of
revenues, expenses, assets, and liabilities and the disclosure of contingent liabilities, at the
end of the reporting period. However, uncertainty about these assumptions and estimates
could result in outcomes that require a material adjustment to the carrying amounts of
asset and liability affected in future periods.
Significant judgements
In the process of applying the accounting policies, management has made the following
judgements which are considered to be significant to the Consolidated Financial
Statements:
Determination of cash-generating units(note 3.2)
Significant estimates
Management has made the following estimates which are considered to be significant to
the Consolidated Financial Statements:
Assessing indicators of impairment of intangible and tangible assets (note 3.2)
Measurement of non-lease components (note 5.4)
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 28
SECTION 2: PROFIT OR LOSS
2.1 Revenues
2.2 Vessel operating costs and voyage related expenses
2.3 Staff costs
2.4 Tax
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 29
2.1 REVENUES
§ ACCOUNTING POLICIES
Revenue
Revenue from freight and time-charters are over time recognised as the services are
rendered based on the percentage of completion method. According to the method,
revenue are recognised over the period from the vessel’s load date to the delivery of the
cargo (Load to Discharge). Demurrage is included if a claim is considered probable. Losses
arising from time or voyage charter are provided for in full when they become probable.
Realised gains and losses on derivatives, which are accounted for as hedges of revenue
transactions, are recognised in revenue.
Disaggregation of revenue
As the Company is neither listed at any stock market, nor are debt or equity instruments
traded in a public market, it has been decided not to apply IFRS 8 Operating Segments, and
not disclose any segment information.
USD thousands
2025
2024
Income from Freight
1,986,469
1,966,704
Income from Time-Charter & Towage Services
752,871
812,871
Other
73,640
73,871
Revenue by type of contract
2,812,980
2,853,446
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 30
2.2 VESSEL OPERATING COSTS AND VOYAGE
RELATED EXPENSES
§ ACCOUNTING POLICIES
Voyage expenses, time-charter hire and operating expenses are recognised as the services
are rendered based on the percentage of completion method. According to the method all
spot voyages and voyages servicing Contract of Affreightment (CoA) related expenses are
recognised over the period from the vessel’s load date to the delivery of the cargo (Load to
Discharge).
Expenses directly attributable to positioning the vessel to the loading port are capitalised
and expensed over the period from the vessel’s load date to the delivery of the cargo (Load
to Discharge).
Vessel operating costs and voyage related expenses comprise mainly of time charter hire,
bunker and port expenses, including realised gains or losses on bunker and FFA hedges,
which are accounted for as hedges of voyage related expenses and time charter hire.
Non-lease components of lease arrangements are described further in note 5.4 Lease
liabilities.
USD thousands
2025
2024
Bunkers
-456,065
-505,318
Other voyage related expenses
-574,144
-520,197
Voyage related expenses
-1,030,209
-1,025,515
Time-Charter hire, short-term leases
-945,936
-955,461
Operating expenses, long-term leases (non-lease component)
-145,426
-151,561
Operating expenses, own vessels
-180,581
-168,676
Time-Charter hire and operating expenses
-1,271,943
-1,275,698
Vessel operating costs and voyage related expenses
-2,302,152
-2,301,213
2.3 STAFF COSTS
§ ACCOUNTING POLICIES
Staff costs comprise wages and salaries, including incentives, to onshore employees.
USD thousands
2025
2024
Wages and salaries
-90,757
-55,355
Pensions – defined contribution plans
-1,594
-1,332
Other staff costs
-8,428
-889
Staff costs
-100,779
-57,576
Average number of onshore employees
“Staff costs” recognized in the profit and loss comprise the cost to the onshore employees.
Staff cost to crew onboard vessels, counting 1,401 employees (943 employees in 2024), are
recognised as “Vessel operating costs and voyage related expenses”.
Remuneration of certain employees, who are remunerated by related companies, are
expensed as management fee, and consequently recognised as “Other external expenses”.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 31
2.4 TAX
§ ACCOUNTING POLICIES
Taxes
Ultranav International ApS is jointly taxed with other Danish companies in the Group, with
Ultranav International ApS (Parent Company) being the administration company for the
jointly taxed companies. The Danish corporation tax is allocated between the jointly taxed
companies in proportion to their taxable income. In relation to the shipping activities, the
companies participate in the Danish Tonnage Tax Scheme.
Companies that use tax losses in other companies pay the joint tax contribution to the
Parent Company at an amount corresponding to the tax value of the tax losses used.
Companies, whose tax losses are used by other companies, receive joint tax contributions
from the Parent Company corresponding to the tax value of the losses used (full
absorption). The jointly taxed companies are taxed under the tax prepayment scheme.
Tax for the year comprises current tax and changes in deferred tax for the year. The tax
expense relating to the profit/loss for the year is recognised in the income statement. Tax
attributable to entries directly under comprehensive income is recognised directly in other
comprehensive income.
USD thousands
2025
2024
Current tax on profit for the year
-35,911
-24,627
Deferred tax for the year
-2,661
501
Tax on profit for the year
-38,572
-24,126
Adjustments related to previous years – current tax
2,159
1,575
Tax in the income statement
-36,413
-22,551
Computation of effective tax rate (%):
Statutory corporate income tax in Denmark
22%
22 %
Deviation in foreign subsidiaries’ tax rates compared to the
Danish tax rate, net
-13.6%
-11.2 %
Effects from non-deductible expenses
-1.2%
-1.1 %
Effects from Tonnage Tax Scheme
9.8%
-0.2 %
Effect from previous years
-1.0%
-
Effect from deferred tax
1.3%
-
Effective tax rate
17,3%
9.5 %
Deferred tax at 31 December 2025
The deferred tax payable relates to temporary differences and amounted to USD 27.5
million at the reporting date (2024: USD 10.9 million).
Net deferred tax receivable relates to carryforward of unused tax credits.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 32
2.4 TAX (CONTINUED)
Tonnage taxation scheme and deferred tax
All significant Danish entities within the Group entered into the Danish tonnage taxation
scheme for a binding 10 year period with effect from 2017. Under the Danish tonnage
taxation scheme, taxable income is not calculated on the basis of income and expenses as
under the normal corporate taxation. Instead, taxable income is calculated with reference
to the tonnage used during the year. The taxable income for a company for a given period
is calculated as the sum of the taxable income from the activities under the tonnage
taxation scheme and the taxable income from the activities that are not covered by the
tonnage taxation scheme made up in accordance with the ordinary Danish corporate tax
system. If the participation in the Danish tonnage taxation scheme is abandoned, or if the
entities’ level of investment and activity is significant reduced, a deferred tax liability will
become payable.
For the taxable income which is made up in accordance to the ordinary corporate tax
system, a deferred tax is recognized at each period end and is accounted for using the
balance sheet liability method. Deferred tax assets, including the tax value of tax loss carry
forwards, are recognised under other non-current assets at the expected value of their
utilisation – either as a set-off against tax on future income or as a set-off against deferred
tax liabilities in the same legal tax entity and jurisdiction.
Deferred tax assets and liabilities are offset if the Company has a legally enforceable right
to set off current tax liabilities and tax assets or intends either to settle current tax liabilities
and tax assets on a net basis or to realise the assets and settle the liabilities simultaneously.
.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 33
SECTION 3: INVESTED CAPITAL
3.1 Intangible assets
3.2 Tangible assets & right-of-use assets
3.3 Depreciations and amortisations
3.4 Investments accounted for using the equity method
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 34
3.1 INTANGIBLE ASSETS
§ ACCOUNTING POLICIES
Intangible assets are measured at cost less accumulated amortisation and impairment
losses. Amortisation and impairment losses are included in the income statement.
Goodwill, and other intangible assets with indefinite lives are not subject to amortisation.
Those assets are instead tested annually, or upon indication, for impairment. When carrying
out the impairment test, the carrying values of CGUs are compared to the value in use
(discounted value of future cash flows). If the carrying values are higher, the difference is
charged to the income statement. The value in use is calculated using a valuation model
based on discounted expected future cash flows (DCF-model), based on management’s
projections (cf. note 3.2).
Amortization is provided on a straight-line basis over the expected useful lives of the assets/
components. The expected useful lives are as follow:
• Contractual Rights: 10 years
• Customers Relations: 10 years
Amortisation methods, useful lives and residual values are reviewed at each reporting date
and adjusted if appropriate. Intangible assets with finite lives are tested for impairment
upon indication.
2025
USD thousands
Goodwill
Customers
Relations
Contractual
Rights
Total
Costs as of 1 January, accumulated
48,346
56,104
5,536
109,986
Additions
-
4,042
20
4,062
Cost at 31 December, accumulated
48,346
60,146
5,556
114,048
Amortisations/Impairment at 1 January,
accumulated
-
-6,147
-4,555
-10,702
Amortisation
-
-6,758
-447
-7,205
Amortisation/Impairment at 31
December, accumulated
-
-12,905
-5,002
-17,907
Carrying amount 31 December
48,346
47,241
554
96,141
2024
USD thousands
Goodwill
Customers
Relations
Contractual
Rights
Total
Costs as of 1 January, accumulated
11,348
1,208
-
12,556
Additions through business
combinations
36,998
54,896
5,536
97,430
Cost at 31 December, accumulated
48,346
56,104
5,536
109,986
Amortisations at 1 January, accumulated
-
-201
-
-201
Additions through business
combinations
-
-3,319
-4,255
-7,574
Amortisation
-
-2,627
-300
-2,927
Amortisation at 31 December,
accumulated
-
-6,147
-4,555
-10,702
Carrying amount 31 December
48,346
49,957
981
99,284
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 35
3.2 TANGIBLE ASSETS & RIGHT-OF-USE ASSETS
§ ACCOUNTING POLICIES
Tangible assets
Tangible assets are measured at cost less accumulated depreciation and impairment losses.
Cost comprises the purchase price and any costs directly attributable to the acquisition until
the date when the asset is available for use. Instalments and costs incurred during the
construction period on new building contracts are capitalised as they are paid. Borrowing
costs (interest) that are attributable to the construction of the vessels are capitalised and
included as part of the cost. The capitalised value is reclassified from new buildings to vessels
upon delivery from the yard.
Where individual components of an item of tangible assets have different useful lives, they
are depreciated separately. Depreciation is provided on a straight-line basis over the
expected useful lives of the assets/components. The expected useful lives are as follows:
• Vessels: 20 – 25 years
• Property, plant & equipment: 2 – 10 years
Dry docking costs are recognised in the carrying amount of vessels when incurred and
depreciated over the period until the next dry docking.
Depreciation is calculated on the basis of the residual value and impairment losses, if any.
The useful life and residual value are determined at the acquisition date and reassessed
annually. If the residual value exceeds the carrying amount, depreciation is discontinued, The
residual value of the vessels is estimated as the lightweight tonnage of each vessel multiplied
by scrap value per ton.
When changing the depreciation period or the residual value, the effect on the depreciation
is recognised prospectively as a change in accounting estimates.
The carrying values of vessels and new buildings are reviewed for impairments when events
or changes in circumstances indicate that the carrying value may not be recoverable.
Valuations are performed frequently to ensure that the fair value of the asset does not differ
materially from its carrying amount.
Right-of-use assets
Right-of-use assets primarily consist of leased vessels.
Ultranav International ApS recognises right-of-use assets at the commencement date of the
lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured
at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities.
The cost of right-of-use assets includes the amount of lease liabilities recognised, and lease
payments made before the commencement date.
Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of
the lease term, the recognised right-of-use assets are depreciated on a straight-line basis
over the shorter of its estimated useful life and the lease term.
Right-of-use assets are subject to testing for impairment if there is an indicator of
impairment, as for owned assets.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 36
3.2 TANGIBLE ASSETS & RIGHT-OF-USE ASSETS (CONTINUED)
§ ACCOUNTING POLICIES
Impairment of tangible assets
The carrying amount of non-current assets is reviewed annually for indicators of
impairment. When there is an indication that assets may be impaired, the recoverable
amount of the asset is determined.
The recoverable amount is the higher of an asset’s fair value less expected costs to sell and
its value in use. Value in use is the present value of the future cash flows expected to be
derived from an asset or the cash-generating unit to which the asset belongs. An
impairment loss is recognised if the carrying amount of an asset or a cash-generating unit,
respectively, exceeds the recoverable amount of the asset or the cash-generating unit.
Impairment losses are recognised in the income statement in a separate line item.
! ACCOUNTING JUDGEMENTS
DETERMINING CGU
Management’s assessment of indicators of impairment on tangible assets and right of use
assets is based on the cash-generating units in which assets are included. The identification
of such cash‑generating units involves significant judgement.
Management has concluded that the fleet of dry bulk vessels (owned and leased) comprise
one cash generating units, where the vessels are managed on a portfolio basis and
considered to be interchangeable.
Further, Management has concluded that the fleets of tankers comprise three cash
generating unit delineated individually, where the vessels are managed on portfolio basis
and considered to be interchangeable.
Likewise, Management has concluded that the fleet of tugboats comprise seven cash
generating units, where the vessels are managed on a portfolio basis and considered
interchangeable.
Lastly, Management has concluded that the properties and infrastructure related to Otway
Green Energy comprise one cash generating unit.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 37
3.2 TANGIBLE ASSETS & RIGHT-OF-USE ASSETS (CONTINUED)
! ACCOUNTING ESTIMATES
ASSESSING INDICATIONS OF IMPAIRMENT
Management’s assessment of whether there is any indication that an asset, or a CGU, may
be impaired comprise, among other things, financial performance, broker values,
newbuilding prices, and freight and time charter rates. This assessment involves significant
judgment.
ASSESSING INDICATIONS OF IMPAIRMENT – DRY BULK
Near-term climate-related risks primarily affect freight rates, as these depend on the
environmental classification and performance of each vessel. These factors have been fully
considered in our freight and time charter rate assumptions and in evaluating the vessels’
earning potential in our forecasts. Long-term climate-related risks are not deemed
significant for the impairment test, as most of the operated vessels are chartered and such
risks remain with the vessel owners. Furthermore, a transition away from fossil fuels across
the global bulk fleet is still many years away, and Ultranav International ApS group’s fleet
remains significantly younger than the global average.
Management is also closely monitoring the effects of climate change, which have resulted
in more volatile and unpredictable weather patterns. While these changes can disrupt
traditional shipping routes, they often create new opportunities as trade patterns adapt,
which was illustrated by the shifts following the Panama Canal drought in 2023–2024 or the
closing of the Suez Canal.
The market in 2025 has been exceptionally challenging, driven by the escalation of the US-
initiated "tariff war," which has intensified trade tensions not only with China but also with
the EU and Canada. Ongoing conflicts in Ukraine/Russia, Israel and neighbouring regions,
and heightened tensions between China and Taiwan have further contributed to volatility
and uncertainty in global trade flows. The dry bulk sector has experienced extraordinary
rate fluctuations, with spot and future rates sometimes shifting dramatically within a single
day. At the start of 2025, coinciding with President Trump’s inauguration, rates dropped to
levels last seen during the Covid-19 pandemic in 2020.
Despite this, volatility and uncertainty are inherent to Ultranav International ApS group’s
business. Over the past decade, including the Covid-19 period, Dry bulk has consistently
maintained profitability. While early 2025 saw extreme uncertainty and depressed rates,
the market has since rebounded to profitable levels. Both Ultranav International ApS and
the broader market, as reflected in the freight curve, anticipate that these profitable
conditions will persist, even as volatility remains elevated.
A core driver of Ultranav International ApS group’s resilience has been our strategic pivot
from the highly volatile open market to niche segments. By focusing on specialized trades
such as the lumber business between Europe and the US (GSL) and complex parceling
operations, Ultranav International ApS group has reduced exposure to direct competition
and achieved more stable earnings. This repositioning has enabled Ultranav International
ApS group to navigate turbulent markets and deliver consistent profitability.
Market fundamentals remain robust, supported by a historically low newbuilding
orderbook for dry cargo carriers. The sector’s large newbuilding years from 2009–2016
resulted in a significant portion of the global fleet being Chinese-built vessels, which are
generally of lower quality and have a shorter expected lifespan (around 20 years) compared
to Korean and Japanese-built vessels (25–28 years). Ultranav International ApS group’s
fleet, primarily consisting of Korean and Japanese-built vessels, is thus positioned for
greater longevity and reliability. As many Chinese-built vessels delivered in 2009 are now
over 15 years old, their approaching obsolescence is expected to gradually reduce global
fleet capacity, further supporting market balance and freight rate sustainability.
Additionally, stricter environmental regulations are reducing effective fleet supply, as
vessels must operate at slower speeds to comply. Management expects this trend to
persist, further underpinning positive market fundamentals.
Consequently, expected medium- and long-term freight rates are projected to continue
generating positive free cash flow, supporting the carrying amount of right-of-use vessels.
Based on these external factors, there is currently no indication of impairment for the fleet.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 38
ASSESSING INDICATIONS OF IMPAIRMENT – TANKER
Global tanker markets remained resilient during 2025 and early 2026, supported by
continued geopolitical disruptions and structural changes in oil trade flows. Sanctions
regimes, including those affecting Russia and certain Middle East routes, together with
persistent routing constraints in the Red Sea, have continued to extend voyage distances
and increase ton-mile demand across several tanker segments. These factors have helped
sustain freight markets despite moderate global oil demand growth.
Market fundamentals remain broadly supportive. Product tanker demand is expected to
increase moderately, supported by refinery export activity and structural trade imbalances,
while crude tanker demand continues to benefit from production growth and evolving
supply chains. Even modest increases in oil trade volumes are expected to translate into
relatively strong tanker utilization due to inefficiencies in fleet deployment and ongoing
sanctions-related disruptions.
While the orderbook has increased and could place some pressure on rates from 2026
onwards, effective supply growth remains partly constrained by operational inefficiencies
and slower sailing speeds. Freight earnings across several tanker segments remain at healthy
levels compared with historical averages, and market conditions during early 2026 have
been stronger than previously anticipated due to renewed geopolitical tensions.
From an operational perspective, the Ultranav International ApS group’s tanker activities
continue to generate positive margins and free cash flow. Internal projections indicate time-
charter equivalent earnings above breakeven levels for the foreseeable future, supported
by a diversified contract portfolio and stable cargo flows.
Considering the current market outlook, the sustained level of freight earnings, and the
positive cash flow projections for the tanker segment, management has not identified any
indicators suggesting that the carrying amounts of the related vessels may not be
recoverable. Accordingly, no impairment test was deemed necessary beyond the normal
assessment performed as part of the annual review.
ASSESSING INDICATIONS OF IMPAIRMENT – TOWAGE
The towage sector in South America continues to show stable fundamentals, supported by
sustained port activity and strong export flows of commodities such as minerals, agricultural
products, and energy resources. Demand for harbour towage services remains closely linked
to vessel traffic at key regional ports, where trade volumes have remained broadly resilient
despite global macroeconomic uncertainties.
Operational activity in the region continues to benefit from increasing vessel sizes and more
complex port operations, which require higher tug capacity and specialized services. At the
same time, the supply of new tugboats entering the market remains limited, contributing to
a relatively balanced market environment.
The sector continues to face external pressures, including inflationary trends affecting
operating costs, currency volatility in several South American economies, and evolving
regulatory frameworks. However, these factors have not materially affected the long-term
outlook for towage services, as demand remains largely driven by structural trade flows and
essential port operations.
In addition, ongoing investments in port infrastructure, offshore energy projects, and
logistics corridors across the region are expected to provide additional support to towage
activity over the medium to long term.
Based on current performance and projections, the towage segment is expected to continue
generating positive operating cash flows. Management has not identified any indicators of
non‑recoverability of towage assets, and no impairment beyond normal depreciation was
deemed necessary.
ASSESSING INDICATIONS OF IMPAIRMENT – OTWAY GREEN ENERGY
Market, regulatory and industry developments in 2025 have remained supportive, with
several large-scale green hydrogen and green ammonia projects in the Magallanes region
progressing through key environmental and regulatory milestones, including Environmental
Impact Assessments, ICSARA reports and Environmental Qualification Resolutions (RCA).
These developments indicate sustained investment momentum and regulatory progress in
the region, with no adverse technological, legal or economic changes expected to affect the
recoverability of Ultranav International ApS group’s assets. Management also considers the
assets suitable for their intended future use, with no change in strategic purpose.
The project is still in a pre-operational phase, and the operating losses recognized during
2025 are in line with expectations for assets that are not yet generating revenues. Losses
recognized at the holding level related to investments in subsidiaries have been assessed
separately and do not indicate impairment of the underlying property, plant and equipment.
Management therefore believes the project is progressing as planned and continues to
expect long-term generation of positive cash flows supporting the carrying amount of the
related properties, plant and equipment.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 39
3.2 TANGIBLE ASSETS & RIGHT-OF-USE ASSETS (CONTINUED)
2025
USD thousands
Vessels
Property,
plant &
equipment
Right-of-use
assets
Total
Costs as of 1 January, accumulated
940,988
136,962
688,519
1,766,469
Additions
90,423
2,065
140,453
232,941
Disposals
-124,722
-373
-190,445
-315,540
Remeasurement
-
-
69,235
69,235
Cost at 31 December, accumulated
906,689
138,654
707,762
1,753,105
Depreciation and impairments at
1 January, accumulated
-504,964
-43,384
-427,166
-975,514
Depreciations
-65,591
-6,631
-185,843
-258,065
Depreciations on disposals
78,607
246
173,445
252,298
Depreciation and impairment at
31 December, accumulated
-491,948
-49,769
-439,564
-981,281
Carrying amount 31 December
414,741
88,885
268,198
771,824
2024
USD thousands
Vessels
Property,
plant &
equipment
Right-of-use
assets
Total
Costs as of 1 January, accumulated
1
276,037
6,848
696,254
979,139
Additions
87,937
4,232
161,394
253,563
Disposals
-42,753
-4,077
-164,569
-211,399
Remeasurement
-
-
-4,560
-4,560
Additions through business
combinations
619,767
129,959
-
749,726
Cost at 31 December, accumulated
940,988
136,962
688,519
1,766,469
Q
Depreciation and impairments at
1 January, accumulated
1
-101,174
-3,940
-378,323
-483,437
Depreciations
-53,287
-6,466
-213,411
-273,164
Depreciations on disposals
17,908
3,939
164,568
186,415
Depreciations through business
combinations
-368,411
-36,917
-
-405,328
Depreciation and impairment at
31 December, accumulated
-504,964
-43,384
-427,166
-975,514
Carrying amount 31 December
436,024
93,578
261,353
790,955
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 40
3.3 DEPRECIATIONS AND AMORTISATIONS
§ ACCOUNTING POLICIES
For accounting policies related to depreciations, reference is made to note 3.1 Intangible
assets and note 3.2 Tangible assets.
USD thousands
2025
2024
Depreciations on owned vessels
-65,591
-53,287
Depreciations on right-of-use assets
-185,843
-213,411
Depreciations on property, plant and equipment
-6,631
-6,466
Amortisations on customers relations and contractual rights
-7,205
-2,927
Depreciations and amortisations for the year
-265,270
-276,091
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 41
3.4 INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
§ ACCOUNTING POLICIES
Investments in associates are recognised in The Consolidated Financial Statements
according to the equity method. Investments in associates are measured at the
proportionate share of the enterprises' net asset values calculated in accordance with the
Group's accounting policies minus or plus the proportionate share of unrealised intra-group
profits and losses and plus additional value on acquisition, including goodwill.
Investments in associates are tested for impairment when impairment indicators are
identified.
Investments in associates with negative net asset values are measured at USD 0 (nil). If the
Group has a legal or constructive obligation to cover a deficit in the associate, the remaining
amount is recognised under provisions. Amounts owed by associates are measured at
amortised cost. Write-down is made for bad debt losses.
The proportionate share of the result after tax of associates is recognized in the
consolidated income statement after elimination of the proportionate share of intra-group
profits/losses.
Undertakings which are contractually operated jointly with another counterparty (joint
ventures) and thus are jointly controlled are recognised in The Consolidated Financial
Statements according to the equity method. Investments in joint ventures are measured at
the proportionate share of the enterprises' net asset values calculated in accordance with
the Group's accounting policies minus or plus the proportionate share of unrealised intra-
group profits and losses and plus additional value on acquisition, including goodwill.
Investments in joint ventures are tested for impairment when impairment indicators are
identified.Investments in joint ventures with negative net asset values are measured at USD
0 (nil). If the Group has a legal or constructive obligation to cover a deficit in the joint
ventures, the remaining amount is recognised under provisions.
Amounts owed by joint ventures are measured at amortised cost. Write-down is made for
bad debt losses. The proportionate share of the result after tax of the joint ventures is
recognized in the consolidated income statement after elimination of the proportionate
share of intra-group profit/losses.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 42
3.4 INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (CONT.)
2025
USD thousands
Navigator
Holdings Ltd.
Other
investments
Total
Cost at 1 January
220,416
233,824
454,240
Additions
-
17,541
17,541
Disposal
-
-23,825
-23,825
Cost at 31 December
220,416
227,540
447,956
Value adjustment at 1 January, accumulated
65,035
-18,235
46,800
Share of the result for the year
42,429
47,794
90,223
Dividends
-4,241
-19,008
-23,249
Other increase/(decrease)
-4,880
2,490
-2,390
Value adjustment at 31 December, accumulated
98,343
13,041
111,384
Ownership interest
318,759
240,581
559,340
Goodwill
11,594
10,926
22,520
Carrying amount at 31 December
330,353
251,507
581,860
2024
USD thousands
Cost at 1 January
220,416
86,772
307,188
Additions through business combinations
-
109,668
109,668
Additions
-
37,384
37,384
Cost at 31 December
220,416
233,824
454,240
Value adjustment at 1 January, accumulated
41,043
-4,988
36,055
Share of the result for the year
34,946
10,139
45,085
Dividends
-4,240
-21,403
-25,643
Other increase (decrease)
-6,714
-1,983
-8,697
Value adjustment at 31 December, accumulated
65,035
-18,235
46,800
Ownership interest
285,451
215,589
501,040
Goodwill
6,714
-
6,714
Carrying amount at 31 December
292,165
215,589
507,754
Navigator Holdings Ltd.
Ultranav International ApS owns 32.49% of the shares in Navigator Holdings Ltd.,
an owner and operator of the world’s largest fleet of handysize liquefied gas
carriers.
The shares of Navigator Holdings Ltd are listed on the New York Stock Exchange.
The share price at the reporting date was USD 17.32 (15.35), resulting in a market
valuation of the investment at USD 367 (326) million against a book value of USD
319 (285) million.
The summarized financial information below is adjusted for allocation of
difference between purchase price and book value at the acquisition date
(purchase price allocation).
Summarised financial information
Navigator Holdings Ltd.
USD millions
2025
2024
Revenues
587.0
566.7
Profit or loss
125.4
108.3
Other comprehensive income
0.1
-0.4
Total comprehensive income
125.6
107.9
Current assets
295.5
220.4
Non-current assets
1,737.8
1,689.0
Current liabilities
250.9
318.8
Non-current liabilities
771.4
615.4
Net assets
1,010.9
975.2
Non-controlling interest
29.9
40.9
Equity attributable to shareholders
981.0
934.3
Ownership % at closing date
32.49%
30.6%
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 43
SECTION 4: WORKING CAPITAL
4.1 RECEIVABLES AND PREPAYMENTS
4.2 INVENTORIES
4.3 RESTRICTED CASH
4.4 TRADE AND OTHER PAYABLES
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 44
4.1 RECEIVABLES AND PREPAYMENTS
§ ACCOUNTING POLICIES
Receivables
Receivables are measured at amortised cost less provisions for impairment losses. The
Group applies the simplified approach to providing the expected credit losses prescribed by
IFRS 9, which permits the use of the lifetime expected loss provision for trade receivables.
To measure the expected credit losses trade receivables have been grouped based on credit
risks and the day past due. In accordance with IFRS 9, non-due trade receivables have also
been impaired.
For a description of the Group’s payment terms as well as management of credit risk,
reference is made to note 5.5 Financial risks.
Contract assets
Contract assets include accrued revenue for voyages that are not completed at 31
December, and which were not yet invoiced or prepaid at that date. Contract assets are
recognised when a sales transaction fulfils the criteria for revenue recognition but no final
invoice has yet been issued to the customer for the services delivered.
Prepayments
Prepayments comprise cost incurred in relation to subsequent financial years.
Trade receivables
In the shipping industry, it is standard terms that freight payments are made within few
days of departing from the loading port and time charter payments are even paid in
advance. It is also standard terms that the vessel owner, or disponent owner, has a lien in
the cargo, should the freight payment not have been made prior to arriving at the discharge
port. The credit risk on trade receivables is therefore generally low.
Loans to related companies
Loans to related companies comprise of interest-bearing intragroup loans to a related
company outside the Ultranav International ApS Group. The loans were entered with a fixed
margin of 1.83% – 2.20% + SOFR6M. Management considers the credit risk to be low.
USD thousands
2025
2024
Customers (trade receivables)
113,689
129,833
Contract assets
56,836
58,937
Other receivables
60,948
57,520
Trade and other receivables
231,473
246,290
Receivables from related companies
279,812
189,206
Loans to related companies
-
5,195
Loans and receivables, related companies
279,812
194,401
Prepayments
75,052
88,205
Prepayments
75,052
88,205
- Receivables not due
65,298
72,491
- Less than 90 days
42,738
47,883
- Between 91 days and 180 days
5,193
8,775
- Between 181 days and 360 days
1,555
2,112
- More than 360 days
4,554
3,938
Carrying amount of trade receivables excluding provisions
119,338
135,199
Provisions at 31 December
-5,649
-5,366
Carrying amount of trade receivables
113,689
129,833
Provision at 1 January
5,366
6,244
Net change in provision
283
-878
Provision 31 December
5,649
5,366
Trade receivables are non-interest bearing and are generally due within 5 – 90 days.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 45
4.2 INVENTORIES
§ ACCOUNTING POLICIES
Inventories are valued at the lower of cost and net realisable value. Cost is determined on
a first-in, first-out (FIFO) basis. The net realisable value is the estimated selling price in the
ordinary course of business, less applicable variable selling expenses. Costs of bunkers
include the transfer from equity to profit and loss on qualifying cash flow hedges.
USD thousands
2025
2024
Bunkers
50,631
55,214
Inventories
50,631
55,214
Bunker expenses recognised in profit and loss
-456,065
-505,318
A part of the future bunker consumption has been hedged through derivatives in
accordance with the Group’s risk management policy. This is further described in note 5.5
Risks arising from financial instruments.
4.3 RESTRICTED CASH
§ ACCOUNTING POLICIES
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand, short-
term deposits with an original maturity of three months or less, and cash balances which
are restricted.
USD thousands
2025
2024
Cash and cash equivalents
338,404
324,345
Restricted cash in the form of deposits with clearing houses
7,623
26,373
Cash and cash equivalents, including restricted cash
346,027
350,718
The Group trades derivative financial instruments through clearing houses. In that
connection, the Group has established margin accounts with those clearing houses on
which cash is deposited as security.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 46
4.4 TRADE AND OTHER PAYABLES
§ ACCOUNTING POLICIES
Trade and other payables
Trade payables, payables to related parties, and other payables are measured at amortised
cost.
Contract liabilities
Contract liabilities relate to voyages which are not completed at 31 December. Contract
liabilities are recognised when a sales transaction does not fulfil the criteria for revenue
recognition but the customer has prepaid for the service delivery. If contract liabilities are
beyond one year the contract assets are included in non-current liabilities.
USD thousands
2025
2024
Trade payables
148,516
177,252
Contract liabilities
41,282
43,589
Accruals and other payables
94,199
67,665
Accruals and other payables, non-current
59,266
51,286
Trade and other payables
343,263
339,792
Payables to related companies
64,087
40,692
Payables to related companies
64,087
40,692
The contract liability balance at the beginning of the year was recognised as revenue during
the reporting period. Outstanding performance obligations will be performed within one
year.
Trade payables are non-interest bearing and are normally settled on 30 days terms. Other
payables, including accrued expenses, are non-interest bearing and vary in payment terms.
Trade and other payables, non-current comprise performance related pay and are expected
to be paid from 2027.
The amounts due to related companies are non-trade in nature, interest free, unsecured
and repayable on demand.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 47
SECTION 5: CAPITAL STRUCTURE
5.1 FINANCIAL ITEMS
5.2 OTHER FINANCIAL ASSETS
5.3 INTEREST BEARING LOANS AND BORROWINGS
5.4 LEASE LIABILITIES
5.5 RISKS ARISING FROM FINANCIAL INSTRUMENTS
5.6 FINANCIAL INSTRUMENTS
5.7 DERIVATIVE FINANCIAL INSTRUMENTS
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 48
5.1 FINANCIAL ITEMS
§ ACCOUNTING POLICIES
Financial income and expenses comprise interest income and expense as well as exchange
rate differences from transactions denominated in foreign currencies.
USD thousands
2025
2024
Interest income
24,906
19,769
Interest income, loans to related parties
612
13,544
Gain from modification of lease liabilities
238
256
Other financial items
2,801
10,526
Financial income
28,557
44,095
Interest expenses, bank loans and overdrafts
-16,008
-25,131
Interest expenses, lease liabilities
-14,204
-15,501
Financial expenses
-30,212
-40,376
5.2 OTHER FINANCIAL ASSETS
§ ACCOUNTING POLICIES
Other financial asset primarily comprise shares and bonds, which are recognised on the
trading date at fair value and subsequently measured at the quoted market price for the
listed securities, as well as other financial assets that are recognised at amortized cost.
Value adjustments related to other financial assets classified as current assets are
recognised in the income statement under financial items. Value adjustments related to
other financial items classified as non-current assets are recognised in other comprehensive
income.
USD thousands
2025
2024
Bonds
250,825
200,727
Shares
7,861
7,305
Other financial assets
258,686
208,032
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 49
5.3 INTEREST BEARING LOANS AND
BORROWINGS
§ ACCOUNTING POLICIES
Loans are recognised at the time the loans are obtained in the amount of the proceeds after
deduction of transaction costs. In subsequent periods, the loans are recognised at
amortised costs.
Carrying amount
USD thousands
Type
2025
2024
Interest bearing loans
Fixed
45,750
32,097
Interest bearing loans
Floating
152,352
219,933
Interest bearing loans and borrowings
198,102
252,030
Non-current portion
110,082
132,099
Current portion
88,020
119,931
Interest bearing loans and borrowings
198,102
252,030
The fixed-rate loans are fixed at an interest rate of 3.15% - 6.30% (2024: 3.15% - 3.20%).
The floating-rate loans are based upon SOFR6M with an additional margin of 1.90% - 2.65%
(2024: 1.90% - 2.65%). The interest rate on the floating rate interest bearing loan was
between 5.75% - 6.70% (2024: 6.70% - 7.40%).
The fair value of the fixed loans is not materially different from the carrying amount.
The loans are subject to financial and operational covenants, including a minimum equity.
Management assesses that Ultranav International ApS and the related company guarantor
meet these covenants at the closing date as well as throughout the financial year.
Fixed loans are partly secured by vessels. The carrying amount of the vessels provided as
security is USD 68 million (2024: USD 52.4 million).
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 50
5.4 LEASE LIABILITIES
§ ACCOUNTING POLICIES
Lease liabilities
At the commencement date of the lease, the Group recognises a lease liability which is
measured at the present value of lease payments to be made over the lease term. The
service fee included in the payments (non-lease component) is not included as part of the
lease liabilities.
The lease term comprises the non-cancellable period with addition of periods covered by
options to extend the lease if it is reasonably certain that the extension option will be
exercised. This assessment is made on inception of the lease.
The lease payments include fixed payments and variable payments depending on an index
or a rate. The lease payments do also include the exercise price of a purchase option if it is
reasonably certain that it will be exercised.
In calculating the present value of lease payments, Ultranav International ApS uses the
incremental borrowing rate at the lease commencement date. After the commencement
date, the amount of lease liabilities is increased to reflect the accretion of interest and
reduced for the lease payments made.
In addition, the carrying amount of lease liabilities is remeasured if there is a modification,
a change in the lease term, a change in the fixed lease payments or a change in the
assessment to purchase the underlying asset.
Lease contracts for vessels have been entered into with a mutually interminable lease
period. As a general rule, lease contracts include an option to renew for one additional year
at a time for up to three years.
Some lease contracts include customary option for extension of the lease period. The
liability concerning the extension period is only included in lease liabilities if it is reasonably
certain the extension period will be exercised.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 51
5.4 LEASE LIABILITIES (CONTINUED)
The development in lease liabilities is explained in the table below:
USD thousands
2025
2024
Lease liabilities 1 January
269,886
328,136
Additions for the period
140,392
161,394
Remeasurements
52,056
-5,183
Instalments made
-187,360
-214,461
Lease liabilities 31 December
274,974
269,886
Non-current portion
152,151
100,152
Current portion
122,823
169,734
Lease liabilities 31 December
274,974
269,886
Of the total lease liabilities, USD 82 million (2024: USD 39 million) is related to flexible hire
lease contracts. The flexible hire is based upon the Baltic Exchange index and a change in
the index of 10% will result in a 10% increase in the hire payment for flexible lease hire
contracts.
Leases to which the Group is committed, but for which lease terms have not yet
commenced have an undiscounted value of USD 482 million (2024: USD 248 million).
The total cash outflow from leases in 2025 was USD 1,160 million (2024: USD 1,227 million)
which includes short term leases.
Some lease agreements include a purchase option which is typically exercisable as from the
end of the fifth year to the expiry of the period of renewal. Some of the purchase options
are, however, shared with third parties which limits the potential gain from exercising such
purchase options.
! ACCOUNTING ESTIMATES
Measurement of non-lease components
The Group has chosen to separate lease and non-lease components for leases of time
charter contracts on vessels. For these contracts, the estimated non-lease component
(operating expenses) is excluded from the measurement of right-of-use assets and lease
liabilities. Assessing the measurement of the non-lease component involves significant
estimates. The measurement of the non-lease component takes several factors into
consideration such as operating costs, aging of the vessels, vessel types, etc.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 52
5.5 RISKS ARISING FROM FINANCIAL INSTRUMENTS
Through the Group’s shipping activities, the Group is exposed to a number of risks arising from financial instruments, which the overall management programme focuses on minimising.
Credit Risk
The Group is exposed to credit risk in various ways, however mainly in relation to trade
receivables from customers, prepaid time-charter hire, cash deposits with financial
institutions and the settlement receivables from derivative instruments (namely FFAs and
bunker hedges).
The credit risk of receivables from trade and derivative instruments, along with prepaid
time charter hire, is reduced through systematic credit assessment of each counterparty
and by monitoring their creditworthiness. With respect to FFAs, those instruments are
generally entered with international clearing houses. Similarly, cash at banks is deposited
with international financial institutions with solid credit ratings.
Liquidity Risk
The Group’s strategy is to maintain a solid cash balance that is sufficient to cover cash flows
even through a period of volatile or stressed markets. Cash flows are closely monitored to
evaluate the current cash position.
Derivative instruments
The Group is utilising derivatives to cover exposures in freight rates, bunker prices, and
currencies. The cash flow from derivative contracts are subject to changes in market prices,
to which the derivatives are linked. The Group is monitoring the effectiveness of the
derivatives as hedging instruments to compare if changes in cash flow match the underlying
exposure which they are meant to cover.
Market Risk
The Group’s market risk relates to its currency risk and interest risk.
Interest rate risk
The financing structure of the Group is based partly on floating rate loans. Consequently,
the Group is exposed to fluctuations in SOFR6M. The nominal value of the floating loans
end of year was USD 152 million. Consequently, a 1pp increase in the interest rate will have
a negative effect on the result of USD 1.5 million. Management monitors the risk closely.
Currency risk
The global operations of the Group expose it to a currency risk, particularly attached to
cash, receivables and payables in other currencies than USD, mainly DKK, EUR, CLP and
ARS. The currency risk is not deemed significant as these balances make up only a minor
portion of the Group’s financial instruments.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 53
5.6 FINANCIAL INSTRUMENTS BY CATEGORY
Carrying amount and fair value of financial items by class of
financial assets and liabilities
On the next page is a breakdown of the financial assets into categories as defined in IFRS 9.
The fair value is estimated using appropriate market information and valuation
methodologies. The carrying amount of cash and cash equivalents and loan payables to
bank are a reasonable estimate of their fair value.
Fair value for derivatives and borrowings has been calculated by discounting the expected
future cash flows at relevant interest rates. Judgement is required to develop estimates of
fair value. Hence, the estimates provided herein are only indicative of the amounts that
could be realised in the market.
The contractual cash flows are non-discounted and include all liabilities according to
contracts. The USD values of future interests and principal loans in foreign currencies are
calculated based on the rates at the balance sheet date.
Categories of financial instruments
The fair value of financial assets and financial liabilities measured at amortized cost is
approximately equal to the carrying amount.
Financial instruments measured at fair value are divided in accordance with the following
accounting hierarchy:
- Level 1: observable market prices of identical instruments.
- Level 2: valuation models primarily based on observable prices or trading prices of
comparable instruments
- Level 3: valuation models primarily based on non-observable prices.
Other financial assets: the fair value of shares and bonds are considered fair value
measurement at level 1 as the fair value is based on observable market prices of identical
instruments.
Derivative financial instruments: the fair value of all derivative financial instruments,
forward exchange contracts and other derivative financial instruments (commodity
instruments), is considered fair value measurement at level 2 as the fair value is based on
observable pricing information.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 54
5.6 FINANCIAL INSTRUMENTS BY CATEGORY (CONTINUED)
Tables with carrying amounts of financial items by class of financial assets and liabilities
USD thousands
31 December 2025
31 December 2024
0-1 Year
1-5 Years
Contractual
cash flow
Carrying
amount
0-1 Year
1-5 Years
Contractual
cash flow
Carrying
amount
Recognised at amortised cost
Loans from financial institutions
93,882
117,463
211,345
198,102
131,109
144,499
275,608
252,030
Payable to- and loans from related companies
64,087
-
64,087
64,087
40,692
-
40,692
40,692
Trade and other payables
283,997
59,266
343,263
343,263
288,506
51,286
339,792
339,792
Lease liabilities
136,056
166,101
302,157
269,886
178,496
107,025
285,521
269,886
Total
578,022
342,830
920,582
875,338
638,803
302,810
941,613
902,400
Recognised at fair value
Derivative financial instruments (FVOCI)
9,046
2,437
11,483
11,483
18,691
6,361
25,052
25,052
Total
9,046
2,437
11,483
11,483
18,691
6,361
25,052
25,052
Total financial liabilities
587,068
345,267
932,335
886,821
657,494
309,171
966,665
927,452
Recognised at amortised cost
Cash and restricted cash
346,027
-
346,027
346,027
350,718
-
350,718
350,718
Trade and other receivables
220,279
17,385
237,664
237,664
246,290
27,207
273,497
273,497
Receivables from- and loans to related companies
202,427
80,385
282,812
279,812
169,971
24,690
194,661
194,401
Total
768,733
97,770
866,503
863,503
766,979
51,897
818,876
818,616
Recognised at fair value
Derivative financial instruments (FVOCI)
15,079
9,759
24,838
24,838
8,673
799
9,472
9,472
Other financial items (FVOCI)
72,135
-
72,135
72,135
51,926
-
51,926
51,926
Other financial items (FVTPL)
1
-
-
-
186,551
-
-
-
156,106
Total
87,214
9,759
96,973
283,524
60,599
799
61,398
217,504
Total financial assets
855,947
107,529
963,476
1,147,027
827,538
52,696
880,274
1,036,120
Contractual cash flow arising from financial guaranteed contracts are disclosed in note 6.3 to the Consolidated Financial Statements.
1
Other financial items (FVTPL) have no contractual cash flows, are managed by a third party, and are readily convertible to cash.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 55
5.7 DERIVATIVE FINANCIAL INSTRUMENTS
§ ACCOUNTING POLICIES
The Group uses derivative financial instruments such as forward currency contracts, bunker
hedges and FFAs to hedge part of risks. Such derivative financial instruments are initially
recognized at fair value on the date on which a derivate contract is entered into and are
subsequently re-measured at fair value. Derivatives are carried as assets when the fair value
is positive and as liabilities when the fair value is negative. Any gains or losses arising from
changes in fair value on derivatives that do not qualify for hedge accounting are taken
directly to profit or loss.
The fair value of forward currency contracts is calculated by reference to current forward
exchange rates for contracts with similar maturity profiles. The fair value of bunker hedge
and the fair value of FFAs are determined by reference to market values for similar
instruments.
For the purpose of accounting, hedges are classified as:
• fair value hedges when hedging the exposure to change in fair value of a recognised
asset or liability or an unrecognised firm commitment (except for foreign currency risk);
or
• cash flow hedge when hedging exposure to variability in cash flow that is either
attributable to a particular risk associated with a recognised asset or liability or a highly
probable forecast transaction or the foreign currency risk in an unrecognised firm
commitment.
At time of entering into a hedge relationship, the Group designates and documents the
hedge relationship to which the Group wishes to apply for hedge accounting and the risk
management objectives and strategy for undertaking the hedge. The documentation
includes identification of the hedging instrument, the hedged item or transaction, the
nature of the risk being hedged and how the entity will assess the hedging instrument’s
effectiveness requirements.
The criteria for classifying a derivative as a hedging instrument for accounting purposes are
as follows:
• there is an economic relationship between the hedged item and the hedging instrument
• the effect of credit risk does not dominate the value changes that result from the
economic relationship
• the hedge ratio of the hedging relationship is the same as that resulting from the
quantity of the hedged items that the entity actually hedges and the quantity of the
hedging instrument that the entity actually uses to hedge that quantity of hedged item.
Hedges which meet the criteria for hedge accounting are accounted for as follows:
Fair value hedges
Derivatives designated as hedging instruments are measured at fair value and changes in
fair value are recognised in the income statement. Correspondingly, a change in the fair
value of the hedged item attributable to the hedged risk is recognised in the income
statement. The fair value hedge accounting is discontinued if the hedging instrument
expires or is sold, terminated or exercised, or the hedge no longer meets the criteria for
hedge accounting stated above.
Cash flow hedges
Changes in the fair value of a hedging instrument that meet the criteria for cash flow hedge
accounting are recognized in other comprehensive income. The ineffective part of the
hedging instrument is recognised directly in the income statement. Gains and losses that
are recognised in other comprehensive income are taken to the income statement in the
same period or periods as the cash flow which comprises the hedged item is recognised in
the income statement. The principle also applies if the hedged forecasted transaction
results in an asset or liability being recognised in the balance sheet. If the cash flow hedge
no longer meets the criteria for hedge accounting, hedge accounting is discontinued. The
cumulative gain or loss of the hedging instrument recognised in other comprehensive
income remains separately recognised in other comprehensive income until the forecast
transaction occurs. If the cash flow hedged transaction is no longer expected to occur, any
previously accumulated gain or loss of the hedging instrument that has been recognised in
other comprehensive income will be carried to profit or loss. Derivatives not accounted for
as hedging instruments are classified as financial assets at fair value through profit or loss
and measured at fair value.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 56
5.7 DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
§ ACCOUNTING POLICIES (CONT.)
Economic trading & economic hedging
Derivative financial instruments, which are not designated as cash flow hedges, are
categorized as either economic trading or economic hedging. These derivatives do not meet
the criteria for hedge accounting. Gains and losses, realised or unrealised, from derivatives
used for economic trading or economic hedging are recognised in the income statement.
Determination of fair value
The fair value of financial assets and liabilities is measured on the basis of quoted market
prices of financial instruments traded in an active market. If an active market exists, fair
value is based on the most recent observed market price at the end of the reporting period.
If an active market does not exist, the fair value is measured according to generally accepted
valuation techniques. Market-based parameters are used to measure fair value.
For bunker contracts the price is based on the prices from Platts Bunkerwire. The value of
FFAs is assessed on basis of daily recorded prices from the Baltic Exchange.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 57
5.7 DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
Hedging of bunker expenses
The Group has entered bunker derivatives in order to hedge future bunker expenses. The
bunker derivatives are accounted for as cash flow hedges.
The bunker derivatives are entered simultaneously with the Contracts of Affreightment
(CoA) or single cargoes, as part of the Group’s risk management. The bunker derivatives
cover the bunker expenses in connection with the CoA and the duration of the bunker
derivative is therefore similar to the duration of the CoA. 97% of the nominal value is
realised within 1 year and 3% is realised within 1-3 years. The nominal value at the end of
the year is USD 38 million and a drop in bunker prices of 10% will have a negative impact
on equity of USD 4 million. Ultranav International ApS has established a hedge ratio of 1:1
as the underlying risk of the hedging instrument is identical to the hedged risk component.
Hedge ineffectiveness can arise from differences in timing of the cash flows as well as
changes to the forecasted amounts. No ineffectiveness has been recognised.
Hedging of freight rates
The Group has entered into freight derivatives (“FFAs”) in order to hedge future cargo and
vessel commitments. The freight derivatives comprise a portfolio of swaps and call options
which are accounted for as cash flow hedges as part of Ultranav’s risk management. 56% of
the nominal value is realised within 1 year and 44% is realised within 1-3 years. The nominal
value at the end of the year is USD 80 million and a drop in the Baltic Dry rates of 10% will
have a negative impact on equity of USD 8 million.
The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging
instrument is identical to the hedged risk component. Hedge ineffectiveness can arise from
price difference between the Baltic Dry and the actual freight rates and difference in
number of days and timing of cash flows. No ineffectiveness has been recognised.
Economic hedging using freight derivatives
In continuation of above, the Group has also entered certain swaps with the purpose of
hedging specific routes and vessel types for which the availability of data points are not
sufficient to document an effective hedging relationship. Those swaps are labelled
economic hedging and are regarded as a business-related hedge for internal reporting
purposes. Changes in fair value of economic hedges are recognised in profit or loss.
Economic trading using freight derivatives
In line with its freight trading approach, the Group has entered certain swaps with the
purpose of economic trading. Strict control systems are in place to monitor developments
and ensuring that risk is constrained at acceptable pre-defined levels, which are duly aligned
with our strategy and proportionate with our financial strength. Changes in fair value of
those swaps are recognised in profit or loss.
Hedging of expenses in foreign currencies
The Group has entered currency forwards to hedge the USD value of the Group’s net cash
flow and reduce fluctuations in the Group’s profit. The key aspects of the currency hedging
policy are that Net Cash Flows in foreign currencies, namely DKK and EUR, are hedged with
a 12-24-month horizon. Significant capital commitments or divestments in other currencies
than USD may also be hedged.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 58
5.7 DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
Overview of derivative financial instruments at year-end
31 December 2025
31 December 2024
Nominal
(USDm)
Net
days/MT
Duration
(months)
Recognised
in equity
(USDm)
Fair value
(USDm)
Nominal
(USDm)
Net
days/MT
Duration
(months)
Recognised
in equity
(USDm)
Fair value
(USDm)
Hedge accounting applied
FX hedges (DKK, CLP)
122,0
1-52
9.9
8.7
19.3
1-12
-1.4
-1.2
FFA swaps (Days)
80.4
6,495
1-36
23.8
8.1
123.2
9,660
1-36
-6.8
-15.7
Bunker hedges (MT)
38.2
85,486
1-60
-4.6
-3.5
46.4
94,884
1-60
0.1
1.1
Hedge accounting not applied
FX hedges (EUR)
5.0
-
1-.8
-
0.0
-
-
-
-
-
FFAs swaps (Days)
-0.1
0
1-12
-
0.0
1.3
90
1-24
-
0.2
Net fair value of derivative instruments
13.3
-15.6
USD millions
Fair value
Fair value
Presentation in the Consolidated Financial Statement as:
Derivative financial instruments, non-current assets
9.6
0.8
Derivative financial instruments, current asset
15.1
8.7
Derivative financial instruments, non-current liabilities
-2.4
-6.4
Derivative financial instruments, current liabilities
-9.0
-18.7
Net fair value of derivative financial instruments
13.3
-15.6
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 59
5.7 DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
Net amount recognised in Other Comprehensive Income
USD millions
2025
2024
Effective portion of changes in fair value from:
FX hedges
6.7
-1.5
Bunker hedges
-1.9
-10.4
FFA hedges
35.1
-24.3
Cash deposit designated as cash-flow hedge
-
0.3
Amounts reclassified to profit and loss:
FX hedges reclassified to financial items
0.1
0.1
Bunker hedges reclassified to voyage related expenses
-2.7
1.0
FFA hedges reclassified to revenue
-8.5
9.4
Cash flow hedges, gain/loss for the year (net)
28.8
-25.4
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 60
SECTION 6: OTHER DISCLOSURES
6.1 REMUNERATION OF MANAGEMENT
6.2 FEE TO THE STATUTORY AUDITORS
6.3 CONTINGENT LIABILITIES AND COMMITMENTS
6.4 OTHER NON-OPERATING CASH ITEMS (CASH FLOW)
6.5 CHANGE IN WORKING CAPITAL (CASH FLOW)
6.6 CHANGE IN LIABILITIES (CASH FLOW)
6.7 RELATED PARTY DISCLOSURES
6.8 SHARE CAPITAL
6.9 EVENTS AFTER THE BALANCE SHEET DATE
6.10 GROUP STRUCTURE
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 61
6.1 REMUNERATION OF MANAGEMENT
Remuneration of Board of Directors
The members of the Board of Directors do not receive any fees or incentives from the
Group. However, it is assessed that the director role remuneration for the six members in
total amounts to USD 0.2 million.
Remuneration of Executive Management
The Executive Management comprises of three members, all of which are remunerated
directly by the parent company.
USD thousands
2025
2024
Fixed salaries
241
244
Pensions – defined contribution plans
11
17
Incentive payments (cash based)
142
148
Total remuneration included in Staff expenses
394
409
Key management personnel
In 2025, key management personnel of Ultranav International ApS Group comprise twelve
members (2024: twelve members).
USD thousands
2025
2024
Fixed salaries
4,562
4,087
Pensions – defined contribution plans
23
22
Incentive payments (cash based)
6,885
6,113
Total remuneration included in Staff expenses
11,470
10,222
Key management personnel are subject to a notice of up to 18 months and can resign from
Management with a notice of up to 9 months. Senior Management and a number of
employees are covered by a cash-based incentive scheme.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 62
6.2 FEE TO THE STATUTORY AUDITORS
Total fee for statutory auditors breaks down as follows:
USD thousands
2025
2024
Statutory audit
1,057
957
Tax assurance services
413
168
Other services
72
186
Fees to statutory auditors
1,542
1,311
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 63
6.3 CONTINGENT LIABILITIES & COMMITMENTS
§ ACCOUNTING POLICIES
Provisions are recognised when the Group has a present obligation (legal or constructive)
as a result of a past event, it is probable that the obligation has to be settled and that a
reliable estimate of the obligation can be made.
Contingent liabilities
The Group is party to certain litigation proceedings. In the opinion of management,
settlement or continuation of these proceedings are not expected to have a material effect
on the Group’s financial position, operating profit or cash flow.
The parent company is jointly taxed with other Danish companies in the Ultranav
International ApS Group. The companies are jointly and unlimited liable for Danish
corporation tax and withholding taxes on dividends, interest and royalties in the joint
taxation. Any subsequent corrections of joint taxation of income or withholding taxes on
dividends, etc, could lead to Company’s liability constituting a larger amount.
The Group's Danish companies are jointly and separately liable for the joint registration of
VAT.
Guarantees
The Group has issued guarantees for loans provided to joint ventures and related
companies. The table below summarises guarantees at year-end:
USD thousands
2025
2024
Guarantees
The Group has issued guarantees for loans to joint ventures
125,800
157,006
The Group has issued guarantees for credit facilities in related
companies
151,473
178,036
Total
277,273
335,042
Short-term leases and low value leases
The Group has recognized right-of-use assets in line with IFRS 16, except for short term and
low value leases. The table below summarises future commitments on short term and low
value leases which are entered at year-end:
USD thousands
2025
2024
Short term leases and low value leases
353,980
367,202
Total
353,980
367,202
COAs and Time Charter commitments as service provider
At 31 December, the Group had entered into Contracts of Affreightment (“COAs”) and time
charters with customers amounting to:
USD thousands
2025
2024
COAs and Time Charter commitments as service provider
Within one year
378,679
504,193
Between 1 – 5 years
334,946
493,742
More than 5 years
79,155
79,550
Total
792,780
1,077,485
COAs constitute a commitment to transport cargoes in a predetermined period and at a
predetermined price per ton. Time charter commitments as a service provider constitute a
commitment to charter a vessel to a customer.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 64
6.4 OTHER NON-OPERATING CASH ITEMS
(CASH-FLOW)
USD thousands
2025
2024
Gain on sale of vessels, plant, and equipment
-35,092
-23,459
Depreciation and impairment loss
265,270
276,091
Loans to related companies, debt conversion
-
312,000
Acquisition of subsidiaries, debt conversion
-
-312,000
FX Adjustments
5,542
216
Modification of lease liabilities
-238
-256
Economic trading
-617
-648
Economic hedge
-394
110
Other non-cash operating items
8,788
9,068
Total
243,259
261,122
6.5 CHANGE IN WORKING CAPITAL
(CASH-FLOW)
USD thousands
2025
2024
Change in receivables
-35,486
-178,346
Change in inventories
4,583
-1,062
Change in liabilities
18,886
90,527
Total
-12,017
-88,881
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 65
6.6 CHANGES IN LIABILITIES (CASH FLOW)
Changes in liabilities arising from finance activities
2025
USD thousands
1 January
Cash in-flow
Cash out-flow
Other
31 December
Lease liabilities
269,886
-
-186,639
191,727
274,974
Interest-bearing loans and borrowings
252,030
64,436
-119,917
1,553
198,102
Total liabilities from financing activities
521,916
64,436
-306,556
193,280
473,076
2024
USD thousands
1 January
Cash in-flow
Cash out-flow
Other
31 December
Lease liabilities
328,136
-
-214,461
156,211
269,886
Interest-bearing loans and borrowings
289,324
6,850
-110,312
66,168
252,030
Total liabilities from financing activities
617,460
6,850
-324,773
222,379
521,916
The category ‘Other’ comprise primarily of additions and remeasurements of lease liabilities as well as interest accruals
included in the carrying value of interest-bearing loans and borrowings. Reference is made to note 5.4 – Lease liabilities.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 66
6.7 RELATED PARTY DISCLOSURES
Ownership
Ultranav International ApS is a 99.96% subsidiary of Naviera Inversiones Limitada en
Comandita por Acciones, Av, El Bosque Norte 500 Piso 20, 7550092 Las Condes, Santiago,
Chile.
The ultimate controlling party of Ultranav International ApS is Inversiones Volcán Mocho
Dos S.A., Av, El Bosque Norte 500 Piso 22, 7550092 Las Condes, Santiago, Chile.
Transactions with related parties
The table below summarises transactions made in the financial year and amounts owed at
year-end:
Sales/(Purchases)
Amounts owed by/(to)
USD thousands
2025
2024
2025
2024
Related companies
Charter income
29,631
45,708
-
-
Charter expenses
-23,154
-41,017
-
-
Other service expenses
-10,625
-51,556
-
-
Management fee income
43,108
19,740
-
-
Management fee expense
-40,465
-3,218
-
-
Interest & Loans
67
10,074
-
57,685
Receivables and payables
-485
-
117,922
-6,858
Joint Ventures & Associates
Charter hire
242,383
293,267
-
-
Charter expenses
-50,431
-74,623
-
-
Management fee income
15,956
15,620
-
-
Receivables and payables
1,793
-
97,803
94,215
Interest & Loans
111
-
-
6.8 SHARE CAPITAL
The share capital is split in 135,360,000 shares of DKK 1 per share, totalling a nominal share
capital of 135,360,000 DKK. In connection with the parent company’s redomiciliation of its
registered office to Denmark on 25 November 2022, the share capital was converted to be
denominated in DKK. Apart from this, there has been no changes in the share capital over
the past five years.
6.9 EVENTS AFTER THE BALANCE SHEET DATE
Disclosure of events after the balance sheet date
On February 22, 2026, the Group entered into a definitive agreement to sell all of its indirect
interest in Wilson Sons Ultratug Participações S.A. and its affiliate Atlantic Offshore Services
S.A. (together “WSUT”) at an enterprise value of approximately USD 500 million, including
the assumption of WSUT’s existing debt (the “Transaction”). The estimated gain from the
Transaction is USD 45-50 million.
The Transaction is subject to customary closing conditions and is expected to close during
the second quarter of 2026. The Brazilian Antitrust Authority (CADE) approved the
transactions on 13 March 2026.
As the Transaction had not been completed as of the date of authorization for issuance of
these consolidated financial statements, it has been assessed as a non-adjusting event after
the reporting period. Accordingly, no adjustments have been recognized in these
consolidated financial statements in respect of this Transaction.
No further events have occurred after the balance sheet date that materially affects the
financial position of the Group.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 67
6.10 GROUP STRUCTURE
Ultranav has been present in Denmark for more than 15 years through its dry bulk activities
(Ultrabulk A/S) and its fleet of gas carriers (now merged with Navigator Holdings Ltd.).
Today, the Danish holding company is also the owner of the Group’s international activities
within the segments Towage & Offshore, Tankers, Dry bulk and LPG & Petchem Gases.
The Ultranav International ApS Group comprise more than 30 subsidiaries at the balance
sheet date of which the largest are listed below.
List of material subsidiaries included in
the Consolidated Financial Statements
Share of ownership
Ultrabulk A/S, Denmark
100.0%
Southern Cross CT Inc., Panama
87.5%
Ultratank Shipping S.A., Uruguay
100.0%
Horizon Shipping (Panama), Inc, Panama
100.0%
Austral Product Tankers Inc, Panama
100.0%
Petrolera Transoceánica S.A., Peru
99.75%
Ultranav International II S.A., Panama
100.00%
Inversiones Ultranav Limitada, Chile
99.99%
Inversiones Ultratug Limitada, Chile
88.62%
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 NOTES | PAGE 68
PARENT COMPANY FINANCIAL STATEMENTS
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 PARENT COMPANY FINANCIAL STATEMENTS | PAGE 69
PROFIT OR LOSS
1 JANUARY – 31 DECEMBER
USD thousands
Note
2025
2024
Revenue
273
338
Other external expenses
-1,394
-1,173
Staff costs
2
-1,232
-920
Operating profit (EBIT)
-2,353
-1,755
Share of subsidiaries’ profit after tax
3
147,963
188,043
Share of associates’ profit after tax
4
20,986
32,225
Financial income
5
2,538
16,101
Financial expenses
5
-9,376
-16,600
Profit/loss before tax
159,758
218,014
Tax
6
7,615
-4,172
Profit/loss for the period
167,373
213,842
Proposal for the distribution of net result:
Reserve for net revaluation according to equity method
168,949
220,268
Retained earnings
-1,575
-6,426
Profit/loss for the period
167,373
213,842
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 PARENT COMPANY FINANCIAL STATEMENTS | PAGE 70
BALANCE SHEET
ASSETS
USD thousands
Note
2025
2024
Investments in subsidiaries
3
1,829,411
1,304,794
Investments in associates
4
880
297,593
Loans to related companies
3,000
4,316
Financial assets, non-current
1,833,291
1,606,703
Total non-current assets
1,833,291
1,606,703
Trade and other receivables
26
56
Prepayments
302
3,451
Receivables from related companies
227
1,536
Loans to related companies
5,500
13,399
Income tax receivables
16,456
1,884
Cash and short-term deposits
27,570
83,070
Total current assets
50,081
103,396
TOTAL ASSETS
1,883,372
1,710,099
EQUITY AND LIABILITIES
USD thousands
Note
2025
2024
Share capital
18,311
18,311
Retained earnings
1,370,780
1,374,465
Reserve for net revaluation according to equity method
357,978
160,775
Total equity
1,747,069
1,553,551
Loans payables to related companies
60,000
-
Interest bearing loans and borrowings
7
29,899
74,742
Total non-current liabilities
89,899
74,742
Trade and other payables
485
310
Interest bearing loans and borrowings
7
45,919
81,496
Total current liabilities
46,404
81,806
Total liabilities
136,303
156,548
TOTAL EQUITY AND LIABILITIES
1,883,372
1,710,099
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 PARENT COMPANY FINANCIAL STATEMENTS | PAGE 71
STATEMENT OF CHANGES IN EQUITY
USD thousands
Share capital
Reserve for
net revaluation
according to
equity method
Retained
earnings
Total equity
Equity as 1 January 2025
18,311
160,775
1,374,465
1,553,551
Net result
-
168,949
-1,576
167,373
Dividends received from subsidiaries and associates
-
-1,388
1,388
-
Dividend paid to shareholders
-
-
-1,160
-1,160
Other equity movements in subsidiaries and associates
-
23,508
-
23,508
Other adjustments
-
6,134
-2,337
3,797
Equity as 31 December 2025
18,311
357,978
1,370,780
1,747,069
Equity as 1 January 2024
18,311
156,554
1,201,892
1,376,747
Net result
-
220,268
-6,426
213,842
Dividends received from subsidiaries and associates
-
-178,999
178,999
-
Other equity movements in subsidiaries and associates
-
-37,038
-
-27,364
Equity as 31 December 2024
18,311
160,775
1,371,465
1,553,551
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 PARENT COMPANY FINANCIAL STATEMENTS | PAGE 72
1 BASIS OF REPORTING
⌂ MAIN ACTIVITIES
The main activities of parent company, UItranav International ApS, comprise holding of
shares in subsidiaries, associates and joint ventures, as well as group funding and cash
management.
§ GENERAL ACCOUNTING POLICIES
The Parent Company Financial Statements of Ultranav International ApS have been
prepared pursuant to the provisions for large class C enterprises of the Danish Financial
Statements Act.
The Company’s business is primarily based on the US Dollar. All income in the form of freight
income is in US Dollar, and most costs are in US Dollars as well. Based on this, the Company
has designated the US Dollar as its functional and reporting currency. Consequently, all
amounts are recognised in US Dollar. For USD conversion rate to DKK please refer to note
1.1 of the Consolidated Financial Statements.
The Consolidated Financial Statements have been prepared in accordance with IFRS. The
accounting policies applied for the Consolidated Financial Statements regarding recognition
and measurement have also been applied for the Parent Company with the below
exemptions. Some comparative figures in the notes to Parent Company Financial
Statements have been adjusted to enhance comparability without impacting the overall
financial position.
With reference to the provisions of the Danish Financial Statements Act §86 para. 4., the
Company has refrained from preparing a cash flow statement in the Parent Company
Financial Statements. For this information, see the Consolidated Financial Statements for
Ultranav International ApS.
In accordance with section 96 para 3 of the Danish Financial Statements Act, the Company
has not disclosed the remuneration to the auditors for the Parent Company. Please refer to
note 6.2 in the Consolidated Financial Statements for Ultranav International ApS.
2 STAFF COSTS
USD thousands
2025
2024
Wages and salaries
-1,122
-808
Pensions – defined contribution plans
-68
-62
Other staff costs
-42
-50
Staff costs
-1,232
-920
Average number of employees in the year
7
7
Headcount at end of year
7
7
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 PARENT COMPANY FINANCIAL STATEMENTS | PAGE 73
3 INVESTMENTS IN SUBSIDIARIES
§ ACCOUNTING POLICIES
Investments in subsidiaries are recognised and measured according to the equity method.
The proportional share of profit or loss of subsidiaries is included in Profit or Loss. The
proportional share of net assets of subsidiaries is included in the balance sheet. Subsidiaries
with negative net asset value are recognised at USD 0 (nil) million, and a provision to cover
the negative balance is recognised if such a present obligation for this purpose exists.
The net value adjustment to the cost of investments in subsidiaries is, when positive,
recognised in the “Reserve for net revaluation according to equity method” under equity.
The reserve is reduced by dividend payments from subsidiaries.
USD thousands
2025
2024
Cost at 1 January
1,226,889
689,473
Acquired through business combination
-
372,000
Additions for the year
244,876
165,416
Cost at 31 December
1,471,765
1,226,889
Value adjustment at 1 January
77,905
101,917
Share of result for the year
147,963
188,043
Dividends
-130
-174,662
Movements in equity in subsidiaries
23,508
-37,041
Other increase/(decrease)
108,400
-352
Value adjustment at 31 December
357,646
77,905
Carrying amount at 31 December
1,829,411
1,304,794
Specification of direct investments:
Company
Registered office
Ownership
Ultranav ApS
Denmark
100.0%
Cedrela Shipping ApS
Denmark
100.0%
Ultratug ApS
Denmark
100.0%
Otway Green Energy A/S
Denmark
100.0%
Inversiones Ultranav Limitada
Chile
99.9%
Inversiones Ultratug Limitada
Chile
88.6%
Petrolera Transoceánica S.A.
Peru
50.0%
During the year, a restructuring of the Ultranav International ApS Group was completed. As
part of this restructuring, the majority of Ultranav International ApS’ investments in
associates (note 4), amounting to USD 310 million, was transferred to Ultranav ApS as a
capital contribution. Ultrabulk A/S and Ultranav International II S.A were also part of the
restructuring. The restructuring was recognized with a retrospective perspective.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 PARENT COMPANY FINANCIAL STATEMENTS | PAGE 74
4 INVESTMENTS IN ASSOCIATES
§ ACCOUNTING POLICIES
Investments in associates are recognised and measured according to the equity method.
The proportional share of profit or loss of associates is included in Profit or Loss. The
proportional share of net assets of associates is included in the balance sheet. Associates
with negative net asset value are recognised at USD 0 (nil) million. A provision to cover net
liabilities is recognised when such an obligation exists.
The net value adjustment to the cost of investments in associates is, when positive,
recognised in the “Reserve for net revaluation according to equity method” under equity.
The reserve is reduced by dividend payments from associates.
USD thousands
2025
2024
Cost at 1 January
214,723
212,942
Additions for the year
-
1,781
Disposal
-214,176
-
Cost at 31 December
547
214,723
Value adjustment at 1 January
76,156
54,872
Share of result for the year
20,986
32,225
Dividends
-1,258
-4,337
Other increase/(decrease)
-95,551
-6,604
Value adjustment at 31 December
333
76,156
Ownership interests
880
290,879
Goodwill
-
6,714
Carrying amount at 31 December
880
297,593
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 PARENT COMPANY FINANCIAL STATEMENTS | PAGE 75
5 FINANCIAL ITEMS
USD thousands
2025
2024
Interest income
1,528
4,093
Interest income, loans to related parties
1,010
12,008
Financial income
2,538
16,101
Interest expenses, bank loans and overdrafts
-9,175
-16,387
Other financial items, net
-201
-213
Financial expenses
-9,376
-16,600
6 TAX
USD thousands
2025
2024
Current tax on profit for the year
7,424
-4,172
Deferred tax for the year
-
-
Tax on profit for the year
7,424
-4,172
Adjustments related to previous years – current tax
191
-
Tax in the income statement
7,615
-4,172
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 PARENT COMPANY FINANCIAL STATEMENTS | PAGE 76
7 INTEREST BEARING LOANS AND BORROWINGS
§ ACCOUNTING POLICIES
Loans are recognised at the time the loans are obtained in the amount of the proceeds after
deduction of transaction costs. In subsequent periods, the loans are recognised at
amortised costs.
Carrying amount
USD thousands
Type
2025
2024
Interest bearing loans
Floating
75,818
156,238
Interest bearing loans and borrowings
75,818
156,238
Non-current portion
29,899
74,742
Current portion
45,919
81,496
Interest bearing loans and borrowings
75,818
156,238
The floating-rate loans are based upon SOFR6M with an additional margin of 2.35% - 2.65%
(2024: 1.90% - 2.65%). The interest rate on the floating rate interest bearing loan was
between 6.70% - 7.40% (2024: 6.70% - 7.40%).
The fair value of the fixed loans is not materially different from the carrying amount.
The loans are subject to financial and operational covenants, including a minimum equity.
Management assesses that Parent Company and the Group meet these covenants at the
closing date as well as throughout the financial year.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 PARENT COMPANY FINANCIAL STATEMENTS | PAGE 77
8 CONTINGENT LIABILITIES
Ultranav International ApS is in joint taxation with other Danish companies in the Group.
Reference is made to note 6.3 to the Consolidated Financial Statements.
9 GUARANTEES
Ultranav International ApS has issued guarantees for loans obtained by joint ventures and
related companies:
USD thousands
2025
2024
Guarantees
The company has issued guarantees for loans to related
companies
75,000
128,036
The company has issued performance guarantees to
subsidiaries
50,427
90,953
Total
125,427
218,989
In addition to above, Ultranav International ApS has issued guarantees to certain
counterparties through which we are entering derivative financial instruments for hedging
purposes. Reference is made to note 5.7 to the Consolidated Financial Statements which
details the maximum exposure of the Group.
10 RELATED PARTY DISCLOSURES
Reference is made to note 6.7 in the consolidated financial statements, for related party
transactions with other than wholly owned subsidiaries of Ultranav International ApS.
In accordance with section 98c(3) of the Danish Financial Statements Act, the Company has
not disclosed any related party transactions with its wholly owned subsidiaries.
Ownership:
Ultranav International ApS is a 99.96% subsidiary of Naviera Inversiones Limitada en
Comandita por Acciones, Av, El Bosque Norte 500 Piso 20, 7550092 Las Condes, Santiago,
Chile.
The ultimate controlling party of Ultranav International ApS is Inversiones Volcán Mocho
Dos S.A., Av, El Bosque Norte 500 Piso 22, 7550092 Las Condes, Santiago, Chile.
11 EVENTS AFTER THE BALANCE SHEET DATE
For subsequent events, reference is made to note 6.9 in the Consolidated Financial
Statements.
ULTRANAV INTERNATIONAL ANNUAL REPORT 2025 PARENT COMPANY FINANCIAL STATEMENTS | PAGE 78
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