MB Shipbrokers A/S  
Midtermolen 1, 2100 Copenhagen  
CVR no. 44 49 37 21  
Annual report 2025  
The annual report was submitted and approved by the general meeting on 15 April 2026  
Chair of the meeting:  
………………………………….  
Jan Al-Erhayem  
 
MB Shipbrokers A/S  
Annual report 2025  
Contents  
Statement by Management  
Independent auditor's report  
2
3
Management's review  
Company details  
5
5
5
6
Financial highlights  
Operating review  
Financial statements  
9
Statement of comprehensive income  
Statement of financial position  
Statement of changes in equity  
Statement of cash flows  
9
10  
11  
12  
13  
Notes to the financial statements  
1
 
MB Shipbrokers A/S  
Annual report 2025  
Statement by Management
The Board of Directors and the Executive Board have today discussed and approved the annual report of  
MB Shipbrokers A/S for the financial year 1 January – 31 December 2025.  
The annual report has been prepared in accordance with the IFRS Accounting Standards as adopted by the  
EU and additional requirements of the Danish Financial Statements Act.  
In our opinion, the Company’s financial statements give a true and fair view of the financial position of the  
Company at 31 December 2025 and of the results of its operations and cash flows for the financial year  
1 January – 31 December 2025.  
Further, in our opinion, the Management's review gives a fair review of the development in the Company's  
operations and financial matters, the results for the year and the Company's financial position.  
We recommend that the annual report be approved at the annual general meeting.
Copenhagen, 14 April 2026
Executive Board:  
Anders Hald
CEO
Anne Brown Pade
CFO
Board of Directors:  
Jan Al-Erhayem
Chair
Pernille Backhausen
Deputy Chair
Anders Hald
Timothy James Seah
Kuan Loong
2
 
MB Shipbrokers A/S  
Annual report 2025  
Independent auditor's report
To the shareholder of MB Shipbrokers A/S
Opinion  
We have audited the financial statements of MB Shipbrokers A/S for the financial year 1
January –  
31 December 2025, which comprise income statement, statement of comprehensive income, balance sheet,  
statement of changes in equity, cash flow statement and notes, including material accounting policy  
information. The financial statements are prepared in accordance with IFRS Accounting Standards (IFRS®)  
as adopted by the EU and additional requirements of the Danish Financial Statements Act.  
In our opinion, the financial statements give a true and fair view of the financial position of the Company at  
31 December 2025 and of the results of the Company's operations and cash flows for the financial year  
1 January – 31 December 2025 in accordance with IFRS Accounting Standards as adopted by the EU and  
additional requirements of the Danish Financial Statements Act.  
Basis for opinion  
We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional  
requirements applicable in Denmark. Our responsibilities under those standards and requirements are  
further described in the "Auditor's responsibilities for the audit of the financial statements" section of our  
report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis  
for our opinion.  
Independence  
We are independent of the Company in accordance with the International Ethics Standards Board for  
Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional  
ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in  
accordance with these requirements and the IESBA Code.  
Statement on the Management's review  
Management is responsible for the Management's review.  
Our opinion on the financial statements does not cover the Management's review, and we do not express  
any assurance conclusion thereon.  
In connection with our audit of the financial statements, our responsibility is to read the Management's review  
and, in doing so, consider whether the Management's review is materially inconsistent with the financial  
statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated.  
Moreover, it is our responsibility to consider whether the Management's review provides the information  
required under the Danish Financial Statements Act.  
Based on our procedures, we conclude that the Management's review is in accordance with the financial  
statements and has been prepared in accordance with the requirements of the Danish Financial Statements  
Act. We did not identify any material misstatement of the Management's review.  
Management's responsibilities for the financial statements  
Management is responsible for the preparation of financial statements that give a true and fair view in  
accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the  
Danish Financial Statements Act and for such internal control as Management determines is necessary to  
enable the preparation of financial statements that are free from material misstatement, whether due to fraud  
or error.  
3
 
MB Shipbrokers A/S  
Annual report 2025  
Independent auditor's report  
In preparing the financial statements, Management is responsible for assessing the Company's ability to  
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going  
concern basis of accounting in preparing the financial statements unless Management either intends to  
liquidate the Company or to cease operations, or has no realistic alternative but to do so.  
Auditor's responsibilities for the audit of the financial statements  
Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are  
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes  
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit  
conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a  
material misstatement when it exists. Misstatements can arise from fraud or error and are considered  
material if, individually or in the aggregate, they could reasonably be expected to influence the economic  
decisions of users taken on the basis of the financial statements.  
As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark,  
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:  
►
Identify and assess the risks of material misstatement of the financial statements, whether due to  
fraud or error, design and perform audit procedures responsive to those risks and obtain audit  
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting  
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may  
involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.  
►
Obtain an understanding of internal control relevant to the audit in order to design audit procedures  
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the  
effectiveness of the Company's internal control.  
►
►
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting  
estimates and related disclosures made by Management.  
Conclude on the appropriateness of Management's use of the going concern basis of accounting in  
preparing the financial statements and, based on the audit evidence obtained, whether a material  
uncertainty exists related to events or conditions that may cast significant doubt on the Company's  
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are  
required to draw attention in our auditor's report to the related disclosures in the financial statements  
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit  
evidence obtained up to the date of our auditor's report. However, future events or conditions may  
cause the Company to cease to continue as a going concern.  
►
Evaluate the overall presentation, structure and contents of the financial statements, including the  
note disclosures, and whether the financial statements represent the underlying transactions and  
events in a manner that gives a true and fair view.  
We communicate with those charged with governance regarding, among other matters, the planned scope  
and timing of the audit and significant audit findings, including any significant deficiencies in internal control  
that we identify during our audit.  
Copenhagen, 14 April 2026
EY Godkendt Revisionspartnerselskab
CVR no. 30 70 02 28
Mikkel Sthyr
Ole Becker
State Authorised
Public Accountant
mne26693
State Authorised
Public Accountant
mne33732
4
 
MB Shipbrokers A/S  
Annual report 2025  
Management's review  
Company details  
Name  
MB Shipbrokers A/S  
Address, postal code, city  
CVR no.  
Midtermolen 1, 2100 Copenhagen  
44 49 37 21  
Established  
13 December 2023  
Registered office  
Financial year  
Executive Board  
Copenhagen, Denmark  
1 January – 31 December  
Anders Hald, CEO  
Anne Brown Pade, CFO  
Board of Directors  
Jan Al-Erhayem, Chair  
Pernille Backhausen, Deputy Chair  
Anders Hald  
Timothy James Seah Kuan Loong  
Auditors  
EY Godkendt Revisionspartnerselskab  
Dirch Passers Allé 36, DK-2000 Frederiksberg  
Financial highlights  
13 December to  
31 December 2023  
(with activities from  
29 December to  
DKK’000  
2025  
2024  
31 December 2023)  
Key figures  
Revenue  
162,866  
39,069  
21,201  
16,866  
175,395  
168,374  
137,623  
138,683  
-
(30)  
(388)  
(348)  
Operating profit/loss  
Profit/loss after net financials  
Profit/loss for the year  
Balance sheet  
Balance sheet total  
Investments in property, plant and equipment  
Equity  
568,582  
46,915  
249,277  
570,954  
6,236  
229,333  
548,487  
-
99,652  
Financial ratios  
Current ratio  
Equity ratio  
20%  
44%  
7%  
31%  
40%  
60%  
2%  
18%  
0%  
Return on equity  
Average number of full-time employees  
70
63
-
The financial ratios have been calculated as follows:  
Current ratio:  
Current assets  
Current liabilities  
Equity ratio:  
Total equity  
Total assets  
Return on equity:  
Profit (loss) for the year  
Total Equity  
5
 
MB Shipbrokers A/S  
Annual report 2025  
Operating review  
Principal activities  
MB Shipbrokers A/S’ (hereafter referred to as MB Shipbrokers or the Company) principal activities consist  
of shipbroking. In 2025, the Company changed its name from MB Shipbrokers 24 A/S to MB Shipbrokers  
A/S.  
Development in activities and financial matters  
The overall activities in revenue and earnings in the Company combined is better than expected in outlook  
for 2025 mainly due to better than expected market conditions.  
Outlook  
For 2026, the revenue in the Company is expected to be in line with 2025 in the range of DKK 150 - 175  
million, the operating profit is expected to be in line with 2025 in the range of DKK 25 - 50 million. The  
expectation does not include any possible dividends from subsidiaries.  
Business model and risk analysis  
MB Shipbrokers operates as an intermediary, facilitating connections between parties - typically those with  
maritime assets (e.g., tankers) available and those requiring access to such assets. These transactions may  
involve buyers and sellers, owners and charterers, or similar parties. For successfully facilitating such  
transactions, MB Shipbrokers earns commission calculated as a percentage of the transaction value.  
With over a century of commercial operations, MB Shipbrokers remains committed to conducting business  
in a financially and socially responsible manner, in full compliance with applicable laws. These principles  
have long been the cornerstone of the Company’s operations, and MB Shipbrokers seeks to extend these  
values to its relationships with clients, suppliers, and business partners.  
MB Shipbrokers upholds high standards in key areas, including employee and leadership practices, anti-  
corruption measures, and ethical conduct. These principles are integral to the company’s business model.  
The primary business risks identified include the potential loss of top-performing brokers/key employees and  
unethical business practices. Accordingly, the retention of key personnel and the maintenance of an ethically  
responsible business framework remain of utmost importance to MB Shipbrokers.  
The Company’s impact on the environment, climate, and human rights is assessed to be minimal.  
Employees and management  
As a responsible employer, MB Shipbrokers is committed to ensuring that all employees are treated in  
accordance with applicable laws and labour agreements. The Company strives to be an attractive workplace  
and regularly conducts employee surveys to identify how best to support and engage staff, ensuring they  
have the optimal conditions to thrive and perform at their best. Employee surveys are conducted  
approximately every 18 months.  
The most recent employee survey was carried out between May and June 2025. A total of 214 employees  
participated in the survey, corresponding to a very impressive response rate of 91%. This year, our overall  
score has increased by 3 points, with the key takeaways highlighted in the attached. Importantly, the  
improvement is spread across multiple areas rather than being driven by a single factor, indicating that we  
are moving forward together and making broad, positive changes across the organisation. Among the top  
three highest scores is the item ‘I am proud to tell others that I am employed by MB Shipbrokers.’ We are  
6
 
MB Shipbrokers A/S  
Annual report 2025  
especially happy about this result, as it shows the pride and positive spirit that you all help create and carry  
forward in our workplace.  
MB Shipbrokers does not employ minors and requires the same compliance from its suppliers. Furthermore,  
the company does not tolerate the use of forced or involuntary labour under any circumstances.  
Anti-corruption and ethics  
The risk of MB Shipbrokers being involved in corruption will be detrimental to our name/brand and result in  
loss of customers. We will also risk incurring fines under both English and US anti-corruption laws.  
Our policy requires that no employee – directly or indirectly through third party – becomes involved in corrupt  
practices, including bribery, extortion and fraud as defined in relevant anti-corruption legislation. No  
employee shall offer and/or give (or receive) anything of value, directly or indirectly, to (or from) any person,  
agent, or employee of a client for the undue benefit to themselves, family members, friends, business  
associates and/or MB Shipbrokers.  
Our anti-corruption rules are described in our internal business directives and the "Code of Conduct" and all  
employees must confirm once a year that they are familiar with the content of both directives and the "Code  
of Conduct". When entering transactions involving the payment of commissions to co-brokers, it is required  
that they complete and sign a "Pledge of Anti-corruption Compliance".  
In 2025, strict checks have been conducted on whether any bribes have been paid. It has also been checked  
that commissions have only been paid to co-brokers who have signed the Pledge of Anti-corruption  
Compliance. In 2025, there have been no cases of or suspected corruption.  
Going forward, there will continue to be a very strong focus on this area. Information and communication to  
our employees will be intensified and there will be unabated control of all payments to third parties.  
Environment and climate  
MB Shipbrokers is considered to have minimal risks of affecting environmental and climatic conditions.  
Conversely, environmental and climatic conditions may affect MB Shipbrokers’ business. For example, the  
reduced volume of water in the Panama Canal impacts rates positively, as the ships will have longer sailing  
routes. Conversely, melting of the ice extending the season for usage of the Northern Sea Route, shortens  
the distance on certain shipping routes, and thereby potentially impacts rates negatively.  
Although MB Shipbrokers’ own impact on environmental and climatic conditions is minimal, MB Shipbrokers  
assumes its share of responsibility by trying to influence and help our customers to reduce emissions from  
ships as much as possible.  
While we are taking steps to enhance CO2 efficiency in our office locations, our primary impact lies in our  
Advisory Services. Through these services, we can influence decarbonization efforts by recommending  
more sustainable and profitable options, focusing on regulations, alternative fuels, and the costs and impact  
associated with retrofitting and newbuilding to the maritime industry.  
Human rights  
MB Shipbrokers respects international human rights conventions and works to ensure that we are not  
complicit in their breaches in connection with our global business. However, MB Shipbrokers only uses  
external suppliers and partners to a limited extent. Thus, it is the Company's assessment that there is no  
need for a human rights policy. The Company will continuously assess whether a policy is necessary.  
Data ethics  
Our business is about trust, also when it comes to the ethical aspects of using data. Combining data and  
technology creates opportunities to develop products and services that improve both our customers' and our  
own business. MB Shipbrokers' business is increasingly based on data and technology, and we recognise  
that the technological development, together with the risks and opportunities created by the use of large  
amounts of data, requires special care. To ensure the ethical aspect of our handling and processing of data,  
MB Shipbrokers has implemented the following principles based on the company's values of trust, attention  
and security.  
7
 
MB Shipbrokers A/S  
Annual report 2025  
Our data ethics principles:  
MB Shipbrokers’ top management invites open and honest communication throughout the organisation  
regarding error correction and evaluation of lessons learned.  
We strengthen the ethical decision-making by considering the different aspects of data use and data  
management in teams based on diversity and broad professionalism.  
We offer our employees IT tools and systems that support the secure and respectful handling, storage  
and processing of both internal and external data.  
MB Shipbrokers restricts employees' access to data based on a "need to know" principle. Responsible  
handling of personnel data, business-critical data, customer data, etc. is a requirement in employment  
contracts under the section on general confidentiality.  
Financial risk and governance  
Foreign currency risk  
The Company’s foreign currency exposure is mainly arising from revenue denominated in US dollars. The  
Company hedges only the currency exposure through foreign currency exchange forward contracts of a  
specific portion of US dollar revenues to fix the revenue in Danish Kroner for operations within Denmark.  
Interest rate risk  
The Company is exposed to risks related to changes in market interest rates primarily related to the  
Company’s interest-bearing long-term loans with floating interest rates. The Company manages its interest  
rate risk by using derivative contracts to hedge the variability  
Subsequent events  
No events have occurred after the balance sheet date that materially affect the assessment of the financial  
statements.  
8
 
MB Shipbrokers A/S  
Annual report 2025  
Financial statements  
Statement of profit or loss and other comprehensive income  
For the year ended 31 December 2025  
(In DKK'000)  
Notes  
2025  
162,866
(159,993)
36,196
-
2024  
Revenue  
4
5
6
175,395
(193,396)
186,443
(68)
Administrative expenses  
Other operating income  
Other operating expenses  
Operating profit  
Finance expense  
Finance income  
39,069
(18,973)
1,105
168,374
(35,630)
4,879
7
8
Profit before tax  
Tax on profit for the year  
Profit for the year  
21,201
(4,335)
16,866
137,623
1,060
138,683
13  
Other comprehensive income  
Other comprehensive income (loss) that may be  
reclassified to profit or loss in subsequent period  
(net of tax):  
Value adjustments from cash flow hedges  
Total other comprehensive income  
Total comprehensive income for the year,  
net of tax  
3,078
3,078
(2,549)
(2,549)
19,944
136,134
The accompanying notes are an integral part of these financial statements.  
9
 
MB Shipbrokers A/S  
Annual report 2025  
Statement of financial position  
As of 31 December  
(In DKK'000)  
Notes  
2025  
2024  
Assets  
Non-current assets  
Intangible assets  
Property and equipment  
Investment in subsidiaries  
Total non-current assets  
10  
9
11  
287,491
306,302
1,262
210,672
43,397
210,672
541,560
518,236
Current assets  
Trade receivables  
Receivable from related parties  
Other receivables  
Other current assets  
Cash  
14  
20  
14,736
3,327
5,097
3,663
199
19,201
17,688
3,875
3,883
8,071
Total current assets  
Total assets  
27,022
568,582
52,718
570,954
Liabilities and Equity  
Equity  
Share capital  
500
247,682
1,095
500
230,816
(1,983)
Retained earnings  
Cash flow hedge reserve  
Total Equity  
249,277
229,333
Non-current liabilities  
Loans and borrowings, net of current portion  
Lease liabilities, net of current portion  
Deferred tax liabilities  
Other long-term liabilities  
Total non-current liabilities  
16  
12, 19  
13  
88,916
40,497
5,307
46,155
180,875
127,037
-
6,011
40,220
173,268
21  
Current liabilities  
Loans and borrowings, current portion  
Trade payables  
Payable to related parties  
Lease liabilities, current portion  
Joint taxation contribution payable  
Other payables  
16, 19  
17, 19  
20  
12, 19  
20  
37,832
3,830
1,899
3,740
5,362
48,511
2,651
3,300
1,287
134
17  
85,767
112,470
Total current liabilities  
138,430
168,353
Total liabilities  
319,305
568,582
341,621
570,954
Total liabilities and shareholders' equity  
The accompanying notes are an integral part of these financial statements.  
10  
 
MB Shipbrokers A/S  
Annual report 2025  
Statement of changes in equity  
For the year ended 31 December 2025  
(In DKK'000)  
Reserve for effect  
of hedging  
transactions  
Reserve for  
development  
costs  
Share  
capital  
Retained  
earnings  
Total  
equity  
Balance as at 1 January 2024  
500
-
-
99,152
99,652
Additions as a result of merger  
Capitalised development costs  
Depreciation relating to development  
-
-
-
566
-
-
7,051
1,334
(3,081)
(14,070)
(1,334)
3,081
(6,453)
-
-
Profit for the year  
Other comprehensive loss  
Total comprehensive income (loss)  
-
-
-
-
(2,549)
(2,549)
-
-
-
138,683
-
138,683
138,683
(2,549)
136,134
Balance as at December 31, 2024  
500
(1,983)
5,304
225,512
229,333
Capitalised development costs  
Depreciation relating to development  
-
-
-
-
1,044
(3,287)
(1,044)
3,287
-
-
Profit for the year  
Other comprehensive income  
Total comprehensive income  
-
-
-
-
3,078
3,078
-
-
-
16,866
-
16,866
16,866
3,078
19,944
Balance as at December 31, 2025  
500
1,095
3,061
244,621
249,277
The accompanying notes are an integral part of these financial statements.  
11  
 
MB Shipbrokers A/S  
Annual report 2025  
Statement of cash flows  
For the year ended 31 December 2025 and 2024  
(In DKK'000)  
Notes  
2025  
21,201
2024  
Cash flow from operating activities  
Profit before tax  
Adjustments:  
137,623
Interest expense  
Depreciation and amortization  
Other provisions  
7
9, 10  
21  
12,609
24,930
5,935
28,512
33,169
6,741
Impairment of investment in subsidiary  
Dividend income  
Interest income  
Reversal of provision for expected credit losses, net  
Others  
6
-
18,675
(205,110)
(2,437)
(387)
6, 20  
8
14  
(34,191)
(510)
(11)
-
1,593
Cash generated from operation before changes in  
working capital  
29,963
18,379
Changes in working capital  
Cash generated from operation  
Interest received  
Interest paid  
Income taxes paid  
18  
(5,702)
24,261
510
(10,820)
(120)
(15,454)
2,925
2,437
(20,313)
-
Net cash generated from (used in) operating  
activities  
13,831
(14,951)
Cash flow from investing activities  
Dividend received  
Acquisition of intangible assets  
6, 20  
10  
34,191
(1,339)
32,852
205,110
(1,710)
203,400
Net cash generated from investing activities  
Cash flow from financing activities  
Payments of:  
Principal portion of bank loan and borrowings  
Lease liabilities  
16  
(48,800)
(5,755)
(275,385)
(5,224)
Net cash generated used in financing activities  
(54,555)
(280,609)
Net decrease in cash  
(7,872)
(92,160)
Cash obtained from merger  
Cash at the beginning of the year  
Cash at ending balance  
-
8,071
199
97,638
2,593
8,071
The accompanying notes are an integral part of these financial statements.  
12  
 
MB Shipbrokers A/S  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
Notes to the financial statements  
1. Corporate information  
MB Shipbrokers A/S, (previously registered as MB Shipbrokers 24 A/S, the Company) was established on  
13 December 2023. The Company is a private limited company incorporated and domiciled in Denmark. Its  
registered office is located at Midtermolen 1, 2100 Copenhagen.  
On 14 April 2026, the Board of Directors and Executive Board discussed and approved the annual report for  
MB Shipbrokers A/S for 2025. The annual report will be presented to the shareholders of MB Shipbrokers  
A/S for adoption at the annual general meeting on 15 April 2026.  
2.  
Material accounting policies  
2.1 Basis of preparation  
The financial statements have been prepared and are being presented in accordance with IFRS Accounting  
Standards, as adopted by EU, and additional disclosure requirements in the Danish Financial Statements  
Act applicable to reporting medium-sized class C entities (Danish GAAP). The Company has adopted all  
new, amended, or revised accounting standards and interpretations as endorsed by the EU effective  
beginning 1 January 2025.  
The financial statements were prepared based on the historical cost except for derivative financial  
instruments that are measured at fair value.  
The financial statements are presented in Danish Krone (DKK) and all values are rounded to the nearest  
thousand (DKK 000).  
The Company has prepared the financial statements on the basis that it will continue to operate as a going  
concern.  
2.2 Summary of material accounting policies  
2.2.1 Foreign currencies  
On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates  
at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction  
date and the date of payment are recognised in the income statement as financial income or financial  
expenses.  
Receivables, payables and other monetary items denominated in foreign currencies are translated at the  
exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet  
date and the date at which the receivable or payable arose or was recognised in the latest financial  
statements is recognised in the income statement as financial income or financial expenses.  
2.2.2 Fair value measurement  
The Company measures financial instruments such as derivatives at fair value at each balance sheet date.  
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly  
transaction between market participants at the measurement date. The Company categorizes inputs used  
in the valuation techniques as follows: (a) Level 1: quoted prices for identical items, (b) Level 2: directly or  
indirectly observable market inputs, other than Level 1 inputs; and (c) Level 3: inputs which are not based  
on observable market data. The Company’s derivative contracts are measured using Level 2 inputs.  
2.3.3. Revenue from contracts with customers  
The Company recognises revenue when, or as control over distinct goods or services is transferred to the  
customer; i.e., when the customer is able to direct the use of the transferred goods or services and obtains  
substantially all of the remaining benefits, provided a contract with enforceable rights and obligations exists  
and amongst others collectability of consideration is probable taking our customer’s creditworthiness into  
account. Revenue is the transaction price the Company expects to be entitled to.  
13  
 
MB Shipbrokers A/S  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
Commission revenue  
Revenue from commission fees is recognized when the Company has operated as a broker. Revenue is  
measured at the agreed consideration exclusive of VAT and taxes charged on behalf of third parties. All  
discounts and rebates granted considered in the revenue recognition.  
Majority of commission revenue is recognised at a point in time when the underlying parties to the transaction  
have completed their respective obligations and successfully fulfilled the contract between them as brokered  
and overseen by the Company. Time charter commission revenue is recognized over time in line with the  
period of time for which the underlying vessel is being chartered. Revenue recognized is the same as the  
invoice amount.  
Newbuilding commission revenue are mostly arising from contracts containing multiple performance  
obligations. The transaction price is allocated with reference to the agreed stages of completion in the  
underlying contract. The price or such stages is agreed between the underlying counterparties. The  
Company’s commission is derived as a percentage of these agreed amounts. The stage of completion is  
deemed a reasonable proxy for the allocation of the total consideration transaction price to performance  
obligations in the contract considering that the Company is entitled to such portion as the stage or milestone  
is completed.  
2.2.4 Finance income and expense  
Financial income and expenses are recognised in the income statement at the amounts relating to the  
financial year. Financial income and expenses comprise interest income and expense applying the effect  
interest rate method, interest expenses in respect of lease liabilities, and effects of transactions denominated  
in foreign currencies.  
2.2.5 Income taxes  
Current income tax  
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid  
to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted  
or substantively enacted at the reporting date in the country where the companies of the Company operate  
and generate taxable income.  
The entity is jointly taxed with other Group entities. The total Danish income tax charge is allocated between  
profit/loss-making Danish entities in proportion to their taxable income (full absorption). Jointly taxed entities  
entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest  
allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates  
applicable to interest surcharges to the management company. Current income tax relating to items  
recognised directly in equity is recognised in equity and not in the statement of profit or loss.  
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid  
to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted  
or substantively enacted at the reporting date in the country where the companies of the group operate and  
generate taxable income.  
Deferred tax  
Deferred taxes are measured using the balance sheet liability method and comprises all temporary  
differences between the carrying amount and tax base of assets and liabilities.  
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when  
they reverse, using tax rates enacted or substantially enacted at the reporting date.  
When the computation of the tax base may be performed according to different tax rules, deferred tax is  
measured on the basis of Management’s intended use of the asset or settlement of the liability.  
The Company offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable  
right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax  
liabilities relate to income taxes levied by the same taxation authority on the entity which intends either to  
settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities  
14  
 
MB Shipbrokers A/S  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are  
expected to be settled or recovered.  
2.2.6 Property and equipment  
Fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and  
impairment losses. The basis of depreciation is cost less any expected residual value at the end of the useful  
life.  
Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when  
the asset is available for use.  
Depreciation is provided on a straight-line basis over the expected useful lives of the assets and any residual  
value. The expected useful lives are usually estimated at 3 to 5 years.  
Depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The  
depreciation period and the residual value are determined at the acquisition date and are reassessed  
annually. Where the residual value exceeds the carrying amount of the asset, no further depreciation  
charges are recognised.  
In case of changes in the depreciation period or the residual value, the effect on the depreciation charges is  
recognised prospectively as a change in accounting estimates.  
Gains and losses on the disposal of items of property, plant and equipment are calculated as the difference  
between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses  
are recognised in the income statement as other operating income or other operating expenses, respectively.  
2.2.7 Intangible assets  
Intangible assets consist of development projects, software, goodwill, customer relationships, and order  
backlog. On initial recognition, intangible assets are measured at cost. Cost comprises the purchase price  
and any costs directly attributable to the acquisition until the date when the asset is available for use.  
Amortisation is made over the estimated economic life without the consideration of a residual value. Goodwill  
is not amortised.  
Intangible assets are measured at the lower of cost less accumulated amortisation and recoverable amount.  
Gains and losses are recognised in the income statement as other operating income or other operating  
expenses, respectively. Gains and losses on the disposal of development projects, patents and licences are  
determined as the difference between the selling price less selling costs and the carrying amount at the date  
of disposal.  
The basis of amortisation, which is calculated as cost less any residual value, is amortised on a straight-line  
basis over the expected useful life. The expected useful lives of the assets are as follows:  
Intangible asset  
Software  
Useful lives  
3-5 years  
7 years  
Customer relationship  
Order backlog  
3-15 years  
2.2.8 Impairment of non-financial assets  
Except for goodwill, the carrying amount of intangible assets and property and equipment is evaluated  
annually for indication of impairment other than the decrease in value reflected by amortisation/depreciation  
made. Goodwill is tested for impairment once a year and in the case of impairment indicators.  
Impairment tests are conducted on individual assets or cash-generating units when there is indication of  
impairment. Write-down is made to the lower of the recoverable amount and carrying amount.  
The recoverable amount of the asset is the higher of the fair value less cost to sell and its value in use. The  
value in use is calculated as the present value of the expected net cash flows from the use of the asset or  
the Company of assets and the expected net cash flows from the disposal of the asset or the Company of  
15  
 
MB Shipbrokers A/S  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
assets after the end of the useful life. Previously recognised impairment losses are reversed when the reason  
for recognition no longer exists.  
2.2.9 Financial instruments  
A financial instrument is any contract that gives rise to a financial asset in one entity and a financial liability  
or equity instrument in another entity.  
Financial assets  
Recognition and measurement  
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value  
through other comprehensive income (FVOCI) or fair value through profit or loss (FVTPL).  
With the exception of trade receivables that do not contain a significant financing component, the Company  
initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value  
through profit or loss, transaction costs. Trade receivables that do not contain a significant financing  
component is recognised at the transaction price if an amount of consideration that is unconditional is due  
from the customer (i.e., only the passage of time is required before payment of the consideration is due).  
For purposes of subsequent measurement, financial assets are classified in four categories: (1) financial  
assets at amortised cost (debt instruments) which includes trade receivables; (2) financial assets at fair value  
through OCI with recycling of cumulative gains and losses (debt instruments); (3) financial assets designated  
at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity  
instruments) and (4) financial assets at fair value through profit or loss which includes derivatives unless  
designated for hedge accounting.  
Financial liabilities  
Recognition and measurement  
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss,  
loans and borrowings or payables, as appropriate.  
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and  
payables, net of directly attributable transaction costs.  
For purposes of subsequent measurement, financial liabilities are classified in two categories:  
Financial liabilities at fair value through profit or loss including derivatives unless designated for  
hedge accounting.  
Financial liabilities at amortised cost (loans and borrowings).  
Financial liabilities at amortised cost  
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost  
using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised  
as well as through the effective interest rate (EIR) amortisation process. Amortised cost is calculated by  
taking into account any discount or premium on acquisition and fees or costs that are an integral part of the  
EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category  
generally applies to interest-bearing loans and borrowings.  
2.2.10 Hedging activities and derivatives  
The Company uses derivative financial instruments in the form of forward currency contracts and interest  
rate swaps to hedge its foreign currency risks and interest rate risks, respectively. Such derivative financial  
instruments are initially recognised at fair value on the date on which a derivative contract is entered into  
and are subsequently re-measured at fair value.  
Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the  
fair value is negative. Gains or losses arising from changes in the fair values related to effective hedges are  
recognized through “Value adjustments from cash flow hedges”.  
16  
 
MB Shipbrokers A/S  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
2.2.11 Leases  
Leases in which the Company is a lessee:  
At inception of a contract, the company assesses whether a contract is, or contains, a lease. That is, if the  
contract conveys the right to control the use of an identified asset for a period of time in exchange for  
consideration. The company determines this using the definition of a lease per IFRS 16, and applies this to  
all contracts entered into, or changed, during the period.  
i) Right-of-use assets  
The Company recognises a right-of-use assets and a lease liability at the lease commencement date. The  
right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability  
adjusted for any lease payments made at or before the commencement date, plus any initial direct costs  
incurred and an estimate of costs to restore the underlying asset or the site on which it is located, less any  
lease incentives received.  
The right-of-use asset is subsequently depreciated using the straight-line method from commencement date  
to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses,  
if any, and adjusted for certain remeasurement of the lease liability. Lease payments included in the  
measurement of the lease liability comprise the following:  
Fixed payments, including in-substance fixed payments;  
Variable lease payments that depend on an index or rate, initially measured using the index or rate  
at commencement date; and he exercise price under a purchase option that the Company is  
reasonably certain to exercise, lease payments in an optional renewal period if the Company is  
reasonably certain to exercise an extension option, and penalties for early termination of a lease  
unless the Company is reasonably certain not to terminate early.  
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability  
adjusted for any lease payments made at or before the commencement date, plus any initial direct costs  
incurred and an estimate of costs to restore the underlying asset or the site on which it is located, less any  
lease incentives received.  
ii) Lease liabilities  
The lease liability is initially measured at the present value of the lease payments that are not paid at the  
commencement date, discounted using the interest rate implicit in the lease or, if the rate cannot be readily  
determined, the Company's incremental borrowing rate. The company's incremental borrowing rate has  
been determined by the Company, with reference to external benchmark interest rates and credit margin of  
the Company based on its current financing sources.  
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when  
there is a change in future lease payments arising from a change in an index or rate, or if the Company  
changes its assessment of whether it will exercise a purchase, extension or termination option or if there is  
a revised in-substance fixed lease payment.  
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying  
amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use  
asset has been reduced to zero.  
Short term leases and leases of low-value assets  
The company has elected not to recognize right-of-use assets and lease liabilities for leases of low-value  
assets and short-term leases (i.e., those leases that have a lease term of 12 months or less from the  
commencement date and do not contain a purchase option). The company recognizes the lease payments  
associated with these leases as an expense on a straight-line bases over the lease term.  
Capitalization of leased assets and liabilities  
The company has applied the fixed assets capitalization when evaluating if a lease is eligible for  
capitalization.  
17  
 
MB Shipbrokers A/S  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
2.2.12 Provisions  
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of  
a past event, it is probable that an outflow of resources embodying economic benefits will be required to  
settle the obligation and a reliable estimate can be made of the amount of the obligation.  
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that  
reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the  
provision due to the passage of time is recognised as a finance cost.  
2.2.13 IFRS standards adopted in EU  
The new and amended standards and interpretations that are issued, adopted in EU and effective in 2025  
and in future periods are as follows:  
Effective as of 1 January 2025 – for which there are no known impact upon adoption by the Company  
IAS 21 – Amendments related to “Lack of exchangeability”  
Effective in future periods beginning of 1 January 2026 – for which there are no known impact upon adoption  
IFRS 1, IFRS 7, IFRS 9, IFRS 10, and IAS 7 – Annual Improvements Volume 11  
IFRS 9, and IFRS 7 – Amendments related to “Classification and Measurement of Financial  
Instruments”  
IFRS 9, and IFRS 7 – Amendments related to “Contracts Referencing Nature-dependent Electricity”  
Effective in future periods beginning of 1 January 2027 – impact for which is currently being assessed  
IFRS 18, Presentation and Disclosure in Financial Statements  
There are new and amended standards issued by the International Accounting Standards Board (IASB) for  
which effective date is known but has not been adopted yet in EU. The Company will assess those changes  
as they are adopted in EU. The Company intends to adopt these new and amended standards and  
interpretations, if applicable, when they become effective.  
3.  
Key accounting judgements, estimates and assumptions  
The preparation of the Company’s financial statements requires management to make judgements,  
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities,  
and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these  
assumptions and estimates could result in outcomes that require a material adjustment to the carrying  
amount of assets or liabilities affected in future periods.  
In the process of applying the Company's accounting policies, management has made the following  
judgements, estimates and assumptions, which have effect on the amounts recognized in the financial  
statements:  
3.1 Determining the lease term of contracts with renewal and termination options – Company as  
lessee  
The Company determines the lease term as the non-cancellable term of the lease, together with any periods  
covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered  
by an option to terminate the lease, if it is reasonably certain not to be exercised.  
The Company has several lease contracts that include extension and termination options. The Company  
applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to  
renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for  
it to exercise either the renewal or termination. After the commencement date, the Company reassesses the  
lease term if there is a significant event or change in circumstances that is within its control and affects its  
ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant  
leasehold improvements or significant customization to the leased asset).determines the lease term as the  
non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is  
reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is  
reasonably certain not to be exercised.  
18  
 
MB Shipbrokers A/S  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
3.2 Impairment testing of goodwill  
Determining whether goodwill is impaired requires an estimation of the value-in-use of the cash-generating  
unit. The value-in-use calculation requires estimation of future cash flows expected to arise for the cash-  
generating unit, the selection of suitable discount rates and the estimation of future growth rates. Reference  
made to note 10 for further details of the goodwill impairment testing.  
4.  
Revenue  
4.1 Disaggregation of Revenue  
Type of goods or services  
Commission on chartering  
2025  
92,999  
2024  
94,226  
Commission on new building activity  
Commission on buying and selling activity  
34,970  
34,897  
25,404  
55,765  
162,866  
175,395  
The Company generates revenue from the sale of its products and services in Europe.  
The Company have entered into standard forward exchange contracts to hedge and secure revenue in USD  
for the Company. The effective portion of the foreign currency cashflow hedge is recognized under  
‘Revenue’.  
5.  
Administrative expenses  
2025  
2024  
Staff costs  
Depreciation and amortisation  
Other external expenses  
116,867  
24,930  
18,196  
159,993  
139,119  
33,169  
21,108  
193,396  
5.1 Staff costs  
2025  
2024  
Salaries and wages  
Pension costs  
Other costs for social security  
110,094  
6,145  
628  
132,574  
5,994  
551  
116,867  
139,119  
Average number of full-time employees  
70  
63  
The total remuneration of the Executive Board and the Board of Directors amounts to DKK 16.5 million and  
DKK 0.9 million, respectively (2024: DKK 20.3 million and DKK 1.0 million, respectively). Remuneration  
includes pension to the Executive Board amounting to DKK 876.4 thousand (2024: DKK 876.4 thousand).  
No pension is paid to the Board of Directors. Remuneration to the Executive Board is disclosed together  
with the Board of Directors in accordance with section 98 B(3) of the Danish Financial Statements Act.  
6.  
Other operating income  
2025  
34,191  
2024  
186,435  
8
Dividend income  
Other operating income  
2,005  
36,196  
186,443  
19  
 
MB Shipbrokers A/S  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
7.  
Finance expense  
2025  
10,820  
2024  
20,313  
377  
Interest expense from debts  
Foreign exchange losses  
Arrangement fee amortisation  
Interest expense from lease liabilities  
Other provision  
4,153  
2,211  
1,789  
-
7,984  
215  
6,741  
18,973  
35,630  
8.  
Finance income  
2025  
2024  
2,442  
2,437  
4,879  
Foreign exchange gains  
Interest income  
595  
510  
1,105  
9.  
Property and equipment  
Right-of-use  
assets  
Office  
equipment  
(premises)  
Total  
Cost  
Balance as at 1 January 2025  
Additions  
Retirements  
21,692  
6,236  
46,915  
(6,236)  
46,915  
27,928  
46,915  
(27,928)  
-
(21,692)  
-
Balance as at 31 December 2025  
46,915  
Accumulated depreciation and amortisation  
Balance as at 1 January 2025  
Depreciation charge for the year  
Retirements  
(21,678)  
(14)  
21,692  
(4,988)  
(4,766)  
6,236  
(26,666)  
(4,780)  
27,928  
(3,518)  
Balance as at 31 December 2025  
-
(3,518)  
Carrying amount at 31 December 2025  
-
43,397  
43,397  
Right-of-use  
assets  
(premises)  
Office  
equipment  
Vehicles  
Total  
Cost  
Balance as at 1 January 2024  
Additions as a result of merger  
Additions  
Disposals/Retirements  
Balance as at 31 December 2024  
-
-
980  
-
(980)  
-
-
-
-
22,672  
6,236  
(980)  
27,928  
21,692  
-
-
6,236  
-
6,236  
21,692  
Accumulated depreciation and  
amortisation  
Balance as at 1 January 2024  
Additions as a result of merger  
Depreciation charge for the year  
Retirements  
-
(21,637)  
(41)  
-
(351)  
(12)  
363  
-
-
-
(21,988)  
(5,041)  
363  
-
(4,988)  
-
-
Balance as at 31 December 2024  
(21,678)  
(4,988)  
(26,666)  
Carrying amount at  
31 December 2024  
14  
-
1,248  
1,262  
20  
 
MB Shipbrokers A/S  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
10. Intangible assets  
Customer  
Order  
relationships  
backlogs  
Goodwill  
Software  
Total  
Cost  
Balance as at 1 January 2025  
Additions  
Retirements  
45,630  
34,748  
243,341  
12,651  
1,339  
(4,795)  
336,370  
1,339  
(4,795)  
-
-
-
-
-
-
Balance as at 31 December 2025  
45,630  
34,748  
243,341  
9,195  
332,914  
Accumulated amortisation  
Balance as at 1 January 2025  
Depreciation charge for the year  
Retirements  
(6,564)  
(6,519)  
-
(17,659)  
(9,410)  
-
-
-
-
-
(5,845)  
(4,221)  
4,795  
(30,068)  
(20,150)  
4,795  
Balance as at 31 December 2025  
(13,083)  
(27,069)  
(5,271)  
(45,423)  
Carrying amount at  
31 December 2025  
32,547  
7,679  
243,341  
3,924  
287,491  
Customer  
Order  
relationships  
backlogs  
Goodwill  
Software  
Total  
Cost  
Balance as at 1 January 2024  
Additions as a result of merger  
Additions  
-
-
-
-
19,847  
1,710  
-
343,566  
1,710  
45,630  
34,748  
243,341  
-
-
-
-
-
-
Retirements  
(8,906)  
(8,906)  
Balance as at 31 December 2024  
45,630  
34,748  
243,341  
12,651  
336,370  
Accumulated amortisation  
Balance as at 1 January 2024  
Additions as a result of merger  
Depreciation charge for the year  
Retirements  
-
(45)  
(6,519)  
-
-
-
-
-
-
-
(10,801)  
(3,950)  
8,906  
-
(10,846)  
(28,128)  
8,906  
-
(17,659)  
-
-
Balance as at 31 December 2024  
(6,564)  
(17,659)  
(5,845)  
(30,068)  
Carrying amount at  
31 December 2024  
39,066  
17,089  
243,341  
6,806  
306,302  
Goodwill  
Goodwill is tested for impairment once a year and in the case of impairment indicators. Impairment test  
performed as of 31 December 2025 indicates headroom in excess of DKK 140.0 million.  
The recoverable amount is based on the value in use, which is calculated by means of expected free cash  
flows based on forecasts for 2026 to 2030. The revenue has been forecasted with an average growth ranging  
from -15.2% to 2.0% per year until the terminal period.  
The impairment test estimates the present value of goodwill (value-in-use principle) by discounting expected  
free cash flows using an estimated discount rate to assess the CGU’s recoverable value including goodwill.  
The rate of growth post the forecast period, the so-called terminal growth, is based on general long-term  
growth forecasts for the individual markets. The expected terminal growth rate used is 2.0%.  
The capitalized goodwill has arisen in connection with the acquisition of MB Shipbrokers K/S in 2023.  
The key assumptions underlying the calculation of recoverable amounts and the tolerable sensitivities are:  
2025  
2.0%  
2024  
2.0%  
Growth rate in terminal period  
WACC after tax  
11.9%  
10.9%  
Ceiling on WACC after tax  
4.5% increase  
42.7% increase  
The ceiling and floor rates are the maximum and lowest rates before an impairment occurs, holding the other  
rates constant.  
21  
 
MB Shipbrokers A/S  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
Software  
Software includes completed development projects which relates to development of IT platforms and  
software. In management’s opinion, the development progressed as planned. The completed development  
projects consist of several IT platforms and software which is mainly used internally.  
11. Investment in subsidiaries  
2025  
2024  
Balance as at 1 January  
210,672  
545,854  
(316,507)  
(18,675)  
210,672  
Movement as a result of merger  
Movement as a result of dissolution of subsidiary  
Balance as at 31 December  
-
-
210,672  
The Company owns directly and indirectly the following subsidiaries:  
2025  
2024  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
Name and registered office  
MB Shipbrokers Korea Limited, Korea  
100%  
100%  
100%  
100%  
100%  
100%  
-
MB Shipbrokers Holding A/S, Denmark  
MB Shipbrokers Asia Limited, Hong Kong  
Kennedy Marr Group Ltd., United Kingdom  
Kennedy Marr Ltd, United Kingdom  
MB Shipbrokers (Shanghai) Limited, China  
Kennedy Marr Offshore (Singapore) Pte. Ltd., Singapore [1]  
MB Shipbrokers (UK) Ltd., United Kingdom  
MB Shipbrokers Advisory Services A/S, Denmark  
MB Shipbrokers Hellas Ltd., Greece  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
100%  
-
MB Shipbrokers Norway AS, Norway  
MB Shipbrokers Middle East - FZE, United Arab Emirates  
MB Shipbrokers Bulk Chartering A/S, Denmark  
MB Shipbrokers Bulk Chartering Asia Ltd., Hong Kong  
MB Shipbrokers America Inc ., USA  
Wonsild Dry ApS, Denmark [2]  
MB Shipbrokers Bulk Chartering Inc., USA  
100%  
12. Leases  
Company as a lessee  
The Company applied IFRS 16 for the lease of its Copenhagen office.  
The Company has certain leases with lease terms of 12 months or less or leases with low value. The  
Company applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for these  
leases.  
Amounts recognised in profit or loss  
2025  
4,766  
2024  
4,988  
Depreciation on ROU assets  
Interest from lease liabilities  
Expenses relating to short term or low value asset leases  
1,789  
-
215  
61  
6,555  
5,264  
[1] Kennedy Marr Offshore (Singapore) Pte. Ltd., Singapore ceased operating as of 1 January 2025.  
[2] Wonslid Dry ApS was liquidated on 28 January 2025 through a voluntary solvent liquidation.  
22  
 
MB Shipbrokers A/S  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
13. Income tax expense  
The major components of income tax expense are:  
2025  
5,482  
(1,147)  
2024  
1,168  
(2,228)  
Current income tax  
Deferred income tax  
4,335  
(1,060)  
Reconciliation of tax expense and the accounting profit multiplied by statutory tax rate of 22% are as follows:  
2025  
4,664  
8,661  
(7,963)  
(1,027)  
4,335  
2024  
30,277  
5,247  
(41,016)  
4,432  
Profit before income tax at tax rate of 22%  
Non-deductible expenses  
Non-taxable income  
Others  
Income tax expense (benefit)  
(1,060)  
Details of deferred taxes are as follows:  
2025  
2024  
Lease liabilities  
Other payable  
9,732  
2,336  
283  
-
Intangibles  
Right of use assets  
Others  
(8,025)  
(9,547)  
197  
(6,064)  
(274)  
44  
Net deferred tax assets (liabilities)  
(5,307)  
(6,011)  
Rollforward of deferred tax assets (liabilities) are as follows:  
2025  
2024  
40  
2,228  
-
(8,279)  
-
Balance at beginning of period  
Taxes recognized in profit or loss  
Taxes recognized in other comprehensive income  
Effect of merger  
Others  
Balance at end of period  
(6,011)  
1,147  
(309)  
-
(134)  
(5,307)  
(6,011)  
14. Trade receivables  
2025  
2024  
Trade receivables from third party customers  
Allowance for expected credit losses  
14,822  
(86)  
19,298  
(97)  
14,736  
19,201  
Trade receivables are non-interest bearing. Receivables are generally due on invoice date.  
Movements in allowance for expected credit losses are as follows:  
2025  
2024  
-
Balances at beginning of the period  
Addition as a result of merger  
Provision  
Reversal  
Balances at end of the period  
(97)  
-
-
11  
(484)  
(108)  
495  
(97)  
(86)  
23  
 
MB Shipbrokers A/S  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
15. Capital management  
For the purpose of the Company’s capital management, capital includes issued capital and equity reserves.  
The primary objective of the Company’s capital management is to maximise the shareholder value.  
In order to achieve this overall objective, the Company’s capital management, among other things, aims to  
ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define  
capital structure requirements.  
Financial covenants include maintenance of adequate leverage ratio and interest coverage.  
Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings.  
There have been no breaches of the financial covenants of any interest-bearing loans and borrowing in the  
current period.  
16. Interest-bearing loans and borrowings  
2025  
37,832  
2024  
48,511  
Secured bank loan, including overdraft  
Current  
Non-current  
88,916  
127,037  
126,748  
175,548  
The Company’s bank loan matures in 2027 and bears interest at a margin of 2.5% to 3.1% above CIBOR.  
The outstanding principal amounted to DKK 130.0 million as of 31 December 2025 (2024: DKK 170.0  
million).  
17. Trade and other payables  
2025  
3,830  
85,767  
2024  
2,651  
112,470  
Trade payables  
Other payables  
89,597  
115,121  
Trade payables are measured at amortized cost. The carrying amounts of trade and other payables are  
substantially the same as their fair values, due to their short-term nature.  
18. Changes in working capital  
2025  
4,476  
1,179  
(11,357)  
(5,702)  
2024  
(7,997)  
(13,574)  
6,117  
Decrease / (increase) in trade receivables  
Increase / (decrease) in trade payables  
Movements in other assets and liabilities  
(15,454)  
19. Financial risk management  
The Company is exposed to financial risk, consisting of foreign currency risks, interest rate risk, liquidity risk  
and credit risk that affect its earnings. Company's Management oversees the management of these risks,  
including overseeing that the Company’s financial risk activities are governed by the policies and procedures  
outlined by Management and that financial risks are identified, measured and managed in accordance with  
the Company’s policies and risk objectives.  
24  
 
MB Shipbrokers A/S  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
Foreign exchange risk  
The Company has transactional foreign currency exposures arising from revenues and expenses in  
currencies other than its functional currency, which can significantly impact results and cash flows. The  
Company’s revenue is mainly denominated in US dollars. The Company also has balance sheet exposures,  
either at the local entity level where monetary assets and liabilities are held in currencies other than the  
functional currency, or at a Company level on the revaluation of non-Danish Kroner balances into the  
Company’s functional currency.  
Our aim is to manage this risk by reducing the impact of any fluctuations. The Company hedges only the  
currency exposure through foreign currency exchange forward contracts of a specific portion of US dollar  
revenues to fix the revenue in Danish Kroner for operations within Denmark.  
The Company is most sensitive to changes in the US dollar exchange rates. The sensitivity analysis assumes  
an instantaneous 5% change in the US dollar exchange rates from their levels on 31 December 2025, with  
all other variables held constant. The following table demonstrates the sensitivity to a reasonably possible  
change in this rate, with all other variables held constant, of the Company’s profit before taxation and equity.  
Impact to profit or loss  
Sensitivity  
2025  
Cash  
Receivables  
Payables  
Net  
+5%  
525  
784  
(174)  
1,135  
-5%  
(525)  
(784)  
174  
(1,135)  
2024  
+5%  
-5%  
30  
(30)  
130  
(130)  
-
-
160  
(160)  
Interest rate risk  
The Company is exposed to risks related to changes in market interest rates primarily related to the  
Company’s interest-bearing long-term loans with floating interest rates.  
The Company manages its interest rate risk by using derivative contracts to hedge the variability in interest  
rates.  
Liquidity risk  
The purpose of the Company’s cash management procedures is to ensure that the Company at all times  
has sufficient and flexible financial resources at its disposal and is able to honour its obligations when due.  
The table below summarises the maturity profile of the Company’s financial liabilities based on contractual  
undiscounted payments:  
2025  
Maturity  
From 1 to 5  
years  
More than 5  
years  
Contractual  
cash flow  
99,436  
Carrying  
amount  
Up to 1 year  
Trade and other payables  
Lease liabilities  
Loans and borrowings  
91,496  
5,949  
44,853  
7,940  
30,012  
93,360  
131,312  
-
99,436  
19,831  
-
19,831  
55,792  
138,213  
293,441  
44,237  
126,748  
270,421  
142,298  
2024  
Maturity  
From 1 to 5  
years  
Up to 1  
year  
More than 5  
years  
Contractual  
cash flow  
118,421  
1,287  
Carrying  
amount  
118,421  
Trade and other payables  
Lease liabilities  
Loans and borrowings  
118,421  
1,287  
50,703  
170,411  
-
-
-
130,000  
130,000  
-
-
-
1,287  
175,548  
295,256  
180,703  
300,411  
25  
 
MB Shipbrokers A/S  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
Credit risk and expected credit loss  
The Company is exposed to credit risk arising from debtors failing to pay their obligations. In general, the  
Company transacts only with recognized and creditworthy third parties. Receivable balances are monitored  
on an ongoing basis and any potential bad debts identified at an early stage.  
The maximum exposure is the carrying amounts as disclosed in note 14. Based on experience and ongoing  
review of creditworthiness of counterparties, we reasonably expect to collect all amounts with no expected  
credit losses provision. There are no significant concentrations of credit risk within the Company, due to the  
large number of customers comprising the Company’s customer base.  
Trade receivables are written off when there is no reasonable expectation of recovery, such as the  
commencement of legal proceedings, or financial difficulties of the counterparty. Impairment losses  
(including the write-off) on trade receivables are presented within “Administrative expenses”. Subsequent  
recoveries of amounts previously written off are credited against the same line item.  
An impairment analysis is performed at each reporting date using a provision matrix to measure expected  
credit losses. The provision rates are based on days past due for groupings of various customer segments  
with similar loss patterns (i.e., by geographical region, product type, customer type and rating, and coverage  
by letters of credit or other forms of credit insurance).  
The credit risk arising from cash in banks are considered low as the financial institutions used are closely  
monitored by the Company to ensure they are held with creditworthy institutions and to ensure there is no  
over exposure to any one institution.  
For all other financial assets held, the Company’s exposure to credit risk arises from default of the  
counterparty, with a maximum exposure equal to the carrying amount of these instruments.  
The carrying amounts of other financial assets and contract assets represent the maximum credit exposure.  
20. Related parties  
The outstanding related party receivables and payables are from subsidiaries. Related party transactions  
include shared-commission, brokerage services, management fees and global allocation of costs.  
Transactions during the year are as follows:  
2025  
27,161  
2024  
45,528  
9,608  
205,110  
Sale of goods and services from group entities  
Purchase of goods and services from group entities  
Dividends received  
6,381  
34,191  
Receivable from related parties  
Payable to related parties  
Joint taxation contribution payable  
3,327  
1,899  
5,293  
17,688  
3,300  
134  
In addition to subsidiaries disclosed in Note 11, related parties include:  
Name  
Domicile  
Denmark  
Denmark  
Relationship  
Parent  
MB Shipbrokers Invest ApS  
MBEB Holding ApS  
Ultimate Parent  
Compensation of key management personnel  
The total compensation of the key management personnel of the Company is as follows:  
2025  
2024  
Short-term employee benefits  
Post-employment benefits  
Total compensation  
38,198  
1,800  
39,998  
53,616  
1,800  
55,416  
26  
 
MB Shipbrokers A/S  
Annual report 2025  
Notes to the financial statements  
For the year ended 31 December 2025  
(In DKK'000)  
Remuneration of members of Executive Board and the Board of Directors is mentioned in note 5.  
21. Other long-term liabilities  
Movements of other long-term liabilities are as follows:  
2025  
40,220  
-
7,940  
(2,005)  
46,155  
2024  
Balance at beginning of year  
Addition as a result of merger  
Additions  
Reversals  
Balance at end of year  
-
33,479  
6,741  
-
40,220  
22. Commitments and contingencies  
As security for MB Shipbrokers A/S debt to banks, creditors and other suppliers, the Company has provided  
security or other collateral in its assets for the bank loan amounting DKK 455.0 million where the remaining  
bank loan outstanding is DKK 130.0 million.  
Joint taxation  
The Company is jointly taxed with its parent, MBEB Holding ApS, which acts as management company, and  
is jointly and severally liable with other jointly taxed group entities for payment of income taxes onwards as  
well as withholding taxes on interest, royalties and dividends falling due for payment.  
23. Events after reporting date  
No events have occurred after the balance sheet date that materially affect the assessment of the financial  
statements.  
27