Leases

The Group is engaged in multiple lease arrangements for vessels and containers, supporting its operating activities, as well as for buildings, vehicles, IT equipment and other tangible assets. Such lease arrangements (part of which includes options for extension and/or purchase of the underlying asset) are characterized by large-scale, frequent and recurring engagements in common market terms.

(a)

Right-of-use-assets

				Containers and equipment			Buildings, vehicles and other tangible assets

	Vessels									Total
	US $ in millions
Balance as at January 1, 2022		2,720.2			458.6			47.6			3,226.4
Additions		2,184.6						22.5			2,207.1
Depreciation		(1,170.0	)		(80.5	)		(18.4	)		(1,268.9	)
Other (*)		232.5			1.9			6.3			240.7
Balance as at December 31, 2022		3,967.3			380.0			58.0			4,405.3

				Containers and equipment			Buildings, vehicles and other tangible assets

	Vessels									Total
	US $ in millions
Balance as at January 1, 2021		826.7			466.1			47.9			1,340.7
Additions		1,677.5			85.1			16.3			1,778.9
Depreciation		(602.1	)		(89.2	)		(18.5	)		(709.8	)
Other (*)		818.1			(3.4	)		1.9			816.6
Balance as at December 31, 2021		2,720.2			458.6			47.6			3,226.4

(*)

Mainly modifications, see also Note 5.

(b)

Maturity analysis of the Group's lease liabilities

	As at December 31
	2022		2021
	US $ in millions
Less than one year		1,380.8		893.0
One to five years		2,652.8		1,981.5
More than five years		125.9		197.2
Total		4,159.5		3,071.7

The Group’s lease liabilities are mostly denominated in USD, discounted by interest rates with weighted average of 7.7% (5.0% as at December 31, 2021).

(c)

Amounts recognized in profit or loss

	2022		2021
	US $ in millions
Interest expenses related to lease liabilities		206.0		139.6
Expenses relating to short-term leases:
Vessels		101.6		71.7
Containers		34.3		36.6

(d)

Amounts recognized in the statement of cash flows

	2022		2021
	US $ in millions

Cash outflow related to lease liabilities		1,564.1		877.8

(e)

For further details regarding the Company’s obligations, in respect of leases not accounted as a lease liability as of December 31, 2022, see also Note 26.