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Equity (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Share Capital, Reserves And Other Equity Interest [Abstract] |
Disclosure of number of shares issued |
(in shares) |  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
On issue at January 1 |  | 220,024,713 |  |  | 220,024,713 |  |  | 220,024,713 |
On issue at December 31 - fully paid |  | 220,024,713 |  |  | 220,024,713 |  |  | 220,024,713 |
Hedging reserve | The hedging instruments were as follows:
|  | 2024
(in thousands of USD) |  | Notional Value | Fair Value - Assets | Fair Value - Liabilities | Change in FV recognized in OCI | Recycled into P&L
Interest rate swaps |  |  |  |  |  |
$161.1 million facility |  | 111,545 |  | 2,145 |  | — |  | 1,005 |  | — |
Total |  | 111,545 |  | 2,145 |  | — |  | 1,005 |  | — |
|  | 2023 |
(in thousands of USD) |  | Notional Value | Fair Value - Assets | Fair Value - Liabilities | Change in FV recognized in OCI | Recycled into P&L |
Interest rate swaps |  |  |  |  |  |  |
$173.6 million facility - Cap Quebec and Cap Pembroke |  | — |  | — |  | — |  | (314) |  | (1,456) |  |
$173.6 million facility - Cap Corpus Christi and Cap Port Arthur |  | — |  | — |  | — |  | (1,256) |  | (3,860) |  |
$713.0 million facility |  | — |  | — |  | — |  | (4,823) |  | (12,599) |  |
$73.5 million facility - Cedar and Cypres |  | — |  | — |  | — |  | (298) |  | (5,167) |  |
$150.0 million facility |  | 93,607 |  | 1,286 |  | 146 |  | (1,108) |  | — |  |
$447.0 million facility |  | — |  | — |  | — |  | 1,635 |  | (1,635) |  |
Fx swaps |  |  |  |  |  |  |
Fx Euro hedge |  | — |  | — |  | — |  | — |  | (1,032) |  |
Total |  | 93,607 |  | 1,286 |  | 146 |  | (6,164) |  | (25,749) |  |
At December 31, 2024, the Group held the following instruments to hedge exposures to changes in interest rates:
|  | Maturity
(in thousands of USD) |  | 1-6 months |  | 6-12 months |  | More than 1 year
Interest rate risk |  |  |  |  |  |
Interest rate swaps |  |  |  |  |  |
Net exposure |  | (49,242) |  |  | (46,055) |  |  | (429,462) |
Average fixed interest rate |  | 3.29 | % |  | 3.29 | % |  | 3.29 | %
At December 31, 2023, the Group held the following instruments to hedge exposures to changes in interest rates:
|  | Maturity
(in thousands of USD) |  | 1-6 months |  | 6-12 months |  | More than 1 year
Interest rate risk |  |  |  |  |  |
Interest rate swaps |  |  |  |  |  |
Net exposure |  | (22,916) |  |  | (18,039) |  |  | (50,392) |
Average fixed interest rate |  | 3.26 | % |  | 3.26 | % |  | 3.26 | %
The amounts at the reporting date relating to items designated as hedged items were as follows:
| December 31, 2024 |  | December 31, 2023
(in thousands of USD) | Change in value used for calculating hedge ineffectiveness |  | Recycled into P&L |  | Cash flow hedge reserve |  | Change in value used for calculating hedge ineffectiveness |  | Recycled into P&L |  | Cash flow hedge reserve
Interest rate risk |  |  |  |  |  |  |  |  |  |  |
Variable-rate instruments | (1,005) |  |  | — |  |  | 2,145 |  |  | 6,164 |  |  | 24,717 |  |  | 1,140 |
Fx rate risk |  |  |  |  |  |  |  |  |  |  |
Fx Swaps | — |  |  | — |  |  | — |  |  | — |  |  | 1,032 |  |  | — |
The amounts relating to items designated as hedging instruments and hedge ineffectiveness were as follows:
|  | 2024 |  | During the period 2024 |  |
(in thousands of USD) |  | Nominal amount |  | Carrying amount - Assets |  | Carrying amount - Liabilities |  | Line item in the statement of financial position where the hedging instrument is included |  | Changes in the value of the hedging instrument recognized in OCI | Recycled into P&L |  | Hedge ineffectiveness recognized in profit or loss |  | Line item in profit or loss that includes hedge ineffectiveness |  |
Interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 111,545 |  |  | 2,145 |  |  | — |  |  | Non-current receivables, Trade and other current receivables |  | 1,005 |  | — |  |  | — |  |  | Finance expenses |  |
|  | 2023 |  | During the period 2023 |  |
(in thousands of USD) |  | Nominal amount |  | Carrying amount - Assets |  | Carrying amount - Liabilities |  | Line item in the statement of financial position where the hedging instrument is included |  | Changes in the value of the hedging instrument recognized in OCI |  | Recycled into P&L |  | Hedge ineffectiveness recognized in profit or loss |  | Line item in profit or loss that includes hedge ineffectiveness |  |
Interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 93,607 |  |  | 1,286 |  |  | 146 |  |  | Trade and other current receivables, Non-current other payables |  | (6,164) |  |  | (24,717) |  |  | 37 |  |  | Finance expenses |  |
Fx rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fx swaps |  | — |  |  | — |  |  | — |  |  | Trade and other current receivables |  | — |  |  | (1,032) |  |  | — |  |  | Finance expenses |  |
The following table provides a reconciliation by risk category of components of equity and analysis of OCI items, net of tax, resulting from cash flow hedge accounting:
(in thousands of USD) |  | Hedging reserve |
Balance at January 1, 2024 |  | 1,140 |  |
Cash flow hedges |  |  |
Change in fair value interest rate risk |  | 1,005 |  |
Balance at December 31, 2024 |  | 2,145 |  |
Balance at January 1, 2023 |  | 33,053 |  |
Cash flow hedges |  |  |
Change in fair value interest rate risk |  | (6,164) |  |
Recycled into P&L |  | (25,749) |  |
Balance at December 31, 2023 |  | 1,140 |  |

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