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TRADE RECEIVABLES | 12 Months Ended
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Dec. 31, 2025
TRADE RECEIVABLES |
Trade receivables | NOTE 14 – TRADE RECEIVABLES
USDm |  | 2025 |  | 2024 |  | 2023
Analysis as of December 31 of trade receivables: |  |  |  |  |  |
Gross trade receivables: |  |  |  |  |  |
Not due |  | 71.1 |  | 73.0 |  | 97.5
Due < 30 days |  | 56.9 |  | 32.0 |  | 42.6
Due between 30 and 180 days |  | 72.3 |  | 82.6 |  | 62.4
Due > 180 days |  | 18.9 |  | 6.3 |  | 19.2
Total gross |  | 219.2 |  | 193.9 |  | 221.7
Allowance for expected credit loss |  | 4.5 |  | 10.0 |  | 10.7
Total net |  | 214.7 |  | 183.9 |  | 211.0
The Management makes allowances for expected credit losses based on “the simplified approach” according to IFRS 9 to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. In 2024, as a result of improved collection efforts and decreased losses on trade receivables, the Management reassessed the accounting estimates included in the expected credit loss allowance matrix. The outcome of the reassessment resulted in an updated allowance matrix, reversing allowances of $5.9m in 2024. Expected credit loss for receivables overdue 180 days or less is 0%-3%, depending on the category of the receivable. Expected credit loss for receivables overdue more than 180 days is 10%-100%, depending on the category of the receivable. Expected credit loss for receivables overdue more than one year is 50%-100%, also depending on the category of the receivable. For all “legal” cases, allowances of 100% are made. Movements in provisions for impairment of trade receivables during the year are as follows:
USDm |  | 2025 |  | 2024 |  | 2023
Allowance for expected credit loss |  |  |  |  |  |
Balance as of January 01 |  | 10.0 |  | 10.7 |  | 10.6
Provisions for the year |  | 2.8 |  | 5.8 |  | 3.3
Provisions reversed during the year |  | (8.3) |  | (6.5) |  | (3.2)
Balance as of December 31 |  | 4.5 |  | 10.0 |  | 10.7
Allowance for expected credit loss of trade receivables has been recognized in the income statement under “Port expenses, bunkers, commissions, and other costs of goods sold”. Allowance for expected credit loss of trade receivables is calculated using an aging factor as well as specific customer knowledge and is based on a provision matrix on days past due. Accounting Policies Receivables Outstanding trade receivables and other receivables which are expected to be realized within 12 months from the balance sheet date are classified as “Trade receivables” or “Other receivables” and presented as current assets. Receivables are, at initial recognition, measured at their transaction price less allowance for expected credit losses over the lifetime of the receivable and are subsequently measured at amortized cost adjusted for changes in expected credit losses. Derivative financial instruments included in other receivables are measured at fair value. Expected credit losses Expected credit losses are, at initial recognition, determined using an aging factor as well as a specific customer knowledge such as customers’ ability to pay, considering historical information about payment patterns, credit risks, customer concentrations, customer creditworthiness as well as prevailing economic conditions. The estimates are updated subsequently, and if the debtor’s ability to pay is becoming doubtful, expected credit losses are calculated on an individual basis. When there are no reasonable expectations of recovering the carrying amount, the receivable is written off in part or entirely.

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- Definition The disclosure of trade and other receivables. [Refer: Trade and other receivables] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Note Expiry date 2027-01-01 -Name IAS -Number 1 -IssueDate 2025-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_10_e&doctype=Standard -URIDate 2025-03-27 + Details
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