
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

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,

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,

Allowance for expected credit loss of trade receivables is calculated using an aging factor as well as specific customer knowledge and is

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

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.