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Expenses by Nature | 12 Months Ended
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Dec. 31, 2023
Expenses by Nature |
Expenses by Nature | Note 4 Expenses by Nature ​
​ | ​ | ​ | ​ | ​ | ​
EUR’000 |  | Note | 2023 | 2022 | 2021
Cost of sales | ​ | ​ | ​ | ​ | ​
Right of use asset depreciation | ​ | 19 | 30 | — | —
Insurance |  | ​ | 1,573 | 1,933 | 1,772
Vessel depreciation |  | 18 | 22,484 | 21,664 | 16,077
Impairment of property, plant and equipment | ​ | 18 | 5,000 | — | —
Crewing costs paid to a related party and an external party |  | 27 | — | 61 | 11,517
Seafarer payroll |  | 7 | 15,921 | 13,089 | 1,159
Fuel and oil |  | ​ | 711 | 1,113 | 892
Maintenance |  | ​ | 5,121 | 4,039 | 2,305
Messing costs |  | ​ | 1,448 | 1,428 | 1,224
Seafarer travel |  | ​ | 2,835 | 2,589 | 1,876
Specific charter costs |  | ​ | 4,052 | 2,623 | 1,239
Utilities |  | ​ | 389 | 689 | 541
Other operating expenses |  | ​ | 294 | 309 | 260
Tonnage tax |  | ​ | — | — | 17
Total cost of sales |  | ​ | 59,858 | 49,537 | 38,879
Administrative expenses |  |  | ​ |  |
Depreciation and amortisation |  | 17, 18, 19 | 534 | 1,020 | 414
Employee compensation |  | 7 | 18,889 | 9,905 | 7,603
Repair and maintenance expenses |  | ​ | 1,123 | 796 | 161
Legal and professional fees |  | ​ | 2,122 | 1,047 | 564
Transaction costs | ​ | 6 | 7,707 | — | —
Rental expenses |  | ​ | 751 | 582 | 584
Travel expense |  | ​ | 985 | 612 | 305
Management fees to related party |  | 27 | — | — | 115
Marketing and entertainment expenses |  | ​ | 602 | 788 | 159
Other expenses |  | ​ | 1,745 | 946 | 1,020
Total administrative expenses |  | ​ | 34,458 | 15,696 | 10,925
​ Auditor remuneration Administrative expenses include fees to the auditors appointed by the shareholder at the Annual General Meeting: ​
​ | ​ | ​ | ​ | ​
EUR’000 |  | 2023 | 2022 | 2021
Statutory audit |  | 474 | 125 | 92
Other assurance services |  | 1,608 | — | 8
Tax services |  | 2 | 105 | 50
Other services |  | 606 | 51 | 14
Total |  | 2,690 | 281 | 164
​ Statutory audit services consist of fees for professional services rendered by EY for the audit of our annual consolidated financial statements and services that are provided by the auditor in connection with statutory audit. Other assurance services including PCAOB re-audits and assurance reports in respect of pro-forma financial information in in connection with regulatory filings, and review of interim financial information. Tax services consists of Tax compliance services. Other services consists of services provided for other permitted services, including fees for work performed in connection with the U.S. listing in December 2023. ​

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