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Financial risk management (Tables) | 12 Months Ended
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Dec. 31, 2025
Financial risk management |
Schedule of non-derivative financial liabilities maturity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Less than | ​ ​ ​ | Between 1 | ​ ​ ​ | Between 2 | ​ ​ ​ | ​
​ | ​ ​ ​ | 1 year | ​ ​ ​ | and 2 years | ​ ​ ​ | and 5 years | ​ ​ ​ | Over 5 years
​ | ​ | US$’000 | ​ | US$’000 | ​ | US$’000 | ​ | US$’000
At 31 December 2025 |  | ​ |  | ​ |  | ​ |  | ​
Trade and other payables |  | 196,200 |  | — |  | — |  | —
Bank borrowings |  | 88,109 |  | 73,061 |  | 234,683 |  | 333,825
Lease financing arrangement | ​ | 24,017 | ​ | 23,157 | ​ | 88,719 | ​ | 108,523
Trust receipts |  | 39,792 |  | — |  | — |  | —
Lease liabilities |  | 70,040 |  | 44,642 |  | 31,699 |  | —
​ |  | 418,158 |  | 140,860 |  | 355,101 |  | 442,348
At 31 December 2024 |  | ​ |  | ​ |  | ​ |  | ​
Trade and other payables |  | 155,693 |  | — |  | — |  | —
Bank borrowings |  | 648,753 |  | 57,964 |  | 50,683 |  | —
Lease financing arrangement | ​ | 14,945 | ​ | 13,729 | ​ | 37,777 | ​ | 120,151
Trust receipts |  | 73,766 |  | — |  | — |  | —
Lease liabilities |  | 177,277 |  | 35,497 |  | 28,401 |  | —
​ |  | 1,070,434 |  | 107,190 |  | 116,861 |  | 120,151
Schedule of financial instruments by category | ​
​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
​ | ​ | US$’000 | ​ | US$’000
Equity financial assets, at FVOCI | ​ | 11,710 | ​ | 23,132
Equity financial assets, at FVPL |  | 1,597 |  | 2,769
Derivative assets measured at fair value |  | 29,011 |  | 82,040
Derivative liabilities measured at fair value |  | (24,809) |  | (26,096)
Financial assets at amortised cost |  | 432,888 |  | 437,401
Financial liabilities at amortised cost |  | (1,049,304) |  | (1,097,701)
Schedule of fair values by levels | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Level 1 | ​ ​ ​ | Level 2 | ​ ​ ​ | Level 3 | ​ ​ ​ | Total
​ | ​ | US$’000 | ​ | US$’000 | ​ | US$’000 | ​ | US$’000
2025 |  | ​ |  | ​ |  | ​ |  | ​
Assets |  | ​ |  | ​ |  | ​ |  | ​
Equity financial assets, at FVOCI |  | 11,710 |  | — |  | — |  | 11,710
Equity financial assets, at FVPL | ​ | — | ​ | — | ​ | 1,597 | ​ | 1,597
Derivative financial instruments |  | — |  | 9,179 |  | 19,832 |  | 29,011
Total assets |  | 11,710 |  | 9,179 |  | 21,429 |  | 42,318
Liabilities |  | ​ |  | ​ |  | ​ |  | ​
Derivative financial instruments |  | — |  | 13,836 |  | 10,973 |  | 24,809
Total liabilities |  | — |  | 13,836 |  | 10,973 |  | 24,809
2024 |  | ​ |  | ​ |  | ​ |  | ​
Assets |  | ​ |  | ​ |  | ​ |  | ​
Equity financial assets, at FVOCI |  | 23,132 |  | — |  | — |  | 23,132
Equity financial assets, at FVPL | ​ | — | ​ | — | ​ | 2,769 | ​ | 2,769
Derivative financial instruments |  | — |  | 16,475 |  | 65,565 |  | 82,040
Total assets |  | 23,132 |  | 16,475 |  | 68,334 |  | 107,941
Liabilities |  | ​ |  | ​ |  | ​ |  | ​
Derivative financial instruments |  | — |  | 12,166 |  | 13,930 |  | 26,096
Total liabilities |  | — |  | 12,166 |  | 13,930 |  | 26,096
Schedule of offsetting financial assets and financial liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Gross | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | amounts of | ​ | Net | ​ |
​ | ​ | Gross | ​ | recognised | ​ | amounts of | ​ |
​ | ​ | amounts of | ​ | financial | ​ | financial | ​ |
​ | ​ | recognised | ​ | instruments | ​ | instruments | ​ |
​ | ​ | financial | ​ | offset in the | ​ | included in the | ​ |
​ | ​ ​ ​ | instruments | ​ ​ ​ | balance sheet | ​ ​ ​ | balance sheet | ​ ​ ​ | Net amount
​ | ​ ​ ​ | US$’000 | ​ ​ ​ | US$’000 | ​ ​ ​ | US$’000 | ​ ​ ​ | US$’000
2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative financial assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward freight agreements and related bunker swaps (note 14) | ​ | 7,088 | ​ | (5,850) | ​ | 1,238 | ​ | 1,238
Commodity contracts (note 14) | ​ | 99,862 | ​ | (75,166) | ​ | 24,696 | ​ | 24,696
Derivative financial liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward freight agreements and related bunker swaps (note 14) | ​ | (7,346) | ​ | 5,850 | ​ | (1,496) | ​ | (1,496)
Commodity contracts (note 14) | ​ | (98,173) | ​ | 75,166 | ​ | (23,007) | ​ | (23,007)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | Gross | ​ ​ ​ | ​ | ​ ​ ​ | ​
​ | ​ | ​ | ​ | amounts of | ​ | Net | ​ | ​
​ | ​ | Gross | ​ | recognised | ​ | amounts of | ​ | ​
​ | ​ | amounts of | ​ | financial | ​ | financial | ​ | ​
​ | ​ | recognised | ​ | instruments | ​ | instruments | ​ | ​
​ | ​ | financial | ​ | offset in the | ​ | included in the | ​ | ​
​ | ​ ​ ​ | instruments | ​ ​ ​ | balance sheet | ​ ​ ​ | balance sheet | ​ ​ ​ | Net amount
​ | ​ ​ ​ | US$’000 | ​ ​ ​ | US$’000 | ​ ​ ​ | US$’000 | ​ ​ ​ | US$’000
2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivative financial assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward freight agreements and related bunker swaps (note 14) | ​ | 4,565 | ​ | (572) | ​ | 3,993 | ​ | 3,993
Commodity contracts (note 14) | ​ | 98,176 | ​ | (27,611) | ​ | 70,565 | ​ | 70,565
Derivative financial liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Forward freight agreements and related bunker swaps (note 14) | ​ | (572) | ​ | 572 | ​ | — | ​ | —
Commodity contracts (note 14) | ​ | (53,446) | ​ | 27,611 | ​ | (25,835) | ​ | (25,835)
​

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