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Trade and other receivables

12 Months Ended

Dec. 31, 2025

12.Trade and other receivables


		2025		2024
		US$’000		US$’000
Trade receivables		199,366		168,546
Other receivables		15,423		15,193
Other receivables – related parties ¹		2,852		—
		217,641		183,739
Prepayments		16,539		27,162
Tax recoverable		839		—
		235,019		210,901
Non-current		3,812		7,980
Current		231,207		202,921
		235,019		210,901

Related parties refer to corporations controlled by a shareholder of the Company.

Contract assets — accrued revenue of US$43.0 million (2024: US$26.0 million) had been presented within “Trade receivables”. These relate to the Group’s rights to consideration for proportional performance from spot voyages that are in-progress at the balance sheet date, and which shall be recognised as revenue in the subsequent year. The Group will invoice the customers when the rights become unconditional which typically occurs in the next financial year.

Other receivables due from non-related parties include GST paid to India’s Government in advance. After taking into account the present value of other receivables (non-current), the carrying amounts approximate their fair value.

Other receivables due from related parties comprise mainly advances for vessel operating expenses. They are unsecured, interest-free and repayable on demand.

The carrying amounts of trade receivables and prepayments, principally denominated in US$, approximate their fair values due to the short-term nature of these balances.