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Financial risk management (Tables)

12 Months Ended

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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